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
9325
Attachments
Submission date and time
15.02.2022 08:00:00
Content of announcement in Estonian
Title
LHV Groupi 2022. aasta finantsplaan ja viie aasta finantsprognoos
Message
LHV 2022. aasta finantsplaani järgi kasvavad AS-i LHV Group konsolideerimisgrupi tulud käesoleval aastal 19% 166,8 miljoni euroni, kulud 29% 83,9 miljoni euroni ning puhaskasum 2% 61,5 miljoni euroni. 2022. aasta on LHV jaoks investeeringute aasta - kuigi ettevõte prognoosib ärimahtude ja tulu olulist kasvu, tehakse suuremaid kulusid rahvusvahelise äri kasvatamiseks tulevikus. ------------------------------------------------------------------------------ Võtmenäitajad FP2022 2021 ? ------------------------------------------------------------------------------ Maksude-eelne kasum 73,7 71,2 +3% ------------------------------------------------------------------------------ Puhaskasum 61,5 60,3 +2% ------------------------------------------------------------------------------ Laenud 3 097 2 677 +16% ------------------------------------------------------------------------------ Hoiused 6 109 5 808 +5% ------------------------------------------------------------------------------ Fondide maht 1 389 1 349 +3% ------------------------------------------------------------------------------ Finantsvahendajatega seotud maksete arv (mln tk) 38 27 +37% ------------------------------------------------------------------------------ Kulu/tulu suhe 50,3% 46,4% +3,8 pp ------------------------------------------------------------------------------ ROE* (tulumaksueelne; omanike osa) 19,4% 26,0% -6,5 pp ------------------------------------------------------------------------------ ROE* (puhaskasumilt; omanike osa) 16,7% 22,0% -5,3 pp ------------------------------------------------------------------------------ Kapitali adekvaatsus 20,5% 19,0% +1,5 pp ------------------------------------------------------------------------------ * Arvutatud perioodi kuu lõpu keskmiste omakapitali mahtude alusel Ärimahud toodud miljonites eurodes Finantsplaani järgi suureneb grupi konsolideeritud laenude maht käesoleval aastal 420 miljoni euro võrra 3,1 miljardi euroni (+16%), seejuures kasvavad kodulaenud 183 miljoni euro võrra ja ettevõtete panganduse laenud 170 miljoni euro võrra. Hoiuste osas näeb finantsplaan ette kogumahu suurenemist 302 miljoni euro võrra 6,11 miljardi euroni (+5%). Kasvust enamiku moodustavad jaeklientide hoiused, kuna finantsvahendajate hoiuste puhul on plaanitud stabiliseerumine 2 miljardi euro juures. LHV juhitud fondide maht pöörab käesoleval aastal kasvule - fondide mahule prognoosib ettevõte 40 miljoni eurost kasvu 1,39 miljardi euroni (+3%). Samas väheneb II pensionisamba aktiivsete klientide arv pensionireformi mõjul veel 6%. Ettevõtte kasumlikkust mõjutab negatiivselt II sambast lahkuvate klientidega seonduv mitterahaline täiendav kulum. 2022. aastal ei prognoosita pensionifondidelt edukustasu teenimist. LHV Kindlustuse ärimahud on suurenemas, 2022. aastal kasvavad kindlustuse brutopreemiad 11,5 miljoni euroni (+71%). Eelmisel aastal tegevust alustanud selts panustab äri edasisse kasvatamisesse, kuid finantsplaani järgi aasta kokkuvõttes kasumit veel ei teeni. LHV Groupi omakapitali tootluse suhtarv ROE jääb 2022. aastal 16,7% tasemele ning kulu/tulu suhteks prognoosib ettevõte 50,3%. Kulusid kasvatavad investeeringud, mis tehakse LHV UK Limitedi pangalitsentsi saamiseks ning äritegevusega alustamiseks mahus 10 miljonit eurot, samuti kasvavad kogu grupi personalikulud. LHV Groupi juhataja Madis Toomsalu kommentaar: "LHV jaoks on 2022 investeeringute aasta. Eesti turul jätkame hea kasvuga, soovime jõuda kümne aastaga suurimaks ja viie aastaga suuruselt teiseks pangaks. Tugevate tulemuste baasil Eestis saame teha arenguhüppe meie rahvusvahelises äris. Loodame Ühendkuningriigi pangalitsentsi saada aasta lõpuks, paralleelselt tegeleme organisatsiooni ülesehitamisega. See tähendab, et regulaatori loa korral omab LHV Group tulevikus kahte eraldiseisvat