DOCSLIB.ORG

Annual Report 2005

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report 2005 Annual Report 2005 Contents Contents Main Features of 2005 4 Financial highlights 5 Facts about Sparebanken Vest 6 Managing director Stein Klakegg 8 Group management 10 Corporate governance 12 The brand 16 Retail market 18 Corporate market 20 Subsidiaries 22 Risk and capital management 24 Visjon Vest 28 Personnel 30 Primary capital certifi cates 31 Directors’ report 32 Profi t and loss account - Group 41 Balance sheet - Group 42 Statement of cash fl ows - Group 44 Equity movements 45 Notes to the accounts - Group 46 Key fi gures 2001-2005 - Group 70 Key quarterly fi gures 2001-2005 - Group 73 Profi t and loss account - Parent Bank 77 Balance sheet - Parent Bank 78 Statement of cash fl ows - Parent Bank 80 Notes to the accounts - Parent Bank 81 Key fi gures 2001-2005 - Parent Bank 110 Key quarterly fi gures 2001-2005 - Parent Bank 113 Auditor’s report 117 Control committee’s report 118 Organisational structure 119 Elected offi cers 120 Overview - notes to the accounts 124 Sparebanken Vest focuses on the West of Norway. Through the photos in the Annual Report the bank wishes to illustrate its diversity and commitment to its customers, employees and the regional culture. Published by Sparebanken Vest, the Information Department P.O. Box 7999, NO-5020 Bergen Tel.: +47 21 74 42 Fax: +47 55 21 72 89 www.spv.no Project management: Jørn Lekve and Anne Lise Urdal, Sparebanken Vest Design / layout: Creato Media AS Printing: Grafi sk Trykk AS Photos: Kai Berg, Morten Vee, NorPhoto AS, Robin Strand, Bente Synnevåg, Terje Rakke/Nordic Life, Egil Mathiesen, Øystein Klakegg, Erstad&Lekven and Marit Hommedal 3 Main features of 2005 Highlights • Sparebanken Vests recorded profi ts of NOK 475m after tax in 2005 • The bank’s fi nancial targets were reached, with a return on equity of 15.44%, against 11.54% in 2004, refl ecting earnings of 17.25 per PCC • NOK 100m of the profi t for the year has been allocated to gifts for the public benefi ts, with NOK 45m to be distributed in 2006 and NOK 55m allocated to the gift fund • The bank’s market shares have increased, with a net infl ow of 4 700 new retail customers and 400 corporate customers. An offi ce providing advisory services has also been opened in Florø • Total assets increased by NOK 8.2bn to NOK 54.6bn, mainly due to a sound increase in home mortgage loans • The level of net interest income, measured in kroner, was in line with the previous year and other income developed well • On 9 January 2006 Stein Klakegg, a graduate in economics and business administration, took over as managing director of Sparebanken Vest Main activities in the period ahead • A high level of activity related to the bank’s application for approval as an IRB bank • Establishing a lower cost level will entail personnel reductions • In January 2006 a new branch providing advisory and real estate services was opened in Haugesund. A new branch is also due to open in Etne in the course of 2006 • The decision to merge the regions of Sogn and Nordfjord and create one region - Sogn & Fjordane - refl ects a stronger focus on this county • The Western of Norway is characterised by optimism in the commercial sector, and the bank’s activities for the public benefi t will be directed at initiatives in the fi eld of commercial and social development • The bank expects to maintain a satisfactory level of earnings in the coming years, although the results for 2006 are likely to be slightly below the strong performance recorded in 2005 4 Financial highlights Financial Highlights - Sparebanken Vest Group (NOK million) 2005 2004 2003 2002 2001 Profi t and loss account Net interest income and credit commissions 972 960 903 876 787 Net operating income 471 406 353 115 183 Total operating expenses 875 819 747 722 684 Profi t before losses and write-downs 568 547 509 269 286 Loan write-downs and losses on guarantees (75) 60 114 166 86 Profi t before tax 643 487 395 103 200 BALANCE SHEET Total assets 54 680 46 457 40 351 35 449 32 367 Net lendings 46 565 41 089 36 559 31 838 28 762 Securities 3 155 2 966 2 347 2 083 1 812 Deposits from and debt to customers 27 333 24 871 22 237 22 192 19 349 Subordinated loan capital and equity 4 206 3 778 3 160 2 954 2 571 Key Ratios (%) Ratio of net interest income and credit commissions to average total assets 1.92 2.19 2.33 2.52 2.50 Ratio of profi t before tax to average total assets 1.27 1.11 