Hoist Finance

Quarterly Report • May 14, 2019

Interim report 2019 Strong earnings

January – March 2019

• Total operating income increased 13 per cent to SEK 774m (684).
• Profit before tax increased 22 per cent to SEK 226m (185).
• Diluted earnings per share amounted to SEK 1.79 (1.59).
• Return on equity was 17 per cent (18).
• Carrying value of acquired loan portfolios totalled SEK 21,115m (20,605).
• The total capital ratio was 13.70 per cent (14.14) and the CET1 capital ratio was 9.47 per cent (9.66).

Figures in brackets refer to first quarter 2018 for profit/loss comparisons and to the closing balance at 31 December 2018 for balance sheet items.

Events during the quarter

• Continued harmonisation of work methods and organisation in accordance with the One Hoist Finance model, with Hoist Finance France restructured from subsidiary to branch office.
• Customer portal 2.0 implemented in France and FICO collection system implemented in Germany.
• Changes to senior management: Emanuele Reale is new Chief Operating Officer and Fabien Klecha is new Chief Sales Officer.
• Establishment of two Centres of Excellence (one for secured assets and one for unsecured assets) to ensure knowledge transfer and process harmonisation and standardisation across markets.
• Good progress on our mitigating actions to address regulatory changes.

Subsequent events

• Hoist Finance finalised the acquisition of assets totalling PLN 400m from the Polish debt restructuring company GetBack.
• Hoist Finance has won the auction to acquire the business of the Italian debt collection companies Maran S.p.A. and R&S S.r.l. and the last steps of the process is expected to be finalised in the near future.

Hoist Finance AB (publ) (the "Company" or the "Parent") is the parent company of the Hoist Finance group of companies ("Hoist Finance"). As a regulated credit market company, Hoist Finance produces financial statements in accordance with the Swedish Annual Accounts Act for Credit Institutions and Securities Companies.

This information is information that Hoist Finance AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication by Julia Ehrhardt at 07:30 AM CET on 14 May 2019.

Delivering on our strategy

Strong earnings

One year ago, we established our strategy of capturing our lion share of the market through expanding into new asset classes and to become the most efficient operator in the industry. In the first quarter of 2019, I am very pleased to see that we are delivering strong earnings and our best result ever. We did this through continued strong collection performance (105 per cent) and an improved cost to income ratio (71 per cent (74)). If we also include the acquisition of the GetBack portfolios in the first quarter, although this technically was closed late April, the investment level in the first quarter was the best start of the year ever for Hoist Finance.

In the fourth quarter 2018 report, we discussed and explained the consequences of new regulations and our mitigating actions. New regulation is one of the key topics for the Credit Management Services industry, which is expected to remain. Hoist Finance welcomes regulations as these benefit our clients, customers and the most professional companies in the industry. The new regulations will reduce the European banks' Non Performing Exposures and increase the supply of Non-Performing Loans (NPL), which of course is a very positive trend. However, being regulated as a bank, the same regulations have negative consequences for Hoist Finance that we are now addressing through implementing mitigating actions.

One of the key mitigating actions to address both increased risk weights as well as the prudential NPL backstop is to securitise part of the NPLs. We have made substantial progress since year end and we are confident that we are on the right path towards a sustainable business model in a post NPL backstop world.

Additionally, working with co-investors is another option for Hoist Finance in order to continue creating shareholder value. We have co-investors working on potential fund structure for a mid-size NPL portfolio. The potential transaction is in documentation and structuring phase where we aim to close by summer.

The work to implement the most cost efficient mitigating actions and

Helping people keep their commitments

to optimise the Hoist Finance business model based on the credit market license will continue, and we believe that the business model will remain both sustainable and competitive.

In the first quarter we have won the auction to acquire the business of Maran Group in Italy and the last steps of the process is expected to be finalised in the near future, and a final agreement to acquire the GetBack portfolios was signed late April. Both transactions strengthen our strategy of focusing on a selected number of markets in Europe.

Strengths in Management and Organisation

As communicated on 18 March 2019, I am happy to welcome Fabien Klecha, previous country manager for France, to my management team as our new Chief Sales Officer. At the same time, our previous Chief Sales Office Emanuele Reale has accepted the role as Chief Operating Officer. With Emanuele and Fabien in their new roles, I am convinced that Hoist Finance now has a complete management team with the right competences to deliver on our goals.

To strengthen the journey of operational efficiency, Hoist Finance has created two centers of excellence, one for secured assets and one for unsecured assets. The purpose of these two centers of excellence is to ensure that the company harmonises and standardises processes across markets and share best practices in an efficient way.

Outlook

The market outlook is strong and the Credit Management Services industry is creating value for shareholders, clients and customers. Our vision is "helping customers keep their commitments", and we are very encouraged by the positive feedback that we are receiving in our customer satisfaction surveys.

Our front line staff are doing a fantastic job for people who struggle to repay their debts. Our new digital channels are tailored to increase our customers' flexibility and transparency for them to better deal with their individual circumstances.

In the last year we have integrated our organisation and standardised many of our processes across the group, allowing for rapid transfer of knowledge and best practices. We only develop once and then deploy. Our clear ambition is that Hoist Finance will by 2020 have the best in class digital systems, international infrastructure and standardised operating model among our peers. In a positive market, we strongly believe that our steps of becoming even more digital and effective will ensure that Hoist Finance delivers on our targets.

Klaus-Anders Nysteen CEO Hoist Finance AB (publ)

Key ratios

SEK m	Quarter 1 2019	Quarter 1 2018	Change, %	Full-year 2018
Net operating income	774	684	13	2,829
Profit before tax	226	185	22	755
Net profit	176	140	25	590
Earnings per share, SEK	1.79	1.59	13	6.29
Net interest income margin, %	14	15	–1 pp	14
C/I ratio, %	71	74	–3 pp	74
Return on equity, %	17	18	–1 pp	16
Portfolio acquisitions	610	904	–33	8,048

SEK m	31 Mar 2019	31 Dec 2018	Change, %
Carrying value of acquired loans1)	21,343	20,834	2
Gross 180-month ERC2)	34,214	33,602	2
Total capital ratio, %	13.70	14.14	–0.4 pp
CET1 ratio, %	9.47	9.66	–0.2 pp
Liquidity reserve	7,971	7,399	8
Number or employees (FTEs)	1,532	1,556	–2

1) Including run-off consumer loan portfolio, performing loans, and portfolios held in the Polish joint venture. 2) Excluding run-off consumer loan portfolio, performing loans, and portfolios held in the Polish joint venture.

Developments during first quarter 2019

Unless otherwise indicated, all comparative market, financial and operational information refers to first quarter 2018.

Operating income

Interest income on acquired loan portfolios increased 26 per cent during the quarter to SEK 810m (645), driven mainly by portfolio growth in Italy, the UK and France and acquisition of the first loan portfolio in the Greek market. Other interest income totalled SEK 0m (–4).

Interest expense for the quarter increased to SEK –104m (–75), with the continued strong portfolio growth enabled primarily by debt financing. Deposits from the public volumes increased mainly for deposits with longer maturities, primarily in the German market.

Impairment gains and losses totalled SEK 51m during the quarter. SEK –19m of this amount is attributable to portfolio revaluations resulting from adjusted collection forecasts for future periods. These portfolio revaluations are primarily attributable to secured portfolios in Italy, where collections were made ahead of schedule. This contributed to the quarter's strong collection level, while expected future cash flow decreased. Loss allowances for performing loans totalled SEK –1m during the quarter and are mainly attributable to portfolios in the UK. The remaining amount, which totalled SEK 71m during the quarter, is attrib-

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utable to higher-than-forecast collections realised during the same period. The collection level corresponds to 105 per cent of the projected level for the quarter.

Fee and commission income increased 90 per cent during the quarter to SEK 32m (17), with the increase entirely attributable to the business acquisition conducted during the previous quarter in Italy.

Net financial income totalled SEK –16m (–5). The results for changes in value for hedging instruments and for changes in market value for bonds in the liquidity portfolio were positive during the quarter, although the net result was negative due to the negative result for F/X hedging.

Total operating income increased 13 per cent to SEK 774m (684), mainly due to growth in Italy and Spain and to the first portfolio acquisition in Greece.

Operating expenses

Personnel expenses increased 7 per cent during the quarter to SEK –208m (–194), mainly due to expansion into new asset classes in Italy and France. The digital investments in Central Functions made during the quarter and during much of last year also contributed to the increase. These increases were somewhat offset in Germany and, to a lesser extent, in the UK, where restructuring work done last year resulted in more cost-effective operations.

Collection costs decreased 2 per cent during the quarter to SEK –190m (–194). The decrease is due to significantly higher legal collection costs in Poland during the comparative quarter. This is somewhat mitigated by increased collection costs in Italy and the UK, which were driven entirely by strong portfolio growth.

Administrative expenses increased to SEK –134m (–112). The continued focus on digital transformation and strategic initiatives within Central Functions contributed to the increase.

Depreciation and amortisation of tangible and intangible assets increased during the quarter to SEK –29m (–14). Part of the increase is due to the implementation of a new collection system in Spain and Germany. The increase is also affected by the new accounting standard for leases, IFRS 16, the consequence of which is that leasing-related expenses previously recognised as administrative expenses are now partially recognised in depreciation and amortisation and partially recognised in interest expenses. Interest expenses related to IFRS 16 amounted to –1 MSEK during the quarter and depreciation and amortisation amounted to –9 MSEK. The Group has elected to apply the modified retrospective approach at transition, and there will be no restatement of comparative figures.

Total operating expenses increased 9 per cent to SEK –561m (–514).

