SEB 2011 03 Months Interim FS EN
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AB SEB BANK CONDENSED INTERIM FINANCIAL INFORMATION FOR THE 3 MONTHS PERIOD ENDED 31 MARCH 2011 AB SEB BANK GENERAL INFORMATION 1. Reporting period The report has been produced for the 3 months period ended 31 March 2011. 2. The issuer’s key data Issuer’s name: SEB Bank Share capital LTL 1,034,575,341 Domicile address: Gedimino ave.12, LT-01103 Vilnius Telephone: (8 5) 2682 800 Fax: (8 5) 2626 557 E-mail: [email protected] Legal/organisational form: public limited company Registration date and place: 29 November 1990, Bank of Lithuania Company’s code: 112021238 Company’s registration number: AB90-4 Website: www.seb.lt (In the present Report, AB SEB Bank shall also be referred to as the ‘Bank’). 2 AB SEB BANK CONDENSED INTERIM INCOME STATEMENT FOR THE 3 MONTHS PERIOD ENDED 31 MARCH 2011 (All amounts in LTL thousands unless otherwise stated ) The Group The Bank January 1 - January 1 - January 1 - January 1 - March 31, March 31, March 31, March 31, 2011 2010 2011 2010 177,903 209,376 Interest income 160,196 189,878 (91,118) (155,171) Interest expenses (82,659) (143,507) 86,785 54,205 Net interest income 77,537 46,371 55,904 (121,192) Impairment losses on loans 55,904 269,807 89,833 (37,821) Impairment losses on lease portfolio - - (1,186) (8,113) Provisions for guarantees (1,186) (8,113) - - Other impairment losses - - 144,551 (167,126) Total impairment losses 54,718 261,694 231,336 (112,921) Net interest income after impairment losses 132,255 308,065 55,014 51,640 Fee and commission income 50,918 47,282 (14,733) (13,919) Fee and commission expenses (14,140) (13,156) 40,281 37,721 Net fee and commission income 36,778 34,126 Net gain (losses) on operations with debt securities (7,591) (3,264) and derivative financial instruments (7,591) (3,264) 629 306 Net gain (loss) on investment securities 629 305 (1,166) 30,137 Net gain on disposal of subsidiaries 6,376 58,237 - - Dividend income from subsidiaries 6,064 3,734 7,035 16,417 Net foreign exchange gain 7,093 16,297 2,096 2,239 Other income, net 1,387 1,623 1,003 45,835 Net investment activities 13,958 76,932 (31,090) (31,279) Staff costs (29,889) (29,275) (45,641) (38,948) Other administrative expenses (43,080) (36,053) 195,889 (99,592) Operating (loss) profit 110,022 353,795 - - Impairment loss on intangible assets - - - - Impairment loss on investment in subsidiaries - (428,045) 195,889 (99,592) (Loss) Profit before income tax 110,022 (74,250) (21,741) 19,436 Income tax benefit (expenses) (12,393) 14,832 174,148 (80,156) (Loss) Profit for the year from continuing operations 97,629 (59,418) (Loss) Profit for the year from discontinued - (189) operations - - 174,148 (80,345) Net (loss) profit for the year 97,629 (59,418) Attributable to: 174,148 (80,345) Equity holders of the parent 97,629 (59,418) 174,148 (80,156) (Loss) Profit for the year from continuing operations 97,629 (59,418) - (189) (Loss) Profit for the year from discontinued operations - - - - Non controlling interest - - - - (Loss) Profit for the year from continuing operations - - - - (Loss) Profit for the year from discontinued operations - - 174,148 (80,345) 97,629 (59,418) R. Kvedaras J. Iržikevičius President Head of Support Division, CFO 3 AB SEB BANK CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME FOR THE 3 MONTHS PERIOD ENDED 31 MARCH 2011 (All amounts in LTL thousands unless otherwise stated ) The Group The Bank January 1 - January 1 - January 1 - January 1 - March 31, March 31, March 31, March 31, 2011 2010 2011 2010 174,148 (80,345) Net (loss) income for the year 97,629 (59,418) Other comprehensive income: 2,246 3,797 Net gain on available for sale assets 2,246 3,797 2,246 3,797 - Net gain, before taxes 2,246 3,797 - Impairment loss on investment in available for - - sale securities recognised in income statement, before taxes - - Amortisation of financial assets revaluation reserve 761 749 of reclassified financial assets 761 749 Income tax relating to the components of other (419) (471) comprehensive income (419) (471) 2,588 4,075 Total other comprehensive income 2,588 4,075 176,736 (76,270) Total comprehensive income 100,217 (55,343) R. Kvedaras J. Iržikevičius President Head of Support Division, CFO 4 AB SEB BANK CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS OF 31 MARCH 2011 (All amounts in LTL thousands unless otherwise stated ) The Group The Bank 31 March 31 December 31 March 31 December 2011 2010 2011 2010 Assets 364,242 428,427 Cash