Market announcement
AS LHV Group
LEI code
529900JG015JC10LED24
Size of the entity
Large group
Economic activities
Financial and Insurance Activities
Industry sector(s)
Credit institution
Country of registered office
Estonia
General information
Categories
Other corporate action
Unique data record identifier
7765
Attachments
Submission date and time
11.02.2020 08:00:00
Content of announcement in Estonian
Title
LHV Groupi 2020. aasta finantsplaan ja viieaastane finantsprognoos
Message
AS-i LHV Group käesoleva aasta finantsplaani järgi kasvavad konsolideerimisgrupi tulud 2020. aastal 29% ja kulud 18%, mis annab konsolideeritud puhaskasumi kasvuks tänavu 33%. Ärimahtude osas prognoosib LHV tänavuseks aastaks 28% laenuportfelli kasvu, 25% hoiuste mahu kasvu ja 15% hallatavate fondide mahu kasvu. --------------------------------------------------------------- Võtmenäitajad FP2020 2019 ? --------------------------------------------------------------- Maksude-eelne kasum 42,0 31,3 +34% --------------------------------------------------------------- Laenud (mln eurot) 2165 1687 +28% --------------------------------------------------------------- Hoiused (mln eurot) 3127 2701 +16% --------------------------------------------------------------- Fondide maht (mln eurot) 1576 1374 +15% --------------------------------------------------------------- Kulu/tulu suhe 48,5% 53,2% -4,7 pp --------------------------------------------------------------- ROE (tulumaksueelne; omanike osa) 18,1% 16,2% +1,9 pp --------------------------------------------------------------- Kapitali adekvaatsus 17,5% 18,0% -0,5 pp --------------------------------------------------------------- ((* Ärimahud toodud miljonites eurodes)) Finantsplaani järgi kasvab 2020. aastal LHV Groupi konsolideeritud laenude maht 478 mln euro võrra, sh ettevõtete panganduse laenud 209, jaelaenud 199 ning finantsvahendajate laenud 70 mln euro võrra. Hoiuste kasv summas 426 mln eurot on plaanitud peamiselt tavahoiuste arvelt summas 575 mln eurot, finanstvahendajate hoiused kasvavad 224 mln eurot ja hoiuseplatvormide kaudu kaasatud hoiused vähenevad 373 mln eurot (plaani järgi asendatakse need pandivõlakirjadega summas 250 mln eurot). Fondide mahu kasv on seotud klientide maksete jätkumisega, aga ka fondide tootlusega, mida suuremate fondide XL ja L puhul on eeldatud 5,6%. Kulu/tulu suhe on paranemas tänu Danske eraisikute portfelli lisandumisele 2019. aasta lõpus, mis suurendab kuiseid tulusid ligi 0,9 mln eur võrra. Kuivõrd LHV Group on väljendanud soovi tehingu tarbeks kaasatud kallima hinnaga välishoiused asendada 2020. aastal pandivõlakirjadega, vähendab see kulusid ja mõjutab positiivselt kulu-tulu suhet. Eesmärgiks seatud 20% suurust maksude- eelset omakapitali tootlust me finantsplaani järgi 2020. aastal ei saavuta, sest ühe aastaga ei õnnestu asendada 2019. aasta septembris toimunud järsku pensionifondide valitsemistasu langust. LHV Groupi juhataja Madis Toomsalu kommentaar: "Tänaseks on LHV-st kujunenud suurim ja kõige kiiremini kasvav kohalikul kapitalil põhinev finantsgrupp ja kapitalipakkuja Eestis. Oleme jõudnud igapäevapanganduses suuruselt kolmandaks pangaks Eestis ja jätkame suuruselt teise pensionifondide valitsejana. Finantsprognoos väljendab selgelt meie pikaajalisi kasvuambitsioone. Eestis on meie eesmärgiks üle-eestiline suurenev kliendibaas. Vaatamata klientide arvu jõudsale kasvule on meie eesmärgiks pakkuda kvaliteetseimat teenindust. Eraisikutele pakume kodulaenu kõikides Eesti linnades, laia sularahaautomaatide võrgustikku, tugevaid elektroonilisi kanaleid ning ainsa pangana Eestis tasuta välkmakseid. Soovime saada ülekaalukaks turuliidriks investeerimisteenuste osutamisel, senist terviklikuimat teenuste pakkumist täiendavad Balti aktsiate tasuta kauplemis- ja hoidmisvõimalused. Ettevõtete suunal oleme võimelised sisuliselt finantseerima kõiki Eesti ettevõtteid. Ühendkuningriigi filiaali kaudu pakume finantsvahendajatele makseteenuste infrastrukuuri koos reaalaaja euro- ja naelamaksetega, sobivatel tingimustel ka likviidsuslaenusid. Ärisuuna lähiaastate eesmärgiks on laiendada ka tooteportfelli ja kliendisegmente. LHV Varahalduse eesmärgiks on pensionifondide kõrge tootluse saavutamine. Saame keskenduda börsivälistele erakapitali- ja kinnisvarainvesteeringutele, mille eeldatav tootlus on noteeritud