finablr september presentation final for pptonce they have been reviewed such numbers may be amended...
TRANSCRIPT
Investor Presentation MS TMT Conference, Nov 2019
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Disclaimer
2
Financial glossary
Adjusted
Group Income Adjusted for disposed /discontinued operations & non-core operations and impairments, entities not included in the
financials but being brought into the group as part of reorganization, 100% of Income from JVs and associates.
Adjusted for disposed/discontinued operations & non-core operations and impairments, entities not included in the
financials but being brought into the group as part of reorganization, 100% of Income from JVs and associates and
exceptional & one-off costs
The constant-currency financial information is calculated by applying the 2019 period average exchange rate to the
Group’s actual performance in the prior period.
Group Adj. EBITDA – maintenance capex.
(Group Adj. EBITDA – maintenance capex)/ Group Adj. EBITDA.Cash conversion
ratio
Free cash flow
Constant
Exchange rate
(CER)
Adjusted
Group EBITDA
3
Promoth ManghatGroup Chief Executive Officer
Rahul PaiGroup Chief Financial Officer
Mehul DesaiGroup Chief Technology Officer
Ryan AyacheHead of Investor Relations
Today’s Presenters
4
Finablr since IPO01
02
03
04
05
06
07
08
Brief overview
Investment case
Industry context
Technology platform
Financial highlights
Guidance and targets
Strategy
5
Table of contents
09 Appendix
Finablr since IPO
✓ Delivered strong H1 resultsUpper end of guidance
High single digit top line growth
Double digit EBITDA growth
Margin expansion on track
✓ Expanded global partnershipsLG Pay
Samsung Pay
Airtel Africa
China Union Pay
✓ Completed IP-accretive
acquisitionsBayan Pay
PEaaS
✓ Refined airport concessions
portfolio LHR renewal
Paris VAT exit
Istanbul exit
Improved renewal terms at
various locations
✓ Reaffirmed IPO guidance
✓ Further strengthened distribution
networkNew partnerships with banks, MTO
and wallet operators
Financial Strategic Operational
✓ Issued positive Q3 trading updateHigh single digit top line growth
Double digit EBITDA growth
Margin expansion on track
✓ Digital agenda accelerationOnline MT volume ramp up
Rollout of self-service kiosks
6
Finablr – A global platform
7
150Mn+2018 transactions
processed
~$115Bn2018 transaction
volume
1,500+2018 Corporate and institutional partners
25Mn+Retail customers
$210Mn2018 Adj.
Group EBITDA
$1.5Bn2018 Adj.
Group Revenues
170+ CountriesAgency presence
45 CountriesDirect operations(2)
Global
Network
Diverse
Customer Base
Compelling
Financial Profile
Robust Operational
Track RecordAccess to 63%
global expatriates
Attractive &
Growing
EBITDA Margin
14% (1)
Highly Scalable
Notes: 1. FY18. 2: Includes 3 liaison offices.
Direct presence Presence via agents(2)
Sources: Company information.
1. 2018, refers to consolidated group of companies. UK and Europe includes Nigeria bank notes revenue.
Broad and diversified global network with
strong emerging markets presence
2. Includes active presence only (i.e. where agents have processed at least 1 transaction over the past 12 months).
Adjusted Group Income
Split by Geography(1)
8
Notes: FINANCIAL INFORMATION BASED ON FY18.
1. Company estimate. Based on consumer Cross Border Payment volumes from the geographies where Finablr is present 2018e 2. Excluding miscellaneous income.
Market
leadership
Common integrated platform
Presence in
12 of top 15departure markets
Consumer Foreign Exchange
Solutions
500+Corporate clients
B2B and Payment Technology
Solutions
~6.7%market share(1)
Cross Border Payments and
Consumer Solutions
Foreign Exchange SolutionsB2B and Payment SolutionsCross Border Payments
Segmental Adj. Group
Revenue Contribution(2)
Segmental Adj. Group
EBITDA Contribution
22%
52%
26%
39%
24%
37%
Finablr business segment overview
9
The payments market: $136tn flows
Source: McKinsey Global Payments Report 2018
Consumer Business Government
ConsumerC2C: International Remittance
~$700 Billion
C2B: payment for e-commerce
purchases, RE investments
~1,500 Billion
C2G: Payment of taxes and utility
services for property
NA
Business
B2C: Salaries and pensions to employees
working aboard, dividend, gig economy
~$1,250 Billion
B2B: Supply chain payments to foreign
suppliers
~$133,000 Billion
B2G: Tariff paid by exporters, port charges
NA
Government
G2C: Pension payments to retirees or
child support for children living aboard
NA
G2B: Purchases from international
suppliers
NA
G2G: international aid
NA
10
Finablr competes for a c.$230bn revenue opportunity
Source: McKinsey Global Payments report 2018
Payments industry revenue split (USD bn)
230
▪ There is an arms race for intermediation of B2B flows
outside of traditional banking payment rails given the
revenue opportunity.
