2023 예비 결과 발표
수리카테 Mittelst.Ag 나
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07:46 20/03/24
31년 2023월 XNUMX일로 종료되는 회계연도의 잠정 결과
Action taken to reset and rebuild for sustainable growth
London - 27 March 2024 - Vanquis Banking Group plc ('the Group'), the specialist bank, today published its preliminary results for the twelve months to the end of December 2023.
CEO인 Ian McLaughlin은 다음과 같이 말했습니다. "Today's results and strategy seminar highlight the considerable challenges we are managing as we reset our business. We also describe our opportunity to grow, to deliver benefit to our customers and increase adjusted return on tangible equity (ROTE) from 3.2% in 2023 to the mid-teens by 2026.
"After a first half loss in 2023, we generated adjusted profit before tax of £30.4m in the second half, reflecting cost management actions and impairment provision releases. We assembled the right leadership team and took some important first steps, creating a healthier mix of price and volume driven growth, simplifying our operating model and taking out costs. We have established solid foundations for the transformation of our business.
"We have a strong sense of social purpose and a unique market position. We have a better understanding than ever before of how to serve our large and growing customer base. We will build our position as their chosen banking partner, deploying unique assets like Snoop, improving operational effectiveness and managing our capital to support our growth ambitions. We do have a period of hard work and change ahead of us. It is still early days, but we are making progress."
2023 £ m | 20221 £ m | 변화 % | ||
순이자 소득 | 442.6 | 432.7 | 2 | |
비이자수익 | 46.2 | 48.0 | (4) | |
총 수입 | 488.8 | 480.7 | 2 | |
손상 비용 | (166.1) | (66.1) | 151 | |
위험조정이익 | 322.7 | 414.6 | (22) | |
운영 비용 | (327.1) | (304.5) | (7) | |
Statutory (loss)/profit before tax from cont. ops | (4.4) | 110.1 | (104) | |
| ||||
세전 조정 이익2 | 24.9 | 126.6 | (80) | |
조정된 운영 비용3 | (297.8) | (288.0) | (3) | |
|
| |||
통계 | ||||
조정 EPS(p)4 | 6.8 | 38.7 | (82) | |
Basic (LPS)/EPS (p)5 | (2.4) | 32.8 | (107) | |
Net receivables at 31 December | 2,175 | 1,913 | 14 | |
Gross receivables (average)6 | 2,325 | 2,039 | 14 | |
순이자 마진7 | 19.0% | 21.2% | (2) | |
위험 조정 마진8 | 13.9% | 20.3% | (6) | |
비용:소득 비율9 | 60.9% | 59.9% | (1) | |
Adjusted ROTE10 | 3.2% | 21.8% | (19) | |
CET1 비율11 | 20.5% | 26.4% | (6) |
2023년 헤드라인
After a first half loss, the new management team took rapid action in 2H23 to improve performance
· After an adjusted loss before tax of £(5.5)m in 1H23, the Group generated adjusted profit before tax of £30.4m in 2H23. The statutory loss before tax was £(14.5)m in 1H23, followed by a statutory profit after tax of £10.1m in 2H23.
· The key drivers of profitability in the second half were:
o Pro-active management of volume growth, which contained net receivables growth to 2.7% in 2H23 compared to 10.7% in 1H23, to end the year at £2,175m (FY22: £1,913m).
o Upward re-pricing strategy in Vehicle Finance and Cards to reflect the rising interest rate environment while shielding vulnerable customers.
o Non repeatable provision releases of £74.5m primarily from IFRS 9 impairment model recalibration.
o Rapid action to simplify the operating model and reduce duplication which led to the removal of c.350 roles: this delivered cost savings of in 2023 and will in total deliver c.£60m of cost savings.
· Net interest margin stabilised at 19.0% in 2H23.
· Impairments increased significantly year on year due to higher new originations, reduced benefits of enhancements in IFRS 9 modelling and post model releases compared to 2022, lower debt sale profits and lower revaluation of the post charge-off asset. The underlying credit quality of the book remains stable.
The Group maintained a robust capital position with a CET1 ratio of 20.5%, within the Group's updated CET1 target range of 19.5 to 20.5%.
전략 업데이트
At its strategy seminar on the afternoon of 27 March 2024, the Group will describe how it intends to grow its business, deliver benefits to a broader customer base and increase adjusted ROTE from 3.2% in 2023 to the mid-teens by 2026.
The key components of this transition are as follows.
· In depth market research, which has identified a core target market of 23m consumers in the 'under financial pressure' and 'stretched but managing' cohorts.
· Favourable market conditions, with a market credit deficit in our target market of £2bn and growing.
· An increasingly diversified and differentiated customer proposition which serves three core customer needs
o Help me borrow healthily.
o Help me feel in control of my everyday spending.
o Help me build a financial safety net.
· Broadened distribution channels including a new partnership with H&T Pawnbrokers to help customers who do not qualify for other sources of credit.
· Benefits from technology transformation programme, which is progressing well.
· Leveraging Snoop across the Group to integrate the Snoop team's fintech experience and harness Snoop's platform, data, proposition, distribution and customer incubation.
· Further development of risk management capabilities, with enhanced data and modelling to enable "not yet" options for customers and reduce impairment levels.
· Operational efficiency through finalising the Group's offshoring programme, a new strategy for debt sales, a revised approach to collections and technology transformation.
· The Group's existing structural advantages, notably strong capital and liquidity and access to retail funding.
Outlook
The Group is continuing to take significant steps in the first quarter of 2024 to redevelop its customer proposition and reset pricing. With the implementation of these changes, the Group expects to return to modest lending growth from the start of the second quarter.
The Group is not a subject of the FCA's review of historical motor finance commission arrangements and sales.
Nevertheless, the Group has been experiencing significant levels of third-party complaint submissions. Reviewing them is causing an increase in administration costs. While the vast majority of these complaints are not upheld, the associated costs are likely to materially impact the Group's profitability in 2024. The Group has taken proactive legal steps to address this situation.
The Group remains on track to deliver the benefits of its previously announced cost saving commitments.
Allowing for the factors described above, the Group expects to deliver a low single digit adjusted ROTE in 2024.
In 2025, the Group intends to deliver accelerated but disciplined growth across its full range of products. However, the near-term adverse impact of IFRS 9 accounting requirements linked to receivables growth means that the Group's adjusted ROTE is expected to remain in the low single digits, as it continues its repositioning and transformation.
In 2026, the Group intends to deliver an adjusted ROTE in the mid-teens. This significant improvement will be driven by a return to sustainable income growth, together with the benefits of greater efficiency and significant payback from its technology infrastructure investment.
Today's guidance* is summarised as follows. It is supported by expected non-linear receivables growth of
8-12% CAGR.
FY23 | 24회계연도 안내 | FY26 목표 | |
NIM (exc. 2nd charge mortgages) | 19.0% | 19% | 19% |
NIM (inc. 2nd charge mortgages) | 19.0% | > 18 % | > 17 % |
Cost: Income ratio | 60.9% | 60-63%** | 49% 이하 |
Retail funding (% of all funding) | 83.7% | > 85 % | > 85 % |
CET1 비율 | 20.5% | 19.5-20.5%*** | - |
기계적 기억 | 3.2% | Low single digits | Mid-teens |
* All measures are on an adjusted basis
** Adjusted operating costs broadly flat to 2023 exclude complaint costs
*** Based on a current regulatory requirements and risk appetite
배당
The Board proposes a final dividend of 1.0p per share for 2023, subject to final regulatory approvals. The Group also signals its intention to pay a dividend of up to 1.0p per share for 2024, subject to Board and regulatory approvals, with measured progression in 2025. From 2026, following full implementation of the new strategy, the Board will revisit the capital allocation policy and reset the level of dividend from which to maintain a progressive policy thereafter.
Results webcast and strategy seminar
Ian McLaughlin, CEO, and Dave Watts, CFO, will host a results webcast at 08:30 today. To register your attendance, please use this link: https://brrmedia.news/VANQ_FY23
Vanquis Banking Group will host a strategy seminar this afternoon from 14:00 to 17:00 at Deutsche Numis, 45 Gresham St, London EC4V 7BF. Attendance in person is encouraged to maximise the opportunity to meet the management team. If you wish to attend via webcast, please use this link: https://brrmedia.news/VANQ_SS
Materials for the results presentation will be published at: https://www.vanquisbankinggroup.com/shareholder-hub/results-reports-and-presentations/ , and materials for the strategy seminar will be added at 1pm.
문의
분석가 및 주주
Miriam McKay, 투자자 관계 임시 책임자
07577 390666
미디어
Richard King, 기업 업무 책임자
07919 866876
시몬 셀저, 닉 코스그로브 - 브런즈윅
0207 4045959
각주
1. The presentation of the income statement in this report is consistent with that in the Annual Report and Accounts for 31 December 2022, with the exception of interest received from Vanquis Bank Limited's liquid asset buffer and net fair value gains recognised in relation to the Group's derivative financial instruments previously reported in other income now being recognised within interest income, and certain elements of vehicle finance income, which were previously reported in interest income now being recognised in other income.
2. Adjusted profit before tax is stated before amortisation of acquisition intangibles, discontinued operations and exceptional items.
3. Adjusted operating costs are operating costs excluding exceptional items and amortisation of acquisition intangibles.
4. Adjusted EPS is calculated as profit after tax from continuing operations, excluding the amortisation of acquisition intangibles and exceptional items for the 12 months ended 31 December, divided by the weighted average number of shares in issue.
5. Basic (LPS)/EPS is calculated as (loss)/profit after tax from continuing operations for the 12 months ended 31 December, divided by the weighted average number of shares in issue.
6. Average of gross customer interest earning balances for the 13 months ended 31 December.
7. Net interest margin is calculated as interest income less interest expense for the 12 months ended 31 December as a percentage of average gross receivables for the 13 months ended 31 December.
8. Risk-adjusted margin is defined as risk-adjusted income for the 12 months ended 31 December as a percentage of average gross receivables for the 13 months ended 31 December.
9. Operating costs, excluding exceptional items and amortisation of acquisition intangibles as a percentage of total income, for the 12 months ended 31 December.
10. ROTE is defined as adjusted profit after tax net of fair value gains for the 12 months ended 31 December as a percentage of average adjusted tangible equity for the 13 months ended 31 December. Adjusted tangible equity is stated as equity after deducting the Group's pension asset, net of deferred tax, the fair value of derivative financial instruments, net of deferred tax, less intangible assets and goodwill.
11. The CET1 ratio is defined as the ratio of the Group's CET1 to the Group's risk-weighted assets measured in accordance with the CRR.
미래 예측 진술
본 보고서에는 Vanquis Banking Group의 재무 상태, 비즈니스 전략 또는 향후 운영 계획과 관련된 특정 "미래 예측 진술"이 포함될 수 있습니다. 이 문서에 포함된 역사적 사실에 대한 진술 이외의 모든 진술은 미래 예측 진술일 수 있습니다. 미래 예측 진술에는 "믿다", "기대하다", "추정하다", "의도하다", "예상하다"와 같은 단어와 유사한 의미의 단어가 자주 사용됩니다. 본질적으로 미래 예측 진술에는 실제 결과가 제안된 내용과 다를 수 있는 위험과 불확실성이 포함됩니다. 위험과 불확실성의 대부분은 미래 시장 상황 및 다른 시장 참가자의 행동과 같이 Vanquis Banking Group이 정확하게 통제하거나 추정할 수 있는 능력을 넘어서는 요소와 관련되어 있으므로 다음과 같은 진술에만 과도하게 의존해서는 안 됩니다. 이 보고서의 날짜에. Vanquis Banking Group은 해당 법률이나 규정에 따라 요구되는 경우를 제외하고 이러한 미래예측 진술을 수정하거나 업데이트할 의무가 없으며, 수정할 의도도 없습니다. 본 발표의 어떠한 진술도 특정 기간에 대한 이익 예측이나 추정을 의미하지 않습니다. 본 발표문의 어떠한 내용도 특정 이익 수준을 나타내는 것으로 해석되어서는 안 되며, 결과적으로 이 보고서에서 향후 기간에 대한 이익 수치를 도출하는 것이 불가능합니다.
Chief Executives Officer's review
개요
After I started at Vanquis Banking Group on 26 July 2023, we immediately experienced a significant fall in our share price as the market reacted to an unsatisfactory set of interim results on 28 July. I spent my first five months rapidly implementing the immediate changes required to put us on a path to better performance. We also initiated a thorough strategic review which will be presented at our strategy seminar on 27 March 2024. I have been extremely impressed with how my colleagues have responded and I am looking forward to working with them for the benefit of our customers as we bring our new strategic ambition to life.
Reflections on 2023
Despite some serious challenges being evident, I also discovered many positives. First and foremost, our people really care about doing the right thing for our customers; there is a genuine sense of social purpose. Progress had also been made in creating a fit-for-purpose corporate structure, including differentiating ourselves through access to retail funding. However, the business had been operating in product silos and the communication and alignment between teams was not where it needed to be. This had led to duplication in functions and there was little evidence of cost discipline. Particularly evident was a lack of visibility and accountability of centrally held costs.
Financially, the Group generated a £5.5m adjusted loss before tax from continuing operations in the first six months of 2023 (1H22: profit £54.3m), despite 11% growth in net receivables (1H22: 0%). Costs rose by 6% in the 6 month period to 1H23, compared to 1H22 and net interest margin (NIM) declined by 2.5% to 19.1% (1H22: 21.6%). The Group recorded a statutory loss before tax from continuing operations of £14.5m (1H22: profit of £46.9m). These results drove a 29% decline in our share price on the day of publication and crystallised the need for swift remedial action as well as a fundamental review of our strategic direction.
Immediate action was taken in the second half of 2023 to moderate lending growth, reduce IFRS 9 strain, reduce costs and implement appropriate price rises to improve product profitability. In our Q3 trading statement on 17 October 2023, we committed to deliver adjusted PBT for the year of £25-30m, and I am pleased that the business traded broadly in line with our expectations, delivering adjusted PBT of £24.9m (FY22: £126.6m). We recorded a statutory loss after tax for the year of £(6.0)m. H2 performance benefitted from a combination of cost management actions and impairment provision releases. Moderation of net receivables growth in the second half led to year-on-year receivables growth of 14%, and swift action on costs contributed to a 10% half-on-half reduction in adjusted operating costs. NIM for the year amounted to 19.0% (FY22: 21.2%), reflecting the higher funding costs and lower asset yield. Our key financial ratio is adjusted return on tangible equity (ROTE). This rose from (1.8%) in 1H23 to 3.2% for FY23.
Three further priorities were established to help restore overall performance and credibility.
1. Refreshed our Executive team to create the right mix of customer experience, capability and personal values with five new hires in key roles - Chief Customer Officer, Chief Financial Officer, Chief Technology Officer, Chief Digital, Data and Analytics Officer, and Chief of Staff - alongside seven seasoned Vanquis Banking Group executives in Operations, Transformation, HR, Communications, Risk, Legal, and Internal Audit.
2. Better communication to engage our colleagues, partners and other key stakeholders on the need for substantial change.
3. Simplifying our operating model and removing duplication, to deliver total savings of c.£60m in 2024 - without compromising on customer service.
In summary, we have demonstrated an ability to set and execute plans at pace and are seeing early progress from this. However, we still have a lot to do.
전략
I am excited by the output of our North Star strategic review and am looking forward to turning our plans into reality. We have a new sense of purpose - 'to deliver caring banking so our customers can make the most of life's opportunities'. The power of purpose to unite and motivate an organisation is immense. For us, the social purpose, the 'S' at the centre of ESG, is vital. Environmental and Governance objectives are also critical, and we will fulfil all our ESG responsibilities, but the 'S' of social purpose is at the heart of our business.
We have always cared about the customers we serve: now we have fundamentally changed the way we organise ourselves to serve them even better. Previously, we defined our customers by risk categories and organised our business around product lines. Now, we put their needs at the very heart of the way we operate. We undertook deep analysis using a well-respected financial segmentation model, augmented by our own customer research and data. From this, we identified three core customer needs:
· Help me borrow healthily.