panka. Eestis keskendume kodu- ja ettevõtete laenudele. Soovime kliente teenindada üle Eesti, avame Pärnus kontori. Eraldi peame oluliseks tegutsemist investeerimisteenuste turuliidrina. Tugev kasv väljendub jätkuvas klientide lisandumises, tulude ja laenumahtude suurenemises. Kulude kasv on tingitud investeeringutest finantsvahendajate teenindamisse, riskikontrollisüsteemidesse ja laenamisel sisereitingute meetodi kasutuselevõtmisesse. Lisaks oleme arvestatud, et parim tööandja maksab parimatele töötajatele väärilist tasu. Pensionifondide puhul pöörame tähelepanu tootlusele ja viime ellu oma turul eristuvat otseinvesteeringutele keskenduvat investeerimisstrateegiat. Kindlustusvaldkonnas soovime kasvatada äri innovatsiooni- ja kvaliteediliidrina. Rahvusvaheliselt jätkame võimekaima partnerina finantsvahendajatele. Äriliselt paneme rõhku klientide arvu suurendamisele, uutele toodetele ja kliendisegmentidele, arendame makseteenuseid ja loome uue panga Ühendkuningriigis. Samal ajal jätkame värbamist ja ka arendusüksuste mehitamist Leedsi. Pingutame, et kasvu tagamiseks oleks LHV-l võimalikult tugev pakkumine, parim teenindus ja pühendunud inimesed. Pikemas vaates toovad meie tegevused kaasa viie aastaga kahekordse laenuportfelli kasvu, 20% suuruse omakapitali tootluse ja kasumi 2,5-kordse kasvu." Finantsprognoos 2022-2026 Ühtlasi avalikustab AS LHV Group järgmise viie aasta finantsprognoosi. Prognoosi kohaselt kasvavad grupi tulud järgneval viiel aastal keskmiselt 17% aastas, samal ajal kui kulud kasvavad keskmiselt 12% aastas. Prognoosi kohaselt jõuab LHV konsolideeritud puhaskasum 21% keskmise aastakasvuga 2026. aastaks ligi 155,8 miljoni euroni. ------------------------------------------------------------------------------- Võtmenäitajad FP2022 FP2023 FP2024 FP2025 FP2026 ------------------------------------------------------------------------------- Maksude-eelne kasum 73,7 92,8 114,1 147,9 178,4 ------------------------------------------------------------------------------- Puhaskasum 61,5 79,0 98,2 128,5 155,8 ------------------------------------------------------------------------------- Laenud 3 097 3 674 4 296 4 905 5 520 ------------------------------------------------------------------------------- Hoiused 6 109 6 841 7 504 8 301 8 912 ------------------------------------------------------------------------------- Fondide maht 1 389 1 522 1 675 1 793 1 935 ------------------------------------------------------------------------------- Finantsvahendajatega seotud maksete arv (mln tk) 38 59 80 101 132 ------------------------------------------------------------------------------- Kulu/tulu suhe 50,3% 47,2% 44,3% 39,5% 36,9% ------------------------------------------------------------------------------- ROE (tulumaksueelne; omanike osa) 19,4% 20,2% 20,8% 22,3% 22,3% ------------------------------------------------------------------------------- ROE* (puhaskasumilt; omanike osa) 16,7% 17,8% 18,5% 20,1% 20,2% ------------------------------------------------------------------------------- Kapitali adekvaatsus 20,5% 19,7% 19,4% 19,0% 19,8% ------------------------------------------------------------------------------- * Arvutatud perioodi kuu lõpu keskmiste omakapitali mahtude alusel Ärimahud toodud miljonites eurodes Ettevõte prognoosib järgmiseks viieks aastaks kõikide oluliste ärimahtude orgaanilist kasvu. Võrreldes 2021. aasta lõpuga suureneb grupi konsolideeritud laenuportfell viie aastaga kaks korda 5,52 miljardi euroni, hoiuste maht aga 1,5 korda 8,91 miljardi euroni. LHV juhitud fondide mahu taastumist varasemale tipptasemele näeb ettevõte 2024. aastal ja kasvu 1,94 miljardi euroni 2026. aastal. Viie aasta prognoosis on tulude kasv plaanitud oluliselt kiiremaks kulude kasvust. Kulude puhul on üheks määravaks teguriks tööjõukulude kasv. 2026. aastaks prognoosib LHV grupi kulu/tulu suhte alanemist 36,9%-ni. Aktsionäride puhaskasumil põhineva omakapitali tootluses saavutatakse eesmärgiks olev 20% prognoosi järgi 2025. aastal. Prognoosi koostamisel on arvestatud, et