SHANGHAI, China--(BUSINESS WIRE)-- Lufax Holding Ltd (“Lufax” or the “Company”) (NYSE: LU), a leading technology-empowered personal financial services platform in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2021. In addition, Lufax announced a cash dividend of US$0.68 per ordinary share (US$0.34 per ADS) with a record date of April 8, 2022 and a new US$500 million share repurchase program.
Fourth Quarter 2021 Financial Highlights
(In millions except percentages, |
Three Months Ended |
|
Twelve Months Ended |
|
|||||||||||||||||
|
2020 |
2021 |
YoY |
2020 |
|
2021 |
YoY |
||||||||||||||
|
RMB |
RMB |
USD |
|
RMB |
RMB |
USD |
|
|||||||||||||
Total income |
13,286 |
|
15,831 |
|
2,484 |
|
19.2 |
% |
52,046 |
|
61,835 |
|
9,703 |
|
18.8 |
% |
|||||
Total expenses |
(9,106 |
) |
(11,492 |
) |
(1,803 |
) |
26.2 |
% |
(34,136 |
) |
(38,435 |
) |
(6,031 |
) |
12.6 |
% |
|||||
Total expenses excluding credit and |
(7,982 |
) |
(8,302 |
) |
(1,303 |
) |
4.0 |
% |
(28,612 |
) |
(30,194 |
) |
(4,738 |
) |
5.5 |
% |
|||||
Credit and asset impairment losses |
(992 |
) |
(3,222 |
) |
(506 |
) |
224.8 |
% |
(3,042 |
) |
(7,745 |
) |
(1,215 |
) |
154.6 |
% |
|||||
Financial costs and other |
(132 |
) |
32 |
|
5 |
|
(124.2 |
%) |
(2,481 |
) |
(496 |
) |
(78 |
) |
(80.0 |
%) |
|||||
Net profit |
2,847 |
|
2,896 |
|
454 |
|
1.7 |
% |
12,276 |
|
16,709 |
|
2,622 |
|
36.1 |
% |
|||||
Non-IFRS adjusted net profit |
2,847 |
|
3,409 |
|
535 |
|
19.7 |
% |
13,602 |
|
17,561 |
|
2,756 |
|
29.1 |
% |
|||||
Net margin |
21.4 |
% |
18.3 |
% |
18.3 |
% |
NA |
23.6 |
% |
27.0 |
% |
27.0 |
% |
NA |
|||||||
Non-IFRS adjusted net margin |
21.4 |
% |
21.5 |
% |
21.5 |
% |
NA |
26.1 |
% |
28.4 |
% |
28.4 |
% |
NA |
Fourth Quarter 2021 Operational Highlights
Retail credit facilitation business:
Wealth management business:
Mr. Ji Guangheng, Chairman of Lufax, commented, “During 2021, we sustained our business growth, enhanced our regulatory compliance status, and maintained our overseas listing standard. Aligning with new industry regulations, we have completed the vast majority of our business transformation initiatives and are on track to complete the remainder in an orderly manner. On the business licensing front, we possess not only guarantee licenses through our locally approved subsidiaries, but also a consumer finance license which equips us with a far greater allowable leverage ratio than that being considered for the proposed national micro-lending license. In addition, having abundant capital reserves and licensing eligibility, we have already made preparations and stand ready to apply for any new licenses if necessary. Looking ahead, we will continue to leverage the competitive advantages born out of our unique business model, methodically execute our strategic adjustments, reward our shareholders through share repurchases and dividend payouts, empower small business owners with high-quality financial services, and deliver growing value for our shareholders and society at large.”
Mr. Gregory Gibb, Co-Chief Executive Officer of Lufax, commented, “We closed 2021 with strong financial and operating results in the fourth quarter. During 2021, we deftly executed a number of operational adjustments to ensure the sustainability of our long-term growth and profitability. We succeeded in maintaining our overall net profit margins and unit economics for our retail credit facilitation business while continually reducing the average APR of our loan portfolio. Operationally, we fully aligned our business with regulatory requirements, continued our transition toward a more sustainable risk-sharing model, and improved our direct salesforce productivity. In our wealth management business, we deepened our product reform to place greater emphasis on serving high-value clients and providing high take-rate products, thus sequentially boosting our take rate by 19.9 basis points in the fourth quarter. Looking ahead, we will continue to closely monitor our new loan sales, optimize our channel mix, improve our asset quality, and increase our direct salesforce productivity. Having established a strong track record of executing transformational initiatives, we strive to evolve our business further to capture emerging opportunities amidst a rapidly changing environment.”
