1q2019 ifrs results eng 30052019 1722 - vtb...107.6 52.5 160.1 12m'18. 1q’2019 results |...
TRANSCRIPT
1Q’2019 Results
May 30, 2019
Dmitry PianovMember of the Management Board
Leonid VakeyevHead of Investor Relations
11Q’2019 Results | 30-May-19
1Q’19 KEY HIGHLIGHTS
ON TRACK TO DELIVER
ON 2019 GUIDANCE
Staff costs and
administrative expenses
NOI 137.0 RUB bn
Net profit 46.5 RUB bn
1Q’19
▲6%Individuals
CONTINUING TO BUILD
STRONGER RETAIL
COMBINATION OF
COST CONTROL AND
REALISED SYNERGIES
RESULTED IN LOWER
COST BASE
MARGINS WERE
UNDER PRESSURE
DUE TO MARKET
HEADWINDS
NIM 3.2%
CAPITAL LEVELS
SUFFICIENT TO FUND
FURTHER GROWTHTier I 12.3%
+ 30 bp
+20 bp
Total 13.7%
Yield on assets
Cost of liabilities
-4%
Corporate
ROE 12.3%
Costs/Assets 1.7%
CIR 44.3%
COR SUPPORTED BY
SEVERAL LARGE
PROVISIONS RELIESED IN
CORPORATE BUSINESS
COR 0.5%
IFRS CAR
1Q’19
NPL coverage 112.0%
N20 11.6%*
Loans
+300 bp
-30 bp
flat ytd
-40 bp yoy
+20 bp
RAS CAR
NPL ratio 5.8%+10 bp ytd
Customer
funding
▼7%
▲4%
▼4%
YTD
YTDYOY
CORPORATE GROWTH
UNDER PRESSURE,
strong pipeline promotes
delivery of business plan
5.3%
8.3%
* Preliminary estimation
21Q’2019 Results | 30-May-19
104.2
21.611.2
137.0
-15.2 -60.7
46.5
Net interestincome
Net fee andcommission
income
Otheroperatingincome
Operatingincome before
provisioncharge
Provisioncharge
Staff costs andadministrative
expenses
Net profit
15.7%12.3%
Net profit RUB bn and ROE %
ON TRACK TO DELIVER 2019 GUIDANCE
≈200
FY 2019
guidance
-16%
KEY COMPONENTS OF NET PROFIT
55.546.5
1Q'18 1Q'19
31Q’2019 Results | 30-May-19
5,996 5,582
31-Dec-18 31-Mar-19
Deposits RUB bnLoans RUB bn
▲ 4%
18.4% Market Share
▲70 bp ytd
MARKET
GROWTH (▲ 4%)
14.8% Market Share
▲ 80 bp ytd
MARKET
GROWTH (▼1%)>
2,989 3,166
31-Dec-18 31-Mar-19
4,408 4,567
31-Dec-18 31-Mar-19
>
CONTINUING TO BUILD STRONGER RETAIL, CORPORATE GROWTH
UNDER PRESSURE STRONG PIPELINE PROMOTES DELIVERY OF
BUSINESS PLAN
▲ 6%
RETAIL
CORPORATE
Deposits RUB bnLoans RUB bn
18.5% Market Share
▼20 bp ytd
▼4%
8,439 8,126
31-Dec-18 31-Mar-19
MARKET
GROWTH (▼ 1%)
19.4% Market Share
▼ 7%MARKET
GROWTH (▲ 0.3%)
▼ 130 bp ytd
w/o FX ▼1%
►In-line with strategic priorities
w/o FX ▼ 4%
41Q’2019 Results | 30-May-19
VTB Bank
60% 75% 72%
40%
25% 28%
96.1
77.2 81.2
31-Mar-18 31-Dec-18 31-Mar-19
Staff and administrative costs RUB bn
COMBINATION OF COST CONTROL AND REALISED
SYNERGIES RESULTED IN LOWER COST BASE
39.7 40.5
23.4 20.2
63.160.7
1Q'18 1Q'19
Cost / Income ratio Cost / Avg. assets
Staff costs
including
pensions
Administrative
expenses
Number of employees thsd
Other companies
of VTB Group
Post Bank: 17.7
VTB Insurance: 5.7Vozrozhdenie Bank:
VTB Bank
Including:
VTB Bank
Including:
SarovBusinessBank: 1.0
ZapSibComBank: 3.1
57.3 58.3
VTB Bank58.2
Including:
Vozrozhdenie Bank
4.6
-19 thsd
empoyees
-20%
+4 thsd
empoyees
+5%
4.6
- 4%
41.3% 44.3%
2.0%1.7%
51Q’2019 Results | 30-May-19
8.7% 8.7%
8.4% 8.4% 8.3%
1Q'18 2Q'18 3Q'18 4Q'18 1Q'19
MARGINS WERE UNDER PRESSURE DUE TO MARKET
HEADWINDS
Net interest margin %
FY 2018
3.9%
Average yield on total interest bearing assets % Cost of interest bearing liabilities %
