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1Описание деятельности группы
INVESTOR PRESENTATION
Financial investmentsJuly 2017
2Описание деятельности группы
CONTENTS
CONTROLLING SHAREHOLDER – SAFMAR GROUP
SECTION 1. BUSINESS DESCRIPTION
SECTION 2. INVESTMENT PORTFOLIO
ANNEX
CONTACTS
3
5
14
22
26
Financial investments
3Описание деятельности группы
CONTROLLING SHAREHOLDER –SAFMAR GROUP
Other assetsFinancial institutions
Real estate, development and logistics
Natural resources and chemical industry
SAFMAR GROUP IS ONE OF THE LARGEST BUSINESS GROUPS IN RUSSIA, INCLUDING:
Presentation
This presentation (the ‘Presentation’) contains information, documents and other materials regarding PJSC Europlan (SAFMAR Financial investments) in general, as well as individual PJSC Europlan businesses.
The Presentation is intended for informational purposes only and does not constitute an offer or an invitation to make an offer to buy or sell any goods, work, services as well as any securities and other investment instruments.
The Presentation may include assessments and/or judgments, specifically in relation to the financial results of selected businesses of PJSC Europlan and to other matters of operation thereof.
Ownership and title to the contents of the Presentation belong to JSC INDUSTRIAL FINANCIAL GROUP SAFMAR and/or a specific company within PJSC Europlan and/or specific persons, who are employees, officers, agents, proxies, partners and those otherwise related to JSC INDUSTRIAL FINANCIAL GROUP SAFMAR and/or specific companies within PJSC Europlan (each individually referred to as “SAFMAR”).
The Presentation, including text and graphic images, comprise SAFMAR intellectual property and/or may be protected otherwise.
The ‘SAFMAR’ designation is a registered trademark.
Limitation of Liability
SAFMAR is under no obligation to ensure, and is not liable for, the accuracy, up-to-dateness and completeness of the Presentation.
SAFMAR is not liable for any explicit, implicit, accidental, consequential, punitive or any other damages (including loss of use, data loss or loss of profit) regardless of the form of action, including, without limitation, arising from contract, negligence or tort, arising in connection with the Presentation, its contents or from other use of the Presentation.
SAFMAR’s liability to users of the Presentation is limited to the fullest extent permitted by applicable law.
Use of Presentation
The Presentation is not to be reproduced or transmitted in any manner using any means whatsoever without prior written consent of SAFMAR, unless otherwise provided by applicable law.
DISCLAIMER
4Описание деятельности группы
GROUP BUSINESS OVERVIEW
SAFMAR GROUP IS ONE OF THE LARGEST AND MOST SUCCESSFUL PRIVATELY-OWNED BUSINESS GROUPS IN RUSSIA
Controllingshareholders
Mikhail Gutseriev
MikailShishkhanov
Sait-Salam Gutseriev
Financial institutions
InsuranceTop 10 insurance company in Russia by gross written premiums
BanksTop 5 privately-owned Russian banking group by assets
Leasing#1 privately-owned car leasing company in Russia
Non-Governmental Pension Funds (NPF)
Natural resources, chemical industryand other assets
Oil and gas productionTop 10 oil producer in Russia(1)
Oil refining and petrochemicals