Net profit for the period

Profit from participations in joint ventures decreased somewhat year-on-year and totalled SEK 13m (15), in line with expectations.

Income tax expense totalled SEK –50m (–45). Net profit totalled SEK 176m (140).

Balance sheet

Total assets increased SEK 1,375m quarter-on-quarter and totalled SEK 30,630m (29,255). The change is primarily due to an SEK 577m increase in the liquidity portfolio and an SEK 510m increase in acquired loan portfolios. Tangible assets also increased SEK 246m, of which SEK 242m is due to the transition to IFRS 16.

Funding and capital structure

SEK m	31 Mar 2019	31 Dec 2018	Change, %
Cash and interest-bearing securities	8,052	7,476	8
Acquired loan portfolios	21,115	20,605	2
Other assets1)	1,463	1,174	25
Total assets	30,630	29,255	5
Deposits from the public	18,344	17,093	7
Unsecured debt	5,627	5,950	–5
Subordinated liabilities	859	839	2
Total interest-bearing liabilities	24,830	23,882	4
Other liabilities1)	1,209	960	26
Equity	4,591	4,413	4
Total liabilities and equity	30,630	29,255	5

1) This item does not correspond to an item of the same designation in the balance sheet, but to several corresponding items.

Total interest-bearing debt amounted to SEK 24,830m (23,882). The change is mainly attributable to deposits from the public, which increased SEK 1,251m. Hoist Finance funds its operations through deposits in Sweden and in Germany as well as through the international bond market and the Swedish money market. In Sweden, deposits from the public under the HoistSpar brand amounted to SEK 11,398m (11,292), of which SEK 4,609m (4,324) is attributable to fixed term deposits of 12-, 24- and 36-month duration. In Germany, deposits in EUR for retail customers have been offered since September 2017 under the Hoist Finance name. At 31 March 2019, deposits from the public in Germany were SEK 6,946m (5,801), of which SEK 2,803m (1,728) is attributable to fixed term deposits of 12- and 24-month duration.

At 31 March 2019, the outstanding bond debt totalled SEK 6,486m (6,789), of which SEK 5,627m (5,950) was unsecured debt. The change in unsecured debt is attributable to decreased funding under Hoist Finance's Swedish commercial paper programme.

Other liabilities increased SEK 249m, of which SEK 242m is attributable to an increase in lease liabilities due to the transition to IFRS 16.

Equity totalled SEK 4,591m (4,413). The increase is attributable to net profit for the period.

Cash flow

SEK m	Quarter 1 2019	Quarter 1 2018	Full-year 2018
Cash flow from operating activities	468	49	2,804
Cash flow from investing activities	–602	–670	–8,044
Cash flow from financing activities	678	1,042	5,874
Cash flow for the period	544	421	634

Cash flow from operating activities totalled SEK 468m (49). Amortisation of acquired loan portfolios during first quarter 2019 totalled SEK 731m (649), with the increase attributable to portfolio growth during 2018. Increase/decrease in other assets and liabilities amounted to SEK –537m (–702).

Cash flow from investing activities totalled SEK –602m (–670). Portfolio acquisitions decreased somewhat during the quarter as compared with Q1 2018, totalling SEK –610m (–904).

Cash flow from financing activities totalled SEK 678m (1,042). Deposits from the public amounted to SEK 1,139m (1,042), with deposits to fixed interest accounts in Germany accounting for most of the inflow. Cash flow from issue of commercial paper during the quarter totalled SEK –451m.

Total cash flow for the quarter amounted to SEK 544m, as compared with SEK 421m for first quarter 2018.

Significant risks and uncertainties

Hoist Finance is exposed to a number of uncertainties through its business operations and as a result of its broad geographical presence. New and amended bank and credit market company regulations may affect Hoist Finance both directly (e.g. via Basel IV capital and liquidity regulations) and indirectly through the impact of similar regulations on the market's supply of loan portfolios. Hoist Finance's cross-border operations entail consolidated tax issues relating to subsidiaries in several jurisdictions. The Group is, therefore, exposed to potential tax risks arising from varying interpretations and applications of existing laws, treaties, regulations, and guidance.

Development of risks

Credit risk for Hoist Finance's loan portfolios is considered to be virtually unchanged during the quarter. Credit risk in the liquidity portfolio remains low, as investments are made in government, municipal and covered bonds of high credit quality.

In order to diversify the existing stock of assets in a positive way from a risk perspective, Hoist Finance will continue to assess upcoming opportunities to acquire portfolios of non-performing secured loans as well as portfolios of performing loans.

The Group is committed to continuously improving the quality of its internal procedures to minimise operational risks.

Market risks remain low, as Hoist Finance continuously hedges interest rate and FX risks in the short and medium term.

On 18 December 2018 the Swedish Financial Supervisory Authority endorsed the European Banking Authority's (EBA) interpretation of risk weights for acquired non-performing

loans, meaning that unsecured NPLs will now be assigned a risk weight of 150 per cent rather than 100 per cent. Hoist Finance has therefore engaged in mitigating actions in order to support a sustainable growth.

Liquidity risk was low during the quarter. Hoist Finance's liquidity reserve exceeds Group targets by a healthy margin. Due to its strong liquidity position, Hoist Finance is well equipped for future acquisitions and growth.

During 2018 Hoist Finance has carefully followed the development of the proposed changes to the Supervisory Ordinance regarding minimum loss coverage for non-performing exposures. The final draft of the proposal was completed in December 2018 and will almost certainly enter into force during second quarter 2019. The proposal will affect Hoist Finance and will involve making a deduction from own funds for exposures classified as non-performing. The deduction will be gradually increased based on the amount of time elapsed since the exposure entered default, with full deduction required to be made after three years. The new regulations apply to loans issued after the regulations' effective date and, accordingly, do not affect Hoist Finance's current loan portfolios. However, Hoist Finance expects the regulations to affect capitalisation in coming years as new non-performing loans issued after second quarter 2019 are acquired.

Interest rate risk in the banking book is one topic that the EBA and SFSA have paid particular attention to recently. The EBA has also published new guidelines in this area. In light of this, Hoist Finance has initiated a review of the Company's methods for measuring and covering interest rate risk in the banking book. This review is expected to be completed during the second quarter.

Other disclosures

Parent Company

The subsidiary Hoist Finance SAS was merged into Parent Company Hoist Finance AB (publ) on 2 January 2019. Accordingly, as of 2 January 2019 the Parent Company's financial position includes operations that were previously part of Hoist Finance SAS.

Net interest income for the Parent Company totalled SEK 350m (191) during the first quarter. This increase is attributable to interest income from acquired loan portfolios in Hoist Finance SAS and to a Greek portfolio acquired in late 2018. Net interest income also includes interest income from internal loans and interest expense from deposits and issued bonds. Interest expense increased SEK 28m and is related to larger deposits from the public volumes, mainly in Germany, and to increased unsecured debt expenses.

Total operating income amounted to SEK 376m (113). Net financial income totalled SEK –43m (144) and is attributable to exchange rate fluctuations in assets and liabilities. Other income totalled SEK 70m and refers mainly to management fees invoiced to subsidiaries.

Operating expenses totalled SEK –266m (–223). The increase is mainly attributable to personnel expenses in the French branch office, which totalled SEK 18m, and to increased collection costs of SEK 13m.

Operating profit totalled SEK 155m (–63). Impairment

gains and losses of SEK 30m are attributable to differences between actual and projected collections and to portfolio revaluations. Shares in participating interests totalled SEK 15m (19).

Net profit for the period totalled SEK 121m (–70) and the tax expense totalled SEK –34m (–7).

Related-party transactions

The nature and scope of related-party transactions are described in the Annual Report.

Group structure

Hoist Finance AB (publ), corporate identity number 556012- 8489, is the Parent Company in the Hoist Finance Group. Hoist Finance is a Swedish publicly traded limited liability company headquartered in Stockholm, Sweden. Hoist Finance AB (publ) has been listed on NASDAQ Stockholm since March 2015.

Hoist Finance is a credit market company under the supervision of the Swedish FSA. The operating Parent Company, including its subgroup, acquires and holds loan portfolios, which are managed by the Group's subsidiaries or foreign branch offices. These units also provide commission-based administration services to third parties.

The cross-border merger of Hoist Finance and its subsidiary Hoist Finance SAS became effective during the quarter. Operations previously run in Hoist Finance SAS are now run through a French branch of Hoist Finance AB (publ).

For a more detailed description of the Group's legal structure, please refer to the 2018 Annual Report.

The share and shareholders

The number of shares totalled 89,303,000 at 31 March 2019, unchanged from 31 December 2018.

The share price closed at SEK 37.20 on 29 March 2019. A breakdown of the ownership structure is presented in the table below. As at 31 March 2019 the Company had 4,312 shareholders, compared with 4,302 at 31 December 2018.

Ten largest shareholders, 31 March 2019	Share of capital and votes, %
Swedbank Robur Funds	8.8
Carve Capital AB	7.8
SEB Funds	7.6
EQT	6.2
Avanza Pension	4.6
ODIN Funds	3.5
Jörgen Olsson privately and through companies	2.9
Confederation of Swedish Enterprise	2.8
Didner & Gerge Funds	2.8
Per Arwidsson	2.2
Ten largest shareholders	49.2
Other shareholders	50.8
Total	100.0

Source: Modular Finance AB per 31 March 2019; ownership statistics from Holdings, Euroclear Sweden AB; and changes confirmed and/or registered by the Company.

Review

This interim report has not been reviewed by the Company's auditors.

Subsequent events

Hoist Finance finalised the acquisition of assets totalling PLN 400m from the Polish debt restructuring company Get-Back.