Mr. James Zheng, Chief Financial Officer of Lufax, commented, “We attribute our solid financial results in the fourth quarter of 2021 to stable unit economics, steady loan volume growth, high loan portfolio quality, and improved wealth management take rates. Both our full year revenues and net profit exceeded the high end of our previously announced guidance range. Our total income increased by RMB2.5 billion or 19.2% year over year to RMB15.8 billion in the fourth quarter. While our total expenses increased by RMB2.4 billion or 26.2% year over year primarily as a result of our increased credit risk exposure and a one-time asset impairment cost, our operating related costs remained flat thanks to our efficiency gains. Excluding the one-time asset impairment cost, our non-IFRS adjusted net profit increased by 19.7% to reach RMB3.4 billion. For the full year 2022, we expect new loans facilitated to grow by 9% - 12%, with the pace of growth accelerating noticeably in the second half of the year as we complete our channel optimization initiatives. At the same time, we expect to grow our total annual income by 10% - 12% while increasing our operating related costs at a much slower pace of 6% - 8%. Given that we initiated our risk-sharing business model and started to take on more credit risk in the first half of 2021, we expect the increase in our credit-related provision cost to taper off in the second half of 2022, thus the credit cost will be normalized, and should lead to a net profit growth of 11% - 13% for the full year.”
Fourth Quarter 2021 Financial Results
TOTAL INCOME
Total income increased by 19.2% to RMB15,831 million (US$2,484 million) in the fourth quarter of 2021 from RMB13,286 million in the same period of 2020. The Company’s total income mix changed with the evolution of its business model, as it bore more credit risk and increased funding from consolidated trust plans that provided lower funding costs.
|
Three Months Ended December 31, |
|
||||||||||||
(In millions except percentages, unaudited) |
2020 |
|
2021 |
YoY |
||||||||||
|
RMB |
% of income |
RMB |
|
% of income |
|
||||||||
Technology platform-based income |
9,859 |
|
74.2 |
% |
8,836 |
|
55.8 |
% |
(10.4 |
%) |
||||
Retail credit facilitation service fees |
9,283 |
|
69.9 |
% |
8,128 |
|
51.3 |
% |
(12.4 |
%) |
||||
Wealth management transaction and service fees |
576 |
|
4.3 |
% |
708 |
|
4.5 |
% |
22.9 |
% |
||||
Net interest income |
2,333 |
|
17.6 |
% |
4,234 |
|
26.7 |
% |
81.5 |
% |
||||
Guarantee income |
256 |
|
1.9 |
% |
1,635 |
|
10.3 |
% |
538.7 |
% |
||||
Other income |
452 |
|
3.4 |
% |
769 |
|
4.9 |
% |
70.1 |
% |
||||
Investment income |
386 |
|
2.9 |
% |
359 |
|
2.3 |
% |
(7.0 |
%) |
||||
Share of net profits of investments accounted for |
(1 |
) |
(0.0 |
%) |
(2 |
) |
(0.0 |
%) |
100.0 |
% |
||||
Total income |
13,286 |
|
100 |
% |
15,831 |
|
100 |
% |
19.2 |
% |
||||
TOTAL EXPENSES
Total expenses increased by 26.2% to RMB11,492 million (US$1,803 million) in the fourth quarter of 2021 from RMB9,106 million in the same period of 2020. Total expenses excluding credit and asset impairment losses, finance costs, and other (gains)/losses increased by 4.0% to RMB8,302 million (US$1,303 million) in the fourth quarter of 2021 from RMB7,982 million in the same period of 2020.
