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Annual Report 2017 AS SEB Pank Annual Report (translation of the Estonian original) 2017 AS SEB Pank, Annual Report 2017 Contents P. P. Statement of the Management Board_______________________ 2 2. Risk policy and management_________________________________ 44 I. Introduction - general information_________________________ 3 2.1. Risk policy and structure______________________________ 44 1. Credit institution______________________________________ 3 2.2. Credit risk__________________________________________ 47 2. Auditor_____________________________________________ 3 2.3. Market risk_________________________________________ 57 2.3.1. Foreign exchange risk_________________________________ 59 II. Management Report___________________________________ 4 2.3.2. Interest rate risk_____________________________________ 61 1. Credit institution's group as defined in Credit Institutions Law____ 4 2.3.3. Equity price risk_____________________________________ 62 1.1. Consolidated group_______________________________ 4 2.4. Concentration of risks________________________________ 63 1.2. Members of Management and Supervisory Board 2.5. Liquidity risk_______________________________________ 65 and shares held by them___________________________ 5 2.6. Operational risk_____________________________________ 68 1.3. Statement of AS SEB Pank Management procedure_______ 5 2.7. Fair value of financial assets and liabilities_________________ 70 1.4. Strategy and organisation__________________________ 7 2.8. Capital requirements__________________________________ 73 2. Highlights___________________________________________ 7 2.9. Internal control system________________________________ 74 3. SEB Pank Group information on the remuneration policy 2.10. Control functions____________________________________ 74 and its implementation__________________________________ 11 4. Capital management____________________________________ 17 3. Interest and similar income__________________________________ 76 5. Key figures__________________________________________ 20 4. Interest expenses and similar charges__________________________ 76 5. Fee and commission income_________________________________ 76 III. Cons olidated Financial S tatements ________________________ 22 6. Fee and commission expense_________________________________ 77 1. Consolidated income statement___________________________ 22 7. Net income from foreign exchange_____________________________ 77 2. Consolidated statement of comprehensive income_____________ 22 8. Gains less losses from financial assets 3. Consolidated statement of financial position__________________ 23 at fair value through profit or loss_____________________________ 77 4. Consolidated statement of cash flows_______________________ 24 9. Other income____________________________________________ 78 5. Consolidated statement of changes in shareholders' equity_______ 25 10. Personnel expenses________________________________________ 78 11. Other expenses___________________________________________ 78 Notes to Consolidated Financial Statements_____________________ 26 12. Impairment losses on loans and advances_______________________ 79 1. Introduction and accounting principles_____________________ 26 13. Balances with central bank__________________________________ 79 1.1. Basis of preparation_______________________________ 26 14. Loans and advances to credit institutions_______________________ 79 1.2. Critical accounting estimates and judgements___________ 26 15. Loans and advances to customers_____________________________ 80 1.3. Consolidation___________________________________ 27 16. Financial investments______________________________________ 81 1.4. Foreign currency transactions and assets and 17. Other assets_____________________________________________ 82 liabilities denominated in a foreign currency_____________ 28 18. Accruals and prepaid expenses_______________________________ 82 1.5. Cash and cash equivalents_________________________ 29 19. Investments in associates___________________________________ 83 1.6. Financial assets__________________________________ 29 20. Intangible assets__________________________________________ 84 1.6.1. Loans and receivables_____________________________ 29 21. Property, plant and equipment________________________________ 85 1.6.2. Financial assets at fair value through profit or loss________ 33 22. Due to credit institutions____________________________________ 86 1.6.3. Available-for-sale financial assets____________________ 35 23. Due to customers_________________________________________ 86 1.7. Offsetting financial instruments______________________ 36 24. Other liabilities___________________________________________ 87 1.8. Tangible and intangible assets other than goodwill_______ 36 25. Accrued expenses