Hoist Finance has won the auction to acquire the business of the Italian debt collection companies Maran S.p.A. and R&S S.r.l. and the last steps of the process is expected to be finalised in the near future

Quarterly review

SEK m	Quarter 1 2019	Quarter 4 2018	Quarter 3 2018	Quarter 2 2018	Quarter 1 2018
Interest income acquired loan portfolios	810	764	718	672	645
Other interest income	0	–5	–3	–1	–4
Interest expense	–104	–104	–93	–79	–75
Net interest income	706	655	622	592	566
Impairment gains and losses	51	61	51	46	103
Fee and commission income	32	30	15	17	17
Net result from financial transactions	–16	16	40	–8	–5
Derecognition gains and losses	–3	–3	–	–2	–
Other operating income	4	7	3	3	3
Total operating income	774	766	731	648	684
General and administrative expenses
Personnel expenses	–208	–228	–192	–212	–194
Collection costs	–190	–209	–180	–167	–194
Administrative expenses	–134	–150	–112	–135	–112
Depreciation and amortisation of tangible and intangible assets	–29	–17	–15	–15	–14
Total operating expenses	–561	–604	–499	–529	–514
Net operating profit	213	162	232	119	170
Profit from participations in joint ventures	13	24	11	22	15
Profit before tax	226	186	243	141	185
Income tax expense	–50	–21	–61	–38	–45
Net profit	176	165	182	103	140

Key ratios

SEK m	Quarter 1 2019	Quarter 4 2018	Quarter 3 2018	Quarter 2 2018	Quarter 1 2018
Net interest income margin, %	14	13	14	14	15
C/I ratio, %	71	76	67	79	74
C/I ratio adjusted for items affecting comparability, %1)	–	73	71	75	–
Return on equity, %	17	16	20	12	18
Return on equity adjusted for items affecting comparability, %1)	–	18	16	15	–
Portfolio acquisitions	610	2,246	2,5462)	2,341	904
SEK m	31 Mar 2019	31 Dec 2018	30 Sep 2018	30 Jun 2018	31 Mar 2018
Carrying value on acquired loans3)	21,343	20,834	19,431	17,763	16,112
Gross 180-month ERC4)	34,214	33,602	30,676	28,009	26,932
Total capital ratio, %5)	13.70	14.14	17.19	17.96	17.15
CET1 ratio, %5)	9.47	9.66	10.79	11.13	11.35
Liquidity reserve	7,971	7,399	7,334	7,440	7,003
Number of employees (FTEs)	1,532	1,556	1,366	1,402	1,384

1) Key figures have been adjusted for items affecting comparability.

2) During Q3 2018 the acquisition price of a performing loan portfolio in Poland, acquired during Q2, was adjusted downward by SEK 60m.

3) Including run-off consumer loan portfolio, performing loan portfolios, and portfolios held in the Polish joint venture.

4) Excluding run-off consumer loan portfolio, performing loan portfolios, and portfolios held in the Polish joint venture.

5) Excluding issue of new share capital in September 2018.

Financial statements

Consolidated income statement

SEK m	Quarter 1 2019	Quarter 1 2018	Full-year 2018
Interest income acquired loan portfolios	810	645	2,799
Other interest income	0	–4	–13
Interest expense	–104	–75	–351
Net interest income	706	566	2,435
Impairment gains and losses	51	103	261
Fee and commission income	32	17	79
Net result from financial transactions	–16	–5	43
Derecognition gains and losses	–3	–	–5
Other operating income	4	3	16
Total operating income	774	684	2,829
General and administrative expenses
Personnel expenses	–208	–194	–826
Collection costs	–190	–194	–750
Administrative expenses	–134	–112	–509
Depreciation and amortisation of tangible and intangible assets	–29	–14	–61
Total operating expenses	–561	–514	–2,146
Net operating profit	213	170	683
Profit from participations in joint ventures	13	15	72
Profit before tax	226	185	755
Income tax expense	–50	–45	–165
Net profit	176	140	590
Profit attributable to:
Owners of Hoist Finance AB (publ)	176	140	590
Basic earnings per share SEK	1.79	1.59	6.29
Diluted earnings per share SEK	1.79	1.59	6.29

Consolidated statement of comprehensive income

SEK m	Quarter 1 2019	Quarter 1 2018	Full–year 2018
Net profit for the period	176	140	590
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified to profit or loss
Revaluation of defined benefit pension plan	0	0	1
Revaluation of remuneration after terminated employment	0	0	1
Tax attributable to items that will not be reclassified to profit or loss	0	0	0
Total items that will not be reclassified to profit or loss	0	0	2
Items that may be reclassified subsequently to profit or loss
Translation difference, foreign operations	25	118	96
Translation difference, joint ventures	2	7	–4
Hedging of currency risk in foreign operations	–30	–132	–233
Hedging of currency risk in joint ventures	–4	–10	–8
Transferred to the income statement during the year	2	3	10
Tax attributable to items that may be reclassified to profit or loss	7	31	50
Total items that may be reclassified subsequently to profit or loss	2	17	–89
Other comprehensive income for the period	2	17	–87
Total comprehensive income for the period	178	157	503
Profit attributable to:
Owners of Hoist Finance AB (publ)	178	157	503

Consolidated balance sheet

SEK m	31 Mar 2019	31 dec 2018	31 Mar 2018
ASSETS
Cash	0	0	0
Treasury bills and Treasury bonds	2,321	2,653	2,137
Lending to credit institutions	2,090	1,187	1,493
Lending to the public	14	14	20
Acquired loan portfolios	21,115	20,605	15,855
Bonds and other securities	3,641	3,635	3,441
Shares and participations in joint ventures	214	215	239
Intangible assets	378	387	303
Tangible assets	305	59	51
Other assets	457	425	403
Deferred tax assets	26	22	30
Prepayments and accrued income	69	53	56
Total assets	30,630	29,255	24,028
LIABILITIES AND EQUITY
Liabilities
Deposits from the public	18,344	17,093	14,345
Tax liabilities	95	92	62
Other liabilities	573	380	354
Deferred tax liabilities	193	188	158
Accrued expenses and deferred income	282	232	201
Provisions	66	68	87
Senior debt	5,627	5,950	4,571
Subordinated debts	859	839	848
Total liabilities	26,039	24,842	20,626
Equity
Share capital	30	30	27
Other contributed equity	2,965	2,965	2,099
Reserves	–200	–202	–96
Retained earnings including profit for the period	1,796	1,620	1,372
Total equity	4,591	4,413	3,402
Total liabilities and equity	30,630	29,255	24,028

Consolidated statement of changes in equity

SEK m	Share capital	Other contributed capital	Translation reserve	Retained earnings including profit for the year	Total equity
Opening balance 1 jan 2019	30	2,965	–202	1,622	4,414
Comprehensive income for the period
Profit for the period				176	176
Other comprehensive income			2		2
Total comprehensive income for the period			2	176	178
Closing balance 31 Mar 2019	30	2,965	–200	1,796	4,591

SEK m	Share capital	Other contributed capital	Translation reserve	Retained earnings including profit for the year	Total equity
Opening balance 1 Jan 2018	27	2,102	–113	1,212	3,228
Transition effects IFRS 9				17	17
Adjusted opening balance 1 Jan 2018	27	2,102	–113	1,229	3,245
Comprehensive income for the period
Profit for the period				590	590
Other comprehensive income			–89		–89
Total comprehensive income for the period			–89	590	501
Transactions reported directly in equity
Dividend				–154	–154
New share issue	3	5521)			555
Reclassification		–3		3	0
Additional Tier 1 capital instrument		3112)		–7	304
Interest paid on capital contribution				–41	–41
Tax effect on items reported directly in equity		3			3
Total transactions reported directly in equity	3	863		–199	667
Closing balance 31 Dec 2018	30	2,965	–202	1,620	4,413

1) Nominal amount of SEK 566m was reduced by transaction costs of SEK 13m.

2) Nominal amount of SEK 410m was reduced by transaction costs of SEK 6m and repurchased nominal amount of SEK 100m was reduced by transaction costs of SEK 7m.

SEK m	Share capital	Other contributed capital	Translation reserve	Retained earnings including profit for the year	Total equity
Opening balance 1 jan 2018	27	2,102	–113	1,212	3,228
Transition effects IFRS 9				17	17
Adjusted opening balance 1 Jan 2018	27	2,102	–113	1,229	3,245
Comprehensive income for the period
Profit for the period				140	140
Other comprehensive income			17		17
Total comprehensive income for the period			17	140	157
Transactions reported directly in equity
Reclassification		–3		3	0
Total transactions reported directly in equity		–3		3	0
Closing balance 31 Mar 2018	27	2,099	–96	1,372	3,402

Consolidated cash flow statement summary

SEK m	Quarter 1 2019	Quarter 1 2018	Full-year 2018
Profit before tax	226	185	755
– of which, paid-in interest	815	644	2,778
– of which, interest paid	–53	–52	–289
Adjustment for other items not included in cash flow	75	37 –	134 –
Realised result from divestment of loan portfolios	–	–	1
Realised result from divestment of shares and participations in joint ventures	14 –	16 –	65 –
Income tax paid	13 –	30 –	109 –
Total	274	102	448
Amortisations on acquired loan portfolios	731	649	2,869
Increase/decrease in other assets and liabilities	537 –	702 –	513 –
Cash flow from operating activities	468	49	2,804
Acquired loan portfolios	610 –	904 –	8,037 –
Disposed loan portfolios	–	–	66
Investments in/divestments of bonds and other securities	–	248	64
Other cash flows from investing activities	8	14 –	137 –
Cash flow from investing activities	602 –	670 –	8,044 –
Deposits from the public	1,139	1,042	3,832
New share issue	–	–	568
Issued debts	416	–	3,991
Repurchase of issued debts	867 –	–	2,631 –
Additional Tier 1 capital	–	–	310
Other cash flows from financing activities	10 –	–	196 –
Cash flow from financing activities	678	1,042	5,874
Cash flow for the period	544	421	663434634634
Cash at beginning of the period	3,840	3,172	3,172
Translation difference	27	38	34
Cash at end of the period1)	4,411	3,631	3,840

1) Comprised of Cash, Treasury bills and Treasury bonds and Lending to credit institutions.