|
Three Months Ended December 31, |
|||||||||||||
(In millions except percentages, unaudited) |
2020 |
2021 |
YoY |
|||||||||||
|
RMB |
% of income |
RMB |
% of income |
|
|||||||||
Sales and marketing expenses |
4,885 |
|
36.8 |
% |
4,835 |
|
30.5 |
% |
(1.0 |
%) |
||||
General and administrative expenses |
986 |
|
7.4 |
% |
971 |
|
6.1 |
% |
(1.5 |
%) |
||||
Operation and servicing expenses |
1,650 |
|
12.4 |
% |
1,900 |
|
12.0 |
% |
15.2 |
% |
||||
Technology and analytics expenses |
461 |
|
3.5 |
% |
597 |
|
3.8 |
% |
29.5 |
% |
||||
Credit impairment losses |
985 |
|
7.4 |
% |
2,533 |
|
16.0 |
% |
157.2 |
% |
||||
Asset impairment losses |
7 |
|
0.1 |
% |
689 |
|
4.4 |
% |
9,742.9 |
% |
||||
Finance costs |
326 |
|
2.5 |
% |
267 |
|
1.7 |
% |
(18.1 |
%) |
||||
Other (gains)/losses - net |
(194 |
) |
(1.5 |
%) |
(300 |
) |
(1.9 |
%) |
54.6 |
% |
||||
Total expenses |
9,106 |
|
68.5 |
% |
11,492 |
|
72.6 |
% |
26.2 |
% |
||||
NET PROFIT
Net profit increased by 1.7% to RMB2,896 million (US$454 million) in the fourth quarter of 2021 from RMB2,847 million in the same period of 2020, driven by the aforementioned factors. Non-IFRS adjusted net profit increased by 19.7% to RMB3,409 million (US$535 million) in the fourth quarter of 2021 from RMB2,847 million in the same period of 2020.
EARNINGS PER ADS
Basic and diluted earnings per American Depositary Share (“ADS”) were RMB1.26 (US$0.20) and RMB1.21 (US$0.19), respectively, in the fourth quarter of 2021.
BALANCE SHEET
The Company had RMB34,743 million (US$5,452 million) in cash at bank as of December 31, 2021, as compared to RMB24,159 million as of December 31, 2020.
Recent Developments
US$1 Billion Share Repurchase Program
During 2021, the Company’s board of directors authorized share repurchase programs under which the Company could repurchase up to an aggregate of US$1 billion of its ADSs during the specific period. As of December 31, 2021, the Company had repurchased approximately 107.0 million ADSs for approximately US$863.5 million under these share repurchase programs.
US$500 Million Share Repurchase Program
On March 7, 2022, the Company’s board of directors authorized an additional share repurchase program (the “US$500M Share Repurchase Program”), under which the Company may repurchase up to an aggregate of US$500 million worth of its ADSs over the following twelve months. The Company’s proposed repurchases under this share repurchase program may be made from time to time in the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations.
Annual Dividend Policy
On March 7, 2022, the board of directors of the Company approved and declared a cash dividend of US$0.68 per ordinary share on the Company's outstanding shares to shareholders of record as of the close of trading on the New York Stock Exchange on April 8, 2022. The payment date will be April 15, 2022. Holders of ADSs, each two ADSs representing one ordinary share, will accordingly be entitled to a cash dividend of US$0.34 per ADS. The depository, Citibank, N.A., will distribute the dividend to holders of ADSs on or about April 22, 2022.
Business Outlook
For the full year of 2022, the Company expects its new loans facilitated to grow by 9% - 12% to the range of RMB706.8 billion to RMB726.2 billion and wealth management client assets to grow by 2% - 3% to the range of RMB441.3 billion to RMB445.7 billion. The Company expects its total income to grow by 10% - 12% to the range of RMB68.0 billion to RMB69.3 billion, and net profit to grow by 11% - 13% year over year to the range of RMB18.6 billion to RMB18.9 billion.