4.1% 4.2% 3.9%3.4%
3.2%
1Q'18 2Q'18 3Q'18 4Q'18 1Q'19
FY 2018
8.6%FY 2018
4.9%
4.9% 4.8% 4.8% 5.1% 5.3%
1Q'18 2Q'18 3Q'18 4Q'18 1Q'19
-40 bp
+40 bp
-90 bp Average CBR rate %
7.4% 7.4% 7.75%
1Н'18 2H'18 5M'185M’19
61Q’2019 Results | 30-May-19
0.9%
0.5%
112.0% 112.0%
31-Dec-18 31-Mar-19
654 658
31-Dec-18 31-Mar-19
732 737
31-Dec-18 31-Mar-19
5.7% 5.8%6.4% 6.5%
COR SUPPORTED BY SEVERAL LARGE PROVISIONS
RELIESED IN CORPORATE BUSINESS
(1) The Group defines non-performing loans (NPL) as lifetime expected credit losses (ECL) credit-impaired loans with contractual principal and or interest payments overdue more than 90 days and purchased or originated credit impaired (POCI)
loans with principal and or interest payments becoming overdue more than 90 days after the date of initial recognition.
(2) Provision charge for credit losses divided by average gross loans and advances to customers.
NPLs (90+) RUB bnProvision for loan impairment RUB bn
NPL ratio (1)Allowance for loan impairment /
Total gross loans
BS
COVERAGE RATIO
8.80.5
12.0
13.7
20.8
14.2
1Q'18 1Q'19
Provision charge for impairment of loans RUB bn
Provision charge
for credit losses on loans to individuals
Provision charge
For credit losses on loans to legal entities
Cost of risk (2)
P&L WRITE-OFFS
flatytd
flatytd
-51%
flat
RUB bn
17.3
8.5
1Q'18 1Q'19
71Q’2019 Results | 30-May-19
▲20 bp ytd
CAPITAL LEVELS SUFFICIENT TO FUND FURTHER GROWTH
Total CAR
Tier I ratio
N20 (GROUP)
12.7% 12.1% 11.9% 12.0%12.3%
14.4%13.8%
13.4% 13.5% 13.7%
31-Mar-18 30-Jun-18 30-Sep-18 31-Dec-18 31-Mar-19
BASEL
RAS
IFRS
N20.0
▲20 bp ytd
▲30 bp ytd
11.0%10.8%
11.0%11.4%
11.6%*
01-Apr-18 01-Jul-18 01-Oct-18 01-Jan-19 01-Apr-19
* Preliminary estimation
81Q’2019 Results | 30-May-19
Loan growth
2019 GUIDANCE
CoR Net profit
≈ 200
Legal entities
In line vs. market
Loan growth
Above the marketIndividuals
≈1.2 % ▼formerly <1.5 %
CIR
≈ 40 %
NIM
RUB bn
≈ 3.5 % ▼formerly “FY’2018 level”Market growth ≈ 15-17%
Market growth ≈ 5%
1Q’19 FINANCIAL APPENDIX
101Q’2019 Results | 30-May-19
92%
8%
1,034.0
12M'18
Yield on total interest bearing
assets
Interest income and average yields RUB bn
Customer loans (gross)
Other interest bearing assets
Interest income on loans and
advances to customers
Interest income on other interest
bearing assets
Yield on customer loans
Average interest bearing assets RUB bn
+8%
INTEREST INCOME AND AVERAGE YIELDS
+14%
9.1%
8.6%
87%
13%
12,082
12M'18
92% 92% 93% 93% 92%
8% 8% 7% 7% 8%
248.2 255.2 261.2 269.4 268.7
1Q'18 2Q'18 3Q'18 4Q'18 1Q'19
86% 86% 87% 88% 87%
14% 14%13%
12% 13%11,534 11,764
12,280 12,750 13,112
1Q'18 2Q'18 3Q'18 4Q'18 1Q'19
9.4% 9.3% 9.0% 8.8% 8.8%
8.7% 8.7% 8.4% 8.4% 8.3%
111Q’2019 Results | 30-May-19
81% 83% 79% 74% 77%
19% 17% 21% 26% 23%131.9 133.4 140.7
159.4 164.5
1Q'18 2Q'18 3Q'18 4Q'18 1Q'19
85%
15%
11,492
12M'18
Interest expense and cost of interest bearing liabilities RUB bn
Average interest bearing liabilities RUB bn
Customer deposits
Other interest bearing liabilities
Interest expense on customer deposits
Interest expense on other interest bearing