väärtpaberite omast kõrgem. Kõrgema klientidele saavutatud tootluse korral on võimalik edukustasu teenimise kaudu asendada ka langenud valitsemistasu, kuid tootluse lühiperioodide raskesti ennustatavuse tõttu ei ole me sellega finantsprognoosis arvestanud. Kuna nii tootlused kui ka võrdlusindeks on avalikud, on seda investoritel siiski võimalik tinglikult arvestada. Edukustasu teenimise korral kajastame seda tuludes korra aastas. Meie edasisele kasvule loob hea baasi klientide rekordiline lisandumine alates 2019. aasta sügisest, Danske eralaenude portfellist lisanduvad tulud ning paranev kulu-tulu suhe. Meie laenulimiidid suurenevad ning suudame finantseerida üha suuremat hulka kliente. Laenude allahindlused oleme võtnud arvesse pigem konservatiivsel tasemel." Finantsprognoos 2020-2024 Ühtlasi avalikustab AS LHV Group järgmise viie aasta finantsprognoosi. Prognoosi kohaselt kasvavad grupi tulud järgneval viiel aastal keskmiselt 19%, samal ajal kui kulud kasvavad keskmiselt 11% aastas. Prognoosi kohaselt jõuab LHV konsolideeritud puhaskasum 26%-lise keskmise aastakasvuga 2024. aastaks ligi 91 miljoni euroni. ----------------------------------------------------------------------------- Võtmenäitajad FP2019 FP2021 FP2022 FP2023 FP2024 ----------------------------------------------------------------------------- Maksude-eelne kasum 42,0 51,1 69,3 87,2 104,4 ----------------------------------------------------------------------------- Laenud 2165 2706 3229 3754 4304 ----------------------------------------------------------------------------- Hoiused 3127 3830 4427 5209 6004 ----------------------------------------------------------------------------- Fondide maht 1576 1395 1571 1761 1967 ----------------------------------------------------------------------------- Kulu/tulu suhe 48,5% 47,6% 41,4% 38,4% 36,4% ----------------------------------------------------------------------------- ROE (maksueelne; omanike osa) 18,1% 20,5% 22,2% 23,4% 23,4% ----------------------------------------------------------------------------- Kapitali adekvaatsus 17,5% 18,1% 18,3% 18,9% 19,5% ----------------------------------------------------------------------------- (* Ärimahud toodud miljonites eurodes) Võrreldes 2019. aasta lõpuga peaksid viie aastaga laenude-, hoiuste- ja fondide maht kasvama vastavalt 2617 mln, 3303 mln ja 593 mln euro võrra. Laenude ja hoiuste puhul tähendab see mahtude kahekordistamist. Kulu-tulu suhte paranamine on seotud suurema efektiivsusega, aga ka finantsvahendajate ärisuuna madalama kulubaasiga. Prognoosi kohaselt mõjutab 2021. aasta tulemusi negatiivselt pensionireform, mille tulemusena tuleb LHV Varahalduses allahinnata klientide müügikuludega seotud immateriaalne vara. See allahindlus ei ole rahavooline ega mõjuta omavahendeid. Alates 2021. aastast on eeldatud maksude-eelse omakapitali taastumist üle 20% ning alates 2023. aastast on eesmärgiks puhaskasumil põhineva omakapitali tootluse 20% suurune tase. LHV Group avaldab viie aasta finantsprognoose sooviga jagada investoritele läbipaistvalt ettevõtte pikaajalisi sihte ja trende. Viie aasta jooksul võib ettevõte ja majanduskeskkond oluliselt muutuda. LHV Group muudab 2020. aasta finantsplaani juhul, kui muutub tõenäoliseks planeeritava puhaskasumi rohkem kui 10% ulatuses erinevus finantsplaanist. Viie aasta prognoosi uuendab ettevõte taas 2021. aasta alguses või vajadusel koos 2020. aasta finantsplaani muudatustega. Finantsplaanide investoreile ja ajakirjanikele tutvustamiseks korraldab LHV pressibriifingu 11. veebruaril kell 11.00 LHV Tallinna kontoris (City Plaza, Tartu mnt 2) 21. korrusel. Palume osalemisest teatada aadressil [email protected] (mailto:[email protected]). LHV Group on suurim kodumaine finantskontsern ja kapitali pakkuja Eestis. LHV Groupi peamised tütarettevõtted on LHV Pank ja LHV Varahaldus. LHV-s töötab üle 440 inimese. LHV pangateenuseid kasutab üle 207 000 kliendi ja LHV hallatavatel pensionifondidel on üle 176 000 aktiivse kliendi. Priit Rum LHV kommunikatsioonijuht Telefon: 502 0786 E-post: [email protected] (mailto:[email protected])
Content of announcement in English
Title
LHV Group financial plan 2020 and five-year financial forecast
Message