Coal production#7 by coal production in Russia
Potassium fertiliser industryDevelopment of a major industry player in Belarus
Household appliances and consumer electronics retailLargest retail chains in Russia by sales volumes and number of stores
Media8 radio stations – top 5 by audience numbers in Russia TV holding company
Construction and developmentOne of the major market players in Russia
Hotels#1 in Moscow(2)
9 luxury hotels in Moscow, 2 in CIS
Business centers and shopping malls43 properties
Logistics centersMajor market player with 18% market share in Russia
Real estate, development and logistics
NOTES: (1) Consolidated data based on CDU TEK figures for crude oil production in Russia(2) By number of rooms in internationally branded hotels
#4 participant on the market of compulsory pension insurance (CPI)
and others
and others
and others
5Описание деятельности группы
SECTION 1. BUSINESS DESCRIPTION
Financial investments
6Описание деятельности группы
SAFMAR FINANCIAL INVESTMENTS AT A GLANCE
HOLDING STRUCTURE
SAFMAR Group Free-float
SAFMAR Financial investments (SFI)
• The largest private car leasing company in Russia
• Leasing portfolio is RUB 27+ bn
• Net profit(1): RUB 2.75 bn
• Auditor:
• Top-10 insurance company in Russia
• RUB 53+ bnof gross written premiums in 2016
• Net profit(1): RUB 3.8 bn
• Auditor:
• #4 participant on the market of compulsory pension insurance (CPI)
• RUB 194+ bnof pension assets under management
• Net profit(1):RUB 1.6 bn
• Auditor:
• Investment of funds raised during the SPO
• Possible reinvestment of profits of portfolio companies
New projects
NOTES:
(1) Consolidated financial statements (IFRS) of PJSC Europlan (excluding figures attributed to JSC NPF SAFMAR and VSK), NPF SAFMAR and VSK respectively as at 31 December 2016
(2) Starting from the SPO of PJSC Europlan in December 2016
(3) PJSC Europlan IFRS consolidated annual financial statements for the year ended 31 December 2016 are available at: safmarinvest.ru/docs
SHARE PRICE PERFORMANCE, RUB(2)
680
700
720
740
760
780
800
03.0
7.2
017
21.0
6.2
017
08.0
6.2
017
29.0
5.2
017
17.0
5.2
017
03.0
5.2
017
20.0
4.2
017
10.0
4.2
017
29.0
3.2
017
17.0
3.2
017
06.0
3.2
017
21.0
2.2
017
09.0
2.2
017
30.0
1.2
017
18.0
1.2
017
06.0
1.2
017
26.1
2.2
016
14.1
2.2
016
02.1
2.2
016
Market capitalization as of 03.07.2017: RUB 86.1 bn
100% 100% 49%
SPO price
SFI IFRS FINANCIALPERFORMANCE(3) (2016)
7.0 RUB bn
Total income from operations and finance income
3.3 RUB bn
Net profit
29.7 RUB
Earnings per share
7Описание деятельности группы
INVESTMENT HIGHLIGHTS
1
2
3
4
5
6
The first public diversified investment holding in Russia with exclusive focus on the financial sector
High resilience to macroeconomic fluctuations owing to the diversified investment portfolio
Clear development strategy to ensure strong portfoliosynergies
Value creation model based on long-term growth and sustained increases in dividend yields
Focus on leaders in every dedicated segment
Professional investment team with unique expertise and competencies in the financial industry
RATIONALE FOR SETTING UP A HOLDING COMPANYTo establish a large public financial holding which pursues investments and transparent management of assets in the Russian financial sector.