liabilities
Cost of total interest bearing liabilities
Cost of customer deposits
INTEREST EXPENSE AND COST OF FUNDS
+25%
+17%
4.9%
4.6%
79%
21%
565.4
12M'18
4.9% 4.8% 4.8% 5.1% 5.3%
4.7% 4.6% 4.5% 4.6% 5.0%
85% 86% 85% 83% 82%
15% 14% 15% 17% 18%10,821 11,117
11,710 12,322 12,686
1Q'18 2Q'18 3Q'18 4Q'18 1Q'19
121Q’2019 Results | 30-May-19
468.6
12M'18
Net interest margin (1)
(1) Calculated as net interest income (adjusted for payments to deposit insurance system) divided by average interest earning assets, which include gross loans and advances to customers, due from other
banks (gross), debt securities and correspondent accounts with other banks.
Net interest income RUB bn
NET INTEREST INCOME AND NIM
-10%
-90bp
3.9%
12M'18
116.3 121.8 120.5 110.0 104.2
1Q'18 2Q'18 3Q'18 4Q'18 1Q'19
4.1% 4.2% 3.9%3.4% 3.2%
1Q'18 2Q'18 3Q'18 4Q'18 1Q'19
131Q’2019 Results | 30-May-19
21.924.2 23.3 20.6 21.6
1Q'18 2Q'18 3Q'18 4Q'18 1Q'19
65%68% 68%
54%64%
8%
8% 9%
9%
8%7%
6% 6%
9%
6%14%
15% 12%
21%18%
6%
3% 5%
7%4%
31.0
35.0 35.6
31.833.6
1Q'18 2Q'18 3Q'18 4Q'18 1Q'19
Fee and commission income breakdown RUB bn
Net fee and commission
income
Net fee and commission
income / avg assets (net)
Net fee and commission income RUB bn
Insurance products distribution
and other agency services
Settlement, trade finance and
cash transactions
Other
Guarantees and other credit
related commitments
Operations with securities and
on capital markets
FEE AND COMMISSION INCOME
+8%
-1%
64%
9%7%
14%
4%
133.4
12M'18
0.7%
90.0
12M'18
0.7% 0.7% 0.7% 0.6% 0.6%
141Q’2019 Results | 30-May-19
Provision charge for impairment of loans RUB bn
Provision charge
for credit losses on loans
to individuals
Provision charge
For credit losses on loans
to legal entities
Cost of risk breakdown
Cost of risk (1)
Loans to individuals
Loans to legal entities
(1) Provision charge for credit losses divided by average gross loans and advances to customers.
PROVISION CHARGE AND COST OF RISK
1.9%
1.4%
12M'18
1.6%
8.8
39.4 24.3
35.1
0.5
12.0
14.5
14.6 11.4
13.7
20.8
53.9
38.9 46.5
14.2
1Q'18 2Q'18 3Q'18 4Q'18 1Q'19
0.9%
2.2%
1.5% 1.7%
0.5%
1.9%2.2%
2.0%
1.6%
1.8%
0.5%2.2%
1.3%
1.7%
0.0%
1Q'18 2Q'18 3Q'18 4Q'18 1Q'19
107.6
52.5
160.1
12M'18
151Q’2019 Results | 30-May-19
674 743 752 654 658
705 773
31-Mar-18 30-Jun-18 30-Sep-18 31-Dec-18 31-Mar-19
714 760 779 732 737
755 800
31-Mar-18 30-Jun-18 30-Sep-18 31-Dec-18 31-Mar-19
107.1%103.5% 103.7%
112.0% 112.0%
31-Mar-18 30-Jun-18 30-Sep-18 31-Dec-18 31-Mar-19
LOAN BOOK QUALITY
Coverage ratio Loan write-offs RUB bn
NPLs (90+) RUB bn
NPL ratio (1)
NPLs
Provision for loan impairment RUB bn
Allowance for loan impairment /
Total gross loans
Allowance for loan impairment
(1) The Group defines non-performing loans (NPL) as lifetime expected credit losses (ECL) credit-impaired loans with contractual principal and or interest payments overdue more than 90 days and purchased or originated credit impaired (POCI)
loans with principal and or interest payments becoming overdue more than 90 days after the date of initial recognition.
