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PPF Financial Holdings B.V PPF Financial Holdings B.V. Consolidated special purpose financial statements for the year ended 31 December 2016 PPF Financial Holdings B.V. Consolidated special purpose financial statements for the year ended 31 December 2016 Table of contents TABLE OF CONTENTS ...................................................................................................................................... 1 GLOSSARY OF ABBREVIATIONS .................................................................................................................. 2 NOTES TO THE CONSOLIDATED SPECIAL PURPOSE FINANCIAL STATEMENTS ........................ 9 A. GENERAL ......................................................................................................................................... 9 B. CONSOLIDATED GROUP AND MAIN CHANGES FOR THE PERIOD .............................. 12 C. RISK EXPOSURES, RISK MANAGEMENT OBJECTIVES AND PROCEDURES ............. 15 D. SEGMENT REPORTING .............................................................................................................. 35 E. NOTES TO THE CONSOLIDATED SPECIAL PURPOSE FINANCIAL STATEMENTS ... 38 F. SIGNIFICANT ACCOUNTING POLICIES ................................................................................ 60 G. SUBSEQUENT EVENTS ............................................................................................................... 78 1 PPF Financial Holdings B.V. Consolidated special purpose financial statements for the year ended 31 December 2016 Glossary of abbreviations OCI - other comprehensive income NCI - non-controlling interests UCC - business combinations under common control AFS - available for sale FVTPL - fair value through profit or loss HTM - held to maturity OTC - over the counter PPE - property, plant and equipment FX - foreign exchange FV - fair value CGU - cash generating unit 2 PPF Financial Holdings B.V. Consolidated special purpose financial statements for the year ended 31 December 2016 Consolidated statement of financial position As at 31 December* In millions of EUR Note 2016 2015 ASSETS Cash and cash equivalents E1 4,531 2,451 Investment securities E2 2,685 2,866 Loans and receivables due from banks and other financial E3 537 482 institutions Loans due from customers E4 11,047 6,980 Trade and other receivables E5 82 95 Current tax assets 7 6 Investments in associates E7 11 2 Property, plant and equipment E8 162 139 Intangible assets E9 173 138 Deferred tax assets E6.2 182 130 Other assets E10 188 90 TOTAL ASSETS 19,605 13,379 LIABILITIES Financial liabilities at fair value through profit or loss E2.2 407 290 Due to non-banks E11 9,066 6,904 Due to banks and other financial institutions E12 6,243 2,350 Debt securities issued E13 323 1,038 Subordinated liabilities E14 315 348 Current tax liabilities 119 49 Trade and other payables E16 531 506 Provisions E15 44 48 Deferred tax liabilities E6.2 18 27 TOTAL LIABILITIES 17,066 11,560 CONSOLIDATED EQUITY Capital issued E17 - - Share premium E17 2,217 1,873 Other reserves E18 (687) (794) Retained earnings 809 581 Total equity attributable to owners of the Parent 2,339 1,660 Non-controlling interests E19 200 159 Total consolidated equity 2,539 1,819 TOTAL LIABILITIES AND EQUITY 19,605 13,379 * The opening statement of financial position, prepared as at 13 November 2014; the date of transition to IFRS, was not presented due to zero balances as the contribution of businesses to the Group was done in the second half of 2015. 3 PPF Financial Holdings B.V. Consolidated special purpose financial statements for the year ended 31 December 2016 Consolidated income statement For the year ended 31 December In millions of EUR Note 2016 2015* Interest income 2,302 1,010 Interest expense (654) (313) Net interest income E20 1,648 697 Fee and commission income 522 224 Fee and commission expense (103) (52) Net fee and commission income E21 419 172 Net gain on financial assets E22 (36) 51 Net impairment losses on financial assets E23 (572) (287) Other banking result (608) (236) NET BANKING INCOME 1,459 633 Net earned premiums 36 24 Net insurance benefits and claims (2) - Acquisition costs (12) (8) NET INSURANCE INCOME E24 22 16 Other income E25 71 - OTHER OPERATING INCOME 71 - General administrative expenses E26 (1,058) (441) Other operating expenses E27 (87) (87) OPERATING EXPENSES (1,145) (528) Share of earnings of associates E7 (4) 1 PROFIT BEFORE TAX 403 122 Income tax expense E6.1 (128) (51) NET PROFIT FOR THE PERIOD 275 71 Net profit attributable to non-controlling interests E19 25 7 NET PROFIT ATTRIBUTABLE TO OWNERS OF 250 64 THE PARENT * For the period from 13 November 2014 until 31 December 2015 (refer to A.1). 