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OPEN FINANCE GROUP
RESULTS AFTER
THREE QUARTERS OF 2016
Presentation of financial results for investors and analysts
Warsaw, November 10, 2016
BASIC FINANCIAL INFORMATION -
OPEN FINANCE GROUP
2
CHANGE DATA AT THE END OF THIRD QUARTER OF 2016
-16,3% * Branches (139)
-7,9% * Equity (361,6 mln zł)*****
-308,9% ** Net profit (47,2 mln zł)*****
-2,6% ** Revenue (266,5 mln zł)*****
-45,9% ** EBITDA (31,5 mln zł)***
- 28,2 p.p. ** ROE (-16%) ****
* compared to data as at 31 December 2015
** compared to data for 3Q 2015
*** EBITDA - earnings before interest, tax, depreciation and amortisation
**** ROE - return on equity calculated as relation of annualised net profit for the period to equity as at the beginning of the period
***** attributable to shareholders of the parent company
MISSION STATEMENT AND ORGANIZATION
STRUCTURE OF THE GROUP
MISSION
We are the leader in comprehensive financial and real estate intermediation in Poland - " number 1 " on the market - offering our customers a
wide, diversified range of products and solutions.
We support clients and their families at every stage of life, offering a comprehensive range of products, fully adapted to their needs,
expectations and opportunities, ensuring the transparency and security of their transactions.
Our priority is to build long-term relationships with our customers and we make every effort to offer financial and real estate solutions in an
innovative way.
In our work we follow high standards of service, quality and confidence that every client will receive a proposal for a suitable product – financial
or a real estate.
Pride, responsibility and motivation of employees make that the customers services are and will be at the highest level and will set service
standards across the financial and real estate markets.
We are and we intend to strengthen ourselves as a reliable and trusted partner in the industry, but also create a positive and responsible
attitude.
We always want to be one step ahead and implement in our companies innovative, effective projects.
Our advantages:
• professional, well-trained and competent staff,
• respect and mutual understanding - in relationships with customers , business partners and employees,
• the multiplicity and diversity of financial products available in one place.
VISION
3
STRUCTURE OF THE GROUP
49%69,18% 49%100%
9,99% 9,99%
Group Structure as at 10 November 2016.
On September 30, 2016 Open Finance S.A. sold a 9,99% stake in Open Finance TFI S.A. and bought 2,92% of shares of Open Finance TFI S.A. from chosen minority shareholders.
As at 10 November 2016 Open Finance S.A. held together directly and indirectly 14.89% of the share capital of Noble Funds Towarzystwo Funduszy Inwestycyjnych S.A.
4
KEY ACTIVITIES WITHIN THE GROUP IN THREE QUARTERS OF 2016
CHANGE IN THE PERIOD OF DEPRECIATION AND METHODS OF ACQUIRED CUSTOMER BASE
• On August 29, 2016, the Group completed the analysis of the adequacy of the useful lives of intangible assets acquired in the form of
databases containing contact information for potential customers of the Group.
As a result of the above analysis, we have made changes in the period and method of amortisation of acquired customer bases:
a) The amortisation period was reduced from 7 to 4 years;
b) Changed the depreciation method from linear to the declining balance method based on the sum of digits, as the analysis showed that
the acquired customer base generates the greatest economic benefits in the first and second year after the acquisition. It established
the following rates of depreciation for each year: in the first year the base is amortized at 43%, in the second year 31%, in the third
year 19% and in the fourth year at 7%;
• Additionally, as at 30 June 2016, the Group has conducted an impairment test of the acquired base, which showed a loss of PLN
12,941 thousand.
• The change was applied prospectively with effect from 1 January 2016.
