Home Credit B.V./media/Files/H/Home... · Spolecnost pro informacni database (JSC) Czech Republic 26.00 26.00 1) special purpose entities established to facilitate the Group’s issues

Home Credit B.V.

Condensed Consolidated Interim Financial Report for the three month period ended 31 March 2012

(unaudited)

Home Credit B.V. Condensed Consolidated Interim Financial Report

for the three month period ended 31March 2012

- 2 -

Contents

Condensed Consolidated Interim Financial Statements

Condensed Consolidated Interim Statement of Financial Position 3

Condensed Consolidated Interim Statement of Comprehensive Income 4

Condensed Consolidated Interim Statement of Changes in Equity 5

Condensed Consolidated Interim Statement of Cash Flows 7

Notes to the Condensed Consolidated Interim Financial Statements 8

Home Credit B.V. Condensed Consolidated Interim Statement of Financial Position

as at 31 March 2012

- 3 -

31 Mar 2012 31 Dec 2011 Note TEUR TEUR

ASSETS

Cash and cash equivalents 7 416,656 409,961 Due from banks and other financial institutions 8 273,343 154,413 Loans to customers 9 3,382,512 3,006,903 Financial assets at fair value through profit or loss 10 23,626 35,416 Financial assets available-for-sale 11 495,285 323,795 Current income tax receivables 1,473 11,471 Deferred tax assets 8,865 8,569 Investments in associates 1,033 2,056 Intangible assets 12 43,157 38,776 Property and equipment 13 198,380 173,014 Other assets 14 163,732 117,571

Total assets 5,008,062 4,281,945

LIABILITIES

Current accounts and deposits from customers 15 2,424,199 1,697,277 Due to banks and other financial institutions 16 326,951 528,135 Debt securities issued 17 1,107,333 1,081,431 Financial liabilities at fair value through profit or loss 18 3,191 7,195 Current income tax liabilities 13,858 244 Deferred tax liabilities 347 6,321 Other liabilities 19 166,863 130,091

Total liabilities 4,042,742 3,450,694

EQUITY

Equity attributable to equity holders of the parent Share capital 20 659,020 659,020 Share premium 20 60,253 60,253 Statutory reserves 20 4,216 3,754 Foreign currency translation 20 (34,355) (86,504) Revaluation reserve 20 (104) (95) Other reserves 276,290 194,823

Total equity 965,320 831,251

Total liabilities and equity 5,008,062 4,281,945

Home Credit B.V. Condensed Consolidated Interim Statement of Comprehensive Income


- 4 -

3 months ended

31 Mar 2012

3 months ended

31 Mar 2011 Note TEUR TEUR

Continuing operations

Interest income 21 287,747 208,781 Interest expense 21 (77,095) (36,542)

Net interest income 210,652 172,239

Fee and commission income 22 96,705 58,739 Fee and commission expense 23 (18,316) (11,861)

Net fee and commission income 78,389 46,878

Net losses on financial assets and liabilities 24 (4,373) (4,092) Other operating income 25 38,234 16,774

Operating income 322,902 231,799

Impairment losses on financial assets 26 (84,425) (33,553) Net income related to credit risk insurance 7 8 General administrative expenses 27 (124,038) (83,602) Other operating expenses 28 (10,185) (8,705)

Operating expenses (218,641) (125,852)

Profit before tax from continuing operations 104,261 105,947

Income tax expense for continuing operations 29 (22,332) (40,598)

Net profit for the period from continuing operations 81,929 65,349

Discontinued operations

Loss from discontinued operations (net of income tax) - (9,326)

Net profit for the period 81,929 56,023

Currency translation 52,149 12,184 Reclassification of currency translation on subsidiary disposals - 7,941 Revaluation of available-for-sale financial assets (186) 463 Income tax relating to revaluation of available-for-sale financial assets 177 (92)

Other comprehensive income for the period 52,140 20,496

Total comprehensive income for the period 134,069 76,519

The condensed consolidated interim financial statements as set out on pages 3 to 30 were approved by the Board of Directors on 30 May 2012. Alexander Labak Sonia Mihaylova Slavtcheva Chairman of the Board of Directors Member of the Board of Directors

Hom

e C

redi

t B.V

. C

on

den

sed

Con

solid

ate

d In

terim

Sta

tem

en

t of

Ch

ang

es

in E

qu

ity

for

the th

ree m

on

th p

erio

d en

ded

31

Ma

rch

2012

- 5

-

Attr

ibut

able

to e

quity

hol

ders

of t

he p

aren

t

Sha

re

capi

tal

S

hare

pr

emiu

m

S

tatu

tory

re

serv

es

For

eign

cu

rren

cy

tran

slat

ion

F

air

valu

e re

serv

e

O

ther

re

serv

es

Tot

al e

quity

TE

UR

TE

UR

TE

UR

TE

UR

TE

UR

TE

UR

TE

UR

Bal

ance

as

at 1

Jan

uary

20

12

6

59

,02

0

6

0,2

53

3

,75

4

(86

,50

4)

(9

5)

1

94

,82

3

831,

251

Tra

nsfe

rs

-

-

46

2

-

-

(46

2)

-

Tot

al

659,

020

60

,253

4,21

6

(86,

504)

(95)

194,

361

83

1,25

1

Cur

renc

y tr

an

sla

tion

-

-

-

5

2,1

49

-

-

52

,149

Rev

alua

tion

of a

vaila

ble

-fo

r-sa

le

finan

cia

l ass

ets

-

-

-

-

(9)

-

(9

)

Pro

fit fo

r th

e p

erio

d

-

-

-

-

-

81

,929

81,9

29

Tot

al c

ompr

ehen

sive

inco

me

and

expe

nse

for

the

perio

d

-

-

-

52,1

49

(9

)

81,9

29

13

4,06

9

Tot

al c

hang

es

-

-

462

52

,149

(9)

81

,467

134,

069

Bal

ance

as

at 3

1 M

arch

201

2

659,

020

60,2

53

4,

216

(3

4,35

5)

(1

04)

27

6,29

0

965,

320

Hom

e C

redi

t B.V

. C

on

den

sed

Con

solid

ate

d In

terim

Sta

tem

en

t of

Ch

ang

es

in E

qu

ity

for

the th

ree m

on

th p

erio

d en

ded

31

Ma

rch

2012

- 6

-

A

ttrib

utab

le to

equ

ity h

olde

rs o

f the

par

ent

Sha

re

capi

tal

S

hare

pr

emiu

m

S

tatu

tory

re

serv

es

For

eign

cu

rren

cy

tran

slat

ion

F

air

valu

e re

serv

e

O

ther

re

serv

es

Tot

al e

quity

TE

UR

TE

UR

TE

UR

TE

UR

TE

UR

TE

UR

TE

UR

Ba

lanc

e as

at 1

Ja

nuar

y 2

01

1

65

9,0

20

60

,253

2,8

87

(7

6,3

34

)