· Help me feel in control of my everyday spending.
· Help me build a financial safety net.
We are expanding our customer proposition to meet these needs and we are restructuring our service operation to serve them more effectively. We will refresh our distribution strategy, meet our customers where they are, and develop new partnerships to introduce ourselves to them.
Over time, we aspire to measure our success through a series of customer KPIs which are somewhat unusual in the banking sector, such as lifetime value, the increase we can drive in customers' credit scores and the cumulative value of savings delivered to customers by Snoop. To these we will add more traditional measures of sustainable performance such as adjusted ROTE and Cost:Income ratio.
Key initiatives for 2024
As we start to implement our North Star strategy, these initiatives will be our top priorities in 2024:
· Develop compelling propositions for core customer needs.
· Establish exceptional 'through the journey' management of risk.
· Drive our distribution strategy to meet our customers where they naturally are and improve our costs of acquisition.
· Establish Snoop as a uniquely valuable first point of customer contact.
· Continue to improve operational effectiveness, for example by building on our successful offshoring programme.
· Embed strong leadership and innovation, specifically in digital, data and analytics.
· Better manage our complaint volumes.
Outlook
Our customers have proved their resilience in the face of cost of living pressures, and no discernible impact has been seen in the business's credit performance. We operate in a clearly defined, growing market sector and have attractive points of differentiation versus current peers (for example, Snoop and lower funding costs). As a business, we have short term challenges to address, however I am confident that our new strategy will deliver good outcomes for our customers and attractive and sustainable returns for our shareholders over the medium and longer term.
We are currently experiencing significant levels of third-party complaint submissions many of which are speculative in nature. The majority of complaints, which primarily relate to lending origination rather than in-life servicing and are in respect of a wide range of different matters with no common theme or systemic issue, lack substance and are not upheld. However, the higher than normal volumes and reviewing them is materially impacting our costs and we are therefore exploring proactive legal steps to address the situation.
The next two years, 2024 and 2025, will be periods of restructuring for Vanquis Banking Group. We are already taking significant steps to redevelop our customer proposition and reset pricing, and we expect to return to modest lending growth from the start of the second quarter of 2024. In 2025, we intend to deliver accelerated but disciplined growth across our full range of products, but the near-term adverse impact of IFRS 9 accounting requirements linked to receivables growth means that adjusted ROTE is expected to remain in the low single digits.
Looking ahead to 2026, we expect to be delivering an adjusted ROTE in the mid-teens driven by a return to sustainable income growth serving a broader customer base; together with the benefits of greater efficiency and significant payback from our technology infrastructure investment.
결론
Reflecting on the huge amount of change we have driven in a very short period of time, I want to pay tribute to my colleagues for the way they have embraced it. Thank you, to each and every one of you. I also want to thank our investors for trusting us to turn this business around. The change programme ahead of us will be challenging and exciting. Success is in the hands of a very talented and dedicated team. As the UK's largest specialist finance provider, we have unmatched dedication to our chosen customers and substantial potential to grow by meeting their needs. We relish the challenge ahead and our colleagues are absolutely focused on delivering caring banking so our customers can make the most of life's opportunities. This is when Vanquis is at its best. It's what we call 'Banking with Heart'.
재무 검토
그룹 공연
The Group's 2023 results are as follows:
2023 | 2022 | |
이자 소득 | 556.0 | 491.5 |
이자 비용 | (113.4) | (58.8) |
순이자 소득 | 442.6 | 432.7 |
수수료 및 수수료 수입 | 44.2 | 47.0 |
수수료 및 수수료 비용 | (1.7) | (2.8) |
순 수수료 및 수수료 수입 | 42.5 | 44.2 |
다른 수입 | 3.7 | 3.8 |
총 수입 | 488.8 | 480.7 |
손상 비용 | (166.1) | (66.1) |
위험조정이익 | 322.7 | 414.6 |
운영 비용 | (327.1) | (304.5) |
Statutory (loss)/profit before taxation from continuing operations | (4.4) | 110.1 |
Tax charge for continuing operations | (1.6) | (27.8) |
Statutory (loss)/profit after taxation from continuing operations | (6.0) | 82.3 |
중단영업으로 인한 과세후손실 | - | (4.9) |
Statutory (loss)/profit for the year attributable to equity shareholders | (6.0) | 77.4 |
|
| |
다시 추가 : |
| |
세금 | 1.6 | 27.8 |
취득 무형자산의 상각 | 7.9 | 7.5 |
예외 품목 | 21.4 | 9.0 |
중단영업으로 인한 과세후손실 | - | 4.9 |
세전 조정 이익 | 24.9 | 126.6 |
To enhance transparency and understanding of our financial performance, the Group has taken the decision in the current year to enhance the presentation of our financial performance to initially focus on the statutory income statement with a reconciliation to adjusted profit before tax, which is a primary measure to assess our financial performance. All periods presented have been retrospectively re-presented. This change does not constitute a change in accounting policy and there is no impact on recognition, measurement or profit and loss in any period presented in the financial statements.
세전 이익/(손실)
The Group's statutory loss before tax, including amortisation of acquisition intangibles and exceptional items, was £4.4m; prior year profit before tax was £110.1m, or £99.4m including the discontinued consumer credit division (CCD).
The Group reported a lower adjusted profit before tax of £24.9m (2022: £126.6m). Total income of £488.8m (2022: £480.7m) was £8.1m higher, driven by higher receivables across all product lines and repricing initiatives in cards, offset by higher funding costs. Impairments of £166.1m (2022: £66.1m) reflect higher new originations, comparatively reduced benefits of enhancements in IFRS 9 models and post-model releases than in 2022, lower debt sale profits, and lower revaluation of the post charge-off asset. The back book underlying asset quality remained broadly stable. Higher costs of £327.1m (2022: £304.5m) from inflationary headwinds, elevated customer compensation claims from claims management companies and higher exceptional costs. Exceptional costs of £21.4m were recognised in 2023 (2022: £9.0m), including transformation costs of £17.0m (2022: £5.3m), comprising redundancy and outsourcing (£9.4m), property exit costs (£4.1m) and strategic consultancy (£3.5m).
수입
Net interest income increased by 2% to £442.6m (2022: £432.7m) with interest income rising 13% driven by receivables growth in the first three quarters of 2023. The Group's funding cost increased from £58.8m in 2022 to £113.4m in 2023, as market savings rates on retail deposits increased from their historically low levels as the UK bank base rate has moved upwards.
The Group's NIM, net interest income as a percentage of average gross receivables, decreased by 2.2% from 21.2% in 2022 to 19.0% in 2023, reflecting the higher funding costs and lower asset yields in both vehicle finance and personal loans. Management actions, including repricing, taken during the second half of 2023 increased 4Q23 NIM by 0.2% relative to 3Q23.
Fee and commission income reduced 4% to £42.5m (2022: £44.2m). The Repayment Option Plan (ROP) has been discontinued; excluding ROP, underlying fee and commission income increased £2.8m year-on-year.
Impairment / Cost of Risk
Impairments have benefited from a release of provisions no longer required in credit cards and vehicle finance, arising from ongoing IFRS 9 model refinements (£57.7m in 2023), and the full release of the cost of living post-model adjustment (£10.8m). The level of releases in 2023 (£74.5m) were lower than releases in 2022 (£94.1m), contributing to a higher impairment charge this year.
The macroeconomic environment, the minimal impact of the cost of living crisis, and refreshed model parameters reflecting the refocus onto lower-risk market segments, are the predominant reasons for release of provision. Underlying asset quality remained high and delinquency trends remained stable.
The Group's cost of risk, defined as impairment charges as a percentage of average gross receivables, has increased from 3.2% in 2022 to 7.1% in 2023.
Risk-adjusted net interest margin, defined as risk-adjusted net interest income as a percentage of average gross receivables, has decreased from 20.3% in 2022 to 13.9% in 2023 as a result of higher impairment charges and higher funding costs.
The Group's coverage ratio has reduced from 24% at December 2022 to 21% at December 2023, reflecting the current nature of the macroeconomic environment, the release of impairment provision no longer required predominantly due to IFRS 9 model refinement, and the stable underlying credit quality of our portfolios.
Costs (Adjusted)
Excluding amortisation of acquisition intangibles and exceptional items described above, adjusted operating costs increased 3% to £297.8m (2022: £288.0m). Proactive management actions taken during the second half of 2023 has in part mitigated cost headwinds. These headwinds include inflation and heightened (speculative) customer complaints from claims management companies. The Group has continued investment in the diversification of customer propositions and the IT investment in the Gateway platform. Cost management is being embedded as a core discipline throughout the Group, and transformation cost savings are on track to meet £60m savings target as advised at 3Q23 with full benefit expected in 2024.
부가세
The tax charge of £1.6m (2022: £27.8m) on the loss before tax (profit in 2022) reflects the mainstream corporation tax rate of 23.5% (2022: 19.0%) on the Group's (loss)/profit before tax, exceptional items and amortisation of acquisition intangibles, generating a tax charge of £7.7m (2022: £29.4m), a tax credit of £4.3m (2022: £0.2m), and a tax credit of £1.8m (2022: £1.4m) respectively.
The tax charge arises principally from adverse impacts of (a) non-deductible expenses of £0.9m (2022: £0.9m), (b) prior year adjustments of £1.5m (2022: beneficial impact £3.6m) as a result of write offs of deferred tax assets which are no longer supportable and lower than anticipated share prices on vesting of share awards offset in 2022 by the beneficial impact of agreeing historic tax liabilities; (c) revaluing deferred tax balances in credit cards and loans of £1.3m (2022: £3.2m) to reflect from 1 April 2023 the reduction in the bank corporation tax surcharge rate from 8% to 3% and the increase in the threshold below which banking profits are not subject to surcharge from £25m to £100m; (d) net of the beneficial impact of £1.4m (2022: £nil) from using brought forward capital losses to offset capital gains. The tax charge for 2022 also reflected the adverse impact of the bank corporation tax surcharge of £8.4m and a net beneficial impact of £2.3m from transactions with discontinued operations including payment for losses at a discounted price.
Adjusted Return on Tangible Equity (ROTE)
The Group's adjusted ROTE has decreased from 21.8% in 2022 to 3.2% in 2023, reflecting the lower adjusted PBT in 2023.
주당 순이익 (EPS)
With the £83.4m decrease in the Group's profit after tax, the basic earnings per share has decreased from 32.8p in 2022 to 2.4p loss per share in 2023. The adjusted basic earnings per share has decreased from 38.7p per share in 2022 to 6.8p in 2023.
배당
The Board proposes a final dividend of 1.0p per share for 2023, subject to final regulatory approvals. The Group also signals its intention to pay a dividend of up to 1.0p per share for 2024, subject to Board and regulatory approvals, with measured progression in 2025. From 2026, following full implementation of the new strategy, the Board will revisit the capital allocation policy and reset the level of dividend from which to maintain a progressive policy thereafter.
대차 대조표
| £ m | 2022 £ m |
자산 | ||
중앙 은행의 현금 및 잔액 | 743.3 | 464.9 |
고객으로부터 받을 금액1 | 2,171.9 | 1,905.4 |
연금자산 | 38.2 | 30.7 |
영업권 및 기타 무형 자산 | 146.8 | 134.5 |
기타 자산 | 108.5 | 127.8 |
중단 된 운영 | - | - |
| 3,208.7 | 2,663.3 |
부채 |
| |
소매 예금 | 1,950.5 | 1,100.6 |
은행 및 기타 차입금2 | 582.5 | 815.4 |
매입 채무 및 기타 채무 | 44.1 | 62.6 |
기타 부채 | 48.5 | 69.8 |
중단 된 운영 | - | 0.2 |
| 2,625.6 | 2,048.6 |
1 Amounts receivable from customers in 2023 are presented net of £3.2m (2022: £7.9m) fair value adjustment for portfolio hedged risk. Underlying receivables from customers are £2,175.1m (2022: £1,913.3m).
2 Bank and other borrowings in 2023 are presented net of £1.0m (2022: £4.6m) fair value adjustment for hedged risk. Underlying bank and other borrowings are £583.5m (2022: £820.0m).
Assets have increased by 21% to £3,209m driven by growth in receivables, and higher balances placed with the Bank of England, driven by the surplus deposits raised from customers.
Receivables from customers increased by £266.5m (14.0%) in the year from £1,905.4m in 2022 to £2,171.9m in 2023. Strong growth in the first half of 2023 was partially offset by management action to moderate growth in the second half of the year to enhance the capital position.
Liabilities have increased by 28% to £2,626m as retail deposits increased by 77% following management actions to promote retail savings products offered by the Group.
유동성 및 자금조달
The Group's liquidity is almost entirely held in the Bank of England reserve account (2023: £703.3m, 2022: £478.2m). This represents a significant level of excess liquidity and a liquidity coverage ratio of 1,263% (2022: 1,139%).
At 31 December 2023, the bank had retail deposit funding of £1,950.5m (2022: £1,100.6m), and was able to deliver the required funding base at an attractive cost compared to wholesale alternatives, and the Group is now significantly funded by retail deposits (84% of total funding). All outstanding senior unsecured wholesale funding has now been extinguished for cost efficiency, although the Group maintains its access to the wholesale markets via its £2bn Euro Medium Term Note programme updated in 2023. Ongoing funding diversification is provided by modest levels of private securitisation and Bank of England funding collateralised by both vehicle finance and credit card assets, together with further retail funding capabilities developed through 2023 to include notice accounts and, imminently, easy access and ISAs. The Group's cost of funds rose from 2.8% to 4.4% but remains below market benchmark interest rates, reflecting changes to the Group's funding mix post-waiver, and the stable contractual term duration of the Group's funding.
자본
The Group maintains a robust capital position with CET1 ratio of 20.5% (2022: 26.4%) and a total capital ratio of 30.6% (2022: 37.5%). This is within the Group's updated CET1 target of 19.5% to 20.5% and represents a surplus of £142.5m (Tier 1) and £283.4m (total capital) above the Group's total capital requirement and regulatory combined buffers. As permitted, the Group elected to phase in the impact of adopting IFRS 9 over a five-year period, and has now fully unwound the transition adjustment as the transition period ended on 1 January 2023. The overall reduction in the capital ratio in 2023 reflects mainly the scheduled unwind of the final IFRS 9 adjustment on 1 January 2023, together with additional capital required to be held for higher lending in the year.
Further information on the impact of the IFRS 9 transitional arrangements is provided in the Group's Pillar 3 disclosures available on the Group's website, www.vanquisbankinggroup.com.
