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Annual Report 2015 Danske Bank Plc

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Annual Report 2015 Danske Bank Plc Annual Report 2015 Danske Bank Plc. Contents IFRS FINANCIAL STATEMENTS MANAGEMENT’S REPORT DANSKE BANK PLC 13 Balance sheet items broken down by BOARD OF DIRECTORS´ REPORT .....................................................3 expected due date .......................................................................45 Consolidated Financial Highlights ................................................ 13 14 Fair value ........................................................................................... 47 15 Cash and balances at central banks ..............................50 CORPORATE GOVERNANCE ........................................................... 14 16 Loans and receivables from credit institutions ......50 FINANCIAL STATEMENTS 17 Financial instruments .............................................................. 51 Statement of Comprehensive Income ....................................... 19 18 Held to maturity financial assets ......................................56 Balance Sheet .............................................................................................20 19 Loans and receivables from customers......................56 Statement of changes in Equity ...................................................... 21 20 Investments in associated undertakings ...................60 Cash Flow Statement ............................................................................22 21 Investments in subsidiaries ................................................ 61 NOTES TO THE FINANCIAL STATEMENTS ...........................23 22 Intangible assets and goodwill ...........................................62 Summary of Significant Accounting Policies ........................23 23 Property, plant and equipment ..........................................64 24 Tax assets and liabilities ........................................................67 SEGMENT INFORMATION .................................................................26 25 Other assets ...................................................................................68 OTHER NOTES: ..........................................................................................28 26 Amounts owed to credit institutions 1 Net interest income ...................................................................28 and customers ..............................................................................69 2 Fee income and expenses .....................................................29 27 Debt securities in issue and financial 3 Net trading income ....................................................................30 liabilities at fair value through p/l ....................................70 4 Other operating income ..........................................................30 28 Other liabilities and provisions ......................................... 71 5 Dividends .......................................................................................... 31 29 Contingent liabilities and commitments .....................72 6 Staff costs ........................................................................................ 31 30 Related party disclosures .....................................................75 7 Share-based payment ..............................................................33 31 Equity and reserves ..................................................................76 8 Other operating expenses, depreciations and RISK MANAGEMENT DISCLOSURES ........................................77 impairments ...................................................................................37 9 Audit fees and financial stability authority STATEMENT AND REPORTS contributions .................................................................................38 Danske Bank Plc Board of Directors´ 10 Loan impairment charges .....................................................39 proposal to the annual general meeting 11 Taxes ....................................................................................................40 for the distribution of the profits of the 12 Classification of financial instruments and parent company and signing of non-financial assets ................................................................... 41 Annual Report 2015 ..............................................................................87 Danske Bank Plc is a Finnish bank which is part of the Danske Bank Group. Danske Bank Group is one of the largest financial enterprises in the Nordic region. This Annual Report includes Danske Bank Plc and its subsidiaries. Danske Bank Plc Board of Directors´ Report 2015 Group in brief otal for us to strengthen the relationships with our cus- Danske Bank Plc Group is part of the Danske Bank Group, tomers. Our focus on customers and creating a simpler which is one of the largest financial enterprises in the and more efficient bank have already led to initiatives Nordic region. Danske Bank Group operates in 15 coun- across the bank e.g. Customer Benefit Programme, tries. The Group is headquartered in Copenhagen and MobilePay and valued expertise in advisory services. We Danske Bank’s share is quoted on the Nasdaq OMX aim for offering our customers great customer experi- Copenhagen. ence by easy and accessible day-to-day banking and lead- ing innovative solutions across all our business units. As a Nordic universal bank, Danske Bank Group offers Finnish customers full banking services through Helsinki It is our strong aspiration to grow in the Finnish market Branch, which is a branch of Danske Bank A/S, Denmark area in all our business segments and increase our and the subsidiary Danske Bank Plc Group. End of market share. We aim to strengthen our market share December 2015, the total assets of the combined activi- across all our business units. In 2016 we will strengthen ties in Finland was around EUR 33 billion and the net our customer offerings within pension savings and result amounted to EUR 192.8 million. wealth and asset management as we introduce a new business segment Wealth Management. By bringing all Originally established as a local post savings bank, Danske of our expertise within pension savings and wealth and Bank Plc has been an integral part of Finnish society for asset management into a single business unit, we can almost 130 years. It is the third largest bank in Finland further improve our customer services and strengthen with almost 1 million personal customers and about the offering of innovative solutions and products. 90,000 corporate and institutional customers and a strongly Finnish rooted player with bridges to the Nordic Operating environment area. Danske Bank Plc has a market share in lending Total output decreased in 2012-2014, and there was still slightly below 10 per cent and a market share in deposits no improvement in the economy in 2015. Finland’s GDP is above 11 per cent. approximately 7 per cent lower than it was at the previ- ous business cycle peak. Europe’s recovery had not Danske Bank Plc has 43 branches, but including the pri- reached Finland yet because demand for investment vate banking and corporate banking offices the Bank has goods, which are important for Finnish industry, total of 62 offices all over Finland. remained weak, and Russian trade continued to slide. Despite the decline in GDP, Finland’s economy has been Since the beginning of November 2014, Danske Bank Plc fairly resilient: unemployment has risen only moderately, Group has been under supervision of the European Cen- and the number of bankruptcies declined during 2015. tral Bank (ECB) which designated Danske Bank Plc as a Public finances have weakened, however, and government systemically important bank. In July 2015, Danske Bank debt is growing quickly. Moody’s changed the outlook of Plc was designated as other systemically important insti- Finland’s AAA credit rating from stable to negative in tution (O-SII) for the Finnish national financial system May. The three-party conservative government is set on underlining that the bank plays a vital role in the Finnish reforms, and fiscal policy is being tightened considerably, financial sector. which should help retain good credit ratings. On the other hand, tight fiscal policy weakens domestic demand. Strategy, ambitions and financial targets During 2015 we continued our journey towards becom- We expect that GDP will have remained unchanged in ing a more customer-centric, simple and efficient finan- 2015, and will reach a gradual increase of 0.6 per cent cial partner. Our ambition is to improve Danske Bank in 2016. The expected growth will probably be export- Plc’s financial results continuously and therefore it is piv- driven, but investments may also recover. The outlooks of DANSKE BANK PLC / FINANCIAL STATEMENTS AND ANNUAL REPORT 2015 3 Finland’s primary export markets (Germany, Sweden and continued low interest environment, especially negative the USA) are relatively good. The weakening of the euro short-term interest rates, keeps our net interest income should support Finland’s exports to the USA, which is under pressure. Also ECB’s deposit rate for banks currently Finland’s third-largest trading partner. Russia remained negative. This combined with only a slight lend- is an exception because its economic outlook remains ing growth caused the net interest income to fell 3 per weak, and imports have been replaced by local produc- cent year-on-year. tion. The European Central Bank eased monetary policy by lowering interest rates and starting the 2015 securi- The Group’s net
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