WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Tapti geriausiais – didžiulis laimėjimas. Dar didesnis iššūkis – likti jais.
To become the best is a great achievement. However, even greatest challenge is to remain such.
Стать лучшими – огромное достижение. Ещё больший вызов – таковыми остаться.
Geriausias 2006 metų bankas Lietuvoje Bank of the Year 2006 in Lithuania Лучший банк в Литве 2006 года WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 SIEKĖME GERIAUSIO. TAPOME GERIAUSIAIS. nes DIRBOME JUMS. WE WERE SEEKING FOR THE BEST. WE HAVE BECOME THE BEST. AS WE HAVE WORKED FOR YOU. СТРЕМИЛИСЬ К ЛУЧШЕМУ. СТАЛИ ЛУЧШИМИ. РАБОТАЛИ ДЛЯ ВАС.
Turinys / Index / Оглавление
Prezidento žodis 24 President‘s speech 26 Слово Президента 28
Stebėtojų tarybos pirmininko žodis 31 Supervisory Board Chairman‘s speech 32 Слово председателя Наблюдательного совета 33
Mūsų IDENTITETAS 34 Our IDENTITY 36 Наша СУЩНОСТЬ 37
Mūsų VERSLAS 38 Our BUSINESS 46 Наш БИЗНЕС 54
Mūsų DARBUOTOJAI 86 Our EMPLOYEES 86 Наши СОТРУДНИКИ 87
Mes VISUOMENĖJE 89 We and SOCIETY 90 Мы в ОБЩЕСТВЕ 91
Mūsų VALDYMAS 92 Our MANAGEMENT 92 Наше УПРАВЛЕНИЕ 92
Finansinė atskaitomybė 116 Financial reports 116 Финансовая отчетность 116
WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Dirbu Jums. Kad būtume geriausi. Работаю для Вас. Чтоб мы были лучшими. I work for you. For us to be the best.
WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Iždo departamento direktorius Remigijus Bartaška:
Kasmet gerėjantys veiklos rezultatai ir tarptautinis įvertinimas skatina siekti dar ambicingesnių tikslų ir didesnių Director of Treasury laimėjimų, pateisinti augantį Department akcininkų bei investuotojų Remigijus Bartaška: pasitikėjimą. Augant bankui, atsiveria naujos galimybės tiek Elevating results and darbuotojams, tiek klientams, international recognition inspire kartu didėja ir mūsų vaidmuo for even more ambitious goals finansų rinkoje. and great victories, motivate to live up to shareholders’ Директор Департамента and investors’ expectations. казначейства Growth of the bank delivers Ремигиюс Барташка: new opportunities for staff and customers; moreover our role in Ежегодное улучшение financial market becomes more результатов деятельности, significant. международная оценка побуждают к достижению еще более амбициозных целей и крупных побед, к стремлению оправдать доверие акционеров и инвесторов. С ростом банка, открываются новые возможности как для сотрудников, так и для клиентов, значительнее становится и наша роль на финансовом рынке.
WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Kreditų departamento direktoriaus pavaduotoja Vita Andrikytė: Deputy Director of Atsakomybė už klientų Credit Department mums patikėtus pinigus Vita Andrikytė: verčia pasverti kiekvieną sprendimą. Kurdami Responsibility for the vertę akcininkams ir entrusted money makes us Заместитель visuomenei, stengiamės kuo consider every decision very директора Кредитного efektyviau išnaudoti mums carefully. Creating value for департамента suteiktus išteklius – daug our shareholders and society Вита Андриките: we put our best endeavors dėmesio skiriame kreditų Ответственность за to use received resources portfelio rizikos valdymui, доверенные клиентами as efficiently as possible racionaliems kreditavimo деньги заставляет – we pay lots of attention standartams, įdėmiai взвешивать каждое to credit portfolio risk stebime besikeičiančią решение. Наращивая management, reasonable ekonominę ir socialinę стоимость для crediting standards, aplinką. акционеров и общества, we constantly monitor мы стараемся changing economic and наиболее эффективно social environment. использовать предоставленные нам ресурсы – много внимания уделяем управлению риском кредитного портфеля, рациональным стандартам кредитования, внимательно следим за меняющейся экономической и социальной средой.
WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Dirbu Jums. Kad būtume geriausi. Работаю для Вас. Чтоб мы были лучшими. I work for you. For us to be the best.
WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Dirbu Jums. Kad būtume geriausi. Работаю для Вас. Чтоб мы были лучшими. I work for you. For us to be the best.
WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Tinklų ir technikos priežiūros skyriaus viršininkas Andrius Bumblauskas:
Nuolat augant klientų poreikiams, mes taip pat privalome žengti į priekį. Head of Network and Siekdami, kad banko sistema Equipment veiktų kuo efektyviau, Maintenance Unit investuojame į naujausias Andrius Bumblauskas: informacines technologijas We have to move forward ir diegiame pažangiausius along with growing Начальник Отдела sprendimus. Noras būti customers’ needs. In order обслуживания žingsniu priekyje, laimėti to maintain highly efficient сетей и техники daugiau, daryti geriau operation of banking system Андрюс Бумблаускас: nubrėžia kryptį tolesniems we invest into the newest IT veiksmams. Вместе с постоянно and implement state-of-art растущими solutions. Will to be one step потребностями ahead, to gain more, to make клиентов, мы обязаны better determines the further двигаться вперед. С целью directions. обеспечения наиболее эффективной работы банковской системы, мы инвестируем в новейшие информационные технологии и внедряем самые передовые решения. Желание быть на шаг впереди, победить, сделать лучше определяет направление дальнейших действий.
WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Kauno filialo Taupomųjų skyrių sektoriaus viršininkė Jūratė Germanavičiūtė- Vasiljevienė: Head of Kaunas Branch Siekiame būti geriausi visiems Savings Outlets Sector klientams – nematuojame Jūratė Germanavičiūtė- jų piniginės storio, svorio Vasiljevienė: visuomenėje, neskaičiuojame metų. Stengiamės suprasti We try to be the best ones for kiekvieno jų poreikius ir every customer – no matter pasiūlyti paprastą bei aiškų the size of their wallet, social sprendimą – operatyviai, status or age. We seek to Начальник Сектора tiksliai, argumentuotai. understand every customer’s сберегательхых needs and to offer simple and отделений clear solution – fast, fair and Каунасского филиала reasonable. Юрате Германавичюте- Васильевене:
Мы стремимся быть лучшими для всех клиентов – не делим их по толщине кошелька, весу в обществе, возрасту. Стараемся понять потребности каждого, предложить простое и ясное решение – оперативно, точно, аргументировано.
10 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Dirbu Jums. Kad būtume geriausi. Работаю для Вас. Чтоб мы были лучшими. I work for you. For us to be the best.
11 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Dirbu Jums. Kad būtume geriausi. Работаю для Вас. Чтоб мы были лучшими. I work for you. For us to be the best.
12 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Vilniaus filialo direktorius Liudas Masolas:
Banko kreditavimo politika skatina visuomenės gyvenimo lygio augimą. Palankios būsto Director of Vilnius Branch ir vartojamųjų paskolų sąlygos Liudas Masolas: ne vienam mūsų klientui leido pasiekti aukštesnę gyvenimo Crediting policy of the kokybę, greičiau realizuoti bank accelerates growth of savo užmanymus. Svarbu, living standards. Favorable kad žmonės puoselėtų savo mortgages and consumer Директор svajones, nestokotų drąsių loans allowed lots of our Вильнюсского филиала idėjų, o mes padėsime visa customers to improve the Людас Масолас: tai įgyvendinti. Juk mūsų quality of their living, to fulfill Благодаря политике klientų laimėjimai yra ir mūsų their ideas. It is important кредитования, внедренной laimėjimai. for people to cherish their в банке, ускоряется dreams and to originate рост уровня жизни bold ideas as we are here общества. Благоприятные to provide support. After all условия жилищного victories of our customers are и потребительского our victories as well. кредитования не одному нашему клиенту позволили достичь более высокого качества жизни, быстрее реализовать свои задумки. Важно, чтобы люди лелеяли свои мечты, не отказывались от смелых идей, а уж мы поможем в реализации. Ведь достижения наших клиентов – это и наши достижения.
13 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Teritorinio tinklo valdymo departamento direktorius Laisvūnas Bartkevičius:
Tai, ką mes darome, turi vienintelį tikslą – savo Director of Territorial klientams tapti pačiu Network Management artimiausiu banku, lengvai Department randamu ir patogiai Laisvūnas Bartkevičius: pasiekiamu. Atstumas, kurį In all our efforts we pursue the įmanoma išmatuoti, mums single aim – to become the – ne riba. Plečiamės, kad closest bank for our customers, būtume kuo arčiau Jūsų. Kad easy to find and convenient to Директор Департамента jaustumėte banko artumą access. Measurable distances управления ne tik mažiausiame Lietuvos are not limits for us. We are территориальной сетью miestelyje, bet ir už šalies sienų. expanding to deliver ourselves Лайсвунас Барткявичюс: closer to you. In order to make Все, что мы делаем, мы you feel presence of the bank делаем с одной целью – not only in the smallest town стать для своих клиентов of Lithuania but also abroad. самым близким банком, который легко найти и в который удобно попасть. Измеримое расстояние для нас – не предел. Мы расширяемся, чтобы быть как можно ближе к Вам. Чтобы Вы ощущали близость банка не только в самом маленьком городке Литвы, но и за пределами страны.
14 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Dirbu Jums. Kad būtume geriausi. Работаю для Вас. Чтоб мы были лучшими. I work for you. For us to be the best.
15 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Mes visi dirbame Jums. Todėl siekiame būti geriausi. We all work for you. So we seek to be the best. Мы все работаем для Вас. Поэтому стремимся быть лучшими.
16 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 AB banko SNORAS prezidentas Raimondas Baranauskas:
Dirbdami Jūsų labui, stengdamiesi vardan bendros President sėkmės, pasiekėme įspūdingų of Bankas SNORAS rezultatų. Didžiuojamės? Raimondas Baranauskas: Be abejo. Galime sustoti ir atsikvėpti? Jokiu būdu. In our efforts to bring you Mūsų laukia nauji ambicingi welfare and to achieve Президент iššūkiai, kuriuos drąsiai success we came to some АО банка «Снорас» pasitiksime ir tikrai įveiksime. really impressive results. Раймондас Баранаускас: Kad pateisintume visus Are we proud? Of course. Jūsų lūkesčius, parodytą Can we have a break now? Работая Вам на благо, pasitikėjimą, garbingą vardą. No way. We are ready for стараясь во имя общего Kad būtume geriausi. new challenges and we will успеха, мы достигли definitely get through them. впечатляющих In order to live up to your результатов. Гордимся expectations, assert your trust ли? Несомненно. Можем and honorable title. ли остановиться и In order to be the best ones. передохнуть? Ни в коем случае. Нас ждут новые амбициозные вызовы, которые мы смело принимаем и с которыми непременно справимся. Чтобы оправдать все Ваши надежды, оказанное доверие, почетное звание. Чтобы быть лучшими.
17 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 195 Mano artimas bankas… Štai jau 15 metų, kai esame šalia, pasirengę kartu dalintis klientų sėkme ir rūpesčiais. Pradėję nuo idėjos, žingsnis po žingsnio išaugome iki tarptautinės banko grupės. Šiandien džiaugiamės geriausio 2006 metų banko Lietuvoje apdovanojimu. Tai garbingas ir malonus įvertinimas, patvirtinantis, jog einame teisingu keliu. Tuo pačiu jis įpareigoja stengtis dar labiau – būti dar arčiau, įsiklausyti į kiekvieną kliento norą, įrodyti darbais sau ir kitiems, kad esame verti geriausiųjų vardo.
Tik atrodo, kad mūsų sėkmė telpa viename puslapyje… It is just an illusion that our success fits into one page… Только кажется, что наш успех умещается на одной странице… 18 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 My closest bank… It‘s been 15 years now we are next door, ready to share both success and cares of our customers. We have started with an idea; step by step we have grown into the international banking group. Today we celebrate the Bank of the Year 2006 in Lithuania award. This is honorable and pleasing award, evidence of adequately chosen destination. Together it makes us work even harder – be closer, listen to every request of a customer, to proof ourselves and others that we are worth of the Best award.
Мой близкий банк… Вот уже 15 лет мы рядом, готовы разделить успех и заботы клиентов. Мы начали с идеи, шаг за шагом выросли до международной банковской группы. Сегодня мы радуемся званию Лучшего банка 2006 года в Литве. Это почетная и приятная оценка, подтверждение 210 верно выбранного пути. В то же время, она обязывает стараться еще больше – быть еще ближе, прислушаться к каждому пожеланию клиента, доказать работой себе и другим, что мы достойны звания лучших.
19 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Pelnas, tūkst. Lt / Profit, LTL thous. / Прибыль, тыс. литов
60,000
50,000
40,000
30,000
20,000
10,000
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Klientų skaičius, tūkst. / Number of customers, thous. / Число клиентов, тыс.
1,000,000 900,000 800,000
700,000 600,000 500,000 400,000 300,000 200,000 100,000
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Teritorinių padalinių skaičius, vnt. / Number of territorial establishments, units / Число территориальных учреждений, шт.
250
200
150
100
50
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
30
19 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Turtas, tūkst. Lt / Assets, LTL thous. / Активы, тыс. литов
4,500,000
4,000,000
3,500,000
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Paskolos, tūkst. Lt / Loans, LTL thous. / Кредиты, тыс. литов
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
200,000
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Indėliai, tūkst. Lt / Deposits, LTL thous. / Вклады, тыс. литов
3,500,000
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
30
20 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 2006 2005 Finansiniai rezultatai Grupė Bankas Grupė Bankas Grynosios palūkanų ir komisinių pajamos, mln. Lt 222.6 139.19 133.9 106.4 Grynasis pelnas, mln. Lt 65.3 51.9 45.3 40.7 Grynasis pelnas vienai akcijai, Lt 4.34 3.63 3.25 2.96 Finansinė pozicija Turtas, mln. Lt 6539.5 4211.4 4507.5 3297.7 Paskolos grynąja verte, mln. Lt 2537.9 1552.2 1865.9 1079.2 Indėliai, mln. Lt 4721.6 3107.3 3484 2487 Akcinis kapitalas, mln. Lt 157.267 157.267 137.267 137.267 Nuosavybė, mln. Lt 348.3 300.9 261.9 241.3 Finansiniai koeficientai Turto pelningumas, proc. 1.18 1.38 1.40 1.56 Nuosavybės pelningumas, proc. 21.40 19.14 19.19 18.02 Kapitalo pakankamumo rodiklis, proc. 8.95 10.3 9.6 9.79 Klientai, tūkst. 1147 873 994 727 Darbuotojų skaičius 1949 1004 1815 887
2006 2005 Financial results Group Bank Group Bank Net interest and commission fees income, LTL mn 222.6 139.19 133.9 106.4 Net profit, LTL mn 65.3 51.9 45.3 40.7 Net earning per share, LTL 4.34 3.63 3.25 2.96 Financial position Assets, LTL mn 6539.5 4211.4 4507.5 3297.7 Loans (net value), LTL mn 2537.9 1552.2 1865.9 1079.2 Deposits, LTL mn 4721.6 3107.3 3484 2487 Share capital, LTL mn 157.267 157.267 137.267 137.267 Equity, LTL mn 348.3 300.9 261.9 241.3 Financial ratios ROA, per cent 1.18 1.38 1.40 1.56 ROE, per cent 21.40 19.14 19.19 18.02 Capital adequacy ratio, per cent 8.95 10.3 9.6 9.79 Customers, thousands 1147 873 994 727 Number of employees 1949 1004 1815 887
2006 2005 Финансовые результаты Группа Банк Группа банк Чистый процентный и комиссионный доход, млн. литов 222.6 139.19 133.9 106.4 Чистая прибыль, млн. литов 65.3 51.9 45.3 40.7 Чистая прибыль на одну акцию, млн. литов 4.34 3.63 3.25 2.96 Финансовая позиция Активы, млн. литов 6539.5 4211.4 4507.5 3297.7 Кредиты, млн. литов 2537.9 1552.2 1865.9 1079.2 Вклады, млн. литов 4721.6 3107.3 3484 2487 Акционерный капитал, млн. литов 157.267 157.267 137.267 137.267 Собственность, млн. литов 348.3 300.9 261.9 241.3 Финансовые коэффициенты Рентабельность активов, % 1.18 1.38 1.40 1.56 Рентабельность капитала, % 21.40 19.14 19.19 18.02 Показатель достаточности капитала, % 8.95 10.3 9.6 9.79 Клиенты, тыс. 1147 873 994 727 Число сотрудников 1949 1004 1815 887
22 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 nuosavybės grąža, proc. / ROE, per cent / Рентабельность капитала, %
Bankas / Bank / Банк Grupė / Group / Группа 2004
2005
2006
0,00 % 5,00 % 10,00 % 15,00 % 20,00 % 25,00 %
darbuotojų skaičius / Number of employees / Число сотрудников
Bankas / Bank / Банк 2004 Grupė / Group / Группа
2005
2006
500 1000 1500 2000 2500
TURTAS, mln. Lt / Assets, LTL mn / Активы, млн. литов
Bankas / Bank / Банк Grupė / Group / Группа 2004
2005
2006
1000 2000 3000 4000 5000 6000 7000
akcijos kaina 2006 m., Lt / PRICE OF SHARE in 2006, LTL / Цена акции в 2006 г., литами
Mažiausia kaina / Minimum price / Минимальная цена didžiausia kaina / Maximum price / Максимальная цена
I ketv. / Q / кварт. 55.0 70.1
II ketv. / Q / кварт. 40.0 61.0
III ketv. / Q / кварт. 42.5 56.0
IV ketv. / Q / кварт. 43.5 65.0
0 10 20 30 40 50 60 70
23 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Prezidento žodis
Mieli klientai, akcininkai ir investuotojai, 22,7 mln. litų, o tai net 336,5 proc. daugiau negu pernai. Veiklos išlaidos 2006 metais sudarė 99,7 mln. litų, tai 55,5 proc. daugiau negu pernai.
2006-ieji AB bankui SNORAS buvo ypatingi metai, 2006 m. AB bankas SNORAS pagal turto dydį Lietuvos paženklinti didžiausiu banko istorijoje pelnu ir rinkoje buvo penktas, pagal kapitalo dydį – ketvirtas tarptautiniu įvertinimu. bankas. Banko turtas, per metus išaugęs beveik 30 proc., 2006 metų pabaigoje sudarė 4 211 mln. litų. Banko AB banką SNORAS tarptautinis finansų leidinys išduotų paskolų suma metų pabaigoje sudarė 1 552 „The Banker” pripažino geriausiu 2006 metų banku mln. litų, ji per metus išaugo beveik puse milijardo litų Lietuvoje. arba 43,8 proc. bankui patikėti indėliai metų pabaigoje siekė 3 107 mln. litų ir per metus išaugo 620 mln. litų Malonu sulaukti aukščiausio lygio finansų srities arba beveik 25 proc. profesionalų įvertinimo. Ypač žinant, kiek pastangų, ilgamečio atkaklaus ir nuoširdaus darbo prireikė, kad 2006 metais mes akcininkams sukūrėme solidžią atsirastume čia, kur dabar esame. vertę. Nuosavybės pelningumas išaugo iki 19,1 proc., turto pelningumas siekė 1,4 proc. Pelnas, tenkantis 2006 metai nebuvo lengvi: toliau didėjo konkurencija, vienai akcijai, išaugo beveik 23 proc. iki 3,63 lito. palaipsniui brangindamos finansinius išteklius, Praėjusiais metais buvo nuspręsta smulkinti akcijų tarptautinėse rinkose ėmė kilti palūkanų normos. Kita nominalią vertę nuo 10 litų iki 1 lito, siekiant padaryti vertus, įspūdingas šalies ekonomikos augimas bei akcijas patrauklesnes investuotojams biržoje. 2006 didelė vidaus paklausa buvo palankūs veiksniai banko m. pabaigoje banko akcijos kaina siekė 50 litų, penkis rezultatams. Kaip ir iki šiol, dirbome laikydamiesi savo kartus viršydama akcijos nominalią vertę. pasirinktos strategijos – klientams siūlėme paprastas ir aiškias paslaugas patraukliomis kainomis. Todėl iš Banko įstatinis kapitalas 2006 m. pabaigoje buvo esmės visi tikslai, kuriuos sau kėlėme, buvo pasiekti. daugiau kaip 157 mln. litų, o akcininkų nuosavybė viršijo 300 mln. litų. Siekiant užtikrinti saugią ir aktyvią banko Praėję metai bankui buvo labai sėkmingi finansiškai. plėtrą, buvo didinama banko kapitalo bazė. Buvo išleista Plėtėme klientų bazę, siūlėme naujus produktus, investuotojų itin palankiai sutikta 20 mln. litų vertės didinome tradicinių produktų portfelius, ir visa tai privilegijuotųjų akcijų emisija, pritraukta subordinuota atsispindėjo finansiniuose rezultatuose – vėl uždirbome 69 mln. litų paskola, banko akcininkų susirinkimo metu rekordiškai didelį pelną. Banko pelnas išaugo beveik 30 priimtas sprendimas didinti banko kapitalo bazę 54 mln. proc., pasiekdamas įspūdingą 51,9 mln. litų sumą. Tai litų iš nuosavų lėšų bei išleisti daugiau nei 41 mln. litų net 16 proc. daugiau negu buvo planuota. Grynosios papildomą akcijų emisiją. Visi šie žingsniai leis bankui palūkanų pajamos 2006 metais sudarė 78,2 mln. litų, sklandžiai plėstis ir 2007 metais. arba 48,3 proc. daugiau negu pernai. Grynųjų paslaugų ir komisinių pajamų per 2006 metus gauta 60,9 mln. Pernai bankas pirmą kartą gavo tarptautinės reitingų litų, arba 16,8 proc. daugiau negu pernai. Kitos pajamos, bendrovės „Moody’s” ilgalaikių įsipareigojimų reitingą daugiausia iš vertybinių popierių, 2006 metais siekė (Ba3) su stabilia reitingų kitimo perspektyva.
24 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Bankas savo veiklą vykdo žvelgdamas į tolimą ateitį buvo įrengta 13 naujų grynųjų pinigų išmokėjimo ir priima sprendimus, susijusius su ilgalaikio augimo automatų. Nuo praėjusių metų per savo dukterinę planais. Tikime, kad ilgalaikė veiklos plėtra įmanoma bendrovę bankas ėmė teikti investicinių fondų tik tvirtai įžengus į tarptautinę rinką, todėl bankas paslaugas. praėjusiais metais tęsė investicijas šia kryptimi. Atnaujinome banko prekinį ženklą, veiklą pradėjo 2006 metais bankas pradėjo steigti naujo tipo padalinius atstovybė Čekijos Respublikoje, priimtas sprendimas – filialų skyrius, kurie yra orientuoti aptarnauti smulkiojo ją atidaryti Belgijos Karalystėje, Briuselyje. Bankui buvo bei vidutinio verslo segmentą, bei vidinius mini bankus suteiktas leidimas įsigyti finansinę instituciją Didžiojoje stambiuose prekybos centruose, įrengtus patogiausiose Britanijoje, ir Didžiosios Britanijos bankas „Pointon York klientams vietose ir dirbančius septynias dienas per Limited“ tapo AB banko SNORAS grupės nariu. savaitę. Per 2006 metus buvo atidaryti 6 filialų skyriai ir 8 mini bankai. Kartu su naujaisiais skyriais, jau veikiančiais 2006 metais galėjome pasidžiaugti keliais reikšmingais 10 mini bankais bei 10 banko regioninių filialų kiekvienoje metų jubiliejais. Prieš 10 metų buvo pradėta įgyvendinti Lietuvos apskrityje šiuo metu banko SNORAS paslaugų inovatyvi mini banko koncepcija. Šiuo metu pats teikimo tinklą sudaro per 240 klientų aptarnavimo tankiausias Lietuvoje banko SNORas klientų aptarnavimo padalinių. padalinių tinklas jungia 225 mini bankus. Šio tipo skyriai sėkmingai debiutavo ir Latvijos rinkoje, kur veikia jau 6 AB 2007 metams mūsų planai dar ambicingesni. Veiklą „Latvijas Krajbanka” simbolika apipavidalinti mini bankai ir pradės atstovybė Belgijos Karalystėje, banko filialai Taline planuojama tolesnė jų plėtra. ir Londone. Tikimės uždirbti dar daugiau pelno, dar labiau išauginti paskolų portfelį, išplėsti kapitalo bazę. Taip pat prieš 10 metų bankas išleido pirmąsias savo Sieksime būti geriausiu darbdaviu savo darbuotojams, mokėjimo korteles. Tai buvo ir pirmosios Lietuvoje kurių skaičius jau perkopė tūkstantį, ir išlikti geriausiu kortelės su integruotu lustu (mikroprocesoriumi), banku savo klientams, kurių turime daugiau nei 900 apsaugančiu nuo neteisėto kortelės panaudojimo ir tūkstančių. Garbingas geriausiojo 2006 metų banko tik neseniai tapusiu įprastu visai rinkai. Tuomet bankas Lietuvoje vardas yra dar vienas įpareigojimas mums išleido apie 7 tūkst. mokėjimo kortelių, o šiuo metu nesustoti, ieškoti naujų iššūkių, tapti dar artimesniu jų skaičius perkopė 730 tūkst., sudarydamas apie banku. ketvirtadalį šalies mokėjimo kortelių rinkos. Nepaisant to, kad lusto technologija šiandien jau tapo standartu, Bet mūsų tikslų ir siekių kartelė visuomet buvo pakelta bankas SNORAS vėl yra žingsniu priekyje, siūlydamas labai aukštai. Nuoširdžiai tikiu, kad sėkmė lydės mus ir saugiausią Baltijos šalyse mokėjimo kortelę su naujos toliau. Kartu su patyrusia ir darnia komanda. Kartu su kartos dinaminio duomenų patikrinimo technologijos mūsų klientais. Kartu su mūsų akcininkų palaikymu. lustu, kuris užtikrina didesnį transakcijų saugumą ir apsaugą nuo kortelės suklastojimo. Kortelių turėtojai gali naudotis bankui priklausančiu 317 grynųjų pinigų Pagarbiai, išmokėjimo automatų tinklu – tai sudaro apie vieną Raimondas Baranauskas trečdalį visoje rinkoje veikiančių grynųjų pinigų AB banko SNORAS prezidentas išmokėjimo automatų. Klientų patogumui vien pernai
25 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 President‘s speech
Dear customers, shareholders, investors, costs made to LTL 99.7 mn, which is 55.5 per cent over the last year’s figure. The year 2006 was a special year for Bankas SNORAS, featuring the largest profit yet and international Bankas SNORAS was the fifth one in Lithuania in award. terms of assets and the forth bank in terms of the capital. The assets of the bank increased almost 30 International financial magazine The Banker per cent and totaled LTL 4 211 million as of the end awarded Bankas SNORAS the Bank of the Year 2006 of 2006. The amount of loans made by the bank was in Lithuania. LTL 1 552 mn, i.e. it has grown almost half a billion litas in one year (43.8%). The amount of deposits It is very pleasing to gain recognition of top level entrusted to the bank was LTL 3 107 mn as of the financial professionals. Especially knowing how end of the year, i.e. it demonstrated LTL 620 mn many efforts, longtime devoted and sincere work (25%) growth. was invested in order to reach the point we are at now. We have created a sound value for shareholders in 2006. ROE has elevated to 19.1 per cent, ROA has The year 2006 was not easy: the competition kept reached 1.4%. Earnings per share have risen almost growing harsher; interest rates on international 23% up to LTL 3.63. The resolution to denominate markets were gradually increasing pulling up price shares from LTL 10 to LTL 1 was adopted last year of financial resources. On the other hand, impressive in order to make them more attractive to investors growth of state’s economy along with huge internal on the Stock Exchange. Price of share was LTL 50 as demand made a positive impact on results of the of the end of the year, i.e. exceeded its par value 5 bank. We kept following our chosen strategy in our times. work offering customers simple and clear services at attractive prices. That is why we hit all the goals set. The authorized capital of the bank exceeded LTL 157 mn in 2006, meanwhile the equity surpassed Last year was very successful financially for the bank. LTL 300 mn. In order to ensure safe and vigorous Development of customer base, implementation of development of the bank the capital base was new products, and enlargement of current products’ increased. LTL 20 million preference shares emission portfolio reflected in financial results – we earned was issued and successfully distributed, LTL 69 million a record worth profit again. Profit of the bank has subordinated loan was received, the General Meeting grown almost 30 per cent and reached an impressive adopted a resolution on increase of the capital base amount of LTL 51.9 mn is 16 per cent more than was of the bank by LTL 54 million by means of own funds scheduled. Net interest income was LTL 78.2 mn in and by means of additional LTL 41 million issue. 2006 or 48.3 per cent more than last year. Net service All the aforementioned steps will allow smooth and commission fees income totaled LTL 60.9 mn develpment of the bank in 2007. in 2006 (16.8 per cent more than last year). Other income, mostly securities related, totaled LTL 22.7 For the first time international ratings agency mn (336.5 per cent more than last year). Operating Moody’s assigned the bank long-term Obligations
26 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 rating (Ba3), with a stable outlook. The bank per- were installed in 2006 alone. Starting last year the forms considering the future and makes decisions bank delivers investment funds services. related to the long-term growth plans. We believe, that lasting international development is possible In 2006 the bank launched new types of outlets – exclusively on the firm grounds; that is why the branch outlets, designed to serve SME sector, and bank kept investing accordingly last year. We have internal mini-bank inside the largest shopping updated our logo, representative office in Czech centers, established in the most convenient locations Republic started its operations, decision on estab- and open 7 day a week. Together with new outlets, lishing of the same in Brussels (Belgium) was made. mini-banks and 10 regional branches in every region The bank was granted a permit to acquire a financial of Lithuania the customer service network of Bankas institution in Great Britain and British bank Pointon SNORAS now consists of 240 customer service York Limited joined Bankas SNORAS Group. points.
We celebrated some significant 10th anniversaries in Our plans for the year 2007 are even more ambitious. 2006. 10 years ago innovative mini-bank concept was The representative office in Belgium, branches of the launched. At the moment the most dense customer bank in Tallinn and London will start their operations. service network in Lithuania includes 225 mini- We expect larger profit and bigger loans portfolio, banks. Such outlets were also successfully launched plan to increase the capital base. We will seek to be in Latvia, where 6 Latvijas Krajbanka branded mini- the best employer for our staff including over 1000 banks are operating and further development is in employees and to remain the best bank for our cus- progress. tomers counting more than 900 000. The honorable award the Bank of the year 2006 in Lithuania is Also 10 years ago the bank issued its first payment another obligation for us to keep going, to accept cards. It was first cards in Lithuania equipped with new challenges and become even closer. integrated chips (microprocessors) designed to protect against unauthorized use of the card and However the bar we place for ourselves is always implemented widely in the market recently. The bank very high. I sincerely believe that the success will be issued near 7 thousand payment cards then, mean- further accompanying us. Together with experienced while today this figure went beyond 730 000, filling and tuned team. Together with our customers. With near ¼ of payment cards market of the country. support of our shareholders. Despite the chip technology is deemed a standard today Bankas SNORAS is again one step ahead and offers the most secure payment card in the Baltic Sincerely, States equipped with dynamic data authentification Raimondas Baranauskas technology-based chip ensuring better security of President of Bankas SNORAS transactions and protection against duplication. There are 317 ATMs at cardholders’ disposal – it is of all ATMs operating in the market. 13 new ATMs
27 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Слово президента
Дорогие клиенты, акционеры, инвесторы, году. Чистый комиссионный доход за 2006 год – 60,9 млн. литов, что на 16,8 % больше, чем в прошлом году. Сумма прочего дохода, в основном от ценных бумаг, в 2006 г. достигла 22,7 млн. литов, что на 336,5% 2006 г. для АО банка «Снорас» был особенным, обоз- превысило прошлогодний результат. Операционные наченным крупнейшей в истории банка прибылью и расходы за 2006 год составили 99,7 млн. литов, что международным признанием. на 55,5% больше, нежели за прошлый год.
Международное финансовое издание «The Banker» В 2006 г. АО банк «Снорас» по размеру активов в признало АО банк «Снорас» лучшим банком 2006 Литве занимал пятое место, а по размеру капитала года в Литве. – четвертое. Сумма активов, за год увеличившаяся почти на 30%, на конец 2006 составляла 4 211 млн. Приятно заслужить признание профессионалов литов. Сумма выданных банком кредитов на конец финансовой сферы. Особенно зная, скольких 2006 года составляла 1 552 млн. литов, за год она усилий, многолетней упорной и искренней работы выросла почти на пол миллиарда литов или на потребовалось для того, чтобы оказаться там, где мы 43,8%. Сумма доверенных банку вкладов на конец сейчас находимся. года достигла 3 107 млн. литов, т.е. за год выросла на 620 млн. литов или почти на 25%. 2006 год был не из легких: усиливалась конкуренция, постепенное подорожание финансовых ресурсов В 2006 году мы наростили для акционеров солидную повлекло повышение процентных ставок. С другой стоимость. Рентабельность капитала увеличилась стороны, впечатляющий рост экономики страны и до 19,1%, рентабельность активов достигла 1,4%. большой внутренний спрос благоприятно повлияли Прибыль на одну акцию выросла почти на 23%, до на результаты банка. Как и до сих пор, мы работали, 3,63 лита. В прошлом году было решено изменить придерживаясь собственной стратегии – клиентам номинальную стоимость акций с 10 литов на 1 лит, с предлагали простые и понятные услуги по привле- целью повышения их привлекательности для инвес- кательным ценам. Поэтому в основном, все постав- торов на бирже. В конце 2006 года цена акции банка ленные перед собой задачи мы выполнили. достигала 50 литов, т.е. в пять раз превышала номи- нальную стоимость. Прошлый год для банка был очень удачным в финан- совом плане. Расширение клиентской базы, новые Уставный капитал банка на конец 2006 года составлял продукты, увеличение портфеля классических про- свыше 157 млн. литов, а собственность акционеров дуктов, все это отразилось в финансовых резуль- превышала 300 млн. литов. С целью обеспечения татах – опять мы заработали рекордно большую стабильного и активного развития банка, была уве- прибыль. Размер прибыли увеличился почти на 30%, личена капитальная база. Была выпущена и очень достиг впечатляющей суммы в 51,9 млн. литов, что хорошо принята инвесторами эмиссия привиле- на 16% больше, нежели было запланировано. Сумма гированных акций стоимостью 20 млн. литов, при- чистого процентного дохода в 2006 году составила влечен субординированный кредит в размере 69 78,2 млн. литов, что на 48,3% больше, чем в прошлом млн. литов, в ходе собрания акционеров принято
28 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 решение об увеличении капитальной базы банка на ления, действующим по принципу динамичной 54 млн. литов за счет собственных средств, и выпуске проверки данных, что обеспечивает безопасность дополнительной эмиссии акций стоимостью более транзакций и защиту от фальсификации карточки. 41 млн. литов. Все данные шаги позволят банку К услугам держателей карт – принадлежащая банку успешно развиваться и в 2007 году. сеть из 317 банкоматов, что составляет примерно всех банкоматов, действующих на рынке. Только В прошлом году международным рейтинговым за прошлый год было установлено 13 новых банко- агентством «Moody’s» банку впервые был присвоен матов. С прошлого года через свое дочернее пред- рейтинг долгосрочных обязательств (Ba3), со ста- приятие банк начал предоставлять услуги инвести- бильной перспективой изменения рейтингов. ционных фондов.