According to the financial plan of AS LHV Group for this year, the revenues of the consolidation group will increase by 29% and expenses by 18% in 2020, resulting in a 33%-growth of consolidated net profit for this year. In terms of business volumes, LHV estimates a 28% increase of the loan portfolio, 25% increase in deposit volumes and 15% increase in assets under management for this year. ----------------------------------------------------------------- Key indicators FF2020 2019 ? ----------------------------------------------------------------- Profit before taxes 42.0 31.3 +34% ----------------------------------------------------------------- Loans (millions of euros) 2165 1687 +28% ----------------------------------------------------------------- Deposits (millions of euros) 3127 2701 +16% ----------------------------------------------------------------- Volume of funds (millions of euros) 1576 1374 +15% ----------------------------------------------------------------- Cost/income ratio 48.5% 53.2% -4.7 pp ----------------------------------------------------------------- ROE (before taxes, owners' share) 18.1% 16.2% +1.9 pp ----------------------------------------------------------------- Capital adequacy 17.5% 18.0% -0.5 pp ----------------------------------------------------------------- (* Business volumes have been presented in millions of euros) According to the financial plan, the consolidated loan volumes of LHV Group in 2020 will increase by 478 million euros, including corporate loans by 209, retail loans by 199 and loans to financial intermediaries by 70 million euros. The growth in the deposit volumes of 426 million euros is planned mainly on the account of regular deposits in the amount of 575 million euros, with the deposits of financial intermediaries growing by 224 million euros, and those included via deposit platforms decreasing by 373 million euros (according to the plan, these will be replaced by covered bonds in the amount of 250 million euros). The growth in the volume of funds is related to continued payments by clients, but also to the rate of return of the funds, which for larger funds XL and L is estimated at 5.6%. The cost/income ratio is improving thanks to the added Danske portfolio of private individuals at the end of 2019, which increases monthly revenues by as much as 0.9 million euros. Insofar as LHV Group has expressed its wish to replace the foreign deposits involved for this transaction at a higher price with covered bonds in 2020, it will also lower the costs and have a positive impact on the cost/income ratio. According to the financial plan, we will not achieve the 20% pre-tax return on equity set as the target in 2020, since it will not be possible to replace the sharp decline in the management fee of pension funds that occurred in September 2019 in just one year. Comment by Madis Toomsalu, the CEO of LHV Group: "For today, LHV has become the largest and the fastest growing provider of capital and financial group based on local capital in Estonia. We are now the third largest bank in Estonia in everyday banking and continue to be the second largest management company of pension funds. The financial forecast clearly demonstrates our long-term growth ambitions. In Estonia, we aim to achieve an Estonia-wide increasing customer base. Despite the strong growth in the number of clients, it is our goal to provide top- quality service. We offer home loans to private persons in all Estonian cities, as well as a broad network of ATMs, strong electronic channels and as the only bank in Estonia, free instant payments. We want to become an overwhelming market leader in providing investment services; our most complete service offer so far is supplemented by free trading and safekeeping options of Baltic shares. In the direction of companies, in essence we are able to finance all large Estonian companies. Through our UK branch, we offer the payment services infrastructure to financial intermediaries together with real-time euro and pound payments; as well as liquidity loans on suitable conditions. The goal of our business side in the coming years is to expand the product portfolio and client segments. LHV Varahaldus aims to achieve a high rate of return of pension funds. We can focus on OTC private capital and real estate investments, the estimated rate of return of which is higher than listed securities. In the case of a higher rate of return achieved for our