▪ Non-banks are muscling into the space to compete with
banks, with plenty of M&A in 2019.
▪ Network schemes acquiring cross border remittance
platforms…
▪ Broad capability building across the space.
11
The Finablr investment case
Industry positioning
• Highly experienced leadership team
• Strongly positioned across entire
payments value chain
• Reach (45/170) & footprint (50/50)
• Global licensing (<100)
• World-class processing and
operating capabilities.
• Omni-channel distribution
• Bank-grade Treasury capability
(350-365/24/7)
• 50% pay-in and 80% payout non-cash
• 1 billion global touch points
• Industry-leading $5 CAC
Globally trusted provider of
payment rails - at scale
Tech differentiation
• $160m invested in Tech stack
• Fintech at scale: 150m transaction
FY18, invested for 3x (7x)
• Own all the IP-led product
engineering
• Strong product differentiation
• Trusted partner to systemic
ecosystem partners incl.
• Google (India)
• Tencent (WeChat Pay)
• Samsung (Samsung Pay)
• China Union Pay *(UPI)
A credible Tech firm
under the hood
Financial wherewithal
• Strong top line growth
• Growing EBITDA margins
• High cash conversion ratio (c.95%)
• Low leverage (1.5x)
• Progressive dividend policy
• Active M&A backdrop
Optionality from strong
financial position
12* (MOU)
Finablr has end-to-end capabilities across the
payments value chain
Own digital network
Own physical network
Partner’s network
Licences
Compliance and
Risk
Proprietary technology
Operating capabilities
Agents
Correspondent
banks
Payment Service
Providers
Proprietary network
Origination Processing Last mile
Our omni-channel distribution allows customer to choose between any means of origination and
any means of distribution including partners who connect into Finablr’secosystem
13
In-country networks
Treasury / pricing
Stored Value Platform8
Gifting as a Service7
Acquiring solutions6
Payments Technology Solutions
Outsourcing5Foreign Exchange Solutions
Wholesale4
Last mileProcessingOrigination
Cross Border Payments
1Front End
Solutions2
Processing and
Back Office3
Distribution
Network
Finablr’s B2B and Payment Technology capabilities
14
Finablr is a partner of choice
* List of selected
partnersPayments and
Technology companies
Mobile wallet
operators
Supermarkets and
FX specialists
Banks and Financial
Institutions
Central
Banks
20
15
on
ward
s2
00
1 -
20
14
19
90
-2
00
0
Distribution / Network Regulatory / Licensing Technology
15
Front End interfaces Back End infrastructure
Retail PoS
Online/
mobile apps
Kiosks/ATMs
Partner
systems/APIs
Technology Partners
Micro
servicesAPIs
Payments
Compliance
Pricing
1 Billion data points
Real time analytics
Machine-learning process
Data Lake
Correspondent banks and distribution partners
SecureISO27001, PCI DSS,
GDPR Compliant
ScalableCan manage 3x volumes
with existing infrastructure
Well Investedc.1,000 Tech employees
FlexibleCloud First Accessible globally
Finablr technology platform - overview
16
Organisation structure
Business continuity
(Current teams – system integration
shared services)
IP & Products
Innovation
• iHub
• Linkages
• Communications
• Architecture
• Experience
• Community Building &
Engagement
• Ecosystem
• RPA
• Shared Services
• System Integration
• Customer Support
i-HubsCentres of excellence
Organisation themes
Technology company exclusively supports
group-wide requirements
Leverage global presence, partnerships,
innovators, and centers of excellence
Drive culture of innovation; Balance
alignment and autonomy
Drive global thought leadership through
People, Patents and Products
~1,000 People UK, USA and India iHubs and COEs worldwide
Finablr’s FinTech and FinServ Organisation
17
Rapidly growing volumesRapidly expanding institutional client base and partner network
Strong growth in retail client numbers through increased customer engagement
Accelerating Group Adj. Income growthDriven by increasing scale of Cross border Payments and Consumer Solutions