For the first quarter of 2022, the Company expects its new loans facilitated to grow by -2% - 2% year over year to the range of RMB169.0 billion to RMB175.8 billion and wealth management client assets to grow by 2% - 3% year over year to the range of RMB429.6 billion to RMB433.8 billion. Since retail credit facilitation income is recognized over the life of a loan and is more driven by loan balance, the Company expects its total income to grow by 8% - 10% year over year to the range of RMB16.5 billion to RMB16.8 billion. In the first quarter, net profit will grow by -2% - 2% year over year to the range of RMB4.9 billion to RMB5.1 billion, when excluding impact from the legacy P2P products in 2021, net profit is expected to grow by 6% - 10% year over year.
For the first half of 2022, the Company expects its new loans facilitated to grow by 3% - 6% year over year to the range of RMB334.8 billion to RMB344.6 billion and wealth management client assets to grow by 3% - 4% year over year to the range of RMB433.7 billion to RMB437.9 billion. The Company expects its total income to grow by 10% - 12% year over year to the range of RMB33.1 billion to RMB33.7 billion, and net profit to grow by 1% - 3% year over year to the range of RMB9.8 billion to RMB10.0 billion, and by 6% - 9% excluding the legacy P2P impact in 2021.
Conference Call Information
The Company’s management will hold an earnings conference call at 8:00 P.M. U.S. Eastern Time on Wednesday, March 9, 2022 (9:00 A.M. Beijing Time on Thursday, March 10, 2022) to discuss the financial results. For participants who wish to join the call, please complete online registration using the link provided below in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers, the Direct Event passcode, and a unique access PIN, which can be used to join the conference call.
Registration Link: https://www.incommglobalevents.com/registration/q4inc/10252/lufax-holding-ltd-fourth-quarter-2021-earnings-conference-call/
A replay of the conference call will be accessible through March 17, 2022 (+1 (866) 813-9403 or +1 (226) 828-7578; replay access code: 597354). A live and archived webcast of the conference call will also be available at the Company’s investor relations website at https://ir.lufaxholding.com.
About Lufax
Lufax Holding Ltd is a leading technology-empowered personal financial services platform in China. Lufax Holding Ltd primarily utilizes its customer-centric product offerings and offline to-online channels to provide retail credit facilitation services to small business owners and salaried workers in China as well as tailor-made wealth management solutions to China’s rapidly growing middle class. The Company has implemented a unique, capital-light, hub-and spoke business model combining purpose-built technology applications, extensive data, and financial services expertise to effectively facilitate the right products to the right customers.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.3726 to US$1.00, the rate in effect as of December 30, 2021, as certified for customs purposes by the Federal Reserve Bank of New York.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Statements that are not historical facts, including statements about Lufax’s beliefs and expectations, are forward-looking statements. Lufax has based these forward-looking statements largely on its current expectations and projections about future events and financial trends, which involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. These forward-looking statements include, but are not limited to, statements about Lufax's goals and strategies; Lufax's future business development, financial condition and results of operations; expected changes in Lufax's income, expenses or expenditures; expected growth of the retail credit facility and wealth management markets; Lufax's expectations regarding demand for, and market acceptance of, its services; Lufax's expectations regarding its relationship with borrowers, platform investors, funding sources, product providers and other business partners; general economic and business conditions; and government policies and regulations relating to the industry Lufax operates in. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in Lufax’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and Lufax does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Use of Non-IFRS Financial Measures
Lufax uses Non-IFRS measures including adjusted net profit and adjusted net margin, in evaluating the Company’s operating results and for financial and operational decision-making purposes. Lufax believes that adjusted net profit help identify underlying trends in the Company’s business by excluding the impairment losses of good will and intangible asset and the impact of non-recurring expense related to C-round convertible notes restructuring. The Non-IFRS adjusted net margin is calculated by dividing net profit excluding the impairment losses of good will and intangible asset and non-recurring expense related to C-round convertible notes restructuring by total income.
Lufax believes that adjusted net profit and adjusted net margin provide useful information about the Company’s operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by Lufax’s management in its financial and operational decision-making.
Non-IFRS adjusted net profit and adjusted net margin are not defined under IFRS and are not presented in accordance with IFRS. This Non-IFRS financial measures have limitations as analytical tool, and when assessing the Company’s operating performance, cash flows or its liquidity, investors should not consider them in isolation, or as a substitute for net profit, net margin or other consolidated statements of comprehensive income data prepared in accordance with IFRS. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.
