VEB.RF Publishes IFRS Interim Condensed Consolidated Financial Statements as at 30 June 2019

29 august 2019 года
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VEB.RF published its interim condensed consolidated financial statements prepared in accordance with IFRS as at 30 June 2019.

The VEB.RF Group’s key financial results for 1H2019 are as follows:

  • The VEB.RF Group reported net profit of RUB12.8bn for 1H2019 as against a loss of RUB75.6bn in 1H2018.
  • The Group’s operating income in 1H2019 reached RUB41.6bn as compared to RUB16.6bn in the corresponding period in 2018.
  • The Group’s assets as at 30 June 2019 totalled RUB3,275.2bn, 2.6% (–RUB86.7bn) down from the beginning of the year. Assets decreased due to a reduction in lending, net lease investments, trading securities and amounts due from banks.
    • Lending accounted for 40.6% of the Group’s total assets. As compared to year-end 2018, lending (net of the provision for impairment) decreased by 14.8% (–RUB231.6bn) to RUB1,330.0bn. The decrease was largely due to reclassifying the loans provided by Sviaz-Bank as a disposal group. The lending portfolio was also affected by foreign currency revaluation.
    • The provision for expected credit losses was reversed in the amount of RUB17.0bn in 1H2019 (RUB6.0bn in 1H2018).
  • The Group’s liabilities as at 30 June 2019 totalled RUB2,937.6bn, 4.6% (–RUB140.2bn) down from the beginning of the year, mostly because of decreased amounts due to banks. Amounts due to customers decreased due to reclassifying the amounts due to Sviaz-Bank customers as a disposal group.
    • Amounts due to banks and outstanding debt securities accounted for 50.9% of total liabilities (52.5% at year-end 2018).
  • The Group’s equity in 1H2019 went up by RUB53.5bn (+18.8%) to RUB337.6bn as at 30 June 2019. Equity grew due to net profit and government subsidies received by VEB.RF.
    • In 1H2019 VEB.RF received a government subsidy as the Russian Federation’s asset contribution of RUB15.5bn to offset part of costs related to the fulfilment of obligations arising from foreign borrowings in the capital markets. The subsidy was recognised in authorised capital.
    • In the reporting period VEB.RF also received a government subsidy of RUB9.7bn as the Russian Federation’s asset contribution intended to make a contribution to the share capital of the Far East and Baikal Region Development Fund for the implementation of priority investment projects in the Far Eastern Federal District. The subsidy was recognised in additional paid-in capital.
    • VEB.RF’s capital adequacy ratio in accordance with RAS was 14.8% as at 1 July 2019 (11.8% as at 1 January 2019).
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VEB.RF and Chinese Business Discuss Joint Projects in Beijing

22 august 2019 года
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VEB.RF’s delegation headed by VEB.RF’s First Deputy Chairman – Member of the Management Board Nikolai Tsekhomsky discussed joint projects with China Development Bank (CDB) and Chinese businesspeople in Beijing. Specifically, VEB.RF presented large Russian construction projects such as a wood-processing facility, the Eastern Grain Gate port terminal, and the Meridian road.

The roadshow included negotiations between VEB.RF’s management and executives of Silk Road Fund and China Eximbank, who expressed interest in Russian forest chemistry and trunk infrastructure projects.

“I have a very positive impression of the roadshow. We held several meetings with our partners from CDB, Silk Road Fund and China Eximbank and discussed projects that could be attractive to Chinese business. Interbank cooperation is particularly important for promoting Russian-Chinese economic cooperation. VEB.RF and CDB share a special mission, creating a financial bridge to implement joint initiatives,” Nikolai Tsekhomsky said after the roadshow.

Nikolai Tsekhomsky added that VEB.RF had long-standing relationships with Chinese financial institutions (15 years). CDB is VEB.RF’s strategic partner to implement a financial mechanism for coordinating integration processes across the Eurasian Economic Union (EAEU) and China’s Belt and Road Initiative. VEB.RF’s and CDB’s integration initiatives include several large projects in the area of rail transport and the Northern Sea Route infrastructure.


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