Post Bank contribution Post Bank contribution
Post Bank accounted as JV% change adjusted for Post Bank
7.3% 7.6%
+6% +3%
6.9% 7.5%
+10% +1%
106.1%102.3%
Data as
reported
Proforma of historical data adjusted for
changes in Post Bank accounting
treatment
Data as
reported
Proforma of historical data adjusted for
changes in Post Bank accounting
treatment
-6% -13%1% +1%
+490 bp
+590 bp
Data as
reported
Proforma of historical data adjusted for
changes in Post Bank accounting
treatment
7.6% 7.8% 7.1% 6.4% 6.5% 7.1% 7.6% 6.9%5.7% 5.8%
17.3
31.236.6
71.7
8.5
1Q'18 2Q'18 3Q'18 4Q'18 1Q'19
161Q’2019 Results | 30-May-19
59% 59% 60% 58% 55%
41% 41% 40% 42% 45%
9,333 9,839 9,740 10,404 10,149
31-Mar-18 30-Jun-18 30-Sep-18 31-Dec-18 31-Mar-19
98.6% 95.6%104.6% 102.8% 104.0%
74% 73% 76% 74% 72%
26% 27%24% 26% 28%
9,953 10,206 10,969 11,427 11,292
31-Mar-18 30-Jun-18 30-Sep-18 31-Dec-18 31-Mar-19
Loans and advances to customers RUB bn Customer deposits RUB bn
Loans and advances to customers by industry
Loans / Deposits (LDR)
Loans and deposits by currency %
Net loans and advances to
customersCustomer deposits
RUBFX
31-Mar-19
RUBFX
31-Dec-18
LOAN PORTFOLIO AND CUSTOMER DEPOSITS
Individuals Legal entities
Customer deposits /
total liabilities
+13%
31-Mar-19
31-Dec-18
Individuals Legal entities
+16%
9,724 9,950
25%
75%
24%
76%
-1%
9,6109,127
40%
60%
40%
60%
Post Bank accounted as JV( X ) Post Bank accounted as JV( X )
Data as
reported
Proforma of
historical data
adjusted for
changes in Post
Bank accounting
treatment
98.7% 95.6%
-2%
+9% +11%
72%
28%
74%
26%65%
35%
64%
36%
80% 80% 77% 79% 76%
28%
9%
10%
7%
7%
7%
5%
6%
4%
4%
3%
4%
6%
26%
10%
10%
7%
7%
8%
5%
6%
4%
4%
3%
4%
6%
Individuals
Oil and Gas
Building construction
Metals
Manufacturing
Government bodies
Transport
Trade and commerce
Energy
Chemical
Finance
Telecommunications and media
Other
171Q’2019 Results | 30-May-19
76% 81% 80% 81%76%
24%19% 20% 19%
24%
5,514 5,775 5,820 5,996 5,582
31-Mar-18 30-Jun-18 30-Sep-18 31-Dec-18 31-Mar-19
7,354 7,458
8,306 8,439 8,126
31-Mar-18 30-Jun-18 30-Sep-18 31-Dec-18 31-Mar-19
Deposits of legal entities RUB bnLoans to legal entities RUB bn
Yield on loans and cost of deposits Market shares(1)
Current / settlement deposits
Term deposits+10%
BUSINESS WITH LEGAL ENTITIES
19.4% Deposits of legal
entities
18.5% Loans to legal
entities
Cost of deposits of LE
Yield on loans to LE
(1) The market share is calculated using VTB’s methodology with data from the Bank of Russia based on RAS statements (including Vozrozhdenie Bank) .