For more information on this Non-IFRS financial measures, please see the table captioned “UNAUDITED RECONCILIATION OF IFRS AND NON-IFRS RESULTS” set forth at the end of this press release.
LUFAX HOLDING LTD |
|||||||||||||||||
UNAUDITED INTERIM CONDENSED CONSOLIDATED INCOME STATEMENTS |
|||||||||||||||||
(All amounts in thousands, except share data, or otherwise noted) |
|||||||||||||||||
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||||||||||||
|
2020 |
|
2021 |
|
2020 |
|
2021 |
||||||||||
|
RMB |
|
RMB |
|
USD |
|
RMB |
|
RMB |
|
USD |
||||||
Technology platform-based income |
9,859,002 |
|
|
8,836,164 |
|
|
1,386,587 |
|
|
41,221,842 |
|
|
38,294,317 |
|
|
6,009,214 |
|
Retail credit facilitation service fees |
9,283,066 |
|
|
8,127,905 |
|
|
1,275,446 |
|
|
39,456,904 |
|
|
36,086,974 |
|
|
5,662,834 |
|
Wealth management transaction and service |
575,936 |
|
|
708,259 |
|
|
111,141 |
|
|
1,764,938 |
|
|
2,207,343 |
|
|
346,380 |
|
Net interest income |
2,333,233 |
|
|
4,234,114 |
|
|
664,425 |
|
|
7,750,460 |
|
|
14,174,231 |
|
|
2,224,246 |
|
Guarantee income |
256,008 |
|
|
1,634,938 |
|
|
256,557 |
|
|
601,644 |
|
|
4,370,342 |
|
|
685,802 |
|
Other income |
452,263 |
|
|
769,097 |
|
|
120,688 |
|
|
1,517,042 |
|
|
3,875,407 |
|
|
608,136 |
|
Investment income |
386,004 |
|
|
358,866 |
|
|
56,314 |
|
|
939,899 |
|
|
1,151,753 |
|
|
180,735 |
|
Share of net profits of investments accounted for |
(527 |
) |
|
(1,725 |
) |
|
(271 |
) |
|
14,837 |
|
|
(31,143 |
) |
|
(4,887 |
) |
Total income |
13,285,983 |
|
|
15,831,454 |
|
|
2,484,301 |
|
|
52,045,724 |
|
|
61,834,907 |
|
|
9,703,246 |
|
Sales and marketing expenses |
(4,884,714 |
) |
|
(4,834,811 |
) |
|
(758,687 |
) |
|
(17,813,557 |
) |
|
(17,993,072 |
) |
|
(2,823,506 |
) |
General and administrative expenses |
(986,060 |
) |
|
(970,864 |
) |
|
(152,350 |
) |
|
(2,975,544 |
) |
|
(3,559,323 |
) |
|
(558,535 |
) |
Operation and servicing expenses |
(1,650,278 |
) |
|
(1,899,665 |
) |
|
(298,099 |
) |
|
(6,031,297 |
) |
|
(6,557,595 |
) |
|
(1,029,030 |
) |
Technology and analytics expenses |
(461,193 |
) |
|
(596,647 |
) |
|
(93,627 |
) |
|
(1,792,081 |
) |
|
(2,083,994 |
) |
|
(327,024 |
) |
Credit impairment losses |
(984,689 |
) |
|
(2,532,985 |
) |
|
(397,481 |
) |
|
(3,035,188 |
) |
|
(6,643,727 |
) |
|
(1,042,546 |
) |
Asset impairment losses |
(7,168 |
) |
|
(689,286 |
) |
|
(108,164 |
) |
|
(7,168 |
) |
|
(1,100,882 |
) |
|
(172,752 |
) |
Finance costs |
(325,961 |
) |
|
(267,359 |
) |
|
(41,954 |
) |
|
(2,865,654 |
) |
|
(995,515 |
) |
|
(156,218 |
) |
Other gains/(losses) - net |
194,428 |
|
|
299,807 |
|
|
47,046 |
|
|
384,270 |
|
|
499,379 |
|
|
78,363 |
|
Total expenses |
(9,105,635 |
) |
|
(11,491,810 |
) |
|
(1,803,316 |
) |
|
(34,136,219 |
) |
|
(38,434,729 |
) |
|
(6,031,248 |
) |
Profit before income tax expenses |
4,180,348 |
|
|
4,339,644 |
|
|
680,985 |
|
|
17,909,505 |
|
|
23,400,178 |
|
|
3,671,999 |
|
Income tax expenses |
(1,332,865 |
) |
|
(1,443,350 |
) |
|