Parent Company income statement

SEK m	Quarter 1 2019	Quarter 1 2018	Full-year 2018
Interest income	453	266	1,338
Interest expense	–103	–75	–355
Net interest income	350	191	983
Dividends received	–	–	1,947
Fee and commission income	2	1	6
Net result from financial transactions	–43	–144	–196
Derecognition gains and losses	–3	–	–2
Other operating income	70	65	310
Total operating income	376	113	3,048
General administrative expenses
Personnel expenses	–95	–87	–364
Other administrative expenses	–159	–129	–593
Depreciation and amortisation of tangible and intangible assets	–12	–7	–32
Total operating expenses	–266	–223	–989
Profit before credit losses	110	–110	2,059
Impairment gains and losses	30	28	83
Amortisation of financial fixed assets	–	–	–1,454
Profit from participations in joint ventures	15	19	82
Net operating profit	155	–63	770
Appropriations	–	–	–57
Taxes	–34	–7	–66
Net profit	121	–70	647

Parent company statement of comprehensive income

SEK m	Quarter 1 2019	Quarter 1 2018	Full-year 2018
Net profit	121	–70	647
OTHER COMPREHENSIVE INCOME
Items that may be reclassified subsequently to profit or loss
Translation difference, foreign operations	0	2	3
Total items that may be reclassified subsequently to profit or loss	0	2	3
Other comprehensive income for the period	0	2	3
Total comprehensive income for the period	121	68	647 650
Profit attributable to:
Owners of Hoist Finance AB (publ)	121	68	647

Parent Company balance sheet

SEK m	31 Mar 2019	31 Dec 2018	31 Mar 2018
ASSETS
Cash	0	0	0
Treasury bills and Treasury bonds	2,321	2,653	2,137
Lending to credit institutions	1,280	365	677
Lending to the public	17	17	23
Acquired loan portfolios	5,595	5,593	2,899
Receivables, Group companies	15,443	15,182	11,381
Bonds and other securities	3,641	3,635	3,441
Shares and participations in subsidiaries	722	722	2,148
Shares and participations in joint ventures	20	22	28
Intangible assets	176	177	118
Tangible assets	28	24	29
Other assets	334	340	256
Deferred tax assets	1	1	6
Prepayments and accrued income	34	27	37
TOTAL ASSETS	29,612	28,758	23,180
LIABILITIES AND EQUITY
Liabilities
Deposits from the public	18,344	17,093	14,345
Tax liabilities	62	65	40
Other liabilities	290	524	514
Deferred tax liabilities	5	5	2
Accrued expenses and deferred income	57	68	71
Provisions	40	41	59
Senior debt	5,627	5,950	4,571
Subordinated debts	859	839	848
Total liabilities and provisions	25,284	24,585	20,450
Untaxed reserves	221	221	165
Equity
Restricted equity
Share capital	30	30	27
Statutory reserve	13	13	13
Revaluation reserve	66	66	64
Development expenditure fund	4	4	12
Total restricted equity	113	113	116
Non-restricted equity
Other contributed equity	2,965	2,965	2,099
Reserves	3	3	2
Retained earnings	905	224	418
Profit of the period	121	647	–70
Total unrestricted equity	3,994	3,839	2,449
Total equity	4,107	3,952	2,565
TOTAL LIABILITIES AND EQUITY	29,612	28,758	23,180

Accounting principles

This interim report was prepared in accordance with IAS 34, Interim Financial Reporting. The consolidated accounts were prepared in accordance with the International Financial Reporting Standards (IFRS) and interpretations thereof as adopted by the European Union. The accounting follows the Swedish Annual Accounts Act for Credit Institutions and Securities Companies (1995:1559) and the regulatory code issued by the Swedish Financial Supervisory Authority on Annual Reports in Credit Institutions and Securities Companies (FFFS 2008:25), including applicable amendments. The Swedish Financial Reporting Board's RFR 1, Supplementary Accounting Rules for Groups, has also been applied.

The Parent Company Hoist Finance AB (publ) prepares its interim reports in accordance with the Swedish Annual Accounts Act for Credit Institutions and Securities Companies (1995:1559) and the regulatory code issued by the Swedish Financial Supervisory Authority on Annual Reports in Credit Institutions and Securities Companies (FFFS 2008:25), including applicable amendments. The Swedish Financial Board's RFR 2, Accounting for Legal Entities, is also applied.

Change in accounting principles 2019

Hoist Finance began to apply IFRS 16 Leases from 1 January 2019. The Parent Company applies the exception in RFR 2 regarding IFRS 16. The Group has elected to apply the modified retrospective approach, i.e. recognising the cumulative net effect of IFRS 16 in retained earnings in the opening balance of equity as at 1 January 2019. There will be no restatement of comparative figures. The effects of the implementation of IFRS 16 are described in note 9.

IFRS 16 Leases

Contracts that are deemed as at their start date to transfer right-ofuse for an identified asset for a specified period in exchange for consideration are reported as lease contracts by the Hoist Finance Group, with the exception of lease contracts classified as short-term leases, leases of low-value assets, and leases of intangible assets.

Lease contracts that include both a lease component and associated non-lease components are accounted for separately if an observable stand-alone price is available; otherwise, non-lease components are not accounted for separately but rather reported as a single leasing component.

Short-term leases and leases of low-value assets are charged to profit/loss on a straight-line basis over the leasing period and are reported as "Other operating expenses" in the income statement.

At a lease contract's start date, a right-of-use asset and a lease liability are reported in the balance sheet. Right-of-use is initially valued at an amount corresponding to the lease liability's original value plus any prepaid leasing fees or initial direct costs, and is then written off on a straight-line basis over its useful life. The carrying value of the right-of-use asset is adjusted for any revaluations of the lease liability.

The lease liability is initially valued at the present value of remaining leasing fees at the start of the lease contract, discounted by applying the Group's marginal lending rate. After initial recognition, the lease liability is valued at amortised cost pursuant to the effective interest method. Lease payments are allocated between interest and amortisation of the outstanding liability. Interest is allocated over the lease period so that every accounting period is charged with an amount corresponding to a fixed interest rate for the liability recognised during the respective period.

Lease contracts may include provisions for extending or terminating agreements included in the lease period only if it is deemed to be reasonably certain that such provisions will be exercised. The lease liability is revalued to reflect the new assessment of the lease period.

Lease contracts in the Hoist Group are classified in the following categories:

Equipment and furniture

Office premises

Vehicles

IT hardware

The majority of lease contracts relate primarily to leases of office premises for the company's normal business operations.

Other IFRS amendments

No other IFRS or IFRIC Interpretations that came into effect in 2019 had any significant impact on the Group's financial reports or capital adequacy.

In all other material respects, the Group's and Parent Company's accounting principles, bases for calculation and presentation remain unchanged from those applied in the 2018 annual report.

	Quarter 1 2019	Quarter 1 2018	Full Year 2018
1 EUR = SEK
Income statement (average)	10.4198	9.9639	10.2522
Balance sheet (at end of the period)	10.4221	10.2931	10.2753
1 GBP = SEK
Income statement (average)	11.9467	11.2790	11.5870
Balance sheet (at end of the period)	12.0818	11.7617	11.3482
1 PLN = SEK
Income statement (average)	2.4217	2.3845	2.4072
Balance sheet (at end of the period)	2.4262	2.4478	2.3904

Notes

Note 1 Segment reporting

Segment reporting has been prepared based on the manner in which executive management monitors operations. This follows statutory account preparation, with the exception of internal funding cost. The internal funding cost is included in net interest income and allocated to the segments based on acquired loan portfolio assets in relation to a fixed internal monthly interest rate for each portfolio. The difference between the external financing cost and the internal funding cost is reported in Central Function. This Central Functions item pertains to the net income for intra-group financial transactions.

Group costs for central and supporting functions are not allocated to the operating segments but are reported as Central Functions. With respect to the balance sheet, only acquired loan portfolios are monitored. Other assets and liabilities are not monitored on a segment-by-segment basis.

Income statement, Quarter 1, 2019

					Other	Central
SEK m	Great Britain	Italy	Germany	Poland	countries	Functions	Eliminations	Group
Total operating income	138	230	89	82	187	49	–1	774
of which, internal funding costs	–58	–39	–16	–33	–24	170	–	0
Total operating expenses	–105	–125	–56	–37	–101	–138	1	–561
Profit from participations in joint ventures	–	–	–	–	–1	14	–	13
Profit before tax	33	105	33	45	85	–75	0	226

Income statement,

Quarter 1, 2018
SEK m	Great Britain	Italy	Germany	Poland	Other countries	Central Functions	Eliminations	Group
Total operating income	152	176	98	99	110	52	–3	684
of which, internal funding costs	–46	–30	–15	–24	–17	132	–	0
Total operating expenses	–92	–91	–71	–61	–80	–119	–	–514
Profit from participations in joint ventures	–	–	–	–	3	12	–	15
Profit before tax	60	85	27	38	33	–55	–3	185

Income statement,

Full-year 2018
----------------

SEK m	Great Britain	Italy	Germany	Poland	Other countries	Central Functions	Eliminations	Group
Total operating income	597	776	350	378	461	7671)	–500	2,829
of which, internal funding costs	–203	–137	–63	–115	–77	595	–	0
Total operating expenses	–381	–431	–296	–199	–347	–500	8	–2,146
Profit from participations in joint ventures	–	–	–	–	17	55	–	72
Profit before tax	216	345	54	179	131	322	–492	755

1) Dividend from subsidiaries SEK 1,947m and write down of shares in subsidiaries SEK 1,454m.