and B2B and Payment Technology Solutions segments
Growth across all key products and geographies
Expanding Group Adj. EBITDA marginMix shift towards high-margin, high-growth businesses
Increasing operating leverage and improved cost efficiency
Predictable and growing cash flowsStrong conversion rate as a result of low capital spend requirements
Significant technology investment completed
Multiple avenues to future value creation underpinned by a disciplined capital allocation policy
1
2
3
4
5
+15.9%CAGR ‘16-’18
+7.2%CAGR ‘16-’18
+~300bps‘16-’18
96%Cash conversion(4) FY2018
Highly attractive financial track-record
+20.4%CAGR ‘16-’18
18
Free cash flow
• Cash conversation rate of over 90%
• Strong balance Sheet
Strong results at the
upper end of guidance
• The income of US$742.2 Mn up 9.1%
• EBITDA up 26.9%• Rising volumes, stable take rates
Growth across segments,
products and channels
• B2B and Payments Technology solutions registered the highest growth of 20.5% in line with expectations
Margin expansion
on track
• Continued revenue mix shift towards high-margin, high-growth business
• Efficiencies realized through cost optimization and operational excellence
(US$ Millions, unless stated) H1 2019 H1 2018 Growth
Adj. Group Income 742.2 680.5 9.1%
Adj. Group EBITDA 103.3 81.4 26.9%
Adj. EBITDA Margin (%) 13.9 12.0 1.9
Processed volumes 64,861 56,707 14.4%
H1 2019 results highlights
19
Adj. income
Adj. EBITDA
margin
CAPEX
Tax
Leverage
Dividend
• High single digit income growth• Continued double digit growth in CBP and B2B / PTS• CBP and B2B/ PTS to represent c. 50% of total income
• Approaching 20% in the medium term
• Driven by mix shift between the segments and segmental margin expansion
• Capex to trend towards 3-4% in the medium term,
• D&A likely slightly higher than capex initially
• Effective tax rate of 18-20%
• Leverage to remain at or below 2.5x in the medium term
• Intend to pay dividends from FY 2020
• Progressive dividend policy with initial payout ratio >15% of adjusted net income• Dividends split approximately one-third / two-thirds between interim and final
Guidance and medium term targets
20
Clearly defined strategy for growth
Strategic
Partnerships
Continue to build
global strategic
partnerships
Accelerating
Digital Agenda
Accelerating market
share in digital
distribution
channels
High Growth
Markets
Capturing
opportunities in
high-growth
markets
Community
Building and
Engagement
Growing and
enhancing an
engaged customer
ecosystem
Strategic
Investments
Strategic
investments,
selective bolt-on
acquisitions and
ongoing innovation
21
High barriers to entry
Decades of capability building create
barriers that are hard to displace
IP-led product engineering
Proprietary, innovative, and differentiated
Globally trusted by regulators
Supervised and licensed by over 100
regulators globally, affording significant
credibility
Global
Regulatory
Licensing
Technology
Unique combination of competitive strengths
gives us a strong headstart
Omni-Channel
Distribution Network
22
Appendix
Business Segment
Overview
Notes: 1. Total global Cross-Border Payments volume (McKinsey global payments report 2018). 2. Company estimate. Based on consumer Cross Border Payment volumes from the geographies where Finablr is present 2018e. 3. 2018 figures. 4. World Bank –CAGR between 2007 and 2018E.
5. McKinsey GCI Cross border model –CAGR between 2017 and 2021E.
Convenience
Efficiency
Value
Trust
Segmental Adj. Income Segmental Adj. EBITDA
Clientneeds
Productoffering
Marketopportunity
Keyhighlights
H1 2019Financials
Businessmodel(3)
Volume($41bn)
Take-rate(0.85%)
$127Tn(1)
Structural industry drivers firmly in place driven by
factors including
• Int'l Mobility (C2C payments opportunity of an
estimated ~$700Bn in 2018 growing at ~5%(4)),
• e-Commerce volumes of $350-$400Bn in 2017
(growing at >10%(7)),
• Int'l Trade and Commerce (B2B payments of $11 -
$15Tn in 2017 growing at ~5%(5)) etc.