(226,493 |
) |
|
(5,633,265 |
) |
|
(6,691,118 |
) |
|
(1,049,982 |
) |
Net profit for the period |
2,847,483 |
|
|
2,896,294 |
|
|
454,492 |
|
|
12,276,240 |
|
|
16,709,060 |
|
|
2,622,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net profit/(loss) attributable to: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Owners of the Group |
2,886,433 |
|
|
2,906,087 |
|
|
456,028 |
|
|
12,354,114 |
|
|
16,804,380 |
|
|
2,636,974 |
|
Non-controlling interests |
(38,950 |
) |
|
(9,793 |
) |
|
(1,537 |
) |
|
(77,874 |
) |
|
(95,320 |
) |
|
(14,958 |
) |
Net profit for the period |
2,847,483 |
|
|
2,896,294 |
|
|
454,492 |
|
|
12,276,240 |
|
|
16,709,060 |
|
|
2,622,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Earnings per share |
|
|
|
|
|
|
|
|
|
|
|
||||||
-Basic earnings per share |
2.50 |
|
|
2.51 |
|
|
0.39 |
|
|
11.19 |
|
|
14.22 |
|
|
2.23 |
|
-Diluted earnings per share |
2.44 |
|
|
2.42 |
|
|
0.38 |
|
|
11.10 |
|
|
13.38 |
|
|
2.10 |
|
-Basic earnings per ADS |
1.25 |
|
|
1.26 |
|
|
0.20 |
|
|
5.59 |
|
|
7.11 |
|
|
1.12 |
|
-Diluted earnings per ADS |
1.22 |
|
|
1.21 |
|
|
0.19 |
|
|
5.55 |
|
|
6.69 |
|
|
1.05 |
|
LUFAX HOLDING LTD |
||||||||
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(All amounts in thousands, except share data, or otherwise noted) |
||||||||
|
As of December 31, |
|
As of December 31, |
|||||
|
2020 |
|
2021 |
|||||
|
RMB |
|
RMB |
|
USD |
|||
Assets |
|
|
|
|
|
|||
Cash at bank |
24,158,568 |
|
|
34,743,188 |
|
|
5,451,964 |
|
Restricted cash |
23,029,588 |
|
|
30,453,539 |
|
|
4,778,825 |
|
Financial assets at fair value through profit or loss |
34,423,897 |
|
|
31,023,211 |
|
|
4,868,219 |
|
Financial assets at amortized cost |
6,563,969 |
|
|
3,784,613 |
|
|
593,888 |
|
Financial assets purchased under reverse repurchase agreements |
700,007 |
|
|
5,527,177 |
|
|
867,335 |
|
Accounts and other receivables and contract assets |
23,325,978 |
|
|
22,344,773 |
|
|
3,506,382 |
|
Loans to customers |
119,825,814 |
|
|
214,972,110 |
|
|
33,733,815 |
|
Deferred tax assets |
3,358,664 |
|
|
4,873,370 |
|
|
764,738 |
|
Property and equipment |
424,043 |
|
|
380,081 |
|
|
59,643 |
|
Investments accounted for using the equity method |
489,931 |
|
|
459,496 |
|
|
72,105 |
|
Intangible assets |
1,882,462 |
|
|
899,406 |
|
|
141,136 |
|
Right-of-use assets |
973,547 |
|
|
804,990 |
|
|
126,320 |
|
Goodwill |
9,046,830 |
|
|
8,918,108 |
|
|
1,399,446 |
|
Other assets |
686,949 |
|
|
1,249,424 |
|
|
196,062 |
|
Total assets |
248,890,247 |
|
|
360,433,486 |
|
|
56,559,879 |
|
Liabilities |
|
|
|
|
|
|||
Payable to platform users |
9,114,906 |
|
|
2,747,891 |
|
|
431,204 |
|
Borrowings |
10,315,445 |
|
|
25,927,417 |
|
|
4,068,578 |
|
Current income tax liabilities |
2,610,610 |
|
|
8,222,684 |
|
|
1,290,319 |
|
Accounts and other payables and contract liabilities |
5,483,757 |
|
|
8,814,255 |
|
|
1,383,149 |
|
Payable to investors of consolidated structured entities |
110,367,718 |
|
|
195,446,140 |
|
|
30,669,764 |
|