Банк свою деятельность ведет, глядя в будущее, В 2006 году банк начал учреждение подразде- принимает решения, связанные с планами дол- лений нового типа – отделений филиалов, ориен- госрочного роста. Мы верим, что для развития тированных на облуживание сегмента среднего и деятельности необходимо заложить крепкий фун- мелкого бизнеса, а также внутренних мини-банков в дамент на международном рынке, поэтому в крупных торговых центрах, оборудованных в самых прошлом году банк продолжил свои инвестиции в удобных для клиентов местах и работающих семь данном направлении. Мы обновили логотип банка, дней в неделю. В 2006 году было открыто 6 отде- начало свою деятельность представительство банка лений филиалов и 8 мини-банков. Вместе с новыми в Чехии, принято решение об открытии представи- отделениями, мини-банками и 10 региональными тельства в Бельгии (Брюсселе). Банку было выдано филиалами в каждом уезде Литвы в настоящее время разрешение на приобретение финансового учреж- сеть обслуживания составляет свыше 240 пунктов дения в Великобритании, и великобританский банк обслуживания клиентов. «Pointon York Limited» стал членом группы АО банка «Снорас». Наши планы на 2007 год еще более амбициозны. Деятельность начнет представительство в Бельгии, В 2006 году мы отметили несколько значительных филиалы банка в Таллинне и Лондоне. Мы рас- десятилетий. 10 лет назад начато внедрение инно- считываем заработать еще более значительную вационной концепции мини-банков. В настоящее прибыль, пополнить кредитный портфель, увеличить время самая плотная в Литве сеть обслуживания капитальную базу. Мы стремимся быть лучшим рабо- клиентов банка «Снорас» включает 225 мини-банков. тодателем для своих сотрудников, число которых Учреждения данного типа с успехом дебютировали уже больше тысячи, и остаться лучшим банком для на латвийском рынке, где действует уже 6 мини- клиентов, которых у нас свыше 900 тысяч. Почетное банков, обозначенных символикой АО «Латвияс звание лучшего банка 2006 года в Литве – это обя- Крайбанка», планируется дальнейшее их распро- зательство не останавливаться, принимать новый странение. вызов, стать еще более близким банком.
Также 10 лет назад банк выпустил свои первые пла- Но планка наших целей и задач всегда была поднята тежные карточки. Это были первые в Литве карты, очень высоко. Я искренне верю, что удача будет оснащенные встроенным чипом (микропроцес- сопровождать нас и дальше. Вместе с опытной и сором), защищающим от неправомерного использо- слаженной командой. Вместе с нашими клиентами. вания и лишь недавно ставшим обычным явлением При поддержке наших акционеров. на рынке. В то время банк выпустил примерно 7 тысяч платежных карточек, а сейчас их число пре- высило 730 тысяч, что составляет примерно чет- С уважением, верть рынка платежных карт страны. Несмотря на Раймондас Баранаускас то, что микропроцессорная технология уже стала Президент АО банка «Снорас» стандартом, банк «Снорас» опять на шаг впереди: он предлагает самую надежную в Прибалтике пла- тежную карточку, оснащенную чипом нового поко-
29 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 30 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Stebėtojų tarybos pirmininko žodis
Gerbiamieji,
Praėję metai, kuriuos bankas SNORAS baigė su Esu įsitikinęs, kad 2007 metais banko rezultatai bus dar trečdaliu didesniu nei 2005 metais grynuoju pelnu, dar geresni, jo turima rinkos pozicija stiprės, o klientų ratas kartą įrodė mūsų pasirinktos strategijos teisingumą. ir toliau nenustos augti. Finansinę banko SNORAS sėkmę papildė ir tarptautinis geriausio 2006 metų banko Lietuvoje pripažinimas. Dėkoju banko SNORAS vadovybei ir darbuotojams už puikų darbą, o klientams ir partneriams – už didelį Šių pasiekimų svarba tampa dar akivaizdesnė, pasitikėjimą, nuoširdų palaikymą ir abipusiai naudingą žvelgiant į milžinišką konkurenciją bankininkystės bendradarbiavimą. rinkoje bei kylančias palūkanų normas.
Efektyvus darbas, visų pirma, yra banko specialistų komandos nuopelnas. Praėjusiais metais Valdybą papildžius Vladimir Antonov dviems naujiems patyrusiems nariams, banko virtimas AB banko SNORAS aukščiausios klasės tarptautiniu banku bus dar spartesnis. Stebėtojų tarybos pirmininkas
31 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Supervisory Board Chairman‘s speech
Dear Sirs/Madams,
Last year finished by Bankas SNORAS with the net I believe, that results for 2007 will be even better, profit almost one third larger than in 2005 is another current position of the bank will strengthen and evidence of the suitability of our chosen strategy. number of customers will keep growing. Financial success of SNORAS was complemented with international award Bank of the Year in Lithuania. I thank management and employees of Bankas SNORAS for excellent work. I appreciate trust, sincere The value of these achievements is even clearer con- support and mutually beneficial cooperation of cus- sidering harsh competition and growth of annual rates. tomers and partners.
The efficiency of work is, first of all, an achievement of the team of experts. Following the appointment of two additional experienced members of the Board, Vladimir Antonov transformation into the top class international bank Chairman of the Supervisory Board flows even faster. of Bankas SNORAS
32 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Слово председателя Наблюдательного совета
Господа,
Прошедший год принес банку «Снорас» высочайшего класса стало еще более стреми- чистую прибыль, почти на треть превы- тельным. сившую результат 2005 года, и еще раз под- твердил правильность выбранной нами стра- Я уверен, что в 2007 году результаты банка будут тегии. Финансовые успехи банка «Снорас» были еще лучше, его позиции на рынке станут еще дополнены его международным признанием в прочнее, а количество его клиентов продолжит качестве лучшего банка Литвы. расти.
Ценность этих достижений еще более очевидна Благодарю Правление и сотрудников банка при учете высокой конкуренции и роста про- «Снорас» за прекрасную работу, а клиентов и центных ставок. партнеров – за доверие, искреннюю поддержку и взаимовыгодное сотрудничество. Эффективность работы, в первую очередь, является заслугой команды специалистов банка. В прошлом году, когда в состав Правления банка вошли два новых опытных руководителя, раз- Владимир Антонов витие банка «Снорас» как международного банка Председатель Наблюдательного совета АО банка «Снорас»
33 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Mūsų IDENTITETAS
15 metų kūrėme banką, turintį savo viziją, charakterį ir vertybes. 2006 metus bankas SNORAS pradėjo su atnaujintu prekės ženklu, kuris lydės mus į tarptautines rinkas, atspindėdamas mūsų verslo filosofiją – tapti savu bei artimu banku visiems savo klientams.
Banko Snoras misija
Tenkinti klientų poreikius, užtikrinant minimalią riziką, nuolat didinti savo kompanijos vertę, kartu prisidedant prie šalies ekonomikos klestėjimo, tarnauti visuomenei, jaučiant nuolatinę atsakomybę už banko priimtus sprendimus
34 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Banko Snoras vizija
Universalus bankas, teikiantis kokybiškas, novatoriškas ir lengvai prieinamas finansines paslaugas Lietuvoje ir užsienyje – greičiau, paprasčiau, patogiau
Banko Snoras vertybės
Žinios – profesinė patirtis, nuolatinis tobulėjimas, pažinimas ir intuicija, siekiant kuo geriau vykdyti banko misiją Novatoriškumas – atvirumas naujovėms ir idėjoms Bendradarbiavimas – atviri ir geranoriški santykiai su klientais, visuomene, darbuotojais ir partneriais Atsakomybė – duotų įsipareigojimų vykdymas klientams, visuomenei, darbuotojams, partneriams ir akcininkams
35 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Our IDENTITY
We’ve been creating the bank with its own vision, character and values for 15 years. SNORAS started the year 2006 with updated logo to accompany us into international markets and to reflect our philosophy – be closer to all our customers.
Mission of Bankas SNORAS
To meet needs of customers, ensuring minimum risk, to create added value for customers and shareholders, to contribute to the development of the state’s economy, to serve society feeling constant responsibility for the bank’s decisions
Vision of Bankas SNORAS
Universal bank providing quality, innovative and accessible financial services both in Lithuania and abroad: faster, easier and in the most convenient way
Values of Bankas SNORAS
Knowledge – professional experience, constant improvement, exploring and intuition employed for better discharge of the mission
Innovativeness – openness for new ideas and innovations
Cooperation – fair and benevolent approach to customers, society, employees and partners
Responsibility – fulfillment of liabilities to customers, society, employees, partners and shareholders
36 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Наша СУЩНОСТЬ
15 лет мы создавали банк с собственным видением, характером и ценностями. 2006 год банк «Снорас» начал под обновленным логотипом, который сопроводит нас на международные рынки, отражая философию нашего бизнеса – стать своим и близким банком для всех клиентов.
Миссия банка «Снорас»
Удовлетворять потребности клиентов при минимальном риске, создавать добавленную стоимость для клиентов и акционеров, внести вклад в развитие экономики страны, служить обществу, ощущать постоянную ответственность за свои решения
Видение банка «Снорас»
Универсальный банк, предоставляющий качественные, новаторские и легко доступные финансовые услуги в Литве и за рубежом – быстрее, проще, удобнее
Ценности банка «Снорас»
Знания – профессиональный опыт, постоянное совершенствование, познание и интуиция, с целью наилучшего выполнения миссии банка
Новаторский подход – открытость для новых идей
Сотрудничество – открытые и доброжелательные отношения с клиентами, обществом, сотрудниками и партнерами
Ответственность – выполнение обязательств перед клиентами, обществом, партнерами и акционерами
37 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Mūsų VERSLAS Mes esame arti – šiandien mus galite rasti ne tik Lietuvoje. Banko SNORAS įmonių grupė pasirengusi teikti dar daugiau paslaugų.
Talinas ESTIJA
Ryga latvija
Vilnius lietuva Londonas didžioji Minskas britanija baltarusija Briuselis belgija Kijevas Praha ukraina čekija
Mažeikiai
Kretinga Šiauliai
Panevėžys Klaipėda Utena
Tauragė
Raudondvaris Nemenčinė Kaunas
Vilnius Marijampolė Daugai Alytus
38 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Grupė Klientai Geografija
• ab bankas SNORAS – • 872 500 klientų, • lietuvoje: visos banko paslaugos iš jų 145 000 naujų klientų 10 filialų pagrindiniuose šalies privatiems ir verslo klientams per 2006 metus miestuose Lietuvoje 6 filialų skyriai • 12 500 įmonių • A/s „Latvijas Krajbanka“– 216 mini bankų visos banko paslaugos • 860 000 fizinių asmenų 317 grynųjų pinigų privatiems ir verslo klientams išmokėjimo automatų Latvijoje • 731 000 mokėjimo kortelių 2191 atsiskaitymo terminalas turėtojų • „Conversbank (UK) Ltd.“ – fondų valdymo paslaugos • latvijoje: Didžiojoje Britanijoje 81 klientų aptarnavimo pada- linys • uab „SNORO lizingas” – mažmeninis lizingas 143 grynųjų pinigų išmo- kėjimo automatai • uab „SNORO fondų valdymas“ – investicinių fondų valdymo • aTstovybės užsienio paslaugos šalyse:
• uab „SNORO turto Kijeve (Ukraina) valdymas“ – finansiniai Minske (Baltarusija) projektai Lietuvos ir užsienio Rygoje (Latvija) rinkose Taline (Estija) • uab „SNORO investicijų Prahoje (Čekijoje) valdymas“ – nekilnojamojo turto vystymo projektai užsienyje
• uab „Vilniaus kapitalo vystymo projektai“ („SNORAS development“) – nekilnojamojo turto vystymo projektai Lietuvoje Lietuvoje 3 Lietuvoje Lietuvoje pagal mokėjimo 4 pagal kortelių 5 kapitalą pagal turtą skaičių ir jų apyvartą
39 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Banko paslaugos ir produktai 2006 metų rezultatai
Kreditavimas Viena pagrindinių ir tradicinių banko veiklų yra Banko paskolų portfelis per 2006 metus įspūdingai skolinimas verslo ir privačių asmenų poreikiams. paaugo. Bankas, labiausiai orientuotas į mažmeninę bankininkystę, toliau aktyviai skolino privatiems asmenims. Tačiau pažymėtina, kad praėję metai buvo ir didesnio banko dėmesio verslo kreditavimui metai. Nepaisant finansinių išteklių brangimo, banko pajamos iš kreditavimo veiklos itin smarkiai išaugo.
Įmokos ir pervedimai
Platus aptarnavimo tinklas ir buvimas arti klientų Per 2006 metus bankas toliau sėkmingai plėtojo klientų sudaro sąlygas patogioje vietoje ir patogiu laiku aptarnavimo tinklą. Atidaryti naujo tipo aptarnavimo atlikti finansines operacijas, atsiskaityti už paslaugas, padaliniai, tobulinamas esamų taupomųjų skyrių vykdyti mokėjimus. tinklas, modernizuojamas grynųjų pinigų išmokėjimo automatų tinklas bei išaugęs mokėjimo kortelių portfelis leido bankui gauti rekordiškai dideles komisinių pajamas. Vertybinių popierių valdymas ir prekyba
Bankas turi subūręs aukštos kvalifikacijos specialistų 2006 metai vertybinių popierių rinkoje bankui buvo komandą, kurie banko vardu ir aptarnaudami labai sėkmingi. Gera rinkos situacija, aktyvus portfelio klientus valdo vieną didžiausių vertybinių popierių valdymas ir draudimas lėmė didžiausią banko istorijoje portfelių šalyje. finansinį rezultatą iš vertybinių popierių portfelio.
Pinigų valdymas ir tarpbankiniai sandoriai
Banko iždo padalinys nukreipia bankui patikėtas 2006 metais bankas sėkmingai išnaudojo augančią lėšas investicijoms į tam tikrą turtą ir aktyviai valdo palūkanų normų aplinką ir su santykinai nedidele banko korespondentines sąskaitas. rizika pasiekė pustrečio karto geresnį rezultatą nei praėjusiais metais.
Valiutų prekyba ir keitimas
Bankas teikia pagrindinių valiutų banknotais bei 2006 metais bankas toliau sėkmingai augino šį negrynaisiais pinigais keitimo paslaugas, taip pat segmentą. Dėl išplėsto klientų aptarnavimo tinklo, aktyviai valdo savo valiutų poziciją. galimybės keisti valiutą naudojantis internetinės bankininkystės sistema, smarkiai išaugusio klientų skaičiaus banko valiutų prekyba buvo išskirtinai sėkminga.
40 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Perspektyvos Banko pajamų dalis iš veiklos
Paskolų palūkanų pajamos, mln. Lt
Bankas Manome, kad paskolų portfelis ir 2007 metais 250 36% Finansinė grupė sėkmingai didės – planuojamas 955 mln. litų portfelio 200 prieaugis. Bankas rengiasi pasiūlyti keletą naujų verslo 150 ir fizinių asmenų finansavimo produktų, kurie dar 100 labiau padidins paskolų paklausą. 50
0 2004 2005 2006
Komisinių pajamos, mln. Lt
Bankas 100 Finansinė grupė 2007 metais bankas planuoja toliau didinti paslaugų 29% teikimo centrų skaičių, keisti vienviečius taupomuosius 80 skyrius į dviviečius, kelti juos arčiau didesnių klientų 60 srautų, taip pat skatinti mokėjimo kortelių platinimą 40 bei mokėjimus internetu. Numatoma įsteigti 9 naujus 20 filialo skyrius ir 19 mini bankų. Šie banko žingsniai leis 0 2004 2005 2006 ne tik išlaikyti, bet ir auginti komisinių pajamų srautą.
Pajamos iš vertybinių popierių portfelio, mln. Lt
50 Bankas 2007 metais bankas planuoja pagerinti portfelio Finansinė grupė 40 valdymą, pritaikyti naujus pelningumo skaičiavimo ir rizikos valdymo metodus bei aktyviai investuoti 30 naujose rinkose. Aukštos kokybės vertybinių popierių 20 portfelis bankui ir toliau užtikrins apie penktadalį 10
17% 0 pajamų. 2007 metais planuojama gauti virš 77 mln. 2004 2005 2006 litų pajamų iš vertybinių popierių portfelio.
Pajamos iš tarpbankinės veiklos, mln. Lt
40 Bankas 2007 metais tikimės, kad palūkanų normų lygis išliks Finansinė grupė pakankamai aukštas, o laikomų korespondentinėse 30 sąskaitose lėšų lygis iš esmės neturėtų keistis, todėl 20 prognozuojame panašų rezultatą, t.y. 43 mln. litų pajamų iš tarpbankinės veiklos. 10
10% 0 2004 2005 2006
Pajamos iš valiutų keitimo ir prekybos, mln. Lt
8% 30 Bankas Finansinė grupė Banko klientų ratas nuolat plečiasi, su šiuo augimu 25 siejame ir pagrindinį valiutų prekybos rezultato 20 augimą iki 20 mln. litų. 15
10
5
0 2004 2005 2006
41 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Finansinė grupė
• Palūkanų pajamos +6.1% 268,4 mln. Lt (+77.3%)
+44.8% • Grynosios palūkanų pajamos +34.5% Kitas turtas 177 mln. Lt 149,8 mln. Lt (+62.7%)
Paskolos Pinigai ir lėšos 2,554 mln. Lt bankuose • Grynosios komisinių pajamos 1,927 mln. Lt 75,6 mln. Lt (+71.4%)
Investicijos • Kitos pajamos į dukterines Vertybiniai įmones popieriai 30,5 mln. Lt (+5.3 karto) 7 mln. Lt 1,849 mln. Lt
• Atidėjiniai kredito nuostoliams -12.4% +70.0% 8,7 mln. Lt (+52.9%)
Banko finansinės grupės aktyvų struktūra ir pokytis per 2006 metus
• Palūkanų išlaidos 118,6 mln. Lt (+100.0%)
• Veiklos išlaidos +45.8% 167,6 mln. Lt (+90.5%)
+56.3% • Tame tarpe atlyginimų išlaidos Klientų indėliai 81,1 mln. Lt (+86.3%) Bankų indėliai 5,084 mln. Lt 871 mln. Lt • Pelno mokestis Nuosavybė 351 mln. Lt 13,8 mln. Lt (+142.0%) +33.9% Kiti įsipareigojimai 210 mln. Lt • Grynasis pelnas +11.7% 66,0 mln. Lt (+55.0%)
• Atidėjimai kredito nuostoliams kaip proc. nuo portfelio Banko finansinės grupės pasyvų struktūra 0,34 proc. (+13,6%) ir pokytis per 2006 metus
42 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Bankas
• Palūkanų pajamos 149,7 mln. Lt (+43.0%) +0.8%
• Grynosios palūkanų pajamos +43.8% Kitas turtas +1.5% 78,2 mln. Lt (+42.1%) 96 mln. Lt
Paskolos Pinigai ir lėšos • Grynosios komisinių pajamos 1,552 mln. Lt bankuose 1,123 mln. Lt 60,9 mln. Lt (+17.0%)
Investicijos • Kitos pajamos į dukterines Vertybiniai įmones popieriai 22,7 mln. Lt (+4.3 karto) 86 mln. Lt 1,355 mln. Lt
• Atidėjiniai kredito nuostoliams -7.1% 0,2 mln. Lt (-87.3%) +46.5%
Banko aktyvų struktūra ir pokytis per 2006 metus
• Palūkanų išlaidos 71,5 mln. Lt (+42.1%)
• Veiklos išlaidos 99,8 mln. Lt (+55.5%)
+48.1% • Tame tarpe atlyginimų išlaidos 42,5 mln. Lt (+27.7%) Bankų indėliai Klientų 647 mln. Lt indėliai 3,134 mln. Lt • Pelno mokestis mln. Lt ( ) Nuosavybė 10,0 +90.2% 301 mln. Lt +24.7% Kiti įsipareigojimai • Grynasis pelnas 130 mln. Lt 51,8 mln. Lt (+27.5%) -2.3% +26.0% • Dividendai už 2006 metus 25,0 mln. Lt (+2.6 karto) Banko pasyvų struktūra ir pokytis per • Atidėjimai kredito nuostoliams kaip 2006 metus proc. nuo portfelio 0,01 proc. (-11 kartų)
43 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 -39.3% +14.8%
+129.1% Vietinės kortelės VISA 18.2% Cirrus 11.0% 0.5%
EC/MC, Maestro 70.3%
+65.8%
Mokėjimo kortelių portfelio struktūra ir pokytis, proc.
800 Iš viso EC/MC, Maestro 700
600
500
400
300
200
100
0 2004 2005 2006
Mokėjimo kortelių skaičiaus augimas, tūkst. vnt.
44 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 -19.6% +64.4%
Vietinės kortelės VISA 25.0% 27.0%
Cirrus 4.2% +337.7%
EC/MC, Maestro 43.9%
+69.6%
Mokėjimo kortelių portfelio apyvartos ir pokytis, proc.
3000 Iš viso EC/MC, Maestro
2500
2000
1500
1000
500
0 2004 2005 2006
Mokėjimo kortelių apyvartos augimas, mln. Lt
Bankas palaipsniui atsisako vietinių mokėjimo kortelių ir orientuojasi į tarptautinių mokėjimo kortelių VISA bei „MasterCard“ leidimą
Mokėjimo kortelių apyvarta 2006 metais išaugo +34,6 proc. iki 2,8 milijardo litų
45 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Our BUSINESS We are next to you – today one can find us not only in Lithuania. SNORAS Group is ready to deliver even more services.
Tallinn Estonia
Riga Latvia
Vilnius Lithuania London United Minsk Kingdom Belarus Brussels Belgium Kiev Prague Ukraine Czech Republic
Mažeikiai
Kretinga Šiauliai
Panevėžys Klaipėda Utena
Tauragė
Raudondvaris Nemenčinė Kaunas
Vilnius Marijampolė Daugai Alytus
46 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 The Group Customers Geography
• bankas SNORAS – • 872 500 customers • in Lithuania: all the banking services for 145 000 new customers 10 branches in the main cities private and corporate customers within 2006 of the state in Lithuania 6 branch outlets • 12 500 companies • Latvijas Krajbanka – 216 mini-banks all the banking services for • 860 000 private clients 317 ATMs private and corporate customers 2191 POS in Latvia • 731 000 cardholders
• conversbank (UK) Ltd. – • in Latvia: funds management services in 81 customer service point Great Britain 143 ATMs • snoras Leasing – retail leasing • representative offices abroad: • snoras Asset Management – investment funds management Kiev (Ukraine) services Minsk (Belarus) Riga (Latvia) • snoras Property – financial project in Lithuanian Tallinn (Estonia) and foreign markets Prague (Czech Republic)
• snoras Investment – real estate development projects abroad
• vilniaus kapitalo vystymo projektai (SNORAS development) – real estate development projects in Lithuania
th 3 th In Lithuania th in terms of 4 In Lithuania number 5 in terms In Lithuania and turnover of capital in term of payment of assets cards
47 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Bank‘s services and products Results for the year 2006
Crediting Lending for corporate and private sectors is one of Loan portfolio of the bank has significantly extended the main traditional activities of the bank. in 2006. The bank traditionally focusing mostly on retail banking kept crediting private sector heavily. However, last year featured more attention to business crediting as well. Even though the price of financial resources went up, the bank’s revenue from lending activities grew extremely fast.
Payments and transfers
Wide service network and accessible locations make The bank was successfully developing its customer it very convenient to perform financial transactions, service network in 2006. New types of service points pay bills and make installment at any time. were set, current savings outlets were improved, ATMs network were updated and payment cards portfolio grew significantly bringing extremely high commission fees revenue.
Management and trading in securities
The bank boasts a team of highly professional The year 2006 was very successful for the bank when experts acting on behalf of the bank and customers it comes to securities market. Good market conditions, in management of one of the largest securities strong portfolio management and insurance delivered portfolios in the state. the largest revenue from securities portfolio so far.
Money management and interbanking transactions
Treasury Department of the bank invests entrusted The bank successfully employed growing interest funds into certain assets and provides strong rate environment in 2006 and came to 2.5 time better management of correspondent accounts. results (compared at last year) while exposing itself to a relatively low risk.
Currency exchange and trading
The bank offers exchange of main currencies both The bank was developing this sector successfully in in banknotes and cashless form, ensures strong 2006. Due to extended customer service network, management of its position in foreign currency. possibility to exchange currency via Internet bank and significant growth of number of customers, trading in currencies was exceptionally successful.
48 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Outlook Revenue source share
Loan interest revenue, LTL mn
Bank We expect loan portfolio to exhibit significant growth 250 36% Financial group in 2007 – increase of LTL 955 million is scheduled. The 200 bank is preparing some new corporate and private 150 financing products likely to increase the demand of 100 loans. 50
0 2004 2005 2006
Commission fees revenue, LTL mn
Bank 100 Financial group Further expansion of service network, replacement 29% of single outlets with double ones, relocation of 80 some of them closer to busy customer flows as well 60 as promotion of payment cards and settlements via 40 Internet is scheduled in 2007. 9 new branch outlets 20 and 19 mini-banks are planned to be established. 0 2004 2005 2006 Aforementioned steps will help not only to retain the current commission fees flow, but also to elevate it.
Securities portfolio revenue, LTL mn
50 Bank The bank plans to improve portfolio management, Financial group 40 apply new profitability counting and risk management 30 methods as well as invest heavily into new markets in 2007. High quality securities portfolio will deliver about 20 one fifth of revenue – it is planned to receive over LTL 10
17% 0 77 million of revenue from securities portfolio. 2004 2005 2006
Interbanking activities revenue, LTL mn
40 Bank Interest rate level is likely to remain quite high, Financial group meanwhile funds on correspondent accounts are 30 not likely to change significantly, so the same result 20 as in 2006, LTL 43 million, is expected from interbank 10 activities.
10% 0 2004 2005 2006
Currency exchange and trading revenue, LTL mn
8% 30 Bank Financial group Number of customers of the bank is constantly going 25 up making us forecast the growth of currency trading 20 revenue up to LTL 20 million. 15 10
5
0 2004 2005 2006
49 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Financial Group
• Interest income +6.1% 268,4 LTL mn (+77.3%)
+44.8% • Net interest income +34.5% Other assets 177 LTL mn 149,8 LTL mn (+62.7%)
Loans Cash and due 2,554 LTL mn from banks • Net commission fees income 1,927 LTL mn 75,6 LTL mn (+71.4%)
Investments • Other income into subsidiaries Securities 7 LTL mn 1,849 LTL mn 30,5 LTL mn (+5.3 time)
• Provisions against credit losses -12.4% +70.0% 8,7 LTL mn (+52.9%)
Structure of SNORAS financial group’s assets and changes in 2006
• Interest expenses 118,6 LTL mn (+100.0%)
• Operating expenses +45.8% 167,6 LTL mn (+90.5%)
+56.3% • Including employment Due to customers related expenses Due to banks 5,084 LTL mn 871 LTL mn 81,1 LTL mn (+86.3%)
Equity 351 LTL mn • Profit Tax +33.9% Other liabilities 13,8 LTL mn (+142.0%) 210 LTL mn
+11.7% • Net profit 66,0 LTL mn (+55.0%)
• Provisions against credit losses as Structure of SNORAS financial group’s per cent of portfolio liabilities and changes in 2006 0,34 per cent (+13,6%)
50 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Bank
• Interest income 149,7 LTL mn (+43.0%) +0.8%
• Net interest income +43.8% Other assets +1.5% 78,2 LTL mn (+42.1%) 96 LTL mn
Loans Cash and due • Net commission fees income 1,552 LTL mn from banks 1,123 LTL mn 60,9 LTL mn (+17.0%)
Investments • Other income into subsidiaries Securities 22,7 LTL mn (+4.3 time) 86 LTL mn 1,355 LTL mn
• Provisions against credit losses -7.1% 0,2 LTL mn (-87.3%) +46.5%
Structure of SNORAS bank assets and changes in 2006
• Interest expenses 71,5 LTL mn (+42.1%)
• Operating expenses 99,8 LTL mn (+55.5%)
+48.1% • Including employment related expenses Due to banks Due to 42,5 LTL mn (+27.7%) 647 LTL mn customers 3,134 LTL mn
• Profit Tax Equity 301 LTL mn 10,0 LTL mn (+90.2%) +24.7% Other liabilities 130 LTL mn • Net profit -2.3% 51,8 LTL mn (+27.5%) +26.0%
• Dividends for the year 2006 25,0 LTL mn (+2.6 time) Structure of SNORAS bank liabilities and changes in 2006 • Provisions against credit losses as per cent of portfolio 0,01 per cent (-11 times)
51 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 -39.3% +14.8%
+129.1% Domestic cards VISA 18.2% Cirrus 11.0% 0.5%
EC/MC, Maestro 70.3%
+65.8%
Structure of payment cards portfolio and changes, per cent
800 Total EC/MC, Maestro 700
600
500
400
300
200
100
0 2004 2005 2006
Growth of number of payment cards, pcs. thous.
52 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 -19.6% +64.4%
Domestic cards VISA 25.0% 27.0%
Cirrus 4.2% +337.7%
EC/MC, Maestro 43.9%
+69.6%
Volumes of payment cards portfolio and changes, per cent
3000 Total EC/MC, Maestro 2500
2000
1500
1000
500
0 2004 2005 2006
Growth of payment cards volumes, LTL mn
The Bank is gradually giving up the domestic payment cards and focuses on international microchip VISA and MasterCard cards issue.
Volumes of payment cards grew in 2006 +34,6 per cent up to LTL 2.8 billion
53 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Наш БИЗНЕС Мы близко – сегодня нас можно найти не только в Литве. Группа предприятий банка «Снорас» готова предоставить еще больше услуг.
Таллин Эстония
Рига Латвия
Вилньнюс Литва Лондон Минск Великобритания Белоруссия Брюссель Бельгия Киев Прага Украина Чехия
Mažeikiai
Kretinga Šiauliai
Panevėžys Klaipėda Utena
Tauragė
Raudondvaris Nemenčinė Kaunas
Vilnius Marijampolė Daugai Alytus
54 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Группа Клиенты География
• ао банк «Снорас» – • 872 500 клиентов, • в Литве: все банковские услуги для в том числе 145 000 новых 10 филиалов в основных физических и юридических клиентов за 2006 год городах страны лиц в Литве 6 отделений филиалов • 12 500 предприятий • ао «Латвияс Крайбанка» – 216 мини-банков все банковские услуги для • 860 000 физических лиц 317 банкоматов физических и юридических 2191 расчетный терминал лиц в Латвии • 731 000 держателей платежных карточек • «Conversbank (UK) Ltd.» – • в Латвии: услуги управления фондами в 81 пункт обслуживания Великобритании клиентов
• зао «Сноро лизингас» – 143 банкомата розничный лизинг • Представительства • зао «Сноро турто в иностранных вальдимас» – государствах: финансовые проекты на литовском и иностранных В Киеве (Украина) рынках В Минске (Белоруссия) В Риге (Латвия) • зао «Сноро инвестицию вальдимас» – девелоперские В Таллинне (Эстония) проекты за границей В Праге (Чехия)
• зао «Сноро фонду вальдимас» – услуги по управлению инвестиционными фондами
• зао «Вильняус капитало вистимо проектай» («Снорас девелопмент»)– девелоперские проекты в Литве 3 место В Литве место по числу и 4 В Литве место обороту 5 по размеру В Литве по платежных капитала размеру карточек активов
55 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Банковские услуги и продукты Результаты за 2006 год
Кредитование Одной из основных и традиционных банковских Кредитный портфель банка за 2006 год значительно услуг является предоставление кредитов на вырос. Банк, в большей степени ориентированный на нужды населения и бизнеса. розничную банковскую деятельность, и далее активно предоставлял кредиты частным лицам. Однако при- мечательно, что в прошлом году банк уделил немало внимания и кредитованию бизнеса. Несмотря на подорожание финансовых ресурсов, доход банка от кредитной деятельности весомо увеличился.
Платежи и поручения
Широкая сеть обслуживания и нахождение В течение 2006 года банк и далее успешно раз- близко к клиенту создают условия для прове- вивал сеть обслуживания клиентов. Открытие дения финансовых операций в удобном месте и обслуживающих подразделений нового типа, усо- в удобное время, в частности оплаты услуг, совер- вершенствование сети имеющихся сберегательных шения платежей. отделений, модернизация сети банкоматов и рост портфеля платежных карточек позволили банку получить рекордно большой комиссионный доход.
Управление и торговля ценными бумагами
В банке сформирована команда высоко квали- 2006 год на рынке ценных бумаг для банка был фицированных специалистов, которая от имени очень успешным. Хорошая ситуация на рынке, банка и обслуживая клиентов, управляет одним из активное управление портфелем и страхование самых крупных портфелей ценных бумаг в стране. определили лучший за всю историю банка финан- совый результат по портфелю ЦБ.
Управление средствами и межбанковские сделки
Казначейское подразделение банка инвестирует В 2006 году банк успешно воспользовался средой доверенные банку средства в определенное иму- растущей процентной ставки и, при сравнительно щество и активно управляет корсчетами банка. низком уровне риска, достиг результатов, в 2,5 раза превысивших прошлогодние.
Торговля и обмен валюты
Банк предоставляет услуги по конвертированию В 2006 году банк и далее с успехом развивал основой валюты, как в банкнотах, так и в безна- данный сегмент. Благодаря обширной сети обслу- личной форме, а также активно управляет своей живания, возможности конвертирования валюты валютной позицией. посредством системы электронного банка, значи- тельному росту числа клиентов, торговля валютой была исключительно удачной.
56 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Перспективы Доля дохода банка от деятельности
Процентный доход по кредитам, млн. литов
Предполагается успешное увеличение кредитного Банк Финансовая группа 250 портфеля и в 2007 году – планируется рост пор- 36% тфеля на 955 млн. литов. Банк намерен предложить 200 ряд новых продуктов финансирования физических 150 и юридических лиц, за счет которых повысится 100 спрос на кредиты. 50
0 2004 2005 2006
Комиссионный доход, млн. литов
Банк В планах банка на 2007 год – дальнейшее увеличение 100 Финансовая группа 29% числа центров обслуживания клиентов, замена одно- 80
местных сберегательных отделений двухместными, 60
их перенос ближе к активным потокам клиентов, 40 активизация распространения платежных карточек 20 и осуществления платежей по Интернету. Намерено 0 открыть 9 новых отделений филиала и19 мини-банков. 2004 2005 2006 Данные шаги позволят не только удержать, но и уве- личить поток комиссионного дохода.
Доход от портфеля ценных бумаг, млн. литов
50 Банк В 2007 году планируется улучшение управления пор- Финансовая группа тфелем, применение новых методов расчета при- 40 быльности и управления рисками и активное инвес- 30 тирование на новых рынках. Высококачественный 20 портфель ценных бумаг и далее обеспечит банку 10
пятую часть дохода – в 2007 году планируется 77 17% 0 2004 2005 2006 млн. литов доход от портфеля ценных бумаг.