5,6

18

2

84

,36

4

935,

808

Tra

nsfe

rs

-

-

55

3

-

-

(55

3)

-

Tot

al

659,

020

60

,253

3,44

0

(76,

334)

5,61

8

283,

811

93

5,80

8

Cur

renc

y tr

ansl

atio

n

-

-

-

12

,184

-

-

12,1

84

Rec

lass

ifica

tion

of c

urre

ncy

tran

slat

ion

on

sub

sid

iary

dis

po

sals

-

-

-

7

,94

1

-

-

7,94

1

Rev

alu

atio

n o

f ava

ilab

le-f

or-

sale

fin

anci

al a

sset

s -

-

-

-

3

71

-

37

1

Pro

fit fo

r th

e p

eri

od

-

-

-

-

-

56

,023

56,0

23

Tot

al c

ompr

ehen

sive

inco

me

and

expe

nse

for

the

perio

d

-

-

-

20,1

25

37

1

56,0

23

76

,519

Tot

al c

hang

es

-

-

553

20

,125

371

55

,470

76,5

19

Bal

ance

as

at 3

1 M

arch

201

1

659,

020

60,2

53

3,

440

(5

6,20

9)

5,

989

33

9,83

4

1,01

2,32

7

Home Credit B.V. Condensed Consolidated Interim Statement of Cash Flows


- 7 -

3 months ended

31 Mar 2012

3 months ended

31 Mar 2011 Note TEUR TEUR

Net operating cash flow before changes in working capital 290,752 192,290

Cash flows from/(used in) the operations 416,815 (136,387)

Cash flows from/(used in) operating activities 353,245 (205,684)

Cash flows (used in)/from investing activities (198,581) 20,060

Cash flows (used in)/from financing activities (172,482) 350,847

Net decrease/increase in cash and cash equivalents (17,818) 165,223

Cash and cash equivalents at 1 January 409,961 201,024

Effects of exchange rate changes on cash and cash equivalents 24,513 2,398

Cash and cash equivalents at 31 March 7 416,656 368,645

Home Credit B.V. Notes to the Condensed Consolidated Interim Financial Statements

for the three month period ended 31 March 2012

- 8 -

1. Description of the Group Home Credit B.V. (the “Company”) was incorporated on 28 December 1999 in the Netherlands.

Registered office

Strawinskylaan 933 1077 XX Amsterdam The Netherlands

Shareholders Country of incorporation Ownership interest (%) 31 Mar 2012 31 Dec 2011

PPF Group N.V. Netherlands 100.00 100.00 The ultimate controlling party of PPF Group N.V. and of the Company is Mr. P. Kellner.

Consolidated subsidiaries Country of incorporation Ownership interest (%) 31 Mar 2012 31 Dec 2011

Redlione (LLC) Cyprus 100.00 100.00 Home Credit (JSC) Czech Republic 100.00 100.00 Home Credit International (JSC) Czech Republic 100.00 100.00 HC Broker (LLC) Czech Republic 100.00 100.00 Eurasia Capital S.A. 1) Luxemburg 0.00 0.00 Eurasia Structured Finance No.1 S.A. 1),2) Luxemburg 0.00 0.00 Eurasia Credit Card Company S.A. 1), 2) Luxemburg 0.00 0.00 Home Credit Bank (OJSC) Republic of Belarus 100.00 100.00 PPF Home Credit IFN S.A. Romania 100.00 100.00 Home Credit and Finance Bank (LLC) Russian Federation 100.00 100.00 Financial Innovations (LLC) Russian Federation 100.00 100.00 Inko Technopolis (LLC) Russian Federation 100.00 100.00 Home Credit Slovakia (JSC) Slovak Republic 100.00 100.00 Collect-Credit (LLC) Ukraine 100.00 100.00 Homer Software House (LLC) Ukraine 100.00 100.00 Easy Dreams Company Limited Vietnam 100.00 100.00

Associates Country of incorporation Ownership interest (%) 31 Mar 2012 31 Dec 2011

Equifax Credit Services (LLC) Russian Federation 38.14 38.14 Spolecnost pro informacni database (JSC) Czech Republic 26.00 26.00

1) special purpose entities established to facilitate the Group’s issues of debt securities (refer to Note 17) 2) subsidiaries in the process of liquidation



- 9 -

1. Description of the Group (continued) Board of Directors Alexander Labak Chairman Sonia Mihaylova Slavtcheva Member Ivan Svitek Member In May 2012 Ivan Svitek was recalled from his position on the Company’s Board of Directors based on

his own request. Mel Carvill was appointed to the Board of Directors instead of Ivan Svitek, effective 3 May 2012 (see also Note 33).

Principal activities

The principal activities of the Company and its subsidiaries are the provision of consumer financing to private individual customers in the Central European and CIS countries as well as deposit taking, saving and current accounts service and maintenance, payments and other services.

2. Basis of preparation The condensed consolidated interim financial statements for the three month period ended 31 March

2012 comprise the Company and its subsidiaries (together referred to as the “Group”).

(a) Statement of compliance The condensed consolidated interim financial statements have been prepared in accordance with

International Financial Reporting Standards (IFRSs), including International Accounting Standards (IASs), promulgated by the International Accounting Standards Board (IASB) and interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) of the IASB as adopted by the European Union.

(b) Basis of measurement The condensed consolidated interim financial statements are prepared on the historic cost basis except

for financial instruments at fair value through profit or loss and financial assets available-for-sale that are measured at fair value. Financial assets and liabilities and non-financial assets and liabilities which are valued at historic cost are stated at amortized cost or historic cost, as appropriate, net of any relevant impairment.

(c) Presentation and functional currency These financial statements are presented in Euro (EUR), which is the Company’s functional currency

and Group’s reporting currency. Financial information presented in EUR has been rounded to the nearest thousand (TEUR).

(d) Changes in accounting policies and comparative figures The comparative figures have been regrouped or reclassified, where necessary, on a basis consistent

with the current period.



- 10 -

2. Basis of preparation (continued)

(e) Use of estimates and judgments The preparation of the condensed consolidated interim financial statements in accordance with IFRS

requires management to make judgments, estimates and assumptions that affect the application of policies and the reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historic experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of the judgments about the carrying values of assets and liabilities that cannot readily be determined from other sources. The actual values may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected.

