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Atlas Mara Limited – Annual Report 2016 Financial Highlights 2016

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Atlas Mara Limited – Annual Report 2016 Financial Highlights 2016 Atlas Mara Limited – Annual report 2016 Reshaping African banking Atlas Mara Limited – Annual report 2016 Financial highlights 2016 Revenue Net profit (US$) +31.8% ccy (US$) +75.1% ccy $241.7m $8.4m 2016 $241.7m 2016 $8.4m 2015 $205.2m 2015 $11.2m 2014 $126.0m 2014 $(47.8)m Earnings per share Credit impairments (cents) -25% (US$) +62.8% ccy 12.0 $15.4m 2016 $0.29 2016 $15.4m 2015 $0.35 2015 $12.0m 2014 $(1.02) 2014 $32.7m Overview Financial statements 01 About Atlas Mara 89 Independent Auditor’s report 02 At a glance 90 Consolidated statement of financial position 91 Consolidated statement of profit or loss Strategic report 91 C onsolidated statement of other comprehensive income 04 Our markets 92 Consolidated statement of changes in equity 05 – Southern African Development Community 94 Consolidated statement of cash flows 06 – East African Community 95 Segmental report 07 – Economic Community of West African States 98 Significant accounting policies 08 Chairman’s introduction 103 Notes to the financial statements 10 Our strategy 12 Our business model Additional information 14 – Buy and protect in action 18 – Grow in action 163 Glossary 24 Resources and relationships 164 Share information 26 Key performance indicators 28 Ch ief Financial Officer’s review of financial http://atlasmara.com performance 38 Principal risks and uncertainties Governance and risk 41 Corporate Governance: Introduction 42 Board of Directors 45 Corporate Governance report 55 Nomination Committee report 56 Audit, Risk and Compliance Committee report 58 Risk report 75 Directors’ Remuneration report 86 Directors’ report 88 Statement of Directors’ responsibilities Overview About Atlas Mara Who we are Atlas Mara is a London-listed financial We support economic growth and services group focused entirely on sub- strengthen the financial systems in the Saharan Africa (‘SSA’). Our goal is to become countries in which we operate. We aim to sub-Saharan Africa’s premier financial be present in 10-15 countries with attractive institution by building an innovative, customer- fundamentals where we can be a scale report Strategic centric group that provides corporate and participant. We are focused on delivering Bob Diamond (left) and Ashish J. Thakkar Founder Directors retail finance services to corporations, ‘profit for a purpose’ while creating value small- and medium-sized enterprises (‘SMEs’) for our shareholders. and individuals. We have raised more than $900 million of equity and debt financing, have completed six acquisitions since inception and have hired a highly-talented team of passionate, motivated professionals with extensive experience in African banking. Governance What we do We have a three-phase model for executing We concentrate on serving our customers’ our strategy: Buy (executing acquisitions), financial services needs and exceeding their Protect (safeguarding our assets and expectations. We are focused on specific ensuring the platform is ‘fit for growth’) and segments of the corporate and retail markets Grow (leveraging talent, technology and where we can offer differentiated products capital across our asset base). Atlas Mara and services, particularly for ‘national maintains a high operational tempo – these champions’ and the retail ‘mass’ segment. phases run in parallel across our operating We want to be a ‘positively disruptive force’ banks. We are continually focused on sharing in the markets in which we operate by best practices and driving synergies across harnessing technology and our collective the Group. experience in running first-tier financial statements Financial institutions. We invest significant time, effort and capital in credit processes, compliance, and information technology to ensure that we grow our business in a responsible and sustainable manner. Where we operate We currently have operations or investments information Additional in seven sub-Saharan African countries (Botswana, Mozambique, Nigeria, Rwanda, Tanzania, Zambia and Zimbabwe) and in the three leading trading blocs (Southern African Development Community (‘SADC’), Economic Community of West African States (‘ECOWAS’) and the East African Community (‘EAC’)). Atlas Mara Limited – Annual report 2016 01 Atlas Mara at a glance Financial facts and figures Operational facts and figures Composition of loans and advances Southern1 East1 West1 by business unit Africa Africa Africa Employees 1,580 1,160 2,753 A – Retail 54% C Customers (’000s) 348 252 1,800 B – Corporate 41% ATMs 252 113 679 C – SME 5% Number of physical locations 131 196 314 B A Cities/towns2 39 12 39 Countries 4 2 1 Notes: 1. The Southern segment represents operations in Botswana, Mozambique, Zambia and Zimbabwe. The East segment represents operations in Rwanda and Tanzania. Composition of loans and advances The West segment represents the investment in Union Bank of Nigeria Plc (‘UBN’), accounted for through the equity method of accounting as an ‘associate by country investment’ with Atlas Mara’s 31.15% shareholding in UBN. A – Botswana 40% 2. Cities and towns with population greater than 50,000 people. F B – Zimbabwe 18% E C – Mozambique 6% A D – Zambia 15% D E – Rwanda 16% C F – Tanzania 5% B Loans and advances US$ Total number of customers (excluding UBN) $1,334.8m +9.7% ~0.6m 2015: $1,229.4m Deposits US$ Total number of ATMs3 $1,799.4m +27. 