운영 검토
Product trading performance
카드 | 차량금융 | 융자 | 기타 | 기업센터 | 금액 | |
2023 | 2023 | 2023 | 2023 | 2023 | 2023 | |
이자 소득 | 371.0 | 150.3 | 25.9 | 0.4 | 8.4 | 556.0 |
이자 비용 | (51.6) | (28.7) | (4.0) | (0.2) | (28.9) | (113.4) |
순이자 소득 | 319.4 | 121.6 | 21.9 | 0.2 | (20.5) | 442.6 |
수수료 및 수수료 수입 | 44.2 | - | - | - | - | 44.2 |
수수료 및 수수료 비용 | (1.7) | - | - | - | - | (1.7) |
순 수수료 및 수수료 수입 | 42.5 | - | - | - | - | 42.5 |
다른 수입 | 1.3 | 2.0 | - | 0.4 | - | 3.7 |
총 수입 | 363.2 | 123.6 | 21.9 | 0.6 | (20.5) | 488.8 |
손상 비용 | (130.0) | (15.2) | (20.9) | - | - | (166.1) |
위험조정이익 | 233.2 | 108.4 | 1.0 | 0.6 | (20.5) | 322.7 |
조정된 운영 비용 | (167.8) | (49.5) | (16.0) | (3.6) | (60.9) | (297.8) |
Adjusted PBT / (LBT) | 65.4 | 58.9 | (15.0) | (3.0) | (81.4) | 24.9 |
카드 | 차량금융 | 융자 | 기타 | 기업센터 | 금액 | |
2022 | 2022 | 2022 | 2022 | 2022 | 2022 | |
이자 소득 | 337.4 | 137.7 | 13.1 | - | 3.3 | 491.5 |
이자 비용 | (22.4) | (22.1) | (1.2) | - | (13.1) | (58.8) |
순이자 소득 | 315.0 | 115.6 | 11.9 | - | (9.8) | 432.7 |
수수료 및 수수료 수입 | 47.0 | - | - | - | - | 47.0 |
수수료 및 수수료 비용 | (2.8) | - | - | - | - | (2.8) |
순 수수료 및 수수료 수입 | 44.2 | - | - | - | - | 44.2 |
다른 수입 | 0.9 | 2.9 | - | - | - | 3.8 |
총 수입 | 360.1 | 118.5 | 11.9 | - | (9.8) | 480.7 |
손상 비용 | (16.8) | (40.8) | (8.5) | - | - | (66.1) |
위험조정이익 | 343.3 | 77.7 | 3.4 | - | (9.8) | 414.6 |
조정된 운영 비용 | (164.8) | (39.7) | (19.1) | - | (64.4) | (288.0) |
Adjusted PBT / (LBT) | 178.5 | 38.0 | (15.7) | - | (74.2) | 126.6 |
기업센터
The corporate centre includes Operations, Technology & Change, and support functions which collectively serve the needs of the wider Group. Costs excluding exceptional items were £60.9m (2022: £64.4m), £3.5m lower than prior year. Excluding inflation headwinds, costs were £7m lower than prior year, primarily due to management action taken in the second half of 2023 to realise savings through new transformation initiatives, optimisation of resources, and process efficiency drives, as part of the commitment to reduce Group costs by £60m.
Funding costs of £28.9m (2022: £13.1m) were higher year-on-year due to the higher interest rate environment. Interest income of £8.4m (2022: £3.3m) was higher due to higher interest rates on higher cash reserves in the BOE reserve account.
Credit cards - Continues to attract new customer bookings
2023 £ m | 2022 £ m | 변화 (%) | |
총 고객 수('000) | 1,375.5 | 1,540.8 | (10.7) |
New customer bookings ('000) | 267.3 | 224.6 | 19.0 |
기말 채권 | 1,277.7 | 1,181.6 | 8.1 |
평균 총 매출채권1 | 1,416.9 | 1,331.9 | 6.4 |
|
| ||
이자 소득 | 371.0 | 337.4 | 10.0 |
이자 비용 | (51.6) | (22.4) | 130.4 |
순이자 소득 | 319.4 | 315.0 | 1.4 |
순 수수료 및 수수료 수입 | 42.5 | 44.2 | (3.8) |
다른 수입 | 1.3 | 0.9 | 44.4 |
총 수입 | 363.2 | 360.1 | 0.9 |
손상 비용 | (130.0) | (16.8) | 673.8 |
Risk adjusted income | 233.2 | 343.3 | (32.1) |
조정된 운영 비용 2 | (167.8) | (164.8) | 1.8 |
Adjusted PBT contribution 3 | 65.4 | 178.5 | (63.4) |
|
| ||
Asset yield (%) 4 | 24.7 | 25.0 | (0.3) |
위험 비용(%) 5 | (9.2) | (1.3) | (7.9) |
위험 조정 마진(%) 6 | 16.5 | 25.8 | (9.3) |
1 Average of gross customer interest earning balances for the 13 months ended 31 December.
2 Adjusted operating costs are stated before exceptional items.
3 Adjusted PBT contribution is stated as profit before tax before exceptional costs.
4 Interest income from customer receivables for the 12 months ended 31 December as a percentage of average gross receivables.
5 Impairment charges for the 12 months ended 31 December as a percentage of average gross receivables.
6 Total income, excluding exceptional items less impairment charge for the 12 months ended 31 December as a percentage of average gross receivables.
The Group's credit card business is a leading player in the non-prime Credit Card market. In 2023, we received Moneyfacts Consumer Awards winner - Credit Card App of the Year and Credit Builder Card Provider of the Year, together with two Card and Payments Awards for 'Best Customer Service' and for the 'Best Benefits/Loyalty Scheme'.
We offer our card products to a broad spectrum of customers but are focused particularly on providing access to a credit card customers who may struggle to obtain one from a mainstream provider. We support our customers through great service whether it be our award-winning app or the people in our customers service teams.
In 2023, we extended our digital service to customers by offering Apple Pay, as well as new features within the Vanquis App including enabling customers to view their card information and PIN, and a new way for customers to register for Google Wallet from within the Vanquis App. Take-up of all these new features has been strong, with over 450k of our customers already signing up to Apple Pay.
We are committed to continuously improving our services and support for customers, and in 2023 we sought to embed new ways of working based on an 'empathic design' approach and conducted a significant piece of qualitative research to deeply understand our customers, putting our customers at the very heart of how we design and improve our customer journeys.
From a service rating perspective, Vanquis credit card's latest 2023 Institute of Customer Service (ICS) Satisfaction Index score is 86.8 vs an all-sector average of 77.7. We aim to make our customer experience effortless, and these results directly demonstrate the progress we have made.
Total customer numbers decreased by 10.7% to 1,375.5k, as of December 2023 (2022: 1,540.8k), which in part was driven by a campaign to close dormant accounts at the end of the year for customers who no longer needed/wanted their Vanquis card.
New customer bookings for the year were 267.3k, up from 224.6k in 2022, as a result of expanding the range of promotional offers to new customers and working with affiliates and our partner for our co-branded card (thimbl).
For FY23, the credit cards reported adjusted PBT contribution of £65.4m (2022: £178.5m) and period-end net receivables of £1,277.7m (2022: £1,181.6m).
Throughout 2023, the management team has focused on increasing customer engagement and new customer growth, delivering 6.4% growth in average receivables to £1,416.9m (2022 £1,331.9m), partly due to the uptake of digital wallet usage amongst customers.
During the second half of the year, deliberate action was taken to moderate growth to improve profitability by reducing the day one impact of IFRS 9 driven expected credit losses from new business.
Total income was up 0.9% to £363.2m (2022: £360.1m), due to net interest income increasing by 1.4% to £319.4m (2022: £315.0m), net fee and commission income declining by 3.8% to £42.5m (2022: £44.2m), and other income increasing by 44.4% to £1.3m (2022: £0.9m). Asset yield reduced from 25.0% to 24.7%.
Interest expense rose from £22.4m to £51.6m as market savings rates and UK bank base rate moved upwards, impacting the Group's funding cost.
Risk adjusted income fell £110.1m to £233.2m (2022: £343.3m), as a result of impairment charges rising to £130.0m (2022: £16.8m). Impairments benefited from a release of provisions no longer required arising from ongoing IFRS 9 model refinements (£17.0m) and the full release of the cost of living post model adjustment (£10m), but the level of releases in 2023 were lower than releases in 2022. Impairment provision releases (£92.5m) last year related to Covid-19 and model recalibration. Underlying asset quality remained stable year-on-year. The annualised cost of risk increased from 1.3% to 9.2%, and risk adjusted margin fell to 16.5% (2022: 25.8%).
Adjusted operating costs increased by 1.8% to £167.8m (2022: £164.8m), against a backdrop of significant inflation and growth in customer acquisition.
Vehicle Finance - continued robust performance
31월 XNUMX일 종료 | |||
2023 £ m | 2022 £ m | 변화 (%) | |
총 고객 수('000) | 111.7 | 100.0 | 11.7 |
New customer bookings ('000) | 50.8 | 42.1 | 20.7 |
기말 채권 | 792.2 | 655.4 | 20.9 |
평균 총 매출채권 1 | 784.7 | 656.6 | 19.5 |
|
| ||
이자 소득 | 150.3 | 137.7 | 9.2 |
이자 비용 | (28.7) | (22.1) | 29.9 |
순이자 소득 | 121.6 | 115.6 | 5.2 |
다른 수입 | 2.0 | 2.9 | (31.0) |
총 수입 | 123.6 | 118.5 | 4.3 |
손상 비용 | (15.2) | (40.8) | (62.7) |
Risk adjusted income | 108.4 | 77.7 | 39.5 |
조정된 운영 비용 2 | (49.5) | (39.7) | 24.7 |
Adjusted PBT contribution 3 | 58.9 | 38.0 | 55.0 |
|
| ||
Asset yield (%) 4 | 19.2 | 21.0 | (1.8) |
위험 비용(%) 5 | (1.9) | (6.2) | 4.3 |
위험 조정 마진(%) 6 | 13.8 | 11.8 | 2.0 |
1 Average of gross customer interest earning balances for the 13 months ended 31 December.
2 Adjusted operating costs are stated before exceptional items.
3 Adjusted PBT contribution is stated as profit before tax before exceptional costs.
4 Interest income from customer receivables for the 12 months ended 31 December as a percentage of average gross receivables.
5 Impairment charges for the 12 months ended 31 December as a percentage of average gross receivables.
6 Total income, excluding exceptional items less impairment charge for the 12 months ended 31 December as a percentage of average gross receivables.
The Group's vehicle finance business is a significant player in the non-prime UK vehicle finance market, as recognised by the numerous awards won in 2023, reflecting our hard work, passion, and dedication.
We are experts in helping customers to access finance when they might have struggled to get approval from mainstream lenders. Our customers represent one in five of UK adults who have a poor credit history but need a reliable car, motorbike, or van to suit their lifestyle and financial situation. Our core product is a Conditional Sale Agreement, which is a type of vehicle finance that helps spread the cost of a used vehicle over time, instead of paying for it all upfront. This is different to the other types of vehicle finance, like Hire Purchase (HP) or Personal Contract Purchase (PCP), as a Conditional Sale Agreement has no additional fee to own the vehicle; once the customer has made the final repayment, they legally own the vehicle. A Conditional Sale Agreement uses a fixed APR, so monthly payments are predictable and remain the same for the duration of the agreement, which is typically between 36-60 months.
Good customer outcomes are important to us, and once a customer is with us, we're focused on helping them to achieve the best outcomes possible, whether that's simply paying their finance each month until they own their used vehicle, or for example by supporting them if they're able to settle their agreement early. We also understand that customers may experience difficulties during their agreement, and we're focused on supporting them should that happen. We have a range of options that allow us to help customers get back on track, or to otherwise exit the agreement in the 'best way possible'.
Total customer numbers grew 11.7% to 111.7k, as of December 2023 (2022: 100.0k). This has been achieved through several initiatives that have included technology investment in Moneybarn Direct, targeted retention of customers, and entry into the Personal Contract Hire market.
New customer bookings for the year were 50.8k, up 20.7% from 42.1k in 2022, as a result of strengthened distribution and competitive pricing. The improved price competitiveness was due to our funding costs from retail deposits being comparatively lower than the wholesale funding relied upon by most of our competitors. Notably, Moneybarn Direct, our direct to customer channel, had a strong year with approvals up 82%.
For FY23, vehicle finance reported an adjusted PBT contribution of £58.9m (2022: £38.0m) and receivables at the end of the period up 20.9% to £792.2m (2022: £655.4m).
Throughout 2023, management focused on sustainable growth, delivering 19.5% growth in average gross receivables to £784.7m (2022: £656.6m), with deliberate action taken to moderate growth in the second half of the year to improve profitability by reducing the day one impact of IFRS 9 driven expected credit losses from new business.
Interest income rose by 9.2% to £150.3m (2022: £137.7m), delivering 19.2% annualised asset yield (2022: 21.0%).
Net interest income rose by 5.2% to £121.6m (2022: £115.6m), as a result of the increase in receivables being offset by rising interest expense due to market savings rates and UK bank base rate moving upwards, impacting the Group's funding cost.
Other income fell to £2.0m (2022: £2.9m), with total income amounting to £123.6m (2022: £118.5m).
Risk adjusted income increased by £30.7m to £108.4m (2022: £77.7m), benefiting from impairments reducing £25.6m to £15.2m (2022: £40.8m). The impairment reduction reflects IFRS 9 model refinements and recalibration leading to an impairment provision release of £47.0m in 2023 (2022: £0.5m), as Vehicle Finance has purposefully transitioned towards the lower credit risk near prime market. This one-off impairment provision release masks higher expected losses from receivables growth (£18.1m) particularly evident during the first half of 2023. As a result, cost of risk dropped from 6.2% to 1.9%.
The risk adjusted margin improved to 13.8% (2022: 11.8%).
Adjusted operating costs rose by £9.8m (24.7%) to £49.5m (2022: £39.7m) with efficiency gains offset by increased complaints costs driven primarily by spurious claims from claims management companies, and higher volume.
Vehicle finance has never entered into discretionary broker commission arrangements.
Unsecured Personal Loans - A stable year-on-year performance
31월 XNUMX일 종료 | |||
2023 £ m | 2022 £ m | 변화 (%) | |
총 고객 수('000) | 43.7 | 34.4 | 27.0 |
New customer bookings ('000) | 29.6 | 27.0 | 9.6 |
기말 채권 | 102.4 | 76.3 | 34.2 |
평균 총 매출채권1 | 123.1 | 50.9 | 141.8 |
|
| ||
이자 소득 | 25.9 | 13.1 | 97.7 |
이자 비용 | (4.0) | (1.2) | 233.3 |
순이자 소득 | 21.9 | 11.9 | 84.0 |
총 수입 | 21.9 | 11.9 | 84.0 |
손상 비용 | (20.9) | (8.5) | 145.9 |
위험조정이익 | 1.0 | 3.4 | (70.6) |
운영 비용 | (16.0) | (19.1) | (16.2) |
LBT contribution | (15.0) | (15.7) | (4.5) |
|
| ||
Asset yield (%) 2 | 21.0 | 25.7 | (4.7) |
위험 비용(%)3 | (17.0) | (16.7) | (0.3) |
위험 조정 마진(%)4 | 0.8 | 6.7 | (5.9) |
1 Average of gross customer interest earning balances for the 13 months ended 31 December.
2 Interest income from customer receivables for the 12 months ended 31 December as a percentage of average gross receivables.
3 Impairment charges for the 12 months ended 31 December as a percentage of average gross receivables.
4 Total income, excluding exceptional items less impairment charge for the 12 months ended 31 December as a percentage of average gross receivables.
The Group's unsecured personal loan business was established to provide our customers with a broader range of borrowing options, with a product tailored to the non-prime market. Most customers are taking out a personal loan to either consolidate other debts or to enable them to make home improvements, although the full range of reasons for borrowing includes a wide range of purposes.
When selecting their loan, customers are looking for a loan that provides them with the amount of money they need, with repayments over a period that makes their monthly payment affordable, at the lowest possible price (APR). From extensive market research, we have identified that our customers value repayment certainty and flexibility if circumstances change, so we offer fixed APRs for the period of the loan, no penalty fees for additional interest charged for missed or late payments and there is no retention of interest when customers pay off the loan early.
Total customer numbers grew 27.0% to 43.7k, as of December 2023 (2022: 34.4k).
New customer bookings for the year were 29.6k, up 9.6% from 27.0k in 2022, driven by the expansion of the product range offered to both existing and new to Vanquis customers, with Vanquis branded loans launched on the new technology platform.
Loans customers are highly satisfied by their Vanquis loan and the service they receive. This is evidenced by loans customers giving their loan a Net Promoter Score of 51, a customer satisfaction score of 89% and by 89% of customers also saying that they would use a Vanquis loan again. The Vanquis loan product was also the winner of 'Best Loan Provider' in the 2023 Consumer Credit Awards.
For FY23, personal loans reported a LBT contribution of £(15.0)m loss (2022: £(15.7)m) and receivables at the end of the period up 34.2% to £102.4m (2022: £76.3m).
Personal loans average gross receivables increased 141.8% to £123.1m (2022: £50.9m). Deliberate action was taken to moderate growth in the second half of the year to improve profitability by reducing the day one impact of IFRS 9 driven expected credit losses from new business. This included a temporary pause in active marketing of personal loans as we undertook the Group wide strategic refresh.
