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Annual Report and Financial Statements 2010
Strong
financial
proposition
The home credit business model is capital generative and profitable. Our balance sheet continues to strengthen with equity to receivables of 54.5%, gearing at 1.0 times and borrowings reduced to £304.3 million. We have committed funding from a range of sources to support our growth plans. We employ a prudent provisioning methodology.
Diversified funding
During 2010, we completed our refinancing programme providing diversified funding to support growth through to November 2013. In August, we issued €225 million (£193 million) of five-year bonds under the Euro Medium Term Note Programme. In October we issued 200 million zloty (£43 million) of Polish bonds. In November, we secured £198 million of three-year committed bank facilities. This funding will be used to support our business expansion strategy to grow in our existing markets and to enter new markets when the time is right.
© International Personal Finance 2012