• The above-mentioned changes in the consolidated financial results for Q1, Q2, Q3 and 3Q 2016:
CHANGES 1/2
data in kPLN Q1 2016 Q2 2016 Q3 2016 3Q 2016
Net profit before changing the amortisation of customer bases 1 597 19 2 025 3 641
Amortisation change* (20 515) (13 175) (6 633) (40 323)
Impairment loss on acquired customer bases* - (10 482) - (10 482)
Net loss ** after changing the amortisation of acquired customer bases (18 918) (23 638) (4 608) (47 164) * The impact net of tax of 19%
** The result attributable to the shareholders of the parent company
5
KEY ACTIVITIES WITHIN THE GROUP IN THREE QUARTERS OF 2016
• On 27 January 2016, there was a merger of HB Finanse Sp. z o.o. with Open Finance S.A. The aim of the merger was the systematization of
business activity - Open Finance in the area of financial intermediation and Home Broker in the area of real estate brokerage;
• As a result of the multi-stage analysis of the profitability of branches, by the end of March 2016 we made the optimization of the network of Open
Finance, as a result of which the branches in small and medium-sized cities have been transferred to the mobile network Open Direct. Network
Optimization took reach 30 branches and 140 advisors and was aimed at reducing the fixed costs of the network of Open Finance;
• Dynamic progressive increase of network integration of Open Finance and Home Broker;
• Further development of the external structure of sales – Open Partners in the Open Finance and HB Partners within the Home Broker - as a
market integrator of small business financial advisory and market real estate brokerage dedicated to the service of the primary market, based on
a " success fee" of sales ;
• The development of intermediation in the field of company products;
• Development of financial intermediation market in small and medium-sized cities with the expansion of the mobile network.
• Implementation of an innovative presentation of apartments : " 3D Virtual Tour " ;
• Optimization of motivational systems for advisers for customer service quality, collaboration of Open Finance with Home Broker and cross - sell.
• Reducing staff turnover in Open Finance and Home Broker;
• The extension of the product range of non-bank loans and regular savings products (excluding UFK);
• Conversion of a dozen of very expensive branches to cheaper ones;
• Starting websites Open Finance and Home Broker in a new form, establishing cooperation with industry portals, changing the rules of
cooperation with media houses (based on indicators of efficiency).
CHANGES 2/2
6
RECEIVED AWARDS
OPEN FINANCE GROUP
1. „Konsumencki Lider Jakości 2015” – 1st place in the category of independent financial advisor
2. „Gepard Biznesu 2014” – prize awarded in 2015 by Instytut Nowoczesnego Biznesu
3. „Finansowa Marka Roku 2015” in the category of Financial Advisory – Gazeta Finansowa
4. „Najlepszy Partner w Biznesie” - an award granted in 2016 by the magazine Home & Market
5. „National Champion 2016/17” – an award granted by European Business Awards
6. „Najwyższa jakość Q1 2016” - an award granted by the Chapter of the Program Quality International 2016
7. „Gwiazda Jakości Obsługi 2015” - prize awarded by VSC Group
8. „Dobra Marka 2016 - Jakość, Zaufanie, Renoma” - prize awarded by editorial staff of Biznes Trendy
9. „Laur Konsumenta – TOP MARKA 2016” - prize awarded by the editorial staff of Strefa Gospodarki
10. Created in Poland Superbrands 2015/16 in the category of financial advisors
11. The most valuable Polish Brand 2015 in the category of finance - 7th place in the ranking of Rzeczpospolita
12. First place in the ranking of Gazeta Finansowa - companies from the intermediation industry.
7
57%
CONSOLIDATED NET PROFIT – OPEN FINANCE
GROUP (attributable to shareholders of the parent)
The generated net loss of PLN 47.2 million attributable to shareholders of the parent company in the first half of 2016 years is mainly due to :
• Changes in the period and method of amortization of acquired customer bases and recognized impairment write-off; the impact on the results
of 3Q 2016 is PLN 50,8 million (impact in Q1- PLN 20,5 million; impact in Q2 – PLN 23.7 million and impact in Q3 – PLN 6.6 million);
• An additional tax burden on financial institutions of Open Life TU Life S.A in the amount of PLN 21.7 million (impact on the Open Finance
Group S.A is PLN 10.6 million).
6,5 8,0 8,0 6,4 -18,9 -23,6 -4,7
-30,0
-20,0
-10,0
-
10,0
20,0
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2015 2016
PLN '000
8
57%
CONTRIBUTION OF EACH COMPANY TO
CONSOLIDATED REVENUE OF OPEN FINANCE
GROUP
Consolidation adjustments to revenue in 2016 concern the elimination of transactions within the Group.
* Revenue generated in January 2016.