(f) Basis of consolidation

(i) Subsidiaries Subsidiaries are those enterprises controlled by the Group. Control exists when the Group has the

power, directly or indirectly, to govern the financial and operating policies of an enterprise so as to obtain benefits from its activities. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control effectively commences until the date that control effectively ceases. Legal restructuring and mergers involving companies under common control are accounted for using consolidated net book values, consequently no adjustment is made to carrying amounts in the consolidated accounts and no goodwill arises on such transactions.

(ii) Associates Associates are those enterprises in which the Group has significant influence, but not control, over the

financial and operating policies. The consolidated financial statements include the Group’s share of the total recognized gains and losses of associates on an equity accounted basis, from the date that significant influence effectively commences until the date that significant influence effectively ceases. When the Group’s share of losses exceeds the Group’s interest in the associate, that interest is reduced to nil and recognition of further losses is discontinued except to the extent that the Group has incurred obligations in respect of the associate.

(iii) Special purpose entities The Group has established a number of special purpose entities (SPEs) for the purpose of raising

finance. The Group does not have any direct or indirect shareholdings in these entities. These SPEs are controlled by the Group through the predetermination of the activities of SPEs, having rights to obtain the majority of benefits of the SPEs, and retaining the majority of the residual risks related to the SPEs.

(iv) Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealized gains arising from intra-group transactions,

are eliminated in the consolidated financial statements. Unrealized gains arising from transactions with associates are eliminated against the investment in the associate to the extent of the Group’s interest in the enterprise. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.



- 11 -

3. Significant accounting policies The significant accounting policies applied in the preparation of these condensed consolidated interim

financial statements are consistent with those used in the preparation of the Group's annual financial statements for the year ended 31 December 2011. The accounting policies have been applied consistently to all periods presented in these condensed consolidated interim financial statements, and have been applied consistently by Group entities.

(a) Standards, interpretations and amendments to published standards that are not yet effective and are relevant for the Group’s financial statements

A number of new Standards, amendments to Standards and Interpretations were not yet effective as of 31 March 2012, and have not been applied in preparing these financial statements. Of these pronouncements, potentially the following will have an impact on the Group’s operations. The Group plans to adopt these pronouncements when they become effective. The Group is in the process of analysing the likely impact on its financial statements. IFRS 9 Financial Instruments (effective from 1 January 2015) This new standard was published on 12 November 2009 as part of phase I of the IASB’s comprehensive project to replace IAS 39. It deals with classification and measurement of financial assets. The requirements of this standard represent a significant change from the existing requirements in IAS 39 in respect of financial assets. The standard contains two primary measurement categories for financial assets: amortised cost and fair value. A financial asset would be measured at amortised cost if it is held within a business model whose objective is to hold assets in order to collect contractual cash flows, and the asset’s contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal outstanding. All other financial assets would be measured at fair value. The standard eliminates the existing IAS 39 categories of held to maturity, available for sale and loans and receivables. In October 2010 the IASB added to IFRS 9 the requirements for classification and measurement of financial liabilities while most of the requirements in IAS 39 were carried forward unchanged to IFRS 9. IFRS 9 has not yet been adopted by the EU. Amendment to IAS 1 Presentation of Financial Statements (effective from 1 July 2012) The amendments to IAS 1 titled Presentation of Items of Other Comprehensive Income: - require that an entity present separately the items of other comprehensive income that would be

reclassified to profit or loss in the future if certain conditions are met from those that would never be reclassified to profit or loss;

- do not change the existing option to present profit or loss and other comprehensive income in two statements; and

- change the title of the statement of comprehensive income to the statement of profit or loss and other comprehensive income. However, an entity is still allowed to use other titles.

IFRS 10 Consolidated Financial Statements (effective from 1 January 2013) IFRS 12 Disclosure of Interests in Other Entities (effective from 1 January 2013) In May 2011 IASB issued these two new standards as improvements to the accounting requirements for off balance sheet activities and joint arrangements. These standards have not yet been adopted by the EU. IFRS 10 introduces a new approach to determining which investees should be consolidated and provides a single model to be applied in the control analysis for all investees. An investor controls an investee when: - it is exposed or has rights to variable returns from its involvement with that investee; - it has the ability to affect those returns through its power over that investee; and - there is a link between power and returns. Control is reassessed as facts and circumstances change. IFRS 10 supersedes IAS 27 Consolidated and Separate Financial Statements (as amended in 2008) and SIC-12 Consolidation – Special Purpose Entities.



- 12 -

3. Significant accounting policies (continued)

IAS 27 Separate Financial Statements was issued concurrently with IFRS 10. IAS 27 (2011) carries forward the existing accounting and disclosure requirements for separate financial statements, with some minor clarifications.

IFRS 12 contains the disclosure requirements for entities that have interests in subsidiaries, joint arrangements (i.e. joint operations or joint ventures), associates and/or unconsolidated structured entities, aiming to provide information to enable users to evaluate: - the nature of, and risks associated with, an entity’s interests in other entities; and - the effects of those interests on the entity’s financial position, financial performance and cash flows. IAS 28 Investments in Associates and Joint Ventures (effective from 1 January 2013) This amended standard supersedes IAS 28 Investments in Associates (2008). IAS 28 (2011) makes the following amendments: - IFRS 5 applies to an investment, or a portion of an investment, in an associate or a joint venture that

meets the criteria to be classified as held for sale; and - on cessation of significant influence or joint control, even if an investment in an associate becomes an

investment in a joint venture or vice versa, the entity does not remeasure the retained interest. IFRS 13 Fair Value Measurement (effective from 1 January 2013) This new standard was issued in May 2011. It replaces the fair value measurement guidance contained in individual IFRSs with a single source of fair value measurement guidance. It defines fair value, establishes a framework for measuring fair value and sets out disclosure requirements for fair value measurements. It explains how to measure fair value when it is required or permitted by other IFRSs. It does not introduce new requirements to measure assets or liabilities at fair value, nor does it eliminate the practicability exceptions to fair value measurements that currently exist in certain standards. IFRS 13 has not yet been adopted by the EU.

4. Financial risk management All aspects of the Group`s financial risk management objectives and policies are consistent with those

disclosed in the Group`s consolidated financial statements for the year ended 31 December 2011.