Note 1 Segment reporting, cont.

Acquired loans,

31 Mars 2019
SEK m	Great Britain	Italy	Germany	Poland	Other countries	Central Functions	Group
Run-off consumer loan portfolio			14				14
Acquired loan portfolios	6,055	6,013	2,196	2,812	4,039		21,115
Shares and participations in joint ventures1)						214	214
Acquired loans	6,055	6,013	2,210	2,812	4,039	214	21,343

Acquired loans,

31 December 2018
SEK m	Great Britain	Italy	Germany	Poland	Other countries	Central Functions	Group
Run-off consumer loan portfolio			14				14
Acquired loan portfolios	5,671	5,935	2,190	2,757	4,052		20,605
Shares and participations in joint ventures1)						215	215
Acquired loans	5,671	5,935	2,204	2,757	4,052	215	20,834

Acquired loans,

31 Mars 2018
SEK m	Great Britain	Italy	Germany	Poland	Other countries	Central Functions	Group
Run-off consumer loan portfolio			20				20
Acquired loan portfolios	5,044	4,249	2,016	2,022	2,524		15,855
Shares and participations in joint ventures1)						237	237
Acquired loans	5,044	4,249	2,036	2,022	2,524	237	16,112

1) Refers to the value of shares and participations in joint ventures in Poland with acquired loan portfolios and is therefore not equivalent to corresponding item in the balance sheet.

Note 2 Acquired loan portfolios

		GROUP		PARENT COMPANY
SEK m	31 Mar 2019	31 Dec 2018	31 Mar 2018	31 Mar 2019	31 Dec 2018	31 Mar 2018
Gross carrying amount	20,800	20,346	15,749	5,504	5,532	2,871
Loss allowance	315	259	106	91	61	28
Net carrying amount	21,115	20,605	15,855	5,595	5,593	2,899

Note 2 Acquired loan portfolios, cont.

Acquired credit-impaired

loan portfolios, 31 March 2019	GROUP				PARENT COMPANY
SEK m	Gross carrying amount	Loss allowance	Net carrying amount	Gross carrying amount	Loss allowance	Net carrying amount
Opening balance 1 Jan 2019	19,334	262	19,596	5,133	63	5,196
Acquisitions	610	–	610	138	–	138
Interest income	785	–	785	228	–	228
Gross collections	–1,481	–	–1,481	–473	–	–473
Impairment losses and gains	–	52	52	–	30	30
Translation differences	547	5	552	79	1	80
Closing balance 31 Mar 2019	19,795	319	20,114	5,105	94	5,199

Undiscounted acquired loss allowances

The undiscounted acquired loss allowances at initial recognition for credit-impaired loan portfolios acquired by the Group during January to March totaled SEK 1,878m (2,173), of which SEK 397m (1,015) is attributable to Parent Company acquisitions.

Acquired credit-impaired

loan portfolios, 31 December 2018		GROUP			PARENT COMPANY
SEK m	Gross carrying amount	Loss allowance	Net carrying amount	Gross carrying amount	Loss allowance	Net carrying amount
Openning balance 1 Jan 2018	14,766	–	14,766	–	–	–
Merger	–	–	–	2,464	–	2,464
IFRS 9 transition effects	11	–	11	7	–	7
Acquisitions	6,925	–	6,925	3,532	–	3,532
Interest income	2,744	–	2,744	637	–	637
Gross collections	–5,533	–	–5,533	–1,509	–	–1,509
Impairment losses and gains	–	264	264	–	64	64
Disposal	–66	0	–66	–	–	–
Translation differences	487	–2	485	2	–1	1
Closing balance 31 Dec 2018	19,334	262	19,596	5,133	63	5,196

Acquired credit-impaired

loan portfolios, 31 March 2018		GROUP		PARENT COMPANY
SEK m	Gross carrying amount	Loss allowance	Net carrying amount	Gross carrying amount	Loss allowance	Net carrying amount
Openning balance 1 Jan 2018	14,766	–	14,766	–	–	–
Merger	–	–	–	2,464	–	2,464
IFRS 9 transition effects	11	–	11	7	–	7
Acquisitions	617	–	617	141	–	141
Interest income	645	–	645	123	–	123
Gross collections	–1,294	–	–1,294	–266	–	–266
Impairment losses and gains	–	103	103	–	28	28
Translation differences	714	3	717	112	0	112
Closing balance 31 Mar 2018	15,459	106	15,565	2,581	28	2,609

Note 2 Acquired loan portfolios, cont.

Acquired performing loan portfolios,

31 March 2019	GROUP
SEK m	Gross carrying amount	Stage 1 12M ECL	Stage 2 LECL	Stage 3 LECL	Loss allowance	Net carrying amount
Opening balance 1 Jan 2019	1,012	–2	0	–1	–3	1,009
Interest income	26	–	–	–	0	26
Amortisations and interest payments	–61	–	–	–	0	–61
Changes in risk parameters	–	0	0	–1	–1	–1
Derecognitions	–3	–	–	–	–	–3
Translation differences	31	0	0	0	0	31
Closing balance 31 Mar 2019	1,005	–2	0	–2	–4	1,001

Acquired performing loan portfolios,

31 December 2018 SEK m	GROUP
	Gross carrying amount	Stage 1 12M ECL	Stage 2 LECL	Stage 3 LECL	Loss allowance	Net carrying amount
Opening balance 1 Jan 2018	–	–	–	–	–	–
Acquisitions	1,123	–	–	–	–	1,123
Interest income	56	–	–	–	–	56
Amortisations and interest payments	–148	–	–	–	–	–148
Changes in risk parameters	–	–2	0	–1	–3	–3
Derecognitions	–3	–	–	–	–	–3
Translation differences	–16	0	0	0	0	–16
Closing balance 31 Dec 2018	1,012	–2	0	–1	–3	1,009

Acquired performing loan portfolios,

31 March 2019 SEK m	PARENT COMPANY
	Gross carrying amount	Stage 1 12M ECL	Stage 2 LECL	Stage 3 LECL	Loss allowance	Net carrying amount
Opening balance 1 Jan 2019	399	–1	0	–1	–2	397
Interest income	10	–	–	–	–	10
Amortisations and interest payments	–30	–	–	–	–	–30
Changes in risk parameters	–	0	0	0	–1	–1
Derecognitions	–3	–	–	–	–	–3
Translation differences	23	0	0	0	0	23
Closing balance 31 Mar 2019	399	–1	0	–1	–3	396

Note 2 Acquired loan portfolios, cont.

Acquired performing loan portfolios,

31 December 2018	PARENT COMPANY
SEK m	Gross carrying amount	Stage 1 12M ECL	Stage 2 LECL	Stage 3 LECL	Loss allowance	Net carrying amount
Opening balance 1 Jan 2018	–	–	–	–	–	–
Acquisitions	460	–	–	–	–	460
Interest income	24	–	–	–	–	24
Amortisations and interest payments	–74	–	–	–	–	–74
Changes in risk parameters	–	–1	0	–1	–2	–2
Derecognitions	–1	–	–	–	–	–1
Translation differences	–10	0	0	0	0	–10
Closing balance 31 Dec 2018	399	–1	0	–1	–2	397

Acquired performing loan portfolios,

31 March 2018 SEK m	GROUP AND PARENT COMPANY
	Gross carrying amount	Stage 1 12M ECL	Stage 2 LECL	Stage 3 LECL	Loss allowance	Net carrying amount
Opening balance 1 Jan 2018	–	–	–	–	–	–
Acquisitions	287	–	–	–	–	287
Translation differences	3	–	–	–	–	3
Closing balance 31 Mar 2018	290	–	–	–	–	290

Acquired loan portfolios reclassified from fair value through profit or loss under IAS 39 to amortised cost under IFRS 9

SEK m
Fair value of the reclassified acquired loan portfolios as of 31 Dec 2017	940
Fair value as at reporting date, if the acquired loan portfolio would not have been reclassified	764
Fair value gain/loss during the period, if the acquired loan portfolio would not have been reclassified	–176
Effective interest rate of reclassified acquired loans on date of initial application, %	21
Interest revenue recorded during the period Jan–Mar 2019	37

Note 3 Financial instruments

Carrying amount and fair value of financial instruments

		GROUP, 31 MARS 2019
		Assets/liabilities recognised at fair value through profit or loss			Total
SEK m	Held for trading	Mandatorily	Hedging instrument	Amortised cost	carrying amount	Fair value
Cash				0	0	0
Treasury bills and treasury bonds		2,321			2,321	2,321
Lending to credit institutions				2,090	2,090	2,090
Lending to the public				14	14	14
Acquired loan portfolios				21,115	21,115	22,815
Bonds and other securities		3,641			3,641	3,641
Derivatives	2		87		89	89
Other financial assets				312	312	312
Total	2	5,962	87	23,531	29,582	31,282
Deposits from the public				18,344	18,344	18,344
Derivatives	3		0		3	3
Senior debt				5,627	5,627	5,710
Subordinated debt				859	859	829
Other financial debts				833	833	833
Total	3		0	25,663	25,666	25,719

Carrying amount and fair value of financial instruments

	GROUP, 31 DEC 2018
SEK m	Assets/liabilities recognised at fair value through profit or loss				Total
	Held for trading	Mandatorily	Hedging instrument	Amortised cost	carrying amount	Fair value
Cash				0	0	0
Treasury bills and treasury bonds		2,653			2,653	2,653
Lending to credit institutions				1,187	1,187	1,187
Lending to the public				14	14	14
Acquired loan portfolios				20,605	20,605	22,309
Bonds and other securities		3,635			3,635	3,635
Derivatives	11		117		128	128
Other financial assets				233	233	233
Total	11	6,288	117	22,039	28,455	30,159
Deposits from the public				17,093	17,093	17,093
Derivatives	5		14		19	19
Senior debt				5,950	5,950	5,922
Subordinated debt				839	839	826
Other financial debts				544	544	544
Total	5		14	24,426	24,445	24,404

Note 3 Financial instruments, cont.