Financial guarantee liabilities |
748,674 |
|
|
2,697,109 |
|
|
423,235 |
|
Deferred tax liabilities |
5,733,733 |
|
|
833,694 |
|
|
130,825 |
|
Lease liabilities |
979,419 |
|
|
794,544 |
|
|
124,681 |
|
Convertible promissory note payable |
10,117,188 |
|
|
10,669,498 |
|
|
1,674,277 |
|
Optionally convertible promissory notes |
7,530,542 |
|
|
7,405,103 |
|
|
1,162,022 |
|
Other liabilities |
2,736,934 |
|
|
2,315,948 |
|
|
363,423 |
|
Total liabilities |
165,738,926 |
|
|
265,874,283 |
|
|
41,721,477 |
|
Equity |
|
|
|
|
|
|||
Share capital |
77 |
|
|
75 |
|
|
12 |
|
Share premium |
33,213,426 |
|
|
33,365,786 |
|
|
5,235,820 |
|
Treasury shares |
(2 |
) |
|
(5,560,104 |
) |
|
(872,502 |
) |
Other reserves |
7,418,710 |
|
|
9,304,995 |
|
|
1,460,157 |
|
Retained earnings |
40,927,597 |
|
|
55,942,943 |
|
|
8,778,669 |
|
Total equity attributable to owners of the Company |
81,559,808 |
|
|
93,053,695 |
|
|
14,602,155 |
|
Non-controlling interests |
1,591,513 |
|
|
1,505,508 |
|
|
236,247 |
|
Total equity |
83,151,321 |
|
|
94,559,203 |
|
|
14,838,402 |
|
Total liabilities and equity |
248,890,247 |
|
|
360,433,486 |
|
|
56,559,879 |
|
LUFAX HOLDING LTD |
||||||||||||||||||
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||||||||||||
(All amounts in thousands, except share data, or otherwise noted) |
||||||||||||||||||
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|||||||||||||||
|
2020 |
|
2021 |
|
2020 |
|
2021 |
|||||||||||
|
RMB |
|
RMB |
|
USD |
|
RMB |
|
RMB |
|
USD |
|||||||
Net cash generated from/(used in) operating activities |
(2,378,084 |
) |
|
(629,561 |
) |
|
(98,792 |
) |
|
7,121,282 |
|
|
4,987,472 |
|
|
782,643 |
|
|
Net cash generated from/(used in) investing activities |
(5,176,335 |
) |
|
2,949,461 |
|
|
462,835 |
|
|
(15,003,750 |
) |
|
313,822 |
|
|
49,246 |
|
|
Net cash generated from/(used in) financing activities |
18,017,702 |
|
|
(1,631,703 |
) |
|
(256,050 |
) |
|
24,873,923 |
|
|
(2,448,028 |
) |
|
(384,149 |
) |
|
Effects of exchange rate changes on cash and cash |
(705,491 |
) |
|
(98,354 |
) |
|
(15,434 |
) |
|
(517,865 |
) |
|
(142,607 |
) |
|
(22,378 |
) |
|
Net increase in cash and cash equivalents |
9,757,792 |
|
|
589,843 |
|
|
92,559 |
|
|
16,473,590 |
|
|
2,710,659 |
|
|
425,362 |
|
|
Cash and cash equivalents at the beginning of the |
14,027,859 |
|
|
25,906,467 |
|
|
4,065,290 |
|
|
7,312,061 |
|
|
23,785,651 |
|
|
3,732,488 |
|
|
Cash and cash equivalents at the end of the period |
23,785,651 |
|
|
26,496,310 |
|
|
4,157,849 |
|
|
23,785,651 |
|
|
26,496,310 |
|
|
4,157,849 |
|
LUFAX HOLDING LTD |
|||||||||||||||||
UNAUDITED RECONCILIATION OF IFRS AND NON-IFRS RESULTS |
|||||||||||||||||
(All amounts in thousands, except share data, or otherwise noted) | |||||||||||||||||
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||||||||||||
|
2020 |
|
2021 |
|
2020 |
|
2021 |
||||||||||
|
RMB |
|
RMB |
|
USD |
|
RMB |
|
RMB |
|
USD |
||||||
Net profit |
2,847,483 |
|
|
2,896,294 |
|
|
454,492 |
|
|
12,276,240 |
|
|