8Описание деятельности группы
HOLDING CREATION STAGES
STAGE 1. FORMATION OF THE HOLDING STRUCTURE
STAGE 2. ADDITIONAL SHARE ISSUANCE (SPO)
STAGE 3. TARGET HOLDING STRUCTURE
• Structure formation and strategy development for the future holding company
• Shares exchange ratios were determined by an independent BIG Four advisor
• Full compliance with the rights of minority shareholders and creditors
• PJSC Europlan share issuance with payment in shares of NPF SAFMAR, shares of VSK Insurance House and in cash via public offering (SPO)
• Additional capital raised for the expansion of the holding company’s investment portfolio
• Minority shareholder base was significantly expanded
• To achieve its target structure the holding company has completed the spin-off of the leasing business from the existing PJSC Europlan into a separate legal entity (JSC Leasing company Europlan) with 100% equity participation of SFI effective from 30 June 2017
• PJSC Europlan’s actual changes of its name to PJSC SAFMAR Financial investments is planned for August 2017
9Описание деятельности группы
NON-BANKING SEGMENTS OF THE FINANCIAL MARKET (1/2)
MARKET PENETRATION(1)
• Penetration levels of financial services in Russia (insurance, leasing, asset management) are significantly lower than in CEE and Western European countries
• Significant growth of the banking sector in Russia over the past 10 years allowed the banking services penetration in the country to exceed the respective level in CEE. However, comparing to the developed markets significant growth potential remains
• Historically non-banking segments of the financial market show higher profitability and trade with premium to banks
NON-BANKING SEGMENTS OF THE FINANCIAL MARKET
BUSINESS MODEL RESILIENT TO MACROECONOMIC FLUCTUATIONS
Sources: Central bank of Russia, Raiffeisen, Allianz – Global Insurance Markets, WCG Global Leasing Report, EFAMA
NOTE:
(1) Banking sector data is for 2015 (assets/GDP); Insurance market data is for 2015 (GWP/GDP); Leasing market data is for 2015 (new lease volume/GDP);
Asset management market for 4Q 2015 (AUM of open-ended funds/GDP)
278%
7%
13%
111%
103%
1%
7%
5%
95%
2%
14%
6%
Западная Европа
Россия
Страны ЦВЕ
Banking sector
Insurance
Leasing
Asset management
Western Europe
Russia
CEE
10Описание деятельности группы
15%
12%
12%
11%
9%
Лизинг
Страхование
Ср. показатель (индекс)
Управление активами
Банки
NON-BANKING SEGMENTS OF THE FINANCIAL MARKET (2/2)
PERFORMANCE OF INDICES (P/E MULTIPLE)
Jan-12 Sep-12 May-13 Jan-14 Sep-14 May-15 Jan-16 Sep-16 May-17
11.3x
15.1x
13.5x
11.4x
Russell 3000 Rental and LeasingRussell Asset Management
MSCI World BanksMSCI World Insurance
INSURANCE, LEASING AND ASSET MANAGEMENT INDICES
Source: Bloomberg
Jan-12 Sep-12 May-13 Jan-14 Sep-14 May-15 Jan-16 Sep-16 May-17
Reconciled t
o 1
00%
InsuranceAsset management
AverageLeasing
72%80%
84%
83%
PREMIUM TO THE BANKING SECTOR
RETURN (ANNUALIZED)
VOLATILITY (ANNUALIZED)
1%
18%
34%
Страхование
Лизинг
Управление активами
14%
16%
18%
18%
26%
Страхование
Банки
Ср. показатель (индекс)
Управление активами
Лизинг
Source: Bloomberg
Asset management
Leasing
Insurance
Leasing
Insurance
Average (index)
Asset management
Banks
Leasing
Asset management
Average (index)
Banks
Insurance
11Описание деятельности группы
MARKET POSITIONS OF PORTFOLIO COMPANIES IN 2016CAR LEASING
SHARE IN THE VOLUME OF CAR LEASING DEALS
Европлан
• The largest private car leasing company in Russia
