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Fhb Mortgage Bank Plc Consolidated Annual Report

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Fhb Mortgage Bank Plc Consolidated Annual Report FHB MORTGAGE BANK PLC CONSOLIDATED ANNUAL REPORT FOR YEAR 2015 ACCORDING TO IFRS FHB MORTGAGE BANK PLC. CONSOLIDATED BUSINESS REPORT FOR 2015 ACCORDING TO IFRS Budapest, 5 April, 2016. CONSOLIDATED ANNUAL RE ORT FOR THE YEAR 2015 TABLE OF CONTENTS 1 Overview of FHB (roup .............................................................................................................................................. 3 1.1 FHB Mortgage Ban- l.. ........................................................................................................................................ 3 1.2 FHB Commer.ial Ban- Ltd. .................................................................................................................................... 5 1.3 FHB Real Estate Ltd. ............................................................................................................................................. 6 1.0 FHB L12ing Ltd. ...................................................................................................................................................... 6 1.5 Di3fa Asset Management Ltd. ................................................................................................................................ 7 1.6 FHB IN5EST Investment and Real Estate Management Ltd ................................................................................. 7 1.7 6ointly .ontrolled and asso.iated .ompanies ......................................................................................................... 8 2 Ma.roe.onomi. and mar-et environment in 2015....................................................................................................... 9 2.1 Hungarian e.onomy in 2015 .................................................................................................................................. 9 2.2 The ban-ing se.tor in 2015 .................................................................................................................................. 10 3 Report on the business a.tivities in 2015 .................................................................................................................. 10 3.1 Major finan.ial indi.ators ...................................................................................................................................... 10 3.2 Retail and .orporate lending ................................................................................................................................ 10 3.3 Refinan.ing .......................................................................................................................................................... 15 3.0 Customer deposits, ban- a..ount servi.es .......................................................................................................... 15 3.5 Investment servi.es ............................................................................................................................................. 16 3.6 Se.urity issues ..................................................................................................................................................... 16 0 Liquidity management ............................................................................................................................................... 17 5 Ris- management prin.iples ..................................................................................................................................... 18 5.1 Ris- management poli.y ...................................................................................................................................... 18 5.2 Credit ris- ............................................................................................................................................................. 18 5.3 Liquidity and maturity ris- ..................................................................................................................................... 19 5.0 Ex.hange rate ris- ............................................................................................................................................... 19 5.5 Interest rate ris-, ex.hange rate ris- .................................................................................................................... 20 5.6 Operating ris- ....................................................................................................................................................... 20 5.7 Others .................................................................................................................................................................. 