1.02 0.30 0.63 Return on equity after tax 15.44 11.54 11.80 3.12 6.39 Loan loss ratio (0.16) 0.14 0.31 0.51 0.29 Change in gross loans to and receivables from customers 12.78 12.22 14.39 10.99 9.53 Change in deposits from and debt to customers 9.90 11.85 0.20 14.69 8.81 Net capital base (NOK mill.) 3 909 3 477 2 901 2 705 2 192 Capital ratio 11.36 11.28 10.48 11.07 9.93 Core capital ratio 9.95 9.56 8.38 8.63 9.68 Dividend per primary capital certifi cate (PCC) (NOK) 17.10 12.60 12.60 3.50 9.50 PCC price at year-end (NOK) 206.00 187.50 162.00 104.00 118.00 Effective return per PCC 16.59 23.52 59.13 (3.81) 0.00 Further information is shown in the summary of main fi gures and defi nitions on pages 70-72. 5 Facts about Sparebanken Vest More customers and a broader market area Sparebanken Vest exists on the strength of its customers. 2005 again saw a gratifying net infl ow of new customers and at year-end Sparebanken Vest was the main bank for 206 000 retail clients - an increase of more than 4 700 on the previous year. On the corporate side, the bank had 10 200 clients at year-end, refl ecting an increase of 400 in the course of the year. Sparebanken Vest and society The launch of a new The bank’s vision is to be a driving trademark and graphic force in the development of the profi le in 2004 has been social and commercial life of the a success. Customer West of Norway. Our main objective surveys show that the is to be an independent savings bank scores high marks for bank and the leading fi nancial recognisability, and we are services group based in the associated with the values West of Norway. we seek to represent. Sparebanken Vest strives to be Broader market area when its predecessor, Bergens a good and attractive work place, Today, Sparebanken Vest Sparebank, was founded. where our core values create is an independent, alliance-free and a workforce that is customer- a modern bank for the market area Vision and objectives oriented, skilled at forging represented by the counties of The bank’s business concept is customer relationships, and Hordaland and Sogn & Fjordane, and two-fold, with the emphasis on banking highly competent. Haugalandet in Rogaland. A new branch operations, but also taking account of offi ce and real estate activities were the bank’s social involvement. As an independent institution, started in Haugesund in January 2006. initiatives aimed at enriching The Group also conducts real estate “While maintaining satisfactory society are an essential part broker activities through its subsidiary profi tability and an appropriate level of our activities. The bank seeks Eiendomsmegler Vest and real estate of risk, Sparebanken Vest shall cover to establish fruitful partnerships management operations through AS the customers needs for fi nancial with others to promote and Filialbygg. In March 2006, the bank services through sales and advisory develop the best interests of the extended its real estate broker activities services. Western Norway, and in so doing with the purchase of a 70% holding the allocation of gifts for the in Kyte Næringsmegling. Sparebanken The bank’s commercial operations shall public benefi t plays an important role. Vest is Norway’s third-largest contribute to the development of the The accounts for 2005 gives scope savings bank with total assets of West of Norway by providing added for gift allocations totalling NOK 100m. NOK 54.7bn, 57 branches and 749 value for those whose interests are Of this, NOK 55m has been added employees. Based in Bergen, it is also linked to the bank. Gifts for the public to the bank’s gift fund, the second-oldest bank in Norway with benefi t are a supplement to business while NOK 45m will be roots stretching back to 1823 operations.” distributed in 2006. 6 7 Managing director Stein Klakegg Good prospects for the West of Norway and Sparebanken Vest -In the course of 2006 Sparebanken Vest will strengthen and confi rm its position as the bank of fi rst choice in the region. The bank’s focus will continue to be directed at the Western Norway. The key to further progress lies in close and active interaction with the customers. So says Stein Klakegg - managing director of Sparebanken Vest since 9 January 2006. look forward to considerable changes. More acquisitions and mergers can be expected. Sparebanken Vest is set to play a role in the development within the industry and is determined to remain in the forefront of growth and development in our market area.