Доход от межбанковской деятельности, млн. литов
40 Банк В 2007 году мы рассчитываем на достаточно Финансовая группа высокий уровень процентной ставки и, в при- 30
нципе, такой же уровень средств на корсчетах, 20 поэтому прогнозируем похожий результат, что был в 2006, т.е. 43 млн. литов дохода от межбанковской 10
деятельности. 10% 0 2004 2005 2006
Доход от обмена и торговли валютой, млн. литов
8% 30 Банк Круг клиентов банка постоянно расширяется, с Финансовая группа 25
чем мы связываем и рост выручки от торговли 20
основными валютами до 20 млн. литов. 15
10
5
0 2004 2005 2006
57 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Финансовая группа
• Процентный доход +6.1% 268,4 млн. литов (+77.3%)
+44.8% • Чистый процентный доход +34.5% Прочие активы 177 млн. литов 149,8 млн. литов (+62.7%)
Кредиты Деньги и 2,554 млн. средства в • Чистый комиссионный доход литов банках 1,927млн. 75,6 млн. литов (+71.4%) литов Инвестиции в дочерние предприятия Ценные бумаги • Прочий доход 7 млн. 1,849 млн. 30,5 млн. литов (+5.3 раза) литов литов
• Накопления под убытки по -12.4% +70.0% кредитам 8,7 млн. литов (+52.9%)
Структура активов финансовой группы банка и изменения за 2006 год
• Процентные расходы 118,6 млн. литов (+100.0%)
• Операционные расходы +45.8% 167,6 млн. литов (+90.5%)
+56.3% Вклады • В том числе расход на зарплаты киентов 81,1 млн. литов (+86.3%) Банковские вклады 5,084 млн. 871 млн. литов литов • Налог на прибыль Собственность 351 млн. литов 13,8 млн. литов (+142.0%) +33.9% Прочие обязательства 210 млн. литов • Чистая прибыль +11.7% 66,0 млн. литов (+55.0%)
• Накопления под убытки по кредитам, % от портфеля Структура пассивов финансовой 0,34 % (+13,6%) группы банка и изменения за 2006 год
58 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Банк
• Процентный доход 149,7 млн. литов (+43.0%) +0.8%
• Чистый процентный доход +43.8% Прочие активы +1.5% 78,2 млн. литов (+42.1%) 96 млн. литов
Кредиты Деньги и 1,552 млн. средства в • Чистый комиссионный доход литов банках 60,9 млн. литов (+17.0%) 1,123млн. литов Инвестиции в дочерние • Прочий доход предприятия Ценные бумаги млн. литов ( ) 86 млн. 1,355 млн. 22,7 +4.3 раза литов литов
• Накопления под убытки по -7.1% кредитам +46.5% 0,2 млн. литов (-87.3%)
Структура активов банка и изменения за 2006 год
• Процентные расходы 71,5 млн. литов (+42.1%)
• Операционные расходы 99,8 млн. литов (+55.5%)
+48.1% • В том числе расход на зарплаты 42,5 млн. литов (+27.7%) Банковские вклады Вклады 647 млн. литов киентов 3,134 млн. • Налог на прибыль литов млн. литов ( ) Собственность 10,0 +90.2% 301 млн. литов +24.7% Прочие обязательства • Чистая прибыль 130 млн. литов 51,8 млн. литов (+27.5%) -2.3% +26.0% • Дивиденды за 2006 год 25,0 млн. литов (+2.6 раза) Структура пассивов банка и • Накопления под убытки по изменения за 2006 год кредитам, % от портфеля 0,01 % (-11 раз)
59 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 -39.3% +14.8%
+129.1% Местные карточки VISA 18.2% Cirrus 11.0% 0.5%
EC/MC, Maestro 70.3%
+65.8%
Структура и изменение портфеля платежных карточек, %
800 итого EC/MC, Maestro 700
600
500
400
300
200
100
0 2004 2005 2006
Рост числа платежных карточек, тыс. ед.
60 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 -19.6% +64.4%
Местные карточки VISA 25.0% 27.0%
Cirrus 4.2% +337.7%
EC/MC, Maestro 43.9%
+69.6%
ОБОРОТ И ИЗМЕНЕНИЕ ПОРТФЕЛЯ ПЛАТЕЖНЫХ КАРТОЧЕК, %
3000 итого EC/MC, Maestro
2500
2000
1500
1000
500
0 2004 2005 2006
Рост оборота по платежным карточкам, млн. литов
Банк постепенно отказывается от локальных платежных карточек и ориентируется на выпуск международных микропроцессорных карт «VISA» и «MasterCard»
Оборот по платежным карточкам в 2006 году +34,6 % до 2,8 миллиарда литов
61 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Dirbu Jums. Kad būtume geriausi. Работаю для Вас. Чтоб мы были лучшими. I work for you. For us to be the best.
62 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Tauragės filialo direktorius Ramūnas Šniepis:
15 sėkmingos banko veiklos metų įrodė, kad esame Director of Tauragė branch laiko patikrintas partneris, Ramūnas Šniepis: pelnytai užsitarnavęs 15 years of successful klientų pasitikėjimą. Pasiekę performance of the bank Директор Таурагского pirmaujančias pozicijas proved us being time-tested филиала mažmeninės bankininkystės partner, worth of customers’ Рамунас Шнепис: srityje, stengiamės įsitvirtinti ir trust. We’ve come to the verslo segmente. Džiaugiamės 15 лет успешной работы leading position in retail augančia korporatyvinių банка доказали, что мы banking sector and now we klientų baze, vis svaresne jų являемся проверенным are seeking to entrench in dalimi pardavimo rezultatų временем партнером, business sector as well. We are suvestinėse, o kartu esame заслужившим доверие enjoying growing corporate priversti tobulėti ir patys клиентов. Достигнув customers’ base, sound share – įmonių aptarnavimui лидирующих позиций of its revenue, and thus we pritaikome savo tinklą, в сфере розничной are improving ourselves – gausiname produktų krepšelį, банковской деятельности, we adjust our network to imamės vis sudėtingesnių теперь мы стремимся meet companies’ needs, verslo projektų. укрепиться и в expand our product cart and деловом сегменте. enter complicated business Мы рады росту базы projects. корпоративных клиентов, ее значительности в сводках выручки, одновременно должны и сами совершенствоваться – адаптировать свою сеть для обслуживания предприятий, расширять корзину продуктов, браться за все более сложные бизнес-проекты.
63 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Andriaus Ufarto/BFL nuotraukos
64 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Druskininkų pirčių ir vandens pramogų parkas – vienas įspūdingiausių 2006 m. projektų Lietuvoje.
Druskininkai recreational water park – one of the most outstanding project of the year 2006 in Lithuania.
Друскининкайский аквапарк – один из самых впечатляющих проектов 2006 года в Литве.
65 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 2006 metais mes kreditavome pirmąjį Lietuvoje pirčių ir vandens pramogų parką Druskininkuose.
Įspūdingas 5 korpusų, 25000 kv. m. poilsio ir pramogų kompleksas vienu metu gali priimti 1500 lankytojų ir yra pats didžiausias bei moderniausias visame Baltijos regione.
Ilgą laiką Lietuvos gyventojai pramogauti vandens parkuose galėdavo tik išvykę į užsienio šalis – kaimyninę Lenkiją, Latviją ar dar toliau. Todėl mes džiaugiamės galėję prisidėti prie šio projekto finansavimo, padovanoti lietuviams galimybę mėgautis pirčių malonumais ir vandens pramogomis gimtajame krašte bei skatinti verslo ir investicinę aplinką atgimusiame viename gražiausių Lietuvos kurortų.
In 2006 we credited Druskininkai recreational water park, which was the first in Lithuania.
Impressive leisure and recreational complex, having 5 blocks and occupying the area of 25000 square meters, can at the same time admit 1500 visitors and is the largest and most modern in the whole Baltic region.
For a long time Lithuanian residents were deprived of the possibility to enjoy water attractions, so the only possibility for them was to go to foreign countries –
Aldona Vičiulienė, Druskininkų pirčių ir vandens pramogų parko direktorė:
„Naujasis pirčių ir vandens pramogų bei poilsio kompleksas Druskininkuose yra išties išskirtinis ir unikalus projektas. Realizuojant tokio masto projektą, labai svarbus visų jame dalyvaujančių šalių susikalbėjimas, noras bendradarbiauti, profesionalumas. Bankas SNORAS mums nėra tik finansuotojas. Vertiname jį kaip mūsų patikimą partnerį“.
66 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 nearby Poland, Latvia or even further. That is why we celebrate our contribution to financing this project and furnishing Lithuanians with the opportunity to enjoy the water pleasures in their native land as well as promoting business and investment environment in one of the most beautiful Lithuanian resorts, which is in the state of revival now.
В 2006 году мы предоставили кредит первому в Литве аквапарку в Друскининкай.
Огромный комплекс отдыха и развлечений площадью 25000 м2, состоящий из 5 корпусов, одновременно может принять до 1500 посетителей и является самым большим и современным в Прибалтике.
Долгое время жители Литвы развлечься в аквапарке могли только за пределами страны – в соседней Польше, Латвии или еще дальше. Поэтому мы рады, что смогли приложиться к финансированию данного проекта, подарить жителям Литвы возможность насладиться радостями водных аттракционов в родном краю, внести свой вклад в развитие деловой и инвестиционной среды одного из красивейших курортов страны.
Aldona Vičiulienė, Director of Druskininkai Алдона Вичюлене, директор water recreational park: Друскининкайского аквапарка:
"New water recreational and leisure complex in «Новый комплекс водных развлечений и отдыха в Druskininkai is really unique and rather ambitious Друскининкай является поистине исключительным project. In implementing the project of such a scale, и достаточно амбициозным проектом. При understanding, eagerness to communicate and реализации задумок такого масштаба очень professionalism of all participants of the project are важно умение участвующих сторон договориться, extremely important. Bankas SNORAS is not only желание сотрудничать, профессионализм. Банк our creditor. We appreciate it as our partner and «Снорас» не является для нас лишь кредитором. trustworthy companion". Мы ценим его как надежного партнера».
67 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 68 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Klijuotos medienos konstrukcijų gamybos modernizavimas AB „Jūrės medis“ – sėkminga investicija į šalies ekonomikos plėtrą.
Jūrės medis AB modernization of the gummed timber constructions manufacture – a successful investment into the development of the state’s economy.
Модернизация производства конструкций и клееной древесины АО «Юрес мядис» – успешная инвестиция в развитие экономики страны.
69 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 AB „Jūrės medis“ – vienos didžiausių klijuotos medienos konstrukcijų gamintojų Baltijos šalyse – sėkmės istorija yra puikus pavyzdys, kaip banko partnerystė padeda klientui operatyviai reaguoti į šalies ūkio poreikius ir užsitikrinti nepriekaištingą paslaugų kokybę bei veiklos lankstumą.
2006 metais finansavome AB „Jūrės medis“ pagrindinės technologinės linijos modernizavimo projektą, kuris įmonei leis ne tik padidinti gamybos bei eksporto apimtis, bet ir sukurti naujų darbo vietų bei sumažinti neigiamą poveikį aplinkai.
Kliento sėkmė yra kartu ir mūsų sėkmė, tad gera žinoti, jog padedame didinti AB „Jūrės medis“ kuriamą pridėtinę vertę, o kartu prisidedame prie socialinės bei ekonominės Suvalkijos regiono raidos.
The success story of Jūrės medis AB, one of the largest gummed timber constructions manufacturers in the Baltic countries, is a perfect example of how bank partnership helps the client to react fast to the demands of the market and to secure impeccable service, quality and flexibility of activity.
In 2006 we funded the Jūrės medis AB main technological line modernization project, which will allow the company not only to raise the volume of manufacture and export, but also to create new vacancies as well as reduce the negative effect on the environment.
Ovidijus Jankauskas, AB „Jūrės medis“ generalinis direktorius:
„Didžioji mūsų produkcijos dalis eksportuojama į kokybei reiklias šalis, tad mūsų ateitis ir augimas neatsiejami nuo pažangiausių technologijų taikymo. Tokioms investicijoms būtina finansinė parama, kuriai dalį lėšų gavome iš ES struktūrinių fondų, o dėl kitos dalies dvejonių nekilo – ją suteikė ilgametis mūsų partneris bankas SNORAS, kuriuo dar niekada neteko nusivilti.“
70 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 The client‘s success is at the same time our success, thus, it is good to know that we help to increase the added value and together make our contribution to the social and economic development of Suvalkija region.
История успеха АО «Юрес мядис» – одного из крупнейших производителей конструкций из клееной древесины в Прибалтике – прекрасный пример того, как партнерство банка помогает клиенту оперативно реагировать на потребности рынка, обеспечивать безупречное качество услуг и гибкость деятельности.
В 2006 году мы финансировали проект модернизации основной технологической линии АО «Юрес мядис», что позволит предприятию не только увеличить объем производства и экспорта, но и создать новые рабочие места и сократить негативное воздействие на окружающую среду.
Успех клиента – это одновременно и наш успех, поэтому приятно осознавать, что мы помогаем в формировании добавленной стоимости АО «Юрес мядис», вносим вклад в социальное и экономическое развитие Сувалькийского региона.
Ovidijus Jankauskas, Jūrės medis AB Овидиюс Янкаускас, генеральный директор general director: АО «Юрес мядис»:
"The major part of our manufacture is exported to «Большая часть нашей продукции экспортируется the quality demanding countries; thus, our future в требовательные к качеству страны, поэтому and growth are inseparable from the application of наше будущее и рост неотъемлемы от применения most state-of-the-art technologies. Such investments самых передовых технологий. Для таких are in need for financial support. We received part инвестиций необходима материальная помощь, of the funds from the EU structural funds, whereas часть которой мы получили из структурных the second part was offered to us by our long- фондов ЕС, а относительно другой части сомнений time partner Bankas SNORAS , which has never не возникло – ее предоставил наш многолетний disappointed us before". партнер банк «Снорас», в котором мы еще ни разу не разочаровались».
71 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Dirbu Jums. Kad būtume geriausi. Работаю для Вас. Чтоб мы были лучшими. I work for you. For us to be the best.
72 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Mokėjimo kortelių departamento direktorė Elvyra Kazandži:
Norėdami ir toliau išlaikyti artimus santykius su savo klientais, turime ieškoti Director of the Payment išskirtinių sprendimų Cards Department augantiems jų poreikiams Elvyra Kazandži: patenkinti. Prieš 10 metų In order to maintain close tapę lustinės technologijos relations with our clients, we pradininkais Lietuvoje, have to search for unique Директор Департамента 2006-uosius pasitikome solutions in response to платежных карточек pristatydami pažangiausią satisfying their growing Эльвира Казанджи: Baltijos šalyse lustą. demands. 10 years ago Tarptautinių „MasterCard“ having become the pioneers С целью поддержки близких mokėjimo kortelių, of microchip technology отношений с клиентами, naudojančių DDA in Lithuania, we met 2006 мы должны искать technologiją, linija – geriausias by introducing the most эксклюзивные решения saugumą vertinančių klientų advanced chip in the для удовлетворения pasirinkimas. Baltic countries. The line of их нужд. Став 10 лет international MasterCard назад пионерами payment cards using DDA микропроцессорной technology– the best option технологии в Литве, for the clients who appreciate 2006 год мы встретили safety. презентацией самого передового чипа в Прибалтике. Линия международных платежных карточек «MasterCard», основанная на технологии DDA – лучший выбор клиентов, ценящих безопасность.
73 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 2006 metais sukako dešimt metų, kai bankas SNORAS pradėjo emituoti pirmąsias banko mokėjimo korteles „eLitoCard“. Tai buvo naujiena rinkoje, nes turinčios integruotą lustą (mikroprocesorių), apsaugantį nuo neteisėto kortelės panaudojimo, kortelės buvo pirmosios tokio pobūdžio mokėjimo kortelės Lietuvoje.
Praėjus dešimtmečiui, ir šiandien savo klientams siūlome pažangiausias saugumą užtikrinančias technologijas. 2006 metais pristatėme saugiausią mokėjimo kortelių šeimą Lietuvoje – tarptautines lustines korteles „MasterCard“, veikiančias pagal alternatyvų Baltijos regione neturinčią dinaminio duomenų patikrinimo (DDA) technologiją bei apdraustas mokėjimo kortelių lėšų bei kelionių finansinių nuostolių draudimu.
Šiandien 9 iš 10 mūsų klientų turi bent vieną banko išleistą mokėjimo kortelę, o SNORAS šalies rinkoje užima tvirtą trečiąją vietą pagal emituotų mokėjimo kortelių skaičių ir mokėjimo kortelių apyvartą.
In 2006 it was ten years since Bankas SNORAS started issuing first payment cards “eLitoCard”. It was an innovation in the market, because these cards had integrated chip (microprocessor) securing from unauthorized use of the card and there were no payment cards of such type in Lithuania before.
After ten years have passed, we still offer our clients the most progressive safety technologies. In 2006 we launched the safest payment cards series in Lithuania – international microchip MasterCard cards, based on dynamic data authentification
Rada Matulevičienė, HBH „Juozo alaus bravoro“ savininkė:
„Turiu netgi kelias banko SNORAS mokėjimo korteles. Vieną įprastą, nuo seniau. Kita – su naujuoju lustu – patraukė savo stilingu dizainu ir teikiamu išskirtiniu saugumu. Ieškojau internete – lustinės DDA technologijos dar niekam nepavyko įveikti. Manau, kad šiuolaikiškiems ir aktyviems žmonėms tiesiog būtina naudotis tuo, kas šiandien yra pažangiausia.“
74 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 (DDA) technology, which is not to be equaled with any other technology in the Baltic states as well as being insured by the payment card funds and travel financial loss insurance.
Today 9 of 10 our clients have at least one payment card issued by the bank, while SNORAS takes a stable third position in the state market in terms of the number of the issued payment cards and their turnover.
В 2006 году исполнилось 10 лет выпуска первых платежных карточек банка «eLitoCard». Это была новинка на рынке, т.к. карточки, оснащенные встроенным чипом (микропроцессором), защищающим от неправомерного использования, были первыми платежными карточками такого рода в Литве.
По прошествии десятилетия, своим клиентам мы предлагаем самые современные технологии по обеспечению безопасности. В 2006 году мы представили самую защищенную серию платежных карточек в Литве – международные микропроцессорные карточки «MasterCard», действующие на основе не имеющей аналогов в Прибалтике технологии динамичной проверки данных (DDA) и застрахованные страхованием средств на счету и страхованием от убытков во время путешествий.
Сегодня у 9 из 10 наших клиентов есть хотя бы одна выпущенная банком платежная карта, а «Снорас» на рынке страны занимает стабильное третье место по числу выпущенных карточек и обороту по ним.
Rada Matulevičienė, the owner Рада Матулявичене, of HBH Juozo alaus bravoras: владелица пивоварни «HBH Juozo»:
"I have even several payment cards of Bankas «У меня даже несколько платежных карточек SNORAS. One is ordinary which was acquired банка «Снорас». Одна обыкновенная – со старых earlier. Another – with a new chip – has attracted времен. Другая – с новым микропроцессором – me because of its fashionable design and exclusive привлекла стильным дизайном и исключительной safety. I was searching in the Internet – nobody has надежностью. Посмотрела в Интернете surmounted the microchip DDA technology yet. I – еще никому не удалось перехитрить think, that modern and active people should use the микропроцессорную технологию DDA. Я считаю, most advanced technologies available today." что современные и активные люди просто обязаны пользоваться тем, что на сегодняшний день является самым передовым».
75 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 76 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Išskirtinė mokėjimo kortelė „Žalgiris MasterCard“ – banko ir krepšinio klubo visapusiško bendradarbiavimo vaisius.
Exclusive payment card ”Žalgiris MasterCard“ is a result of tight cooperation between the basketball club and the bank.
Эксклюзивная платежная карточка «Žalgiris MasterCard» является плодом тесного сотрудничества между банком и баскетбольным клубом.
77 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Banko SNORAS ir krepšinio klubo „Žalgiris“ bendradarbiavimas prasidėjo prieš 3 metus, tačiau per šį laiką kartu spėjome nuveikti gerokai daugiau nei kitiems pavyksta per dešimtmetį – banko sėkmė ir „Žalgirio“ laimėjimai vienas kitą papildo ir tvirtina.
Pradėję remti krepšinio klubą tapome generaliniu rėmėju ir oficialiu „Žalgirio“ banku. Laikui bėgant stiprėjanti partnerystė įgauna vis daugiau įvairių formų – 2006 m. bankas tapo sporto klubo „Žalgiris“ akcininku. Ši investicija – indėlis į komandą, jos sėkmę ir naujas pergales, padedantis auginti jaunąją krepšininkų kartą.
Legendinę krepšinio komandą remiame ir kitais būdais – kartu su krepšinio klubu išleista mokėjimo kortelė „Žalgiris MasterCard“ vienija banką ne tik su žalgiriečiais, bet ir su visais krepšinio sirgaliais. Nuo kiekvienos mokėjimo operacijos, atliktos šia kortele, bankas tam tikrą dalį pajamų perveda „Žalgirio“ klubui, leisdamas sporto aistruoliams be jokių papildomų išlaidų paremti mylimą komandą.
Cooperation between Bankas SNORAS and “Žalgiris” basketball club has started 3 years ago, however, during this time we managed to do much more then other could in a decade – the bank’s success and the victories of Žalgiris complement and affirm each other.
By starting supporting the basketball club, we became its primary sponsor and official bank of Žalgiris. In the course of time the consolidating partnership acquires various new forms– in 2006 the bank became the shareholder of Žalgiris sport club. This investment – deposit to the team, its success and new victories, helping to raise young generation of basketball players.
Raimondas Baranauskas, AB banko SNORAS prezidentas: „Tai, kad SNORAS tapo „Žalgirio” klubo akcininku, yra rimtas, apgalvotas ir atsakingas žingsnis, įpareigojantis banką ir sutvirtinantis bendradarbiavimą. Mes nuoširdžiai džiaugiamės komandos laimėjimais ir didžiuojamės, kad tapome garbingo klubo akcininkais.”
Arvydas Sabonis, krepšinio klubo Kauno „Žalgiris” valdybos pirmininkas: „Banko paramą ir palaikymą jaučiame visų rungtynių metu. Labai vertiname naujas banko SNORAS iniciatyvas, įsipareigojimus ir judėjimą į priekį. Turėdami patikimą strateginį partnerį – profesionalų konsultantą bei stiprų finansinį užnugarį, jaučiamės daug tvirčiau.”
78 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 We support the legendary basketball team by other means as well – Žalgiris MasterCard payment card issued together with the basketball club unites the bank not only with the supporters of Žalgiris but also with the whole community of basketball fans. From every payment transaction performed by this card, the bank transfers a certain share of income to Žalgiris club, so it allows sport fans to support their beloved team without additional costs.
Сотрудничество банка и баскетбольного клуба «Жальгирис» началось 3 года назад, однако за это время мы сделали больше, чем другим удается за десять лет – успехи банка и победы «Жальгириса» дополняют и укрепляют друг друга.
Мы стали генеральным спонсором и официальным банком «Жальгириса». Со временем укрепляющееся партнерство приобретает новые формы – в 2006 году банк стал акционером спортклуба «Жальгирис». Данная инвестиция – вклад в команду, в ее успех и новые победы, способствующий росту нового поколения баскетболистов.
Легендарную баскетбольную команду мы поддерживаем и другими способами – совместно с клубом выпущена платежная карточка «Žalgiris MasterCard», объединяющая банк не только с членами клуба «Жальгирис», но и со всеми болельщиками. От каждой платежной операции, выполненной посредством данной карточки, банк переводит определенную часть дохода клубу «Жальгирис», что позволяет страстным болельщикам без дополнительных затрат поддерживать любимую команду.
Raimondas Baranauskas, Раймондас Баранаускас, President of Bankas SNORAS: Президент АО банка «Снорас»: "The fact that bankas SNORAS became shareholder of «То, что «Снорас» стал акционером «Жальгириса» Žalgiris club is a serious, considered and responsible – серьезный, обдуманный и ответственный decision which obliges the bank and consolidates шаг, обязывающий банк и укрепляющий cooperation. We sincerely rejoice at the team’s сотрудничество. Мы искренне радуемся победам victories and we are proud that we have become the команды и гордимся, что стали акционерами shareholders of the respectable club." почтенного клуба».
Arvydas Sabonis, Chairman of the board of Арвидас Сабонис, Председатель правления Kaunas Žalgiris basketball club: каунасского клуба «Жальгирис»: "We feel support and backing of the bank in «Поддержку и помощь банка мы ощущаем во every competition. We appreciate new initiatives, время всех соревнований. Мы ценим новые obligations and progress of Bankas SNORAS. While инициативы банка, обязательства и движение having a trustworthy strategic partner – professional вперед. С таким надежным стратегическим consultant and strong financial backup, we feel much партнером – профессиональным консультантом more courage." и крепким финансовым тылом, чувствуем себя еще сильнее».
79 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 80 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Unikali banko SNORas mini bankų idėja pasiteisino – skirtingas formas įgavę teritoriniai klientų aptarnavimo padaliniai šiandien A unique idea of sudaro didžiausią ir SNORAS mini-banks moderniausią šalyje served the purpose banko paslaugų – territorial client teikimo tinklą. service subdivisions which acquired different forms today make the largest and most advanced Уникальная идея network of bank мини-банков service provision. банкa «Снорас» оправдала себя – принявшие различные формы территориальные центры обслуживания клиентов сегодня образуют самую плотную и современную в стране сеть распространения банковских услуг.
81 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Unikali banko SNORAS mini bankų sistema sėkmingai veikia nuo 1996-ųjų – šiandien mūsų „snoriuką“ ar bankomatą galima rasti kone visose žmonėms patogiose ar jų lankomose vietose.
Klientų aptarnavimo tinklas yra nuolat tobulinamas, atsižvelgiant į didėjantį klientų ratą bei augančius jų poreikius – 2006 metais duris atvėrė naujoviško dizaino banko skyriai didžiuosiuose prekybos ir pramogų centruose, dirbantys septynias dienas per savaitę, taip pat buvo atlikta mini bankų tinklo visoje Lietuvoje renovacija.
Pas mus pasiteisinusi mini bankų koncepcija 2006 metais pradėta taikyti ir kaimyninėje Latvijoje – modernūs ir mobilūs banko paviljonai papildė vieno didžiausių ir seniausių bankų Latvijoje „Latvijas Krājbanka“ tinklą.
Unique system of SNORAS mini-banks has been successfully operating since 1996 – today our “little snoras” or ATM can be found in almost every place convenient for the clients and usually visited by them. The client service network is constantly being improved with regard to the increasing number of clients as well as their growing demands – in 2006 in the largest shopping and recreational centers there were established bank subdivisions of new-fashioned design, which work seven days per week; moreover, the network of mini-banks was renovated in all Lithuania.
Angelė Kaušylienė, Utenos apskrities viršininkė:
„Vertinu gerai išplėtotą banko SNORAS klientų aptarnavimo tinklą. Dirbančiam žmogui ne taip paprasta susitvarkyti finansinius reikalus darbo metu, o šiame banke patogiai ir greitai gaunu finansines paslaugas ne tik įprastinėmis darbo valandomis.“
82 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 From 2006 the conception of mini-banks which served the purpose in Lithuania started to be applied in nearby Latvia – the network of one of the largest and oldest banks in Latvia Latvijas Krājbanka was supplemented by modern and mobile bank pavilions.
Уникальная система мини-банков банкa «Снорас» успешно действует с 1996 года – сегодня наш «Снорик» или банкомат можно найти, пожалуй, в любом удобном и посещаемом людьми месте.
Сеть обслуживания клиентов постоянно совершенствуется: принимая во внимание расширение круга клиентов и рост их потребностей, в 2006 году в крупнейших торгово-развлекательных центрах был открыт ряд новых банковских отделений, работающих семь дней в неделю, также проведена реновация сети мини-банков по всей Литве.
Оправдавшаяся у нас концепция мини-банков с 2006 года внедряется и в соседней Латвии – современные и мобильные павильоны банка пополнили сеть одного из крупнейших и старейших банков Латвии «Латвияс Крайбанка».
Angelė Kaušylienė, Ангeле Каушилене, head of Utena district: начальник Утянского уезда:
"I appreciate well-developed client service network «Ценю хорошо развитую сеть обслуживания of Bankas SNORAS. For a working person it is not клиентов банка «Снорас». Работающему человеку that easy to manage financial affairs during working не так просто уладить все финансовые вопросы hours, whereas in this bank I receive financial services в рабочее время, а в этом банке можно легко и in a convenient and fast way not only during usual быстро воспользоваться всеми услугами не только working hours". в обычные рабочие часы».
83 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Dirbame Jums. Kad būtume geriausi. Работаем для Вас. Чтобы быть лучшими. We are working for you. For us to be the best.
84 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Banko SNORAS komanda:
Profesionalumas ir bendradarbiavimas – mūsų sėkmės ir Bankas SNORAS team: plėtros garantas. Mūsų laimėjimai – sukurti Professionalism and savomis rankomis, mūsų cooperation – are the patirtis – ne perimta, guarantee of our success o įgyta. Augančiame and development. Our kolektyve kartu su banku achievements are the result of stiebiamės aukštyn ir our own work, our experience tobulėjame patys. – was not adopted, but acquired. Being part of the growing collective, we grow Команда банка «Снорас»: up together with the bank Профессионализм и and improve ourselves. сотрудничество – залог нашего успеха и развития. Наши достижения – плод собственного труда, наш опыт – не позаимствован, а приобретен. В растущем коллективе вместе с банком мы тянемся вверх и самосовершенствуемся.
85 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Mūsų DARBUOTOJAI Per 15 metų sukūrėme didžiausią klientų aptarnavimo tinklą Lietuvoje. Įžvelgdami plačias galimybes, savarankiškai tapome tarptautiniu banku. Sparti banko plėtra skatina kurti naujas darbo vietas ir gausinti banko SNORAS darbuotojų gretas, kurios 2006 metais gerokai padidėjo. Metų pradžioje planavome sukurti 100 naujų darbo vietų, ir per 2006 metus buvo priimta 117 darbuotojų. Tokiu būdu banko specialistų skaičius išaugo iki 1004. Banko personalo politika formuojama siekiant, kad banko darbuotojas būtų kompetentingas savo srities specialistas, gebantis suteikti didžiausią naudą klientui, užtikrinti jo pasitikėjimą banku. Darbuotojų kompetencijų ugdymas yra vienas svarbiausių personalo politikos uždavinių. Išaugus naujų darbuotojų skaičiui, ypač daug dėmesio ir pastangų skiriama šių darbuotojų adaptacijai ir sėkmingam įsiliejimui į banko kolektyvą. Rūpinantis esamais banko darbuotojais, nepamirštama ir būsimoji banko darbuotojų pamaina. Bankas aktyviai bendradarbiauja su aukštojo mokslo įstaigomis, kviečiasi praktikai geriausius studentus. Bankas nuolat investuoja į darbuotojų mokymą ir ugdymą – per 2006 metus investicijos į mokymus buvo beveik du kartus didesnės nei 2005 metais. Geriausia šių investicijų grąža, kurios bankas sulaukia iš savo darbuotojų – efektyvus ir produktyvus darbas, kokybiški ir profesionalūs sprendimai bei darbinė kompetencija. 2006 metais bankas SNORAS tapo vienu iš dvidešimties patraukliausių darbdavių Lietuvoje („TNS Gallup“ atlikto tyrimo „Patraukliausio darbdavio indeksas 2006“ duomenimis).
Our EMPLOYEES In 2006 the number of employees substantially increased. In the beginning of the year the Bank planned to create 100 new working places and within 2006 117 employees were employed. So, the number of the bank’s specialists reached 1004. The bank’s personnel policy is formed in order for an employee to be a competent specialist of its field, able to provide the greatest benefit to the client as well as to secure the client’s trust in the bank. One of the most important tasks of the personnel policy is the cultivation of employees’ competence.
Edita Povilavičienė, Personalo departamento direktorė :
„Manau, kad kiekvienas banko darbuotojas, nuolat tobulėdamas ir augdamas, prisideda prie banko augimo. Savo ruožtu, bankas kelia sau tikslą tapti geriausiu darbdaviu.“
86 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 With the number of new employees increasing, much attention and efforts are directed to the adaptation of these employees and their successful integration into the bank’s collective. In taking care of current bank employees, the bank also does not disregard its future shift of employees. The bank is actively cooperating with higher education institutions, invites the best students for internship in the bank. The bank is constantly investing into employees’ training and education – within 2006 years investments into training almost doubled in comparison with 2005. The best return of these investments that the bank received from its employees is effective and productive work, qualitative and professional decisions as well as working competence. In 2006 Bankas SNORAS became one of 20 most attractive employers in Lithuania (according to the data of Most Attractive Employer Index 2006 survey conducted by TNS Gallup).
Наши СОТРУДНИКИ В 2006 году ряды сотрудников банка «Снорас» значительно пополнились. В начале года планировалось создание 100 новых рабочих мест, а в течение 2006 года было принято 117 новых сотрудников. Таким образом, число специалистов банка выросло до 1004. Кадровая политика банка формируется так, чтобы сотрудник банка являлся компетентным специалистом в своей области, способным принести максимальную пользу клиенту, заручиться его доверием. Повышение компетенции сотрудников является одной из важнейших задач кадровой политики банка. В связи с ростом числа новых сотрудников, больше внимания уделяется их адаптации, успешному влиянию в банковский коллектив. Банк заботится о своих сотрудниках, не забывая и о будущей смене. Банк активно сотрудничает с ВУЗами, приглашает на практику лучших студентов. Банк постоянно инвестирует в обучение и развитие сотрудников – за 2006 год объем инвестиций в обучение почти вдвое превысил сумму за 2005 год. Лучшая отдача, которую банк получает от своих сотрудников – эффективная и продуктивная работа, качественные, профессиональные решения и компетенция. В 2006 году банк «Снорас» стал одним из двадцати самых привлекательных работодателей в Литве (по данным исследования, проведенного «TNS Gallup», «Индекс самого привлекательного работодателя 2006 года»).
Edita Povilavičienė, Эдита Повилавичене, Director of the Personnel Department : Директор Департамента персонала :
"In my opinion, every employee of the bank, by «Я считаю, что каждый сотрудник своим constantly improving and growing, makes its самосовершенствованием и развитием вносит contribution to the bank’s development. And the вклад в рост банка. A банк ставит перед собой bank seeks to become the best employer". цель стать лучшим работодателем.»
87 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 88 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Mes VISUOMENĖJE
Bankas – visavertis Lietuvos bendruomenės narys, nuolat prisideda prie ekonominės ir politinės gerovės didinimo. Kiekvienais metais bankas dalį pelno skiria visuomenei svarbių kultūros, sporto, švietimo ir meno projektų rėmimui.
Vis daugiau lėšų skiriama paramos ir labdaros projektams. 2006 metais banko grupė paramai skyrė 8 kartus daugiau lėšų. Viso per ataskaitinį laikotarpį labdarai ir paramai skirta virš 3 milijonų litų.
2006 metai buvo reikšmingi bankui, kaip kultūros ir sporto rėmėjui. Bankas remia bene geriausiai kiekvienam lietuviui žinomą, Eurolygos 1998/1999 sezone čempiono titulą pelniusį krepšinio klubą „Žalgiris“ ir tapo vienu iš šio krepšinio klubo savininkų, įsigydamas dalį klubo akcijų.
Bankas remia ne tik sportą, bet ir mokslą. 2006 metais bankas pasirašė bendradarbiavimo sutartį su Vilniaus universitetu, yra įsteigęs stipendijas Vilniaus universiteto, Vilniaus pedagoginio universiteto, Kauno technologijos universiteto studentams, remia aukštųjų mokyklų renginius.
Tradiciškai remiame ir kultūros projektus. Teikdami paramą Klaipėdos, Šiaulių bei Marijampolės teatrams, prisidedame prie turiningo ir intensyvaus Lietuvos teatro vystymosi ir džiaugiamės vis didėjančiu dramos meno populiarumu mūsų krašte.
Daugelį metų plėtodamas sporto ir kultūros renginių paramos politiką, bankas SNORAS nusprendė tapti lenktynininkų komandos rėmėju „Ferrari Challenge Europe” čempionate, kuriame sportininkai lenktyniauja „Ferrari” gamintojo automobiliais.
Bankui atstovaus ekipa „SNORAS bank MenX Team”. Ši komanda 2007 metais dalyvaus varžybų serijoje „Ferrari Challenge Trofeo Pirelli-Europe”, kuri vyksta geriausiose pasaulio žiedinėse trasose: Monza (Italijoje), Misano (Italijoje), Silverstone (Didžiojoje Britanijoje), SPA (Belgijoje), Paul Ricard (Prancūzijoje) ir Hockenheim (Vokietijoje).
89 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 We and SOCIETY
The bank is a full-fledged member of Lithuanian society and it constantly contributes to the growth of economic and political wealth. Every year the bank allocates part of its profit for supporting various cultural, sport, edu- cation and art projects which are very important for the society. More and more funds are allocated to support and charity projects. In 2006 the bank’s group committed to support eightfold larger sum of money. Total number of funds allocated to charity and support within the reporting cycle was more than LTL 3 million. The year 2006 was significant for the bank in his role as the backer of culture and sport. The bank sponsors basketball club “Žalgiris”, probably the best known one to every Lithuanian, the champion of Euroleague 1998/1999 season, and has become one of the owners of the club by acquiring a part of shares of the club.