-4%
-20 bp YoY -130 bp YoY
Data as of 31-Mar-19
+1%
-7%
8.0% 7.9% 7.6% 7.7% 7.6%
4.5% 4.5% 4.4% 4.8% 5.1%
1Q'18 2Q'18 3Q'18 4Q'18 1Q'19
181Q’2019 Results | 30-May-19
76% 74% 74%75%
78%
24% 26% 26% 25% 22% 3,819 4,064 3,9204,408
4,567
31-Mar-18 30-Jun-18 30-Sep-18 31-Dec-18 31-Mar-19
43% 43% 47% 48% 48%4% 4% 4% 4% 4%5% 5% 5% 4%
4%48%48% 44% 44%
44%2,599 2,749 2,663
2,9893,166
31-Mar-18 30-Jun-18 30-Sep-18 31-Dec-18 31-Mar-19
Current / settlement depositsCash loans and other
Mortgage loans
Car loans
Deposits of individuals RUB bnLoans to individuals RUB bn
Credit cardsTerm deposits
BUSINESS WITH INDIVIDUALS
Cost of deposits of Individuals
Yield on loans to individuals
Yield on loans and cost of deposits Market shares(1)
+22% +34%
44%
5%
4%
47%
44%
5%
4%
47%
2,370 2,493
+6% 3,834
Post Bank accounted as JV ( X ) Post Bank accounted as JV ( X )
3,613
23%
77%
25%
75%
+20%+26%
(1) The market share is calculated using VTB’s methodology with data from the Bank of Russia based on RAS statements (including Vozrozhdenie Bank) .
Data as of 31-Mar-19
14.8% Deposits of
individuals
+70 bp YoY +80 bp YoY
18.4% Loans to
individuals
+4%
13.4% 13.2% 12.7% 12.0%11.9%
4.9% 4.8% 4.6% 4.4% 4.8%
1Q'18 2Q'18 3Q'18 4Q'18 1Q'19
191Q’2019 Results | 30-May-19
Other assets Securities portfolio
Loans to customers
Due from other banks
Cash and mandatory reserves
Assets structure RUB bn
+4%
BALANCE SHEET STRUCTURE AND CAPITAL
+3%
+13%
+5%
Liabilities structure RUB bn
+5% +3%
+14%
+5%
Other liabilities
Subordinated debt
Debt securities issued
Customer deposits
Due to banks and other borrowed funds
Collateralised funding from the CBR
Tier I
Total capital
Basel capital RUB bn
Total CAR
Tier I ratio
International debt maturity profile USD mln
0
827
1,339
22825
2018 2020 2022 2024 2035
USD
CHF
The total amount of public
debt matured in 2018 is c.
USD 2.8 bn
+1%flat
13% 13% 13% 12% 11%
70% 69% 72% 72% 71%
7% 6%4%
5% 7%5% 5%5%
4%5%5% 7% 6%
7%6%
13,102 13,67614,061
14,761 14,842
31-Mar-18 30-Jun-18 30-Sep-18 31-Dec-18 31-Mar-192% 2% 2% 2% 2%
2% 2% 2% 2% 2%
8% 7% 7% 4% 6%
80% 80% 77% 79% 76%
<1%<1%
3%<1% <1%
8%8% 9%
13% 14%11,640
12,244 12,605 13,238 13,295
31-Mar-18 30-Jun-18 30-Sep-18 31-Dec-18 31-Mar-19
12.7%12.1% 11.9% 12.0% 12.3%
14.4%13.8% 13.4% 13.5% 13.7%
1,327 1,297 1,322 1,383 1,405
181 183 162 161 153
1,508 1,480 1,484 1,544 1,558
31-Mar-18 30-Jun-18 30-Sep-18 31-Dec-18 31-Mar-19
201Q’2019 Results | 30-May-19
Key financial ratios
Income statement key indicators RUB bn
VTB GROUP FINANCIAL HIGHLIGHTS: P&L AND KEY RATIOS
1Q’19 1Q’18 Change 12М’18
Net interest income 104.2 116.3 -10.4% 468.6
Net fee and commission income 21.6 21.9 -1.4% 90.0
Net other income 11.2 14.4 -22.2% 82.7
Operating income before provisions 137.0 152.6 -10.2% 641.3
Provision charge for credit losses and other provisions -15.2 -20.7 -26.6% -167.1
Staff costs and administrative expenses -60.7 -63.1 -3.8% -259.8
Profit before tax 61.1 68.8 -11.2% 214.4
Income tax expense -14.6 -13.3 9.8% -35.6
Net profit 46.5 55.5 -16.2% 178.8
1Q’19 1Q’18 Change 12М’18
NIM 3.2% 4.1% -90 bp 3.9%
CoR 0.5% 0.9% -40 bp 1.6%
Cost / Assets 1.7% 2.0% -30 bp 1.9%
CIR 44.3% 41.3% 300 bp 40.5%
ROE 12.3% 15.7% -340 bp 12.3%
211Q’2019 Results | 30-May-19
31-Mar-19 31-Dec-18 Change 30-Sep-18 30-Jun-18 31-Mar-1801-Jan-18
IFRS 9
NPL ratio (1) 5.8% 5.7% 10 bp 6.9% 7.6% 7.1% 6.9%
LLR ratio 6.5% 6.4% 10 bp 7.1% 7.8% 7.6% 7.5%
Tier I CAR 12.3% 12.0% 30 bp 11.9% 12.1% 12.7% 12.5%
Total CAR 13.7% 13.5% 20 bp 13.4% 13.8% 14.4% 14.3%
(1) The Group defines non-performing loans (NPL) as lifetime expected credit losses (ECL) credit-impaired loans with contractual principal and or interest payments overdue more than 90 days and
purchased or originated credit impaired (POCI) loans with principal and or interest payments becoming overdue more than 90 days after the date of initial recognition.