Interest income rose by 97.7% to £25.9m (2022: £13.1m), delivering 21.0% asset yield (2022: 25.7%), as a result of the year-on-year receivables growth and introduction of lower APR loans as part of the product range expansion.
Interest expense rose by 233.3% to £4.0m, reflecting receivables growth and rising interest expense due to market savings rates and the UK bank base rate moving upwards, impacting the Group's funding cost.
Net interest income was up 84.0% to £21.9m (2022: £11.9m).
Risk adjusted income decreased by £2.4m to £1.0m (2022: £3.4m), as a result of an increase in impairment from £8.5m to £20.9m. The increase in impairment reflects a recalibration of expected losses as we refine our underwriting parameters on this relatively immature portfolio, resulting in the cost of risk increasing to 17.0% from 16.7%.
The risk adjusted margin declined to 0.8% (2022: 6.7%).
Operating costs were ongoing, albeit lower by £3.1m to £16.0m (2022: £19.1m), largely due to reduced technology investment.
Snoop - Helps our customers save money
Snoop is an award-winning fintech that uses open banking and Expand AI to help users save money and manage their finances more effectively. The app helps its customers build their financial capability, and targets annual savings of up to £1,500. Snoop demonstrably improves financial wellbeing with over 15,000 four and five-star reviews, and from a survey of 500 users, a 95% customer recommendation rate, and 80% of users reporting increased financial confidence. As such, it is an important addition to the Group's customer proposition.
Leveraging Snoop's innovative technology and data capabilities will also unlock valuable opportunities for the Group. Test marketing of Snoop to Vanquis customers progressed ahead of expectations in 4Q23 and we will continue to actively promote Snoop to our 1.5 million strong customer base in 2024. This will position the Group as a relevant presence in their daily lives, drive improved creditworthiness and support improved borrowing and debt management.
Snoop's impact extends beyond individual users, offering businesses valuable insights into evolving consumer spending behaviours. In 4Q23, Snoop launched SpendMapper, a self-service business intelligence dashboard. SpendMapper leverages over £100bn of real-time spending data to help businesses understand how and where consumers spend, and how this is changing. Further scaling the business in 2024 will enrich Snoop's data insight proposition and enhance the Group's overall data capabilities.
Snoop was incorporated into the Group on 7 August 2023, and the business reported an adjusted loss before tax of £(2.5)m from the date of incorporation to 31 December 2023.
주요 위험 및 불확실성
Group Principal Risks are those risks most critical to the alignment of the Group Strategy. Principal risk categories and associated risk appetite statements are reviewed and approved by the Board on an annual basis, effectively defining Vanquis Banking Group's overall risk appetite.
고객 위험
This is defined as the risk of customer detriment due to poor design, distribution and execution of products and services or other activities which could lead to unfair customer outcomes or regulatory censure. The Group has a set of detailed risk appetite statements, metrics and thresholds in place in relation to the fair treatment and management of our customers.
규제 위험
This is defined as the risk that our systems and controls do not support effective regulatory compliance and we fail to meet the expectations of our regulators. We aim to avoid material regulatory breaches and, in the event that they do occur, we will correct them promptly and learn from our mistakes.
금융 범죄 위험
이는 그룹의 상품과 서비스가 그룹, 고객 또는 제XNUMX자를 상대로 금융 범죄를 조장하는 데 사용될 위험으로 정의됩니다. 그룹은 금융 범죄를 탐지하고 예방하기 위해 강력하고 위험에 비례하는 시스템과 통제 장치를 운영하고 있습니다. 그룹은 금융 범죄 위험 관리에 적용 가능한 법률을 준수하여 규제 기관의 최소 요구 사항과 기대 사항 및 금융 범죄 위험을 효과적으로 관리하기 위한 법률에서 정한 요구 사항을 충족하기 위해 최선을 다하고 있습니다.
자본 위험
This is defined as the risk that the Group fails to maintain the minimum regulatory capital requirements and a management buffer on a consolidated basis to cover risk exposures and withstand a severe stress as identified as part of the Internal Capital Adequacy Assessment Process (ICAAP). The Group and Bank operate within a defined capital risk appetite, with thresholds reported to and monitored by Group Boards. Additional metrics and thresholds have been developed for the Group and Vanquis Bank. All thresholds have been calibrated above the Recovery & Resolution Plan (RRP) triggers in order to provide advance warning of threshold breaches.
자금 조달 및 유동성 위험
이는 그룹이 만기일에 채무(현금 또는 담보 요구 사항)를 충족하기에 충분한 재정 자원을 보유하지 않아 규제 유동성 요구 사항을 충족하지 못하거나 과도한 비용으로 그러한 자원을 확보할 수 있는 위험으로 정의됩니다. 그룹의 현재 자금 조달 전략은 유동 소매 예금 시장에 대한 접근을 유지하고 그룹의 유동성 및 자금 요구 사항을 충족하기 위한 약속된 시설을 유지함으로써 안전한 자금 조달 구조를 유지하는 것을 추구합니다. 그룹은 다음으로 구성된 다양한 자금원에 대한 접근을 유지합니다. (i) 소매 예금; (ii) 카드 및 차량 금융 장부의 유동화; (iii) 영란은행의 유동성 및 자금조달 시설; (iv) EMTN 프로그램을 통해 도매 시장 자금 및 타인자본에 대한 접근.
IRRBB(은행장부 시장이자율 리스크) 리스크
This is defined as the risk that the net value of, or net income arising from, assets and liabilities is impacted as a result of changes in market prices or rates, specifically interest rates, currency rates or equity prices. The Group's corporate policies do not permit it to undertake position taking or trading books of this type and therefore it does not 그렇게.
신용 위험
이는 불리한 거시경제적 요인이나 그룹이 재정적 의무를 이행하지 못하는 계약 당사자로 인해 발생하는 예상치 못한 신용 손실 위험으로 정의됩니다. 신용 위험 선호도는 제품 라인별로 그룹화된 지표와 임계값으로 새로워졌기 때문에 더욱 집중적인 모니터링 및 관리 조치가 적시에 선호도 범위 내에서 유지될 수 있습니다. 신규 비즈니스 품질, 컬렉션 성과 및 집중도 분석을 매일 모니터링할 수 있는 정기적인 보고가 마련되어 있습니다. 신용도와 경제성 절차를 강화하기 위해 광범위한 작업이 수행되었습니다.
사람의 위험
이는 재무, 고객 및 규제 책임을 이행하는 데 필요한 운영 역량과 적절한 기술을 갖춘 동료가 부족한 위험으로 정의됩니다. 인력 위험을 관리할 때 우리는 동료의 온보딩, 개발 및 관리를 포괄하는 전체 동료 수명 주기에 걸쳐 적절한 제어 기능을 갖추고 있는지 확인합니다. 이는 재무, 고객 및 규제 책임을 충족하는 데 적합한 기술을 갖춘 충분한 운영 역량과 동료를 확보하는 것까지 확장됩니다.
기술 및 정보 보안 위험
This is defined as the risk arising from compromised or inadequate technology, security and data that could affect the confidentiality, integrity or availability of the Group's data or systems. This risk is managed in conjunction with Operational Risk with additional and particular focus on cyber and technology infrastructure.
운영 위험
이는 부적절하거나 실패한 내부 프로세스, 인력, 시스템 또는 외부 사건으로 인해 발생할 수 있는 손실 위험으로 정의됩니다. 그룹 전체의 XNUMX가지 방어 모델은 위험을 소유한 경영진, 위험 부서의 감독, 내부 감사에서 제공하는 독립적인 보증 사이에 명확한 책임 경계가 있음을 보장합니다.
모델 위험
This is defined as the risk of financial losses where models fail to perform as expected due to poor governance (including design and operation). A Group model risk management framework and model risk policy is embedded with a model inventory in place to ensure periodic review and strict change control.
Strategic Performance Risk
This is defined as the risk of making and/ or executing poor strategic decisions related to acquisitions, products, distribution, etc. as a result of ineffective governance arrangements, processes and controls. Board Governance Manual and Delegated Authorities Matrix (DAM) are in place to provide a framework for key decision making at all levels across the Group. Executive Director scorecards are in place with reward incentives based on a combination of financial and non-financial measures.
연결재무제표
31월 XNUMX일로 종료하는 회계연도의 연결 손익계산서
주의 사항 | 2023 | 2022 | |
지속적인 운영 | £ m | £ m | |
이자 소득 | 3 | 556.0 | 491.5 |
이자 비용 | (113.4) | (58.8) | |
순이자 소득 | 442.6 | 432.7 | |
수수료 및 수수료 수입 | 4 | 44.2 | 47.0 |
수수료 및 수수료 비용 | (1.7) | (2.8) | |
순 수수료 및 수수료 수입 | 42.5 | 44.2 | |
기타소득 및 순공정가치이익 | 3.7 | 3.8 | |
총 수입 | 488.8 | 480.7 | |
손상 비용 | 9 | (166.1) | (66.1) |
위험조정이익 | 322.7 | 414.6 | |
운영 비용 | (327.1) | (304.5) | |
Statutory (loss)/profit before taxation from continuing operations | 4 | (4.4) | 110.1 |
Tax charge for continuing operations | (1.6) | (27.8) | |
Statutory (loss)/profit after taxation from continuing operations | (6.0) | 82.3 | |
중단사업으로 인한 세후손실 | 5 | - | (4.9) |
Statutory (loss)/profit for the year attributable to equity shareholders | (6.0) | 77.4 | |
다시 추가 : |
| ||
Tax charge for continuing operations | 1.6 | 27.8 | |
취득 무형자산의 상각 | 7.9 | 7.5 | |
예외 품목 | 21.4 | 9.0 | |
Loss after taxation from discontinued operations. | - | 4.9 | |
세전 조정 이익 | 24.9 | 126.6 |
31월 XNUMX일로 종료하는 회계연도의 연결포괄손익계산서
주의 사항 | 2023 | 2022 | |
£ m | £ m | ||
(Loss)/profit for the year attributable to equity shareholders | (6.0) | 77.4 | |
손익계산서 이후에 재분류되지 않는 항목: |
| ||
- 퇴직급여자산의 계리적 변동 | 13 | 6.4 | (84.2) |
- 기타포괄손익에 직접 귀속되는 항목에 대한 과세 | 6 | (1.5) | 16.0 |
- 영국 세율 변경이 기타포괄손익 항목에 미치는 영향 | 6 | (0.1) | 5.0 |
당해 연도의 기타포괄(경비)/수입 | 4.8 | (63.2) | |
해당 연도의 총포괄(경비)/수입 | (1.2) | 14.2 |
(손실) / 주당 수익
| 주의 사항 | 2023 | 2022 |
| 펜스 | 펜스 | |
Basic | 7 | (2.4) | 30.8 |
희석 | 7 | (2.3) | 30.5 |
상기 (손실)/주당 이익은 중단 영업을 포함한 그룹 기준입니다.
주당 배당금
| 주의 사항 | 2023 | 2022 |
| 펜스 | 펜스 | |
중간 배당금 | 8 | 5.0 | 5.0 |
최종 배당금 | 8 | 1.0 | 10.3 |
해당 연도에 지급된 배당금의 총 비용은 £38.4m (2022년: £42.8m).
연결 대차 대조표
주의 사항 | 31 12월 2023 | 31 December 2022 (restated1) | 1 January 2022 (restated1) | |
£ m | £ m | £ m | ||
자산 |
| |||
현금 및 현금성 자산 | 743.3 | 464.9 | 717.7 | |
고객으로부터 받을 금액 | 9 | 2,171.9 | 1,905.4 | 1,687.0 |
매출 채권 및 기타 채권 | 55.9 | 50.6 | 18.8 | |
손익을 통해 공정 가치로 유지되는 투자 | 11 | 5.4 | 10.7 | 9.1 |
유동 법인세 자산 | 8.1 | - | - | |
재산, 식물 및 장비 | 8.1 | 8.3 | 8.4 | |
자산 사용권 | 23.2 | 32.4 | 47.9 | |
친선 | 10 | 72.4 | 71.2 | 71.2 |
기타 무형 자산 | 12 | 74.4 | 63.3 | 52.3 |
퇴직금 자산 | 13 | 38.2 | 30.7 | 112.2 |
파생 금융 상품 | 1.3 | 11.3 | 3.1 | |
이연 법인세 자산 | 6 | 6.5 | 14.5 | 6.9 |
TOTAL 자산 | 4 | 3,208.7 | 2,663.3 | 2,734.6 |
부채 및 자본 |
| |||
부채 |
| |||
매입 채무 및 기타 채무 | 44.1 | 62.8 | 95.6 | |
현재 세금 부채 | - | - | 5.6 | |
식량 | 14 | 5.8 | 5.2 | 72.1 |
리스 부채 | 40.9 | 49.3 | 58.9 | |
소매 예금 | 1,950.5 | 1,100.6 | 1,018.5 | |
은행 및 기타 차입금 | 582.5 | 815.4 | 845.2 | |
파생 금융 상품 | 1.8 | 15.3 | - | |
총 부채 | 2,625.6 | 2,048.6 | 2,095.9 | |
지배기업의 소유주에게 귀속되는 자본 |
| |||
주식 자본 | 53.2 | 52.6 | 52.6 | |
프리미엄 공유 | 276.3 | 273.5 | 273.3 | |
합병준비금 | 278.2 | 278.2 | 278.2 | |
기타 준비금 | 12.1 | 12.4 | 9.8 | |
이익 잉여금 | (36.7) | (2.0) | 24.8 | |
총 자본 | 4 | 583.1 | 614.7 | 638.7 |
부채와 자본 | 3,208.7 | 2,663.3 | 2,734.6 |
1 Refer to accounting policies for detail of restatement.
연결자본변동표
공유 자본 £ m | 공유 프리미엄 £ m | 합병준비금 £ m | 기타 준비금 £ m | 잉여금 수입 £ m |
금액 £ m | |
31년 2021월 XNUMX일 | 52.6 | 273.3 | 278.2 | 9.8 | 17.3 | 631.2 |
전년도 조정1 | - | - | - | - | 7.5 | 7.5 |
1년 2022월 XNUMX일 | 52.6 | 273.2 | 278.2 | 9.8 | 24.8 | 638.7 |
올해의 이익 | - | - | - | - | 77.4 | 77.4 |
기타포괄(비용)/수입: | ||||||
- 퇴직급여자산의 계리적 변동(주석13) | - | - |
- | - | (84.2) | (84.2) |
- 다른 사람에게 직접 가져온 품목에 대한 세금 포괄손익(주 6) | - | - |
- | 16.0 | 16.0 | |
- 영국 세율 변경의 영향(주 6) | - | - | - | - | 5.0 | 5.0 |
그 해의 기타 종합(경비) | - | - | - | (63.2) | (63.2) | |
당해 년도 총 포괄 이익 | - | - | - | 14.2 | 14.2 | |
배당 | - | - | - | - | (42.8) | (42.8) |
자사주 매입 | - | - | - | - | (0.7) | (0.7) |
자본금 발행 | - | 0.2 | - | - | - | 0.2 |
주식기준보상수수료 | - | - | - | 5.1 | - | 5.1 |
주식보상가득에 따른 주식기준보상준비금의 대체 | - | - |
- | (2.5) | 2.5 | - |
31년 2022월 XNUMX일 | 52.6 | 273.5 | 278.2 | 12.4 | (2.0) | 614.7 |
1년 2023월 XNUMX일 | 52.6 | 273.5 | 278.2 | 12.4 | (2.0) | 614.7 |
올해의 손실 | - | - | - | - | (6.0) | (6.0) |
기타포괄손익/(비용): |
|
|
|
|
|
|
- 퇴직급여자산의 계리적 변동(주석13) | - | - | - | - | 6.4 | 6.4 |
- 다른 사람에게 직접 가져가는 품목에 대한 세금 포괄손익(주 6) | - | - | - | - | (1.5) | (1.5) |
- 영국 세율 변경의 영향(주 6) | - | - | - | - | (0.1) | (0.1) |
기타 포괄 손익 | - | - | - | - | 4.8 | 4.8 |
해당 연도의 총 종합 비용 | - | - | - | - | (1.2) | (1.2) |
배당 | - | - | - | - | (38.4) | (38.4) |
자본금 발행 | 0.6 | 2.8 | - | - | - | 3.4 |
주식기준보상수수료 | - | - | - | 4.6 | - | 4.6 |
주식보상가득에 따른 주식기준보상준비금의 대체 | - | - | - | (4.9) | 4.9 | - |
31년 2023월 XNUMX일 | 53.2 | 276.3 | 278.2 | 12.1 | (36.7) | 583.1 |
1 Refer to accounting policies for detail of restatement.
2018년 XNUMX월 유상증자는 주식발행에 있어서 주식발행시 프리미엄을 기록하지 않고 합병면제를 적용할 수 있는 캐시박스 구조를 통해 이루어졌습니다. 이제 전체 합병 준비금은 분배 가능한 것으로 간주됩니다.