Cross border payments
Payroll processing
Mobile wallets
~6.7% market share(2)
Presence in all top 10 corridors
Access to 63% of the global expat population
Growth (∆ YoY): +12%
$190Mn
Growth (∆ YoY): +14%
$57Mn
EBITDA Margin
29.9%
Overview of Cross Border Payments and
Consumer SolutionsBeginnings of a large, well –connected financial ecosystem
Dominated by key payment corridors
Increased digitalization in both sending and receiving countries
Broad omni-channel payment networks – a key differentiator
Key market themes
25
Notes: 1. Euromonitor Global outbound spending under fixed rate. 2. Based on YouGov Study in 2017. 3. 2018 figures 3. World Bank.
Convenience
Global presence
TrustClientneeds
H1 2019Financials
Businessmodel(3)
Volume($16bn)
Take-rate(5.35%)
Retail foreign exchange
Prepaid travel cards
VAT refundsKeyproducts
$1.5Tn(1)
Total international tourist arrivals expected to grow
at a CAGR of 4.1% between 17-28E (3)Addressable
market
Keyhighlights
Most recognised brand in FX(2)
Present at 112 airports globally
Presence in 12 of top 15 departure markets
Access to global travelers
Growth (∆ YoY): +3%
$383Mn
$38Mn
Growth (∆ YoY): +34%
EBITDA Margin
9.8%
Overview of Consumer Foreign Exchange Solutions
Growth in international travel, led by emerging markets
Outbound cash spending continuing to grow
Two-speed economy valuing convenience and value
Increased importance of customer experience and retention
Segmental Adj. Income Segmental Adj. EBITDA
Key market themes
26
• Relationships with over 500 corporate
clients including leading technology companies
• Strong and long-term client relationships
• Modular and scalable offering
• Innovation embedded in DNA
• Bespoke contractual arrangements for
Corporates, Financial Institutions, Payments
and Technology companies
• Flexible partnership model
• Moving money at scale
• Trust, reliability and security
• Deliver simple solutions by hiding complexity
• Robust technology platforms
• Vertically integrated value chain a key differentiator
• Increased adoption of digital platforms when addressing consumer solutions
• Robust transaction infrastructure that has full suite of product and distribution capability
• Security and compliance embedded across the product life cycle by all parties
Delivered as a modular capabilityModular
components
Origination Processing Last mile
Key market themes
H1 2019Financials
Businessmodel
Clientneeds
Keyhighlights
Growth (∆ YoY): +21%
$60Mn
EBITDA Margin
37.4%
Growth (∆ YoY): +27%
$161Mn
Overview of B2B and Payment Technology Solution
Segmental Adj. Income Segmental Adj. EBITDA
27
Consistently
leading player
Bankaccounttransfer
Debit /credit card Cash
Bankaccount 3 - 5 days
Less thanone hour Next day
Sources: The World Bank.
Note: Cost calculation based on the transfer of GBP120. Ranking based on Q3’18.
1. Represents Q3’18 figures.
FirmPayment
instrumentAccess point
Internet
Transfer
speed
Receiving
methodFee
0.00
Exchange rate
margin (%)(1)
-0.03
Total cost (%)
(0.03)
Total Cost
(GBP)
(0.04)
Internet 0.00 0.25 0.25 0.30
Internet 0.00 0.52 0.52 0.62
Internet 0.00 0.82 0.82 0.98
Bank branch,
Call Center1.00 -0.01 0.83 1,00
Internet 1.09 0.11 1.02 1.22
Internet 1.90 -0.24 1.34 1.61
Bank branch,
Call Center2.00 -0.01 1.66 1.99
Illustration: UK to India Corridor (Q4 2018)
Pricing capabilities
28
Transactions
1xEngagement 3x Communities 10x
Traditional and MTOs
Airport players
Supermarkets and retailers
Processors Networks New entrants
Sustained evolution from transactions to
engagement and now towards building communities
29
Diversified Offering
Omni-channel Platform
Proprietary, State-of-the-Art
Technology
Compliance and
Regulatory
Customer Retention
Leading Brands
Among the lowest CAC(1)
Banking players
International and local
Closing physical footprint
• Burdened by legacy technology
• Capital and cost
• Regulatory scrutiny
• Limited tech aptitude
• High costs
Money transfer operators
Lack of customer engagement
New entrants
Infrastructure, profitability, scale?