• Outstanding operational effectiveness with historical ROE of 23% and NPL less than 0.08% (2016)
• Rating by Fitch: BB-(Outlook – «stable»)
INSURANCE
BY GROSS WRITTEN PREMIUMS
NON-STATE PENSION FUNDS
BY RETIREMENT SAVINGS UNDER MANAGEMENT
14.3%
13.3%
11.4%
7.7%
6.1%
5.8%
Европлан
ВЭБ лизинг
ВТБ лизинг
Сбербанк лизинг
Балтийский лизинг
Ресо-лизинг
12.1%
10.4%
7.5%
7.3%
5.5%
5.3%
5.3%
4.5%
3.8%
2.8%
СОГАЗ
РГС
РЕСО
Ингосстрах
Сбербанк-Жизнь
Альфа
ВТБ
ВСК
РСГ-Жизнь
Согласие
16.6%
12.2%
11.8%
8.7%
7.8%
7.7%
НПФ Сбербанка
НПФ БУДУЩЕЕ
НПФ ЛУКОЙЛ-ГАРАНТ
НПФ САФМАР
НПФ ГАЗФОНД
НПФ РГС
Европлан
• Top-10 insurance company in Russia
• Excellent operating performance –combined ratio is below 100%, while ROE exceeds 29% at year-end
• Rating by Fitch: BB-(Outlook – «stable»)
Европлан
• NPF SAFMAR is among the Top-4 largest funds on the market of compulsory pension insurance (CPI)
• Return on investment of retirement savings is on par with the market or better than market average
• Expert RA’s rating of reliability is A++
Europlan
VEB Leasing
VTB Leasing
Sberbank Leasing
Baltiyskiy Leasing
Reso-Leasing
SOGAZ
RGS
RESO
Ingosstrakh
Sberbank-Life
Alfa
VTB
VSK
RGS-Life
Soglasie
NPF Sberbank
NPF BUDUSHEE
NPF LUKOIL-GARANT
NPF SAFMAR
NPF GAZFOND
NPF RGS
12Описание деятельности группы
INVESTMENT STRATEGY
KEY PRINCIPLES OF OUR INVESTMENT STRATEGY
KEY INVESTMENT CONSIDERATIONS
Focus on the financial industry only
TARGET INDUSTRY
Leasing, insurance, pension funds, financial technologies, banks, etc.
TARGET SEGMENTS
Mainly Russian-based assets of federal or regional significance
GEOGRAPHY
Desirable but not a prerequisite for investment decisions
CROSS-BUSINESS SYNERGIES
Rapidly growing companies or mature business models with a steady dividend flow
MATURITY OF THE TARGET COMPANIES
A sizeable minority interest or a controlling stake
TARGET OWNERSHIP
Three years or more
INVESTMENT HORIZON
Developed investment policy allows to implement value creation model based on long-term growth and consistently increasing dividend yield.
13Описание деятельности группы
9 Members of the BoD
3 Independent Directors
2 Board committees: Audit
Committee and Remuneration Committee
BoD also controls Internal Audit Department
CORPORATE GOVERNANCE
• In 2016, the Board of Directors held 29 meetings, including five meetings held in person and 31Committee meetings.
• Adaptation of the current corporate governance system and re-focus on investment management
• Focus of maximum business disclosure and observation of minority rights
COMPLETE ALIGNMENT WITH THE LEADING INTERNATIONAL CORPORATE GOVERNANCE PRACTICES
BOARD OF DIRECTORS
Oleg Vyugin
Chairman of the Board of Directors
The current Board of Directors was elected by the resolution of the Annual General Meeting of Shareholders of Europlan (SAFMAR Financial investments) dated 26 June 2017. The authority of the sole executive body of the company is exercised by an asset management company – JSC SAFMAR GROUP.
AllaGryaznova
Independent Director
Said Gutseriev
Alexander Lukin
Alexander Myakenky
Independent Director
Sergey Nazarov
Independent Director
AvetMirakyan
BilanUzhakhov
MikailShishkhanov
14Описание деятельности группы
SECTION 2. INVESTMENT PORTFOLIO
Financial investments
15Описание деятельности группы
KEY VALUE DRIVERS AND STRATEGIC OBJECTIVES
For each asset SAFMAR Financial investments has a deep industry expertise and a clear strategy to create value for the holding’s shareholders.