31월 XNUMX일로 종료되는 연도의 연결 현금 흐름표
주의 사항 | 2023 | 20221 | |
£ m | £ m | ||
영업 활동으로 인한 현금 흐름 |
| ||
현금(사용)/영업에서 발생 | 15 | (175.0) | (148.1) |
지불된 금융 비용 | (76.1) | (48.8) | |
금융 소득 수령 | 26.6 | 5.4 | |
납부한 세금 | (6.0) | (13.4) | |
영업 활동에 사용 된 순 현금 | (230.5) | (204.9) | |
| |||
투자 활동으로 인한 현금 흐름 |
| ||
무형 자산 매입 | 12 | (19.0) | (29.2) |
부동산, 플랜트 및 장비 구매 | (3.3) | (3.6) | |
Proceeds from sale of available for sale investment | 6.4 | - | |
자회사 인수 | (2.9) | - | |
투자 활동에 사용 된 순 현금 | (18.8) | (32.8) | |
| |||
금융 활동으로 인한 현금 흐름 |
| ||
은행 및 기타 차입금 | 1,100.0 | 330.0 | |
은행 및 기타 차입금 상환 | (523.3) | (288.4) | |
리스 부채의 지불 | (11.2) | (10.8) | |
회사 주주에게 지급된 배당금 | (38.4) | (42.8) | |
주식 보상을 위한 주식 매입 | - | (0.7) | |
자본금 발행 수익 | 0.1 | 0.2 | |
재무 활동에서 생성된/(사용된) 순 현금 | 527.2 | (12.5) | |
| |||
Net increase/(decrease) in cash, cash equivalents and overdrafts | 277.9 | (250.2) | |
연초의 현금, 현금 등가물 및 당좌차월 | 463.9 | 714.1 | |
Cash, cash equivalents acquired from Snoop | - | - | |
연말의 현금, 현금 등가물 및 당좌차월 | 741.8 | 463.9 | |
| |||
연말의 현금, 현금 등가물 및 당좌차월은 다음과 같습니다. |
| ||
은행 및 수중에 현금 | 743.3 | 464.9 | |
당좌차월(은행 및 기타 차입금 보유) | (1.5) | (1.0) | |
총 현금, 현금 등가물 및 초과 인출 | 741.8 | 463.9 |
1 2022 cash flows reclassified between proceeds from and repayments of bank and other borrowings within cash flows from financing activities due to netting of retail deposit retained amounts totaling £155.5m
은행 및 보유 현금에는 기타 유동성을 포함한 유동 자산 완충액과 관련하여 £681.5m(2022년: £420.5m)이 포함됩니다.
PRA의 유동성 제도에 따라 Vanquis Bank Limited가 보유하는 자원입니다.
재무 정보에 대한 참고 사항
1. 준비의 기초
예비 공시는 FCA의 상장 규칙에 따라 작성되었으며 영국이 채택한 국제재무보고기준(IFRS)에 따라 작성된 2023년 재무제표를 기반으로 합니다. IFRIC(International Financial Reporting Interpretations Committee) 해석 및 회사법 2006.
The financial information set out in this announcement does not constitute the Group's statutory accounts for the year ended 31 December 2023 or the year ended 31 December 2022 but is derived from those accounts. Statutory accounts for the year ended 31 December 2022 have been delivered to the Registrar of Companies, and those for the year ended 31 December 2023 will be delivered to the Registrar of Companies before the Company's annual general meeting. The auditors have reported on those accounts: their reports were unqualified, did not draw attention to any matters by way of emphasis and did not contain statements under s498(2) or (3) of the Companies Act 2006.
법정 재무제표는 당기손익을 통해 공정 가치로 보유되는 파생 금융 상품 및 투자의 재평가에 의해 수정된 역사적 원가 협약에 따라 계속 기업 기준으로 작성되었습니다.
In assessing whether the Group is a going concern, the directors have reviewed the Group's corporate plan as approved in March 2024, in doing so, the Board reviewed detailed forecasts for the three year period to December 2026 and also considered less detailed forecasts for 2027 and 2028. These higher-level outer year forecasts do not contain any information which would cause different conclusions to be reached over the longer-term viability of the Group. The assessment included consideration of the Group's principal risks and uncertainties, with a focus on capital and liquidity, and this assessment remains valid for a period of 12 months from the accounts approval date.
The directors have also reviewed the Group's stress testing projections which are based on a severe but plausible scenario. The stress test scenario envisages that the UK economy enters a period of stagflation in 2024 with inflation rising to approximately 8.6% and the UK Bank Rate rising to 6.75%. As a result, the UK unemployment rate rises to approximately 8.1%. This shows that the Group is able to maintain sufficient capital headroom above minimum requirements. The directors have reviewed the Group's reverse stress testing projections to the point of non-viability, which concluded that the Group's viability only comes into question under an unprecedented macroeconomic scenario.
2. 회계정책
Group principal accounting policies under IFRS have been consistently applied to all the years presented.
전년도 재작성
In the current year, as part of the Group's continual focus on improving the precision of its IFRS 9 impairment models, it was identified within vehicle finance that recovery cash flows were being discounted to the date of default rather than the reporting date. This led to cash flows being discounted too heavily and therefore a higher core model impairment provision being historically recognised. In 2021, this would have resulted in a reduction in Group loss after tax of £7.5m, an increase in vehicle finance receivables of £9.3m and a reduction in the current tax asset of £1.8m. Management considers that a prior period restatement is appropriate and has retrospectively restated the 2022 balance sheet which has resulted in an increase in vehicle finance receivables of £9.3m, a reduction in the current tax asset of £1.8m and a corresponding increase of £7.5m through retained earnings.
Change in presentation of income statement
In line with our continued repositioning as a specialist banking group, the Group changed the presentation of its income statement in the Annual Report and accounts for the year ended 31 December 2022 to align with the wider banking industry.
The presentation of the income statement in this report is consistent with that in the Annual Report and Accounts for 31 December 2022, with the exception of interest received from Vanquis Bank Limited's liquid asset buffer and net fair value gains recognised in relation to the Group's derivative financial instruments previously reported in other income
now being recognised within interest income, and certain elements of vehicle finance income which were previously reported in interest income now being recognised in other income.
All periods presented in this report have been retrospectively re-presented. This change does not constitute a change in accounting policy and there is no impact on recognition, measurement or profit and loss in any period presented in this report.
3. 이자소득
Interest receivable from: | 2023 | 2022 |
£ m | £ m | |
매출채권 | 525.7 | 484.0 |
Cash balances held on deposit and other interest | 25.6 | 5.4 |
파생금융상품의 순공정가치이익 | 4.7 | 2.1 |
총 수입 | 556.0 | 491.5 |
4. 세그먼트 보고
카드 |
차량금융 |
융자 | 두 번째 청구 모기지 |
탐정 |
기업센터 |
금액 | |
2023 | 2023 | 2023 | 2023 | 2023 | 2023 | 2023 | |
£ m | £ m | £ m | £ m | £ m | £ m | £ m | |
이자 소득 | 371.0 | 150.3 | 25.9 | 0.4 | - | 8.4 | 556.0 |
이자 비용 | (51.6) | (28.7) | (4.0) | (0.2) | - | (28.9) | (113.4) |
순이자 소득 | 319.4 | 121.6 | 21.9 | 0.2 | - | (20.5) | 442.6 |
수수료 및 수수료 수입 | 44.2 | - | - | - | - | - | 44.2 |
수수료 및 수수료 비용 | (1.7) | - | - | - | - | - | (1.7) |
순 수수료 및 수수료 수입 | 42.5 | - | - | - | - | - | 42.5 |
다른 수입 | 1.3 | 2.0 | - | - | 0.4 | - | 3.7 |
총 수입 | 363.2 | 123.6 | 21.9 | 0.2 | 0.4 | (20.5) | 488.8 |
손상 비용 | (130.0) | (15.2) | (20.9) | - | - | - | (166.1) |
위험조정이익 | 233.2 | 108.4 | 1.0 | 0.2 | 0.4 | (20.5) | 322.7 |
조정된 운영 비용 | (167.8) | (49.5) | (16.0) | (0.7) | (2.9) | (60.9) | (297.8) |
Adjusted PBT/(LBT) | 65.4 | 58.9 | (15.0) | (0.5) | (2.5) | (81.4) | 24.9 |
예외 품목 | (21.4) | (21.4) | |||||
취득 무형자산의 상각 |
(7.9) |
(7.9) | |||||
Statutory loss before taxation on continuing operations |
|
|
|
|
|
(110.6) |
(4.4) |
Tax charge for continuing operations |
(1.6) | ||||||
Statutory loss after taxation on continuing operations |
|
|
|
|
|
|
(6.0) |
Loss after taxation on discontinued 운영 |
- | ||||||
Statutory loss for the year attributable to equity shareholders |
(6.0) | ||||||
|
카드 |
차량금융 |
융자 | 두 번째 청구 모기지 |
탐정 |
기업센터 |
금액 |
2022 | 2022 | 2022 | 2022 | 2022 | 2022 | 2022 | |
£ m | £ m | £ m | £ m | £ m | £ m | £ m | |
이자 소득 | 337.4 | 137.7 | 13.1 | - | - | 3.3 | 491.5 |
이자 비용 | (22.4) | (22.1) | (1.2) | - | - | (13.1) | (58.8) |
순이자 소득 | 315.0 | 115.6 | 11.9 | - | - | (9.8) | 432.7 |
수수료 및 수수료 수입 | 47.0 | - | - | - | - | - | 47.0 |
수수료 및 수수료 비용 | (2.8) | - | - | - | - | - | (2.8) |
순 수수료 및 수수료 수입 | 44.2 | - | - | - | - | - | 44.2 |
다른 수입 | 0.9 | 2.9 | - | - | - | - | 3.8 |
총 수입 | 360.1 | 118.5 | 11.9 | - | - | (9.8) | 480.7 |
손상 비용 | (16.8) | (40.8) | (8.5) | - | - | - | (66.1) |
위험조정이익 | 343.3 | 77.7 | 3.4 | - | - | (9.8) | 414.6 |
조정된 운영 비용 | (164.8) | (39.7) | (19.1) | - | - | (64.4) | (288.0) |
Adjusted PBT/(LBT) | 178.5 | 38.0 | (15.7) | - | - | (74.2) | 126.6 |
예외 품목 | (9.0) | (9.0) |
취득 무형자산의 상각 |
(7.5) |
(7.5) | |||||
Statutory (loss)/profit before taxation on continuing operations |
|
|
|
|
|
(90.6) |
110.1 |
Tax charge for continuing operations |
(27.8) | ||||||
Statutory profit after taxation on continuing operations |
|
|
|
|
|
|
82.3 |
Loss after taxation on discontinued 운영 |
(4.9) | ||||||
Statutory profit for the year attributable to equity shareholders |
|
|
|
|
|
|
77.4 |
취득 무형 자산은 공정 가치를 나타냅니다. broker relationships of £75.0m, which arose on the acquisition of Moneybarn in August 2014; the fair value of intangible assets of £10.1m; and the brand name of £1.0m, arising on the acquisition of Snoop in the current year. The amortisation charge in 2023 amounted to £7.9m (2022: £7.5m).
Revenue between business segments is not material.
계속 운영을 위한 예외 항목은 21.4년 £2023m(2022년: £9.0m)의 순 예외 비용을 나타내며 다음으로 구성됩니다.
2023 | 2022 | |
£ m | £ m | |
Strategy consultancy costs | (3.5) | (3.8) |
Redundancy - outsourcing and other staff exits | (7.2) | (1.5) |
Other outsourcing costs | (2.2) | - |
Property exit costs | (4.1) | - |
Total transformation costs | (17.0) | (5.3) |
Other exceptional costs: |
| |
Snoop acquisition costs | (3.0) | - |
Legal and other advice | (1.0) | - |
Repayment Option Plan (ROP) provision release | 2.0 | - |
CCD liquidation/scheme costs | (2.4) | (3.7) |
총 예외 항목 | (21.4) | (9.0) |
세그먼트 자산 |
부문 부채 | 그물 자산/(부채) | ||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |
£ m | £ m | £ m | £ m | £ m | £ m | |
Credit cards, personal loans and second charge mortgages | 2,195.7 | 1,795.6 |
(1,802.0) |
(1,410.7) | 393.7 | 384.9 |
차량금융 | 896.1 | 770.1 | (683.2) | (589.7) | 212.9 | 180.4 |
본부 | 29.4 | 504.8 | (58.4) | (72.7) | (29.0) | 432.1 |
기타 | 11.8 | - | (6.3) | - | 5.5 | - |
그룹 내 제거 전 계속 작업 | 3,133.0 | 3,070.5 |
(2,549.9) |
(2,073.1) | 583.1 | 997.4 |
중단 된 운영 | - | - | - | (382.7) | - | (382.7) |
그룹 내 제거 | 75.7 | (407.2) | (75.7) | 407.2 | - | - |
총 그룹 | 3,208.7 | 2,663.3 | (2,625.6) | (2,048.6) | 583.1 | 614.7 |
The presentation of segment net assets reflects the statutory assets, liabilities and net assets of each of the Group's divisions. This results in an intra-group elimination reflecting the difference between the central intercompany funding provided to the divisions and the external funding raised centrally. Credit cards, personal loans and second charge mortgages are recognised within Vanquis Bank Limited and are therefore combined for balance sheet reporting purposes.
5. Discontinued operations
The Group closed its CCD business comprising home credit and Satsuma loans during 2021 and in accordance with IFRS 5 'Non?current Assets Held for Sale and Discontinued Operations' these businesses are presented as discontinued operations.
The loss for discontinued operations for 2023 is £nil. No amounts are included in the Group income statement in the current year. Subsequently the basic and diluted loss per share for discontinued operations in 2023 is £nil.
The loss for discontinued operations for 2022 was £4.9m resulting in a basic and diluted loss per share of 2.0p. The loss for discontinued operations in 2022 included: interest expense of £6.2m; operating costs of £9.1m; an exceptional release of £4.6m; and a tax credit of £5.8m.
There were no cash flows arising from discontinued operations in 2023. In 2022 discontinued operations generated cash of £0.1m in respect of operating activities, generated £nil in respect of investing activities and used £0.1m in respect of financing activities.
Cash flows relating to exceptional items in 2022 were £4.6m in respect of operating activities.