on hand 364,242 428,427 434,982 527,258 Balances with the Central Bank 434,982 527,258 905,128 1,177,833 Due from banks, net 905,128 1,177,833 185,788 164,895 Government securities available for sale 185,176 164,272 Financial assets at fair value through 67,547 75,058 profit and loss 38,222 45,733 142,430 233,911 Derivative financial instruments 142,430 233,911 Loans to credit and financial institutions, 11,929 55,399 net of impairment losses 345,981 506,636 15,573,133 15,669,307 Loans to customers, net of impairment losses 15,586,070 15,680,730 Finance lease receivable, net of impairment 1,821,447 1,694,691 losses - - Investment securities: 1,608,348 1,629,290 – loans and receivables 1,608,348 1,629,290 1,292 1,276 – available for sale 1,292 1,276 13,012 13,832 – held to maturity 13,012 13,832 - - Investments in subsidiaries 117,900 121,616 148,348 148,733 Intangible fixed assets 148,193 148,554 41,554 46,004 Property, plant and equipment 41,100 45,289 2,393 2,581 Assets under operating lease - - 41,644 47,623 Non-current assets held for sale 29 29 41,496 51,474 Investment property 1,519 1,535 251,282 273,661 Deferred tax asset 179,842 192,654 104,414 316,576 Other assets, net of impairment losses 86,294 109,387 21,760,409 22,557,829 20,199,760 21,028,262 Assets classified as held for sale and - - discontinued operations - - 21,760,409 22,557,829 Total assets 20,199,760 21,028,262 Liabilities 43 38 Amounts owed to the Central Bank 43 38 8,933,479 9,295,615 Amounts owed to credit and financial institutions 7,596,022 7,915,364 217,915 334,427 Derivative financial instruments 217,915 334,427 9,215,937 9,643,341 Deposits from public 9,218,629 9,644,674 19,789 29,873 Accrued expenses and deferred income 18,271 26,190 - - Income tax payable - - 600,579 597,172 Subordinated loans 600,579 597,172 602,298 663,177 Debt securities in issue 602,298 663,177 132,945 135,008 Other liabilities and provisions 84,190 85,968 19,722,985 20,698,651 18,337,947 19,267,010 Liabilities included in assets classified as held - - for sale and discontinued operations - - 19,722,985 20,698,651 Total liabilities 18,337,947 19,267,010 Equity Equity attributable to equity holder of the parent 1,034,575 1,034,575 Share capital 1,034,575 1,034,575 2,200 1,034 Reserve capital 2,200 2,200 (6,262) (8,850) Financial assets revaluation reserve (6,262) (8,850) 194,708 165,425 Legal reserve 191,184 163,221 11,190 10,846 General and other reserves 11,190 10,846 801,013 656,148 Retained earnings 628,926 559,260 2,037,424 1,859,178 1,861,813 1,761,252 - - Non controlling interest in equity - - 2,037,424 1,859,178 Total equity 1,861,813 1,761,252 21,760,409 22,557,829 Total liabilities and equity 20,199,760 21,028,262 R. Kvedaras J. Iržikevičius President Head of Support Division, CFO 5 AB SEB BANK CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE 3 MONTHS PERIOD ENDED 31 MARCH 2011 (All amounts in LTL thousands unless otherwise stated) Equity attributable to equity holder of the parent Financial assets General Total before Non Share Reserve revaluation Legal and other Retained noncontroling controling The Group capital capital reserve reserve reserves earnings interest interest Total Equity 31 December 2009 1,034,575 1,034 (14,781) 135,160 9,778 359,129 1,524,895 - 1,524,895 Net change in available for sale investments, net of deferred tax - - 3,326 - - - 3,326 - 3,326 Amortisation of financial assets revaluation reserve of reclassified financial assets - - 749 - - - 749 - 749 Net profit for the year - - - - - (80,345) (80,345) - (80,345) Total comprehensive income - - 4,075 - - (80,345) (76,270) - (76,270) Shareholder's contribution - - - - - 345,280 345,280 - 345,280 Share-based compensation - - - - 165 - 165 - 165 Transfers to reserves - - - 30,265 - (30,265) - - - 31 March 2010 1,034,575 1,034 (10,706) 165,425 9,943 593,799 1,794,070 - 1,794,070 31 December 2010 1,034,575 1,034 (8,850) 165,425 10,846 656,148 1,859,178 - 1,859,178 Net change in available for sale investments, net of deferred tax - - 1,827 - - - 1,827 - 1,827 Amortisation of financial assets revaluation reserve of reclassified financial assets - - 761 - - - 761 - 761 Net profit for the year - - - - - 174,148 174,148 - 174,148 Total comprehensive income - - 2,588 - - 174,148 176,736 - 176,736 Sales of UAB SEB Enskilda - 1,166 - - - - 1,166 - 1,166 Share-based compensation - - - - 344 - 344 - 344 Transfers to reserves - - - 29,283 - (29,283) - - - 31 March 2011 1,034,575 2,200 (6,262) 194,708 11,190 801,013 2,037,424 - 2,037,424 R.