20 6 Organi2ational .hanges and head.ounts .................................................................................................................. 20 7 Finan.ial analysis ...................................................................................................................................................... 22 7.1 Balan.e sheet stru.ture ....................................................................................................................................... 22 7.2 rofit &Loss stru.ture ........................................................................................................................................... 25 7.3 Capital position .................................................................................................................................................... 27 8 ost-balan.e sheet date events ................................................................................................................................ 28 2 CONSOLIDATED ANNUAL RE ORT FOR THE YEAR 2015 1 OVERVIEW OF FHB GROUP 1.1 FHB MORTGAGE BANK PLC . FHB Mortgage Ban- ubli. Limited Company ABFHBC, BMortgage Ban-C or Bthe Ban-CD was established by the Hungarian State on 21 O.tober 1997 as a limited liability .ompany with a share .apital of HUF 3 billion. The Ban- provided mortgage ban-ing servi.es through its Head Offi.e and regional representative offi.es lo.ated in Hungary. The Ban- also refinan.es mortgage loans provided by .ommer.ial ban-s to their .ustomers. The Ban- re.eived its li.ense to operate as a spe.iali2ed finan.ial institution in a..ordan.e with the provision of A.t CEII of 1996 on Credit Institutions and Finan.ial Enterprises Aprevious Hpt.D and A.t EEE of 1997 on Mortgage Loan Companies and on Mortgage Bonds A6ht.D on 6 Mar.h 1998. The Ban- .ommen.ed operation as of 16 Mar.h 1998. On 31 O.tober 2003 the Hungarian Finan.ial Supervisory Authority AHFSAD granted permission for FHB Mortgage Ban- to issue a prospe.tus to introdu.e its shares to the Budapest Sto.- Ex.hange. The ordinary shares were listed on the Budapest Sto.- Ex.hange on 20 November 2003. FHB Mortgage Ban- Co. l.. at the end of De.ember 2015 in.reased its share .apital with HUF 0,209 billion fa.e value, or HUF 30.5 billion issue value. The .apital in.rease was exe.uted by issuing demateriali2ed dividend preferen.e shares ASeries BBCD and demateriali2ed ordinary shares ASeries BCCD. The newly issued Series BBC and BCC shares will not be listed over. Due to the .apital in.rease on 31 De.ember 2015 FHB Mortgage Ban- l.. had series BAC, BBC and BCC shares. Majority A77.8FD of FHB shares is owned by domesti. institutional investors. FHB Group‘s shareholder structure as of 31 December 2015: Total e)u ty , Descr pt on of owner At the .eg nn ng of actual year End of actual per od 1 1 2ty 1 1 2ty Ser es 3A3 shares l sted on BSE Domesti. institution/.ompany 61.3F 61.6F 00,075,017 38.6F 00.6F 01,911,917 Foreign institution/.ompany 21.7F 21.7F 10,297,702 10.7F 12.0F 11,602,388 Domesti. individual 7.5F 7.5F 0,903,050 6.2F 7.1F 6,669,193 Foreign individual 0.1F 0.1F 05,005 0.0F 0.0F 16,326 Employees, senior offi.ers 0.2F 0.2F 108,055 0.1F 0.1F 77,808 Treasury shares 0.0F 0.0F 253,601 0.2F 0.0F 253,601 (overnment held owner 7.3F 7.3F 0,832,225 0.5F 5.1F 0,832,225 Other 1.5F 1.5F 1,005,271 0.6F 0.6F 596,552 Share serie s sub -total 100.0% 100.0% 66,000,010 60.8% 69.9% 66,000,010 Ser es 3B3 shares non 4l sted on BSE Domesti. institution/.ompany 0.0F 0.0F 0 13.1F 0.0F 10,163,030 Share serie s sub -total 0.0% 0.0% 0 13.1% 0.0% 14,163,430 Ser es 3C3 shares non 4l sted on BSE Domesti. institution/.ompany 0.0F 0.0F 0 26.1F 30.1F 2,832,686 Share serie s sub -total 0.0% 0.0% 0 26.1% 30.1% 2,832,686 100.001 100.001 55,000,010 100.001 100.001 82,885,125 HThe IBI and ICI series shares issued on De.ember 30 2015, were registered with the resolution of the Court of Registration on February 20 2016. The Board of Dire.tors of the Ban- a..epted a strategi. plan in February 2006 fo.using on the expansion of the ban-ing a.tivity and bran.h networ- as a midterm target. In the framewor- of this, the Ban- set up several new subsidiaries, in.luding FHB Commer.ial Ban- Ltd. widening signifi.antly the range of provided servi.es. FHB Mortgage Ban- is the parent .ompany of the (roup. AThe Ban- and its subsidiaries are jointly referred to as the (roup or Ban-ing (roup.D 3 CONSOLIDATED ANNUAL RE ORT FOR THE YEAR 2015 The Strategi. lan for the business years 2013-2015 was adopted by the Board of Dire.tors of FHB Mortgage Ban- in 2012. The new strategy was built on the results a.hieved with the previous plans, the possible advantages from the strategi. partnership with Allian2 and the .ommitment of the employees of the (roup and identified regarding the development of the (roup. FHB would li-e to be.ome a .ustomer-
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