and prepayments___________________________ 87 1.9. Impairment of non-financial assets____________________ 37 26. Financial liabilities at fair value through profit or loss_______________ 87 1.10. Leases - the group is the lessee______________________ 37 27. Provisions______________________________________________ 88 1.11. Financial liabilities________________________________ 38 28. Shareholders_____________________________________________ 88 1.12. Embedded derivatives_____________________________ 39 29. Dividend policy__________________________________________ 89 1.13. Financial guarantee contracts_______________________ 39 30. Other reserves___________________________________________ 89 1.14. Provisions for liabilities and charges__________________ 39 31. Contingent assets and liabilities and commitments_________________ 90 1.15. Revenue recognition______________________________ 40 32. Subsequent events________________________________________ 91 1.16. Dividend income_________________________________ 40 33. Related parties___________________________________________ 92 1.17. Recognition of day one profit and loss_________________ 40 34. Primary statements of parent company as a separate entity__________ 94 1.18. Share-based payments_____________________________ 41 1.19. Taxation_______________________________________ 41 IV. Independent Auditor's Report________________________________ 98 1.20. Fiduciary activities_______________________________ 42 V. Proposal of the Management Board regarding the 1.21. New International Financial Reporting Standards, profit distribution_________________________________________ 104 amendments to published standards and interpretations VI. Supervisory Board approval of Annual Report 2017_______________ 105 by the International Financial Reporting Interpretations Committee______________________________________ 42 - 1 - AS SEB Pank, Annual Report 2017 Statement of the Management Board Annual Report 2017 consists of the following parts and reports: Introduction- general information (page 3) Management Report (pages 4-21) Consolidated Financial Statements (pages 22-97) Independent Auditor's Report (pages 98-103) Proposal of the Management Board regarding the profit distribution (page 104). The financial and other additional information published in the Annual Report 2017 is true and complete. There is no financial or other information, missing from the Annual Report 2017, which could affect the meaning or contents of the report. Consolidated financial statements give a true and fair view of the actual financial position, results of operations and cash flows of the AS SEB Pank Group. Consolidated financial statements have been compiled in accordance with the International Financial Reporting Standards, as adopted by the European Union and as stipulated in § 17 of the Estonian Accounting Law. The Annual Report 2017 has been compiled in accordance with the requirements of Estonian laws. AS SEB Pank and subsidiaries of the consolidated group are assumed to be going concern. The audit of consolidated financial statements for the year 2017 was conducted in accordance with International Standards of Auditing. The Annual Report 2017 will be submitted for the approval to the ultimate shareholder Skandinaviska Enskilda Banken AB (publ). Previous Annual Report 2016 was approved on 30.03.2017. Members of Management Board: " 4 " ^7a^^i Allan Parik » //i" i^l/c/. 2018 Artjom Sokolov ^ ^'2. " M^if^C^ 2018 Ainar Leppanen » l"^_" ^-?^s-c-^> 2018 Kari Petteri Nikkola -2 AS SEB Pank, Annual Report 2017 I. Introduction - general information 1. Credit institution Company name AS SEB Pank Address Tornimäe Str. 2, Tallinn 15010, Estonia Registered in Republic of Estonia Registry date 08.12.1995 Registry code 10004252 (Estonian Commercial Register) Phone +372 6 655 100 Fax +372 6 655 102 SWIFT EEUHEE2X e-mail [email protected] Internet homepage http://www.seb.ee 2. Auditor Audit company AS PricewaterhouseCoopers Registry code 10142876 (Estonian Commercial Register) Address Pärnu Str. 15, 10141 Tallinn, Estonia Reporting date 31.12.2017 Reporting period 01.01.2017 - 31.12.2017 Reporting currency Euro (EUR), millions - 3 - AS SEB Pank, Annual Report 2017 II. Management Report 1. Credit institution's group as defined in Credit Institutions Law 1.1. Consolidated group At an acqui- Holding Registry sition Company name Reg . date Addres s Activity (% ) code cost *** (EUR mio) AS SEB Liising 10281767 03.10.97 Tallinn, Tornimäe 2 Leasing 100.0% 1.8 AS Rentacar* 10303546 20.10.97 Haapsalu, Posti 41 Leasing 100.0% 0.0 AS SEB Varahaldus 10035169 22.05.96 Tallinn, Tornimäe 2 Asset management 100.0% 2.7 SK ID Solutions AS** 10747013 27.03.01 Tallinn, Pärnu mnt 141 Data communication services 25.0% 1.0 5.5 All enterprises are registered
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