Load more

Recommended publications
  • Annual Report Norway Pelagic ASA 2007 Om Oss I About Us Målsettinger I Strategy
    Årsrapport | annual report norway pelagic asa 2007 om oss i about us mÅlsettinger i strategy norway pelagic er et nylig etablert pelagisk industriselskap. norway pelagic representerer rundt 33% (pro-forma tall 2006) av Det fusjonerte selskapet, som består av Koralfisk as, eksporten av pelagisk fisk til konsum fra norge. Vårt mål er gjennom ­Bergen Fiskeindustri as, Domstein pelagic as, global Fish lønnsom organisk vekst, å omsette rundt 40 % av denne eksporten. as og bernt Hansen eftf as, er nå verdensledende innenfor norway pelagic vil etablere og utvikle en strategi, der hovedformålet produksjon og salg av pelagisk fisk til konsum. er å bygge et forutsigbart, langsiktig og stabilt samarbeid. og også som en av verdens mest fremstående leverandører forsy- engasjement nedstrøms i verdikjeden. Dette blir stadig viktigere siden ner vi våre kunder med pelagisk fisk av beste kvalitet, med kundene blir større, og har behov for en solid, stabil og troverdig spesiali sering innen makrell, hestemakrell, sild og lodde. leverandør. med bruk av topp moderne industriteknologi ved fangst og produksjon, eksporterer vi over 400 000 tonn pelagiske norway pelagic currently represents approximately 33% (pro-forma fiskeri produkter av første klasse hvert år. figure 2006) of then orwegian export of pelagic fish for consumption. i tillegg har vi langvarige forhold til eiere av fryseskip og through profitable, organic growth, the company is aiming to achieve fraktselskap, for å sikre en ubrutt distribusjonskjede. Vårt approximately 40% of of this export. mål er å levere den samme kvaliteten verden rundt. uansett distansen produktene transporteres. norway pelagic will develop and establish a strategy where the main objective is to build predictable, long-sighted, stable relationships selskapet har en målsetting om å sikre en langsiktig og po- and involvement in downstream activity in the value chain.
    [Show full text]
  • Norway,-Port-Facility-Number.Pdf
    NORWAY Approved port facilities in Norway IMPORTANT: The information provided in the GISIS Maritime Security module is continuously updated and you should refer to the latest information provided by IMO Member States which can be found on: https://gisis.imo.org/Public/ISPS/PortFacilities.aspx Port Name 1 Port Name 2 Facility Name Facility Description Longitude Latitude Number AaheimAggersund AaheimAggersund SibelcoAggersund Nordic - Aggersund Aaheim Kalkvaerk NOAHM-0001DKASH-0001 DryBulk bulk, carrier Wet bulk, Container, 0053200E0091760E 620205N565990N General Cargo Ågotnes Agotnes Coast Center Base NOAGO-0001 General cargo, containers, 0050097E 602488N offshore, dry and wet bulk Ålesund Alesund Aalesund, Brødr. Sunde NOAES-0006 General Cargo, Wet bulk 0062110E 622750N Ålesund Alesund Aalesund, Severin Tranvaag,Sula NOAES-0021 General cargo 0061685E 622630N Ålesund Alesund AS Norske Shell Larsgården depot NOAES-0017 Wet bulk 0061550E 622870N Ålesund Alesund Berg Lipid Tech NOAES-0002 wet bulk, general cargo 0061997E 622581N Ålesund Alesund Brødrene Sperre AS NOAES-0003 General Cargo. 0061832E 622941N Ålesund Alesund Bunker Oil AS NOAES-0007 Wet Bulk 0060772E 622773N Ålesund Alesund Dyrøy Betong Ålesund NOAES-0133 Dry Bulk 0062303E 622909N Ålesund Alesund Epax A/S NOAES-0019 Wet bulk, 0060728E 622785N Ålesund Alesund Fjordlaks ISPS-terminal NOAES-0072 General Cargo 0060774E 622831N Ålesund Alesund Flatholmen kai NOAES-0009 Container, General cargo, Dry 0061152E 622878N bulk Ålesund Alesund Frigocare Aalesund AS NOAES-0012 Container, General
    [Show full text]
  • Stad Ships Tunnel
    2 01 9 S T H T E A W O D R S L D H ’ S I F P I R S S T T T U U N N N E N L F E O R L S H I P S 1 I l l u s t r a s j o n: K y s tve r k e t/S nøhe tt a The Stad Ship Tunnel is an investment in Norway’s future livelihood, which is heavily dependent on the Norwegian coastline and the surrounding ocean. Business forecasts show that the Norwegian seafood industry has the potential for rapid growth in the next few years. The Norwegian marine sector is a world leader in sustainable transport by sea, our future highway. The Stad Ship Tunnel will help ensure that this highway is safer, more cost-efficient and environmentally friendly. The political goal is to shift transport from our roads to the sea—in order to reach this political goal and accommodate the potential growth in the seafood industry, it is necessary for the Stad Ship Tunnel to become a reality. The Stad Ship Tunnel will create a closer connection between Western Norway and the coast. It will also facilitate the development of an entirely new region with new residential projects and improved job markets extending from Ålesund through seafood-based communities in South Sunnmøre, to the prosperous cities of Måløy and Florø. The plans to build the world’s first ship tunnel have received considerable international attention. Since it will be the first tunnel of its kind, it has the potential to become a tourist attraction for visitors from across the globe.