Carrying amount and fair value of financial instruments

	GROUP, 31 MARS 2018
SEK m	Assets/liabilities recognised at fair value through profit or loss				Total
	Held for trading	Mandatorily	Hedging instrument	Amortised cost	carrying amount	Fair value
Cash				0	0	0
Treasury bills and treasury bonds		2,137			2,137	2,137
Lending to credit institutions				1,493	1,493	1,493
Lending to the public				20	20	20
Acquired loan portfolios				15,855	15,855	15,855
Bonds and other securities		3,441			3,441	3,441
Other financial debts				362	362	362
Total		5,578		17,730	23,308	23,308
Deposits from the public				14,345	14,345	14,345
Derivatives	18		103		121	121
Senior debt				4,571	4,571	4,740
Subordinated debt				848	848	851
Other financial debts				418	418	418
Total	18		103	20,182	20,303	20,475

Carrying amount and fair value of financial instruments

	PARENT COMPANY, 31 MARS 2019
SEK m	Assets/liabilities recognised at fair value through profit or loss
	Held for trading	Mandatorily	Hedging instrument	Amortised cost	Total carrying amount	Fair value
Cash				0	0	0
Treasury bills and treasury bonds		2,321			2,321	2,321
Lending to credit institutions				1,280	1,280	1,280
Lending to the public				17	17	17
Acquired loan portfolios				5,595	5,595	6,166
Receivables, Group companies				15,443	15,443	15,443
Bonds and other securities		3,641			3,641	3,641
Derivatives	2		87		89	89
Other financial assets				214	214	214
Total	2	5,962	87	22,549	28,600	29,171
Deposits from the public				18,344	18,344	18,344
Derivatives	3		0		3	3
Senior debt				5,627	5,627	5,710
Subordinated debt				859	859	829
Other financial debts				339	339	339
Total	3		0	25,169	25,172	25,226

Note 3 Financial instruments, cont.

Carrying amount and fair value of financial instruments

	PARENT COMPANY, 31 DEC 2018
SEK m	Assets/liabilities recognised at fair value through profit or loss
	Held for trading	Mandatorily	Hedging instrument	Amortised cost	Total carrying amount	Fair value
Cash				0	0	0
Treasury bills and treasury bonds		2,653			2,653	2,653
Lending to credit institutions				365	365	365
Lending to the public				17	17	17
Acquired loan portfolios				5,593	5,593	6,156
Receivables, Group companies				15,182	15,182	15,182
Bonds and other securities		3,635			3,635	3,635
Derivatives	11		117		128	128
Other financial assets				172	172	172
Total	11	6,288	117	21,329	27,745	28,308
Deposits from the public				17,093	17,093	17,093
Derivatives	5		14		19	19
Senior debt				5,950	5,950	5,922
Subordinated debt				839	839	826
Other financial debts				539	539	539
Total	5		14	24,421	24,440	24,399

Carrying amount and fair value of financial instruments

	PARENT COMPANY, 31 MARS 2018
SEK m	Assets/liabilities recognised at fair value through profit or loss				Total
	Held for trading	Mandatorily	Hedging instrument	Amortised cost	carrying amount	Fair value
Cash				0	0	0
Treasury bills and treasury bonds		2,137			2,137	2,137
Lending to credit institutions				677	677	677
Lending to the public				23	23	23
Acquired loan portfolios				2,899	2,899	2,899
Receivables, Group companies				13,273	13,273	13,273
Bonds and other securities		3,441			3,441	3,441
Other financial assets				235	235	235
Total		5,578		17,107	22,685	22,685
Deposits from the public				14,345	14,345	14,345
Derivatives	18		103		121	121
Senior debt				4,571	4,571	4,740
Subordinated debt				848	848	851
Other financial debts				453	453	453
Total	18		103	20,217	20,338	20,510

Note 3 Financial instruments, cont.

Fair value measurement

Group

The Group uses observable data to the greatest possible extent when determining the fair value of an asset or liability. Fair values are categorised in different levels based on the input data used in the measurement approach, as per the following:

• Level 1) Quoted prices (unadjusted) on active markets for identical instruments.
• Level 2) Based on directly or indirectly observable market inputs not included in Level 1. This category includes instruments valued based on quoted prices on active markets for similar instruments, quoted prices for identical or similar

Fair value measurements

instruments traded on markets that are not active, or other valuation techniques in which all important input data is directly or indirectly observable in the market.

Level 3) According to inputs that are not based on observable market data. This category includes all instruments for which the valuation technique is based on data that is not observable and has a substantial impact on the valuation. The carrying value of acquired loan portfolios is calculated by discounting cash flow forecasts at the average effective interest rate for purchased loan portfolios from the past 24 months in each jurisdiction.

GROUP AND PARENT COMPANY, 31 MARS 2019

SEK m	Level 1	Level 2	Level 3	Total
Treasury bills and Treasury bonds	2,321			2,321
Bonds and other securities	3,641			3,641
Derivatives		89		89
Total assets	5,962	89		6,051
Derivatives		3		3
Total liabilities		3		3

Fair value measurements

	GROUP AND PARENT COMPANY, 31 DEC 2018
SEK m	Level 1	Level 2	Level 3	Total
Treasury bills and Treasury bonds	2,653			2,653
Bonds and other securities	3,635			3,635
Derivatives		128		128
Total assets	6,288	128		6,416
Derivatives		19		19
Total liabilities		19		19

Fair value measurements

	GROUP AND PARENT COMPANY, 31 MARS 2018
SEK m	Level 1	Level 2	Level 3	Total
Treasury bills and Treasury bonds	2,137			2,137
Bonds and other securities	3,441			3,441
Total assets	5,578			5,578
Derivatives		121		121
Total liabilities		121		121

Note 4 Capital adequacy

The information in this Note includes information that is required to be disclosed pursuant to FFFS 2008:25, including applicable amendments, regarding annual reports for credit institutions and FFFS 2014:12, including applicable amendments, concerning supervisory requirements and capital buffers. The information refers to the Hoist Finance AB (publ) consolidated situation ("Hoist Finance") and Hoist Finance AB (publ), the regulated entity. The difference between the consolidated accounts and the consolidated situation for capital adequacy purposes is that joint ventures are consolidated with the equity method in the consolidated accounts, whereas the proportional method is used for the consolidated situation. The following laws and regulations were applied when establishing the company's statutory capital requirements: Regulation (EU) No 575/2013 of the European Parliament and Council on prudential requirements for credit institution and investment firms; Swedish law 2014:968, Supervision of credit institutions and securities companies; and Swedish law 2014:966 on capital buffers.

Transitional rules, IFRS 9

After obtaining FSA approval, Hoist Finance has decided to apply the transitional rules regarding IFRS 9 for the period 30 April 2018 through 31 December 2022. Application of these transitional rules allow the gradual phase-in of expected credit losses to capital adequacy.

Risk weights for non-performing loans

From 18 December 2018, Hoist Finance assigns a risk weight of 150 per cent for unsecured non-performing loans, following the Swedish Financial Supervisory Authority's new interpretation of the capital adequacy regulation.

Own funds

The table below shows own funds used to cover the capital requirements for Hoist Finance consolidated situation and the regulated entity Hoist Finance AB (publ).

	Hoist Finance consolidated situation			Hoist Finance AB (publ)
SEK m	31 Mar 2019	31 Dec 2018	31 Mar 2018	31 Mar 2019	31 Dec 2018	31 Mar 2018
Capital instruments and related share premium accounts	1,913	1,913	1,287	1,913	1,913	1,287
Retained earnings	1,580	1,005	1,053	866	199	239
Accumulated comprehensive income and other reserves	193	191	295	648	649	611
Independently reviewed interim profits net of any foreseeable charge or dividend1)	176	590	98	121	647	–70
Intangible assets (net of related tax liability)	–378	–387	–303	–176	–177	–118
Deferred tax assets that rely on future profitability	–22	–18	–30	–1	–1	–6
Other transitional arrangements	3	3	–	2	2	–
Common Equity Tier 1	3,465	3,297	2,400	3,373	3,232	1,943
Capital instruments and the related share premium accounts	690	690	380	690	690	380
Additional Tier 1 capital	690	690	380	690	690	380
Tier 1 capital	4,155	3,987	2,780	4,063	3,922	2,323
Capital instruments and the related share premium accounts	859	839	848	859	839	848
Tier 2 capital	859	839	848	859	839	848
Total own funds	5,014	4,826	3,628	4,922	4,761	3,171

1) The Board of Directors will propose that no dividend be paid for 2018 and 2019, which is why no dividend deduction has been included. For the comparative period 2018, regulatory dividend deduction was calculated at 30 per cent of period's reviewed profit after tax, which is the maximum dividend per the Group's internal dividend policy.