During the year the discontinued operations generated cash of £nil (2022: £0.1m) in respect of operating activities, generated £nil (2022: £nil) in respect of investing activities and used £nil (2022: £0.1m) in respect of financing activities. Discontinued operations cash flows relating to exceptional items was £nil (2022: release of £4.6m) in respect of operating activities
6. 세금 부과
손익계산서의 세액/(공제)는 다음과 같습니다.
| ||||
2023 | ||||
지속적인 운영 | ||||
조정된 PBT | 예외 품목 |
상각 | 금액 | |
£ m | £ m | £ m | £ m | |
세전 영업이익(손실) | 24.9 | (21.4) | (7.9) | (4.4) |
세전 이익/(손실)에 영국 표준 법인세율 23.5%를 곱한 값 | 5.8 |
(5.0) |
(1.8) | (1.0) |
효과: |
|
|
|
|
- 영국 세율 변경의 영향(주(a)) | 1.3 | - | - | 1.3 |
- write off of deferred tax assets (note (b)) | 0.3 | - | - | 0.3 |
- adjustments in respect of prior years (note (c)) | 1.5 | - | - | 1.5 |
- non-deductible general expenses (note (d)) | 0.2 | 0.7 | - | 0.9 |
- benefit of capital losses (note (e)) | (1.4) | - | - | (1.4) |
총 세금/(크레딧)
| 7.7 | (4.3) | (1.8) | 1.6 |
2022 | ||||||||
지속적인 운영 | 중단 된 운영 | |||||||
조정된 PBT | 예외 품목 |
상각 | 금액 | 조정된 PBT | 예외 품목 |
금액 | ||
£ m | £ m | £ m | £ m | £ m | £ m | £ m | ||
세전 영업이익(손실) | 126.6 |
(9.0) |
(7.5) | 110.1 |
(15.3) |
4.6 |
(10.7) | |
세전 이익/(손실)에 영국 표준 법인세율 19%를 곱한 값 | 24.1 | (1.7) | (1.4) | 21.0 | (2.9) | 0.9 | (2.0) | |
효과: | ||||||||
- 영국 세율 변경의 영향(주(a)) | 3.2 | - | - | 3.2 | - | - | - | |
- write off of deferred tax assets (note (b)) | 0.2 | - | - | 0.2 | - | - | - | |
- adjustments in respect of prior years (note (c)) | (4.4) | 0.8 | - | (3.6) | (6.5) | 0.4 | (6.1) | |
- non-deductible general expenses (note (d)) | 0.2 | 0.7 | - | 0.9 | 0.6 | (0.4) | 0.2 | |
- benefit of capital losses (note e) | - | - | - | - | - | - | - | |
- impact of bank corporation tax surcharge (note (f)) | 8.4 | - | - | 8.4 | - | - | - | |
- impact of lower tax rates overseas and overseas losses (note (g)) | - | - | - | - | (0.1) | (0.1) | (0.2) | |
- prior year adjustments related to transfer pricing and losses (note (h)) | 1.0 | - | - | 1.0 | (1.0) | - | (1.0) | |
- discount on payment for losses of discontinued operations (note (i)) | (3.3) | - | - | (3.3) | 3.3 | - | 3.3 | |
총 세금/(크레딧) | 29.4 | (0.2) | (1.4) | 27.8 | (6.6) | 0.8 | (5.8) | |
(a) 영국 세율 변경의 영향
In 2021, changes were enacted to increase the mainstream corporation tax rate from 19% to 25% with effect from 1 April 2023. At 31 December 2021, deferred tax balances were remeasured at 25%, and in the case of credit cards and loans, at the combined mainstream corporation tax rate (25%) and bank corporation tax surcharge rate (8%) of 33% to the extent that the temporary differences on which deferred tax had been calculated were expected to reverse, or the tax loss was expected to be utilised, after 1 April 2023.
In 2022, further changes were enacted which, with effect from 1 April 2023, reduced the bank corporation tax surcharge rate from 8% to 3% and increase the bank corporation tax surcharge allowance, being the threshold below which banking profits are not subject to the surcharge, from £25m to £100m.
Deferred tax balances at 31 December 2023 and movements in deferred tax balances during the year have therefore been measured at 25% (2022: 25%), and in the case of credit cards and personal loans, at the combined mainstream corporation tax rate (25%) and the bank corporation tax surcharge charge rate (3%) of 28% (2022: 28%) except to the extent the temporary differences reverse when profits from credit cards and personal loans are expected to be below the bank surcharge threshold, in which case deferred tax balances have been measured at the combined rate of 25% (2022: 25%).
A tax charge of £1.3m (2022: charge of £3.2m) represents the income statement adjustment to deferred tax as a result of these changes. In 2022, an additional deferred tax credit of £5.0m was taken directly to other comprehensive income in respect of items reflected in other comprehensive income.
(b) Write off of deferred tax assets
In 2023 the tax charge in respect of deferred tax assets written off amounts to £0.3m (2022: £0.2m) and relates to share scheme awards where future deductions are expected to be lower than previously anticipated.
(c) Adjustment in respect of prior years
The tax charge of £1.5m in respect of prior years (2022: £9.7m tax credit) is due to lower tax deductions in respect of share scheme awards as a result of a lower than anticipated share price on vesting and adjustments to write off deferred tax assets which are no longer supportable.
In 2022, the tax credit of £9.7m in respect of prior years comprised: (a) a net release of tax liabilities in respect of prior years of continuing operations of £3.6m following agreement of certain historical tax matters with HMRC; (b) a £7.5m reinstatement of deferred tax assets in respect of certain losses and temporary differences of discontinued operations which were written off in 2021 but for which tax relief was considered to be available in 2022; and (c) a £1.4m tax charge in respect of a reduction in tax losses of the discontinued operations available for group relief in prior years.
(d) Non-deductible general expenses
These primarily comprise exceptional costs in respect of the acquisition of Snoop.
In 2022, these primarily comprised: (a) in the case of discontinued operations, costs for which tax deductions may not be available post closure of the business net of the release of the provision for costs associated with the FCA investigation into affordable lending in CCD, part of which is non-taxable; and (b) in the case of continuing operations, the cost of certain projects for which it was considered a tax deduction may not be available.
(e) Benefit of capital losses
The conversion and subsequent sale in 2023 of a further tranche of the preferred stock in Visa Inc gave rise to a capital gain which has been partially offset by brought forward capital losses in respect of which a deferred tax asset was not previously recognised. This gives rise to a beneficial impact on the tax charge of £1.4m (2022: £nil).
(f) Impact of bank corporation tax surcharge
The adverse impact of the bank corporation tax surcharge amounts to £nil (2022: £8.4m) as the taxable profits of credit cards and personal loans is below the annual threshold (£25m to 31 March 2023; £100m thereafter) below which banking profits are not subject to the surcharge.
In 2022, the adverse impact of the bank corporation tax surcharge amounted to £8.4m and represented tax at the bank
corporation tax surcharge rate of 8% on credit cards and personal loans taxable profits in excess of £25m where taxable profits are calculated ignoring the benefit of losses elsewhere in the Group, including capital losses.
(g) Impact of lower tax rates overseas and overseas losses
Prior to its closure in 2021, the home credit business in the Republic of Ireland was subject to tax at the Republic of Ireland statutory tax rate of 12.5% rather than the UK statutory mainstream corporation tax rate of 19.0%. In 2022, no tax liability arose on the release of various provisions and accruals following the closure of the Irish business giving a favourable impact on the tax charge of £0.2m, all of which related to discontinued operations.
(h) Prior year adjustments related to transfer pricing and losses
In 2022 this comprised a £1.0m credit related to discontinued operations net of a £1.0m charge related to continuing operations and relates to transfer pricing adjustments between the continuing operations and discontinued operations in prior years, as well as adjustments related to prior year tax losses of the discontinued operation which were surrendered as group relief to the continuing operation and which the continuing operation paid for at a discounted price.
(i) Discount on payment for losses of discontinued operation
In 2022 this comprised a credit of £3.3m related to continuing operations and a £3.3m charge related to discontinued
operations, and related to tax losses of the discontinued operation which had been surrendered as group relief to the continuing operation and which the continuing operation paid for at a discounted price. The overall impact on the tax charge was £nil.
예외 품목에 대한 세금
The tax credit in respect of exceptional items amounts to £4.3m (2022: £0.6m tax charge) and comprises a £4.3m credit (2022: £0.2m credit) relating to continuing operations and £nil (2022: £0.8m charge) related to discontinued operations.
2023 :
- The £4.3m tax credit represents a tax credit in respect of all exceptional costs with the exception of costs in respect of the acquisition of Snoop in the current year for which tax deductions may not be available.
2022 :
- The £0.2m tax credit relating to continuing operations represents a tax credit in respect of all exceptional costs of the continuing operations with the exception of certain project costs for which it is considered tax deductions may not be available.
- The £0.8m tax charge relating to discontinued operations represents the tax charge on the release of certain provisions and accruals for which tax deductions were previously claimed with the exception of those relating to the Irish branch which are non-taxable.
The tax (charge)/credit on items taken directly to other comprehensive income is as follows:
2023 | 2022 | |
Tax credit on items taken directly to other comprehensive income | £ m | £ m |
퇴직급여자산의 계리적 이동에 대한 이연법인세(부과금)/공제 | (1.5) | 16.0 |
영국 세율 변경의 영향 | (0.1) | 5.0 |
Total tax (charge)/credit on items taken directly to other comprehensive income | (1.6) | 21.0 |
기타포괄손익으로 직접 가져가는 항목에 대한 세금(요금)/세액공제는 전적으로 계속영업과 관련됩니다.
당기 중 이연법인세 잔액의 추이는 다음과 같이 분석할 수 있습니다.
2023 | 2022 | |
자산/(부채) | £ m | £ m |
1월 XNUMX일 | 14.5 | 6.9 |
손익 계산서에 청구 | (2.3) | (10.2) |
Acquisition of Snoop | (2.8) | - |
영국 세율 변경 영향 이전의 기타포괄손익에 대한 (수수료)/공제 | (1.5) | 16.0 |
영국 세율 변경의 영향: |
| |
- charge to the income statement | (1.3) | (3.2) |
- (charge)/credit to other comprehensive income | (0.1) | 5.0 |
31월 XNUMX일 | 6.5 | 14.5 |
7. (손실)/주당순이익
Basic (loss)/earnings per share (L)/EPS is calculated by dividing the (loss)/profit for the year attributable to equity shareholders by the weighted average number of ordinary shares outstanding during the year less the number of shares held by the Employee Benefit Trust which are used to satisfy the share awards such as DBP, PSP, LTIS, RSP and CSOP.
Diluted (L)/EPS calculates the effect on (L)/EPS assuming conversion of all dilutive potential ordinary shares. Dilutive potential ordinary shares are calculated as follows:
(i) For share awards outstanding under performance-related share incentive schemes such as the Deferred Bonus Plan (DBP) (previously the Performance Share Plan (PSP)), the Long Term Incentive Scheme (LTIS), the Restricted Share Plan (RSP) and the Company Share Option Plan (CSOP), the number of dilutive potential ordinary shares is calculated based on the number of shares which would be issuable if: (i) the end of the reporting period is assumed to be the end of the schemes' performance period; and (ii) the performance targets have been met as at that date.
(ii) SAYE(Save As You Earn scheme)와 같은 비성과 관련 제도 하에서 발행된 주식 옵션의 경우, 공정 가치로 취득할 수 있었던 주식의 수를 결정하기 위해 계산이 수행됩니다(연간 평균으로 결정됨). 발행된 주식선택권에 부여된 청약권의 금전적 가치를 기준으로 한 회사 주식의 시가). 계산된 주식 수는 발행된 주식 옵션 수와 비교되며 그 차이는 희석 가능성 보통주입니다. 또한 연결실체는 취득한 무형자산과 예외항목을 상각하기 전에 조정 EPS를 제시합니다.
잠재적보통주는 보통주로의 전환이 주당순이익을 감소시키거나 주당손실을 증가시키는 경우에만 희석성으로 간주됩니다.
Reconciliations of basic and diluted (L)/EPS for continuing operations and the Group are set out below:
2023 | 2022 | |||||
수입 | 가중 평균 번호 주식의 |
당 몫 양 |
수입 | 가중 평균 번호 주식의 |
당 몫 양 | |
지속적인 운영 | £ m | m | 펜스 | £ m | m | 펜스 |
기본(손실)/주당순이익 | (6.0) | 253.0 | (2.4) | 82.3 | 250.9 | 32.8 |
주식선택권 및 보상의 희석효과 | - | 9.8 | 0.1 | - | 2.8 | (0.4) |
희석 (손실) / 주당 수익 | (6.0) | 262.8 | (2.3) | 82.3 | 253.7 | 32.4 |
2023 | 2022 | |||||
수입 | 가중 평균 번호 주식의 |
당 몫 양 |
수입 | 가중 평균 번호 주식의 |
당 몫 양 | |
그룹 | £ m | m | 펜스 | £ m | m | 펜스 |
기본(손실)/주당순이익 | (6.0) | 253.0 | (2.4) | 77.4 | 250.9 | 30.8 |
주식선택권 및 보상의 희석효과 | - | 9.8 | 0.1 | - | 2.8 | (0.3) |
희석 (손실) / 주당 수익 | (6.0) | 262.8 | (2.3) | 77.4 | 253.7 | 30.5 |
The directors have elected to show an adjusted earnings per share prior to the amortisation of acquisition intangibles which arose on the acquisition of vehicle finance in August 2014 and prior to exceptional items (see note 3). This is presented to show the adjusted earnings per share generated by the continuing and Group operations. A reconciliation of continuing and Group basic/diluted earnings/(loss) per share to adjusted basic and diluted earnings per share is as follows:
2023 | 2022 |
| ||||||||
|
수입 | 가중 평균 번호 주식의 |
당 몫 양 |
수입 | 가중 평균 번호 주식의 |
당 몫 양 | ||||
| 지속적인 운영 | £ m | m | 펜스 | £ m | m | 펜스 | |||
| 기본(손실)/주당순이익 | (6.0) | 253.0 | (2.4) | 82.3 | 250.9 | 32.8 | |||
| 취득 무형 자산의 상각, 세액 | 6.1 | - | 2.4 | 6.1 | - | 2.4 | |||
| 세금 제외 예외 품목 | 17.1 | - | 6.8 | 8.8 | - | 3.5 | |||
| 조정된 기본 주당 순이익 | 17.2 | 253.0 | 6.8 | 97.2 | 250.9 | 38.7 | |||
|
|
|
|
| ||||||
| 희석 (손실) / 주당 수익 | (6.0) | 262.8 | (2.3) | 82.3 | 253.7 | 32.4 | |||
| 취득 무형 자산의 상각, 세액 | 6.1 | - | 2.4 | 6.1 | - | 2.4 | |||
| 세금 제외 예외 품목 | 17.1 | - | 6.4 | 8.8 | - | 3.5 | |||
| 조정 된 희석 주당 이익 | 17.2 | 262.8 | 6.5 | 97.2 | 253.7 | 38.3 | |||
2023 | 2022 |
| ||||||||
|
수입 | 가중 평균 번호 주식의 |
당 몫 양 |
수입 | 가중 평균 번호 주식의 |
당 몫 양 | ||||
| 그룹 | £ m | m | 펜스 | £ m | m | 펜스 | |||
| 기본(손실)/주당순이익 | (6.0) | 253.0 | (2.4) | 77.4 | 250.9 | 30.8 | |||
| 취득 무형 자산의 상각, 세액 | 6.1 | - | 2.4 | 6.1 | - | 2.4 | |||
| 세금 제외 예외 품목 | 17.1 | - | 6.8 | 5.0 | - | 2.0 | |||
| 조정된 기본 주당 순이익 | 17.2 | 253.0 | 6.8 | 88.5 | 250.9 | 35.2 | |||
|
|
|
|
| ||||||
| 희석 (손실) / 주당 수익 | (6.0) | 262.8 | (2.3) | 77.4 | 253.7 | 30.5 | |||
| 취득 무형 자산의 상각, 세액 | 6.1 | - | 2.4 | 6.1 | - | 2.4 | |||
| 세금 제외 예외 품목 | 17.1 | - | 6.4 | 5.0 | - | 2.0 | |||
| 조정 된 희석 주당 이익 | 17.2 | 262.8 | 6.5 | 88.5 | 253.7 | 34.9 | |||
8. 배당금
| 2023 | 2022 | |
| £ m | £ m | |
2022년 중간 - 주당 5.0p | - | 12.7 | |
2022년 최종 - 주당 10.3p | 25.7 | 30.1 | |
2023년 중간 - 주당 5.0p | 12.7 | - | |
38.4 | 42.8 |
The directors are recommending a final dividend in respect of the financial year ended 31 December 2023 of 1.0p per share which will amount to an estimated dividend of £2.6m. If approved, this dividend will be paid on 30 May 2024 to shareholders who were on the register of members at 19 April 2024.