5. Discontinued operations

The Group’s 100% ownership interest in Home Credit Bank (PJSC) was subject to a sales transaction entered into on 3 December 2010 and completed on 31 January 2011. Net loss from discontinued operations of TEUR 9,326 for the three month period ended 31 March 2011 represents the loss on the sale of Home Credit Bank (PJSC). The loss on the sale includes the transfer of negative foreign currency translation attributable to Home Credit Bank (PJSC) from equity to net loss from discontinued operations of TEUR 7,941.

Hom

e C

redi

t B.V

. N

ote

s to

the C

ond

ense

d C

onso

lida

ted

Inte

rim

Fin

an

cia

l Sta

tem

en

ts

for

the th

ree m

on

th p

erio

d en

ded

31

Ma

rch

2012

- 1

3 -

6.

Seg

men

t rep

ortin

g S

egm

ent

info

rmat

ion

is

pre

sen

ted

in r

esp

ect

of

the

Gro

up

’s g

eogr

aph

ical

seg

men

ts b

ased

on

th

e G

rou

p’s

man

age

men

t an

d i

nte

rnal

rep

ort

ing

stru

ctu

re.

Seg

men

t in

form

atio

n i

n r

esp

ect

of

the

Gro

up

’s b

usi

nes

s se

gm

ents

is n

ot p

rese

nte

d a

s th

e G

roup

’s o

per

atio

ns

are

con

cen

trat

ed in

on

e m

ain

bu

sin

ess

seg

men

t o

nly

, co

nsu

mer

len

din

g p

rod

uct

s.

Th

e G

rou

p o

per

ates

in

fiv

e p

rinci

pal

geo

grap

hic

al a

reas

, th

e C

zech

Rep

ublic

, th

e S

lova

k R

epu

blic

, th

e R

uss

ian

Fed

erat

ion

, U

krai

ne

(un

til t

he

sale

of

Ho

me

Cre

dit

Ban

k (P

JSC

), w

hic

h w

as

com

ple

ted

on

31

Jan

uar

y 2

011

), a

nd

th

e R

epub

lic o

f B

elar

us.

Th

e ge

ogr

aph

ical

seg

men

ts a

re b

ased

on

the

geo

grap

hic

al l

oca

tion

of

asse

ts w

hic

h c

orr

esp

ond

s to

th

e ge

ogr

aph

ical

lo

catio

n o

f cu

sto

mer

s at

th

e sa

me

time.

S

egm

ent

resu

lts in

clu

de

item

s d

irec

tly a

ttrib

uta

ble

to

a s

eg

men

t as

wel

l as

tho

se t

hat

can

be

allo

cate

d o

n a

rea

son

able

bas

is.

Inte

r-se

gm

ent

pric

ing

is d

eter

min

ed o

n a

n a

rm’s

len

gth

bas

is.

Th

e G

rou

p’s

Exe

cutiv

e C

om

mitt

ee

is t

he

chie

f op

erat

ing

dec

isio

n m

ake

r. T

he

Co

mm

ittee

re

vie

ws

the

Gro

up’

s i

nte

rnal

rep

ort

ing

on a

reg

ula

r b

asis

to

ass

ess

per

fo

rman

ce o

f in

div

idu

al s

egm

ents

an

d

to a

lloca

te th

e G

rou

p’s

res

ourc

es a

cco

rdin

gly.

Cu

rren

t an

d d

efer

red

inco

me

tax

asse

ts a

nd

liab

ilitie

s ar

e ex

clu

ded

fro

m s

egm

ent

asse

ts a

nd

liab

ilitie

s.

Info

rmat

ion

on

indi

vid

ual

seg

men

ts is

pre

sen

ted

bef

ore

co

nso

lidat

ion

elim

inat

ion

s (w

hic

h a

re p

rese

nte

d in

a s

epar

ate

colu

mn

).

R

ussi

an

Fed

erat

ion

Cze

ch

Rep

ublic

S

lova

k R

epub

lic

Bel

arus

U

krai

ne

Oth

er

Una

lloca

ted*

E

limin

atio

ns

Con

solid

ated

3

mon

ths

ende

d 31

Mar

201

2

3 m

onth

s en

ded

31 M

ar 2

012

3 m

onth

s en

ded

31 M

ar 2

012

3 m

onth

s en

ded

31 M

ar 2

012

3 m

onth

s en

ded

31 M

ar 2

012

3 m

onth

s en

ded

31 M

ar 2

012

3 m

onth

s en

ded

31 M

ar 2

012

3 m

onth

s en

ded

31 M

ar 2

012

3 m

onth

s en

ded

31 M

ar 2

012

T

EU

R

TE

UR

T

EU

R

TE

UR

T

EU

R

TE

UR

T

EU

R

TE

UR

T

EU

R

Rev

en

ue fr

om

ext

ern

al c

ust

om

ers

3

54

,92

9 7

,58

1 1

2,4

60

7,6

26

4 2

23

1,6

29

- 3

84

,45

2 In

ter-

seg

me

nt r

eve

nue

2

8

- -

- -

- 6

44

(67

2)

-

T

otal

rev

enue

35

4,95

7 7,

581

12,4

60

7,62

6 4

223

2,27

3 (6

72)

384,

452

Net

inte

rest

inco

me

fro

m e

xter

nal

cust

om

ers

1

95

,53

7 4

,20

8 9

,54

4 3

,59

2 4

22

3 (2

,456

) -

2

10

,65

2 In

ter-

seg

me

nt n

et i

nter

est

inco

me

2

8 -

(46

9)

(21

1)

- -

64

4 8

-

T

otal

net

inte

rest

inco

me

195,

565

4,20

8 9,

075

3,38

1 4

223

(1,8

12)

8 21

0,65

2

In

com

e ta

x ex

pen

se

(15

,82

3)

(5

,900

) (4

50

) (4

3)

- (2

49

) 1

33

-

(22

,33

2)

Seg

men

t res

ult

60,1

21 24

,733

1,

818

(1,1

72)

(77)

2,

702

(6,1

96)

- 81

,929

*

Una

lloca

ted

ite

ms

rep

rese

nt it

em

s o

f re

ven

ue,

op

era

ting

exp

ense

, a

sse

ts,

liab

ilitie

s a

nd e

qui

ty w

hic

h ca

nno

t be

reas

on

ably

allo

cate

d to

the

geo

grap

hic

al s

egm

ent

s.

Hom

e C

redi

t B.V

. N

ote

s to

the C

ond

ense

d C

onso

lida

ted

Inte

rim

Fin

an

cia

l Sta

tem

en

ts

for

the th

ree m

on

th p

erio

d en

ded

31

Ma

rch

2012

- 1

4 -

6.