Note 4 Capital adequacy, cont.

Capital requirement

The tables below show the risk-weighted exposure amounts and own funds requirements per risk category for Hoist Finance and the regulated entity Hoist Finance AB (publ).

Risk-weighted exposure amounts	Hoist Finance consolidated situation			Hoist Finance AB (publ)
SEK m	31 Mar 2019	31 Dec 2018	31 Mar 2018	31 Mar 2019	31 Dec 2018	31 Mar 2018
Exposures to central governments or central banks	0	0	0	0	0	0
Exposures to regional governments or local authorities	0	0	0	0	0	0
Exposures to institutions	521	355	374	336	161	187
of which, counterparty credit risk	41	48	46	41	48	46
Exposures to corporates	251	142	217	16,550	15,286	11,503
Retail exposures	67	75	20	60	69	20
Exposures secured by mortgages on immovable property	399	402	147	114	112	147
Exposures in default	30,978	28,919	16,663	7,520	7,667	2,729
Exposures in the form of covered bonds	364	363	344	364	363	344
Equity exposures	–	–	–	722	722	2,148
Other items	391	117	115	63	51	67
Credit risk (standardised approach)	32,971	30,373	17,880	25,729	24,431	17,145
Market risk (foreign exchange risk – standardised approach)	39	25	95	39	25	95
Operational risk (standardised approach)	3,542	3,670	3,158	1,476	1,430	1,128
Credit valuation adjustment (standardised approach)	40	53	23	40	53	23
Total risk-weighted exposure amount	36,592	34,121	21,156	27,284	25,939	18,391

Note 4 Capital adequacy, cont.

Capital requirements	Hoist Finance consolidated situation			Hoist Finance AB (publ)
SEK m	31 Mar 2019	31 Dec 2018	31 Mar 2018	31 Mar 2019	31 Dec 2018	31 Mar 2018
Pillar 1
Exposures to central governments or central banks	0	0	0	0	0	0
Exposures to regional governments or local authorities	0	0	0	0	0	0
Exposures to institutions	42	28	30	27	13	15
of which, counterparty credit risk	3	4	4	3	4	4
Exposures to corporates	20	11	17	1,324	1,223	920
Retail exposures	5	6	2	5	6	2
Exposures secured by mortgages on immovable property	32	32	12	9	9	12
Exposures in default	2,478	2,313	1,333	602	613	218
Exposures in the form of covered bonds	29	29	28	29	29	28
Equity exposures	–	–	–	58	58	172
Other items	31	9	9	5	4	5
Credit risk (standardised approach)	2,637	2,428	1,431	2,059	1,955	1,372
Market risk (foreign exchange risk – standardised approach)	3	2	8	3	2	8
Operational risk (standardised approach)	283	294	253	118	114	90
Credit valuation adjustment (standardised approach)	3	4	2	3	4	2
Total own funds requirement – Pillar 1	2,926	2,728	1,694	2,183	2,075	1,472
Pillar 2
Concentration risk	247	215	142	247	215	142
Interest rate risk in the banking book	53	54	48	53	54	48
Pension risk	3	3	3	3	3	3
Other Pillar 2 risks	32	31	27	32	31	27
Total own funds requirement – Pillar 2	335	303	220	335	303	220
Capital buffers
Capital conservation buffer	915	853	529	682	649	460
Countercyclical buffer	112	103	10	77	73	9
Total own funds requirement – Capital buffers	1,027	956	539	759	722	469
Total own funds requirements	4,288	3,987	2,453	3,277	3,100	2,161

Capital ratios and capital buffers

Regulation (EU) No 575/2013 of the European Parliament and the Council requires credit institutions to maintain Common Equity Tier 1 capital of at least 4.5 per cent, Tier 1 capital of at least 6 per cent and a total capital ratio (capital in relation to risk-weighted exposure amount) of 8 per cent. Credit institutions are also required to maintain specific capital buffers. Hoist Finance is currently required to maintain a capital conservation buffer of 2.5 per cent of the total risk-weighted

exposure amount and an institutional specific countercyclical buffer of 0.3 per cent of the total risk-weighted exposure amount.

The table below shows CET1 capital, Tier 1 capital and the total capital ratio in relation to the total risk-weighted exposure amount for Hoist Finance and for the regulated entity Hoist Finance. It also shows the total regulatory requirements under each pillar and the institution-specific CET1 capital requirements. All capital ratios exceed the minimum requirements and capital buffer requirements.

Note 4 Capital adequacy, cont.

	Hoist Finance consolidated situation			Hoist Finance AB (publ)
Capital ratios and capital buffers, %	31 Mar 2019	31 Dec 2018	31 Mar 2018	31 Mar 2019	31 Dec 2018	31 Mar 2018
Common Equity Tier 1 capital ratio	9.47	9.66	11.35	12.36	12.45	10.56
Tier 1 capital ratio	11.35	11.68	13.14	14.89	15.11	12.63
Total capital ratio	13.70	14.14	17.15	18.04	18.34	17.24
Institution-specific buffer requirements for CET1 capital	7.31	7.30	7.05	7.28	7.28	7.05
of which, capital conservation buffer requirement	2.50	2.50	2.50	2.50	2.50	2.50
of which, countercyclical capital buffer requirement	0.31	0.30	0.05	0.28	0.28	0.05
Common Equity Tier 1 capital available to meet buffers1)	4.97	5.16	6.85	7.86	7.95	6.06

1) Kärnprimärkapitalrelationen såsom rapporterats, med avdrag för minimikravet på 4,5 procent (exkluderat buffertkraven) och med avdrag för eventuellt kärnprimärkapital som använts för att möta primär- och totalt kapitalkrav.

Internally assessed capital requirement

As per 31 December 2018, the internally assessed capital requirement for Hoist Finance was SEK 3,031 million (1,771), of which SEK 303 million (196) was attributable to Pillar 2.

Note 5 Liquidity risk

This note provides information required to be disclosed under the provisions of FFFS 2010:7, including applicable amendments, regarding the management of liquidity risks in credit institutions and investment firms.

Liquidity risk is the risk of difficulties in obtaining funding, and thus not being able to meet payment obligations at maturity without a significant increase in the cost of obtaining means of payment

Because the Group's revenues and expenses are relatively stable, liquidity risk is primarily associated with the Group's funding which is based on deposits from the public. By definition this way of funding has a risk of major outflows of deposits at short notice.

The overall objective of the Group's liquidity management is to ensure that the Group maintains control over its liquidity risk situation,

with sufficient funds in liquid assets or immediately saleable assets to ensure timely discharge of its payment obligations without incurring high additional costs.

Funding is mainly raised in the form of deposits from the public and through the capital markets through the issuance of senior unsecured debts, own funds instruments and equity. The majority of deposits from the public are payable on demand (current account-"flex"), while approximately 40 per cent (35) of the Group's deposits from the public are locked into longer maturities (fixed-term deposits) ranging from 12 to 36 months.

About 99 per cent of deposits are is fully covered by the Swedish state deposit guarantee.

Funding	Hoist Finance consolidated situation			Hoist Finance AB (publ)
SEK m	31 Mar 2019	31 Dec 2018	31 Mar 2018	31 Mar 2019	31 Dec 2018	31 Mar 2018
Current account deposits	10,932	11,041	9,555	10,932	11,041	9,555
Fixed-term deposits	7,412	6,052	4,790	7,412	6,052	4,790
Senior debts	5,627	5,950	4,571	5,627	5,950	4,571
Convertible debt instruments	690	690	380	690	690	380
Subordinated debts	859	839	848	859	839	848
Equity	3,901	3,723	3,022	3,417	3,262	2,185
Other	1,209	960	862	675	924	851
Balance sheet total	30,630	29,255	24,028	29,612	28,758	23,180

The Group's Treasury Policy specifies a limit and a target level for the amount of available liquidity and its nature. Available liquidity totalled SEK 7,971m (7,399) as per 31 March, exceeding the limit and the target level by a significant margin.

Hoist Finance's liquidity reserve, presented below pursuant to the Swedish Banker's Association's template, primarily comprises bonds issued by the Swedish government and Swedish municipalities, as well as covered bonds.

Note 5 Liquidity risk, cont.

Liquidity reserve

SEK m	31 Mar 2019	31 Dec 2018	31 Mar 2018
Cash and holdings in central banks	0	0	0
Deposits in other banks available overnight	2,009	1,111	1,425
Securities issued or guaranteed by sovereigns, central banks or multilateral development banks	790	1,622	1,007
Securities issued or guaranteed by municipalities or other public sector entities		1,031	1,130
Covered bonds	3,641	3,635	3,441
Securities issued by non-financial corporates	–	–	–
Securities issued by financial corporates	–	–	–
Other	–	–	–
Total	7,971	7,399	7,003

Hoist Finance has a liquidity contingency plan for managing liquidity risk. This identifies specific events that may trigger the contingency plan and require actions to be taken.

Note 6 Pledged assets	GROUP PARENT COMPANY
SEK m	31 Mar 2019	31 Dec 2018	31 Mar 2018	31 Mar 2019	31 Dec 2018	31 Mar 2018
Pledges and comparable collateral for own liabilities and for reported commitments for provisions	76	70	55	13	12	0

Note 7 Contingent liabilities

	GROUP			PARENT COMPANY
SEK m	31 Mar 2019	31 Dec 2018	31 Mar 2018	31 Mar 2019	31 Dec 2018	31 Mar 2018
Commitments	1,857	1,116	2,239	295	367	261

Note 8 IFRS 16 transition effects

The transition to IFRS 16 has not have any effect on the Group's opening balance of equity on 1 January 2019.