NOTES:
(1) According to the Central Bank of Russia, the data on retirement savings are indicated in accordance with the market value
(2) Taking into account restrictions in the Russian legislation in respect to regulation of Non-State Pension Funds
INVESTMENT DESCRIPTION STRATEGYAPROACH TO VALUE CREATION
• One of the largest car leasing companies in Russia
• Leasing portfolio: RUB 27+ bn in 2016
• Own client base: over 65,000 companies,1.5 mln potential clients-legal entities
• Preserving of leadership positions in car leasing both for companies / SME and for individuals
• Business growth
• Dividends
• Universal insurance company with a well-balanced product portfolio
• Client base: 15.8 mln individuals and over 230,000 companies across Russia
• In 2016, gross written premiums amounted to RUB 53.3 bn
• Regional network comprises 400 branches and representative offices
• Preserve / enhance positions in profitable segments of insurance market
• Business growth
• Dividends
• Assets under management: RUB 186+ bnof retirement savings and RUB 8+ bn of pension reserves as of 31.12.2016(1)
• Ca. 2.3 m clients under compulsory pension insurance (CPI) and 75,000 customers under non-state pension plans (NSPP)
• Top 4 by retirement savings and Top 16 by pension reserves, Top 5 by the number of clients
• Preserve / enhance positions in compulsory pension insurance
• Improve positions in voluntary pension insurance (NSPP)
• Business growth
• Dividends(2)
16Описание деятельности группы
Europlan is the largest by volume of business car leasing company in Russia with the market share of more than 14%
The company handles over 37,000 active leasing agreements and has own client base which includes more than 65,000 companies and 1.5 mln potential corporate clients (ca. 35% of all legal entities registered in Russia)
Due to the efficient risk management system the share of NPLs is extremely low – less than 0.08% (for example, share of NPLs in banking business accounts for 7-9%)
The company has 72 representative offices across Russia, over 500 own managers and more than 6,500 agents.
Europlan cooperates with 4,000 dealers throughout the country
PORTFOLIO QUALITY: NPL 60+ BEFORE IMPAIRMENT ALLOWANCE (IFRS)
0.40%
0.99%
0.74%
0.08%
2013 2014 2015 2016
42%
18%
11%
10%
9%
7%3%
Центр. Россия
Поволжье
Северо-Запад
Юг
Сибирь
Урал
Северо-Кавказский
и другие
LEASING PORTFOLIO STRUCTURE, % (NIL, 2016)
By regions
56%
25%
8%
7%3%
1% Легковые
автомобили
Коммерч.
автотрансп.
LCV
Самоход. техника
Автобусы
Прочее
By the type of leased assets
LEASING BUSINESS – EUROPLAN (1/2)
Central Russia
Volga region
North-West
South
Siberia
Ural
North Caucasus and others
Passenger cars
Commercial vehicles
LCV
Self-propelled machines
Buses
Other
17Описание деятельности группы
30.4
41.6
47.1
37.639.9 40.3
24.4
30.1
34.5
25.8 27.528.9
6.6 7.99.9 10.7
13.414.1
3.3х
4.0х
3.2х
2.2х1.8х 1.6х
2012 2013 2014 2015 2016 3M 2017
Активы
NIL
Капитал
Долг/капитал
NOTE: (1) 3 months ratios have been annualized2017 – interim consolidated financial statements (IFRS) of PJSC Europlan on the leasing and insurance (LLC IC Europlan) segments2016 – consolidated financial statements (IFRS) of PJSC Europlan excluding figures attributed to NPF SAFMAR and VSK2014 and 2015 – consolidated financial statements (IFRS) of PJSC Europlan, excluding financial result from discontinued intragroup operations of Europlan Bank2013 – combined financial statement (IFRS) of PJSC Europlan and its controlled companies 2012 – combined financial statement (IFRS) of EUROPLAN HOLDINGS LIMITED