Seg

men

t rep

ortin

g (c

ontin

ued)

R

ussi

an

Fed

erat

ion

Cze

ch

Rep

ublic

S

lova

k R

epub

lic

Bel

arus

U

krai

ne

Oth

er

Una

lloca

ted*

E

limin

atio

ns

Con

solid

ated

3

mon

ths

ende

d 31

Mar

201

2

3 m

onth

s en

ded

31 M

ar 2

012

3 m

onth

s en

ded

31 M

ar 2

012

3 m

onth

s en

ded

31 M

ar 2

012

3 m

onth

s en

ded

31 M

ar 2

012

3 m

onth

s en

ded

31 M

ar 2

012

3 m

onth

s en

ded

31 M

ar 2

012

3 m

onth

s en

ded

31 M

ar 2

012

3 m

onth

s en

ded

31 M

ar 2

012

T

EU

R

TE

UR

T

EU

R

TE

UR

T

EU

R

TE

UR

T

EU

R

TE

UR

T

EU

R

Dep

reci

atio

n an

d a

mo

rtiz

atio

n

(6,5

09)

(1

96

) (9

7)

(28

1)

(93

) (2

,712

) -

- (9

,888

) O

the

r si

gni

fican

t no

n-c

ash

exp

ens

es*

* (8

0,4

83

) (9

73

) (2

,817

) (1

53

) 1

- -

- (8

4,4

25

) C

apita

l exp

end

iture

(2

3,2

81

)

(87

7)

(11

7)

(74

) (4

3)

(3,5

45)

- -

(27

,93

7)

R

ussi

an

Fed

erat

ion

Cze

ch

Rep

ublic

S

lova

k R

epub

lic

Bel

arus

U

krai

ne

Oth

er

Una

lloca

ted*

E

limin

atio

ns

Con

solid

ated

31 M

ar 2

012

31 M

ar 2

012

31 M

ar 2

012

31 M

ar 2

012

31 M

ar 2

012

31 M

ar 2

012

31 M

ar 2

012

31 M

ar 2

012

31 M

ar 2

012

T

EU

R

TE

UR

T

EU

R

TE

UR

T

EU

R

TE

UR

T

EU

R

TE

UR

T

EU

R

Seg

men

t ass

ets

4,41

0,80

5

173,

897

186,

345

75,4

05

2,68

9 54

,872

96

1,15

4 (8

67,4

43)

4,99

7,72

4

Inve

stm

ent

s in

ass

oci

ates

1

,03

3

- -

- -

- -

- 1

,03

3

Seg

men

t lia

bilit

ies

3,

641,

533

75,8

24

150,

919

52,8

26

305

30,0

69

202,

359

(125

,298

) 4,

028,

537

Seg

men

t equ

ity

765,

936

87,8

39

43,0

29

22,5

53

2,38

4 25

,256

75

8,79

5 (7

40,4

72)

965,

320

*

Una

lloca

ted

ite

ms

rep

rese

nt it

em

s o

f re

ven

ue,

op

era

ting

exp

ense

, a

sse

ts,

liab

ilitie

s a

nd e

qui

ty w

hic

h ca

nno

t be

reas

on

ably

allo

cate

d to

the

geo

grap

hic

al s

egm

ent

s.

**

Oth

er s

igni

fican

t no

n-c

ash

exp

ense

s ar

e re

pre

sent

ed

by

imp

air

me

nt lo

sse

s o

n fin

anc

ial a

nd n

on

-fin

anc

ial a

sset

s.

Hom

e C

redi

t B.V

. N

ote

s to

the C

ond

ense

d C

onso

lida

ted

Inte

rim

Fin

an

cia

l Sta

tem

en

ts

for

the th

ree m

on

th p

erio

d en

ded

31

Ma

rch

2012

- 1

5 -

6.

Seg

men

t rep

ortin

g (c

ontin

ued)

R

ussi

an

Fed

erat

ion

Cze

ch

Rep

ublic

S

lova

k R

epub

lic

Bel

arus

U

krai

ne

Oth

er

Una

lloca

ted*

E

limin

atio

ns

Con

solid

ated

3

mon

ths

ende

d 3

1 M

ar 2

011

3 m

onth

s en

ded

31

Mar

201

1

3 m

onth

s en

ded

31

Mar

201

1

3 m

onth

s en

ded

31

Mar

201

1

3 m

onth

s en

ded

31

Mar

201

1

3 m

onth

s en

ded

31

Mar

201

1

3 m

onth

s en

ded

31

Mar

201

1

3 m

onth

s en

ded

31

Mar

201

1

3 m

onth

s en

ded

31

Mar

201

1

TE

UR

T

EU

R

TE

UR

T

EU

R

TE

UR

T

EU

R

TE

UR

T

EU

R

TE

UR

Rev

en

ue fr

om

ext

ern

al c

ust

om

ers

2

38

,03

0 7

,51

1 1

1,3

96

8,2

91

- 1

10

2,1

82

-

26

7,5

20

In

ter-

seg

me

nt r

eve

nue

2

81

-

- -

- -

65

8

(93

9)

-

Tot

al r

even

ue

238,

311

7,51

1 11

,396

8,

291

- 11

0 2,

840

(939

) 26

7,52

0

Net

inte

rest

inco

me

fro

m

ext

erna

l cus

tom

ers

15

4,8

37

4,2

03

8,7

12

6,3

96

- 1

10

(2,0

19)

-

17

2,2

39

Inte

r-se

gm

ent

ne

t int

ere

st in

com

e

28

1 (3

04

) (4

17

) (2

15

) -

- 6

58

(3)

-

T

otal

net

inte

rest

inco

me

155,

118

3,89

9 8,

295

6,18

1 -

110

(1,3

61)

(3)

172,

239

Inco

me

tax

exp

ense

(2

1,5

17

)

(1,6

60)

(53

5)

(86

3)

- 1

1 (1

6,0

34

) -

(4

0,5

98

)

Seg

men

t res

ult

78,5

90 5,

935

2,27

3 2,

758

(9,4

20)

1,04

6 (2

5,15

9)

- 56

,023

D

epre

ciat

ion

and

am

ort

iza

tion

(4

,391

)

(11

5)

(72

) (2

65

) (1

37

) (3

,399

) -

- (8

,379

) O

the

r si

gni

fican

t no

n-c

ash

exp

ens

es*

* (2

9,7

48

) (1

,149

) (2

,784

) 1

21

6 -

- -

(33

,55

4)

Cap

ital e

xpe

nditu

re

(3,4

24)

(1

33

) (1

11

) (9

27

) (6

) (2

,330

) -

- (6

,931

)

*

U

nallo

cate

d it

em

s re

pre

sent

ite

ms

of r

eve

nue

, o

per

atin

g ex

pen

se,

ass

ets

, lia

bili

ties

and

eq

uity

wh

ich

can

not b

e re

aso

nab

ly a

lloca

ted

to th

e ge

ogr

aph

ical

seg

me

nts.