16,709,060 |
|
|
2,622,016 |
|
Add: Non-recurring expense related to C- |
- |
|
|
- |
|
|
- |
|
|
1,326,007 |
|
|
- |
|
|
- |
|
Impairment losses of good will and intangible asset |
- |
|
|
682,646 |
|
|
107,122 |
|
|
- |
|
|
1,092,662 |
|
|
171,463 |
|
Less: Tax effects on impairment losses of good will and |
- |
|
|
(170,033 |
) |
|
(26,682 |
) |
|
- |
|
|
(240,985 |
) |
|
(37,816 |
) |
Non-IFRS adjusted net profit |
2,847,483 |
|
|
3,408,907 |
|
|
534,932 |
|
|
13,602,247 |
|
|
17,560,737 |
|
|
2,755,663 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total income |
13,285,983 |
|
|
15,831,454 |
|
|
2,484,301 |
|
|
52,045,724 |
|
|
61,834,907 |
|
|
9,703,246 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net margin |
21.4 |
% |
|
18.3 |
% |
|
18.3 |
% |
|
23.6 |
% |
|
27.0 |
% |
|
27.0 |
% |
Non-IFRS adjusted net margin |
21.4 |
% |
|
21.5 |
% |
|
21.5 |
% |
|
26.1 |
% |
|
28.4 |
% |
|
28.4 |
% |
1Please refer to “UNAUDITED RECONCILIATION OF IFRS AND NON-IFRS RESULTS” for reconciliation between IFRS and non-IFRS metrics.
2The take rate of retail credit facilitation business is calculated by dividing the aggregated amount of retail credit facilitation service fee, net interest income, guarantee income and the penalty fees and account management fees by the average outstanding balance of loans facilitated for each period.
3 Flow rate estimates the percentage of current loans that will become non-performing at the end of three months, and is defined as the product of (i) the loan balance that is overdue from 1 to 29 days as a percentage of the total current loan balance of the previous month, (ii) the loan balance that is overdue from 30 to 59 days as a percentage of the loan balance that was overdue from 1 to 29 days in the previous month, and (iii) the loan balance that is overdue from 60 to 89 days as a percentage of the loan balance that was overdue from 30 days to 59 days in the previous month. Loans from legacy products and consumer finance subsidiary are excluded from flow rate estimation.
4 DPD 30+ delinquency rate refers to the outstanding balance of loans for which any payment is 30 to 179 calendar days past due divided by the outstanding balance of loans. Loans from legacy products and consumer finance subsidiary are excluded from calculation.
5 DPD 90+ delinquency rate refers to the outstanding balance of loans for which any payment is 90 to 179 calendar days past due divided by the outstanding balance of loans. Loans from legacy products and consumer finance subsidiary are excluded from calculation.
6 The take rate for the wealth management business is calculated by dividing total wealth management transaction and service fees for current products by average client assets in the Company’s current products.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220309005433/en/
Investor Relations
Lufax Holding Ltd
Email: Investor_Relations@lu.com
ICR, LLC
Robin Yang
Tel: +1 (646) 308-0546
Email: lufax.ir@icrinc.com
Source: Lufax Holding Ltd