182 694
-
266 482(4 728)
54 557
31 642 2 317
0
50 000
100 000
150 000
200 000
250 000
300 000
OF HB OF TFI HB Finanse * cons adjustments Consolidatedrevenue
PLN
'00
0
COMPANIES' CONTRIBUTION TO THE CONSOLIDATED REVENUE IN 3Q 2016
57 677
61 545
63 472
54 000
55 000
56 000
57 000
58 000
59 000
60 000
61 000
62 000
63 000
64 000
Q1 Q2 Q3
OPEN FINANCE REVENUE IN 2016 R.
PLN'000
16 803
18 612
19 142
15 500
16 000
16 500
17 000
17 500
18 000
18 500
19 000
19 500
Q1 Q2 Q3
HOME BROKER REVENUE IN 2016 R.
PLN'000
9
7%
3%
11%
3%
43%
REVENUE STRUCTURE – OPEN FINANCE GROUP
7%17%
8%
3%
13%
5%
100%
6%
10%
100%
103 106
266 482
61 336
50 087
31 6429 362 3 581 2 691 2 119 2 558
38%
23%
19%
12%
4% 1% 21%1% 141%%
0
50 000
100 000
150 000
200 000
250 000
300 000
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PLN
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0
BREAKDOWN OF SALES REVENUE IN 3Q 2016
100%100%
156 775164 442
40 28517 753
38 87150 087
35 09231 642
0
50 000
100 000
150 000
200 000
250 000
300 000
3Q 2015 3Q 2016PLN'000
SALES REVENUE
Segment: Asset and funds management
Segment: Real estate intermediation
Segment: Investment products
Segment: Mortgages and cash loans
273 501266 482
- 3%
5%
-56%
29%
-10%
10
43%
INITIATIVES CONCERNING COSTS AND EXPENSES
REDUCTION IN OPEN FINANCE GROUP
7%17%
8%
3%
38%
13%
5%
100%
5%
6%
10%
• Continuation of actions aimed at reducing fixed operating costs in Open Finance and Home Broker
• Results of actions taken are presented in the table below (consolidated data):
3Q 2016 3Q 2015 change
PLN '000 PLN '000 %
REMUNERATION AND SOCIAL BENEFITS
Salaries 48 877 56 536 (7 659) -14%
Comissions for external f inancial advisors 142 764 114 432 28 332 25%
Other employee benefits 2 049 2 045 4 0%
193 690 173 013 20 677 12%
Amortisation and depreciation 71 638 20 913 50 725 243%
Costs of fund management (in OF TFI) 6 194 9 749 (3 555) -36%
OTHER OPERATING COSTS
Lease and rental 19 039 22 182 (3 144) -14%
Marketing, representation and adverstising 4 310 4 449 (139) -3%
Telecomunications and postal services 1 682 2 340 (658) -28%
Materials and energy 5 153 5 342 (189) -4%
Repair and maintanance services, IT services and
security 3 298 3 752 (454) -12%
Insurance, advisory and legal services 1 405 1 579 (174) -11%
Taxes and charges 877 1 087 (210) -19%
Other costs 3 830 3 536 294 8%
39 593 44 267 (4 674) -11%
Operating costs change
11
CHAIN OF SALES IN OPEN FINANCE GROUP
Number of branches 30 Sept 2016 31 Dec 2015 change%
Open Finance 14 68 -79%
Open Direct 81 58 40%
Open Finance (with real estate agent) 13 0 n/d
Home Broker (with financial advisor Open Finance) 19 39 -51%
Home Broker (with financial advisor Open Direct) 7 1 600%
Open Direct (with real estate agent) 5 0 n/d
Total 139 166 -16%
Number of advisors 30 Sept 2016 31 Dec 2015 change%
Open Finance 498 731 -32%
Open Direct 573 560 2%
Open Partners 1 962 1 477 33%
Home Broker 495 463 7%
Total 3 528 3 231 9%
stationary branches Open Finance (14)
mobile branches Open Direct (81)
branches Open Finance (with Home Broker real estate agent) (13)
branches Home Broker (with financial advisor Open Finance) (19)
branches Home Broker (with financial advisor Open Direct) (7)
branches Open Direct (with Home Broker real estate agent ) (5)
12
The value of sold mortgages in Q3 2016 amounted to PLN 1 568 million and is lower than Q2 2016 by
3% and is higher than Q3 2015 by 14%.
MORTGAGES SALES VOLUMES – OPEN FINANCE
GROUP
* mortgages launched in January 2016 by HB Finance Sp. z o. o. advisors.
.
