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					Provident Financial plc

Tables for 2011 annual report and accounts - Business review

Group results - page 19
                                                                                                                   Year ended 31 December
                                                                                                                 2011            2010*                  Change
                                                                                                                  £m               £m                       £m

Home Credit                                                                                                    127.5                  129.1                  (1.6)
Real Personal Finance                                                                                              -                   (1.8)                   1.8
Total CCD                                                                                                      127.5                  127.3                    0.2
Vanquis Bank                                                                                                    44.2                   26.7                  17.5
Central:
- costs                                                                                                        (10.2)                  (8.1)                 (2.1)
- interest receivable/(payable)                                                                                   0.6                  (1.4)                   2.0
Total central                                                                                                   (9.6)                  (9.5)                 (0.1)
Group profit before tax                                                                                        162.1                  144.5                  17.6
* 2010 earnings stated before an exceptional cost of £2.5m


Receivables - page 23
                                                                                         Year ended 31 December
                                                          Vanquis Bank                        Home Credit                                Group*
2007                                                                        143.1                              747.3                                     925.4
2008                                                 43.5%                  205.4            11.6%             833.7                 14.9%             1,063.3
2009                                                 24.4%                  255.5             3.9%             866.0                  7.1%             1,139.3
2010                                                 35.0%                  345.0             0.1%             867.2                  7.0%             1,219.3
2011                                                 31.4%                  453.4             1.1%             876.7                  9.3%             1,332.7

CCD results- page 40
CCD results                                                                                               Year ended 31 December
                                                                                                               2011             2010
                                                                                                         (52 weeks)       (53 weeks)                    Change
                                                                                                                £m               £m                         %
Profit/(loss) before tax:
Home Credit                                                                                                    127.5                  129.1                  (1.2)
Real Personal Finance                                                                                              -                   (1.8)                100.0
CCD                                                                                                            127.5                  127.3                    0.2

Home Credit results - page 40
Home Credit                                                                                               Year ended 31 December
                                                                                                               2011             2010
                                                                                                         (52 weeks)       (53 weeks)                    Change
                                                                                                                £m               £m                         %
Customer numbers ('000)                                                                                        1,825                  1,861                  (1.9)
Year end customer receivables                                                                                  876.7                  867.2                    1.1
Average customer receivables                                                                                   783.4                  753.6                    4.0
Revenue                                                                                                        697.1                  701.1                  (0.6)
Impairment                                                                                                   (223.8)                (230.6)                    2.9
Revenue less impairment                                                                                        473.3                  470.5                    0.6
Revenue yield**                                                                                               89.0%                  93.0%
Impairment % revenue***                                                                                       32.1%                  32.9%
Costs                                                                                                        (298.8)                (292.3)                  (2.2)
Interest                                                                                                       (47.0)                 (49.1)                   4.3
Profit before tax                                                                                              127.5                  129.1                  (1.2)

* Revenue as a percentage of average receivables for the 12 months ended 31 December.
** Impairment as a percentage of revenue for the 12 months ended 31 December.


Vanquis Bank results - page 50
Vanquis Bank                                                                                               Year ended 31 December
                                                                                                                2011            2010                    Change
                                                                                                                 £m               £m                        %
Customer numbers ('000)                                                                                          691                    544                   27.0
Year end customer receivables                                                                                  453.4                  345.0                   31.4
Average customer receivables                                                                                   391.2                  289.2                   35.3
Revenue                                                                                                        213.7                  162.0                   31.9
Impairment                                                                                                    (76.9)                 (63.9)                 (20.3)
Revenue less impairment                                                                                        136.8                   98.1                   39.4
Risk-adjusted margin*                                                                                         35.0%                  33.9%
Impairment % revenue**                                                                                        36.0%                  39.4%
Costs                                                                                                         (69.4)                 (52.9)                 (31.2)
Interest                                                                                                      (23.2)                 (18.5)                 (25.4)
Profit before tax                                                                                               44.2                   26.7                   65.5

* Revenue less impairment as a percentage of average receivables for the 12 months ended 31 December.
** Impairment as a percentage of revenue for the 12 months ended 31 December.