• High CAC(1)
• Regulatory and risk management
standards
• Limited exposure to emergingmarkets
• Mono-channel
• Lack of diversification
Specialists
Niche, point players
Note: 1. CAC as compared to other companies is a Company view based on publicly available information.
Finablr is strongly positioned in a fragmented market
30
Financial Highlights
2016A 2017A 2018A H1 2019
5.29%5.34%
5.53%14.6
13.4
15.5
Cross Border Payments and Consumer Solutions Consumer Foreign Exchange Solutions B2B and Payment Technology Solutions (implied)
Notes: Figures shown are blended take-rates calculated as adj. income / volume for each segment.
CAGR 2016-2018
3.0%
5.86%
0.84% 0.86% 0.86% 0.87%
2018A H1 2019
CAGR 2016-2018
9.1%
34.336.5
40.8
2016A 2017A
Transaction volume ($Bn)
2016A 2017A 2018A H1 2019
0.58% 0.53% 0.49% 0.45%
36.4
46.4
58.2
CAGR 2016-2018
3.0%
Sustained take-rates across segments
21.8
6.9
36.1
32
289 315 351170 190
770 787827
372 384
213247
285
134161
18
1,2891,366
17
1,483
19
Segmental Adj. Group Income($Mn) Key highlights
680
5
742
8
2016A 2017A
6.0%
8.6%
9.1%
CAGR '16-’18
7.2%
3.7%
15.8%
10.2%
Over 40% of the income coming
from high growth segments
Continued and resilient growth
in Consumer Foreign Exchange
Cross-selling benefit of integrated
platform delivering further upside
Cross Border Payments and Consumer Solutions
2018A H1 2018
Consumer Foreign Exchange Solutions
H1 2019
B2B and Payment Technology Solutions Other
Accelerating Adj. Group Income growth
33
76 88 10350 57
6774
94
2838
76
(74) (68)(96)
(44) (51)
92
108
4860
145187
210
Segment Adj. Group EBITDA ($Mn)
81103
2016A 2017A
29.0%
26.9%
CAGR '16-’18
20.4%
19.1%
19.2%
16.2%
% Margin
14.2%13.7%11.3% 12.0% 13.9%
Cross Border Payments and Consumer Solutions
2018A H1 2018
Consumer Foreign Exchange Solutions
H1 2019
B2B and Payment Technology Solutions Central costs and other (1)
12.3%
Mix shift towards higher
margin segments
Scalability of platform and
strong network effect driving
economies of scale
Continued focus on efficiency and
increasing operating leverage
Key highlights
Solid Adj. Group EBITDA growth
Note 1: Central costs – other costs
34
33 3427
26 4138
1,1441,179
1,272
2018A
3.1%
7.9%
CAGR '16-’18
5.4%
11.4%
18.4%
7.5%
3.1%
% Total Adj. Group income
85.8%88.7% 86.3%
SG&A
2016A
People Technology
2017A
Marketing
Key highlights
Integrated platform provides
operating leverage
Growth in people expenses
driven by shift in skill mix of
the labour force
Cost efficiency plan well
under way
Sustainable levels of operating costs
Operating expenses ($Mn)
35
Cross Border Payments and Consumer Solutions Consumer Foreign Exchange Solutions B2B and Payment Technology Solutions
26.4%28.1%
29.3% 29.9%
8.7% 9.4%11.4%
9.8%
35.9%37.3% 38.1% 37.4%
2016A 2017A 2018A H1 2019 2016A 2017A 2018A H1 2019 2016A 2017A 2018A H1 2019
Increasing EBITDA margins across all segments
36
63
97 96
6.5%7.1%4.9%
% Adj. Group Income
2016A 2017A 2018A H1 2019
Evolution of capital expenditure (capex) ($Mn) Breakdown of capex
$Mn 2016A 2017A 2018A H1 ‘19
Growth Capex 57 85 87 40
- Technology 33 59 57 22
- Other 24 26 31 18
Maintenance Capex 7 12 9 4
- Technology 3 6 4 2
- Other 4 6 5 2
Total 63 97 96 44
Historic investments in the platform enabling
reduction in capex spend
Well invested for the future
Majority of capex invested in growth of
the business
5.9%
37
95.9%93.5%95.3%
Conversion (% Adj. Group EBITDA)
95.8%
Free cash flow ($Mn)
Adj. EBITDA - capex Adj. EBITDA - maintenance capex
2016A
82 90
114
59
2017A 2018A H1 2019
138
202
26.3%
15.5%
CAGR '16-’18
20.8%
Key highlights