**

Oth

er s

igni

fican

t no

n-c

ash

exp

ense

s ar

e re

pre

sent

ed

by

imp

air

me

nt lo

sse

s o

n fin

anc

ial a

nd n

on

-fin

anc

ial a

sset

s.

Hom

e C

redi

t B.V

. N

ote

s to

the C

ond

ense

d C

onso

lida

ted

Inte

rim

Fin

an

cia

l Sta

tem

en

ts

for

the th

ree m

on

th p

erio

d en

ded

31

Ma

rch

2012

- 1

6 -

6.

Seg

men

t rep

ortin

g (c

ontin

ued)

R

ussi

an

Fed

erat

ion

Cze

ch

Rep

ublic

S

lova

k R

epub

lic

Bel

arus

U

krai

ne

Oth

er

Una

lloca

ted*

E

limin

atio

ns

Con

solid

ated

31

Dec

201

1 31

Dec

201

1 31

Dec

201

1 31

Dec

201

1 31

Dec

201

1 31

Dec

201

1 31

Dec

201

1 31

Dec

201

1 31

Dec

201

1

TE

UR

T

EU

R

TE

UR

T

EU

R

TE

UR

T

EU

R

TE

UR

T

EU

R

TE

UR

Seg

men

t ass

ets

3,71

8,05

9

169,

105

182,

880

74,4

51

2,77

3 49

,059

92

3,77

1 (8

58,1

93)

4,26

1,90

5

In

vest

me

nts

in a

sso

ciat

es

2,0

56

-

- -

- -

- -

2,0

56

Seg

men

t lia

bilit

ies

2,

995,

954

68,8

60

149,

230

51,8

63

221

25,8

45

196,

113

(43,

957)

3,

444,

129

Seg

men

t equ

ity

731,

386

95,0

84

41,2

11

22,5

94

2,55

2 23

,462

72

7,64

8 (8

12,6

86)

831,

251

*

Una

lloca

ted

ite

ms

rep

rese

nt it

em

s o

f re

ven

ue,

op

era

ting

exp

ense

, a

sse

ts,

liab

ilitie

s a

nd e

qui

ty w

hic

h ca

nno

t be

reas

on

ably

allo

cate

d to

the

geo

grap

hic

al s

egm

ent

s.



- 17 -

7. Cash and cash equivalents 31 Mar 2012 31 Dec 2011 TEUR TEUR

Cash on hand 117,978 149,639 Current accounts 174,409 114,891 Current accounts with central banks 11,590 130,110 Placements with financial institutions due within one month 112,679 15,321

416,656 409,961

8. Due from banks and other financial institutions 31 Mar 2012 31 Dec 2011 TEUR TEUR

Loans and term deposits with financial institutions due in more than one month

213,469 135,870

Loans and advances provided under repo operations 30,507 - Minimum reserve deposits with central banks 29,367 18,543

273,343 154,413

The minimum reserve deposits are mandatory non-interest bearing deposits calculated in accordance with regulations issued by the CBR and the NBRB and whose withdrawals are restricted.



- 18 -

9. Loans to customers 31 Mar 2012 31 Dec 2011 TEUR TEUR Gross amount Cash loan receivables 1,870,801 1,469,589 POS loan receivables 1,154,077 1,156,028 Revolving loan receivables 527,662 485,841 Mortgage loan receivables 111,076 120,783 Car loan receivables 89,526 81,909 Loans to corporations 4,980 4,561 Other 3,457 998

3,761,579 3,319,709 Collective allowances for impairment Cash loan receivables (198,853) (142,785) POS loan receivables (103,277) (99,509) Revolving loan receivables (55,447) (49,149) Mortgage loan receivables (8,855) (9,383) Car loan receivables (10,824) (10,116) Loans to corporations (297) (233) Other (429) (411)

(377,982) (311,586) Specific allowances for impairment Loans to corporations (1,085) (1,220)

(1,085) (1,220)

3,382,512 3,006,903

In 2009 the Group sold two pools of loan receivables to a related party. The sales continued in 2010 and 2011. The receivables sold were derecognized by the Group and the right to receive the contingent part of the sales price was recognized as an available-for-sale asset and was measured at fair value. In January 2012 the receivables sale agreements were amended. Based on the amendments, the Group sells its future receivables at a fixed price above their face value which is regularly agreed between the parties on arms-length principles. The future contingent purchase price is no longer paid for future receivables or receivables sold in the past by the Group. The Group obtained the right to receive TEUR 56,152 in cash as a compensation for the future sales price component for the receivables assigned prior to the amendments. The gain of TEUR 26,239 recognized in connection with the amendment of agreements is reported under other operating income, refer to Note 25. POS loan receivables and cash loan receivables of TEUR 102,036 (31 December 2011: TEUR 100,077), revolving loan receivables of TEUR 72,121 (31 December 2011: TEUR 73,010), car loans receivables of TEUR 45,382 (31 December 2011: TEUR 29,384) and mortgage loan receivables of TEUR 0 (31 December 2011: TEUR 17,471) were pledged as collaterals for bank loan facilities (refer to Note 16).



- 19 -

10. Financial assets at fair value through profit or loss 31 Mar 2012 31 Dec 2011 TEUR TEUR

Positive fair value of derivative instruments 23,626 35,416

23,626 35,416 The Group classifies all derivative financial instruments as held for trading.

11. Financial assets available-for-sale 31 Mar 2012 31 Dec 2011 TEUR TEUR

Debt securities 484,685 283,982 Contingent part of sales price for loan receivables sold - 29,913 Equity securities 10,600 9,900

495,285 323,795

The equity securities shown above represent a 9.99% equity interest in Home Credit Bank (JSC), a bank incorporated in the Republic of Kazakhstan.