Balance sheet key indicators RUB bn
VTB GROUP FINANCIAL HIGHLIGHTS: BALANCE SHEET
Key asset quality & capital ratios
Post Bank accounted as JV
Post Bank accounted as JV
31-Mar-19 31-Dec-18 Change 30-Sep-18 30-Jun-18 31-Mar-1801-Jan-18
IFRS 9
Gross loan portfolio 11,291.5 11,427.1 -1.2% 10,968.8 10,206.2 9,952.8 9,841.1
Loans to legal entities 8,125.5 8,438.6 -3.7% 8,305.7 7,457.6 7,353.5 7,307.4
Loans to individuals 3,166.0 2,988.5 5.9% 2,663.1 2,748.6 2,599.3 2,533.7
Total assets 14,841.8 14,760.6 0.6% 14,060.6 13,675.9 13,102.0 12,940.0
Customer deposits 10,149.0 10,403.7 -2.4% 9,740.1 9,839.2 9,333.3 9,144.7
Deposits of legal entities 5,582.2 5,995.8 -6.9% 5,819.8 5,775.3 5,513.9 5,523.1
Deposits of individuals 4,566.8 4,407.9 3.6% 3,920.3 4,063.9 3,819.4 3,621.6
Total liabilities 13,295.2 13,237.6 0.4% 12,604.6 12,243.7 11,640.4 11,529.2
Total shareholders' equity 1,546.6 1,523.0 1.5% 1,456.0 1,432.2 1,461.6 1,410.8
221Q’2019 Results | 30-May-19
This presentation has been prepared by VTB Bank (PJSC) (“VTB”) and has not been independently verified. This presentation does not
constitute or form part or all of, and should not be construed as, any offer of, or any invitation to sell or issue, or any solicitation of any offer to
purchase, subscribe for, underwrite or otherwise acquire, or a recommendation regarding, any shares or other securities representing shares in,
or any other securities of VTB, or any of its subsidiaries, nor shall it or any part of it nor the fact of its presentation or distribution form the basis
of, or be relied on in connection with, any contract or any commitment whatsoever or any investment decision. Some of the information in this
presentation may contain projections or other forward-looking statements regarding future events or the future financial performance of VTB and
its subsidiaries (together with VTB, the "Group"). Forward-looking statements are statements that are not historical facts. They include
statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates and
projections as they are currently available to the management of VTB. Such forward-looking statements are based on numerous assumptions,
beliefs and expectations regarding the Group's present and future business strategies, financial conditions, targets and the operating
environment. We caution you that these statements are not guarantees of future performance and involve risks, uncertainties and other
important factors that we cannot predict with certainty. Accordingly, our actual outcomes and results may materially differ from what we have
expressed or forecasted in the forward-looking statements. These forward-looking statements speak only as at the date of this presentation and
are subject to change without notice. We assume no obligation to update or revise these statements whether as a result of new information or
for any other reason or to make them conform to actual results. Certain numbers and ratios contained herein, related to past dates and periods,
might have been restated in accordance with the latest financial statements issued, and hence differ from the ones presented in the previous
communications. Figures shown in this presentation are based on figures disclosed in the annual and interim financial statements of the Group.
However, figures used in this presentation might have been rounded, which could result in slight differences in percentage changes compared to
those provided in such financial statements.
DISCLAIMER