viie aasta jooksul võib ettevõte ja majanduskeskkond oluliselt muutuda. Viieaastase prognoosi koostamisel on eeldusteks võetud tervisekriisist taastumine, ärimahtude suurenemine, baasintressimäärade tulevane tõus ning 6-kuu euribori kerkimine positiivseks alates 2025. aasta keskpaigast, samuti ettevõtte dividendipoliitika püsimine. Varahalduse viieaastases finantsprognoosis on arvestatud võimaliku edukustasu teenimisega alates 2023. aastast. LHV UK Limited toodavat tulu ja kulu täies mahus prognoosis arvestatud pole, selle prognoosimise eelduseks on pangalitsentsi olemasolu. LHV Group muudab 2022. aasta finantsplaani juhul, kui muutub tõenäoliseks planeeritava puhaskasumi üle 10% erinevus finantsplaanist. Viie aasta prognoosi uuendab ettevõte 2023. aasta alguses või vajadusel koos 2022. aasta finantsplaani muudatustega. Finantsplaani tutvustamiseks korraldab LHV veebiseminaride keskkonna Zoom kaudu investorkohtumise 15. veebruaril kell 9.00. Investoreil ja huvilistel palume registreeruda aadressil: https://lhvbank.zoom.us/webinar/register/WN__jnZ8h- kQTe_uHe0nFzFgA. LHV Group on suurim kodumaine finantskontsern ja kapitali pakkuja Eestis. LHV Groupi peamised tütarettevõtted on LHV Pank, LHV Varahaldus ja LHV Kindlustus. LHV-s töötab üle 670 inimese. LHV pangateenuseid kasutab jaanuari seisuga 327 000 klienti, LHV hallatavatel pensionifondidel on 135 000 aktiivset klienti ja LHV Kindlustusega on kaitstud 145 000 klienti. LHV Ühendkuningriigi filiaal pakub panganduse taristut enam kui 180 rahvusvahelisele finantsteenuste ettevõttele, mille kaudu jõuavad LHV makseteenused klientideni üle terve maailma. Priit Rum LHV kommunikatsioonijuht Telefon: 502 0786 E-post: [email protected] (mailto:[email protected])
Content of announcement in English
Title
LHV Group financial plan for 2022 and the five-year financial forecast
Message
According to LHV's financial plan for 2022, AS LHV Group's consolidated revenues will increase by 19% this year to EUR 166.8 million, expenses by 29% to EUR 83.9 million, and net profit by 2% to EUR 61.5 million. 2022 will be a year of investments for LHV - while the company is forecasting significant growth in business volumes and revenues, more will be spent on growing the international business in the future. ------------------------------------------------------------------------------- Key indicators FF2022 2021 ? ------------------------------------------------------------------------------- Profit before taxes 73.7 71.2 +3% ------------------------------------------------------------------------------- Net profit 61.5 60.3 +2% ------------------------------------------------------------------------------- Loans 3097 2677 +16% ------------------------------------------------------------------------------- Deposits 6109 5808 +5% ------------------------------------------------------------------------------- Volume of funds 1389 1349 +3% ------------------------------------------------------------------------------- Number of payments related to financial intermediaries (million) 38 27 +37% ------------------------------------------------------------------------------- Cost/income ratio 50.3% 46.4% +3.8 pp ------------------------------------------------------------------------------- ROE (before taxes; owners' share) 19.4% 26.0% -6.5 pp ------------------------------------------------------------------------------- ROE (net profit; owners' share) 16.7% 22.0% -5.3 pp ------------------------------------------------------------------------------- Capital adequacy 20.5% 19.0% +1.5 pp ------------------------------------------------------------------------------- (* Calculated on the basis of average end-of-month equity balances Business volumes have been presented in millions of euros) According to the financial plan, the Group's consolidated loans will increase by EUR 420 million to EUR 3.1 billion (+16%) this year, with home loans increasing by EUR 183 million and corporate banking loans by EUR 170 million. In terms of deposits, the financial plan