The bank sponsors not only sports, but science as well. In 2006 the bank made a cooperation agreement with Vilnius University, has established scholarships for the students of Vilnius University, Vilnius Pedagogical University and Kaunas Technological University; the bank also sponsors events in higher schools. Traditionally, we sponsor cultural projects as well. By providing sponsorship to Klaipėda, Šiauliai and Marijampolė theaters, we make our contribution to the development of rich and intensive theatre of Lithuania and we rejoice at the increasing popularity of drama art in our country.
Many years expanding the sponsorship policy in respect of sport and cultural events, Bankas SNORAS decided to become the sponsor of the car racing team in the Ferrari Challenge Europe championship, where sportsmen race by cars manufactured by Ferrari.
The bank will be represented by the SNORAS bank MenX Team. This team in 2007 will participate in the Ferrari Challenge Trofeo Pirelli – Europe competitions series, which takes place on the best orbital tracks of the world: Monza (Italy), Misano (Italy), Silverstone (Great Britain), SPA (Belgium), Paul Ricard (France) and Hockenheim (Germany).
90 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Мы в ОБЩЕСТВЕ
Банк является полноценным членом общества Литвы, играющим немаловажную роль в экономической и политической жизни страны. Ежегодно банк часть своей прибыли выделяет на поддержку важных куль- турных, спортивных, просветительских и художественных проектов.
Все больше средств выделяется на благотворительные проекты. В 2006 году банковская группа на спон- сорскую деятельность выделила в 8 раз больше средств. Всего за отчетный период на благотворительность и материальную помощь выделено свыше 3 миллионов литов.
2006 год был значительным для банка как спонсора культуры и спорта. Банк оказывает спонсорскую под- держку, пожалуй, самому известному литовскому баскетбольному клубу «Жальгирис», завоевавшему чем- пионский титул в сезоне Евролиги 1998/1999, он также стал его совладельцем, т.к. приобрел часть акций клуба.
Банк поддерживает не только спорт, но и науку. В 2006 году банк подписал договор о сотрудничестве с Вильнюсским университетом, учредил стипендии студентам ВУ, Вильнюсского педагогического универ- ситета, Каунасского технологического университета, спонсирует мероприятия ВУЗов.
Традиционно мы оказываем поддержку и культурным проектам. Выступая в качестве спонсоров Клайпедского, Шяуляйского и Мариямпольского театров, мы вносим вклад в развитие литовского театра и радуемся растущей популярности драматического искусства в нашей стране.
Многолетний приверженец политики поддержки спортивных и культурных мероприятий банк «Снорас» решил стать спонсором команды гонщиков на чемпионате «Ferrari Challenge Europe», где спортсмены выступают на автомобилях компании «Ferrari».
Банк представляет экипаж «SNORAS bank MenX Team». Эта команда в 2007 году примет участие в серии соревнований «Ferrari Challenge Trofeo Pirelli – Europe», которая проходит на лучших кольцевых трассах мира: Monza (Италия), Misano (Италия), Silverstone (Великобритания), SPA (Бельгия), Paul Ricard (Франция) и Hockenheim (Германия).
91 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Mūsų VALDYMAS Our MANAGEMENT Наше УПРАВЛЕНИЕ WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 AB banko SNORAS Valdyba: Prieš 15 metų savo veiklą pradėję kaip nedidelis regioninis bankas išaugome į vieną didžiausių bankų Lietuvoje, įžengusiu ir į tarptautinę erdvę. Šiandien džiaugiamės plačiausiu klientų aptarnavimo tinklu šalyje, augančiu paslaugų spektru, gausėjančiu profesionalių darbuotojų kolektyvu, tarptautiniu pripažinimu. Pasiekti laimėjimai skatina nesustoti, kelti sau vis ambicingesnius tikslus, siekti naujų iššūkių. Kad ir toliau liktume geriausi.
Board of Bankas SNORAS: 15 years ago having started our activity as a small regional bank, today we are one of the largest banks in Lithuania, which has entered into international area as well. Today we rejoice at having the widest client service network in the country, increasing range of services, growing team of professional employees as well as international recognition. Our achievements encourage us not to stop, but to raise even more ambitious tasks and to pursue new challenges. For us to always remain the best.
Правление АО банка «Снорас»: 15 лет назад мы начали свою деятельность как небольшой региональный банк и выросли в один из крупнейших банков Литвы, вышедших на международную арену. Сегодня мы гордимся самой плотной сетью обслуживания клиентов в стране, расширяющимся спектром услуг, растущим коллективом профессиональных сотрудников, международным признанием. Наши достижения побуждают двигаться вперед, ставить перед собой еще более амбициозные цели и принимать новые вызовы. Чтобы и впредь оставаться лучшими. WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Valdyba / Board of the Bank / Правление банка
Raimondas Baranauskas Valdybos pirmininkas Chairman of the Management Board Председатель Правления
Tikslo turėjimas „Jei nežinai, ko sieki, sunku ką nors ir pasiekti. Neturėdamas tikslo, pasiduosi pirmai sutiktai kliūčiai. Tuo tarpu žinodamas, ką turi padaryti, tiesiog imi ir padarai.“
Having an objective “If you do not know what you are seeking for, it is difficult to achieve anything. If you do not have a goal, the first obstacle may make you surrender. Whereas, when having a defined aim, you simply start and do it.”
Наличие цели «Если человек не знает, к чему стремится – ему сложно чего-либо добиться. Не имея цели, легко отступить перед первым же возникшим препятствием. Однако когда человеку известно, что он должен сделать, он просто берёт и делает.»
94 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Kas padeda pasiekti sėkmę? / WHAT FACTORS HELP ONE TO ATTAIN SUCCESS? / ЧТО СПОСОБСТВУЕТ ДОСТИЖЕНИЮ УСПЕХА?
Naglis Stancikas Valdybos pirmininko pavaduotojas Deputy chairman of the Management Board Juozas Lukauskas Заместитель председателя Правления Valdybos pirmininko pavaduotojas Deputy chairman of the Management Board Заместитель председателя Правления Veiklumas „Paprastai sekasi tiems, kurie ryžtasi veikti. Geriau keletą kartų patirti nesėkmę Atkaklumas nei apskritai bijoti pabandyti.“ „Sėkmė nėra atsitiktinumas. Tai – logiška kryptingų pastangų tąsa, viršūnė, kurią pasieki pasitelkęs ryžtą, valią ir atkaklumą.“ Activity “Generally do succeed those people, who resolve to act. It is better to fail several times, rather than overall to be afraid to have a try.” Perseverance “Success is not coincidence. It is rather a logical continuation of purposeful efforts, a top which you achieve by employing Предприимчивость strength, will and perseverance.” «В основном везёт тем, кто осмеливается начать действовать. Лучше несколько раз потерпеть неудачу, чем вообще бояться попробовать.» Упорство «Удача – не просто случайность. Это логическое продолжение целенаправленных стараний, вершина, достичь которой помогают решительность, воля и упорство.»
95 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Valdyba / Board of the Bank / Правление банка
Romasis Vaitekūnas Valdybos pirmininko pavaduotojas Deputy chairman of the Management Board Заместитель председателя Правления Zita Selenkovienė Valdybos narė Member of the Management Board Член Правления Komanda „Dirbant kartu galima padaryti tai, ko niekaip neįstengtum vienas pats. Daugybės rankų ir protų sąjunga – didelė jėga, leidžianti nuveikti neįtikėtinai daug.“ Nuolatinis darbas „Nėra nesvarbių užduočių, nesvarbių tikslų, nesvarbių žmonių. Pasirinkus mėgstamą darbą ir įdėjus į jį daug širdies, maži kasdieniai laimėjimai tampa Team įpročiu, o sėkmė – tęstiniu reiškiniu.“ “Working together it is possible to do such things which you would never manage to do one. Combination of many hands and minds is a great power enabling to accomplish incredibly much.” Constant work “There are no unimportant tasks, unimportant aims, or unimportant people. By choosing favorite work and putting one’s heart into it, small everyday strides become Команда a habit, and success – continuing phenomenon.” «Работая в коллективе можно достичь таких результатов, каких бы ты никогда не смог достичь одними лишь своими силами. Соединения множества рук и умов – это большая сила, Постоянная работа позволяющая добиться неимоверного успеха.» «Не существует неважных задач, целей, людей. Выбрав любимую работу и вложив в неё всю свою душу, маленькие каждодневные победы входят в привычку, а успех становится длительным явлением.»
96 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Kas padeda pasiekti sėkmę? / WHAT FACTORS HELP ONE TO ATTAIN SUCCESS? / ЧТО СПОСОБСТВУЕТ ДОСТИЖЕНИЮ УСПЕХА?
Žoržas Šarafanovičius Aušra Ižičkienė Valdybos narys Valdybos narė Member of the Management Board Member of the Management Board Член Правления Член Правления
Iššūkių ieškojimas Tikėjimas sėkme „Norint pasiekti tai, kas įmanoma, visada reikia „Sunkumai kelyje gali tapti arba neįveikiama kliūtimi, stengtis siekti šiek tiek daugiau nei galima pasiekti. arba eiliniu atspirties tašku žengiant tolyn. Tikėjimas, Drąsios svajonės priartina realius laimėjimus.“ kad pasiseks – pirmas žingsnis pačios sėkmės link.“
Faith in success Search for challenges “Impediments on the way may become either an “In order to achieve such things which are possible, you should overpowering obstacle, or an ordinary footing on the way always try to aspire after something more than it is possible to forward. Faith in success is a first step towards success itself.” attain. Challenging dreams anticipate real accomplishments.”
Вера в успех Стремление к вызовам «Трудности на пути могут обернуться «Желая достигнуть того, что осуществимо, надо всегда непреодолимым препятствием, или же очередной стараться достичь немного больше, чем это возможно. точкой опоры на пути вперёд. Вера в успех является Смелые мечты способствуют реальным победам.» первым шагом на пути к этому успеху.»
97 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 stebėtojų taryba / Supervisory Board of the Bank / Наблюдательный совет Банка
Vladimir Antonov Stebėtojų tarybos pirmininkas Chairman of the Supervisory Board председатель Наблюдательного совета
„Atstumu, kurį pavyko nueiti išnaudojant savo jėgas ir aplinkos progas.“
“By the distance which was got over using one’s energies and opportunities offered by the surroundings.”
«Расстоянием, которое удалось пройти, используя собственные силы и возможности окружения.»
98 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 KUO GALIMA IŠMATUOTI SĖKMĘ? / HOW SUCCESS MAY BE MEASURED? / Чем можно измерить успех?
Aleksandr Antonov Stebėtojų tarybos narys Member of the Supervisory Board Dmitrij Jakovlev член Наблюдательного совета Stebėtojų tarybos narys Member of the Supervisory Board член Наблюдательного совета „Įgyta patirtimi, sutiktais žmonėmis, nuveiktais darbais.“ „Sėkmės padiktuotais naujais iššūkiais ir galimybėmis.“ “By the acquired experience, people met “By new challenges and tasks performed.” and opportunities dictated by success.” «Приобретённым опытом, встреченными «Продиктованными людьми, свершёнными успехом новыми делами.» вызовами и возможностями.»
99 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 stebėtojų taryba / Supervisory Board of the Bank / Наблюдательный совет Банка
Maksim Safonov Stebėtojų tarybos narys Member of the Supervisory Board член Наблюдательного совета Oleg Suchorukov Stebėtojų tarybos narys Member of the Supervisory Board член Наблюдательного совета „Sunkumais, kurie buvo įveikti kelyje sėkmės link.“ „Pasitenkinimo laipsniu, kurį jauti žvelgdamas į “By difficulties which savo darbo rezultatus.“ were surmounted on the way towards success.” “By the degree of satisfaction you feel «Трудностями, которые when looking at the были преодолены results of your work.” на пути к успеху.» «Степенью удовлетворения, которое человек чувствует, когда созерцает результаты своих трудов.»
100 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 KUO GALIMA IŠMATUOTI SĖKMĘ? / HOW SUCCESS MAY BE MEASURED? / Чем можно измерить успех?
Pavel Kryžanovskij Veronika Dolenko Stebėtojų tarybos narys Member of the Supervisory Board Stebėtojų tarybos narė член Наблюдательного совета Member of the Supervisory Board член Наблюдательного совета
„Kelyje į tikslą išmoktomis „Skirtumu tarp to, pamokomis ir pasiekimų ko siekei, ir to, ką svarba tau pačiam.“ pavyko nuveikti.“ “By lessons learned on “By the difference your way to the target between what you were and by importance of pursuing and what you achievements for yourself.” managed to accomplish.” «Уроками, полученными «Разницей между на пути к цели, и тем, к чему человек важностью достижений стремился, и тем, чего для самого себя.» ему удалось достигнуть.»
101 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Organizacinė struktūra
BANKO VALDYBA Valdybos pirmininkas, banko prezidentas
Banko plėtros tarnyba Vidaus audito tarnyba
Vyriausioji buhalterė Prezidento patarėjas
Personalo departamentas Teisės departamentas
Tarptautinio verslo departamentas Rizikų valdymo departamentas
Strateginio planavimo skyrius Viešųjų ryšių skyrius
Mažmeninės Finansų Finansų Informacinių Saugos ir Bendrųjų Kreditų bankininkystės valdymo apskaitos technologijų prevencijos reikalų tarnyba tarnyba tarnyba tarnyba tarnyba tarnyba tarnyba
Informacinių Rinkodaros Banko Kreditų Iždo technologijų Saugos Aprūpinimo ir pardavimų operacijų apskaitos departamentas departamentas vystymo departamentas departamentas departamentas departamentas departamentas
Rinkodaros ir Kreditų rizikos Finansų Pinigų rinkos Bankinių Turto Vindikacijos komunikacijos valdymo maklerio operacijų technologijų priežiūros skyrius skyrius skyrius departamentas apskaitos skyrius skyrius skyrius
Paskolų Nostro sąskaitų Tiekimo ir Pardavimų Programavimo Technikos administravimo apskaitos transporto skyrius skyrius skyrius skyrius skyrius skyrius
Informacinių Dokumentinių Mokėjimo Pinigų plovimo Kontaktų technologijų Organizacinis operacijų sistemų prevencijos centras administravimo departamentas departamentas skyrius departamentas departamentas
Banko produktų Specialiųjų Centralizuotos Banko sistemų Protokolo plėtros aktyvų valdymo atskaitomybės Archyvas skyrius skyrius departamentas departamentas departamentas
Vidinės Projektų Duomenų apskaitos Sekretoriatas skyrius bazių skyrius departamentas
Kokybės Centralizuotų Tinklų ir technikos valdymo operacijų apskaitos priežiūros Raštinė skyrius departamentas skyrius
Mokėjimo Verslo klientų kortelių departamentas departamentas
Ekonominės Mokėjimo Mokėjimo Mokėjimo kortelių analizės Operacijų kortelių operacijų kortelių sistemų administravimo departamentas skyrius apskaitos skyrius gamybos skyrius skyrius
Teritorinio tinklo valdymo departamentas
Filialai Atstovybės
102 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Banko akcininkai ir dividendų politika
2006 metų pabaigoje AB bankas SNORAS kreipėsi į Lietuvos banką leidimo, kad stebėtojų tarybos 25% 6% pirmininkas Vladimir Antonov ir banko Prezidentas Raimondas Baranauskas turėtų teisę įsigyti atitinkamai Raimondas Baranauskas Kiti 68,7 proc. ir 25,1 proc. akcijų paketą. akcininkai
Nuo 2007 metų pradžios bankas turi du pagrindinius akcininkus, kurių bendras akcijų paketas sudaro beveik 94 proc. akcinio kapitalo. Vladimir Antonov
2006 metais bankas išleido 20 mln. litų privilegijuotųjų 69% akcijų be kaupiamojo dividendo emisiją, kuri buvo sėkmingai išplatinta. AB banko Snoras akcininkų struktūra AB banko SNORAS paprastosiomis vardinėmis ir nuo 2007-03-14 privilegijuotomis akcijomis prekiaujama Vilniaus vertybinių popierių biržoje.
Banko dividendai už 2004 ir 2005 metus buvo to paties dydžio – 9,609 mln. litų arba 70 ct už akciją. Už 2006 metus bankas išmokės rekordiškai didelius 25,060 mln. litų dividendus. Likęs nepaskirstytas pelnas bus paliktas kapitalo bazei stiprinti.
Banko reitingai
2006 metais tarptautinė reitingų agentūra „Fitch“ patvirtino anksčiau bankui suteiktus ilgalaikių įsipareigojimų reitingą BB- su neigiama perspektyva, trumpalaikių įsipareigojimų reitingą B su neigiama perspektyva, individualų reitingą D bei palaikymo reitingą „4“. Tokia perspektyva yra siejama su banko kapitalo pakankamumu.
2006 m. rugsėjo 27 dieną tarptautinė reitingų agentūra „Moody’s“ pirmą kartą suteikė bankui ilgalaikių įsipareigojimų reitingą Ba3 su stabilia perspektyva, trumpalaikių įsipareigojimų reitingą NP su stabilia perspektyva, ir finansinio pajėgumo reitingą D-.
Šiuo metu bankas įgyvendina aktyvią kapitalo plėtros programą, po kurios kapitalo bazės sustiprės. Taip pat bankas nusprendė kreiptis į tarptautinę reitingų agentūrą „Standard&Poors”, kad bankui būtų suteikti ir šios agentūros reitingai.
103 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Organizational chart
BOARD Chairman of the Board, Bank president
Bank Development Division Internal Audit Division
Chief Financial Officer Adviser to the President
Personnel Department Legal Department
International Clientele Department Risk Management Department
Strategic Planning Unit Public Relations Unit
Financial Security and Retail Banking Crediting Accounting IT Development General Management Prevention Division Division Division Division Issues Division Division Division
Marketing Bank Transaction Lending Treasury IT Development Security Supply and Sales Accounting Department Department Department Department Department Department Department
Marketing and Credit Risk Financial Money Market Banking Assets Vindication Communication Management Brokerage Transaction Technologies Supervision Unit Unit Unit Department Accounting Unit Unit Unit
Credit Nostro Accounts Programming Security Supplies and Sales Unit Administration Accounting Unit Equipment Unit Transport Unit Unit Unit
Documentary Payment Anti Money Contact IT Administration Organizational Operations Systems Laundering Center Department Department Department Unit Department
Bank Product Special Assets Reporting Banking Systems Development Management Archive Protocol Unit Department Unit Department Department
Internal Project Unit Accounting Databases Unit Secretariat Department
Centralized Quality Network and Transaction Management Equipment General Office Accounting Unit Maintenance Unit Department
Corporate Payment Cards Customers Department Department
Economic Payment Cards Analysis Payment Cards Payment Cards System Transaction Operators’ Unit Department Producing Unit Administration Unit Accounting Unit
Network Management Department
Branches Representative Offices
104 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Shareholders of the bank and dividend policy
In the end of 2006 Bankas SNORAS submitted to the Bank of Lithuania an application for an approval 25% 6% of acquisition by Chairman of the Supervisory Board Mr. Vladimir Antonov and Chairman of the Board Raimondas Other Baranauskas Mr. Raimondas Baranauskas of correspondingly 68.7 shareholders per cent and 25.1 per cent of shares.
From the beginning of 2007 the bank has two major shareholders controlling near 94% of share capital. Vladimir Antonov
In 2006 the bank issued LTL 20 million worth emission 69% of non-cumulative preference shares which was successfully distributed. The chart of Bankas SNORAS‘ Ordinary registered shares and preference shares of shareholders as of March 14, 2007 Bankas SNORAS are listed оn Vilnius Stock Exchange.
Dividends of the bank for 2004 and 2005 were the same LTL 9.609 million or 70 ct per share. For 2006 the bank will pay the largest dividends yet – LTL 25.060 million. The rest of not appropriated profit will by employed to increase the capital base.
Bank’s ratings
In 2006 international ratings agency Fitch confirmed earlier assigned rating of Long-Term Obligations BB- with negative outlook, Short-Term Obligations rating B with negative outlook as well as individual rating D and support rating “4”, all which were granted to the bank earlier. Such an outlook is associated with adequacy of the bank’s capital.
On 27 September of 2006 an international rating agency Moody’s for the first time assigned the bank Ba3 rating with a steady outlook, the NP rating of short-term obligations with a steady outlook as well as rating D- of financial capacity.
Currently the bank is implementing an active capital development program, after which the capital base will strengthen. The bank also decided to apply to international rating agency Standard&Poors, for the bank to receive the ratings of this agency as well.
105 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Организационная структура
ПРАВЛЕНИЕ Председатель Правления, Президент банка
Служба банковского развития Служба внутреннего аудита
Главный бухгалтер Советник президента
Департамент персонала Юридический департамент
Департамент международного бизнеса Департамент управления рисками
Отдел стратегического планирования Отдел общественных связей
Служба Служба Служба Служба Служба Служба по Кредитная банковских управления финансового информационных охраны и делам общего служба операций финансами учета технологий превенции характера
Департамент Департамент Департамент Кредитный Департамент развития Департамент Департамент маркетинга и учета банковских департамент казначейства информационных охраны снабжения продаж операций технологий
Отдел Отдел Департамент Отдел учета Отдел Отдел по управления Отдел маркетинга и финансового операций на банковских надзору за кредитным виндикации комуникации маклера денежном рынке технологий имуществом риском
Отдел админис- Отдел Отдел Отдел учета Отдел Технический трирования снабжения и продаж ностро счетов прогаммирования отдел кредитов транспорта
Департамент Департамент по Департамент Отдел Центр администрирования предупреждению Организационный документарных платежных контактов информационных случаев отмытия департамент операций систем технологий денег
Департамент Департамент Департамент Отдел управления Отдел развития банковских общей банковских Архив специальными протокола продуктов отчетности систем активами
Департамент Проектный Отдел внутреннего Секретариат отдел баз данных учета
Отдел Департамент учета Отдел управления централизованных обслуживания Канцелярия качеством операций сетей и техники
Департамент Департамент корпоративных платежных клиентов карт
Департамент Отдел Отдел учета Отдел по экономического администрирования Операторский операций по производству анализа системы отдел платежным картам платежных карт платежных карт
Департамент управления территориальной сетью
Филиалы Представительства
106 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Акционеры банка и политика начисления дивидендов
В конце 2006 года АО банк «Снорас» обратился в Банк Литвы за разрешением на приобретение пред- 25% 6% седателем Наблюдательного совета г. Владимиром Антоновым и Президентом банка г. Раймондасом Raimondas Baranauskas Другие Баранаускасом соответственно 68,7% и 25,1% акционеры акций.
С начала 2007 года у банка есть два основных акци- онера, общий пакет акций которых составляет Vladimir почти 94% акционерного капитала. Antonov 69% В 2006 году банк выпустил эмиссию привилегиро- ванных акций с некумулятивным дивидендом сто- имостью 20 млн. литов, которая была успешно раз- Акционерная структура АО банка мещена. «Снорас» с 14.03.2007
Обыкновенные именные и привилегированные акции банка «Снорас» котируются на Вильнюсской бирже ценных бумаг.
Дивиденды банка за 2004 и 2005 год были одинаковыми – 9,609 млн. литов, или 70 центов за акцию. За 2006 год банк выплатит рекордно большие дивиденды в размере 25,060 млн. литов. Оставшаяся нераспреде- ленная прибыль будет направлена на укрепление капитальной базы.
Рейтинги банка
В 2006 году международное рейтинговое агентство «Fitch» подтвердило присвоенные ранее рейтинги: дол- госрочных обязательств – BB- с негативной перспективой, краткосрочных обязательств – B с негативной перспективой, индивидуальный рейтинг D и рейтинг поддержки «4». Такая перспектива связана с достаточ- ностью капитала банка.
27 сентября 2006 г. международное рейтинговое агентство «Moody’s» впервые присвоило банку рейтинг долгосрочных обязательств Ba3 со стабильной перспективой, рейтинг краткосрочных обязательств NP со стабильной перспективой и рейтинг финансовой устойчивости D-.
В настоящее время в банке ведется активная программа по развитию капитала, в результате которой укрепится капитальная база. Также банк решил обратиться в международное рейтинговое агентство «Standard&Poors» с целью получения рейтингов данного агентства.
107 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Dirbu Jums. Kad būtume geriausi. Работаю для Вас. Чтоб мы были лучшими. I work for you. For us to be the best.
108 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Rizikų valdymo departamento direktorius Gitanas Kancerevyčius:
Banko verslas yra rizikos verslas. Mes rizikuojame, kad uždirbtume. Bet rizikuojame Director of the pamatuotai – mus riboja Risk Management ne tik Lietuvos banko department reikalavimai bei normatyvai, Gitanas Kancerevyčius: nuo kurių negalime nukrypti, The business of the bank is bet ir stiprus atsakomybės a risky business. We risk with Директор Департамента jausmas. Mūsų klientai turi reason. We risk in order to управления рисками jaustis užtikrinti savo pinigų earn money. However, we risk Гитанас Канцерявичюс: saugumu, būti ramūs dėl savo reasonably – we are bound ir savo šeimos ateities. Rizika not only by the obligatory Банковская деятельность privalo būti valdoma, ir mes to requirements of the Bank of – это риск. Мы рискуем, niekada nepamirštame. Lithuania and other legal чтобы заработать. Но acts, but also by a deep sense рискуем обоснованно: of responsibility. Our clients ограничением для нас should feel secure about являются не только safety of their money and be установленные Банком calm about their and their Литвы обязательные families’ future. The risk must нормативы и be managed and we never требования, но и чувство forget about it. ответственности. Наши клиенты должны быть уверенны в сохранности своих средств, спокойны за будущее своей семьи и себя. Риск должен быть управляемым, и мы никогда об этом не забываем.
109 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Rizikos valdymas ir oficialūs normatyvai
Rizikos valdymas ir Banko specialiųjų aktyvų valdymo padalinys per metus oficialūs normatyvai išieškojo ir grąžino apie 2,8 mln. litų (konsoliduoti skaičiai) blogų paskolų. Banko aktyvų kokybė pagerėjo. 2006 metais bankas SNORAS toliau plėtojo rizikos Jeigu grupės patirtas grynasis kredito rizikos nuostolis kontrolės ir valdymo sistemą. Per metus bankas (turto vertės sumažėjimas) 2005 metais sudarė 5,665 nuosekliai vykdė visus Lietuvos banko riziką ribojančius mln. litų, banko – 1,609 mln. litų, tai 2006 metais normatyvus. kredito nuostoliai banke sumažėjo iki 0,204 mln. litų, o grupės išaugo iki 8,65 mln. litų. Pagrindiniai rizikos valdymo organai banke yra Banko Valdyba ir Rizikų valdymo komitetas, kurie nuolat Rinkos rizika stebi banko prisiimamą riziką ir priima atitinkamus sprendimus. Kasdieninį rizikos valdymą atlieka Rizikų Siekdamas kuo geriau išnaudoti turimą patirtį valdymo departamentas. bankas performavo turimą prekybinį portfelį į laikomą galimam pardavimui portfelį, pakeitė rizikos Valdydamas riziką bankas laikosi geros praktikos limitų sistemą. Buvo pagerinta portfelio valdymo principų ir Bazelio bankų priežiūros komiteto kontrolė, nustatyti kontroliniai indeksai, pagal kuriuos rekomendacijų. formuojamas portfelis. Portfelio rizikai valdyti bei pozicijai formuoti bankas naudoja ateities sandorius. Kredito rizika Skolos vertybinių popierių portfelis išliko aukštos Kredito rizikos prisiėmimo procesas yra organizuotas kokybės, jį sudarė daugiausia ES šalių vyriausybių taip, kad esant didesnei rizikai, su ja susijusį skolos vertybiniai popieriai. sprendimą priima vis aukštesnis kompetentingas organas. Kompetencijos ribos, pradedant banko Banko nuosavybės vertybinių popierių portfelis yra Stebėtojų taryba, Valdyba, Paskolų komitetu, Rizikų formuojamas iš lietuviškų įmonių akcijų bei investicinių valdymo komitetu ir baigiant tam tikros tarnybos fondų akcijų, rinkos verte įvertinamas kasdien. Akcijų ir departamento direktoriais, yra nustatytos banko kainų riziką bankas riboja taikydamas portfelio dydžio, vidinėmis tvarkomis. maksimalaus vienos akcijos nuostolio ir koncentracijos limitus. Banko Kreditavimo politikoje laikomasi nuostatos, kad paskolų į vieną ekonomikos sektorių koncentracija Bankas laikosi politikos neturėti didelės atviros valiutų neturi viršyti 15 proc. portfelio vertės. pozicijos, todėl ji, kaip ir ankstesniais metais, išliko minimali. Taip pat, siekdamas geriau valdyti riziką, bankas nustatė papildomus apribojimus skolinimui pagal 2006 metais bankas aktyviai kūrė šiuolaikinę rinkos geografinę koncentraciją. rizikos valdymo sistemą planuojant, kad ji ims veikti
110 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 2007 metais. Rizikos vertės sistema leis bankui tiksliau Kapitalo pakankamumas įvertinti prisiimamos rizikos mastą. Bankui sparčiai augant, kapitalo pakankamumo Operacinė rizika rodiklis mažėjo, tačiau aktyviai valdant banko aktyvą jo vertė išliko viršijanti 10 proc., lyginant su oficialiu 8 Banke įdiegta ir veikia daugiapusė operacinės rizikos proc. normatyvu. Didelę įtaką rodikliui padarė naujos valdymo sistema. Viena iš jos dalių – operacinės kapitalo pakankamumo skaičiavimo taisyklės, kurios rizikos įvykių registras. Greta to, bankas taiko padalinių nebeleidžia į kapitalą automatiškai įtraukti einamųjų savęs įvertinimo bei pagrindinių rizikos indikatorių metų pelno, dėl to banko kapitalo bazė negali augti priemones operacinei rizikai vertinti. kartu su pelnu.
Pagrindine operacinės rizikos mažinimo priemone, Siekdamas užtikrinti pakankamą kapitalo lygį turto kaip ir praėjusiais metais, išliko draudimas. Bankas augimui paremti, bankas dėjo daug pastangų draudžia daugelį savo veiklos aspektų, todėl iš esmės kapitalo bazei plėsti – buvo išleista 20 mln. litų vertės nepatiria žalos iš materialaus turto netekimų, kuriuos privilegijuotųjų akcijų emisija, į pirmojo lygio kapitalą kompensuoja draudimo bendrovės. Iš nedraudžiamų perkelta dalis sukauptų rezervų, numatyti tolesni operacinės rizikos įvykių bankas 2006 metais užfiksavo kapitalo didinimo veiksmai. potencialų 220 tūkst. litų nuostolį iš operacinės rizikos. Rizikos valdymas grupės mastu
Likvidumo rizika Banko dukterinių bendrovių skaičiui išaugus, įsigijus banką Latvijoje, išaugo rizikos valdymo grupės mastu Istoriškai bankas daug dėmesio skiria likvidumo reikšmė. rizikos valdymui. Lietuvos banko nustatytas likvidumo normatyvas – ne mažesnis kaip 30 proc. likvidaus 2006 metais buvo aktyviai dirbama siekiant turto santykis su įsipareigojimais – 2006 metais buvo suvienodinti rizikos valdymo procedūras ir procesus nuolat viršijamas. Be priežiūros institucijų reikalaujamų grupės mastu, atsižvelgiant į atskirų grupės narių apribojimų vykdymo, bankas taiko ir vidines likvidumo specifiką; įdiegti nuolatinio rizikos monitoringo valdymo priemones. Toliau taikoma vidinių likvidumo ir kontrolės mechanizmai, leidžiantys stebėti ir rodiklių sistema, kurie atstoja ankstyvo perspėjimo koordinuoti rizikos prisiėmimą grupės mastu. mechanizmą, neleidžiantį pavojingai priartėti prie oficialaus normatyvo ribos. Iš kitų likvidumo rizikos valdymo priemonių paminėtinos likvidumo spraga, taip pat nutraukiamų prieš laiką indėlių rodikliai bei indėlių svyravimo tendencijos, kurios naudojamos kaip indėlininkų nuotaikų indikatoriai.
111 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Risk management and official regulation
Risk management and Department of Special Assets of the bank has col- official regulation lected near LTL 2.8 million (consolidated figures) of bad loans in 2006. Quality of the bank’s assets has In 2006 Bankas SNORAS continued to develop improved. Net credit risk loss (depreciation) of the its risk control and management system. Within group totaled LTL 5.665 million in 2005, of the bank a year the bank at all times complied with all risk – LTL 1.609 million, meanwhile in 2006 credit loss restricting regulation of the Bank of Lithuania. in the bank decreased to LTL 0.204 million, in the group increased up to LTL 8.65 million. Main risk management bodies in the bank are the Board and Risk Management Committee, they con- Market risk stantly monitor the bank‘s exposures and adopt relevant resolutions. Everyday risk management is In order to employ its experience in most effi- performed by the Risk Management Department. cient way the bank transformed its trading port- folio into available for sale portfolio, changed risk In its risk management the bank follows best limits system. Portfolio management supervision practice principles and recommendations of the has been improved, control indexes applicable in Basel banks supervision committee. creation of the portfolio were set. The bank applies futures in order to manage portfolio risk and form Credit risk the position.
The level of a competent body authorized to Debt securities portfolio remained quality and adopt decisions on credit exposure depends on included mostly EU member-states governmental the level of risk in question. Competency limits of debt securities. the Supervisory Board, Board, Credit Committee, Risk Management Committee, directors of certain Treasury securities portfolio contains mostly shares services and departments are specified in internal of Lithuanian companies and shares of investment regulations of the bank. funds; its market value is being assessed daily. In order to buffer share price risk the bank applies The crediting policy of the bank states that con- portfolio size, maximum loss per share and concen- centration of the loans made to a single economy tration limits. sector shall not exceed 15 per cent of the aggregate portfolio. The bank prefers not to have large open position in foreign currency, so the position remains on the Also, in order to manage risk better, the bank set minimum level. additional geographical concentration limits.
112 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 The bank paid a lot of attention to market risk as well as deposits fluctuation tendencies used as management system improvement in 2006 with a indicators of depositors’ moods. view to 2007. Risk value assessment system allows better evaluation of accepted risks. Capital adequacy
Operational risk With the bank facing rapid growth, the capital ade- quacy ratio went down, however due to intense There is a multifunctional operational risk ma- assets management the ratio remained over 10 per nagement system implemented in the bank. One of cent, compared at regulatory 8 per cent ratio. New its components is operational risk events registry. capital adequacy calculation rules made a huge Besides, the bank applies divisions’ self assessment impact on the ratio, as a profit for the current year and main risk indicators tools for evaluation of is no longer considered within the capital, thus the operational risk. capital base of the bank is not expanding along with the profit. The main operational risk buffering tool is (just as last year) insurance. The bank insures most of In order to ensure sufficient capital level, the bank its operation aspects, thus, in general, it does not used its best endeavours to develop the capital suffer tangible assets losses, as insurance under- base – LTL 20 million preference shares emission takings cover damages. Talking about uninsured was issued, part of accumulated reserves was operational risk events, the bank registered pos- added to Tier I capital, further capital enlargement sible LTL 220,000 loss in 2006. steps were scheduled.
Liquidity risk Risk management within the group
The bank has been paying a lot of attention to the Due to the extension of the group, in particular, liquidity risk management for years. The liquidity acquisition of a Latvian bank, risk management ratio was constantly higher than the ratio set by within the group faced more attention. the Bank of Lithuania (at least 30 percent) in 2006. Along with regulatory compliance the bank applies An intense work has been done in order to unify internal liquidity management tools. The system risk management procedures and rules within of internal liquidity indicators keeps running and the group, considering specific features of the serves as an early warning mechanism preventing members, of course; constant risk monitoring and from coming to close to the crucial limit. Other control instruments were implemented allowing liquidity risk management instruments include monitoring and control of exposures within the liquidity gap, premature deposits withdrawal ratio whole group.