BALANCE SHEET FINANCIAL INDICATORS DYNAMICS(1) (RUB BN)
P&L FINANCIAL INDICATORS AND PROFITABILITY DYNAMICS(1) (RUB BN)
Credit ratings
Fitch: BB-
Expert RA: ruA
LEASING BUSINESS – EUROPLAN (2/2)
3.54.1 4.4
4.0
4.3
1.1
1.31.6 1.6
1.9
2.8
0.7
5.0% 4.5%3.6%
4.6%
7.1% 7.3%
20.5%
22.6%
18.2% 18.9%
22.9%21.2%
2012 2013 2014 2015 2016 3M 2017
Чистый процентный доход
Чистая прибыль
ROAA
ROAE
Net interest income
Net profit
Assets
NIL
Equity
Debt/Equity
18Описание деятельности группы
0.6
1.3
3.1
3.8
1.2
11.2%
18.0%
32.3%
29.3%31.5%
0,0%
5,0%
10,0%
15,0%
20,0%
25,0%
30,0%
35,0%
0
1
2
3
4
5
2013 2014 2015 2016 3M2017
Чистая прибыль
RoE
30%
27%
13%
10%
10%
7%3% ОСАГО
КАСКО
ДМС
Имущество ЮЛ
НС
Ответственность
Имущество ФЛ
61% 60% 61% 55% 53%
30% 30% 28%
27% 29%
12% 12% 12%12% 12%
103% 101% 101%94% 94%
2013 2014 2015 2016 3M 2017
Коэфф. операц. расходов
Коэфф. аквизиц. расходов
Коэфф. убыточности
13.6 RUB bn
INSURANCE BUSINESS – VSK (1/2)
COMBINED RATIO (%)
KEY FINANCIALS (IFRS)
VSK Insurance House is a universal insurance company providing services to individuals and corporate clients in Russia
VSK consistently ranks in the Top 10 insurance companies in Russia by gross written premiums
Well-balanced product portfolio
The company demonstrates high operational efficiency – combined ratio is below 100%, return on equity for 3M 2017 exceeded 31% (annualized)
NET PROFIT (RUB BN) AND ROE (%)DYNAMICS(1)
Gross written premiums, RUB bn
Insurance portfolio structure, 3М 2017
NOTE: (1) Figures are based on IFRS financial statements. 3 months ratios have been annualized
38.0 37.5
47.9
53.3
13.6
2013 2014 2015 2016 3M2017
Credit ratings
Fitch: BB-
Expert RA: ruAA
Net profit
Operating expenses ratio
Acquisition ratio
Loss ratio
CMTPL
Motor hull insurance
VMI
Commercial property
Accidents
Liability
Residential property
19Описание деятельности группы
33%
22%
18%
10%
10%6%
1%Прямые
Агенты
Автоилеры
Нефинансовые посредникиБанки
Лизинг
Интернет
48%
13%
10%
8%
8%
7%5%
1%Центральный ФО
Приволжский ФО
Северо-Западный ФО
Сибирский ФО
Южный ФО
Уральский ФО
Дальневосточный ФО
Северо-Кавказский ФО
INSURANCE BUSINESS – VSK (2/2)
Insurance portfolio of VSK is vastly diversified by regions
The majority of sales are generated via direct sales (35% of total), as well as sales by agents (22% of total)
CLIENTS
MARKET SHARE IN KEY SEGMENTS (2016)
CMTPL MOTOR HULL INSURANCE VMI
VSK IS ONE OF THE LEADERS IN AUTO INSURANCE AND RANKS IN THE TOP 10 IN VMI SEGMENT
PORTFOLIO STRUCTURE BY REGIONS (2016)
PORTFOLIO STRUCTURE BY SALES CHANNELS (2016)
>230,000companies
REGIONAL NETWORK COMPRISES
>400 branches and offices across the country
>15 mln
retail clients
Source: Central Bank of Russia, company data
23.5%
15.1%
12.1%
8.7%
5.7%
4.5%
3.5%
2.6%
2.2%
2.2%
РГС
РЕСО
Ингосстрах
ВСК
Альфа
Согаз
Согласие
Макс
ГК Ренессанс
Югория
16.9%
16.4%
13.5%
8.0%
7.9%
7.9%
4.9%
4.3%
2.4%
1.7%
Ингосстрах
РЕСО
РГС
ВСК
Согласие
Альфа
ГК Ренессанс
СОГАЗ
ЭРГО
Энергогарант
32.2%
8.5%