foresees an increase of EUR 302 million to EUR 6.11 billion (+5%). Deposits from retail clients account for most of the increase, while deposits from financial intermediaries are planned to stabilise at EUR 2 billion. The volume of funds managed by LHV is set to grow this year, with the company forecasting an increase of EUR 40 million to EUR 1.39 billion (+3%). At the same time, the number of active clients in the II pension pillar will decrease by another 6% as a result of the pension reform. The company's profitability is negatively impacted by the non-monetary additional charges related to clients leaving the II pillar. No performance fees are expected to be earned by pension funds in 2022. The business volumes of LHV Kindlustus are increasing, with gross insurance premiums growing to EUR 11.5 million (+71%) in 2022. Launched last year, the company contributes to growing the business further, but the financial plan does not yet indicate a profit for the year. LHV Group's return on equity (ROE) ratio will remain at 16.7% in 2022 and the company forecasts a cost/income ratio of 50.3%. Costs will be boosted by investments of EUR 10 million to obtain a banking licence for LHV UK Limited and to start up the business, as well as higher staff costs for group as a whole. Comment by Madis Toomsalu, the CEO of LHV Group: "For LHV, 2022 is the year of investments. We continue to grow well in the Estonian market, and we aim to become the largest bank in ten years and the second largest in five years. With a strong performance in Estonia, we can make a leap forward in our international business. We hope to obtain a banking licence in the UK by the end of the year, and in parallel we are working on setting up the organisation. This means that in the future, subject to the regulator's approval, LHV Group will own two separate banks. In Estonia, we focus on home and business loans. We would like to serve clients all over Estonia, and we will open an office in Pärnu. Separately, we attach particular importance to being the market leader in investment services. Strong growth translates into continued growth of the client base, as well as higher revenues and loan volumes. The increase in costs is due to investments in servicing financial intermediaries, risk control systems, and introducing the IRB approach in lending. In addition, we have taken into account the fact that the best employer pays fair remuneration to best employees. In the event of pension funds, we focus on rates of return and implement an investment strategy focused on direct investments that is distinctive in our market. In the field of insurance, we want to grow the business by handling claims with the highest client satisfaction. Internationally, we continue to be the most capable partner for financial intermediaries. Commercially, we will focus on the client base growth, new products and client segments, develop payment services, and create a new bank in the UK. At the same time, we will continue to recruit and staff development units in Leeds. We strive to ensure that LHV has the strongest possible offering, the best service, and dedicated people to ensure growth. In the longer term, our activities will result in a doubling of the loan portfolio in five years, a 20% return on equity, and a 2.5-fold increase in profits." Financial forecast for 2022-2026 AS LHV Group also discloses its financial forecast for the next five years. According to the forecast, the Group's revenues will increase by 17% over the next five years on average, while expenses will increase by 12% per year, on average. Based on the forecast, the consolidated net profit of LHV will be nearly EUR 155.8 million by 2026, considering the average annual growth of 21%. ------------------------------------------------------------------------------- Key indicators FF2022 FP2023 FP2024 FP2025 FP2026 ------------------------------------------------------------------------------- Profit before taxes 73.7 92.8 114.1 147.9 178.4 ------------------------------------------------------------------------------- Net profit 61.5 79.0 98.2 128.5 155.8 ------------------------------------------------------------------------------- Loans 3097 3674 4296 4905 5520 ------------------------------------------------------------------------------- Deposits 6109 6841 7504 8301 8912 ------------------------------------------------------------------------------- Volume of funds 1389 1522 1675 1793 1935 ------------------------------------------------------------------------------- Number of payments related to financial intermediaries (million) 38 59 80 101 132 ------------------------------------------------------------------------------- Cost/income ratio 50.3% 47.2% 44.3% 39.5% 36.9% ------------------------------------------------------------------------------- ROE (before taxes; owners' share) 19.4% 20.2% 20.8% 22.3% 22.3% ------------------------------------------------------------------------------- ROE (net profit; owners' share) 16.7% 17.8% 18.5% 20.1% 20.2% ------------------------------------------------------------------------------- Capital adequacy 20,5% 19,7% 19,4% 19,0% 19,8% ------------------------------------------------------------------------------- * Calculated on the basis of average end-of-month equity balances Business volumes have been presented in millions of euros The company forecasts organic growth in all key business volumes over the next five years. Compared to the end of 2021, the Group's consolidated loan portfolio will double in five years to EUR 5.52 billion, while deposits will increase 1.5 times to EUR 8.91 billion. The company sees the volume of LHV managed funds returning to its previous peak in 2024 and growing to EUR 1.94 billion in 2026. According to the five-year forecast, the growth of revenues has been planned to be significantly faster than the growth of costs. In terms of costs, one of the determining factors is the increase in labour costs. By 2026, LHV Group expects the cost/income ratio to fall to 36.9%. Return on equity based on net profit attributable to shareholders is forecast to reach the target of 20% in 2025. The forecast is based on the assumption that the business and economic environment could change significantly over the next five years. The five-year forecast is based on the assumptions of a recovery from the health crisis, an increase in business volumes, a future increase in base interest rates, and the 6-month Euribor turning positive from mid-2025, as well as the continuation of the dividend policy of the company. The five-year financial forecast of Varahaldus takes into account the potential earning of performance fees from 2023 onwards. The revenue generated by LHV UK Limited as well as the full amount of its' costs have not been included in the forecast, which assumes the availability of a banking licence. LHV Group will amend the financial plan for 2022 if it becomes likely that the planned net profit will differ by more than 10% from the financial plan. The company will update the five-year plan at the beginning of 2023 or, if necessary, together with the changes made to the financial plan of 2022. To introduce the financial plan, LHV will organise an investor meeting on 15 February at 9.00 via Zoom, the online seminar environment. Investors and interested parties are invited to register at: https://lhvbank.zoom.us/webinar/register/WN__jnZ8h-kQTe_uHe0nFzFgA. LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group's key subsidiaries are LHV Pank, LHV Varahaldus, and LHV Kindlustus. LHV employs over 670 people. As of January, LHV's banking services are being used by 327,000 clients, the pension funds managed by LHV have 135,000 active clients, and LHV Kindlustus protects a total of 145,000 clients. LHV's UK branch offers banking infrastructure to 180 international financial services companies, via which LHV's payment services reach clients around the world. Priit Rum LHV Communication Manager Phone: +372 502 0786 Email: [email protected] (mailto:[email protected])