Table 1: ROE - page 53

                                                                                                                                        2011                 2010
                                                                                                                                         £m                    £m
                                                                                                                                                              £m
Profit before tax                                                                                                                     162.1                 144.5
Tax                                                                                                                                   (42.3)                (40.5)
Profit after tax                                                                                                                      119.8                 104.0
Shareholders' equity                                                                                                                  326.2                 309.4
Pension asset                                                                                                                         (13.5)                (41.0)
Deferred tax on pension asset                                                                                                            3.4                  11.1
Hedging reserve                                                                                                                          6.4                   7.2
Proposed final dividend                                                                                                               (57.4)                (51.7)
Adjusted equity                                                                                                                       265.1                 235.0
Average adjusted equity                                                                                                               250.1                 225.3
ROE                                                                                                                                     48%                   46%

Table 2: Committed borrowing facilities (pre and post renewal of bank facilities on 10 February 2012) - page 54


                                                                                                                             Pre-renewal Post-renewal
As at 31 December 2011                                                                 Originated           Maturity                 £m           £m
Bank facilities:
Core bank group                                                                        2010/2012                2015                 419.5                  382.5
Non-extending overseas banks                                                                2007                2012                 197.8                      -
                                                                                                                                     617.3                  382.5
Bonds and private placements:
Senior public bond                                                                            2009           2019                    250.0                  250.0
M&G term loan                                                                                 2011      2016-2021                    100.0                  100.0
Other sterling/euro medium-term notes                                                         2011      2015-2018                     40.4                   40.4
Retail bond 2010                                                                              2010           2020                     25.2                   25.2
Retail bond 2011                                                                              2011           2016                     50.0                   50.0
                                                                                                             2013
US private placements                                                                   Pre-2005         and 2014                     86.9                    86.9
Residual subordinated loan notes                                                            2005             2015                      6.0                     6.0
                                                                                                                                     558.5                   558.5
Vanquis Bank retail deposits                                                                  2011      2012-2016                    139.7                  *362.7
Total committed facilities/
funding capacity                                                                                                                   1,315.5            1,303.7
Borrowings on committed facilities                                                                                                 1,027.4           **1037.4
Headroom                                                                                                                             288.1             **266.3
* Based on 80% of Vanquis Bank's receivables of £453.4m at 31 December 2011.
** After setting aside the liquid assets buffer - calculated as 15% of the additional deposits capacity multiplied by the FSA's transitional rate of 30%.


Table 3: Bank covenants - page 54

Covenant                                                                             Limit                                              2011                 2010
Gearing1                                                                             < 5.0 times                                        3.2                   3.3
Net worth - Group2                                                                   > £220m                                          322.5                 286.7
            - Excluding Vanquis Bank                                                 > £140m                                          221.0                 216.2
Interest cover3                                                                      > 2.0 times                                        3.3                   3.1
Cash cover4                                                                          > 1.1 times                                       1.34                  1.35
1
    Borrowings divided by equity (including the group's pension asset and fair value of derivatives).
2
    Equity less the group's pension asset and fair value of derivatives.
3
    Profit before interest and tax divided by interest charge.
4
    Cash collected divided by credit issued.


Table 4: Capital generation - page 56
                                                                                              2011              2010                   2009                  2008
                                                                                                 £m                £m                     £m                   £m
Operating cashflow                                                                           138.7             150.5                    86.8                  40.9
Interest paid                                                                                (69.9)            (80.0)                 (51.1)                (44.1)
Tax paid                                                                                     (42.0)            (36.5)                 (28.4)                (29.7)
Net capital expenditure                                                                       (7.4)            (17.6)                 (12.5)                (13.9)
Add back 80% of receivables growth funded by borrowings                                        90.7              64.0                   60.9                110.3
Capital generated                                                                            110.1               80.4                   55.7                  63.5
Analysed as:
- CCD                                                                                        107.3               93.3                   67.9                  66.9
 - Vanquis Bank                                                                                14.8               6.3                    5.1                 (5.0)
-Central                                                                                     (12.0)            (19.2)                 (17.0)                   1.6
Dividends payable                                                                            (93.2)            (84.9)                 (84.5)                (84.0)
Capital retained/(absorbed)                                                                    16.9             (4.5)                 (28.8)                (20.5)
Dividend cover                                                                                 1.30              1.24                   1.12                  1.12

Table 5: Capital generation - Vanquis Bank page 56
                                                                                         Capital                                                     Equity to
                                                                                      generation              Equity         Receivables          receivables
                                                                                             £m                  £m                  £m                     %
At 31 December 2010                                                                                             70.5               345.0               20.4%
Profit before tax                                                                              44.2             44.2
Tax                                                                                          (11.7)           (11.7)
Profit after tax                                                                               32.5             32.5
To fund growth in receivables (20% x £108.4m)                                                (21.7)
Other movements                                                                                 4.0               3.5
Surplus capital generated                                                                      14.8
Dividends - July 2011                                                                         (5.0)             (5.0)
Dividends - March 2012                                                                        (5.0)             (5.0)
At 31 December 2011                                                                             4.8             96.5                  453.4                 21.3%

				
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