3% 365 2015: $1,436.1m Total equity US$ Total number of physical locations1 $526.1m 327 2015: $625.5m Net book value per share US$ Total number of acquisitions since 2014 $7.29 6 2015: $8.94 Total number of customers (including UBN) >2.4m Note: 3. Statistics exclude UBN’s operational footprint (Atlas Mara owns 31.15%, which is accounted for as an investment in associate shareholding in UBN). 02 Atlas Mara Limited – Annual report 2016 Overview Overview of our footprint in three trade blocs in Africa Strategic report Strategic 7 5 Governance Economic East African Community of West 6 Community (‘EAC’) African States (‘ECOWAS’) 2 4 3 Southern African 1 Development Community (‘SADC’) Financial statements Financial SADC EAC ECOWAS Botswana Zambia Zimbabwe Mozambique Rwanda Tanzania1 Nigeria2 Number of cities/towns1 5 13 14 7 10 2 39 Number of physical locations 9 89 23 10 192 4 314 Number of ATMs 15 177 33 27 106 7 679 Additional information Additional Number of employees 287 638 347 308 996 164 2,753 Loans and advances $m 532.6 202.4 233.3 79.4 207.3 72.5 1,667 Customer deposits $m 644.3 380.3 281.0 114.9 232.4 135.5 2,165 Position in market3 5 5 5 8 2 18 12 Notes: 1. Branch footprint in Tanzania does not take into account agreement with the Tanzanian postal agency to set up agency banking in all of their post offices across the country, thus potentially increasing the BancABC Tanzania footprint from four branches to 199 outlets. 2. Nigeria operational footprint parameters represented by UBN total operations in country. 3. Ranked by total assets. Sources: Atlas Mara, BPR Regulatory Submission documents, UBN management reports and annual reports, FY audited financials of BPR, Central Banks annual reports, Capital IQ. Atlas Mara Limited – Annual report 2016 03 Our markets Structural growth opportunity Population trends Economic trends Financial trends Africa’s demographic transition has been The long-term economic trends for sub- Credit penetration remains low across slow but the IMF estimates that Africa’s share Saharan Africa remain positive with the region sub-Saharan Africa. Only a third of the adult of the global working age population will still targeted to deliver growth rates in excess population currently enjoys access to a bank increase from 12.6% in 2010 to over 41% of developed market and aggregate world account. The situation is similar when it by 2100. levels according to the IMF. comes to the number of bank branches per number of adults. Africa’s challenge is to emulate the Asian While recent growth has been below the miracle of the 1990s where a focus on levels of the early part of the 21st century, this Digital technologies offer scope for a human and physical capital drove a labour- has reflected the pressure of lower resource fundamental change in the way financial led export-driven economic expansion. prices, security challenges, poor fiscal services are provided to consumers across A decline in Africa’s dependency ratios policies and adverse weather conditions. Africa. For example, in Kenya, Tanzania, combined with a focus on building a healthy, Uganda and Zimbabwe, mobile money well educated work force can contribute Structural reform in the region’s major accounts are more prevalent than traditional meaningfully to sustainable growth. economies remains key to unlocking the bank accounts. Industrialisation is the key to dealing with growth potential that remains. the twin problem of unemployment and underemployment across Africa. Changes in economic environment 2000 2010 2020 GDP/Capita $1,133 $2,605 $2,876 Population 1 billion 1.2 billion 1.3 billion Urban population 272 million 385 million 550 million Source: World Bank, UNCTAD Access to Financing Domestic credit to private sector Commercial bank branches Account at Region (% of GDP) (per 100,000 adults) financial institution (%) SSA 48% 3.7 34.2 South East Asia 46% 8.7 46.4 High Income OECD 159% 29.2 94.0 Developing Europe 56.6 20.6 51.4 Developing East Asia 128.7 6.1 69.0 Source: World Bank 04 Atlas Mara Limited – Annual report 2016 Overview Southern African Development Community (‘SADC’) Continued long-term growth in key markets Strategic report Strategic Areas of operation Atlas Mara in SADC An improvement in relations between Zimbabwe and the international community The 2014 BancABC (‘ABC’) transaction remains unlikely in the near term. Economic provided Atlas Mara with a multi-country, challenges remain intense with the IMF core banking platform across Southern forecasting a decline in GDP of 2.5% in 2017.
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