7.0%
6.5%
5.8%
5.6%
4.2%
3.8%
3.3%
3.1%
СОГАЗ
РЕСО
Альянс жизнь
Альфа
РГС
Ингосстрах
ГК Ренессанс
ЖАСО
ВТБ
ВСК
RGS
RESO
Ingosstrakh
VSK
Alfa
Sogaz
Soglasie
Maks
Renaissance
Yuzhural-ASKO
Ingosstrakh
RESO
RGS
VSK
Soglasie
Alfa
Renaissance
Sogaz
ERGO
Energogarant
Sogaz
RESO
Allianz Life
Alfa
RGS
Ingosstrakh
Renaissance
JHASO
VTB
VSK
Direct
Agents
Car dealerships
Non-financial brokers
Banks
Leasing
Internet
Central Russia
Volga region
North-West
Siberia
South
Ural
Far-East
North Caucasus
20Описание деятельности группы
80.2
84.486.2
81.3
74.9 74.8
2012 2013 2014 2015 2016 3M2017
CLIENTS UNDER VOLUNTARY PENSION INSURANCE(2)
RETIREMENT SAVINGS AND PENSION RESERVES (RUB BN)(2)
CLIENTS UNDER COMPULSORY PENSION INSURANCE(2)
THE FUND’S CORE BUSINESSES INCLUDE COMPULSORY PENSION INSURANCE (CPI) AND PROVISION OF CORPORATE AND INDIVIDUAL NON-STATE PENSION PLANS FOR ITS CLIENTS (VOLUNTARY PENSION INSURANCE)
In August 2016, NPF SAFMAR completed consolidation of three other Group NPFs: NPF Europeyskiy, NPF Regionfond, NPF Obrazovaniye and Nauka
TOTAL ASSETS UNDER MANAGEMENT AS OF 31.03.2017
NOTES: (1) According to the Central Bank of Russia, the data on retirement savings are indicated in accordance with the market value(2) Historical data is provided on the aggregated basis in respect of all NPFs (disregarding the date of NPF acquisition)
Source: Central Bank of Russia
> 188 RUB bn
retirement savings
> 8.5 RUB bn
pension reserves
> 2.3 mln
clients under CPI
75,000clients under voluntary pension insurance
~ 197 RUB BN(1), including:
PENSION BUSINESS – NPF SAFMAR (1/2)
19.939.9 42.1
103.8
186.0 188.3
7.0
7.9 8.8
9.5
8.4 8.5
26.9
47.8 50.9
113.3
2012 2013 2014 2015 2016 3M 2017
Пенсионные резервы
Пенсионные накопления
194.4 196.8
0.5
0.7 0.7
1.4
2.3 2.3
2012 2013 2014 2015 2016 3M2017
Credit rating
Expert RA: A++
Pension reserves
Retirement savings
21Описание деятельности группы
RETURN ON INVESTMENT OF RETIREMENT SAVINGS(1)
NPF SAFMAT COMPETITIVE POSITION:
TOP 4by retirement savings
TOP 16by pension reserves
TOP 5by number of insured clients
NPF SAFMAR pension funds have a solid track record of market average and above-average historical returns
In 2016, the return on investment of retirement savings was in line with the market and accounted for 9.4%
INVESTMENT PORTFOLIO STRUCTURE (CPI, 3M 2017)
NOTES:(1) For merged NPFs up to and including 2015, weighted average rate of return is indicated(2) IFRS data
KEY FINANCIALS(2)
(2016, RUB BN)
213.4
22.2
Активы Капитал
PENSION BUSINESS – NPF SAFMAR (2/2)
8.3% 8.0%6.3%
11.7%9.4%
2012 2013 2014 2015 2016
52%
24%
11%
5%8% Облигации
Акции
Депозиты
ИСУ
Прочие
Bonds
Shares
Deposits
MPC
Other
Assets Equity
22Описание деятельности группы
ANNEX
Financial investments
23Описание деятельности группы
NOTES: (1) PJSC Europlan (SAFMAR Financial investments). The ticker will be altered after Europlan’s actual changes of its name to SAFMAR Financial investments(2) As of 31.03.2017
SHARE CAPITAL STRUCTURE
Market capitalization (as at 3 July 2017): RUB 86.1 bn
Total number of ordinary shares (pcs): 111,637,791
SAFMAR Group75%
Free-float25%
SAFMAR Group65.1%
Free-float34.9%
AFTER SPO(2)AFTER IPOBEFORE IPO
SAFMAR Group100%
The company’s shares are traded on the Moscow Exchange (ticker: EPLN)(1).