12. Intangible assets 31 Mar 2012 31 Dec 2011 TEUR TEUR

Acquisition cost 108,984 97,627 Accumulated amortisation (65,827) (58,851)

Carrying amount 43,157 38,776

13. Property and equipment 31 Mar 2012 31 Dec 2011 TEUR TEUR

Acquisition cost 294,172 258,726 Accumulated depreciation (95,792) (85,712)

Carrying amount 198,380 173,014



- 20 -

14. Other assets 31 Mar 2012 31 Dec 2011 TEUR TEUR

Outstanding selling price for receivables 51,561 18,820 Accrued income from insurance fees 37,751 32,817 Trade receivables and settlement with suppliers 33,410 30,169 Prepaid expenses 25,797 23,450 Goods held for resale 6,862 5,113 Other taxes receivable 4,555 4,196 Other 3,867 3,075

163,803 117,640

Specific allowances for impairment on settlement with suppliers (71) (69) 163,732 117,571

15. Current accounts and deposits from customers 31 Mar 2012 31 Dec 2011 TEUR TEUR

Term deposits 2,188,355 1,450,349 Current accounts and demand deposits 235,844 246,928

2,424,199 1,697,277

16. Due to banks and other financial institutions 31 Mar 2012 31 Dec 2011 TEUR TEUR

Unsecured loans 181,105 365,188 Secured loans 135,248 151,153 Other balances 10,598 11,794

326,951 528,135

Out of the secured loans stated above, the balance of TEUR 46,555 (31 December 2011: TEUR 49,925)

was secured by pledge of revolving loan receivables, the balance of TEUR 88,693 (31 December 2011: TEUR 85,996) was secured by pledge of POS loan receivables, cash loan receivables and car loan receivables, and the balance of TEUR 0 (31 December 2011: TEUR 15,232) was secured by pledge of mortgage loan receivables.



- 21 -

17. Debt securities issued Amount outstanding

Interest

rate Final

maturity 31 Mar

2012 31 Dec

2011 TEUR TEUR

Unsecured CZK bond issue 3 of MCZK 4,000 Variable June 2012 103,772 97,153

Unsecured RUB bond issue 5 of MRUB 4,000 Variable April 2013 100,382 94,417

Loan participation notes issue 6 of MUSD 500 Fixed March 2014 372,567 390,912

Stock exchange RUB bond issue 01 of MRUB 3,000

Variable April 2014 77,723 73,060

Stock exchange RUB bond issue 03 of MRUB 4,000

Variable April 2014 103,094 96,967

Unsecured RUB bond issue 6 of MRUB 5,000 Variable June 2014 127,379 119,727

Unsecured RUB bond issue 7 of MRUB 5,000 Variable April 2015 129,293 121,593

Unsecured CZK bond issue 4 of MCZK 2,900 Fixed September 2015 93,123 87,602

1,107,333 1,081,431

18. Financial liabilities at fair value through profit or loss 31 Mar 2012 31 Dec 2011 TEUR TEUR

Negative fair value of derivative instruments 3,191 7,195

3,191 7,195 The Group classifies all derivative financial instruments as held for trading.

19. Other liabilities 31 Mar 2012 31 Dec 2011 TEUR TEUR

Accrued employee compensation 73,816 48,344 Settlement with suppliers 50,156 44,663 Other taxes payable 18,690 13,337 Deferred income and prepayments 13,925 10,539 Accrued expenses 3,144 5,811 Provisions - 1,141 Other 7,132 6,256

166,863 130,091



- 22 -

20. Equity At 31 March 2012 the share capital of the Group comprised 1,250,000,000 (31 December 2011:

1,250,000,000) ordinary shares at a par value of EUR 0.57 (31 December 2011: EUR 0.57), of which 1,156,174,806 (31 December 2011: 1,156,174,806) shares were issued and fully paid. All issued shares bear equal voting rights. The holders of shares are entitled to receive dividends when declared. No dividends can be distributed if distributable reserves are negative. In May 2012 the Company paid to its sole shareholder a 2011 dividend of TEUR 7,476 and 2012 interim dividend of TEUR 100,000 with amounts per one share of EUR 0.01 and EUR 0.09 respectively (see Note 33). The creation and use of the statutory reserves is limited by legislation and the articles of each company within the Group. The legal reserve fund is not available for distribution to the shareholders.

The translation reserve comprises foreign exchange differences arising from translation of the financial statements of companies within the Group with a functional currency other than the presentation currency. The translation reserve is not available for distribution to the shareholders.

Fair value reserve represents the revaluation deficit, net of deferred tax, recognized on changes in the fair value of financial assets available for sale. The fair value reserve is not available for distribution to the shareholders.

21. Interest income and interest expense 3 months

ended 31 Mar 2012

3 months ended

31 Mar 2011 TEUR TEUR Interest income Cash loan receivables 143,277 55,658 POS loan receivables 85,204 107,071 Revolving loan receivables 38,861 31,150 Car loan receivables 5,300 4,000 Mortgage loan receivables 3,152 4,400 Financial instruments available-for-sale 7,888 2,842 Due from banks and other financial institutions 3,962 3,592 Other 103 68

287,747 208,781

Interest expense Deposits from customers 48,316 9,982 Debt securities issued 22,152 23,599 Due to banks and other financial institutions 6,627 2,961

77,095 36,542



- 23 -

22. Fee and commission income 3 months

ended 31 Mar 2012

3 months ended

31 Mar 2011 TEUR TEUR

Insurance commissions 67,377 32,416 Cash transactions 10,933 6,887 Penalty fees 10,535 11,007 Customer payment processing and account maintenance 6,035 6,202 Retailers commissions 1,721 2,198 Other 104 29

96,705 58,739

23. Fee and commission expense 3 months

ended 31 Mar 2012

3 months ended


Commissions to retailers 12,097 7,830 Cash transactions 3,415 1,842 Payment processing and account maintenance 1,491 1,331 Other 1,313 858

18,316 11,861

24. Net losses on financial assets and liabilities 3 months

ended 31 Mar 2012

3 months ended


Net foreign currency gains/(losses) 7,313 (7,254) Net trading gains/(losses) on other financial assets 96 (51) Net (losses)/gains on derivatives (11,782) 3,213

(4,373) (4,092)



- 24 -

25. Other operating income 3 months

ended 31 Mar 2012

3 months ended


Gains on disposal of loan receivables 34,409 11,333 Income from other services provided 2,371 4,260 Income from associates 528 - Loss on monetary position (847) - Other 1,773 1,181 38,234 16,774

Gains on disposal of loan receivables for the three-month period ended 31 March 2012 include the gain of TEUR 26,239 recognized in connection with the amendment of the receivables sale agreements (see Note 9). Loss on monetary position represents the effect of application of IAS 29 – Financial Reporting in Hyperinflationary Economies for Home Credit Bank (OJSC) incorporated in the Republic of Belarus.