269 264 206 216 200 184 187 18560
1 054 1 007 1 116 1 063 1 0591 168 1 194
1 3081 372
1610 1 568
0
500
1 000
1 500
2 000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2014 2015 2016
MLN PLN
QUARTERLY VOLUMES OF MORTGAGES SOLDMortgages OF
Mortgages HB*
-3%
14%
13
15% decrease in the volume cash loans sold in Q3 2016 compared to Q3 2015 and 4% decrease as
compared to Q2 2016.
CASH LOANS SALES VOLUMES - OPEN FINANCE
GROUP21%
79%
Structure of sales of cash loans by banks in 3Q 2016
Getin Noble Bank
Other banks
115143 142 153
232
262 267
215241 236 226
0
50
100
150
200
250
300
350
400
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016MLN PLN
Quarterly volumes of cash loans sold
-4%
-15 %
14
The decrease in the volume of insurance and regular savings products sold in the third quarter of 2016 by 10%
compared to the second quarter of 2016.
SALES OF REGULAR PREMIUM UNIT-LINKED POLICIES –
OPEN FINANCE GROUP
14 445
10 258
11 349
9 2938 464
6 247
8 420
10 160
3 015
4 3513 908
0
2 000
4 000
6 000
8 000
10 000
12 000
14 000
16 000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2014 2015 2016
INSURANCE AND REGULAR PREMIUM UNIT - LINKED POLICIES - quarterly volumes of sales
PLN '000
-10%
-54%
15
The volume of sales of PLN 71 mln of structured products comprise units in investment funds (TFI) as well as UFK.
After the entry into force of the Act insurance recorded a gradual recovery in sales volumes of investment products.
SALES VOLUMES OF OTHER INVESTMENT
PRODUCTS – OPEN FINANCE GROUP
168
134
115102
124105
8976
63 69 71
0
20
40
60
80
100
120
140
160
180
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2014 2015 2016mPLN
VOLUMES OF STRUCTURED PRODUCTS SOLD
3%
16
100%
43%
OPEN FINANCE GROUP IN RELATION TO THE
MARKET
7%17%
8%
5%
38%
13%
10%
100%
5%
3%
6%
17%
MORTGAGES Q1 '15 Q2 '15 Q3 '15 Q4'15 Q1'16 Q2 '16
Open Finance + Home Broker 1 259 1 352 1 297 1 425 1 347 1 485
Expander 976 1 129 1 139 1 286 1 190 1 365
Aspiro 373 550 656 507 275 298
Notus Doradcy Finansowi 481 518 539 566 531 576
Gold Finance 175 183 171 180 176 194
Doradcy24 39 44 46 49 45 51
TOTAL: 3 303 3 776 3 849 4 013 3 564 3 969
Source: Association of Financial Advisors
CASH LOANS Q1 '15 Q2 '15 Q3 '15 Q4'15 Q1'16 Q2 '16
Open Finance + Home Broker 232 262 267 215 241 236
Expander 87 103 103 107 126 165
Aspiro 102 100 88 73 83 129
Gold Finance 43 42 31 27 31 29
Notus Doradcy Finansowi 12 13 15 16 16 19
Doradcy24 2 1 2 3 3 2
TOTAL: 479 522 506 440 499 580
Source: Association of Financial Advisors
INVESTMENT PRODUCTS Q1 '15 Q2 '15 Q3 '15 Q4'15 Q1'16 Q2 '16
Open Finance + Home Broker 1 625 1 262 1 194 641 307 73
Expander 97 113 127 88 12 57
Gold Finance 1,7 0,6 0,5 0,2 0,1 0,0
TOTAL 1 724 1 376 1 321 729 319 130
Source: Association of Financial Advisors
CORPORATE LOANS Q3 '15 Q4'15 Q1'16 Q2 '16
Expander 96 102 73 164
Open Finance + Home Broker 84 68 85 125
Aspiro 79 70 78 96
Gold Finance 25 12 15 18
Notus Doradcy Finansowi 0 0 18 39
TOTAL: 284 252 269 442
Source: Association of Financial Advisors
-100
100
300
500
700
900
1 100
1 300
1 500
Q1 '15 Q2 '15 Q3 '15 Q4'15 Q1'16 Q2 '16
VALUE OF MORTGAGES PAID (PLN '000)
Open Finance + HomeBroker
Expander
Aspiro
Notus DoradcyFinansowi
Gold Finance
Doradcy24
0
50
100
150
200
250
300
Q1 '15 Q2 '15 Q3 '15 Q4'15 Q1'16 Q2 '16
VALUE OF CASH LOANS PAID (PLN '000)
Open Finance + HomeBroker
Expander
Aspiro
Gold Finance
Notus DoradcyFinansowi
Doradcy24
0
500
1 000
1 500