113 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Управление риском и официальные нормативы
Управление риском и Подразделение специальных активов банка в официальные нормативы течение года взыскало и вернуло примерно 2,8 миллиона литов (сводная цифра) кредитов. В 2006 году банк «Снорас» продолжил развитие Качество банковских активов улучшилось. Если системы контроля и управления риском. В течение сумма чистого убытка группы по кредитам (обес- года банк постоянно соблюдал установленныe ценения) за 2005 год составила 5,665 млн. литов, Банком Литвы нормативы по ограничению риска. банка – 1,609 млн. литов, то в 2006 году убыток банка сократился до 0,204 млн. литов, а группы Основными органами управления рисками в банке вырос до 8,65 млн. литов. являются Правление и Комитет по управлению рисками, которые постоянно следят за уровнем Рыночный риск принимаемого банком риска и принимают соответс- твующие решения. Ежедневное управление риском С целью наилучшего использования имеющегося осуществляет Департамент управления рисками. опыта, банк переформировал свой торговый пор- тфель в портфель, имеющийся для продажи, В управлении рисками банк придерживается изменил систему лимитов риска. Улучшен контроль принципов лучшей практики и рекомендаций управления портфелем, установлены контрольные Базельского комитета по надзору за банками. индексы, по которым формируется портфель. В целях управления рисками и формирования позиции банк Кредитный риск использует фьючерсы.
Процесс принятия кредитного риска организован Портфель долговых ценных бумаг остался высокока- таким образом, чтобы уровень компетентного чественным, он состоял в основном из правительс- органа, принимающего решение, определялся сте- твенных долговых ценных бумаг стран ЕС. пенью риска соответствующего решения. Рамки компетенции органов, начиная Наблюдательным Портфель собственных ценных бумаг банка фор- советом, Правлением, Кредитным комитетом, мируется из акций литовских предприятий и акций Комитетом по управлению рисками и завершая инвестиционных фондов. Ограничение риска стои- директорами определенных служб и департаментов, мости акций в банке обеспечивается путем приме- установлены внутренними банковскими порядками. нения лимита концентрации, максимального убытка на одну акцию и размера портфеля. В политике кредитования банка существует поло- жение, что концентрация кредитов в один экономи- Политика банка не подразумевает большой ческий сектор не должна превышать 15% стоимости открытой валютной позиции, поэтому она, как и портфеля. прежде, остается минимальной.
Также, с целью лучшего управления рисками, банк В 2006 году отмечалось активное создание банком установил дополнительные ограничения по геогра- современной системы управления рыночным фической концентрации. риском с перспективой на 2007 год. Система оценки
114 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 риска поможет банку точнее определять масштабы Достаточность капитала принимаемого риска. В связи со стремительным ростом банка показатель Операционный риск достаточности капитала падал, однако, благодаря сильному управлению активами, сохранился над В банке внедрена многосторонняя система управ- отметкой в 10% (в то время как официальный нор- ления операционным риском. Одна из составных матив составляет 8%). Сильное влияние на пока- ее частей – регистр случаев операционного риска. затель достаточности капитала оказали новые Кроме того, для оценки операционного риска в правила расчета, которые больше не позволяют банке применяются основные индикаторы риска и в капитал автоматически включать прибыль за самооценка подразделений. текущий год, из-за чего капитальная база банка не может расти одновременно с прибылью. Основной мерой по сокращению операционного риска, как и в прошлом году, остается страхование. С целью обеспечения достаточного уровня капитала Банк страхует большинство аспектов своей деятель- для поддержки роста суммы активов, банк приложил ности, поэтому в принципе не несет убытков, свя- не мало усилий для развития капитальной базы – занных с утратой материального имущества – их ком- выпущена эмиссия привилегированных акций в пенсирует страховая компания. Из незастрахованных размере 20 млн. литов, в капитал первого уровня случаев операционного риска банк в 2006 году зафик- перенесена часть накопленных резервов, предус- сировал потенциальный убыток в 220 тыс. литов. мотрены дальнейшие действия по увеличению капитала. Риск ликвидности Управление риском в Исторически банк много внимания уделяет управ- масштабе группы лению риском ликвидности. Установленный Банком Литвы норматив – соотношение ликвидных активов В связи с ростом числа дочерних предприятий, с обязательствами не менее 30% – в 2006 постоянно в частности, с приобретением банка в Латвии, соблюдался с избытком. Кроме выполнения тре- выросло значение управления риском в масштабе бований наблюдательных органов, в банке приме- группы. няются и внутренние меры по управлению риском ликвидности. Как и прежде, применяется система В 2006 году велась активная работа по унификации внутренних показателей, которая заменяет механизм процедур и процессов управления рисками группы, раннего предупреждения, не позволяющий прибли- с учетом специфики отдельных ее членов; внедрены зиться к официально установленному критическому механизмы постоянного мониторинга и контроля пределу. Из прочих мер управления риском лик- риска, позволяющие наблюдать и координировать видности следует упомянуть пробел, а также пока- принятие риска в группе. затели досрочно изъятых вкладов и тенденции коле- баний вкладов, служащие индикаторами настроений вкладчиков.
115 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Bankas SNORAS AB 2006 Consolidated Financial Statements
Prepared According to International Financial Reporting Standards Presented together with Independent Auditors’ report
117 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Consolidated Financial Statements
Independent auditors’ report to the shareholders of Bankas SNORAS AB
Report on the Financial Statements
We have audited the accompanying 2006 consolidated financial statements of the Bankas SNORAS AB together with its subsidiaries (the “Group”), which comprise Group’s consolidated balance sheet as of 31 december 2006, the consolidated statements of income, changes in equity and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory notes.
Management’s Responsibility for the Financial Statements
The Bank’s management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards as adopted by European Union. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial state- ments are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting esti- mates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
118 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Consolidated Financial Statements
Independent auditors’ report to the shareholders of Bankas SNORAS AB (cont’d)
Opinion
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Group as of 31 December 2006, and its financial performance and their cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by European Union.
Report on Other Legal Requirements
Our audit was conducted for the purpose of forming an opinion on the consolidated financial statements taken as a whole. The financial information of the Bank and Financial Group in section Information Diclosures Required by Laws is presented for the purposes of additional analysis and is not a required part of the consolidated financial statements. Such information has been subjected to the auditing procedures applied in our audit of the consoli- dated financial statements and, in our opinion, is properly prepared in all material respects in relation to the con- solidated financial statements taken as whole.
Furthermore, we have read the Annual Report of Management of the Board for the year ended 31 December 2006 and have not noted any material inconsistencies between the financial information included in it and the consolidated financial statements for the year ended 31 December 2006.
UAB „Ernst & Young Baltic” Audit company’s licence No. 000514
Jonas Akelis Ramūnas Bartašius Auditor’s licence No. 000003 Auditor‘s licence No. 000362
The audit was completed on 2 March 2007.
119 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 120 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Consolidated Financial Statements
(LTL thousand)
Contents
Independent auditors’ report to the shareholders of Bankas SNORAS AB...... 118 Consolidated Balance Sheets...... 122 Consolidated Statements of Income...... 123 Consolidated Statements of Changes in Equity ...... 124 Consolidated Statements of Cash Flows...... 125 1. Principal Activities...... 126 2. Significant Accounting Policies...... 128 3. Cash and Cash Equivalents...... 145 4. Financial Assets and Liabilities at Fair Value through Profit orL oss...... 145 5. Amounts Due from Credit Institutions...... 146 6. Loans to Customers, net...... 146 7. Available-for-Sale and Held-to-Maturity Financial Assets...... 148 8. Investments in Associates ...... 149 9. Investment Property...... 149 10. Property and Equipment...... 150 11. Intangible Assets...... 151 12. Taxation...... 153 13. Allowances for Impairment and Provisions...... 154 14. Other Assets and Other Liabilities...... 155 15. Subordinated loans...... 156 16. Amounts Due to Credit Institutions...... 157 17. Amounts Due to Customers...... 157 18. Debt Securities Issued...... 158 19. Equity...... 159 20. Earnings per Share ...... 160 21. Dividends per Share...... 160 22. Commitments and Contingencies...... 160 23. Net Fee and Commission Income...... 161 24. Gains less Losses from Transactions with Financial Assets at Fair Value through Profit or Loss...... 162 25. Gains less Losses from Transactions with Derivative Instruments...... 162 26. Gains less Losses from Transactions in Foreign Currencies...... 162 27. Other Income...... 163 28. Salaries, Benefits and Other Operating Expenses...... 163 29. Business Combination...... 164 30. Segment Reporting...... 166 31. Financial Risk Management ...... 167 32. Fair Values of Financial Instruments...... 176 33. Related Party Transactions...... 177 34. Capital Adequacy...... 178 35. Subsequent events...... 179 36. Discontinued Operations...... 180 Information Disclosures Required by Laws...... 181
121 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Consolidated Financial Statements
(LTL thousand)
Consolidated Balance Sheets
Years ended 31 December, Notes 2006 2005 Assets (restated) Cash and cash equivalents 3 1,754,600 1,294,159 Financial assets at fair value through profit or loss 4, 22 467,010 931,831 Amounts due from credit institutions 5 173,002 37,195 Available-for-sale financial assets 7 866,486 - Assets of subsidiary classified as held for sale 36 371,479 - Held-to-maturity financial assets 7 145,287 156,196 Loans to customers, net 6, 13 2,537,860 1,865,862 Investments in associates 8 - 600 Investment property 9 18,381 17,056 Property and equipment 10 133,227 124,937 Intangible assets 11 19,190 19,345 Deferred income tax assets 12 250 - Other assets 13, 14 52,708 60,389 Total assets 6,539,480 4,507,570
Liabilities Amounts due to credit institutions 16 897,580 566,019 Derivative financial liabilities 4, 22 1,667 556 Liabilities of subsidiary classified as held for sale 36 361,344 - Debt securities issued 18 8,324 16,713 Amounts due to customers 17 4,721,612 3,484,041 Subordinated loans 15 108,024 89,018 Current income tax liabilities 12 5,179 7,803 Deferred income tax liabilities 12 9,245 10,667 Provisions 13 204 114 Other liabilities 14 78,041 70,647 Total liabilities 6,191,220 4,245,578
Equity 19 Share capital 157,267 137,267 Reserves 67,632 62,195 Retained earnings 93,927 45,872 Total equity attributable to equity holders of the parent 318,826 245,334 Minority interest 29,434 16,658 Total equity 348,260 261,992 Total equity and liabilities 6,539,480 4,507,570
Signed and authorized for release on behalf of the Board of Directors of the AB Bankas SNORAS:
President Raimondas Baranauskas 2 March 2007
Chief Accountant Zita Selenkovienė 2 March 2007
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(LTL thousand)
Consolidated Statements of Income
Notes 2006 2005 Interest income (restated) On loans to customers 189,963 108,380 On debt securities 41,988 31,366 On loans and placements with credit institutions 34,682 10,081 266,633 149,827 Interest expense On deposits (106,088) (50,905) Placements from credit institutions (8,330) (7,340) On debt securities issued (653) (153) On subordinated loans (4,429) (1,088) (119,500) (59,486)
Net interest income 147,133 90,341 (Impairment) of interest earning assets 13 (8,659) (5,665) Net interest income after impairment of interest earning assets 138,474 84,676
Fee and commission income 93,881 55,261 Fee and commission expenses (18,336) (11,678) Net fee and commission income 23 75,545 43,583
Gains less losses from transactions with financial assets at fair value through profit or loss 24 (5,484) (11,375) Gains less losses from transactions with derivative instruments 25 4,800 (2,567) Gains less losses from transactions in foreign currencies 26 25,547 18,475 Dividend income 47 35 Other income 27 12,107 8,008 Other non interest income 37,017 12,576
Salaries and benefits 28 (81,976) (44,129) Depreciation and amortisation 10, 11 (18,279) (10,448) Other operating expenses 28 (71,707) (35,435) Other (impairment and provisions) releases 13 (5) 394 Operating expenses (171,967) (89,618)
Profit before income tax 79,069 51,217
Income tax expense 12 (14,090) (5,943)
Profit from subsidiary classified as held for sale 356 -
Profit for the year 65,335 45,274
Attributable to: Minority interest 3,691 631 Equity holders of the parent 61,644 44,643 65,335 45,274
Basic and diluted earnings per share 20 0.43 0.33
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(LTL thousand)
Consolidated Statements of Changes in Equity For the years ended 31 December, 2006 and 2005
Attributable to the equity holders of the Bank inority interest ther general reserves otal equity Share capital Share surplus Share Reserve capital Revaluation reserve of property and equipment Revaluation reserve of financial assets Reserve of foreign currency translation O Retained earnings M T
As of 1 January 2004 137,267 305 2,790 18,312 - - 39,563 12,083 - 210,320
Reserve of foreign currency translation - - - - - (20) - - - (20) Total income and expense recognised directly in equity - - - - - (20) - - - (20) Net profit ------44,643 631 45,274 Total income and expenses for the period - - - - - (20) - 44,643 631 45,254
Transfer to other general reserves ------1,245 (1,245) - - Dividends ------(9,609) - (9,609) Minority interest emerged with the acquisition of Latvijas Krājbanka A/S (Note 29) ------16,027 16,027
As of 31 December 2005 137,267 305 2,790 18,312 - (20) 40,808 45,872 16,658 261,992
Revaluation of financial assets - - - - (2,650) - - - - (2,650) Reserve of foreign currency translation - - - - - (154) - - - (154) Total income and expense recognised directly in equity - - - - (2,650) (154) - - - (2,804) Net profit ------61,644 3,691 65,335 Total income and expenses for the period - - - - (2,650) (154) - 61,644 3,691 62,531
Increase of share capital (Note 19) 20,000 ------20,000 Dividends ------(9,608) - (9,608) Sale of minority interest (Note 1) ------4,260 9,085 13,345 Transfer to reserve capital - - 6,000 - - - - (6,000) - - Transfer to other reserves ------2,241 (2,241) - -
As of 31 December 2006 157,267 305 8,790 18,312 (2,650) (174) 43,049 93,927 29,434 348,260
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(LTL thousand)
Consolidated Statements of Cash Flows
Notes 2006 2005 Cash flows from operating activities (restated) Income (expenses) Interest income 269,708 134,922 Interest (expenses) (103,403) (45,332) Recovery of loans previously written-off 2,826 2,920 Income from foreign exchange operations, net 25,928 12,478 (Expenses) from operations with securities, net (3,808) (1,959) Service fees and commission income, net 75,545 54,276 Remuneration-related (expenses) (82,410) (43,809) Profit from subsidiary classified as held for sale 356 - Other (expenses) (73,183) (43,332) Operating result 111,559 70,164
(Increase) decrease in assets (Increase) decrease in loans and placements with credit institutions (134,636) 165,132 (Increase) in loans (690,734) (493,295) Decrease (increase) in securities 457,980 (252,793) Decrease (increase) in other assets 6,524 (16,719) (Increase) in assets (360,866) (597,675)
Increase (decrease) in liabilities Increase in amounts due to credit institutions 330,845 216,671 Increase in public deposits and letters of credit 1,236,297 1,098,604 (Decrease) increase in debt securities issued (8,389) 16,713 Increase in other liabilities 23,897 25,792 Increase in liabilities 1,582,650 1,357,780
Net cash flows from operating activities before taxes 1,333,343 830,269 Income tax (9,016) (1,598) Net cash from operating activities after taxes 1,324,327 828,671
Cash from (used in) investing activities (Acquisitions) of tangible and intangible fixed assets (27,514) (20,705) Cash inflow from acquisitions subsidiary, net of cash paid 29 - 60,755 Cash inflow from acquisitions subsidiary classified as held for sale 29 (21,745) - Disposals of tangible assets - 788 (Investments into) available for sale securities (869,136) - (Investments into) and redemption of held to maturity investments 25,210 (65,413) Dividends received 47 35 Net cash (used in) investing activities (893,138) (24,540)
Cash (used in) from financing activities Subordinated loans received 18,860 71,346 Increase of the share capital 20,000 - Dividends (paid) 21 (9,608) (9,609) Net cash from financing activities 29,252 61,737 Increase in cash 460,441 865,868 Cash and cash equivalents at the beginning of the financial year 1,294,159 428,291 Cash and cash equivalents at the end of the financial year 3 1,754,600 1,294,159
125 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Notes to 2006 Consolidated Financial Statements
(LTL thousand)
1. Principal Activities
Bankas SNORAS AB (the “Bank”) is the parent company cards, collects payments, exchanges currency and in the Group. It was formed on 17 March 1992 under provides other services. the laws of the Republic of Lithuania. The Bank operates under a general banking license issued by the Bank of The controling shareholder of the Bank is Mr. Lithuania (“BoL”). The Banks main office is in Vivulskio V. Antonov. The Bank is the member of Conversbank Str. 7, Vilnius, Lithuania and it has 10 branches in Vilnius, Group and its financial statements are consolidated Kaunas, Klaipėda, Šiauliai, Panevėžys, Utena, Marijampolė, into the financial statements of Conversbank Group Mažeikiai, Alytus, Tauragė and 222 operating outlets. consolidated financial statements.
The Bank offers the following banking services: The authorized and issued share capital of the Bank accepts deposits from individuals, issues loans and consists of 13,727 thousand ordinary shares and provides short-term trade financing and consults 2,000 thousand preference shares with the par value clients, processes payments in Litas and other cur- of LTL 10 each. As of 31 December 2006 and 2005 all rencies, issues and services magnetic and microchip shares were fully paid.
Shareholders (ordinary shares) of Bankas SNORAS AB 2006, % 2005, % Conversgroup (Luxemburg) Holding Company 49.89 49.89 Mr. Raimondas Baranauskas, chairman of the Bank’s Board 9.99 9.99 Nuntel Holding LLC 9.89 9.89 Hoffman Development LLC 8.76 8.76 Skepi Shipping Co limited 8.31 8.31 CTPS Limited 5.21 5.21 Other: number of shareholders/owned % 1,538/7.95 1,178/7.95 Total 100.00 100.0
Shareholders (preference shares) of Bankas SNORAS AB 2006, % 2005, % Conversgroup Holding Company 45.00 - Mr. Raimondas Baranauskas, chairman of the Banks Board 10.00 - Clients of Skandinaviska Enskilda Banken 24.56 - Žilinskis Algirdas Liudvikas 6.82 - Other: number of shareholders/owned% 173/13.62 - Total 100.00 -
As of 31 December 2006 the members of the Board of Directors and Management Board controlled 1,372,960 shares (10.00%) (2005 – 1,372,960 or 10.00%) of the Bank.
The Bank has the following subsidiaries, which were consolidated in these financial statements:
Ownership % Subsidiary 2006 2005 Country Industry SNORO Lizingas UAB 100% 100% Lithuania Consumer financing Vilniaus Kapitalo Vystymo Projektai UAB 100% 100% Lithuania Real estate SNORO Turto Valdymas UAB 100% 100% Lithuania Financing intermediary SNORO Fondų Valdymas UAB (former Interfa UAB) 100% 100% Lithuania Fund management SNORO Investicijų Valdymas UAB 100% 100% Lithuania Real estate Latvijas Krājbanka A/S 75% 83% Latvia Banking Krājinvestīcijas SIA 75% 83% Latvia Real estate Ieguldijumu Pārvaldes Sabiedrība LKB Assets Management 75% - Latvia Fund management Ieguldijumu Sabiedrība Astra Fondi A/S 75% - Latvia Fund management Conversbank (UK) Ltd. (held for sale) 100% - Great Britain Fund management
126 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Notes to 2006 Consolidated Financial Statements
(LTL thousand)
1. Principal Activities (cont’d)
The Bank and the above mentioned subsidiaries are Latvijas Krājbanka A/S has a 100% owned Limited further referred as a Group. In the consolidated financial Liability Company Krājinvestīcijas with a share capital of statements all inter-company balances and transactions LVL 5,000. The Limited Liability Company Krājinvestīcijas were eliminated. Consolidated financial statements was registered with the Latvian Enterprise Registry on were prepared using the same accounting principles for 30 June 2004. The principal activities of Krājinvestīcijas similar transactions and events. are real estate property management.
SNORO Lizingas UAB was formed as a closed joint stock In 2004 subsidiary of the Bank Latvijas Krājbanka company under the laws of the Republic of Lithuania on A/S acquired 120,000 newly issued shares (LVL 121 30 April 1999. The company’s principal activity is con- thousand) of Ieguldijumu Sabiedrība Astra Fondi A/S. sumer financing. The shares comprised 50% of the share capital. Astra fund manages the second level pension funds Klasika Vilniaus Kapitalo Vystymo Projektai UAB was formed and Ekstra. As of 1 April 2006 Latvijas Krājbanka A/S as a closed joint stock company under the laws of the acquired the remaining 50% of shares. Accordingly Republic of Lithuania on 17 November 2000. The com- Ieguldijumu Sabiedrība Astra Fondi A/S from being an pany’s principal activity is real estate development, rent associated company became a subsidiary and is fully and sale. consolidated in these financial statements.
SNORO Turto Valdymas UAB was formed as a closed In 2006 subsidiary of the Bank Latvijas Krājbanka joint stock company under the laws of the Republic of A/S founded 100% controlled investment fund Lithuania on 18 December 2003. The company’s prin- management equity LKB Assets Management. cipal activity is project financing in the CIS. In March 2006 the United Kingdom Financial Services SNORO Fondų Valdymas UAB (former Interfa UAB) was Authority (FSA) gave its permission for the Bank, the formed as a closed joint stock company under the laws Convers group, controlling the Bank, and Mr. Vladimir of the Republic of Lithuania on 4 March 1992. The com- Antonov (the controling shareholder of Convers pany’s principal activity is fund management. group) to acquire a bank in UK - Pointon York Limited UK (later renamed to Conversbank (UK) Ltd.). The trans- SNORO Investicijų Valdymas UAB was formed as a closed action was performed by the Bank on behalf of Mr. joint stock company under the laws of the Republic of Vladimir Antonov and the shares were held by the Bank Lithuania on 14 February 2005. The company’s principal in trust. The Bank did not gain the control over this activity is real estate management. bank. As of 29 September 2006 the main shareholder of the Group, Mr. V. Antonov transferred the control of In September 2005 the Bank acquired 83.01% interest Conversbank (UK) Ltd. to the Bank (Note 35). According in the Latvian commercial bank Latvijas Krājbanka A/S. to the order of FSA, the share capital of Conversbank Latvijas Krājbanka A/S was founded in 1924 as Latvijas (UK) Ltd. was increased by GBP 1,900 thousand (LTL Pasta Krājbanka (Latvian Post Savings Bank). In June 1940 9,779 thousand). AB Bankas SNORAS acquired all newly it was reorganised and included into the structure of the issued shares. Taking into consideration that the Bank USSR Savings Bank. On 3 September 1991 the Supreme was willing to transfer the shares of Conversbank (UK) Council of the Republic of Latvia decided to re-establish Ltd. as soon as possible, this investment is treated as an Latvijas Krājbanka A/S. Latvijas Krājbanka A/S took over asset held for sale and is disclosed according to 5 IFRS. all rights of the former USSR National Savings Bank On 5 February 2007 the Bank transferred the control of and on 15 October 1992 received a license to perform Conversbank (UK) Ltd. (Note 36). banking operations. On 29 March 1994 the Bank was re-registered as a state joint-stock company Latvijas Conversbank (UK) Ltd. (former Pointon York Ltd.) was Krājbanka A/S. On 26 October 2006 the Bank sold 8.01% established in 1971, the bank licence was received in of Latvijas Krājbanka A/S shares. Gain from sale of shares 1981. The bank is involved in fund management. in amount of LTL 5,819 thousand in the consolidated financial statements of the Group was accounted for As of 31 December 2006 the number of employees of directly in the statement of changes in equity. the Group was 1,949 (1,815 as of 31 December 2005).
127 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Notes to 2006 Consolidated Financial Statements
(LTL thousand)
2. Significant Accounting Policies
Basis of presentation IFRS 8 Operating Segments (effective for annual periods beginning on or after 1 January 2009). The standard sets These consolidated financial statements have been out requirements for disclosure of information about an prepared on a historical cost basis, except for financial entity’s operating segments and also about the entity’s assets and financial liabilities through profit or loss, avail- products and services, the geographical areas in which able-for-sale financial assets and investment property it operates, and its major customers. IFRS 8 supersedes that have been measured at fair value. IAS 14 Segment Reporting once adopted by EU.
Statement of compliance Amendments to IAS 1 (“Capital Disclosures”) (effective for annual periods beginning on or after 1 January The consolidated financial statements of the Bank 2007). This amendment requires the Company to make have been prepared in accordance with International new disclosures to enable users of the financial state- Financial Reporting Standards (IFRS) which com- ments to evaluate the Company’s objectives, policies prise standards and interpretations approved by the and processes of managing capital. International Accounting Standards Board (IASB), and International Accounting Standards and Standing IFRIC 7 Applying the Restatement Approach under IAS Interpretations Committee interpretations approved 29 “Financial Reporting in Hyperinflationary Economies” by the International Accounting Standards Committee (effective for annual periods beginning on or after 1 (IASC), effective as of 31 December 2006 as adopted by March 2006). This interpretation provides guidance on the European Union. how to apply the requirements of IAS 29 in a reporting period in which an entity identifies the existence of Functional and presentation currency hyperinflation in the economy of its functional currency, when that economy was not hyperinflationary in the The financial statements are presented in thousands of prior period. Lithuanian Litas (LTL), the local currency of the Republic of Lithuania (which is also the Group’s functional cur- IFRIC 8 Scope of IFRS 2 (effective for annual periods rency), except per share amounts and unless otherwise beginning on or after 1 May 2006). This interpretation stated. Subsidiaries in Latvia maintain their records requires IFRS 2 to be applied to any arrangements in Latvian Lat (LVL). As these financial statements are where equity instruments are issued for consideration presented in LTL thousands, individual amounts were which appears to be less than fair value. rounded. Due to rounding, totals in the tables may not add up. IFRIC 9 Reassessment of Embedded Derivatives (effective for annual periods beginning on or after 1 June 2006). Adoption of new and/or changed This interpretation establishes that the date to assess IFRSs and IFRIC interpretations the existence of an embedded derivative is the date an entity first becomes a party to the contract, with reas- The Group has not applied the following IFRSs and IFRIC sessment only if there is a change to the contract that Interpretations that have been issued but are not yet significantly modifies the cash flows. effective: IFRIC 10 Interim Financial Reporting and Impairment IFRS 7 Financial Instruments: Disclosures (effective for (effective for annual periods beginning on or after 1 annual periods beginning on or after 1 January 2007). November 2006). This interpretation establishes that the IFRS 7 requires disclosures that enable users to evaluate entity shall not reverse an impairment loss recognised the significance of the Group’s financial instruments in a previous interim period in respect of goodwill or an and the nature and extent of risks arising from those investment in either an equity instrument or a financial financial instruments. asset carried at cost.
128 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Notes to 2006 Consolidated Financial Statements
(LTL thousand)
2. Significant Accounting Policies (cont’d)
Basis of presentation (cont’d) IFRS 7 and the amendment to IAS 1 and concluded that the main additional disclosures will be the sensi- Adoption of new and/or changed IFRSs tivity analysis to market risk and the capital disclosures and IFRIC interpretations (cont’d) required by the amendment of IAS 1. The Group will apply IFRS 7 and the amendment to IAS 1 from annual IFRIC 11 IFRS 2 – Group and Treasury Share periods beginning 1 January 2007. Transactions (effective for annual periods beginning on or after 1 March 2007). The interpretation provides IFRS 8 “Operating Segments” guidance on classification of transactions as equity- settled or as cash-settled and also gives guidance on The Group is still estimating the impact of adoption how to account for share-based payment arrange- of IFRS 8 “Operating Segments” to its financial state- ments that involve two or more entities within the ments. same group in the individual financial statements of each group entity. Subsidiaries
IFRIC 12 Service Concession Agreements (effective for Subsidiaries, which are those entities in which the annual periods beginning on or after 1 January 2008). Group has an interest of more than one half of the The interpretation addresses how service concession voting rights, or otherwise has power to exercise operators should apply existing International Financial control over their operations, are consolidated. Reporting Standards (IFRSs) to account for the obliga- Subsidiaries are consolidated from the date on which tions they undertake and rights they receive in service control is transferred to the Group and are no longer concession arrangements once adopted by EU. consolidated from the date that control ceases. All inter-company transactions, balances and unrea- The Group expects that the adoption of the pro- lised gains on transactions between group com- nouncements listed above will have no significant panies are eliminated; unrealised losses are also elimi impact on the Group’s financial statements in the nated unless the transaction provides evidence of period of initial application, except for IFRS 7 “Financial an impairment of the asset transferred. Where nec- Instruments: Disclosures”; IAS 1 amendment Capital essary, accounting policies for subsidiaries have been Disclosures and IFRS 8 “Operating Segments”. changed to ensure consistency with the policies adopted by the Group. IFRS 7 “Financial Instruments: Disclosures” and IAS 1 amendment “Capital Disclosures” Acquisition of Subsidiaries
IFRS 7 introduces new disclosures to improve the The purchase method of accounting is used to information about financial instruments. It requires the account for the acquisition of subsidiaries by the disclosure of qualitative and quantitative information Group. Identifiable assets, liabilities and contingent about exposure to risks arising from financial instru- liabilities acquired in a business combination are mea- ments, including specified minimum disclosures about sured initially at their fair values at the acquisition date, credit risk, liquidity risk and market risk, including irrespective of the extent of any minority interest. sensitivity analysis to market risk. It replaces IAS 30, Disclosures in the Financial Statements of Banks and The excess of purchase consideration over the fair Similar Financial Institutions, and disclosure require- value of the Group’s share of identifiable net assets is ments in IAS 32, Financial Instruments: Disclosure and recorded as goodwill. If the cost of the acquisition is Presentation. It is applicable to all entities that report less than the fair value of the Group’s share of iden- under IFRS. The amendment to IAS 1 introduces dis- tifiable net assets of the subsidiary acquired the dif- closures about the level of an entity’s capital and how ference is recognized directly in the statement of it manages capital. The Group assessed the impact of income.
129 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Notes to 2006 Consolidated Financial Statements
(LTL thousand)
2. Significant Accounting Policies (cont’d)
Subsidiaries (cont’d) Error corrections
Acquisition of Subsidiaries (cont’d) The Group shall correct material prior period errors retrospectively in the first set of financial statements Minority interest is the interest in subsidiaries not held authorised for issue after their discovery by restating by the Group. Minority interest at the balance sheet the comparative amounts for the prior period(s) pre- date represents the minority shareholders’ portion sented in which the error occurred or if the error of the fair value of the identifiable assets and liabi occurred before the earliest prior period presented, lities of the subsidiary at the acquisition date and the restating the opening balances of assets, liabilities and minorities’ portion of change in equity since the date equity for the earliest prior period presented. of the combination. Minority interest is presented within equity. When it is impracticable to determine the period-specific effects of an error on comparative information for one The sale of minority interest is recorded directly in the or more prior periods presented, the entity shall restate Group’s statement of changes in equity. the opening balances of assets, liabilities and equity for the earliest period for which retrospective restatement is Losses allocated to minority interest do not exceed practicable (which may be the current period). the minority interest in the equity of the subsidiary unless there is a binding obligation of the minority Comparative figures to fund the losses. All such losses are allocated to the Group. Where necessary, comparative figures have been adjusted to conform with changes in presentation in Investments in associates the current year.
Associates are entities in which the Group generally On the 22 September 2005 the Bank acquired 83.01% has between 20% and 50% of the voting rights, or of shares with voting right in Latvijas Krājbanka A/S. is otherwise able to exercise significant influence, As of 31 December 2005 the fair value of assets, liabi but which it does not control or jointly control. lities and contingent liabilities was not yet estimated Investments in associates are accounted for using and therefore postponed in order to perform the inde- equity method and are initially recognised at cost, pendent appraisal of intangible assets Latvijas Krājbanka including goodwill. Subsequent changes in the car- A/S. The appraisal of intangible assets was received in rying value reflect the post-acquisition changes in December 2006. It stated that the fair value of intangible the Group’s share of net assets of the associate. The assets at the date of acquisition was LTL 18,805 thousand, Group’s share of its associates’ profits or losses is i.e. higher by LTL 14,409 thousand than it was recognised recognised in the statement of income, and its share in the balance sheet of Latvijas Krājbanka A/S at the date of movements in reserves is recognised in equity. of acquisition (Note 29). The increase mainly comprise However, when the Group’s share of losses in an asso- Latvijas Krājbanka brand name, non-contractual cus- ciate equals or exceeds its interest in the associate, tomer relationships and core deposits value. the Group does not recognise further losses, unless the Group is obliged to make further payments to, or Year 2005 comparative information was adjusted, in on behalf of, the associate. order to reflect this estimation. The value of intan- gible assets increased by LTL 14,409 thousand, also a Unrealised gains on transactions between the deferred tax liability in amount of LTL 2,202 thousand Group and its associates are eliminated to the was accounted for. There was no goodwill after this extent of the Group’s interest in the associates; adjustment. Since the day of acquisition, the amor- unrealised losses are also eliminated unless the tization of intangible assets increased by LTL 337 transaction provides evidence of an impairment of thousand, accordingly, the result of the Group in 2005 the asset transferred. by this amount was adjusted.
130 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Notes to 2006 Consolidated Financial Statements
(LTL thousand)
2. Significant Accounting Policies (cont’d)
Financial assets and financial liabilities income as gains less losses from derivative instru- ments. The Group recognises financial asset on its balance sheet when, and only when, the Group becomes a Derivative instruments embedded in other financial party to the contractual provisions of the instrument. instruments are treated as separate derivatives if their risks and characteristics are not closely related Financial assets in the scope of IAS 39 are classified as to those of the host contracts and the host contracts either financial assets at fair value through profit or loss, are not carried at fair value with unrealised gains and loans and receivables, held-to-maturity investments, or losses reported in income. An embedded derivative available-for-sale financial assets, as appropriate. When is a component of a hybrid (combined) financial financial assets are recognised initially, they are mea- instrument that includes both the derivative and a sured at fair value, plus, in the case of investments not host contract with the effect that some of the cash at fair value through profit or loss, directly attributable flows of the combined instrument vary in a similar transaction costs. The Group determines the classi- way to a stand-alone derivative. fication of its financial assets after initial recognition and, where allowed and appropriate, re-evaluates this Financial assets or financial liabilities held for trading designation at each financial year-end. Financial assets or financial liabilities classified as held for trading other than derivatives are included in the All “regular way” purchases and sales of investments category “financial assets at fair value through profit are recognised using settlement date accounting. or loss”. Financial assets or financial liabilities are clas- The settlement date is the date when an asset is sified as held for trading if they are acquired for the delivered to or by the Group. Settlement day refers to purpose of selling in the near term. Such assets or lia- the recognition of an asset on the day it is transferred bilities are initially accounted for at acquisition cost to the Group and to the derecognition of an asset, on and are subsequently revalued at the fair value, which the day that it is transferred by the Group. All other is market price. Related profit or loss on revaluation purchases or sales are recognised as derivative instru- is charged directly to the income statement. Interest ments until settlement occurs. income and expense and dividends on such invest- ments are recognised as interest income and expense Financial assets or financial liabilities and dividend income respectively. at fair value through profit or loss Financial assets or financial liabilities designated at fair Derivative Financial Instruments value through profit or loss In the normal course of business, the Group enters Financial assets and financial liabilities classified in this into various derivative financial instruments including category are designated by management on initial futures, forwards and swaps in the foreign exchange recognition when the following criteria are met: and capital markets. Such financial instruments are primarily held for trading and are initially recog- • the designation eliminates or significantly reduces nized in accordance with the policy for initial recog- the inconsistent treatment that would otherwise nition of financial instruments and are subsequently arise from measuring the assets or liabilities or measured at fair value. The fair values are estimated recognising gains or losses on them on a different based on quoted market prices or pricing models basis; that take into account the current market and con- tractual prices of the underlying instruments and • the assets and liabilities are part of a group of other factors. Derivatives are carried as assets when financial assets, financial liabilities or both which their fair value is positive and as liabilities when it is are managed and their performance evaluated negative. Gains and losses resulting from these instru- on a fair value basis in accordance with a docu- ments are included in the consolidated statement of mented risk management or investment strategy,
131 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Notes to 2006 Consolidated Financial Statements
(LTL thousand)
2. Significant Accounting Policies (cont’d)
Financial assets and not quoted in an active market. Such assets are carried financial liabilities (cont’d) at amortised cost using the effective interest method. Gains and losses are recognised in income when the Financial assets or financial liabilities at loans and receivables are derecognised or impaired, as fair value through profit or loss (cont’d) well as through the amortisation process.