clients, it is also possible to replace the lower management fee by earning a success fee, however since the short periods of the rate of return are difficult to forecast, we have not considered this in our financial forecast. As both the rates of return as well as the benchmark index are public, the investors may nevertheless notionally consider it. In the case of generating the success fee, we will record it in revenues once a year. A good foundation for our future growth is built on the record number of new clients starting from autumn 2019, the revenues earned on the private portfolio of Danske and the improving cost/income ratio. Our loan limits are increasing, and we are able to finance an ever-growing number of clients. We have considered the impairment of loans on a rather conservative level." Financial forecast 2020-2024 AS LHV Group also discloses the financial plan for the next five years. According to the forecast, the group's revenues will increase by 19% over the next five years on average, while the expenses will increase on average by 11% in a year. Based on the forecast, the consolidated net profit of LHV will be nearly 91 million euros by 2024, considering the average annual growth of 26%. --------------------------------------------------------------------- Key indicators FF2019 FF2021 FF2022 FF2023 FP2024 --------------------------------------------------------------------- Profit before taxes 42.0 51.1 69.3 87.2 104.4 --------------------------------------------------------------------- Loans 2165 2706 3229 3754 4304 --------------------------------------------------------------------- Deposits 3127 3830 4427 5209 6004 --------------------------------------------------------------------- Funds volume 1576 1395 1571 1761 1967 --------------------------------------------------------------------- Cost/income ratio 48.5% 47.6% 41.4% 38.4% 36.4% --------------------------------------------------------------------- ROE (before taxes; owners' share) 18.1% 20.5% 22.2% 23.4% 23.4% --------------------------------------------------------------------- Capital adequacy 17.5% 18.1% 18.3% 18.9% 19.5% --------------------------------------------------------------------- (* Business volumes have been presented in millions of euros) Compared to the end of 2019, the volume of loans, deposits and funds should increase in five years by 2617 million, 3303 million and 593 million euros, respectively. For loans and deposits, this means the duplication of volumes. The improvement of the cost/income ratio is related to higher efficiency, but also to the lower cost base of the financial intermediaries' line of business. According to the forecast, the results of 2021 will be adversely affected by the pension reform, as a result of which LHV Varahaldus will have to write down the intangible assets related to the sales costs of clients. This impairment has no cash flow and will not influence net own funds. Starting from 2021, we expect the recovery of pre-tax equity to be over 20% and starting from 2023 aim to reach the level of 20% for the net profit based return on equity. LHV Group publishes five-year financial forecasts to share the company's long- term targets and trends with the investors in a transparent way. The company as well as the economic environment may change significantly in five years. LHV Group will change the financial plan 2020 if a difference of more than 10% between the planned net profit and the financial plan becomes probable. The company will update the five-year plan again at the beginning of 2021 or, if necessary, together with the changes made to the financial plan of 2020. To introduce the financial plans to investors and the press, LHV organises a press briefing at 11:00 on 11 February, at the Tallinn office of LHV (Cityplaza building, Tartu mnt 2) on 21st floor. Please notify us of your participation via email using the address [email protected] (mailto:[email protected]). LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group's key subsidiaries are LHV Pank and LHV Varahaldus. LHV employs over 440 people. LHV's banking services are used by more than 207,000 clients, and pension funds managed by LHV have more than 176,000 active clients. Priit Rum Communication Manager Phone: +372 502 0786 Email: [email protected] (mailto:[email protected])