26. Impairment losses on financial assets 3 months

ended 31 Mar 2012

3 months ended


Cash loan receivables 58,313 8,985 POS loan receivables 20,789 19,724 Revolving loan receivables 6,490 3,144 Car loan receivables 888 1,634 Mortgage loan receivables (1,943) 90 Other financial assets (112) (24) 84,425 33,553



- 25 -

27. General administrative expenses 3 months

ended 31 Mar 2012

3 months ended


Employee compensation 63,036 41,144 Rental, maintenance and repair expense 14,714 6,870 Payroll related taxes (including pension contributions) 12,731 10,985 Telecommunication and postage 9,488 7,298 Advertising and marketing 8,331 3,387 Professional services 4,815 5,493 Information technologies 2,579 2,399 Travel expenses 2,456 1,375 Taxes other than income tax 1,203 1,189 Other 4,685 3,462

124,038 83,602

28. Other operating expenses 3 months

ended 31 Mar 2012

3 months ended


Depreciation and amortization 9,888 8,379 Loss on disposal of property, plant, equipment, and intangible assets 297 325 Impairment losses on other assets - 1

10,185 8,705

29. Income tax expense 3 months

ended 31 Mar 2012

3 months ended


Current tax expense 28,574 33,369 Deferred tax expense (6,242) 7,229

Total income tax expense from continuing operations in the statement of comprehensive income 22,332 40,598

Current tax expense in the three-month period ended 31 March 2011 includes TEUR 16,450 of withholding tax paid on dividends received. No such expenses were incurred in the three-month period ended 31 March 2012.



- 26 -

30. Commitments The Group has outstanding commitments to extend credit. These commitments take the form of

approved credit limits related to customer’s revolving loan accounts, POS loan facilities, cash loan facilities, overdraft facilities and term loan facilities.

31 Mar 2012 31 Dec 2011 TEUR TEUR

Revolving loan commitments 931,047 836,629 POS loan commitments 21,810 23,680 Cash loan commitments 6,898 6,281

959,755 866,590

The total outstanding contractual commitments to extend credit indicated above do not necessarily represent future cash requirements as many of these commitments will expire or terminate without being funded.

31. Contingencies The taxation systems in the Russian Federation and in the Republic of Belarus are relatively new and are

characterized by frequent changes in legislation which are subject to varying interpretation by different tax authorities. Taxes are subject to review and investigation by a number of authorities, which have the authority to impose severe fines, penalties and interest charges. A tax year remains open for review by the tax authorities during several subsequent calendar years. Recent events within the Russian Federation and the Republic of Belarus suggest that the tax authorities are taking a more assertive position in their interpretation and enforcement of tax legislation. The facts mentioned above may create tax risks in respective countries that are substantially more significant than in other countries. Management believes that it has provided adequately for tax liabilities based on its interpretations of applicable Russian and Belarusian tax legislation, official pronouncements and court decisions.



- 27 -

32. Related party transactions The Group has a related party relationship with its ultimate parent company PPF Group N.V., and its

subsidiaries and associates. Related party transactions are executed on an arm’s length basis.

(a) Transactions with the parent company Amounts included in the statement of financial position in relation to transactions with the parent

company are as follows:


Due from banks and other financial institutions 103,001 64,070

Other liabilities - (298)

103,001 63,772

Amounts included in the statement of comprehensive income in relation to transactions with the parent company are as follows:

3 months ended

31 Mar 2012

3 months ended


Interest income 1,387 1,917

1,387 1,917



- 28 -

32. Related party transactions (continued)

(b) Transactions with fellow subsidiaries Amounts included in the statement of financial position in relation to transactions with fellow

subsidiaries are as follows:


Cash and cash equivalents 14,906 10,897

Due from banks and other financial institutions 20,202 8,879

Loans to customers 3,813 4,886

Financial assets available-for-sale - 29,911

Financial assets at fair value through profit or loss 3,206 576

Other assets 55,824 22,483

Due to non-banks - (23,952)

Due to banks and other financial institutions (24,204) (33,006)

Debt securities issued (43,750) (41,745)

Financial liabilities at fair value through profit or loss (5,245) (4,664)

Other liabilities (2,211) (7,168)

22,541 (32,903)

Amounts included in the statement of comprehensive income in relation to transactions with fellow subsidiaries are as follows:

3 months ended

31 Mar 2012

3 months ended


Interest income 33 45

Interest expense (637) (1,565)

Fee and commission income 489 352

Fee and commission expense (3,189) (2,150)

Net (loss)/gain on financial assets 155 678

Other operating income 48,575 15,101

General administrative expenses (853) (1,988)

44,573 10,473



- 29 -

32. Related party transactions (continued)

(c) Transactions with the parent company’s associates Amounts included in the statement of financial position in relation to transactions with the parent

company’s associates are as follows:


Cash and cash equivalents 8 8

Financial assets available-for-sale 1,572 1,568

Other assets - 27,656

Due to banks and other financial institutions (388) (39,534)

Debt securities issued (184,259) (222,377)

Other liabilities (475) (329)

(183,542) (233,008)

Amounts included in the statement of comprehensive income in relation to transactions with the parent company’s associates are as follows:

3 months ended

31 Mar 2012

3 months ended


Interest income 25 130

Interest expense (3,745) (718)

Fee and commission income (671) 28,713

Net income related to credit risk insurance 7 8

Other operating income - 167

General administrative expenses (389) (339)

(4,773) 27,961

(d) Transactions with key management personnel Amounts included in the statement of comprehensive income in relation to transactions with members of

key management are long-term benefits of TEUR 658 (three months ended 31 March 2011: TEUR 270) and short-term benefits of TEUR 4,793 (three months ended 31 March 2011: TEUR 4,458), comprising salaries and bonuses. As at 31 March 2012 the balance of loans to members of the key management was TEUR 15 (31 December 2011: TEUR 48). The members of the Board of Directors of the Company and key management of its subsidiaries are considered as the key management of the Group.



- 30 -

33. Subsequent events In May 2012 the Company paid to its sole shareholder a 2011 dividend of TEUR 7,476 and 2012 interim

dividend of TEUR 100,000 with amounts per one share of EUR 0.01 and EUR 0.09 respectively (see Note 20). In May 2012 Ivan Svitek was recalled from his position on the Company’s Board of Directors based on his own request. Mel Carvill was appointed to the Board of Directors instead of Ivan Svitek, effective 3 May 2012 (see Note 1).

Documents

Home Credit B.V./media/Files/H/Home... · Spolecnost pro informacni database (JSC) Czech Republic 26.00 26.00 1) special purpose entities established to facilitate the Group’s issues