On 16 June 2017, the company’s shares were included into the MICEX index, the capitalization-weighted composite index based on prices of the 50 most liquid Russian stocks of the largest and dynamically developing Russian issuers. Company’s shares are also included into the Broad Market index and the Financial Industry index.
24Описание деятельности группы
NOTES: (1) Prepared on the basis of IFRS principles in the assumption of asset consolidation (incl. PJSC Europlan, NPF SAFMAR and other affiliated pension funds, VSK Insurance House) as of 01.01.2015 with a view of presenting comparable data(2) Investments to VSK Insurance House using the equity method based on the actual valuation of shares of VSK Insurance House during SPO of PJSC Europlan and accounting for the financial result of the associate for 2015 and 2016(3) Goodwill was calculated based on the actual valuation of shares of NPF SAFMAR during SPO of PJSC Europlan and the value of net identifiable assets of NPF SAFMAR and other affiliated pension funds as of 01.01.2015
CONSOLIDATED FINANCIAL RESULTS (1/2)
PROFORMA OF CONSOLIDATED STATEMENT OF FINANCIAL POSITION (IFRS), RUB MLN(1)
31.12.2015 31.12.2016
ASSETS
Cash and cash equivalents 18,780 54,801
Financial instruments at fair value through profit or loss 85,617 150,116
Bank deposits 27,992 14,351
Net investment in leases after impairment allowance 25,832 27,471
Investments in associates(2) 17,588 19,493
Goodwill(3) 31,243 31,243
Other assets 6,965 6,570
Total assets 214,017 304,045
LIABILITIES
Obligations under compulsory pension insurance agreements 101,694 181,893
Obligations under non-government pension agreements 9,042 7,882
Borrowings 9,921 10,205
Bonds issued 7,167 11,208
Other liabilities 5,059 4,221
Total liabilities 132,883 215,409
EQUITY 81,134 88,636
Total liabilities and equity 214,017 304,045
25Описание деятельности группы
NOTE: (1) Prepared on the basis of IFRS principles in the assumption of asset consolidation (incl. PJSC Europlan, NPF SAFMAR and other affiliated pension funds, VSK Insurance House) as of 01.01.2015 with a view of presenting comparable data
CONSOLIDATED FINANCIAL RESULTS (2/2)
PROFORMA OF CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
(IFRS), RUB MLN(1)
31.12.2015 31.12.2016
Continuing operations
Interest income 7,560 6,893
Interest expense (3,261) (2,299)
Net interest income 4,299 4,594
Net interest income after impairment charges of interest earning assets 4,204 4,583
Contributions on pension activities 60,484 81,635
Payments on pension activities (8,077) (14,847)
Net income of the pension fund from the placement of own funds, retirement savings and pension reserves
10,306 15,908
Change in obligations for pension activities (60,253) (79,052)
Other income, net 1,366 1,955
Total income from operations and finance income 8,131 10,184
Staff expenses (2,816) (2,497)
Other operating expenses (1,275) (1,203)
Acquisition costs (1,005) (22)
Impairment charges on other assets (77) (35)
Other non-operating income (expenses) 245 (530)
Share in net profit of associates 1,502 1,865
Profit before income tax from continuing operations 4,704 7,763
Income tax expense (533) (1,659)
Net profit 3,644 6,105
Share in other comprehensive income of associates 14 40
Total comprehensive income for the period 3,658 6,144
26Описание деятельности группы
CONTACTS
For more information please visit our web site: www.safmarinvest.ru
Contact us:
Investor Relations Department
ir@safmarinvest.ru
tel.: +7 (495) 909 89 69
Financial investments
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