At the initial date of application, right-of-use assets are valued at an amount corresponding to the lease liability adjusted for any prepaid or accrued leasing fees related to lease contracts reported in the balance sheet immediately prior to the date of application. The lease liability is valued at an amount corresponding to the present value of remaining leasing fees discounted by applying the Group's marginal lending rate at the initial date of application. The Group's average marginal lending rate at transition is expected to be 3.74 per cent.

At the initial date of application, right-of-use assets are valued at an amount corresponding to the lease liability adjusted for any prepaid or accrued leasing fees related to lease contracts reported in the balance sheet immediately prior to the date of application.

The lease liability is valued at an amount corresponding to the present value of remaining leasing fees discounted by applying the Group's marginal lending rate at the initial date of application. The Group's average marginal lending rate at transition is expected to be 3.74 per cent.

SEK m	Original carrying value under IAS 17	Re classification	IFRS 16 transition	New carrying value under IFRS 16
Tangible assets	2	–0	171	173
Prepaid expenses and accrued income	1	–1	–	0
Total assets	3	–1	171	173
Other liabilities	2	–	171	173
Accrued expenses and prepaid income	1	–1	–	0
Total liabilities	3	–1	171	173
Net effect on equity	–	–	–	–

Assurance

The Board of Directors and the CEO hereby give their assurance that the interim financial statements provide a true and fair view of the business activities, financial position and results of operations of the Group and the Parent Company, and describes the significant risks and uncertainties to which the Parent Company and Group companies are exposed.

Stockholm, 13 May 2019

Ingrid Bonde Chair of the Board

Cecilia Daun Wennborg Malin Eriksson Board member Board member

Liselotte Hjorth Jörgen Olsson Board member Board member

Marcial Portela Joakim Rubin Board member Board member

Gunilla Öhman Board member

Klaus-Anders Nysteen CEO

Definitions

Alternative performance measures

Alternative performance measures (APMs) are financial measures of past or future earnings trends, financial position or cash flow that are not defined in the applicable accounting regulatory framework (IFRS), in the Capital Requirements Directive (CRD IV), or in the EU's Capital Requirement Regulation number 575/2013 (CRR). APMs are used by Hoist Finance, along with other financial measures, when relevant for monitoring and describing the financial situation and for providing additional useful information to users of the financial statements. These measures are not directly comparable with similar performance measures that are presented by other companies. C&I ratio, Return on equity, Net interest income margin and Adjusted EBITDA are alternative performance measures that provide information on Hoist Finance's profitability. "Estimated Remaining Collections" is Hoist Finance's estimate of the gross amount that can be collected on acquired loan portfolios. Definitions of alternative performance measures and other key figures are presented below. The financial fact book, available on ir.hoistfinance.com, provides details on the calculation of key figures.

Acquired loan portfolios

An acquired loan portfolio consists of a number of defaulted consumer loans and SME loans that arise from the same originator.

Acquired loans

Total of acquired loan portfolios, run-off consumer loan portfolios and participations in joint ventures.

Additional Tier 1 capital

Capital instruments and associated share premium accounts that fulfil the requirements of Regulation (EU) 575/2013 of the European Parliament and the Council and that may accordingly be included in the Tier 1 capital.

Adjusted EBITDA

EBIT (operating earnings), less depreciation and amortisation ("EBITDA"), adjusted for depreciation of acquired loan portfolios.

Basic earnings per share

Net profit for the period, adjusted for interest on capital instruments recorded in equity, divided by the weighted average number of outstanding shares.

Capital requirements – Pillar 1

Minimum capital requirements for credit risk, market risk and operational risk.

Capital requirements – Pillar 2

Capital requirements beyond those stipulated in Pillar 1.

CET1 capital

Capital instruments and the related share premium accounts that fulfil the requirements of Regulation (EU) 575/2013 of the European Parliament and the Council, and other equity items that may be included in CET1 capital, less regulatory dividend deduction and deductions for items such as goodwill and deferred tax assets.

CET1 ratio

CET1 capital in relation to the total risk exposure amount.

C/I ratio

Total operating expenses in relation to Total operating income and Profit from shares and participations in joint ventures.

Diluted earnings per share

Net profit for the period, adjusted for interest on capital instruments recorded in equity, divided by the weighted average number of outstanding shares after full dilution.

Fee and commission income

Fees for providing debt management services to third parties.

Gross 180-month ERC

"Estimated Remaining Collections" – the company's estimate of the gross amount that can be collected on the loan portfolios currently owned by the company. The assessment is based on estimates for each loan portfolio and extends from the following month through the coming 180 months. The estimate for each loan portfolio is based on the company's extensive experience in processing and collecting over the portfolio's entire economic life.

Internal funding cost

The internal funding cost is determined per portfolio applying the following monthly interest rate: (1+annual interest)^(1/12)-1.

Items affecting comparability

Items that interfere with comparison due to the irregularity of their occurrence and/or size as compared with other items.

Legal collection

Legal collections relate to gross collections following the initiation of Hoist Finance's litigation process. This process assesses customers' solvency and follows regulatory and legal requirements.

Net interest income margin

Net interest income for the period, calculated on a full-year basis, in relation to the period's average Acquired loan portfolios, calculated as the period average based on quarterly values during the period.

Non-performing loans (NPL)

An originator's loan is non-performing as at the balance sheet date if it is past due or will be due shortly.

Number of employees (FTEs)

Number of employees at the end of the period converted to full-time posts.

Own funds

Sum of Tier 1 capital and Tier 2 capital.

Portfolio growth

Changes in the carrying amount of acquired loan portfolios over the last 12 months (LTM).

Portfolio revaluation

Changes in the portfolio value based on revised estimated remaining collections for the portfolio.

Return on equity

Net profit for the period adjusted for accrued unpaid interest on AT1 capital calculated on annualised basis, divided by equity adjusted for AT1 capital reported in equity, calculated as an average for the financial year based on a quarterly basis.

Risk-weighted exposure amount

The risk weight of each exposure multiplied by the exposure amount.

SME

A company that employs fewer than 250 people and has either annual sales of EUR 50 million or less or a balance sheet total of EUR 43 million or less.

Tier 1 capital

The sum of CET1 capital and additional Tier 1 capital.

Tier 1 capital ratio

Tier 1 capital as a percentage of the total risk-weighted exposure amount.

Tier 2 capital

Capital instruments and the related share premium accounts that meet the requirements of Regulation (EU) 575/2013 of the European Parliament and the Council and that may accordingly be included in own funds.

Total capital ratio

Own funds as a percentage of the total risk-weighted exposure amount.

Weighted average number of shares outstanding

Weighted number of shares outstanding plus potential dilutive effect of warrants outstanding.

Vision, mission and strategy

Financial targets

Profitability

By leveraging on operational efficiency efforts to become more cost-effective, we aim to reduce the cost-to-income ratio to 65 per cent in the medium term.

By ensuring the right balance between growth, profitability and capital efficiency we aim to achieve a return on equity of 15 per cent in the medium term.

Capital structure

Under normal conditions, the CET1 ratio should be 1.75 – 3.75 percentage points above overall CET1 requirements specified by the Swedish Financial Supervisory Authority.

Growth

EPS (adjusted for AT1 costs) should by 2021 have grown by an average annual growth rate of 10 per cent compared to 2018, excluding IAC's.

Dividend policy and dividend

The Board will for the years of 2018 and 2019 recommend to the Annual General Meeting (AGM) to deviate from the established dividend policy. The Board recommends not to pay any dividend for 2018 nor any dividend with respect to 2019.

In the long term, the aim is to follow the dividend policy outlines a dividend of 25–30 per cent of the Group's net profit over the medium term.

Our Mission – Your Trust

Our Vision

Helping people keep their commitments.

Strategy

1 One Hoist Finance Market leadership Financial Institutions Operating as one company. Collaboration instead of duplication. Strengthened functional capabilities and sharing of best practices. Engaging, open, and rewarding place to work, with a clear sense of purpose. to SMEs and performing loans. Maintain competitive advantage of unique funding model providing stability in capital constrained

driven Unique

Digital leader

funding

• environments. Offer unique value proposition and offering to customers enabled through bank license.
• Spearhead industry development and use of digital and analytics.

Utilise digital tools in order to make it possible for us interact with our customers in muliple channels and touch points.

Market leading position in prioritised markets.

• Extensive local know-how and data providing competitive advantage and ability to capture future growth.
• Diversified product and service offerings on priority markets including unsecured loans to SMEs, unsecured consumer loans, secured loans
  • Specialised market leader in financial institutions originated debt.
  • Diversified and deep relationships across markets.
  • Expand services to meet the full spectrum of client needs.
  • Best in class ways of working in terms of efficiency. Ways of working harmonised across the
    • organisation and based on in-house expertise and learnings.
  • Creating value by leveraging all of our tacit knowledge.

Financial calendar

Annual General Meeting	16 May 2019
Interim report Q2, 2019	30 July 2019
Interim report Q3, 2019	5 November 2019

Contact

Investor Relations Julia Ehrhardt Acting Head of Hoist Finance IR

Ph: +46 (0) 7 059 173 11 E-post: info@hoistfinance.com

Knowledge

Hoist Finance AB (publ) Corp. ID no. 556012-8489 Box 7848, 103 99 Stockholm Ph: +46 (0) 8-555 177 90 www.hoistfinance.com

The interim report and investor presentation are available at www.hoistfinance.com

Every care has been taken in the translation of this report. In the event of any discrepancy, the Swedish original will supersede the English translation.