Home Credit B.V.: IFRS consolidated results for the six months period ended 30 June 2009

The net profit of EUR 20,013 thousands demonstrates HCG ability to manage its CEE/CIS business efficiently under current market environment

Amsterdam, 29 October 2009: Home Credit B.V. (“Home Credit Group” or “HCG”), the Netherlands based holding company for consumer finance providers operating under the Home Credit brand, and one of the market leaders in CEE and CIS countries, announces its financial results for the six month period ended 30 June 2009 in accordance with International Financial and Reporting Standards (IFRS).

“Notwithstanding the difficult situation on financial markets, I am pleased to announce that Home Credit Group has been able to maintain its profitability by tight risk management focusing on shorter maturity higher than before yield products. As we purposely managed the decrease of our loan portfolio and have succeeded to secure sufficient level of liquidity base for our activities, we were able to stay profitable on the turbulent market.

I expect we will sustain profitability and level of provisions for NPLs till the end of 2009. We will continue to balance growth opportunities with an attentive focus on active risk management. Thanks to continuous support of our parent company, PPF Group, and utilization of grant from the Central Bank of Russia have provided the Home Credit Group with a stable financial platform to help sustain HCG’s market leading positions in key CEE and CIS countries.’’

Alexander Labak, Chief Executive Officer, Home Credit Group


  • Net profit of EUR 20,013 thousands as of 30 June 2009 (6M 2008: net profit EUR 25,342 thousands, decrease of 17.6%)
    • Such decrease goes in line with HCG expectations and demonstrates ability to generate profit despite the challenging market conditions.
  • The gross loan book decreased by 21.7% from EUR 2,894,441 thousands for YE2008 to EUR 2,265,450 thousands as of 30 June 2009.
  • Operating income increased by 2.4% to EUR 466,831 thousands in the period (6M 2008: EUR 456,001 thousands).
  • Net interest income for the six month period of 2009 decreased by 16.2% to EUR 321,347 thousands, compared to the net interest income for the corresponding period of 2008 (EUR 383,500 thousands).
  • HCG’s ongoing focus on risk management has resulted in partial mitigation of the NPL (> 90 days and < 360 days) growth as a percentage of the loan book in line with the worsening market conditions: 8.7% as at 31 December 2008 and 14.5% as at 30 June 2009. At the same time the NPLs were sufficiently covered by provisions at a level of 93.5%.
  • HCG remains strongly capitalized and continues to maintain a strong funding base and liquidity position, given the commitment from its parent PPF Group, as part of its on-going support of HCG.
    • The consolidated ratio of total equity to total assets maintained at level of 28.3% as of 30 June 2009 (23.0% as of 31 December 2008)
    • The consolidated ratio of liquid assets to total assets has downed to 17.0% as of 30 June 2009 compared to 18.5% as of 31 December 2008
  • HCG enjoys the ongoing strategic support of its parent company, the PPF Group, as it enters into the second half of the year and focuses on high margin products with shorter durations.



Milan Tománek
Head of PPF Group Communications
tel: +420 224 174 066

Pavlína Štrofová
Investor Relations Specialist
tel: +420 224 174 265


Home Credit B.V. (“HCG”) is a holding company operating through its subsidiaries in CEE and CIS consumer finance markets. During 2008 HCG had granted loans in the combined principal of EUR 3.6 billion. Home Credit Group maintains one of the leading positions in the consumer finance markets of the Czech Republic (Home Credit, since 1997), the Slovak Republic (Home Credit Slovakia, since 1999), the Russian Federation (Home Credit & Finance Bank, since 2002), Ukraine (OJSC Home Credit Bank since 2006) and Belarus (OJSC Home Credit Bank since 2007).

The Home Credit Group is a part of PPF Group, established in 1991, which is a leading international investment group. PPF Group focuses on financial services (banking, insurance and consumer finance), private equity investments, and investments in real property. PPF Group also actively seeks investment opportunities and undertakes strategic investments in emerging markets of the Central and Eastern Europe and Asia. During its 18 years in business, PPF Group has become an important international financial investor, managing assets of EUR 10.7 billion as of 31 December 2008.