9. 고객으로부터 받을 금액
2023 | 2022년(재작성) | |
£ m | £ m | |
|
| |
신용 카드 | 1,277.7 | 1,181.6 |
차량금융 | 792.2 | 655.4 |
개인 대출 | 102.4 | 76.3 |
두 번째 청구 모기지 | 2.8 | - |
금액 | 2,175.1 | 1,913.3 |
포트폴리오 헤지 위험에 대한 공정 가치 조정 | (3.2) | (7.9) |
전체 그룹 | 2,171.9 | 1,905.4 |
The fair value adjustment for the portfolio hedge risk relates to the unamortised hedged accounting adjustment in relation to the balance guaranteed swap, where hedge accounting has been discontinued.
IFRS 9 단계에 따른 채권 분석은 다음과 같습니다.
2023 | ||||
무대 1 | 무대 2 | 무대 3 | 금액 | |
£ m | £ m | £ m | £ m | |
매출채권 |
|
|
|
|
신용 카드 | 1,200.8 | 161.4 | 114.2 | 1,476.4 |
차량금융 | 391.7 | 224.8 | 527.7 | 1,144.2 |
개인 대출 | 104.1 | 5.5 | 7.9 | 117.5 |
두 번째 청구 모기지 | 2.8 | - | - | 2.8 |
전체 그룹 | 1,699.4 | 391.7 | 649.8 | 2,740.9 |
|
|
|
| |
수당 계좌 |
|
|
|
|
신용 카드 | (85.2) | (57.6) | (55.9) | (198.7) |
차량금융 | (18.2) | (27.0) | (306.8) | (352.0) |
개인 대출 | (6.3) | (2.4) | (6.4) | (15.1) |
두 번째 청구 모기지 | - | - | - | - |
전체 그룹 | (109.7) | (87.0) | (369.1) | (565.8) |
|
|
|
|
|
순매수금 |
|
|
|
|
신용 카드 | 1,115.6 | 103.8 | 58.3 | 1,277.7 |
차량금융 | 373.5 | 197.8 | 220.9 | 792.2 |
개인 대출 | 97.8 | 3.1 | 1.5 | 102.4 |
두 번째 청구 모기지 | 2.8 | - | - | 2.8 |
전체 그룹 | 1,589.7 | 304.7 | 280.7 | 2,175.1 |
2022년(재작성) | ||||
무대 1 | 무대 2 | 무대 3 | 금액 | |
£ m | £ m | £ m | £ m | |
매출채권 | ||||
신용 카드 | 1,116.6 | 148.7 | 186.7 | 1,452.0 |
차량금융 | 351.0 | 169.3 | 452.0 | 972.3 |
개인 대출 | 78.1 | 2.1 | 5.3 | 85.5 |
두 번째 청구 모기지 | - | - | - | - |
전체 그룹 | 1,545.7 | 320.1 | 644.0 | 2,509.8 |
수당 계좌 | ||||
신용 카드 | (93.2) | (58.2) | (119.0) | (270.4) |
차량금융 | (15.9) | (25.8) | (275.2) | (316.9) |
개인 대출 | (5.0) | (0.7) | (3.5) | (9.2) |
두 번째 청구 모기지 | - | - | - | - |
전체 그룹 | (114.1) | (84.7) | (397.7) | (596.5) |
| ||||
순매수금 | ||||
신용 카드 | 1,023.4 | 90.5 | 67.7 | 1,181.6 |
차량금융 | 335.1 | 143.5 | 176.8 | 655.4 |
개인 대출 | 73.1 | 1.4 | 1.8 | 76.3 |
두 번째 청구 모기지 | - | - | - | - |
전체 그룹 | 1,431.6 | 235.4 | 246.3 | 1,913.3 |
A breakdown of the in-model and post-model overlays for credit cards is shown below:
신용 카드 | 2023 | 2022 | |||
£ m | £ m | ||||
핵심 모델 | 209.4 | 254.1 | |||
New Model (under)/overlays (note (a)) | (12.7) | - | |||
Post Model (under)/overlays | 2.0 | 16.3 | |||
총 수당 계정 |
|
|
| 198.7 | 270.4 |
| 2023 £ m | 2022 £ m | |||
Post model (under)/overlays: |
| ||||
Affordability risk event (note (b)) | - | 0.3 | |||
Persistent debt (note (c)) | - | 2.8 | |||
Cost of living (note (d)) | - | 10.0 | |||
Recoveries (note (e)) | - | 2.5 | |||
Other (note (f)) | 2.0 | 0.7 | |||
Total post model (under)/overlays |
|
|
| 2.0 | 16.3 |
|
| ||||
Total (under)/overlays |
|
|
| (10.7) | 16.3 |
(a) Model overlay
Throughout 2023 the Group, in line with its ongoing commitment to continue to enhance the quality and accuracy of expected credit loss modelling, has taken steps to refine and re-calibrate the IFRS 9 model suite across the Credit Cards, Vehicle Finance and Personal Loans resulting in a release of £57.7m across all portfolios. Enhanced segmentation, refreshed data calibration, and a refinement to model input parameters has indicated the need for a model rebuild PMA at Dec'23. The resultant level of ECL provision is considered to more accurately reflect the Groups' current exposure to credit risk and takes into account how our receivables mix has evolved throughout recent months. It is expected this new model PMA will be retired when the incumbent IFRS 9 models are substituted with the new suite of IFRS 9 models during 1H24.
(b) 경제성
An additional IFRS 9 impairment provision has been created to cover the principal balance of those customers impacted by risk events which may need to be written off. These risk events arose from minor temporary data misalignment instances impacting a small number of accounts which have now been remediated. This overlay has been fully released in 2023.
(c) Persistent debt
A post-model overlay was calculated to refine provisioning for those customers who have been in Persistent Debt for 36 months (PD36). These customers have been split into two categories: those who have responded to communications and agreed to pay down their outstanding balance; and those who are making minimum payments but have not responded. This overlay has been fully released in 2023.
(d) Cost of living
A cost-of-living overlay was initially raised in 2021 due to rising inflation and higher energy costs, which might have impacted customers' ability to make repayments. The actual effect on the customers' ability to make repayments was closely monitored since, however the underlying credit metrics of the book remained stable and showed no signs of significant increase in credit risk. In 2023, both the inflation and energy costs started stabilising and management decided to gradually release the overlay with full release by the end of 2023.
(e) Recoveries
A post-model overlay was created in 2021 to account for an estimated reduction in recoveries for debt sold to debt collection agencies. Updated information and further refinement in understanding the extent of the exposure has led to management fully releasing this overlay in 2023.
(f) 기타
Other includes adjustment for fraud and one day interest adjustment due to known model deficiencies.
A breakdown of the in-model and post-model overlays for vehicle finance is shown below:
차량금융 |
|
| 2023 £ m | 2022 (다시 말함) £ m |
| |
핵심 모델 | 403.4 | 319.4 |
| |||
New Model (under)/overlays (note (a)) | (47.0) | - |
| |||
Post Model (under)/overlays | (4.4) | (2.5) |
| |||
총 수당 계정 |
| 352.0 | 316.9 |
| ||
|
|
| ||||
| 2023 £ m | 2022 £ m |
| |||
Post-model overlays: |
|
| ||||
|
| |||||
사기(참고 (b)) | (5.2) | (3.0) |
| |||
Cost of living (note (c)) | - | 0.5 |
| |||
Borrowers in financial difficulty (note (d)) | 0.8 | - |
| |||
Total post model (under)/overlays |
| (4.4) | (2.5) | |||
Total (under)/overlays |
|
| (51.4) | (2.5) |
|
(a) Model overlay
Relates to new model development executed in 2023. Refer to Cards section for further details.
(b) 사기
The fraud overlay represents a cohort of live accounts within the vehicle finance portfolio that have been identified as fraud customers. There is a corresponding adjustment within gross receivables for these accounts.
(c) Cost of living
A cost of living overlay was fully released in 2023. Refer to Cards section for further details.
(d) Borrowers in financial difficulty
An overlay has been recognised for a selection of customer accounts that are deemed to be borrowers in financial difficulty.
A breakdown of the in-model and post-model overlays for personal loans is shown below:
개인 대출 |
|
|
| 2023 £ m | 2022 £ m |
핵심 모델 | 13.1 | 8.6 | |||
New Model (under)/overlays (note (a)) | 2.0 | - | |||
Post Model (under)/overlays | - | 0.6 | |||
총 수당 계정 |
|
|
| 15.1 | 9.2 |
|
| ||||
| |||||
| 2023 £ m | 2022 £ m | |||
Post-model overlays: |
| ||||
Cost of living (note (b)) | - | 0.3 | |||
기타 | - | 0.3 | |||
Total post model (under)/overlays |
|
|
| - | 0.6 |
Total (under)/overlays |
|
|
| 2.0 | 0.6 |
(a) Model overlay
Relates to new model development executed in 2023. Refer to Cards section for further details.
(b) Cost of living
A cost of living overlay was fully released in 2023. Refer to Cards section for further details.
고객으로부터 받을 금액에 대한 손상 비용은 다음과 같이 분석할 수 있습니다.
2023 | 2022 | |
£ m | £ m | |
신용 카드 | 130.0 | 16.8 |
차량금융 | 15.2 | 40.8 |
개인 대출 | 20.9 | 8.5 |
총 손상 비용 | 166.1 | 66.1 |
고객으로부터 받을 금액에 포함된 직접 귀속 신계약비의 움직임은 다음과 같이 분석할 수 있습니다.
2023 | 2022 | |||||||||
| 신용 카드 | 융자 | 차량금융 | 두 번째 청구 모기지 | 금액 | 카드 | 융자 | 차량금융 | 두 번째 청구 모기지 | 그룹 |
| £ m | £ m | £ m | £ m | £ m | £ m | £ m | £ m | £ m | 금액 |
앞으로 가져온 | 30.3 | 1.3 | 44.3 | - | 75.9 | 29.4 | 0.2 | 32.4 | - | 62.0 |
대문자 | 15.1 | 1.5 | 37.6 | 0.1 | 54.3 | 11.9 | 1.8 | 30.2 | - | 43.9 |
상각 | (13.1) | (1.6) | (25.9) | - | (40.6) | (11.0) | (0.7) | (18.3) | - | (30.0) |
이월 | 32.3 | 1.2 | 56.0 | 0.1 | 89.6 | 30.3 | 1.3 | 44.3 | - | 75.9 |
10. Acquisition of Snoop
The Group completed the acquisition of the entire share capital of Usnoop Limited, which trades as Snoop, on 7 August 2023 for consideration of £8.7m. Snoop is a money-saving financial technology company with customers across the UK.
The acquisition will provide Snoop with significant scale, allowing access to Vanquis Banking Group's 1.5 million customers who will benefit from the app, as well as the support to grow the Snoop proposition. The acquisition marks an important step for the Group as a specialist banking group allowing it to bring a money management and saving app into its customer proposition.
Costs of £3.0m associated with the acquisition including due diligence, legal, advisory and tax fees have been charged as an exceptional cost in the year.
An assessment of the fair values of the identifiable assets and liabilities of Snoop as at the acquisition date was performed and they are as follows:
Book value on acquisition | 공정가치 조정 | 취득시 인정 | |
£ m | £ m | £ m | |
0B0BIntangible assets (note (a)) | - | 11.1 | 11.1 |
1B1BDeferred tax liabilities (note (b)) | - | (2.8) | (2.8) |
2B2B현금 및 현금성 자산 | 0.2 | - | 0.2 |
3B3B매출 채권 및 기타 채권 | 0.6 | - | 0.6 |
4B4B매입 채무 및 기타 채무 | (1.6) | - | (1.6) |
5B5BNet identifiable (liabilities)/assets required | (0.8) | 8.3 | 7.5 |
6B6B친선 |
|
| 1.2 |
7B7B고려 |
|
| 8.7 |
The fair value adjustments applied to Snoop's net assets comprise:
a) £11.1m attributed to intangible assets, recognising £10.1m of internally generated core platform and technology developed and used by the Snoop business, and £1.0m in relation to the 'Snoop' brand name, which is well recognised within the UK consumer bank/personal finance app market (see note 12); and
b) the tax effect of the fair value adjustments resulting in the recognition of a deferred tax liability of £2.8m assumed over the expected useful economic life of the intangible assets acquired.
The fair value of the consideration at the acquisition date consists of:
(i) £3.1m of cash consideration;
(ii) 2,588,253 of ordinary shares in Vanquis Banking Group plc with a nominal value of £0.5m and a market value of £3.3m. £0.5m has been recognised as an increase in share capital with the remaining £2.8m being recognised in share premium; and
(iii) £2.3m of contingent consideration dependent on the performance of the acquiree by the end of 2026. This has been determined by an independent third party using a Monte Carlo simulation for determining the future revenues of the acquiree. The range of outcomes in the contingent consideration payable is not considered to be materially different.
The goodwill of £1.2m represents the difference between the consideration and the fair value of the net assets acquired. In accordance with the Group's accounting policies, goodwill is not amortised but is subject to an annual impairment review. None of the goodwill is expected to be deductible for corporation tax purposes.
Snoop has generated revenues of £0.4m and losses of £2.5m in the period from acquisition to 31 December 2023, which are included in the consolidated statement of comprehensive income for the year. If Snoop had been part of the Group for the 12 months to 31 December 2023, Group total income would be £489.6m and the statutory loss before tax would be £9.2m.
11. 투자
2023 | 2022 | |
£ m | £ m | |
8B8B비자 주식 | 5.4 | 10.7 |
비자 주식
The Visa Inc shares represent preferred stock in Visa Inc held by Vanquis Bank Limited following completion of Visa Inc's acquisition of Visa Europe Limited on 21 June 2016. In consideration for Vanquis Bank Limited's interest in Visa Europe Limited, Vanquis Bank Limited received cash consideration of ?15.9m (£12.2m) on completion, preferred stock with an approximate value of ?10.7m and deferred cash consideration of ?1.4m which was received in 2019.
The valuation of the preferred stock has been determined using the common stock's value as an approximation as both classes of stock have similar dividend rights. However, adjustments have been made for: (i) illiquidity, as the preferred
stock is not tradeable on an open market and can only be transferred to other Visa members; and (ii) future litigation costs which could affect the valuation of the stock prior to conversion.
As at 31 December 2023, the total fair value of £5.4m of Visa shares comprised preferred stock only. During the year, common stock (35,200 Class A Common shares) was fully sold on 24 February 2023 for $219.13 per share.
12. Other intangible assets
2023 | 2022 | |||||
무형 자산 취득 | 컴퓨터 소프트웨어 | 금액 | 무형 자산 취득 | 컴퓨터 소프트웨어 | 금액 | |
£ m | £ m | £ m | £ m | £ m | £ m | |
비용 |
|
|
| |||
1월 XNUMX일 | 75.0 | 68.5 | 143.5 | 75.0 | 43.5 | 118.5 |
추가 | 11.1 | 19.0 | 30.1 | - | 29.2 | 29.2 |
폐기 | - | (2.4) | (2.4) | - | (4.2) | (4.2) |
86.1 | 85.1 | 171.2 | 75.0 | 68.5 | 143.5 | |
|
|
| ||||
|
|
| ||||
1월 XNUMX일 | 62.5 | 17.7 | 80.2 | 55.0 | 11.2 | 66.2 |
손익계산서에 청구 | 7.9 | 10.6 | 18.5 | 7.5 | 8.5 | 16.0 |
폐기 | - | (1.9) | (1.9) | - | (2.0) | (2.0) |
31월 XNUMX일 | 70.4 | 26.4 | 96.8 | 62.5 | 17.7 | 80.2 |
|
|
| ||||
순 장부가 |
|
|
| |||
31월 XNUMX일 | 15.7 | 58.7 | 74.4 | 12.5 | 50.8 | 63.3 |
1월 XNUMX일 | 12.5 | 50.8 | 63.3 | 20.0 | 32.3 | 52.3 |
취득 무형 자산은 공정 가치를 나타냅니다. broker relationships arising on the acquisition of Moneybarn in August 2014. The intangible asset was calculated based on the discounted cash flows associated with vehicle finance core broker relationships and is being amortised over an estimated useful life of 10 years. Additions to acquisition intangibles in 2023 comprise £10.1m of internally generated core platform and technology, and £1.0m in relation to the 'Snoop' brand name arising on the acquisition of Snoop on 7 August 2023.