Q1 '15 Q2 '15 Q3 '15 Q4'15 Q1'16 Q2 '16
VALUE OF INVESTMENT PRODUCTS PAID (PLN '000)
Open Finance +Home Broker
Expander
Gold Finance
0
50
100
150
200
250
300
Q3 '15 Q4'15 Q1'16 Q2 '16
VALUE OF CORPORATE LOANS PAID (PLN '000)Open Finance + HomeBroker
Expander
Aspiro
Gold Finance
Notus DoradcyFinansowi
17
303 341 369 377283 262
308 314 279 291 309
1 381
1 481
1 595
1 388
1 1871 107
1 239 1 2461 180
1 110
1 211
-200
200
600
1 000
1 400
1 800
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2014 2015 2016
Value of real estate and number of transactions on the secondary market Value of real estate (PLN mln)
Number of transactions (units)
293 258 243 227 244 265 297376 398 387
449
1 110
987933 920
1 036 1 0511 118
1 496 1 497 1 487
1 602
0
200
400
600
800
1 000
1 200
1 400
1 600
1 800
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2014 2015 2016
Value of real estate and number of transactions on the primary market
Value of real estate (PLN mln)
Number of transactions (units)
• Primary market – in Q3 2016 the number of
transactions increased by 43% as compared to Q3 2015.
At the same time, the average value of property sold
increased in Q3 2016 by 5,5% as compared to Q3 2015.
Maintaining a high level the number of transactions in Q3
2016 was possible by sales activities and ongoing
increase in the number of exclusive offers.
• Secondary market – in Q3 2016 the number of
transactions decreased by 2,2,% as compared to Q3
2015, while the average value of property sold
increased by 2,6%. In Q3 2016 the number of
transactions increased by 9% compared to Q2 2016
and the average value of property sold decreased by
2,7%.
SALES VOLUMES IN REAL ESTATE – OPEN FINANCE
GROUP
- 2,2%
9%
43%
8%
18
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Investment Funds under management:
Open Finance Open-End Investment Fund with 6 subfunds;
5 Closed Investment Funds (absolute return, shares, resources);
4 Closed Investment Fund – corporate bonds;
3 securitization fund;
3 private equity investment fund.
OPEN FINANCE TFI
Including PLN 3.160 mln in
capital market funds.
82
687
1 5641 967
2 511
2 8793 285
3 546
3 5433 808 3 769
3 9414 052
4 176
4 103 4 129 4 227
0
400
800
1 200
1 600
2 000
2 400
2 800
3 200
3 600
4 000
4 400
4 800
MLN PLN
ASSETS UNDER MANAGEMENT
20
Financial results for 3Q 2016 – PLN 14.1 mln.
OPEN FINANCE TFI
The increase in assets concerns corporate bonds.
Open Finance Open-End Investment Fund with 6 sub-funds 199 023 165 5%
Absolute return, equity, commodity closed-end funds 160 459 024 4%
Corporate bonds closed-end funds 2 730 982 412 66%
Capital market funds - total 3 090 464 602 75%
Securitization funds 944 035 548 23%
Private equity investment funds 94 165 763 2%
Total assets 4 128 665 913 100%
(data in PLN thousand ) Assets as at 30.09.2016 % share
21
On August 9, 2016, the Board of Open Finance S.A . decided to start work on the project of merging the subsidiary Open
Finance TFI S.A. with Noble Funds TFI S.A. It is expected that the transaction will close in the first half of 2017. The
merger aims to build one of the market leaders, that by integrating management competencies in a number of different
asset classes will increase the possibility of creation, promotion and efficient management of the funds. At the same time
aim of the merger is to achieve significant operational and cost synergies. The merger is also a strategic step in the
business of Open Finance S.A.