Highly cash generative
business profile
Strong cash conversion
reflects limited ongoing
capital requirements
Future cash generation
benefits from prior
investments
Increasing free cash flow with high conversion rate
175
99
38
$Mn 2016A 2017A 2018A
Global reorganisation costs and corporate projects 16.6 31.5 28.5
Onerous contract provisions 6.4 1.6 (0.2)
One time write-offs 12.2 4.0 2.0
Other non-underlying fees and charges 2.7 4.9 2.1
Total Exceptional Costs 37.8 42.0 32.4
Detailed breakdown of exceptional costs
and write-offs
39
$Mn 2016A 2017A 2018A
Trade and other receivables 26 (175) 76
Trade and other payables 84 (333) (81)
Provisions utilised (27) (25) (15)
Reimbursement right 36 1 26
Travellers’ cheques awaiting redemption (38) (0) (27)
Total change in net working capital (87) (134) (22)
Key highlights
Level of receivables and
payables dependent on the
day the year ends
Volatility in working
capital induced by occasional
large orders
Limited working capital
needs for day-to-day
operations
Net working capital movements
40
Net debt and leverage
Notes:
1. For the purpose of computation of gross debt, the Obligations of Visa B shares amounting to US$18.2million is excluded as this is not covered under any of the existing covenant testing obligations. Moreover, a further US$104.8million (US$96.6million of current liabilities and
US$8.3million of non-current liabilities) of borrowings by the Group’s India operations have also been excluded, as this liability is offset by a corresponding asset in the Group balance sheet for an amount of US$119.5million. Similarly, to the Obligations of Visa B shares, this
borrowing is not covered under any of the existing covenant testing obligations. Net debt defined as Gross debt net off Net usable cash.
$Mn 2018A H1-19 Change
Gross debt 876 820.3 -55.7
Usable cash -311 -486.2 175.2
Net debt 565 334.1 -230.9
Adjusted EBITDA (LTM) 210 231.8 21.8
Leverage 2.7 1.4 -1.3
41
Notes:.
1. Relates to Currency Select and Travelex Insurance Services which were disposed in 2016.
2. These companies include Jordan UAE Exchange Co LLC, Moneydart Global Services and Unimoni India.
Income EBITDA
$Mn
Reported financials 85 166 165 88 168
2016A
1,462
2017A
1,345
2018A H1 ‘18
1,435 691
H1 ‘19
734
2016A 2017A 2018A H1 ‘18 H1 ‘19
Adjusted financials at reported exchange rates 1,336 1,392 1,483 711 742 152 194 210 82 103
(-) Constant exchange rate differential (46) (26) - (30) - (7) (7) - (1) -
Adjusted financials at constant exchange rate 1,289 1,366 1,483 680 742 145 187 210 81 103
(-) Gain on disposals(1) / acquisition of businesses (109) (6) (3) - (1) (109) (6) (3) - (1)
(-) Non-core travellers cheques (4) (2) (2) (1) (1) 3 4 1 (0) (0)
(-) Net Exchange Gain (57) - - (4) (8) (57) - - (4) (8)
(-) Discontinued/disposed(1) operations
(+) (Provision)/Reversal of provision for'
impairment loss
(52)
-
-
-
-
-
-
-
-
-
(7)
197
-
(7)
-
24
-
-
-
-
(-) Interest income on related party loans (9) (11) (13) (6) (3) (9) (11) (13) (6) (3)
(+) Entities not included in HFI(2) 52 40 36 17 14 6 2 (2) 1 0
(+) Adjustments due to JV 53 27 31 14 13 7 5 5 2 3
(+) Exceptional costs and write-offs - - - - (5) 38 42 32 - 8
(+) Floatation Costs - - - - - - - - - 28
(-) IFRS 16 Impact - - - - - - - - - (91)
Exceptional / one-off costsassociated with
creation of Finablr platform + IFRS 16
Summary bridge to adjusted financials
42
Disposed / discontinued and non-core
operations + impairments
Continuing activities in the process of being brought
into the Finablr perimeter as part of the reorganisation
Future. Enabled.
43