    [Show full text]
  • Information Memorandum
    Information Memorandum Austevoll Seafood ASA (a public limited liability company organized under the laws of the Kingdom of Norway) Business Registration number 929 975 200. In connection with the acquisition of shares in Norway Pelagic ASA on 6 February 2013 and the following Mandatory Offer Manager 18 March 2013 This Information Memorandum does not constitute an offer to buy, subscribe or sell the securities described herein. Important Notice This information memorandum (“Information Memorandum”) has been prepared in connection with Austevoll Seafood ASA’s (“Austevoll Seafood” or the “Company”, and together with its subsidiaries the “Austevoll Seafood Group”) acquisition of 6,366,917 shares or 34.55 % of all the issued and outstanding shares of Norway Pelagic ASA (“Norway Pelagic” and the "Norway Pelagic Shares") in transactions completed in the period 6 February 2013 to 15 February 2013 (the “Transaction”). Following the Transaction, Austevoll Seafood holds a total of 14,345,911 Norway Pelagic Shares or 77.84 % of the total number of shares. The Austevoll Seafood Group, taken together with the Norway Pelagic Group, will be referred to herein as the “Enlarged Group”. _____________________ Capitalized terms used in this Section and not defined herein shall have the meaning ascribed to them in the Section headed “Definitions and Glossary”. _____________________ This Information Memorandum has been submitted to Oslo Børs for inspection before it was published. This Information Memorandum is not a prospectus and has neither been inspected nor approved by the Norwegian Financial Supervisory Authority (in Norwegian: Finanstilsynet) in accordance with the rules that apply to a prospectus. All inquiries relating to this Information Memorandum must be directed to Austevoll Seafood.
    [Show full text]
  • Pelagia Holding AS Bond Investor Presentation
    Pelagia Holding AS Bond Investor Presentation November 2020 Disclaimer (I/II) THIS DOCUMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, ITS TERRITORIES OR POSSESSIONS, AUSTRALIA, CANADA, JAPAN, HONG KONG OR SOUTH AFRICA OR TO ANY RESIDENT THEREOF, OR ANY JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL. THIS DOCUMENT IS NOT AN OFFER OR AN INVITATION TO BUY OR SELL SECURITIES. This presentation (the "Presentation") has been prepared by Pelagia Holding AS (the "Issuer") solely for information purposes for use in presentations to potential investors in connection with the contemplated offering of senior unsecured bonds (the "Bonds") by the Issuer. The joint managers for the contemplated offering of the Bonds are DNB Markets, a part of DNB Bank ASA and Pareto Securities AS (jointly the "Managers"). This Presentation and its contents are strictly confidential and shall not (in whole or in part) be reproduced, distributed or passed on, directly or indirectly, to any other person (excluding investment professional's advisers) without the prior written consent of the Managers or the Issuer. Only the Issuer and the Managers are entitled to provide information in respect of matters described in this Presentation. Information obtained from other sources is not relevant to the content of this Presentation and should not be relied upon. This Presentation is for information purposes only and does not in itself constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein. This Presentation contains certain forward-looking statements relating to the business, financial performance and results of the Issuer and its subsidiaries (the "Group") and/or the industry in which it operates.
    [Show full text]