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OPEN BROKERS IN STRUCTURE OF
OPEN FINANCE GROUP
Objectives for 2016:
1. expansion of the network's own insurance advisors;
2. start of mobile network of life insurance advisors;
3. development of external distribution network - activation acquired in 2015 partners;
4. further development of applications for agents with new crm modules;
5. creating a mobile application;
6. launch of insurance comparison website;
7. increase in revenue from life insurance in connection with the implementation of savings and pension products;
8. further expansion of the portfolio of property insurance policies with an increased rate of commission in connection with the renegotiation of contracts;
9. earning additional turnover commission in 2016 in connection with the renegotiation of contracts;
10. keeping overhead costs on a level reduced in the last quarter of 2015.
Cooperating Partners:
Tow arzystw o Ubezpieczeń i Reasekuracji Allianz Polska S.A. Nationale –Nederlanden Tow arzystw o Ubezpieczeń na Życie S.A.
AXA Życie Tow arzystw o Ubezpieczeń S.A. Tow arzystw o Ubezpieczeń INTER Polska Spółka Akcyjna
Metlife Tow arzystw o Ubezpieczeń na Życie S.A. Uniqa Tow arzystw o Ubezpieczeń Spółka Akcyjna
Link 4 Tow arzystw o Ubezpieczeń S.A. Tow arzystw o Ubezpieczeń i Reasekuracji Warta S.A.
Sopockie Tow arzystw o Ubezpieczeń Ergo Hestia S.A. Interrisk Tow arzystw o Ubezpieczeń Spółka Akcyjna Vienna Insurance Group
Allianz Tow arzystw o Ubezpieczeń S.A. Pow szechny Zakład Ubezpieczeń Spółka Akcyjna
Benefia Tow arzystw o Ubezpieczeń S.A. Vienna Insurance Group Open Life Tow arzystw o Ubezpieczeń Życie Spółka Akcyjna
Generali Tow arzystw o Ubezpieczeń S.A.
DATA AT THE END OF 3Q 2016
Net profit for 3Q 2016 PLN 1 335 thousand
Share capital PLN 100 thousand
23
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OPEN LIFE AS PART OF
OPEN FINANCE CAPITAL GROUP
Financial data 3Q 2016
IFRS net financial result in mln PLN 10.9
ROE 7.6%
No. of active policies in thousands 348.5
SCR coverage at 30.06.2016 147.0%
MCR coverage at 30.06.2016 565.6%
11.7%
30.8%
5.7%25.3%
0.8%
25.7%
Structure of active policies at the end of 3Q 2016
Structured - regular
Structured - single
UL - regular
UL - single
Endowment
Life insurance
5 9026 311
6 7417 049
7 274 7 433 7 482 7 414 7 367
sep dec mar jun sep dec mar jun sep
2014 2015 2016
Assets under control in mln PLN
TOP 5 unit-linked funds in terms of assets
(mln PLN):
Unit-linked funds Amount
1 UFK OL Corporate Bonds 1 067.6
2 UFK OL Corporate Bonds 3 870.0
3 Bonds Central and Eastern Europe 449.5
4 UFK OL Debt Bonds III 348.3
5 UFK OL Corporate Bonds 6 281.8
25
Source: KNF (Polish Financial Supervision Authority) Source: KNF (Polish Financial Supervision Authority)
Market share in terms of gross written premium of
top 10 insurance companies at the end of 2Q 2016
PZU; 33%
AVIVA; 8%
METLIFE; 6%
NN; 5%
OPEN LIFE; 5%
ERGO HESTIA; 5%
EUROPA; 5%
GENERALI; 5%
AXA; 4%
SKANDIA; 4%
Other; 19%
26
OPEN LIFE AS PART OF
OPEN FINANCE CAPITAL GROUP
OPEN FINANCE
3Q 2016 GROUP RESULTS
sssssssssssssssssssssssssssssssssssssssssss
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CONSOLIDATED ASSETS – OPEN FINANCE GROUP
28
value %
ASSETS
Fixed assets 489 702 524 951 (35 249) -7%
Tangible and intangible fixed assets 314 813 383 357 (68 544) -18%
Investment in associates 128 690 101 350 27 340 27%
Investment property 8 467 8 440 27 0%
Deferred tax asset 34 339 28 950 5 389 19%
Other long term receivables 2 187 1 626 561 35%
Other non-financial long term assets 1 207 1 228 (21) -2%
Current assets 126 943 110 922 16 021 14%
Trade receivables 44 838 47 904 (3 066) -6%
Corporate income tax receivables 875 810 65 8%
Prepayments and accrued revenue, including accrued
commission revenue 29 215 33 178 (3 963) -12%
Cash and cash equivalents 21 490 21 293 197 1%
Other 30 525 7 737 22 788 295%
TOTAL ASSETS 616 645 635 873 (19 228) -3%
LIABILITIES AND EQUITY
Equity attributable to shareholders of the parent 361 591 392 507 (30 916) -8%
Share capital 543 543 - 0%