• the financial instrument contains an embedded Loans and advances are recognised at their settlement derivative, unless the embedded derivative does date. From the date of signing a contractual agreement not significantly modify the cash flows or it is clear, till the settlement date they are accounted for as off with little or no analysis, that it would not be sepa- balance sheet items. rately recorded. Loan agreements foresee the possibility of repayment Financial assets and financial liabilities at fair value before the maturity date. The management of the through profit or loss are recorded in the balance Group cannot estimate how often or when clients sheet at fair value. Related profit or loss on revaluation would use such an option and therefore impact of such is charged directly to the income statement. Interest repayment, if any, was not reflected in the financial income and expense and dividends on such invest- statements of the Group. ments are recognised as interest income and expense and dividend income respectively. Non-performing loans
Held to maturity investments Loans are treated as non-performing when loan prin- cipal or interest payable is overdue for 90 and more Non-derivative financial assets with fixed or- deter days for corporate clients and 180 and more days for minable payments and fixed maturity are classified private individuals. as held-to-maturity when the Group has the positive intention and ability to hold to maturity. Investments Write-offs intended to be held for an undefined period are not When the loans and advances cannot be recovered and included in this classification. Other long-term invest- all collateral has been realised, they are written-off and ments that are intended to be held-to-maturity, charged against impairment for possible credit losses. such as bonds, are subsequently measured at amor- The management of the Group makes the decision on tised cost. This cost is computed as the amount ini- writing-off loans. Recoveries of loans previously writ- tially recognised minus principal repayments, plus or ten-off are credited to the income statement. minus the cumulative amortisation using the effective interest method of any difference between the initially Factoring recognised amount and the maturity amount. This cal- A factoring transaction is a funding transaction wherein culation includes all fees and points paid or received the Group finances its customers through buying their between parties to the contract that are an integral part claims. Companies alienate rights to invoices due at a of the effective interest rate, transaction costs and all future date to the Group. Factoring transactions com- other premiums and discounts. For investments carried prise factoring transactions with a right to recourse at amortised cost, gains and losses are recognised in (the Group is entitled to selling the overdue claim back income statement when the investments are derecog- to the customer) and factoring transactions without a nised or impaired, as well as through the amortisation right to recourse (the Group is not entitled to selling process. the overdue claim back to the customer). The factor’s revenue comprises the lump-sum contract fee charged Loans and receivables on the conclusion of the contract, commission fees charged for processing the invoices, and interest Loans and receivables are non-derivative financial income depending on the duration of the payment assets with fixed or determinable payments that are term set by the purchaser.
132 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Notes to 2006 Consolidated Financial Statements
(LTL thousand)
2. Significant Accounting Policies (cont’d)
Financial assets and financial amount after deducting from the instrument as a liabilities (cont’d) whole the amounts separately determined as the fair value of the liability component on the date of issue. Non-performing loans (cont’d) After initial recognition, debt issued and other bor- The factoring balance includes the aggregate amount rowings are subsequently measured at amortised cost of factored invoices outstanding as of the reporting using the effective interest rate method. Amortised date and all amounts accrued for the unpaid amount. cost is calculated by taking into account any discount or premium on the issue and costs that are an integral Available-for-sale financial assets part of the effective interest rate. Available-for-sale financial assets are those non-deri vative financial assets that are designated as available- Derecognition of financial for-sale or are not classified in any of the three pre- assets and liabilities ceding categories. After initial recognition available-for sale financial assets are measured at fair value with gains Financial assets or losses being recognised as a separate component of equity until the investment is derecognised or until A financial asset (or, where applicable a part ofa the investment is determined to be impaired at which financial asset or part of a group of similar financial time the cumulative gain or loss previously reported in assets) is derecognised where: equity is included in the statement of income. • the rights to receive cash flows from the asset The fair value of investments that are actively traded have expired; in organised financial markets is determined by reference to quoted market bid prices at the close of • the Group has transferred its rights to receive business on the balance sheet date. For investments cash flows from the asset, or retained the right where there is no active market, fair value is deter- to receive cash flows from the asset, but has mined using valuation techniques. Such techniques assumed an obligation to pay them in full without include using recent arm’s length market transac- material delay to a third party under a ‘pass- tions, reference to the current market value of another through’ arrangement; and instrument, which is substantially the same and dis- counted cash flow analysis. • the Group either (a) has transferred substantially all the risks and rewards of the asset, or (b) has Debt issued and other borrowed funds neither transferred nor retained substantially all the risks and rewards of the asset, but has trans- Issued financial instruments and their components, ferred control of the asset. which are not designated at fair value through profit or loss, are classified as liabilities, where the substance Where the Group has transferred its rights to receive of the contractual arrangement results in the Group cash flows from an asset and has neither transferred having an obligation either to deliver cash or another nor retained substantially all the risks and rewards of financial asset to the holder, or to satisfy theobli- the asset nor transferred control of the asset, the asset gation other than by exchange of a fixed amount of is recognised to the extent of the Group’s continuing cash or another financial asset for a fixed number of involvement in the asset. Continuing involvement own equity shares. The components of compound that takes the form of a guarantee over the transferred financial instruments, that contain both liability and asset is measured at the lower of the original carrying equity elements, are accounted for separately, with amount of the asset and the maximum amount of con- the equity component being assigned the residual sideration that the Group could be required to repay.
133 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Notes to 2006 Consolidated Financial Statements
(LTL thousand)
2. Significant Accounting Policies (cont’d)
Derecognition of financial basis, or to realize the asset and settle the liability assets and liabilities (cont’d) simultaneously.
Financial assets (cont’d) Cash and cash equivalents
Where continuing involvement takes the form of a Cash, precious metals, current accounts with the written and/or purchased option (including a cash- Central Banks and current accounts with other banks settled option or similar provision) on the trans- due to their high liquidity with maturity up to three ferred asset, the extent of the Group’s continuing months are accounted for as cash and cash equiva- involvement is the amount of the transferred asset lents in the cash flow statement. that the Group may repurchase, except that in the case of a written put option (including a cash-settled Compulsory reserves with the Central Banks are option or similar provision) on an asset measured treated as cash and cash equivalents, as according at fair value, the extent of the Group’s continuing to the requirements of the Bank of Lithuania and the involvement is limited to the lower of the fair value Bank of Latvia, the Group is obliged to upkeep average of the transferred asset and the option exercise rate of funds during the required period, but on the price. daily basis whole amount is at the Group’s disposition.
Financial liabilities Sale and repurchase agreements and lending securities A financial liability is derecognised when the obli- gation under the liability is discharged or cancelled or Securities sold subject to linked repurchase agree- expires. ments are retained in the financial statements as trading or investment securities and the counterparty Where an existing financial liability is replaced by liability is included in amounts due to other banks, another from the same lender on substantially dif- deposits from banks, other deposits, or deposits due ferent terms, or the terms of an existing liability are to customers, as appropriate. Securities purchased substantially modified, such an exchange or mod- under agreements to resell are recorded as loans and ification is treated as a derecognition of the original advances to other banks or customers as appropriate. liability and the recognition of a new liability, and The difference between sale and repurchase price is the difference in the respective carrying amounts is treated as interest and amortised over the life of the recognised in profit or loss. repurchase agreements using fixed interest rate for the whole period. Offsetting Borrowed securities are not included into the financial Financial assets and liabilities are offset and the net statements, unless they were sold to the third party. In amount is reported in the balance sheet when there that case, the purchase and sale would be recorded as is a legally enforceable right to set off the recognized profit or loss in the sales income.L iability to return these amounts and there is an intention to settle on a net securities is presented at fair value as trade liability.
134 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Notes to 2006 Consolidated Financial Statements
(LTL thousand)
2. Significant Accounting Policies (cont’d)
Leases cost of incentives provided to lessees is recognized as a reduction of rental income over the lease term on Finance - Group as a lessee a straight-line basis. Initial direct costs incurred spe- The Group recognizes finance leases as assets and cifically to earn revenues from an operating lease are liabilities in the balance sheet at the date of com- included in the carrying amount of the leased asset. mencement of the lease term at amounts equal to the fair value of the leased property or, if lower, at The depreciation policy for depreciable leased assets the present value of the minimum lease payments. In is consistent with the lessor’s normal depreciation calculating the present value of the minimum lease policy for similar assets, and depreciation is calculated payments the discount factor used is the interest in accordance with accounting policies, used for the rate implicit in the lease, when it is practicable to Group’s property and equipment. determine; otherwise, the Group’s incremental bor- rowing rate is used. Initial direct costs incurred are Taxation included as part of the asset. Lease payments are apportioned between the finance charge and the The current income tax expense is calculated in reduction of the outstanding liability. The finance accordance with the regulations of the Republic of charge is allocated to periods during the lease term so Lithuania or applicable regulations of the state of as to produce a constant periodic rate of interest on incorporation of subsidiary. the remaining balance of the liability for each period. Untill 1 January 2006 the standard income tax rate in Finance - Group as a lessor Lithuania was 15%. On 1 January 2006 the Provisional The Group recognises lease receivables at value equal Social Tax Law came into effect in the Republic of to the net investment in the lease, starting from the Lithuania, which stipulates that along with 15% cor- date of commencement of the lease term. Finance porate income tax, for one financial year beginning income is based on a pattern reflecting a constant on 1 January 2006 companies have to pay an addi- periodic rate of return on the net investment out- tional 4% tax calculated based on the income tax prin- standing. Initial direct costs are included in the initial ciples, and one financial year beginning on 1 January measurement of the lease receivables. 2007 – 3% tax. After the year 2007 the income tax rate applied to the companies in the Republic of Lithuania Operating - Group as a lessee will be 15%. Leases of assets under which the risks and rewards of ownership are effectively retained by the lessor are In Lithuania tax losses can be carried forward for 5 classified as operating leases. Lease payments under consecutive years, except for the losses incurred as an operating lease are recognized as expenses on a a result of disposal of securities and / or derivative straight-line basis over the lease term and included financial instruments that can be carried forward for into other administrative and operating expenses. 3 consecutive years. Losses incurred on disposal of securities and or derivative financial instruments can Operating -Group as a lessor be only used to reduce the taxable income earned The Group presents assets subject to operating leases from the transactions of the same nature. in the balance sheets according to the nature of the asset. Lease income from operating leases is recog- In 2006 and 2005 the standard income tax rate in nized in statement of income on a straight-line basis Latvia was 15% and is based on the taxable profit over the lease term as other income. The aggregate reported for the taxation period.
135 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Notes to 2006 Consolidated Financial Statements
(LTL thousand)
2. Significant Accounting Policies (cont’d)
Taxation (cont’d) at revaluated amounts, being its fair value at the date of the revaluation less any subsequent accu- Deferred tax assets and liabilities are calculated in mulated depreciation and subsequent accumulated respect of temporary differences using the liability impairment losses. Revaluations are made with suffi- method. Deferred income taxes are provided for all cient regularity such that the carrying amount does temporary differences arising between the tax bases not differ materially from that which is determined of assets and liabilities and their carrying values using fair value at the balance sheet date. The fair for financial reporting purposes, except where the value of the buildings is determined by appraisals deferred income tax arises from the initial recognition undertaken by certified independent appraisers. of goodwill or of an asset or liability in a transaction The depreciation of buildings is calculated on a that is not a business combination and, at the time of straight-line basis over the estimated useful eco- the transaction, affects neither the accounting profit nomic lives of assets. nor taxable profit or loss. In the case of revaluation, when the estimated fair A deferred tax asset is recorded only to the extent value of an asset is lower than its balance value, the that it is probable that taxable profit will be available balance value of this asset is immediately reduced against which the deductible temporary differences to the amount of fair value and such impairment is can be utilised. Deferred tax assets and liabilities are recognised as expenses. However, such impairment measured at tax rates that are expected to be applied is deducted from the amount of increase of the pre- to the period when the asset is realised or the liability vious revaluation of this asset accounted for in the is settled, based on tax rates that have been enacted revaluation reserve, to the extent it does not exceed or substantively enacted at the balance sheet date. the amount of such increase.
Deferred income tax is provided on temporary dif- In the case of revaluation, when the estimated fair ferences arising on investments in subsidiaries, asso- value of an asset is higher than its balance value, the ciates and joint ventures, except where the timing balance value of this asset is increased to the amount of the reversal of the temporary difference can be of fair value and such increase is recorded in the reva controlled and it is probable that the temporary dif- luation reserve of property and equipment under ference will not reverse in the foreseeable future. the capital caption. However, such increase in value is recognised as income only to the extent it does The Group in Lithuania and Latvia also have various not exceed the amount of the previous revaluation operating taxes that are assessed on the Group’s decrease recognised as expenses. activities. These taxes are included as a component of other administrative and operating expenses. The carrying values of property and equipment are reviewed for impairment when events or changes in Property and equipment circumstances indicate that the carrying value may not be recoverable. Property and equipment, except for buildings, are carried at cost, excluding the costs of day-to-day Accumulated depreciation as at the revaluation date servicing, less accumulated depreciation and is eliminated against the gross carrying amount of the any accumulated impairment in value. Such cost asset and the net amount is restated to the revalued includes the cost of replacing part of such property amount of the asset. Upon disposal, any revaluation and equipment when that cost is incurred if the reserve relating to the particular asset being sold is recognition criteria are met. Buildings are recorded transferred to retained earnings.
136 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Notes to 2006 Consolidated Financial Statements
(LTL thousand)
2. Significant Accounting Policies (cont’d)
Property and equipment (cont’d) Investment properties are derecognised when either they have been disposed of or when An item of property and equipment is derecognised the investment property is permanently with- upon disposal or when no future economic benefits drawn from use and no future economic benefit are expected from its use or disposal. Any gain or is expected from its disposal. Any gains or losses loss arising on derecognition of the asset (calculated on the retirement or disposal of an investment as the difference between the net disposal proceeds property are recognised in the income statement and the carrying amount of the asset) is included in in the year of retirement or disposal. the income statement in the year the asset is dere cognised. Transfers are made to investment property when, and only when, there is a change in use, evidenced Depreciation of assets under construction and those by ending of owner-occupation, commencement not placed in service commences from the date the of an operating lease to another party or ending assets are placed into service. Depreciation is calcu- of construction or development. Transfers are lated on a straight-line basis over the following esti- made from investment property when, and only mated useful lives: when, there is a change in use, evidenced by commencement of owner-occupation or com- Years mencement of development with a view to sale. Buildings 60 years Service outlets 20 years Motor vehicles 6 years For a transfer from investment property to owner- Furniture and fixtures 5-7 years occupied property or inventories, the deemed Computers and office equipment 1-5 years cost of property for subsequent accounting is its fair value at the date of change in use. If the Leasehold improvements are amortized over the life property occupied by he Group as an owner-oc- of the related leased asset. The asset’s residual values, cupied property becomes an investment property, useful lives and methods are reviewed, and adjusted the Group accounts for such property in accor- as appropriate, at each financial year-end. dance with the policy stated under Property and equipment up to the date of change in use. For a Costs related to repairs and renewals are charged transfer from inventories to investment property, when incurred and included in other operating any difference between the fair value of the expenses, unless they qualify for recognition. property at that date and its previous carrying amount is recognised in profit or loss. When the Investment properties Group completes the construction or development of a self-constructed investment property, any dif- Investment properties are measured initially at ference between the fair value of the property cost, including transaction costs. The carrying at that date and its previous carrying amount is amount includes the cost of replacing part of recognised in profit or loss. an existing investment property at the time that cost is incurred if the recognition criteria are met, Projects under development and excludes the costs of day-to-day servicing of an investment property. Subsequent to initial re- Projects under development represent real estate cognition, investment properties are stated at projects in development which are acquired and fair value, which reflects market conditions at the further developed for generating profit. Projects under balance sheet date. Gains or losses arising from development are accounted for at lower of cost or net changes in the fair values of investment properties realizable value and included in other assets caption are included in the income statement in the year in in the balance sheet. Cost also includes the cost of which they arise. development and other directly attributable costs.
137 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Notes to 2006 Consolidated Financial Statements
(LTL thousand)
2. Significant Accounting Policies (cont’d)
Goodwill of is included in the carrying amount of the operation when determining the gain or loss on disposal of the Goodwill represents the excess of the cost of an operation. Goodwill disposed of in this circumstance acquisition over the net fair value of the Group’s share is measured based on the relative values of the ope of the identifiable assets, liabilities and contingent lia- ration disposed of and the portion of the cash-gene bilities of the acquired subsidiary or associate at the rating unit retained. date of acquisition. Goodwill arising from the acqui- sition of a subsidiary is included in intangible assets. Other intangible assets Goodwill from the acquisition of an associate is included in the investments in associates. Following Intangible assets acquired separately are measured on initial recognition, goodwill is measured at cost less initial recognition at cost. The cost of intangible assets any accumulated impairment losses. acquired in a business combination is fair value as at the date of acquisition. Following initial recognition, Goodwill is reviewed for impairment, annually or intangible assets are carried at cost less any accumu- more frequently if events or changes in circumstances lated amortisation and any accumulated impairment indicate that the carrying amount may be impaired. losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acqui- The useful lives of intangible assets are assessed to be sition date, allocated to each of the Group’s cash-ge either finite or indefinite. nerating units, or groups of cash-generating units, that are expected to benefit from the synergies of the Intangible assets with finite lives are amortised over combination, irrespective of whether other assets or the useful economic lives and assessed for impairment liabilities of the Group are assigned to those units or whenever there is an indication that the intan- groups of units. Each unit or group of units to which gible asset may be impaired. Amortisation periods the goodwill is so allocated: and methods for intangible assets with finite useful lives are reviewed at least at each financial year-end. • represents the lowest level within the Group Estimated useful lives of intangibles with finite useful at which the goodwill is monitored for internal lives are presented below: management purposes; and Years Non-contractual customer relationship 10 years • is not larger than a segment based on either Core deposit intangibles 7 years the Group’s primary or the Group’s secondary Other intangible assets reporting format determined in accordance with (computer software and licences) 1 – 5 years IAS 14 “Segment Reporting”. Intangible assets with indefinite useful lives are Impairment is determined by assessing the reco not amortised, but tested for impairment annually verable amount of the cash-generating unit (group either individually or at the cash-generating unit of cash-generating units), to which the goodwill level. The useful life of an intangible asset with an relates. Where the recoverable amount of the cash- indefinite life is reviewed annually to determine generating unit (group of cash-generating units) is whether indefinite life assessment continues to be less than the carrying amount, an impairment loss supportable. is recognised. Where goodwill forms part of a cash- generating unit (group of cash-generating units) and Costs associated with development and maintaining part of the operation within that unit is disposed of, computer software programmes are recorded as an the goodwill associated with the operation disposed expense when incurred.
138 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Notes to 2006 Consolidated Financial Statements
(LTL thousand)
2. Significant Accounting Policies (cont’d)
Impairment of financial assets as the difference between the asset’s carrying amount and the present value of estimated future cash flows The Group assesses at each balance sheet date (excluding possible future credit losses that have not whether there is any objective evidence that a yet been incurred). The carrying amount of the asset is financial asset or a group of financial assets is reduced through the use of an allowance account and impaired. A financial asset or a group of financial the amount of the loss is recognised in the income assets is deemed to be impaired if, there is objective statement. If, in a subsequent year, the amount of the esti- evidence of impairment as a result of one or more mated impairment loss increases or decreases because events that have occurred after the initial recog- of an event occurring after impairment was recognised, nition of the asset (an incurred ‘loss event’) and that the previously recognised impairment loss is increased loss event (or events) has an impact on the estimated or reduced by adjusting the allowance account. future cash flows of the financial asset or the group of financial assets that can be reliably estimated. The present value of the estimated future cash flows is Evidence of impairment may include indications that discounted using the financial asset’s original effective the borrower or a group of borrowers is experiencing interest rate. If loan has a variable interest rate, the significant financial difficulty, default or delinquency discount rate for measuring any impairment loss is in interest or principal payments, the probability that the current effective interest rate. The calculation of they will enter bankruptcy or other financial reorgani the present value of the estimated future cash flows sation and where observable data indicate that there of a collateralised financial asset reflects the cash is a measurable decrease in the estimated future cash flows that may result from foreclosure less costs for flows, such as changes in arrears or economic condi- obtaining and selling the collateral, whether or not tions that correlate with defaults. foreclosure is probable.
Due form banks and loans and For the purpose of a collective evaluation of advances to customers impairment, financial assets are grouped on the basis of the Group’s internal credit rating system that con- For amounts due form banks and loans and advances siders credit risk characteristics such as asset type, to customers carried at amortised cost, the Group industry, geographical location, collateral type, first assesses individually whether objective evi- past-due status and other relevant factors. dence of impairment exists for financial assets that are individually significant, or collectively for financial Future cash flows on a group of financial assets that assets that are not individually significant (the sig- are collectively evaluated for impairment are esti- nificance level of the Group is LTL 345 thousand or mated on the basis of historical loss experience for EUR 100 thousand). If the Group determines that no assets with credit risk characteristics similar to those objective evidence of impairment exists for an indi- in the group. Historical loss experience is adjusted vidually assessed financial asset, whether significant on the basis of current observable data to reflect the or not, it includes the asset in a group of financial effects of current conditions that did not affect the assets with similar credit risk characteristics and col- years on which the historical loss experience is based lectively assesses them for impairment. Assets that and to remove the effects of conditions in the his- are individually assessed for impairment and for torical period that do not exist currently. Estimates of which an impairment loss is, or continues to be rec- changes in future cash flows reflect, and are directly ognised, are not included in a collective assessment consistent with, changes in related observable data of impairment. from year to year. The methodology and assumptions used for estimating future cash flows are reviewed If there is objective evidence that an impairment loss regularly to reduce any differences between loss esti- has been incurred, the amount of the loss is measured mates and actual loss experience.
139 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Notes to 2006 Consolidated Financial Statements
(LTL thousand)
2. Significant Accounting Policies (cont’d)
Impairment of financial assets (cont’d) makes an estimate of the asset’s recoverable amount. An asset’s recoverable amount is the higher of an Held to maturity investments asset’s or cash- generating unit’s fair value less costs to sell and its value in use and is determined for an For held to maturity investments the Group assesses individual asset, unless the asset does not generate individually whether there is objective evidence of cash inflows that are largely independent of those impairment. If there is objective evidence that an from other assets or groups of assets. Where the car- impairment loss has been incurred, the amount of rying amount of an asset exceeds its recoverable the loss is measured as the difference between the amount, the asset is considered impaired and is asset’s carrying amount and the present value of esti- written down to its recoverable amount. In assessing mated future cash flows. The carrying amount of the value in use, the estimated future cash flows are dis- asset is reduced and the amount of the loss is recog- counted to their present value using a pre-tax dis- nised in the income statement. count rate that reflects current market assessments of the time value of money and the risks specific to If, in a subsequent year, the amount of the esti- the asset. Impairment losses of continuing operations mated impairment loss decreases because of an are recognised in the income statement in those event occurring after the impairment was recognised, expense categories consistent with the function of any amounts previously charged are credited to the the impaired asset. income statement. An assessment is made at each reporting date as to Renegotiated loans whether there is any indication that previously recog- nised impairment losses may no longer exist or may Where possible, the Group seeks to restructure loans have decreased. If such indication exists, the reco rather than to take possession of collateral. This may verable amount is estimated. A previously recognised involve extending the payment arrangements and impairment loss is reversed only if there has been a the agreement of new loan terms. Once the terms change in the estimates used to determine the asset’s have been renegotiated, the loan is no longer con- recoverable amount since the last impairment loss sidered past due. Management continuously reviews was recognised. If that is the case the carrying amount renegotiated loans to ensure that all criteria are met of the asset is increased to its recoverable amount. and that the future payments are likely to occur. The That increased amount cannot exceed the carrying loans continue to be the subject to an individual or amount that would have been determined, net of collective impairment assessment, calculated using depreciation (if any), had no impairment loss been the loan’s original effective interest rate. recognised for the asset in prior years. Such reversal is recognised in profit or loss unless the asset is carried Impairment of other assets at revalued amount, in which case the reversal is treated as a revaluation increase. After such a reversal The Group assesses at each reporting date whether the depreciation charge (if any) is adjusted in future there is an indication that an asset may be impaired. periods to allocate the asset’s revised carrying amount, If any such indication exists, or when annual less any residual value, on a systematic basis over its impairment testing for an asset is required, the Group remaining useful life.
140 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Notes to 2006 Consolidated Financial Statements
(LTL thousand)
2. Significant Accounting Policies (cont’d)
Impairment of other assets (cont’d) Documentary and commercial letters of credit rep- resent written undertakings by the Group on behalf Credit-related commitments of a customer authorising a third party to draw drafts on the Group up to a stipulated amount under spe- Commitments to extend credit represent unused por- cific terms and conditions. Letters of credit are colla tions of authorizations to extend credit in the form of teralized by the underlying shipments of goods. loans, guarantees or letters of credit. With respect to Letters of credit are treated as risk assets for capital credit risk on commitments to extend credit, the Group adequacy calculation purposes. is potentially exposed to loss in an amount equal to the total unused commitments. However, the likely amount Provisions of loss is less than the total unused commitments, as most commitments to extend credit are contingent upon cus- Provisions are recognized when the Group has a tomers maintaining specific credit standards. The Group present obligation (legal or constructive) as a result of monitors the term to maturity of credit commitments a past event, it is probable that an outflow or recourses because longer-term commitments generally have a embodying economic benefits will be required to greater degree of credit risk than shorter-term commit- settle the obligation and a reliable estimate can be ments. Commitments to extend credit are treated as risk made of the amount of the obligation. The expense assets for capital adequacy calculation purposes. relating to any provision is presented in the income statement. If the effect of the time value of money In the ordinary course of the business the Group issues is material, provisions are discounted using current financial guarantees, consisting of letters of credit, pre-tax rate that reflects, where appropriate, the risks guarantees and acceptances. Financial guarantees specific to the liability. Where discounting is used, the are initially recognized in the financial statements increase in the provision due to the passage of time is at fair value, under Other liabilities caption, being recognized as a borrowing cost. premium received. Subsequent to initial recognition, the Group’s liability under each guarantee is measured Provisions made to guarantees at the higher of the amortized premium and the best and stand-by facilities. estimate of expenditure required settling any financial obligation arising as a result of the guarantee. The amount of the loss is recognized when it is probable that the Group will recognize an outflow of Any increase in the liability relating to financial gua economic benefit that can be reliably estimated and rantees is recorded to the income statement under represents a present legal or constructive obligation. Impairment expenses caption. The premium received is recognized in the income statement in Net fees and Retirement and Other Employee commissions income on a straight line basis over the Benefit Obligations life of guarantee. The Group does not have any pension arrange- Guarantees represent irrevocable assurances that the ments separate from the State pension system of the Group will make payments in the event when a cus- Republic of Lithuania and the Republic of Latvia where tomer cannot meet its obligations to the third parties. applicable, which requires current contributions by In case of execution of such a guarantee it is subse- the employer calculated as a percentage of current quently accounted for as balance sheet item and is gross salary payments; such expense is charged in the subject for impairment assessment. Until a guarantee period the related salaries are earned. In addition, the is executed, it is treated as risk asset for capital ade- Group has no post-retirement benefits or significant quacy calculation purposes. other compensated benefits requiring accrual.
141 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Notes to 2006 Consolidated Financial Statements
(LTL thousand)
2. Significant Accounting Policies (cont’d)
Share capital year plus the weighted average number of ordinary shares that would be issued on the conversion of all Share Capital the dilutive potential ordinary shares into ordinary shares. Ordinary shares are classified as equity.E xternal costs directly attributable to the issue of new shares, other Contingencies than on a business combination, are shown as a deduction from the proceeds in equity. Any excess Contingent liabilities are not recognized in the of the fair value of consideration received over the financial statements unless it is probable that an par value of shares issued is recognised as additional outflow of resources will be required to settle the paid-in capital (share surplus). obligation and a reliable estimate can be made. A contingent asset is not recognized in the financial Dividends statements but disclosed when an inflow of eco- nomic benefits is probable. Dividends are recognised as a liability and deducted from equity at the balance sheet date only if they Use of estimates in the preparation are declared before or on the balance sheet date. of financial statements Dividends are disclosed when they are proposed before the balance sheet date or proposed or The preparation of financial statements requires declared after the balance sheet date but before the management to make estimates and assumptions financial statements are authorised for issue. that affect the reported amounts of assets, liabi lities, income and expenses and disclosure of con- Earnings per share tingencies. The significant areas of estimation used in the preparation of the accompanying financial Basic earnings per share amounts are calculated statements relate to depreciation and evaluation of by dividing net profit for the year attributable impairment (including goodwill), provisions for loan to ordinary equity holders of the parent by the commitments and stand-by facilities. weighted number of ordinary shares outstanding during the year. Below are presented key assumptions concerning the future and other key sources of estimation Diluted earnings per share amounts are calculated by uncertainty at the balance sheet date that has a sig- dividing the net profit attributable to ordinary equity nificant risk of causing a material adjustment to the holders of the parent by the weighted average carrying amounts of assets and liabilities within the number of ordinary shares outstanding during the next financial year.
142 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Notes to 2006 Consolidated Financial Statements
(LTL thousand)
2. Significant Accounting Policies (cont’d)
Use of estimates in the preparation of the value in use of the cash-generating units to of financial statements (cont’d) which the goodwill is allocated. Estimating the value un use requires the Group to make an estimate of The Group regularly reviews its loans and receivables the expected future cash flows from the cash-gene to assess impairment. The Group uses its experienced rating unit and also to choose a suitable discount rate judgment to estimate the amount of any impairment in order to calculate the present value of those cash loss in cases where a borrower is in financial difficulties flows. and there are few available historical data relating to similar borrowers. Similarly, the Group estimates Future events may occur which will cause the assump- changes in future cash flows based on the observable tions used in arriving at the estimates to change. The data indicating that there has been an adverse change effect of any changes in estimates will be recorded in in the payment status of borrowers in a group, or the financial statements, when determinable. national or local economic conditions that correlate with defaults on assets in the group. Management Income and expense recognition uses estimates based on historical loss experience for assets with credit risk characteristics and objective evi- Interest income and expense are recognized on an dence of impairment similar to those in the group of accrual basis calculated using the effective interest loans and receivables when scheduling its future cash method. Loan origination fees for loans issued to cus- flows. The Group uses its experienced judgment to tomers are deferred (together with related direct costs) adjust observable data for a group of loans or recei and recognized as an adjustment to the effective yield vables to reflect current circumstances. The metho of the loans. Fees, commissions and other income and dology and assumptions used for estimating both the expense items are generally recorded on an accrual amount and timing of future cash flows are reviewed basis when the service has been provided. Portfolio regularly to reduce any differences between loss esti- and other management advisory and service fees are mates and actual loss experience. recorded based on the applicable service contracts.
The Group determines whether goodwill is impaired Income from penalty payments is recognised on a at least on an annual basis. This requires an estimation cash basis.
143 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Notes to 2006 Consolidated Financial Statements
(LTL thousand)
2. Significant Accounting Policies (cont’d)
Foreign currency translation sidiary or an associate whose functional currency is different from the presentation currency of the Group, Transactions in foreign currencies are initially recorded the deferred cumulative amount recognised in equity in the functional currency rate ruling at the date relating to that particular entity is recognised in the of the transaction. Monetary assets and liabilities statement of income. denominated in foreign currencies are retranslated at the functional currency rate of exchange prevailing Segment reporting at the balance sheet date. Gains and losses resulting from the translation of foreign currency transactions A segment is a distinguishable component of the are recognized in the statement of income as gains Group that is engaged either in providing products or less losses from foreign currencies. Non-monetary services (business segment), or in providing products items that are measured in terms of historical cost in or services within a particular economic environment a foreign currency are translated using the exchange (geographical segment), which is subject to risks and rates as at the dates of the initial transactions. Non- rewards that are different from those of other seg- monetary items measured at fair value in a foreign ments. Segment income, segment expenses and currency are translated using the exchange rates at segment performance include transfers between the date when the fair value was determined. business segments and between geographical seg- ments. Differences between the contractual exchange rate of a certain transaction and the Bank of Lithuania Fair values of financial exchange rate on the date of the transaction are assets and liabilities included in gains less losses from dealing in foreign currencies. The official exchange rates of the main For financial instruments traded in organised financial currencies, used for the revaluation of balance sheet markets the fair value is determined by reference to items as at the year end were as follows (LTL units to quoted market prices. Bid prices are used for assets currency unit): and ask prices are used for liabilities. The fair value of interest-bearing financial instruments is estimated 31 December 31 December based on discounted cash flows using the interest 2006 2005 rates for items with similar terms and risk characte 1 EUR* 3.4528 3.4528 ristics. For unquoted equity investments fair value is 1 USD 2.6304 2.9102 determined using valuation techniques. Such tech- 100 RUB 9.9708 10.1312 niques include using recent arm’s length market 1 LVL** 4.9537 4.9565 1 GBP 5.1468 5.0141 transactions, reference to the current market value of another instrument, which is substantially the same, *Starting from 2 February 2002 LTL is pegged to EUR at the rate of and discounted cash flow analysis. Where the fair LTL 3.4528 for EUR 1. values of financial assets and liabilities differ materially **Starting from 1 January 2005 LVL is pegged to EUR at the rate of from their book values, such fair values are separately LVL 0.702804 for EUR 1. disclosed in the notes to the financial statements. As at the reporting date, the assets and liabilities of the entities whose functional currency is dif- Subsequent events ferent from the presentation currency of the Group are translated into Lithuanian Litas at the rate of Post-year-end events that provide additional infor- exchange ruling at the balance sheet date and, their mation about the Group’s position at the balance statements of income are translated at the weighted sheet date (adjusting events) are reflected in the average exchange rates for the year. The exchange dif- financial statements. Post-year-end events that are ferences arising on the translation are taken directly to not adjusting events are disclosed in the notes when a separate component of equity. On disposal of a sub- material.
144 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Notes to 2006 Consolidated Financial Statements
(LTL thousand)
3. Cash and Cash Equivalents
Cash and cash equivalents comprise:
2006 2005 Cash at hand 199,099 161,855 Current accounts with the Central Banks 542,252 315,804 Current accounts with other credit institutions 479,178 622,969 Time deposits with credit institutions up to 90 days 534,071 193,531 Cash and cash equivalents 1,754,600 1,294,159
The credit institutions in Lithuania and Latvia have to keep a computed deposit (compulsory reserve) at the Central bank. The amount of it depends on the funds, attracted by credit institutions. The Group’s right to withdraw the deposit is restricted by laws, according to which the monthly average amount of deposit has to be equal to the compulsory reserve, calculated according to the requirements of the Bank of Lithuania and the Bank of Latvia.
The compulsory reserve rate in Lithuania is 6%. Until 24 September 2005 there was no interest income for the compulsory reserve at the Bank of Lithuania. Since the day mentioned, the interest is calculated from the base of compulsory reserves, calculated according to the requirements of European Central Bank (ECB). There is no interest for the remaining compulsory reserves. As of 31 December 2006, 1/3 of the compulsory reserves was interest bearing. The interest rate for the interest bearing part is equal to the ECB refinancing interest rate, valid on the day of transaction.
The rate of compulsory reserves in Latvia is 8%.