4 PPF Financial Holdings B.V. Consolidated special purpose financial statements for the year ended 31 December 2016 Consolidated statement of comprehensive income For the year ended 31 December In millions of EUR 2016 2015* NET PROFIT FOR THE PERIOD 275 71 Other comprehensive income** Valuation gains/(losses) on available-for-sale financial assets 19 3 AFS revaluation (gains)/losses transferred to income statement (13) 11 Currency translation differences 94 (177) Cash flow hedge - effective portion of changes in fair value - (29) Cash flow hedge - net amount transferred to profit or loss (1) 25 Income tax relating to components of other comprehensive income (1) (2) Other comprehensive income/(loss) for the period (net of tax) 98 (169) TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 373 (98) Total comprehensive income attributable to non-controlling interests 35 (15) TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO 338 (83) EQUITY HOLDERS OF PARENT * For the period from 13 November 2014 until 31 December 2015 (refer to A.1). ** Items that are or may be reclassified to the income statement. The consolidated special purpose financial statements were approved by the Board of Directors on 18 January 2018. 5 PPF Financial Holdings B.V. Consolidated special purpose financial statements for the year ended 31 December 2016 Consolidated statement of changes in equity In millions of EUR, for the year ended 31 December Capital Share Available- Legal and Translation Reserve for Hedging Retained Attributable Attributable Total issued* premium for-sale statutory reserve UCC reserve earnings to owners to non- reserve reserves of the controlling Parent interests Balance at 1 January 2016 - 1,873 38 38 (370) (504) 4 581 1,660 159 1,819 Profit for the period - - - - - - - 250 250 25 275 Currency translation differences - - - - 87 - (3) - 84 10 94 Valuation gains taken to equity for AFS - - 19 - - - - - 19 - 19 AFS revaluation gains transferred to income - - (13) - - - - - (13) - (13) statement Effect of hedge accounting - - - - - - (1) - (1) - (1) Tax on items taken directly to or transferred from - - (1) - - - - - (1) - (1) equity Total comprehensive income - - 5 - 87 - (4) 250 338 35 373 Net allocation to legal and statutory reserves - - - 19 - - - (19) - - - Other changes in NCI - - - - - - - (3) (3) 6 3 Share premium increase - 344 - - - - - - 344 - 344 Total transactions with owners of the - 344 - 19 - - - (22) 341 6 347 Company Balance at 31 December 2016 - 2,217 43 57 (283) (504) - 809 2,339 200 2,539 * Capital issued is TEUR 45. 6 PPF Financial Holdings B.V. Consolidated special purpose financial statements for the year ended 31 December 2016 Consolidated statement of changes in equity In millions of EUR, for the period ended 31 December Capital Share Available- Legal and Translation Reserve Hedging Retained Attributable Attributable Total issued* premium for-sale statutory reserve for UCC reserve earnings to owners to non- reserve reserves of the controlling Parent interests Balance at 13 November 2014 - - - - - - - - - - - Profit for the period - - - - - - - 64 64 7 71 Currency translation differences - - - - (154) - - - (154) (23) (177) Valuation gains taken to equity for AFS - - 2 - - - - - 2 1 3 AFS revaluation losses transferred to income - - 11 - - - - - 11 - 11 statement Effect of hedge accounting - - - - - - (4) - (4) - (4) Tax on items taken directly to or transferred from - - (3) - - - 1 - (2) - (2) equity Total comprehensive income - - 10 - (154) - (3) 64 (83) (15) (98) Net allocation to legal and statutory reserves - - - 7 - - - (7) - - - Contribution of Home Credit and PPF banka - 1,545 28 31 (216) (504) 7 523 1,414 173 1,587 (refer to B.2.2) Share premium increase - 328 - - - - - - 328 - 328 Other changes in NCI - - - - - - - 1 1 1 2 Total transactions with owners of the - 1,873 28 38 (216) (504) 7 517 1,743 174 1,917 Company Balance at 31 December 2015 - 1,873 38 38 (370) (504) 4 581 1,660 159 1,819 * Capital issued is TEUR 45. 7 PPF Financial Holdings B.V. Notes to the cons. special purpose fin. statements for the year ended 31 December 2016 Consolidated statement of cash flows For the year ended 31 December, prepared using the indirect method In millions of EUR 2016 2015* Cash flows from operating activities Profit before tax (including discontinued operations) 403 122 Adjustments for: Depreciation and amortisation 84 39 Impairment and reversal of impairment of current and non-current assets 572 287 Profit/loss on disposal of PPE, intangible assets and investment property 1 1 Profit/loss on sale of investment securities 73 (3) Interest expense 654 313 Interest income (2,302) (1,010) Other income/expenses not involving movements of cash 342 1,232 Interest received 2,366 978 Change in loans and receivables due from banks and other financial (106) 29 institutions Change in loans due from customers (4,700)
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