Other reserve capital 291 617 276 901 14 716 5%
Retained earnings 69 431 115 063 (45 632) -40%
Equity of non-controlling shareholders 7 246 4 963 2 283 46%
Total equity 368 837 397 470 (28 633) -7%
Liabilities 247 808 238 403 9 405 4%
Deferred tax provision 9 261 16 190 (6 929) n/d
Provisions 41 41 - 0%
Credit, loans and financial lease liabilities 13 787 15 158 (1 371) -9%
Issued bonds 126 906 128 604 (1 698) -1%
Trade liabilities 18 024 17 178 846 5%
Accruals and deferred revenue, including accrued
remuneration 31 173 34 396 (3 223) -9%
Corporate income tax payable 447 481 (34) -7%
Other non-financial liabilities 48 169 26 355 21 814 83%
TOTAL LIABILITIES AND EQUITY 616 645 635 873 (19 228) -3%
PLN '000 30.09.2016 31.12.2015 Change
CONSOLIDATED PROFIT AND LOSS – OPEN
FINANCE GROUP
29
value %
Sales revenue 266 482 273 502 (7 020) -3%
Costs of sales (162 987) (141 251) (21 736) 15%
Profit on sales 103 495 132 251 (28 756) -22%
Administrative costs (76 490) (85 778) 9 288 -11%
Result on other operating activity (1 888) (327) (1 561) 477%
Share in associates' profit 6 353 12 066 (5 713) -47%
EBITDA 31 470 58 212 (26 742) -46%
Depreciation and amortisation (71 638) (20 913) (50 725) 243%
Impairment of acuired customer bases (12 941) - (12 941) n/d
Result on financial activity (46) (6 181) 6 135 -99%
Gross profit (53 155) 31 118 (71 332) -229%
Income tax (9 343) 4 547 (13 890) -305%
Net profit (43 812) 26 571 (57 442) -216%
including:
- attributable to shareholders of the parent (47 164) 22 574 (69 738) -309%
- attributable to non-controlling shareholders 3 352 3 997 (645) -16%
PLN '000 1.01.2016 -
30.09.2016
1.01.2015 -
30.09.2015
Change
DISCLAIMER
This presentation has been prepared for information purposes only to be used by Open Finance S.A.’s customers and
shareholders and by market analysts, and may not be considered as an offer or recommendation to execute any
transactions. The information contained in this presentation is based on publicly available, reliable sources. However,
Open Finance S.A. cannot guarantee that this information is complete. Open Finance S.A. takes no responsibility for
the consequences of any decisions based on any information contained in this presentation. The information
contained in this presentation has never been subject to independent verification and may at any time be subject to
change or modification. The publication by Open Finance S.A. of the figures contained in this presentation is not a
breach of the regulations applicable to companies whose shares are traded on a regulated market. The information
provided in this presentation has already been disclosed in current or periodic reports submitted by Open Finance S.A.
or constitutes an addition to those reports, and its publication does not require the Company to fulfill the obligation to
provide information as imposed on the Company as a public company. The content of this presentation may not, in
any case, be interpreted as an express or implied statement of assurance made by the company or its
representatives. In addition, neither the company nor its representatives may be held liable, in any way (as a result of
negligence or for any other reason) for any loss or damage that might arise in connection with use of this presentation
or any content of this presentation or that might arise in any other way in connection with the information contained in
this presentation. In the event of a change to the company’s strategy or intentions or in the event of unexpected facts
or circumstances affecting the company’s strategy or intentions, the company is not responsible for informing the
public of any possible modifications or changes to any information, data or statements provided in this presentation.
Please note that the only reliable source of information on the situation of Open Finance S.A., events, financial results
and indicators is the current and periodic reports submitted by Open Finance S.A. as part of its obligation to provide
information.
30
Thank you for attention
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