4. Financial Assets and Liabilities at Fair Value through Profit or Loss
Financial assets at fair value through profit or loss are held for trading.T hese assets comprise of:
2006 2005 Treasury bills and bonds of the Republic of Lithuania 207,425 171,854 Other governments’ debt securities 89,612 582,194 Corporate bonds 118,901 172,578 Corporate shares 2,938 1,838 Investment funds’ units 45,145 - Derivative financial instruments 2,989 3,367
Financial assets at fair value through profit or loss 467,010 931,831
Coupon rates (yields for treasury bills) and maturities of these securities are as follows:
2006 2005 % Maturity % Maturity Treasury bills and bonds of the Republic of Lithuania 2.5 - 10 2007 - 2016 2.5 - 11 2006 - 2015 Other governments’ debt securities 3.5 - 11 2007 - 2015 2.5 - 10 2006 - 2013 Corporate bonds 3.3 - 5.6 2007 - 2013 2.875 - 11 2006 - 2015
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(LTL thousand)
4. Financial Assets and Liabilities at Fair Value through Profit or Loss (cont’d)
The Group acquired derivative financial instruments for trading purposes. Outstanding transactions with deri vative financial instruments and trading liabilities are as follows:
2006 2005 Notional Fair values Notional Fair value principal Asset Liability principal Asset Liability Foreign exchange contracts Forwards and Swaps – foreign 421,199 416 1,571 214,231 109 546 Forwards and Swaps – domestic 193,358 2 96 30,385 10 10
Call options - 2,571 - - 3,248 - Total 614,557 2,989 1,667 244,616 3,367 556
Call options represent embedded derivative instruments, separated from structured bonds (Note 7). As no market exists for those derivative instruments, they are valued using theoretical option pricing models.
5. Amounts Due from Credit Institutions
Amounts due from credit institutions comprise time deposits of more than 90 days.
OECD Lithuania Russia Total 2006 2005 2006 2005 2006 2005 2006 2005 Time deposits of more than 90 days 144,485 37,177 2,201 18 26,316 - 173,002 37,195 Amounts due from credit institutions 144,485 37,177 2,201 18 26,316 - 173,002 37,195
6. Loans to Customers, net
Loans to customers comprise:
2006 2005 Loans to customers 2,219,247 1,593,343 Overdrafts 243,730 174,643 Bills of exchange 86,930 126,265 Reverse repurchase agreements 20,667 16,466 Factoring 1,981 1,236 2,572,555 1,911,953 Less: allowance for loan impairment (Note 13) (34,695) (46,091) Loans to customers, net 2,537,860 1,865,862
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(LTL thousand)
6. Loans to Customers, net (cont’d)
During 2006 the management of the Group has made certain assumptions to arrive at the current estimates of impairment. The management of the Group constantly monitors the loan portfolio and investigates market trends so that it could make necessary changes in impairment estimation, if required. Having other information available, management of the Group may change assumptions for the impairment assessment, which would result in a change of the impairment allowance.
Securities acquired under reverse repurchase agreements can be sold in absence of default of the cus- tomer. Fair value of securities acquired under reverse repurchase agreements as of 31 December 2006 was LTL 35,162 thousand (LTL 27,013 thousand as of 31 December 2005).
Loans have been extended to the following types of customers:
2006 2005 Personal companies 1,203,415 978,455 Individuals 1,273,427 877,601 State budget or municipal authorities 11,553 9,545 State companies 21,348 246 Other 28,117 15 Loans to customers, net 2,537,860 1,865,862
Loans are issued within the following industry sectors:
2006 2005 Individuals 1,273,427 877,601 Financial intermediary services 272,206 443,822 Services 264,930 50,178 Real estate 193,694 84,160 Trading 155,044 141,130 Manufacturing 143,825 99,169 Constructions 119,365 - Agriculture and food processing 39,837 91,079 Transport 32,965 18,242 Government and municipalities 11,643 4,717 Metallurgy 302 221 Electricity - 17,115 Fuel, gas and chemical - 5,428 Other 30,622 33,000 Loans to customers, net 2,537,860 1,865,862
The table below presents breakdown of loans to actual payable of the customer and accrued and/ or impaired amounts:
2006 2005 Unpaid principal 2,574,762 1,909,716 Accrued and unpaid interest 10,248 9,060 Deferred income (12,455) (6,823) Impairment loss allowance (34,695) (46,091) Loans to customers, net 2,537,860 1,865,862
Interest income earned on impaired loans during 2006 was LTL 3,270 thousand (LTL 2,419 thousand in 2005).
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(LTL thousand)
7. Available-for-Sale and Held-to-Maturity Financial Assets
Held-to-maturity financial assets comprise:
2006 2005 Carrying value Nominal value Carrying value Nominal value Corporate bonds 79,005 79,905 75,201 77,764 Governments’ bonds 66,282 64,928 80,995 77,695 Held-to-maturity securities 145,287 144,833 156,196 155,459
Interest rates and maturities of these financial assets are as follows:
2006 2005 % Maturity % Maturity Corporate bonds 2.5-9.75 2007-2013 2.5-6.15 2007 Governments’ bonds 5-5.625 2007-2013 5.625-8.125 2006 - 2007
Available-for-sale financial assets includes:
2006 2005 Balance value Fair value Balance value Fair value Treasury bills and bonds of the Republic of Lithuania 984 968 - - Other governments’ bond 865,502 855,633 - - Available-for-sale financial assets 866,486 856,601 - -
Held-to-maturity securities include structured bonds, purchased by the Group in 2005. Derivative instruments, embedded in those bonds, were separated and reported under derivative instruments caption (Note 4). After separation of embedded derivatives, securities acquired are valued at amortised cost using market yields of similar bonds by their maturity and credit risk at acquisition date, as no active market exists for those securities. Amortised cost of those securities as of 31 December 2006 was LTL 67,802 thousand (as of 31 December 2005 LTL 66,148 thousand).
Fair value of held-to-maturity financial instruments amounted to LTL 143,877 thousand as 31 December 2006 (LTL 153,190 thousand 31 December 2005).
Interest income earned on held-to-maturity securities in 2006 amounted to LTL 4,150 thousand (in 2005 LTL 643 thousand).
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(LTL thousand)
8. Investments in Associates
In 2005, the subsidiary of the Bank Latvijas Krājbanka A/S purchased 120,000 newly issued shares (LVL 121 thousand) of Ieguldijumu Sabiedrība Astra Fondi A/S representing 50% of the share capital. Astra fund manages 2nd level pension funds Klasika and Ekstra. The investment into associate was accounted for using equity method. As of 31 December 2005 the Group’s share of associate’s assets comprised mainly current assets, amounting to LTL 614 thousand. The net assets amounted to LTL 600 thousand. The share of 2005 revenues and net profit amounted respectively to LTL 36 thousand and LTL 19 thousand.
In 2006 Latvijas Krājbanka A/S acquired the remaining 50% of the voting shares of Ieguldijumu Sabiedrība Astra Fondi A/S (Note 29). Thus, the Ieguldijumu Sabiedrība Astra Fondi A/S became the subsidiary of the Group and it is entirely consolidated from the date of acquisition in these financial statements.
9. Investment Property
Investment properties are stated at fair value, which has been determined based on valuation performed by independent appraisers as of 31 December 2006. The fair value represents the amount at which the assets could be exchanged between a knowledgeable, willing buyer and a knowledgeable, willing seller in an arm’s length transaction at the date of valuation.
2006 2005 Opening balance as at 1 January 17,056 - Additions 11,521 12,255 Sale (14,957) - Net gain from a fair value adjustment 4,761 4,801 Closing balance as at 31 December 18,381 17,056
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(LTL thousand)
10. Property and Equipment
The movements in property and equipment were as follows:
Furniture Computers,office and and other Construction Buildings fixtures equipment Vehicles in progress Total Cost 31 December 2005 54,718 17,639 75,419 7,979 6,740 162,495 Additions 3,518 433 15,376 1,766 5,183 26,276 Write-offs (205) (813) (4,150) (1,445) (823) (7,436) Transfers - - (1,113) - (719) (1,832) 31 December 2006 58,031 17,259 85,532 8,300 10,381 179,503
Accumulated depreciation and impairment 31 December 2005 1,116 2,649 29,496 4,297 - 37,558 Depreciation charge 1,240 3,253 9,055 1,235 - 14,783 Write-offs (49) (518) (4,105) (1,365) - (6,037) Transfers - - (28) - - (28) 31 December 2006 2,307 5,384 34,418 4,167 - 46,276 Net book value: 31 December 2005 53,602 14,990 45,923 3,682 6,740 124,937 31 December 2006 55,724 11,875 51,114 4,133 10,381 133,227
Computers, Furniture and office and other Motor Assets under Buildings fixtures equipment vehicles construction Total Cost 31 December 2004 28,882 2,436 68,835 7,686 1,269 109,108 Additions - 1,121 4,141 1,070 5,936 12,268 Additions emerged with the acquisition of Latvijas Krājbanka A/S (Note 29) 25,937 14,919 4,174 986 - 46,016 Write-offs (101) (837) (2,168) (1,763) (465) (5,334) Transfers - - 437* - - 437 31 December 2005 54,718 17,639 75,419 7,979 6,740 162,495
Accumulated depreciation and impairment 31 December 2004 569 2,187 24,838 5,302 - 32,896 Depreciation charge 550 1,184 6,805 728 - 9,267 Disposals (3) (722) (2,147) (1,733) - (4,605) Transfers ------31 December 2005 1,116 2,649 29,496 4,297 - 37,558 Net book value: 31 December 2004 28,313 249 43,997 2,384 1,269 76,212 31 December 2005 53,602 14,990 45,923 3,682 6,740 124,937
*In 2005 the group reclassified ATMs to property and equipment.
Depreciation expenses were accounted for as operating expenses in the income statement.
On 31 December 2003 the Bank revalued its buildings and service outlets. The revaluation was performed by independent property appraisers Vestavia UAB. The revaluation of buildings was performed on the market value basis and revaluation of service outlets under the depreciated replacement cost basis.
If buildings and service outlets of the Group were carried at cost, carrying value of those assets would have been LTL 32,605 thousand as of 31 December 2006 (LTL 40,891 thousand as of 31 December 2005).
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(LTL thousand)
11. Intangible Assets
The movements in intangible assets were as follows:
Non-contractual Licences and Pension customer Base Brand computer funds relationships deposits name software portfolio Total Cost 31 December 2005 2,133 8,005 4,271 9,523 - 23,932 Additions - - - 2,790 - 2,790 Additions emerged with the acqui- sition of A/S “Ieguldijumu Sabiedrība Astra Fondi” (Note 29) - - - - 1,182 1,182 Write-offs - - - (774) - (774) 31 December 2006 2,133 8,005 4,271 11,539 1,182 27,130
Accumulated amortisation and impairment 31 December 2005 53 284 - 4,250 - 4,587 Charge for the year 212 1,140 - 2,144 - 3,496 Impairment - - - - 591 591 Write-offs - - - (734) - (734) 31 December 2006 265 1,424 - 5,660 591 7,940
Net book value: 31 December 2005 2,080 7,721 4,271 5,273 - 19,345 31 December 2006 1,868 6,581 4,271 5,879 591 19,190
Amortisation expenses were accounted for as operating expenses in the income statement.
Latvijas Krājbanka brand name in the amount of LTL 4,271 thousand, acquired in 2005 with acquisition with of 83.01% Latvijas Krājbanka A/S of through the business combination in 2005, is considered to have an indefinite life. It was assumed that branded net income of Latvijas Krājbanka A/S include net interest and net commission income, while profit on securities trading and foreign exchange and other operating income was perceived as non-branded net income. Accordingly, Latvijas Krājbanka brand name was allocated to Latvia’s geographical unit (net interest and net commission income as cash-generating units) and the cash flow projection for Latvia’s geo- graphical unit was used while assessing impairment of Krājbanka brand name.
The recoverable value of Latvia’s geographical unit was determined based on a value in use calculation. The cash flow projections based on the financial budgets for a four-year period were included in the calculation.
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(LTL thousand)
11. Intangible Assets (cont’d)
The calculation of value in use is most sensitive to the following key assumptions:
• Discount rates. This is the benchmark used by the management to assess the operating performance and to evaluate future investment proposals. In determining appropriate discount rates for cash-generating units, the regard was given to the weighted average cost of capital of Latvijas Krājbanka A/S;
• Growth rate estimates. The estimated growth of Latvia’s geographical unit was assessed at 5% per annum, as a conservative approach.
With regards to the assessment of value in use of Latvia’s geographical unit, management believes that no rea- sonably possible change in any of the above key assumptions would cause the carrying value of the units to materially exceed their recoverable amount.
The acquisition of pension funds portfolio is related to the acquisition of Ieguldijumu Sabiedrība Astra Fondi A/S (Note 29).
Non-contractual Licences and customer Base computer relationships deposits Brand name software Total Cost 31 December 2004 - - - 4,833 4,833 Additions - - - 1,225 1,225 Additions emerged with the acquisition of Latvijas Krājbanka A/S (Note 31) 2,133 8,005 4,271 3,910 18,319 Disposals - - - (445) (445) 31 December 2005 2,133 8,005 4,271 9,523 23,932
Accumulated amortization and impairment 31 December 2004 - - - 3,834 3,834 Charge for the year 53 284 - 844 1,181 Disposals - - - (428) (428) 31 December 2005 53 284 4,271 4,250 4,587
Net book value: 31 December 2004 - - - 999 999 31 December 2005 2,080 7,721 4,271 5,273 19,345
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(LTL thousand)
12. Taxation
The effective income tax rate differs from the statutory income tax rates. A reconciliation of the income tax expense based on statutory rates with actual is as follows:
2006 2005 Current income tax 15,872 8,992 Correction of prior year income tax (110) (1,291) Change in deferred income tax (1,672) (1,758) Income tax expenses 14,090 5,943
Components of deferred income tax Deferred income tax assets Revaluation of securities 1,118 1,250 Loss carry forward transferable from 2005-2006 975 546 Revaluation of derivative instruments - 1,049 Vacation pay and bonus accrual 803 505 Non-tax deductible impairment of financial assets 2,349 1,529 Deferred administration fee 1,519 571 Loss carry forward from 2002-2006 294 546 Other deferred tax asset items 233 141 Total deferred income tax assets 7,291 6,137
Less: valuation allowance (3,446) (3,743)
Deferred income tax assets, net 3,845 2,394
Deferred income tax liabilities Revaluation of property and equipment and investment properties (8,462) (8,951) Investment incentive (1,741) (1,908) Revaluation of derivative instruments (167) - Deferred commission expenses (526) - Correction to fair value of intangible assets (1,944) (2,202) Total deferred income tax liabilities (12,840) (13,061)
Deferred income tax, net (8,995) (10,667)
The Group has incurred taxable loss in previous periods, which can be carried forward for 5 consecutive years, except for the losses incurred as a result of disposal of securities and / or derivative financial instruments that can be carried forward for 3 consecutive years and offset against future taxable income.
For the portion, where the management of the Group does not expect to realise deferred tax asset in the nearest future, it was decided to make realisation allowance for it.
153 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Notes to 2006 Consolidated Financial Statements
(LTL thousand)
12. Taxation (cont’d)
Income tax expenses, applicable to the current year result, can be reconciled with income tax expenses calcu- lated using statutory income tax rate for the pretax income as follows:
2006 2005 Income tax calculated at statutory 19% tax rate (2005 – 15%) 15,023 7,683 Permanent differences (2,329) (2,502) Effect of different tax rates in other countries (965) - Prior year income tax correction (110) (1,291) Change in taxation treatment of temporary differences 2,768 - Change in valuation allowance (297) 2,361 Effect of changes in tax rate - (308) Total income tax 14,090 5,943
13. Allowances for Impairment and Provisions
The changes in allowances for impairment of interest earning assets were as follows:
Loans to customers 31 December 2004 39,520 Charge (reversal) 8,585 Write-offs (2,155) Effect of changes in currency rates 141 31 December 2005 46,091 Charge (reversal) 11,485 Write-offs (22,819) Effect of changes in currency rates (62) 31 December 2006 34,695
Below is presented reconciliation of impairment recorded to the income statement:
2006 2005 Charge (reversal) 11,485 8,585 Recoveries of previously written-off loans (2,826) (2,920) As reported in income statement 8,659 5,665
154 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Notes to 2006 Consolidated Financial Statements
(LTL thousand)
13. Allowances for Impairment and Provisions (cont’d)
The movements in allowances for impairment of other assets and provisions were as follows:
Guarantees issued and credit Other assets commitments Total 31 December 2004 194 552 746 Charge (reversal) 50 (444) (394) Effect of changes in currency rates - 6 6 Write-off (211) - (211) 31 December 2005 33 114 147 Charge (reversal) (84) 89 5 Effect of changes in currency rates 51 1 52 Write-off - - - 31 December 2006 - 204 204
14. Other Assets and Other Liabilities
Other assets comprise:
2006 2005 Other assets Projects under development 24,126 24,495 Accounts receivable for credit cards 6,320 5,183 Prepayments 6,102 4,454 Inventories 4,820 2,994 Deferred expenses 2,416 2,080 Accounts receivable 1,867 2,325 VAT receivable 668 2,275 Transit accounts 663 4,653 Accrued income for other assets 207 254 Letters of credit - 9,480 Other asset 5,519 2,229 Total other assets 52,708 60,422 Impairment of other assets - (33) Total other assets, net 52,708 60,389
Letters of credit as of 31 December 2005 represented payments of the Bank to the customers after the notice of the bank of a counterparty about forthcoming settlement according to the letter of credit issued by the coun- terparty.
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(LTL thousand)
14. Other Assets and Other Liabilities (cont’d)
Other liabilities comprise:
2006 2005 Other liabilities Accounts payable 30,274 29,101 Transit accounts 13,324 18,426 Payments collected for utilities 12,385 8,590 Accrued expenses 8,053 7,904 Advances received 2,018 1,833 Deferred income 668 578 Other 11,319 4,215 Total other liabilities 78,041 70,647
Transit accounts represent funds that were disbursed from / to the correspondent account of the Bank, but that have not been written off from / to customers’ accounts as of the reporting date.
15. Subordinated loans
As of 14 September 2005 the Bank received a subordinated loan from its controling shareholder, who is a private individual. The contractual subordinated loan amount is LTL 69,056 thousand (EUR 20 million) with term of 15 years. This loan bears EUR LIBOR 12 month plus 1.8% margin. As of 31 December 2006 the outstanding amount of subordinated loan, including accrued interest, amounted to LTL 70,002 thousand. The loan agreement foresees the possibility of conversion to the shares of the Bank, but terms for conversion are not outlined.
As of 31 December 2006, the Bank’s subsidiary’s Latvijas Krājbanka A/S outstanding subordinated loan from Convers Group Management Company amounted to LTL 19,152 thousand (LTL 19,162 thousand in 2005). The debt terms include an interest rate of 7% and a term of seven years, maturing on 8 November 2012. According to the agreement on subordinated debt with Convers Group Management Company dated on 8 November 2005, the borrower has the right to receive the invested funds at the end of the loan agreement or if the bank is liquidated. The borrower has rights to apply for conversion of the subordinated loan into shares according to the Agreement and legislation. Subordinated loan agreement foresees sharp conversion price of LVL 1.15 per share.
As of 31 December the Bank’s subsidiary’s Latvijas Krājbanka A/S outstanding subordinated loan from Akademgrupp was LTL 18,870 thousand. According to the agreement on subordinated loans with Akademgrupp dated on 27 December 2006, the borrower has the right to receive the invested funds at the end of the loan agreement or if the bank is liquidated. The debt terms include an interest rate of 8.6% and a term of seven years, maturing on 27 December 2013.
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(LTL thousand)
16. Amounts Due to Credit Institutions
Amounts due to credit institutions comprise:
2006 2005 Time deposits and loans 885,721 452,447 Repurchase agreements - 90,271 Current accounts 11,859 23,301 Amounts due to credit institutions 897,580 566,019
Fair value of securities under Repuchase transactions.
17. Amounts Due to Customers
The amounts due to customers include the following:
2006 2005 Time deposits 2,798,501 1,964,221 Current accounts 1,923,111 1,519,820 Amounts due to customers 4,721,612 3,484,041
Amounts due to customers include accounts with the following types of customers:
2006 2005 Individuals 2,941,773 2,105,810 Private enterprises 1,318,544 1,250,186 State and budgetary organisations 139,246 116,847 Other 322,049 11,198 Amounts due to customers 4,721,612 3,484,041
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(LTL thousand)
17. Amounts Due to Customers (cont’d)
An analysis of customer accounts by sector follows:
2006 2005 Individuals 2,941,713 2,105,810 Services 623,430 20,521 Trade 288,413 341,122 Manufacturing 55,603 103,477 Real estate 54,536 70,071 Transport and communication 52,892 100,642 Constructions 30,975 24,967 Insurance 19,922 7,147 Intermediation activity 18,953 2,529 Construction of equipment 12,049 10,720 Fuel 11,118 32,122 Agriculture 4,883 1,190 Chemicals 1,592 1,913 Metallurgy 230 1,035 Electricity - 10,739 Other 605,303 650,036 Amounts due to customers 4,721,612 3,484,041
18. Debt Securities Issued
As of 31 December 2006 the Group has the discount debt securities issued which have the aggregate par value of LTL 30,000 thousand with discount rate of 4.5 % and maturing on 20 September 2007. The discount debt secu- rities’ amortised cost amounts to LTL 8,324 thousand as of 31 December 2006.
As of 31 December 2005 the Group had the discount debt securities issued which had the aggregate par value of LTL 20,000 thousand with discount rate of 3.95 % and maturing on 18 September 2006. The discount debt secu- rities’ the amortised cost amounted to LTL 16,713 thousand as of 31 December 2005.
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(LTL thousand)
19. Equity
Movements in shares outstanding, issued and fully paid were as follows (including preference shares):
Number of Issued/ 365 Weighted average of Calculation of weighted average for 2006 shares Par value (days) ordinary shares Shares issued as of 31 December 2005 13,726,720 10 365/365 13,726,720 17 November 2006* 2,000,000 10 44/365 -
Shares issued as of 31 December 2006 15,726,720 10 365/365 13,726,720
*The shares issued as of 17 November 2006 are preference shares with non-cumulative 10% dividend. The shares are without voting right and therefore excluded from the calculations of the weighted average. Number of Issued/ 365 Weighted average of Calculation of weighted average for 2005 shares Par value (days) ordinary shares Shares issued as of 31 December 2004 13,726,720 10 365/365 13,726,720
Shares issued as of 31 December 2005 13,726,720 10 365/365 13,726,720
Nature and purpose of other reserves
Revaluation reserve for property and equipment
The revaluation reserve for property and equipment is used to record increases in the fair value of buildings and decreases to the extent that such decrease relates to an increase on the same asset previously recognised in equity.
Revaluation reserve for financial assets
In revaluation reserve for financial assets changes in fair value of available-for-sale financial assets are accounted for.
Reserve of foreign currency translation
The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries.
Legal reserve
The legal reserve is created as required by the regulations of the Republic of Lithuania and Republic of Latvia, in respect of general risks, including future losses and other unforeseen risks or contingencies. The fund has been created in accordance with the Group’s charter, which provides for the creation of a fund for these purposes of not less than 10% of the Group’s share capital reported in accordance with Lithuanian Legislation.
Reserve capital
Reserve capital can be either offset against future losses or used for the share capital increase but cannot be dis- tributed in any other manner.
Other general reserves
Other general reserves represent funds which can be freely distributed by the equity holders of the parent and does not have any specific designation.
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(LTL thousand)
20. Earnings per Share
2006 2005 Net profit attributable to Bank shareholders 61,644 44,643 Dividends attributable to preferred shares (2,000) - Profit attributable to ordinary shares 59,644 44,643 Weighted average number of ordinary shares as of 31 December 2006 (thousand) 13,727 13,727 Number of shares after share split (thousand)* 137,270 137,270 Basic earnings per oridinary share (LTL) 0.43 0.33 Diluted earnings per ordinary share (LTL) 0.43 0.33
*In January 2007 the par value of ordinary shares was decreased from LTL 10 to LTL 1 by increasing the number of shares respectively.
On the 17 November 2006 the Bank has registered a new emission of LTL 20,000 thousand nominal amount pre- ferrence shares. Preference shares are without voting rights and with 10% non cumulative dividends. Once the dividends are declared, LTL 2,000 thousand is to be paid for these shares.
The Group has been granted subordinated loans that can be converted into shares, but because neither the con- version date nor conversion terms are reliably set, diluted earnings can not be calculated and therefore corre- sponds to basic earnings per share.
21. Dividends per Share
2006 2005 Dividends paid 9,608 9,609 Number of shares after share split (thousand) (Note 20) 137,270 137,270 Dividends per ordinary share (LTL) 0.7 0.7
22. Commitments and Contingencies
Legal
In the ordinary course of business, the Group is subject to legal actions and complaints. Management believes that the ultimate liability, if any, arising from such actions or complaints will not have a material adverse effect on the financial condition or the results of future operations of the Group.
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(LTL thousand)
22. Commitments and Contingencies (cont’d)
Financial commitments and contingencies
As of 31 December, the Group’s financial commitments and contingencies comprised the following:
2006 2005 Credit related commitments Credit commitments 413,494 357,193 Issued guarantees 26,284 11,644 439,778 368,837 Less - Provisions (204) (114) Financial commitments and contingencies 439,574 368,723
Below are presented future lease payments of the Group under operating lease agreements:
Within one year 2,260 950 From one to five years 10,298 2,138 Total 12,558 3,088
23. Net Fee and Commission Income
Net fee and commission income comprises of:
2006 2005 Settlement operations 20,106 15,883 Payment card servicing 29,078 15,608 Commissions for other payments 14,190 7,912 Cash collection 8,769 4,844 Collection of payments for utilities 6,043 4,513 Currency exchange operations 2,807 2,279 Securities’ operations 3,365 1,209 Guarantees and letters of credit 972 794 Other income 8,551 2,219 Fee and commission income 93,881 55,261 Settlement operations 1,967 3,401 Payment card servicing 7,131 3,199 Exaction fee 562 1,279 Commissions to suppliers 1,097 1,017 Cash collection 1,022 819 Securities’ operations 1,718 662 Intermediary services - 300 Currency exchange operations 105 55 Guarantees - 5 Other expenses 4,734 941 Fee and commission expense 18,336 11,678 Net fee and commission income 75,545 43,583
161 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Notes to 2006 Consolidated Financial Statements
(LTL thousand)
24. Gains less Losses from Transactions with Financial Assets at Fair Value through Profit or Loss
Net result from transactions with financial assets at fair value through profit or loss comprises of:
2006 2005 Trading result (9,410) (2,905) Revaluation result 3,926 (8,470) Gains less losses from securities at fair value through profit or loss (5,484) (11,375)
25. Gains less Losses from Transactions with Derivative Instruments
Net result from transactions in derivative instruments comprises of:
2006 2005 Realised gain from derivative instruments 920 2,842 Unrealised gain (loss) derivative instruments 3,880 (5,409) Gains less losses from derivative instruments 4,800 (2,567)
26. Gains less Losses from Transactions in Foreign Currencies
Net result from transactions in foreign currencies comprises of:
2006 2005 Realised gain 25,008 10,077 Unrealised gain 539 8,398 Net foreign exchange gain 25,547 18,475
Realised gain represents foreign currency dealing result. Unrealised gain appears during balance sheet revalu- ation.
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(LTL thousand)
27. Other Income
Other income comprise:
2006 2005 Change in fair value of investment property 4,761 4,801 Income from sale of assets 1,601 2,007 Other income 5,745 1,200 Other income 12,107 8,008
28. Salaries, Benefits and Other Operating Expenses
Salaries and benefits, and other operating expenses comprise:
2006 2005 Salaries and benefits 65,014 34,174 Social security costs 16,962 9,955 Salaries and benefits 81,976 44,129
Repair and maintenance of property and equipment 12,062 5,794 Marketing, advertising and representation 10,069 6,334 Communications 9,060 5,308 Rent 6,784 2,362 Taxes, other then income tax 6,613 4,861 Charity 3,392 402 Legal and other consultancy 2,946 1,604 Security 2,870 1,581 Loss on disposal property and equipment 2,451 178 Data processing 1,671 1,699 Stationery 1,143 538 Business travel and other related expenses 1,010 491 Personnel training 496 267 Other 11,140 4,016 Other operating expenses 71,707 35,435
163 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Notes to 2006 Consolidated Financial Statements
(LTL thousand)
29. Business Combination
Acquisition in 2006
On 1 April 2006 Latvija Krājbanka A/S has acquired the remaining 50% of the shares having the voting rights of Ieguldijumu Sabiedrība Astra Fondi A/S, which is engaged in management of pension funds. In such a way Ieguldijumu Sabiedrība Astra Fondi A/S became a subsidiary of the Group and is fully consolidated in these financial statements since the date of acquisition.
According to the share purchase agreement, Latvijas Krājbanka A/S has to make additional payments to the former shareholders of Ieguldījumu Sabiedrība Astra Fondi A/S until 31 December 2020. The payment amount will be calculated based on the average annual value of the pension fund. According to International Financial Reporting Standards the acquisition value is the amount of the payment made, including payments expected to be made in the future. As a result, in calculations of present value of future payments, the acquisition value of Ieguldījumu Sabiedrība Astra Fondi A/S has been increased by LTL 1,186 thousand at the date of the transaction.
The fair value of assets, liabilities and contingent liabilities of Ieguldijumu Sabiedrība Astra Fondi A/S as at the date of acquisition were:
Recognised on acquisition Carrying value Net balances of loans and placements with credit institutions 506 506 Held-to-maturity financial assets and financial assets at fair value through profit or loss 690 690 Loans to non-banking clients 10 10 Property and equipment 30 30 Intangible assets 10 10 Pension funds portfolio* 1,182 - Other assets 4 10 2,432 1,256 Total liabilities 60 60
Fair value of net assets 2,372 Group’s share of the fair value of net assets (50%) 1,186 Goodwill arising on acquisition - Consideration paid 1,186
*After the acquisition of A/S “Ieguldijumu sabiedrība Astra Fondi” the Group has performed the fair value estimation of its assets. The valuation showed that at the date of this acquisition the Group had acquired the right to manage pension funds portfolio. This right was recognized as an intangible asset (Note 11).
From the date of the acquisition until 31 December 2006 the revenues and net profit of A/S “Ieguldijumu sabiedrība Astra Fondi” amounted to respectively LTL 157 thousand and LTL 64 thousand. The net cash inflow from acquisition was not significant. If the bussines combination had taken place at the beginning of the year, the renvenues and the profit of the Group would not be materially different.
164 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Notes to 2006 Consolidated Financial Statements
(LTL thousand)
29. Business Combination (cont’d)
Acquisition in 2005
On 22 September 2005, the Bank acquired 83.01% of the voting shares of Latvijas Krājbanka A/S. The fair value of identifiable assets, liabilities and contingent liabilities of Latvijas Krājbanka A/S as at the date of acquisition were:
Recognised on acquisition Carrying value (restated) Cash and demand deposits with the Bank of Latvia 76,875 76,875 Net balances due from credit institutions 81,981 81,966 Loans to non-banking clients 713,141 731,257 Financial assets (Held-to-maturity, Financial assets at fair value through profit or loss) 172,268 167,232 Property and equipment 46,016 32,237 Intangible assets 18,805 4,396 Other assets 27,921 36,862 1,137,007 1,130,825
Amounts due to credit institutions (75,299) (75,274) Amounts due to customers (921,230) (911,788) Subordinated loan (16,872) (16,867) Deferred income tax liability (2,202) - Other liabilities (27,335) (52,489) Minority interest (16,027) (12,642) (1,058,965) (1,069,060)
Fair value of net assets 78,042 Goodwill arising on acquisition - Consideration paid 78,042
The total consideration of the combination was LTL 78,042 thousand and was paid entirely in cash. The net cash inflow on acquisition was as follows:
Cash (paid) (78,042) Less: Cash 56,831 Cash equivalents 81,966 Cash and cash equivalents 138,797 Net cash inflow 60,755
The fair value adjustments at 31 December 2005 were provisional as the Group had sought an independent appraisal of the intangible assets owned by Latvijas Krājbanka A/S.
The appraisal of intangible assets was received in December 2006 and showed that the fair value of intangible assets at the date of acquisition was LTL 18,805 thousand, i.e. LTL 14,409 thousand compared to the provisional value recognised in the balance sheet of Latvijas Krājbanka A/S. The increase was caused by recognition of Latvijas Krājbanka brand name, non-contractual customer relationships and core deposit intangible.
165 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Notes to 2006 Consolidated Financial Statements
(LTL thousand)
29. Business Combination (cont’d)
Year 2005 comparative information has been restated to reflect this adjustment. The value of intangible assets was increased by LTL 14,409 thousand and deferred tax liability was recognised in amount of LTL 2,202 thousand (Note 12). There was no goodwill remaining after the restatement. The increased amortisation charge on intan- gible assets from the acquisition date in 2005 amounted to LTL 337 thousand.
From the date of the combination up untill 31 December 2005, Latvijas Krājbanka A/S contributed LTL 3,360 thousand to the net profit of the Group. If the combination had taken place at the beginning of the year, the profit of the Group would have been LTL 52,593 thousand, net interest income – LTL 122,434 thousand.
30. Segment Reporting
For the purposes of this analysis, the Group’s activities were divided into two main geographical segments: Lithuania (the Bank and its subsidiaries in Lithuania) and Latvia (subsidiaries in Latvia - Latvijas Krājbanka A/S, Krājinvestīcijas SIA and Ieguldijumu Sabiedrība Astra Fondi A/S). The type of products and services included in each reported segment are the same. Transactions between the geographical segments are generally made on com- mercial terms and conditions. General corporate overheads were not allocated to the geographical segments.
Discontinued Lithuania Latvia operations Eliminations Group 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005 Total income from external customers 259,796 188,985 138,402 28,695 - - (667) (269) 397,531 217,411 Income from segments 202 140 465 129 - - (667) (269) - - Total income 259,998 189,125 138,867 28,824 - - (1,334) (538) 397,531 217,411 Profit before tax 59,060 47,395 20,009 3,822 - - - - 79,069 51,217 Income tax (11,269) (5,741) (2,821) (202) - - - - (14,090) (5,943) Minority interest - - (3,691) (631) - - - - (3,691) (631) Profit of subsidiary held for sale - - - - 356 - - - 356 - Net profit 47,791 41,654 13,497 2,989 356 - - - 61,644 44,643
Segment assets* 4,157,222 3,311,704 2,020,255 1,204,569 371,479 - (9,476) (8,703) 6,539,480 4,507,570 Segment liabilities* 3,988,295 3,128,730 1,902,251 1,116,877 334,403 - (33,729) (29) 6,191,220 4,245,578
Capital expenditure (including intangibles, excluding goodwill) - 18,970 - 1,735 - - - - 27,514 20,705 Depreciation and amor- tisation 8,452 7,954 9,827 2,157 - - - - 18,279 10,111 Change in impairment 8,116 5,728 543 (63) - - - - 8,659 5,665 Number of employees at the end of the period 1,079 941 870 874 - - - - 1,949 1,815
*Segment assets and liabilities are presented according to the companies’ location. Business segments are not identified by the management of the Group, as the Group does not measures the per- formance according to the business lines.
166 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Notes to 2006 Consolidated Financial Statements
(LTL thousand)
31. Financial Risk Management
Management of risk is fundamental to the banking business and is an essential element of the Group’s opera- tions. The main financial risks inherent to the Group’s operations are those related to credit, liquidity and changes in interest and foreign exchange rates. A summary description of the Group’s risk management policies in relation to those risks follows.
Credit risk
The Group takes on exposure to credit risk which is the risk that a counterparty will be unable to pay amounts in full when due. The Group structures the levels of credit risk by placing limits on the amount of risk accepted in relation to one borrower, or groups of borrowers, and to geographical and industry segments. Such risks are monitored on a recurring basis and subject to an annual or more frequent review.
The exposure to any one borrower including banks and brokers is further restricted by sublimates covering on and off-balance sheet exposures and daily delivery risk limits in relation to trading items such as forward foreign exchange contracts. Actual exposures against limits are monitored daily.