Research and development expenditure recognised within operating costs during 2023 was £0.8m (2022: £1.0m).
£19.0m(2022년: £29.2m)의 컴퓨터 소프트웨어 추가는 £18.9m(2022년: £28.4m)의 내부 생성 자산과 £0.1m(2022년: £0.8m)의 외부 구매 소프트웨어로 구성됩니다.
The £18.9m (2022: £28.4m) of internally generated assets predominantly relates to the development of systems and applications for the credit cards and personal loans businesses. The charge for continuing operations includes amortisation of £18.5m (2022: £16.0m).
13. 퇴직급여자산
연결실체는 확정급여제도(Provident Financial Staff Pension Scheme)를 운영하고 있습니다. 이 제도는 자금이 지원되는 확정 급여 유형입니다. 그것은 또한 미래의 발생에 대해 닫혀 있습니다.
The scheme provides pension benefits which were accrued on a final salary and, more recently, on a cash balance basis. With effect from 1 August 2021, it was fully closed to future accrual and benefits are no longer linked to final salary, although accrued benefits are subject to statutory inflationary increases.
The scheme is a UK registered pension scheme under UK legislation. The scheme is governed by a Trust Deed and Rules, with trustees responsible for the operation and governance of the scheme. The trustees work closely with the Group on
funding and investment strategy decisions. The most recent actuarial valuation of the scheme was carried out as at 1 June 2021 by a qualified independent actuary. The valuation used for the purposes of IAS 19 'Employee Benefits' has been based on the results of the 2021 valuation to take account of the requirements of IAS 19 in order to assess the liabilities of the scheme at the balance sheet date. Scheme assets are stated at fair value as at the balance sheet.
The Group is entitled to a refund of any surplus, subject to tax, if the scheme winds up after all benefits have been paid. As a result, the Group recognises surplus assets under IAS 19.
연결실체는 다양한 위험에 노출되어 있으며 그 중 가장 중요한 위험은 다음과 같습니다.
- 투자 위험 - IAS 19 목적에 따른 부채는 회사채 수익률을 기준으로 설정된 할인율을 사용하여 계산됩니다. 자산이 이 수익률을 밑돌면 적자가 발생합니다. 이 계획은 부채에 더 잘 맞는 자산에 투자하여 투자 위험 수준을 낮추는 장기적인 목표를 가지고 있습니다.
- 채권 수익률의 변화 - 회사채 수익률의 감소는 부채를 증가시킬 것이지만 이는 매칭 자산의 증가로 부분적으로 상쇄될 것입니다.
- 인플레이션 위험 - 일부 부채는 인플레이션과 연결되어 있습니다. 인플레이션이 증가하면 부채가 증가하지만 이는 자산 증가로 부분적으로 상쇄됩니다. 장기적인 위험 제거 전략의 일환으로 이 계획은 인플레이션에 대응하는 자산의 포트폴리오를 늘렸습니다.
- 기대수명 - 이 제도의 최종 급여 혜택은 나머지 가입자의 삶(및 배우자의 삶) 동안 연금을 제공합니다. 구성원이 예상보다 오래 살면 최종 급여 혜택에 대한 부채가 증가합니다.
연결실체의 대차대조표에 인식된 퇴직급여순자산은 다음과 같습니다.
2023 | 2022 | |
£ m | £ m | |
제도자산의 공정가치 | 512.9 | 520.7 |
확정급여채무의 현재가치 | (474.7) | (490.0) |
9B9B대차대조표에 인식된 순퇴직급여자산 | 38.2 | 30.7 |
손익계산서에 인식된 금액은 다음과 같습니다.
2023 | 2022 | |
£ m | £ m | |
Administration costs and taxes | (1.1) | (1.6) |
제도 부채에 대한이자 | (23.0) | (14.4) |
제도 자산에 대한 이자 | 24.4 | 16.5 |
손익계산서에 인식된 순신용 | 0.3 | 0.5 |
손익계산서에 인식된 순 크레딧은 영업원가에 포함되어 있습니다.
연금자산의 공정가치 변동은 다음과 같습니다.
2023 | 2022 | |
£ m | £ m | |
1월 XNUMX일 기준 자산의 공정가치 | 520.7 | 898.8 |
제도 자산에 대한 이자 | 24.4 | 16.5 |
제도 자산에 대한 계리적 움직임 | (7.8) | (366.2) |
그룹의 기여 | 0.8 | 2.2 |
지급된 순 혜택 | (25.2) | (30.6) |
31월 XNUMX일 기준 자산의 공정가치 | 512.9 | 520.7 |
확정급여채무의 현재가치 변동은 다음과 같습니다.
2023 | 2022 | |
£ m | £ m | |
확정급여채무의 1월 XNUMX일 현재가치 | (490.0) | (786.6) |
현재 서비스 비용 | (1.1) | (1.6) |
제도 부채에 대한이자 | (23.0) | (14.4) |
계리 운동 - 경험 | 1.2 | (6.6) |
계리적 움직임 - 인구통계학적 가정 | 19.3 | 5.4 |
계리적 움직임 - 재정적 가정 | (6.3) | 283.2 |
지급된 순 혜택 | 25.2 | 30.6 |
31월 XNUMX일 확정급여채무의 현재가치 | (474.7) | (490.0) |
대차대조표일에 사용된 주요 계리적 가정은 다음과 같습니다.
2023 | 2022 | |
% | % | |
가격 인플레이션 - RPI | 3.10 | 3.25 |
물가 인플레이션 - CPI | 2.60 | 2.75 |
지급 연금 증가율 | 2.95 | 3.05 |
연기 연금에 대한 인플레이션 증가 | 2.60 | 2.75 |
할인율 | 4.65 | 4.80 |
The pension increase assumption shown above applies to pensions increasing in payment each year in line with RPI up to 5%. Pensions accrued prior to 2000 are substantially subject to fixed 5% increases each year. In deferment increases prior to retirement are linked to CPI.
사망률 가정은 자기 관리 연금 제도(SAPS) 시리즈 3 테이블(2022: SAPS 시리즈 3 테이블)을 기반으로 합니다.
- female non-pensioners: 105% of the 'Middle' table (2022: 105% of the 'Middle' table);
- male non-pensioners: 105% of the 'Middle' table (2022: 105% of the 'Middle' table);
- female pensioners: 102% of the 'Middle' table (2022: 102% of the 'Middle' table); and
- male pensioners: 99% of the 'All' table (2022: 99% of the 'All' table).
위의 승수와 테이블 유형은 계획의 구성원에 대한 연구를 거쳐 선택되었습니다. 승수가 100%보다 큰 경우 이는 평균 연금 제도에 비해 제도 내 기대 수명이 짧다는 것을 의미하며, 승수가 100% 미만인 경우에는 그 반대가 됩니다. 또한 '중간' 테이블을 사용하면 일반적으로 해당 '전체' 테이블을 사용하는 것에 비해 기대 수명이 약간 낮아집니다.
Future improvements in mortality are based on the Continuous Mortality Investigation (CMI) 2022 model with a long-term improvement trend of 1.00% per annum and a modest allowance of 0% for the experience during 2020 and 2021 (where mortality was higher due to coronavirus, which leads to lower assumed future improvements in mortality) and 50% for 2022. All other available parameters for the mortality improvements model were adopted at the default (core) level. Under these mortality assumptions, the life expectancies of members are as follows:
남성 | 여성 | ||||
2023 | 2022 | 2023 | 2022 | ||
년 | 년 | 년 | 년 | ||
65세의 현재 연금 수령자 | 21.2 | 21.7 | 22.9 | 23.3 | |
45세부터 65세 현재 회원 | 21.1 | 21.6 | 23.8 | 24.3 | |
할인율이 0.5% 감소하면(2022년: 2%) 순 퇴직 급여 자산은 약 £31m 증가했을 것입니다(2022년: £160엠).
포괄손익계산서에 인식된 금액에 대한 분석은 다음과 같습니다.
2023 | 2022 | |
£ m | £ m | |
제도 자산에 대한 계리적 움직임 | (7.8) | (366.2) |
제도 부채에 대한 계리적 움직임 | 14.2 | 282.0 |
Total movement recognised in other comprehensive income in the year | 6.4 | (84.2) |
기타포괄손익으로 인식한 누적변동 | (148.3) | (154.7) |
14. Provisions
| 2023 | 2022 | ||||||||
계획 £ m | ROP £ m | Customer compliance £ m | 기타 £ m | 금액 £ m | 계획 £m | ROP £ m | Customer compliance £ m | 기타 £ m | 금액 £ m | |
1월 XNUMX일 | 1.2 | 2.0 | 1.4 | 0.6 | 5.2 | 53.5 | 2.1 | 3.4 | 13.1 | 72.1 |
연도에 생성됨 | - | - | 10.7 | 0.3 | 11.0 | 2.6 | - | 1.1 | - | 3.7 |
Reclassified in the year | - | - | - | 0.6 | 0.6 | - | - | 1.6 | - | 1.6 |
연도에 활용 | (0.2) | - | (8.4) | (0.2) | (8.8) | (54.9) | (0.1) | (1.5) | (7.5) | (64.0) |
올해 출시 | - | (2.0) | (0.2) | - | (2.2) | - | - | (3.2) | (5.0) | (8.2) |
31월 XNUMX일 | 1.0 | - | 3.5 | 1.3 | 5.8 | 1.2 | 2.0 | 1.4 | 0.6 | 5.2 |
The Scheme of Arrangement (the Scheme): £1.0m (2022: £1.2m)
합의 계획은 구제 청구가 있는 모든 고객이 공정하게 처리되고, 해당 계획에 따라 청구를 제출하는 모든 고객에 대해 미결제 청구가 일관되게 처리되도록 보장하기 위한 목적으로 30년 2021월 XNUMX일에 승인되었습니다.
Customer settlements in relation to the Scheme of Arrangement commenced in 2H22 and the majority of the provision has been utilised, with only £0.9m of provision remaining as at December 2023. The remaining balance represents unpresented low?value customer cheques.
ROP provision: £nil (2022: £2.0m)
The Repayment Option Plan (ROP) provision principally reflects the estimated cost of the forward flow of ROP complaints more generally which may be received and in respect of which compensation may need to be paid. During 2023 it was determined that no further amounts were expected to be paid and the remaining £2.0m was released through exceptionals in the year.
Customer compliance: £3.5m (2022: £1.4m)
The customer compliance provision relates to general customer compliance matters and includes an element to cover
spurious, speculative complaints submitted by claims management companies.
During 2023 the Group experienced elevated levels of customer compensation claims from claims management companies. The majority of these claims are speculative in nature, primarily driven by spurious CMC activity, and related to a wide range of different matters. During the second half of 2023 this activity has begun to stabilise within vehicle finance, with attention of the CMCs turning to the cards product. This higher volume drives a lower uphold rate given the vast majority of complaints lack substance and are not upheld. Customer remediation costs relate to a wide range of different matters primarily in respect of lending origination but with no common theme or systemic issue.
Other: £1.3m (2022: £0.6m)
This predominantly relates to onerous contracts which originally related to CCD and the dilapidations provisions.
15. Reconciliation of (loss)/profit after tax to cash (used in)/generated from operations
2023 | 2022 | |
£ m | £ m | |
(손실)/과세 후 이익 | (6.0) | 77.4 |
다음에 대해 조정 됨 : |
| |
- 세금 부과/(크레딧) | 1.6 | 22.0 |
- 금융 비용 | 113.4 | 65.0 |
- 주식기준보상수수료 | 4.6 | 5.1 |
- retirement benefit (credit)/charge prior to exceptional pension credit | (0.3) | (0.5) |
- 무형 자산 상각 | 18.5 | 16.0 |
- exceptional impairment of ROU asset | 4.1 | - |
- 해당 연도에 생성된 조항 | 11.0 | 3.7 |
- provisions released in the year | (0.2) | (3.6) |
- 조항의 예외적 공개 | (2.0) | (4.6) |
- provisions utilised in the year | (8.8) | (64.0) |
- 유형자산의 감가상각비 및 자산사용권 | 9.1 | 12.1 |
- 유형자산 처분손실 | 1.3 | 0.9 |
- loss on disposal of intangible assets | 0.5 | 2.2 |
- 헤지 비효율성 | (13.8) | (3.7) |
- proceeds from derivatives | - | 11.8 |
- fair value movements on Visa shares | (0.9) | (1.6) |
- 퇴직급여제도에 대한 기여금 | (0.8) | (2.2) |
운영 자산 및 부채의 변경 |
| |
- 고객으로부터 받을 금액 | (261.8) | (226.3) |
- 매출 채권 및 기타 채권 | (4.8) | (22.8) |
- 매입채무 및 기타채무 | (22.0) | (31.2) |
영업에 사용된 현금 | (157.3) | (144.3) |
16. 우발채무
During the ordinary course of business the Group is subject to other complaints and threatened or actual legal proceedings (including class or group action claims) brought by or on behalf of current or former employees, customers, investors or third parties. This extends to legal and regulatory reviews, challenges, investigations and enforcement actions combined with tax authorities taking a view that is different to the view the Group has taken on the tax treatment in its tax returns. It also extends to tax authorities taking the view that VAT exempt supplies received by the Group from UK-based suppliers should be subject to VAT.
All such material matters are periodically assessed, with the assistance of external professional advisors, where appropriate, to determine the likelihood of the Group incurring a liability.
In those instances where it is concluded that it is more likely than not that a payment will be made, a provision is established for management's best estimate of the amount required at the relevant balance sheet date.
In some cases it may not be possible to form a view, for example because the facts are unclear or because further time is needed to properly assess the merits of the case, and no provisions are held in relation to such matters.
이사 책임 성명서
Each of Sir Peter Estlin, Chairman; Ian McLaughlin, Chief Executive Officer; Dave Watts, Chief Finance Officer; Angela Knight, Senior Independent Director; Paul Hewitt, Non-Executive Director; Elizabeth Chambers, Non-Executive Director; Margot James, Non-Executive Director, Graham Lindsay, Non-Executive Director, and Michele Greene, Non-Executive Director confirms that, to the best of his or her knowledge that:
(i) 영국이 채택한 IFRS에 따라 작성된 그룹 재무제표는 연결에 포함된 그룹, 회사 및 회사의 자산, 부채, 재무 상태 및 이익을 진실하고 공정하게 보여줍니다. 전체적으로 찍은; 그리고
(ii) 2023년 연례 보고서 및 재무제표에 포함된 전략 보고서에는 비즈니스의 발전 및 성과와 회사 및 그룹의 위치에 대한 공정한 검토와 전체적으로 통합에 포함된 사업이 포함되어 있습니다. 그들이 직면한 주요 위험과 불확실성에 대한 설명.
주주를 위한 정보
1. 2023년 연차보고서 및 재무제표는 연차총회 통지와 함께 16년 2024월 XNUMX일경 주주들에게 게시될 예정입니다.
2. The annual general meeting will be held on 15 May 2024 at the offices of Clifford Chance LLP, 10 Upper Bank Street, Canary Wharf, London, E14 5JJ.
RNS는 귀하의 IP 주소를 사용하여 약관 준수 여부를 확인하고, 귀하가 이 커뮤니케이션에 포함된 정보를 사용하는 방식을 분석하고, 그러한 분석을 익명으로 다른 사람과 상용 서비스의 일부로 공유할 수 있습니다. RNS와 런던 증권 거래소가 귀하가 제공한 개인 데이터를 사용하는 방법에 대한 자세한 내용은 개인 정보 보호 정책을 참조하십시오.