============
TCS Group Holding PLC (TCS)
TCS Group Holding PLC buys back 680,000 GDRs for its long-term management
incentive and retention plan
17-Apr-2018 / 13:05 CET/CEST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
══════════════════════════════════════════════════════════════════════════
TCS Group buys back 680,000 GDRs for its long-term management incentive
and retention plan
Moscow, Russia - 17 April 2018. TCS Group Holding PLC (TCS LI) (the
"Group"), Russia's leading provider of online retail financial services
via its Tinkoff.ru financial supermarket, today provides an update on its
long-term management incentive and retention plan (MLTIP).
Following the expansion of the MLTIP, the Group continues to follow its
long-standing practice of pre-funding the plan through buybacks. As part
of this initiative:
• on 13 April 2018 the Group repurchased 380,000 GDRs at an average net
price per GDR of USD18.55 (within the range USD18 to USD18.84) and on
16 April another 100,000 GDRs at an average net price of USD19.25; and
• on 16 April the Group agreed to repurchase a further 200,000 GDRs at
an average net price of USD18.79.
Additional purchases may be undertaken opportunistically as and when the
Group sees attractive opportunities based on the market price of its GDRs.
The Group believes that the current market environment represented and may
well continue to be a good opportunity to repurchase GDRs. The
fundamentals of the Group's business remain strong. As announced on 10
April 2018, the Group remains well on track to meet its Net Income target
of at least RUB 24bn in 2018 as well as the other metrics in the Group's
'Guidance for 2018' in the Company's announcement of 13 March 2018.
Moreover, measures recently announced by the US Treasury Department do not
in Management's view materially impact the Group, its core operations,
ultimate beneficial owner, customers or planned capital markets
activities.
The Board of Directors on 5 March 2018 approved an increase in the number
of MLTIP participants from 67 to 83 with effect from 31 March 2018. The
MLTIP is awarded over four years, materially subject to the fulfilment of
annual KPIs, with each such annual award vesting linearly over the three
subsequent years. All participants are employees of the Group, working
full time in the Russian Federation. The aim of the expansion, as the
Group continues to grow the scale and scope of its operations, is to
ensure that the interests of its broader management team are closely
aligned with the interests of shareholders to grow the Group's value. The
target total size of the MLTIP pool is nearly 5.6% of the Group's current
share capital.
For enquiries:
Tinkoff Bank
Tinkoff Bank
Larisa Chernysheva
Darya Ermolina IR Department
Head of PR
+ 7 495 648-10-00 (ext. 2312)
+ 7 495 648-10-00 (ext. 2009)
2 ir@tinkoff.ru
1 d.ermolina@tinkoff.ru
About the Group
TCS Group is an innovative provider of online retail financial services
operating in Russia through a high-tech branchless platform. TCS Group
includes Tinkoff Bank, mobile virtual operator network Tinkoff Mobile,
Tinkoff Insurance, and Tinkoff Software DC, a network of IT development
hubs across Russia.
The Group was founded in 2006 by the Russian entrepreneur Oleg Tinkov and
has been listed on the London Stock Exchange since October 2013.
With no retail branches, the Group serves its customers remotely via
online channels and its call centre, and operates a network of over 2,500
representatives to ensure smooth delivery of its products. The network
covers all of Russia and allows next day delivery to most customers.
The Group's key business is Tinkoff Bank, Russia's first and only direct
bank offering both own brand and partner retail financial services via its
Tinkoff.ru platform. The product range includes daily banking (credit and
debit cards, payments, money transfers), savings, investments, loyalty
programmes, travel services, SME services, mortgage platform, and
insurance. With its special focus on mobile business, the bank offers
mobile applications both for its customer base (Mobile Bank) and beyond it
(Traffic Fines, MoneyTalk, Card 2 Card instant money transfers).
As at 1 February 2018, the bank was the second largest player in the
Russian credit card market, with a market share of 11.7%. The FY 2017 IFRS
net income of TCS Group Holding PLC amounted to RUB 19.0 bn, ROE stood at
53%.
Banki.ru, Russia's largest financial news portal, named Tinkoff Bank the
Bank of the Year 2016. In October 2016 Tinkoff Bank was named the largest
independent global direct bank by Frost & Sullivan. In 2015 and 2016, the
Global Finance magazine named Tinkoff Bank as the Best Consumer Digital
Bank in Russia. In 2016, the bank also won Global Finance's Best
Integrated Consumer Bank Site award and was named the Best Digital Bank in
the CEE by Euromoney. The bank's mobile application was recognised as the
best in Russia by Markswebb Rank & Report for three consecutive years in
2014, 2015 and 2016, and by Deloitte for four consecutive years from 2013
to 2016.
Forward-looking statements
Some of the information in this announcement may contain projections or
other forward-looking statements regarding future events or the future
financial performance of the Group and Tinkoff Bank. You can identify
forward looking statements by terms such as "expect", "believe",
"anticipate", "estimate", "intend", "will", "could," "may" or "might", the
negative of such terms or other similar expressions. The Group and Tinkoff
Bank wish to caution you that these statements are only predictions and
that actual events or results may differ materially. The Group and Tinkoff
Bank do not intend to update these statements to reflect events and
circumstances occurring after the date hereof or to reflect the occurrence
of unanticipated events. Many factors could cause the actual results to
differ materially from those contained in projections or forward-looking
statements of the Group and Tinkoff Bank, including, among others, general
economic conditions, the competitive environment, risks associated with
operating in Russia, rapid technological and market change in the
industries the Group operates in, as well as many other risks specifically
related to the Group, Tinkoff Bank and their respective operations.
══════════════════════════════════════════════════════════════════════════
ISIN: US87238U2033
Category Code: POS
TIDM: TCS
LEI Code: 549300XQRN9MR54V1W18
Sequence No.: 5420
End of Announcement EQS News Service
══════════════════════════════════════════════════════════════════════════
675331 17-Apr-2018
3 fncls.ssp?fn=show_t_gif&application_id=675331&application_name=news&site_id=reuters6
References
Visible links
1. mailto:d.ermolina@tinkoff.ru
2. mailto:ir@tcsbank.ru
============