Exposure to credit risk is managed through regular analysis of the ability of borrowers and potential borrowers to meet interest and capital repayment obligations and by changing these lending limits where appropriate. Exposure to credit risk is also managed in part by obtaining collateral and corporate and personal guarantees.
Financial assets, bearing credit risk, comprise deposits and funds at banks and other credit and financial insti- tutions, loans to customers, overdraft facilities, bills of exchange, factoring, debt securities (except for the ones issued by the central banks or governments of the A group countries), prepayments and income, accrued for these financial assets. Total amount of such assets as of 31 December 2006 was LTL 3,742,650 thousand of the Group (as of 31 December 2005 – LTL 2,270,953 thousand).
167 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Notes to 2006 Consolidated Financial Statements
(LTL thousand)
31. Financial Risk Management (cont’d)
Geographical concentration
The geographical concentration of Group’s monetary assets and liabilities is set out below:
2006 Other Lithuania Latvia OECD countries Total Assets: Cash and cash equivalents 406,437 571,370 481,256 295,537 1,754,600 Financial assets at fair value through profit or loss 145,202 81,619 199,866 40,323 467,010 Amounts due from credit institutions 2,201 - 144,485 26,316 173,002 Available-for-sale financial assets 983 - 837,331 28,172 866,486 Assets of classified subsidiary held for sale - - 371,479 - 371,479 Held-to-maturity financial assets - 66,332 73,114 5,841 145,287 Loans to customers, net 1,170,210 919,628 68,982 379,040 2,537,860 Investment property 18,381 - - - 18,381 Property and equipment 83,723 49,504 - - 133,227 Intangible assets 2,278 16,912 - - 19,190 Other assets 41,931 9,783 1,042 202 52,958 1,871,346 1,715,148 2,177,555 775,431 6,539,480 Liabilities: Amounts due to credit institutions 52,695 195,114 549,554 100,217 897,580 Derivative financial liabilities 411 1,256 - - 1,667 Liabilities of subsidiary classified as held for sale - - 361,344 - 361,344 Debt securities issued 8,324 - - - 8,324 Amounts due to customers 2,095,062 1,539,087 246,866 840,597 4,721,612 Deferred income tax liabilities 3,631 5,614 - - 9,245 Provisions 204 - - - 204 Other liabilities 70,016 11,911 834 108,483 191,244 2,230,343 1,752,982 1,158,598 1,049,297 6,191,220 Net balance sheet position (358,997) (37,834) 1,018,957 (273,866) 348,260 Net off-balance sheet position (315,873) (66,725) (1,623) (29,272) (413,493) Net off balance sheet position – financial commitments and contingencies (674,870) (104,559) 1,017,334 (303,138) (65,233)
168 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Notes to 2006 Consolidated Financial Statements
(LTL thousand)
2005 Other Lithuania Latvia OECD countries Total Assets: Cash and cash equivalents 372,364 185,848 569,689 166,258 1,294,159 Financial assets at fair value through profit or loss 173,811 64,490 634,511 59,019 931,831 Amounts due from credit institutions 18 - 37,177 - 37,195 Available-for-sale financial assets - - - - - Assets of classified subsidiary held for sale - - - - - Held-to-maturity financial assets - 81,275 71,918 3,003 156,196 Loans to customers, net 765,050 743,077 116,536 241,199 1,865,862 Investment property 9,763 - - 7,293 17,056 Property and equipment 79,516 45,421 - - 124,937 Intangible assets 11,287 8,058 - - 19,345 Other assets 40,648 8,439 10,741 1,161 60,989 1,452,457 1,136,608 1,440,572 477,933 4,507,570 Liabilities: Amounts due to credit institutions 91,712 80,793 296,514 97,000 566,019 Derivative financial liabilities 134 422 - - 556 Liabilities of subsidiary classified as held for sale - - - - - Debt securities issued 16,713 - - - 16,713 Amounts due to customers 1,482,003 954,133 184,485 863,420 3,484,041 Deferred income tax liabilities 3,712 6,955 - - 10,667 Provisions 114 - - - 114 Other liabilities 69,816 7,704 772 89,176 167,468 1,664,204 1,050,007 481,771 1,049,596 4,245,578 Net balance sheet position (211,747) 86,601 958,801 (571,663) 261,992 Net off-balance sheet position - 19,132 316,321 204,459 539,912 Net off balance sheet position – financial commitments and contingencies (211,747) 105,733 1,275,122 (367,204) 801,904
169 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Notes to 2006 Consolidated Financial Statements
(LTL thousand)
31. Financial Risk Management (cont’d)
Market risk
The Group bears market risks. Market risks arise from open positions in interest rate, currency and equity products, all of which are exposed to general and specific market changes. The Group manages market risk through periodic estimation of potential losses that could arise from adverse changes in market conditions and estab- lishing and maintaining appropriate stop-loss limits and margin and collateral requirements.
Currency risk
The Group takes on exposure to effects of fluctuations in the prevailing foreign currency exchange rates on its financial position and cash flows.T he management sets limits on the level of exposure by currency and in total for both overnight and intra-day positions, which are monitored daily. The assets and liabilities of the Group in foreign currencies denominated in Litas according to the official exchange rate as of the year ends are presented below:
2006 LTL LVL USD EUR Other Total Assets: Cash and cash equivalents 343,149 539,445 561,462 214,541 96,003 1,754,600 Financial assets at fair value through profit or loss 145,202 59,170 199,507 63,131 - 467,010 Amounts due from credit institutions 18 - 99,874 73,110 - 173,002 Available-for-sale financial assets 985 - 427,031 438,470 - 866,486 Assets classified as subsidiary held for sale - - - - 371,479 371,479 Held-to-maturity financial assets - 66,332 6,372 72,583 - 145,287 Loans to customers, net 1,077,234 416,594 431,225 612,807 - 2,537,860 Investment property 18,381 - - - - 18,381 Property and equipment 83,723 49,504 - - - 133,227 Intangible assets 2,278 16,912 - - - 19,190 Other assets 36,379 9,018 1,208 6,268 85 52,958 1,707,349 1,156,975 1,726,679 1,480,910 467,567 6,539,480 Liabilities: Due to credit institutions 43,350 89,593 512,364 250,152 2,121 897,580 Derivative financial liabilities 411 1,256 - - - 1,667 Liabilities of subsidiary classified as held for sale - - - - 361,344 361,344 Debt securities issued 8,324 - - - - 8,324 Amounts due to customers 1,603,722 1,227,810 1,103,557 729,522 57,001 4,721,612 Deferred income tax liabilities 3,631 5,614 - - - 9,245 Provisions 158 - 1 45 - 204 Other liabilities 58,259 10,996 25,440 94,847 1,702 191,244 1,717,855 1,335,269 1,641,362 1,074,566 422,168 6,191,220 Net balance sheet position (10,506) (178,294) 85,317 406,344 45,399 348,260 Net off balance sheet position - derivatives (312,914) (33,955) (28,264) (38,360) - 413,493 Net off balance sheet position - financial commitments and contingencies (323,420) (212,249) 57,053 367,984 45,399 (65,233)
170 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Notes to 2006 Consolidated Financial Statements
(LTL thousand)
31. Financial Risk Management (cont’d)
2005 LTL LVL USD EUR Other Total Assets: Cash and cash equivalents 300,415 158,182 630,036 137,632 67,894 1,294,159 Financial assets at fair value through profit or loss 173,811 52,371 216,781 488,868 - 931,831 Amounts due from credit institutions 18 14,627 22,550 - 37,195 Available-for-sale financial assets ------Assets classified as subsidiary held for sale ------Held-to-maturity financial assets - 3,233 7,011 145,952 - 156,196 Loans to customers, net 647,298 370,096 485,473 362,995 - 1,865,862 Investment property 9,763 - - - 7,293 17,056 Property and equipment 79,516 45,421 - - - 124,937 Intangible assets 11,287 8,058 - - - 19,345 Other assets 37,021 8,440 1,716 13,722 90 60,989 1,259,129 645,801 1,355,644 1,171,719 75,277 4,507,570 Liabilities: Due to credit institutions 90,357 17,790 65,579 388,908 3,385 566,019 Derivative financial liabilities 134 411 - 11 - 556 Liabilities of subsidiary classified as held for sale - Debt securities issued 16,713 - - - - 16,713 Amounts due to customers 1,092,750 751,426 1,142,440 438,257 59,168 3,484,041 Deferred income tax liabilities 3,712 6,955 - - - 10,667 Provisions 114 - - - - 114 Other liabilities 61,399 5,980 8,178 91,816 95 167,468 1,265,179 782,562 1,216,197 918,992 62,648 4,245,578 Net balance sheet position (6,050) (136,761) 139,447 252,727 12,629 261,992 Net off balance sheet position - derivatives - 38,552 257,205 244,155 - 539,912 Net off balance sheet position - financial commitments and contingencies (6,050) (98,209) 396,652 496,882 12,629 801,904
The Group’s principal cash flows (revenues, operating expenses) are largely generated in Lithuanian Litas.
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(LTL thousand)
31. Financial Risk Management (cont’d)
Interest rate risk
The Group takes on exposure to the effects of fluctuations in the prevailing levels of market interest rates on its financial position and cash flows. Interest margins may increase as a result of such changes but may reduce or create losses in the event that unexpected changes arise. The Board sets limits on the level of mismatch of interest rate reprising that may be undertaken, which is monitored daily.
The tables below summarize the Group’s exposure to the interest rate risk. Assets and liabilities of the Group are presented at carrying amounts and categorized by the contractual reprising or maturity dates:
2006 Less than 1 to 3 months to Over Undefined 1 month 3 months 1 year 1 to 5 years 5 years maturity Total Assets Cash and cash equivalents 507,616 181 26,456 - - 1,220,347 1,754,600 Financial assets at fair value through profit or loss 5,292 29,520 107,124 256,312 20,681 48,081 467,010 Amounts due from credit institutions 2,183 133,200 22,964 - - 14,655 173,002 Available-for-sale financial assets 3,738 321 29,957 756,700 75,770 - 866,486 Assets of subsidiary classified as held for sale - - - - - 371,479 371,479 Held-to-maturity financial assets - - 131,485 7,526 6,276 - 145,287 Loans to customers, net 158,022 918,685 932,476 486,192 40,040 2,445 2,537,860 Other assets - - - - - 223,756 223,756 676,851 1,081,907 1,250,462 1,506,730 142,767 1,880,763 6,539,480 Liabilities Due to credit institutions 748,917 26,837 53,662 55,799 - 12,365 897,580 Derivative financial liabilities - - - - - 1,667 1,667 Liabilities of subsidiary classified as held for sale - - - - - 361,344 361,344 Debt securities issued - - 8,324 - - - 8,324 Amounts due to customers 798,503 400,640 1,309,348 284,654 3,450 1,925,017 4,721,612 Subordinated loans 19 946 - - 107,059 - 108,024 Other liabilities - - - - - 92,669 92,669 Equity - - - - - 348,260 348,260 1,547,439 428,423 1,371,334 340,453 110,509 2,741,322 6,539,480 Total interest sensitivity gap (870,588) 653,484 (120,872) 1,166,277 32,258 (860,559) -
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(LTL thousand)
31. Financial Risk Management (cont’d)
2005 Less than 1 1 to 3 months to Over Undefined month 3 months 1 year 1 to 5 years 5 years maturity Total Assets: Cash and cash equivalents 378,165 17,465 - - - 898,529 1,294,159 Financial assets at fair value through profit or loss 155,584 68,943 80,022 544,598 76,585 6,099 931,831 Amounts due from credit institutions - - 22,550 - - 14,645 37,195 Loans to customers 88,266 698,432 715,398 312,680 23,146 27,940 1,865,862 Available-for-sale financial assets ------Held-to-maturity financial assets 39,211 - 86 115,125 - 1,774 156,196 Other assets - - - - - 222,327 222,327 661,226 784,840 818,056 972,403 99,731 1,171,314 4,507,570
Liabilities: Due to credit institutions 435,483 58,335 48,866 - - 23,335 566,019 Derivative financial liabilities - - - - - 556 556 Due to customers 639,784 273,709 856,217 171,033 21,439 1,521,859 3,484,041 Debt securities issued - - 16,713 - - - 16,713 Subordinated debts - 800 - 19,162 69,056 - 89,018 Other liabilities - - - - - 89,231 89,231 Equity - - - - - 261,992 261,992 1,075,267 332,844 921,796 190,195 90,495 1,896,973 4,507,570 Total interest sensitivity gap (414,041) 451,996 (103,740) 782,208 9,236 (725,659) -
As of 31 December, the effective average interest rates for interest bearing financial instruments were as follows:
2006 2005 % % Financial assets at fair value through profit or loss 2.5 - 11 3.4 - 6.07 Amounts due from credit institutions 3.25 - 5.5 2.3 - 4.426 Amounts due to credit institutions 3.7 - 7 2.5 - 4.0 Loans to customers 3 - 13 4.21 - 8.23 Amounts due to customers 2.6 - 5.4 2.91 - 4.09 Held-to-maturity financial assets 2.5 - 6.15 2.5 - 9.75 Other borrowed funds 7.0 - 8.6 7.0
173 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Notes to 2006 Consolidated Financial Statements
(LTL thousand)
31. Financial Risk Management (cont’d)
Liquidity Risk
Liquidity risk refers to the availability of sufficient funds to meet deposit withdrawals and other financial commit- ments associated with financial instruments as they actually fall due. In order to manage liquidity risk, the Group performs daily monitoring of future expected cash flows on clients’ and banking operations, which is a part of assets/liabilities management process. The Management Board sets limits on the minimum proportion of maturing funds available to meet deposit withdrawals and on the minimum level on interbank and other borrowing facilities that should be in place to cover withdrawals at unexpected levels of demand.
The following tables provide an analysis of banking assets and liabilities grouped on the basis of the remaining period from the balance sheet date to the contractual maturity date.
2006 On Less than 1 1 to 3 months to Over Undefined demand month 3 months 1 year 1 to 5 years 5 years maturity Total Assets: Cash and cash equivalents 1,220,347 507,616 181 26,456 - - - 1,754,600 Financial assets at fair value through profit or loss - 5,292 24,228 80,756 272,150 36,503 48,081 467,010 Amounts due from credit institutions - 2,182 133,200 22,964 - - 14,656 173,002 Available-for-sale financial assets - 3,737 321 29,957 756,700 75,771 - 866,486 Assets of subsidiary classified as held for sale - - 371,479 - - - - 371,479 Held-to-maturity financial assets - - - 131,485 7,526 6,276 - 145,287 Loans to customers - 113,313 167,637 703,428 1,187,322 363,715 2,445 2,537,860 Other assets 10,246 2,348 1,076 1,413 49 19 208,605 223,756 1,230,593 634,488 698,122 996,459 2,223,747 482,284 273,787 6,539,480 Liabilities: Due to credit institutions 12,365 748,917 26,837 53,662 55,799 - - 897,580 Derivative financial lia- bilities - 1,558 15 94 - - - 1,667 Liabilities of subsidiary classified as held for sale - - 361,344 - - - - 361,344 Debt securities issued - - - 8,324 - - - 8,324 Amounts due to cus- tomers 1,925,014 798,503 400,640 1,309,348 284,654 3,450 3 4,721,612 Subordinated loans - 19 946 - - 107,059 - 108,024 Deferred income tax liabilities ------9,245 9,245 Provisions - 77 - 14 50 - 63 204 Other liabilities 17,773 45,919 593 5,723 22 - 13,190 83,220 1,955,152 1,594,993 790,375 1,377,165 340,525 110,509 22,501 6,191,220 Net position (724,559) (960,505) (92,253) (380,706) 1,883,222 371,775 251,286 348,260 Accumulated gap (724,559) (1,685,064) (1,777,317) (2,158,023) (274,801) 96,974 348,260 -
174 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Notes to 2006 Consolidated Financial Statements
(LTL thousand)
31. Financial Risk Management (cont’d)
Liquidity Risk
2005 On Less than 1 1 to 3 months to Over Undefined demand month 3 months 1 year 1 to 5 years 5 years maturity Total Assets: Cash and cash equivalents 1,100,628 176,066 17,465 - - - - 1,294,159 Financial assets at fair value through profit or loss - 161,612 16,287 88,679 550,421 111,507 3,325 931,831 Amounts due from credit institutions - - 22,550 - - 14,645 37,195 Held-to-maturity financial assets - 39,211 - 86 115,125 - 1,774 156,196 Loans to customers 14,319 59,448 659,448 562,976 512,200 43,627 13,844 1,865,862 Other assets 3,627 2,373 9,832 2,860 350 387 202,898 222,327 1,118,574 438,710 703,032 677,151 1,178,096 155,521 236,486 4,507,570 Liabilities: Due to credit institutions 23,335 435,483 58,335 48,866 - - - 566,019 Derivative financial liabilities - 556 - - - - - 556 Debt securities issued - - - 16,713 - - - 16,713 Amounts due to customers 1,521,859 639,784 273,709 856,217 171,033 21,439 - 3,484,041 Subordinated loans - - 800 - 19,162 69,056 - 89,018 Deferred income tax liabilities ------10,667 10,667 Provisions ------114 114 Other liabilities 18,520 41,148 491 5,992 478 - 11,821 78,450 1,563,714 1,116,971 333,335 927,788 190,673 90,495 22,602 4,245,578 Net position (445,140) (678,261) 369,697 (250,637) 987,423 65,026 213,884 261,992 Accumulated gap (445,140) (1,123,401) (753,704) (1,004,341) (16,918) 48,108 261,992 -
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(LTL thousand)
32. Fair Values of Financial Instruments
The estimated fair value of financial instruments is made in accordance with the requirements of IAS 32 “Financial Instruments: Disclosure and Presentation”. Fair value is defined as the amount at which the instrument could be exchanged in a current transaction between knowledgeable willing parties on arm’s length conditions, other than in forced or liquidation sale. As no readily available market exists for a large part of the Group’s financial instruments, judgment is necessary in arriving at fair value, based on current economic conditions and the spe- cific risks attributable to the instrument.
The following methods and assumptions are used by the Group to estimate the fair value of these financial instruments:
Cash. Represents cash on hand which nominal amount approximates its fair value.
Balances with the Central Banks. The carrying amount approximates its fair value as these are current accounts at the Bank of Lithuania and Bank of Latvia.
Financial Assets at Fair Value Through Profit or Loss. The carrying amount approximates fair value of such investments as they are valued at market rates.
Held to Maturity Financial Assets. Fair value of held-to-maturity financial instruments amounted toLTL 143,877 thousand as 31 December 2006 (LTL 153,190 thousand 31 December 2005).
Amounts Due from and to Credit Institutions. For assets maturing within three months, the carrying amount approximates fair value due to the relatively short- term maturity of these financial instruments. For longer-term deposits, due to the re-pricing of assets to the market interest rates, the interest rates applicable approximate market rates and, consequently, the fair value approximate the carrying amounts.
Loans to Customers. The estimate was made by discounting of scheduled future cash flows of the individual loans through the estimated maturity using prevailing market rates as of the respective year-end. Based on the estimates the fair value approximates the carrying amounts.
Amounts Due to Customers. For balances maturing within three months the carrying amount approximates fair value due to the relatively short maturity of these financial instruments. For longer term fixed interest bearing deposits and other borrowings the estimated fair value is based on discounted cash flows using interest rates for new debts with similar remaining maturity. The fair value approximates the carrying amounts.
Debt Securities Issued. These amounts include securities with interest rates, which reflect market interest rates and, consequently, the fair value approximates the carrying amounts.
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(LTL thousand)
33. Related Party Transactions
In accordance with IAS 24 “Related Party Disclosures”, parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or ope rational decisions. In considering each possible related party relationship, attention is directed to the substance of the relationship, not merely the legal form.
Related parties may enter into transactions which unrelated parties might not, and transactions between related parties may not be effected on the same terms, conditions and amounts as transactions between unrelated parties.
The volumes of related party transactions and their balances in 2006 and 2005 are as follows:
2006 2005 Share- Key management Share- Key management holders Associates personnel* holders Associates personnel* Loans outstanding at January 1, gross - - 1,173 83 - 582 Loans issued during the year 79 - 288 - 8,709 59 Loan repayments during the year (79) - (364) (83) - (155) Loans outstanding at 31 December, gross - - 1,097 - 8,709 486 Less: allowance for impairment at 31 December ------Loans outstanding at 31 December, net - - 1,097 - 8,709 486
Interest income on loans 1 40 4 10 16 Due from banks as of 1 January 143,670 - - 39,543 - - Due from at banks as of 31 December 52,311 - - 143,670 - - Due to banks as of 1 January 2,131 - - 18,319 - - Due to banks as of 31 December 1,716 - - 2,131 - - Deposits as of 1 January 4 - 1,070 - 30 524 Deposits received per year 88,025 - 4,089 4 - 1,013 Deposits withdrawn per year 87,942 - 4,722 - - - Deposits as of 31 December 87 - 437 4 30 1,537 Interest expense on deposits - - 31 - - 72
*Key management personnel include president of the Bank and his vice-presidents.
Compensation of key management personnel was comprised of the following:
2006 2005 Salaries and other short-term benefits 2,675 1,095 Social security costs 334 339 Total key management compensation 3,009 1,434
Salaries are shown with the bonuses to the key management.
As of 14 September 2005 the Bank also received a subordinated loan from its controling shareholder, who is a private individual. As of 31 December 2006 the outstanding amount of subordinated loan, including accrued interest, amounted to LTL 70,002 thousand (LTL 69,856 thousand as of 31 December 2005) (Note 15).
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(LTL thousand)
34. Capital Adequacy
The Bank of Lithuania and Latvian Financial and Capital Market Commission (FCMC) require banks in Lithuania and Latvia respectively to maintain a capital adequacy ratio of 8%, computed based on requirements of respective regulator, Group’s capital adequacy is calculated based on Bank of Lithuania requirements. As of 31 December 2006 and 2005, the Group’s capital adequacy ratio on this basis exceeded the statutory minimum.
Capital adequacy ratios of the Group for the year 2006 can be specified as follows (%):
31 December 2005 9.60 31 March 2006 9.34 30 June 2006 8.51 30 September 2006 10.08 31 December 2006 8.95
Capital adequacy ratio calculation summary is presented in the table below.
2006 2005 Capital adequacy calculation, the Group Nominal Weighted Nominal Weighted Tier 1 equity items 194,256 194,256 141,571 141,571 Tier 2 equity items 150,934 150,934 123,205 123,205 Deductions from capital (34,522) (34,522) (15,361) (15,361) Eligible capital 310,668 310,668 249,415 249,415 Risk weighted assets 0% risk assets 2,019,479 - 743,834 - 20% risk assets 1,145,361 229,072 764,375 152,875 50% risk assets 216,183 108,092 129,762 64,881 100% risk assets 2,656,765 2,656,765 1,918,542 1,918,542 Off balance sheet risk weighted commitments 439,818 200,287 369,538 185,687 Trading book requirement 757,989 276,713 934,908 276,775 Total risk exposure 3,470,929 2,598,760 Capital adequacy ratio 8,95 9,6
178 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Notes to 2006 Consolidated Financial Statements
(LTL thousand)
35. Subsequent events
Subsequent events after balance sheet date are as follows:
• In January 2007 par value of ordinary shares was decreased from LTL 10 to LTL 1 by increasing the number of shares respectively.
• As of 12 January 2007 registered increase in share capital to LTL 212,174,080.
• As of 5 February 2007 transferred ownership of Conversbank (UK) Ltd.
• As of 19 February 2007 Mr.Vladimir Antonov and Mr. Raimondas Baranauskas acquired 93.75% ordinary shares of the Bank.
Following profit appropriation project for Bankas Snoras AB is presented by the management of the Bank:
2006 2005 Unappropriated retained earnings at the beginning of the period, as reported earlier 24,471 10,127 Effect of changes in accounting policies - (8,475) Unappropriated retained earnings at the beginning of the period 24,471 1,652 Transfer of revaluation reserve to the retained earnings 2 Current year result 51,856 40,669 Unappropriated retained earnings 76,329 42,321 Unappropriated retained earnings due to the shareholders’ decision made on 7 December 2006 regarding capital increase from retained earnings (15,887) -
Unappropriated retained earnings to be distributed 60,442 42,321 Distribution: To reserve capital 7,400 6,000 To reserve for purchase of own shares - 207 To other general reserves 3,022 2,034 To pay dividends 25,061 9,609 Undistributed retained earnings carried to next year 24,959 24,471
It is planned that the shareholders will approve LTL 350 thousand tantiemas allocation to the members of the supervisory council and the board. The respective amount was accumulated in the financial statements of the Group.
179 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Notes to 2006 Consolidated Financial Statements
(LTL thousand)
36. Discontinued Operations
As of 29 September 2006, Mr. V. Antonov, the main shareholder of the Group, transferred the control of Conversbank (UK) Ltd. to the Bank (Note 1). With transfer of control, the Bank accounted for the liability to Mr. V. Antonov in amount of LTL 26,941 thousand. The control was transferred until the main shareholder of the Group Mr. V. Antonov is granted the permission of Great Britain Financial Service Authority (FSA) to control this bank.
In October 2006, based on the order of Fiancial Services Authority, Conversbank (UK) Ltd. share capital was increased by GBP 1,900 thousand (LTL 9,779 thousand). Bankas Snoras AB acquired entire issue of the shares.
In the beginning of 2007 all licences were received and all rights and responsibilities pertaining to Conversbnak (UK) Ltd. were transferred to Mr. V. Antonov on 5 February 2007. Taking into consideration that the Bank had a strong intention to transfer Conversbank (UK) Ltd. shares and following IFRS 5 requirements, this investment should be treated as held for sale.
Years ended 31 December 2006 Assets Cash and cash equivalents 65,596 Deposits’ certificate acquired 576 Held-to-maturity financial assets 236,223 Property and equipment 51,689 Other assets 2,064 Total assets 356,148
Goodwill 15,331
Total assets, directly associated with the subsidiary classified as held for sale 371,479 Liabilities Amounts due to customers 322,303 Subordinated loans 9,779 Other liabilities 2,321
Total liabilities 334,403
Liability for the subsidiary acquired for sale 26,941
Total liabilities, directly associated with subsidiary classified as held for sale 361,344
180 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Notes to 2006 Consolidated Financial Statements
(LTL thousand)
Information Disclosures Required by Laws
According to requirements of the decision of the Bank of Lithuania No. 128 dated as of 22 July 2004 the Bank must prepare consolidated financial information excluding Group companies not engaged in financial activities. Such a Financial Group does not comprise a group as defined by IAS 27.
In 2006 Vilnius Kapitalo Vystymo Projektai UAB, Krājinvesticijas SIA and Snoro Investicijų Valdymas UAB were not included the Financial Group. In 2005 besides those companies Snoro Fondų Valdymas UAB (former Interfa UAB) was not included in the Financial Group, which is engaged in activities related to real estate.
Balance sheets
Bank Financial Group 2006 2005 2006 2005 Assets 964,575 1,083,733 Cash and cash equivalents 1,754,322 1,294,135 379,441 853,017 Financial assets at fair value through profit or loss 467,010 931,831 158,364 22,568 Amounts due from credit institutions 173,002 37,195 902,222 - Available-for-sale financial assets 865,502 - - - Assets of subsidiary classified as held for sale 371,479 - 73,114 71,918 Held-to-maturity financial assets 145,287 156,196 1,552,173 1,079,155 Loans to customers, net 2,553,814 1,898,694 - - Investments to associates - 600 85,707 92,281 Investments to subsidiaries 7,739 8,239 - - Investment property - 17,056 80,668 73,422 Property and equipment 130,949 119,200 2,524 1,172 Intangible assets 19,190 15,357 12,619 20,469 Other assets 26,532 14,878 4,211,407 3,297,735 Total assets 6,514,826 4,493,381
Liabilities 646,466 436,505 Amounts due to credit institutions 870,592 557,027 411 134 Derivative financial liabilities 1,667 556 26,914 - Liabilities associated with subsidiary held for sale 361,344 - 8,324 16,713 Debt securities issued 8,324 16,713 3,107,308 2,487,022 Amounts due to customers 4,722,375 3,486,584 70,002 69,856 Subordinated loans 108,024 89,018 5,179 - Current income tax liabilities 5,179 7,803 3,171 3,492 Deferred income tax liabilities 8,785 10,447 140 51 Provisions 140 51 42,521 42,615 Other liabilities 77,591 63,196 3,910,463 3,056,388 Total liabilities 6,164,021 4,231,395
Equity 157,267 137,267 Share capital 157,267 137,267 67,348 61,759 Reserves 67,754 62,195 76,329 42,321 Retained earnings 96,350 47,928 300,944 241,347 Total equity attributable to equity holders of the parent 321,371 247,390 - - Minority interest 29,434 14,596 300,944 241,347 Total equity 350,805 261,986
4,211,407 3,297,735 Total equity and liabilities 6,514,826 4,493,381
181 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Notes to 2006 Consolidated Financial Statements
(LTL thousand)
Information Disclosures Required by Laws (cont‘d)
Income statements
Bank Financial Group 2006 2005 2005 2005 Interest income 89,769 65,395 On loans to customers 191,780 109,931 35,775 29,917 On debt securities 41,979 31,366 24,164 9,366 On loans and placements with credit institutions 34,681 10,081 149,708 104,678 268,440 151,378 Interest expense (63,248) (45,897) On deposits (106,088) (50,908) (4,562) (3,486) Placements from credit institutions (7,479) (7,162) (653) (153) On debt securities issued (653) (153) (3,071) (800) On subordinated loans (4,429) (1,088) (71,534) (50,336) (118,649) (59,311) 78,174 54,342 Net interest income 149,791 92,067 (204) (1,609) (Impairment) of interest earning assets (8,659) (5,665) Net interest income after impairment of interest 77,970 52,733 earning assets 141,132 86,402 68,795 59,293 Fee and commission income 93,925 55,723 (7,805) (7,151) Fee and commission expenses (18,332) (11,621) 60,990 52,142 Net fee and commission income 75,593 44,102
Gains less losses from transactions with financial assets (455) (11,380) at fair value through profit or loss (5,484) (11,375) Gains less losses from transactions with derivative 1,802 (4,246) instruments 4,800 (2,567) 18,454 16,742 Gains less losses from transactions in foreign currencies 25,551 18,477 2,133 3,843 Dividend income 47 35 805 281 Other income 5,538 1,246 22,739 5,240 Other income 30,452 5,816
(42,472) (33,259) Salaries and benefits (81,055) (43,515) (7,875) (7,457) Depreciation and amortisation (17,939) (10,150) (49,489) (23,815) Other operating expenses (68,641) (34,792) 40 368 Other (impairment and provisions) releases (5) 457 (99,796) (64,163) Operating expenses (167,640) (88,000) 61,903 45,952 Profit before income tax 79,537 48,320
(10,047) (5,283) Income tax expense (13,850) (5,723) - - Result of subsidiary held for sale 356 - 51,856 40,669 Profit before minority 66,043 42,597 Attributable to: - - Minority interest 3,691 631 51,856 40,669 Equity holders of the parent 62,352 41,966 51,856 40,669 Gross profit 66,043 42,597
182 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Notes to 2006 Consolidated Financial Statements
(LTL thousand)
Information Disclosures Required by Laws (cont‘d)
Statement of Changes in Shareholders’ Equity
The Bank Revaluation Financial reserve of assets Other Retained Share Share Reserve property and revaluation general earnings Total capital surplus capital equipment reserve reserves (loss) equity As of 31 December 2004 137,267 305 2,790 18,312 - 39,313 12,300 210,287 Net profit for the year ------40,669 40,669 Total income and expenses for the year ------40,669 40,669 Transfer to other general reserves - - - - - 1,039 (1,039) - Dividends ------(9,609) (9,609) As of 31 December 2005 137,267 305 2,790 18,312 - 40,352 42,321 241,347 Transfer of revaluation reserve to the retained earnings - - - (2) - - 2 - Revaluation of financial assets - - - - (2,650) - - (2,650) Total income and expense recognised directly in equity - - - (2) (2,650) - 2 (2,650) Net profit for the period ------51,856 51,856 Total income and expenses for the period - - - (2) (2,650) - 51,858 49,206 Increase of share capital 20,000 ------20,000 Dividends ------(9,608) (9,608) Transfer to reserve capital - - 6,000 - - - (6,000) - Transfer to other reserves - - - - - 2,241 (2,241) - As of 31 December 2006 157,267 305 8,790 18,310 (2,650) 42,593 76,329 300,944
183 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Notes to 2006 Consolidated Financial Statements
(LTL thousand)
Information Disclosures Required by Laws (cont‘d)
Statements of cash flows
Bank 2006 2005 Cash from banking activities Income (expenses) Interest income 143,099 96,830 Interest (expenses) (60,517) (36,047) Recovery of loans previously written-off 1,908 2,908 Income from foreign exchange operations, net 17,452 10,764 (Expenses) income from operations with securities, net (6,123) (3,639) Service fees and commission income, net 61,013 53,924 (Expenses) related to wages and salaries (41,559) (33,045) Other (expenses) (46,317) (31,583) Operating result 68,956 60,112 (Increase) decrease in assets Decrease (increase) in loans and placements with credit institutions (134,249) 145,127 (Increase) in loans (476,333) (442,557) (Increase) in securities 466,546 (261,635) Decrease (increase) in other assets 9,987 (8,985) (Increase) in assets (134,049) (568,050) Increase in liabilities Increase in amounts due to credit institutions 209,223 185,958 Increase in public deposits and letters of credit 610,317 1,039,518 (Decrease) increase in debt securities issued (7,736) 16,713 Increase in other liabilities 25,341 16,318 Increase in liabilities 837,145 1,258,507 Net cash flows from operating activities before taxes 772,052 750,569 Income tax (paid) (4,868) (1,030) Net cash from operating activities after taxes 767,184 749,539 Cash from (used in) investing activities (Acquisitions) of tangible and intangible fixed assets (16,474) (10,642) Cash (outflow) from acquisitions subsidiaries, net of cash (paid) (78,042) Disposals of tangible assets - - (Investments into) and redemption of held to maturity securities (882,393) (68,661) Dividends received 2,133 3,843 Net cash (used in) from investing activities (896,734) (153,502) Cash (used in) from financing activities Transfers to the equity 20,000 - Subordinated loans received - 69,056 Dividends (paid) (9,608) (9,609) Net cash from financing activities 10,392 59,447 Increase in cash (119,158) 655,484 Cash and cash equivalents at the beginning of the financial year 1,083,733 428,249 Cash and cash equivalents at the end of the financial year 964,575 1,083,733
184 WorldReginfo - 4e91f070-7a29-4ef6-b7a1-6116f02ff3f6 Informacija akcininkams ir investuotojams
Šią ataskaitą bei kitus nuolat atnaujinamus duomenis apie banką galima rasti banko interneto svetainėje adresu www.snoras.com.
Kontaktams:
Pavadinimas: AB bankas SNORAS Įmonės kodas: 112025973 Adresas: A.Vivulskio g. 7, LT-03221 Vilnius Telefonas: (8~5) 232 71 93 Faksas: (8~5) 232 73 00 El.paštas: [email protected]
Information for shareholders and investors
This report along with regularly updated information is available on the bank’s web site: www.snoras.com.
Contacts:
Name: AB Bankas SNORAS Company code: 112025973 Address: 7 A. Vivulskio str. , LT-03221 Vilnius Phone: +370 5 232 71 93 Fax: +370 5 232 73 00 e-mail: [email protected]
Информация для акционеров и инвесторов
Настоящий отчет и прочие регулярно обновляемые данные о банке можно найти на сайте банка, по адресу: www.snoras.com.
Контактная информация:
Название: АО банк СНОРАС (AB bankas SNORAS) Код предприятия: 112025973 Адрес: ул. А.Вивульске 7, LT-03221 Вильнюс Телефон: + 370 5 232 71 93 Факс: + 370 5 232 73 00 Эл. почта: [email protected]
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