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Ársskýrsla Glitnis 2006 Nýtt Prufa.E$S:Layout 1.Qxd ANNUAL REPORT 2006 SUCCESS IS EVERYBODY'S DESTINATION CONTENTS YEAR IN PICTURE In December Glitnir opened an office in Shanghai, China. Glitnir Bank – Annual Report 2006 >> Contents · Highlights of the Year 2006 HIGHLIGHTS OF THE YEAR 2006 ......... EARNINGS AFTER TAXES WERE 38.2 BILLION (EUR 435M) ......... RETURN ON EQUITY 39.4% ......... TOTAL ASSET INCREASED BY 53% ......... TOTAL LENDING INCREASED BY 20%, EXCLUDING THE IMPACT OF DEVALUATION OF ISK ......... THE COST / INCOME RATIO WAS 37.7% ......... FEES AND COMMISSIONS TRIPLED AMOUNTING TO ISK 26.5 BILLION ......... RECORD EARNINGS PER SHARE OF ISK 2.68 ......... THE BOARD OF DIRECTORS MOVES THAT SHAREHOLDERS BE PAID A DIVIDEND OF ISK 0.66 PER SHARE ......... BOOK EQUITY WAS ISK 146 BILLION AT YEAR-END (EUR 1.5 BN) ......... GLITNIR ACQUIRED MAJORITY IN LISTED FIM GROUP, A LEADING ASSET MANAGEMENT FIRM IN FINLAND, IN FEBRUARY 2007. THE APPROVAL OF THE FINNISH AND ICELANDIC AUTHORITIES IS AWAITED. ......... GLITNIR ANNOUNCED IN FEBRUARY 2007 NEW ORGANISATIONAL STRUCTURE AND THAT THE BANK PLANS TO OPEN OFFICE IN NEW YORK TO SUPPORT ITS NORTH AMERICAN BUSINESS. 3 FINANCIAL HIGHLIGHTS PROFIT AND LOSS ACCOUNT 2006 2005 2004* ISK m Net interest income 37,084 22,351 12,776 Net insurance premium 0 229 886 Net fees and commissions income 26,459 8,773 6,610 Dividend income 11 0 242 Net trading gains 5,999 3,993 7,372 Net losses from other financial assets at fair value 2,097 491 0 Realised gains on financial assets available for sale 0 181 0 Fair value adjustments in hedge accounting -185 -59 0 Net foreign exchange (losses) gains 581 -179 114 Other operating income 555 631 525 Net operating income 72,601 36,411 28,525 Salaries and salary-related expenses -15,747 -8,848 -8,553 Depreciation of fixed assets -662 -481 -571 Other operating expenses -10,892 -6,401 -5,233 Administrative expenses -27,301 -15,731 -14,357 Impairment losses -4,759 -2,205 -3,137 Share of profit of associates 1,470 1,262 146 Net gains on non-current assets held for sale 4,244 3,323 2,916 Profit before income tax 46,255 23,060 14,093 Income tax expense -8,024 -4,174 -2,135 Profit for the period 38,231 18,886 11,958 * IAS 39 corrections have not been made on 2004 figures BALANCE SHEET 2006 2005 2004* ISK m Average total assets 1,845,648 1,162,177 529,096 Total assets (end of period) 2,246,339 1,471,944 677,316 Equity (end of the period) 146,118 84,537 48,474 Outstanding shares 14,161 13,112 11,081 KEY RATIOS Return on equity before tax 47.7% 37.0% 51.7% Return on equity after tax 39.4% 30.3% 43.8% CAD ratio (end of period) 15.0% 12.6% 12.4% Tier 1 capital (end of period) 10.8% 9.9% 9.4% Cost/income ratio in banking activities 37.6% 36.2% 47.7% Impairments/loans and guarantees (end of period) 0.3% 0.2% 0.6% Earnings per share (ISK) 2.68 1.48 1.18 Average number of full-time employees 1.392 1.216 1.126 PERCENTAGE OF AVERAGE TOTAL ASSETS Net interest margin 2.0% 1.9% 2.4% Other operating income 1.9% 1.4% 4.6% Other operating expenses 1.5% 1.4% 2.7% Impairment losses 0.3% 0.2% 0.6% Profit 2.1% 1.6% 2.3% Glitnir Bank – Annual Report 2006 >> Financial Highlights FINANCIAL HIGHLIGHTS PROFIT PERCENTAGES OF AVERAGE TOTAL ASSETS ISK bn 5 46,255 40 38,231 4 30 3 23,060 20 18,886 2 14,093 11,958 10 1 6,428 5,835 4,167 3,407 0 0 2002 2003 2004 2005 2006 2002 2003 2004 2005 2006 Profit before taxes Net Profit Interest margin Other income Expenses Impairment losses Profit RETURN ON EQUITY CAD RATIO % % 51.7 4.2 50 47.7 43.8 2.6 3.0 2.7 40 39.4 10 37.0 3.4 33.1 30 30.1 30.3 10.8 22.3 10.1 9.9 20 18.2 5 9.4 8.0 10 0 0 2002 2003 2004 2005 2006 2002 2003 2004 2005 2006 ROE pre-tax ROE after-tax Tier 1 Tier 2 TOTAL ASSETS CAPITAL ALLOCATION ISK BN 2,246 2,000 2.8% TREASURY 18.6% OTHER 24.4% 1,500 1,472 CAPITAL COMMERCIAL MARKETS BANKING 10.8% NORWAY 1,000 INVESTMENT 677 BANKING 4.9% 24.7% COMMERCIAL 500 444 13.8% BANKING 312 COMMERCIAL BANKING ICELAND 146 85 0 21 29 48 2002 2003 2004 2005 2006 Total assets Equity 5 FINANCIAL HIGHLIGHTS (EUR) PROFIT AND LOSS ACCOUNT 2006 2005 2004* EUR m Net interest income 422 286 147 Net insurance premium 0 3 10 Net fees and commissions 301 112 76 Dividend income 68 0 3 Net trading gains 68 51 85 Net gains/losses from other financial assets at fair value 24 6 0 Realised gains on financial assets available for sale 0 2 0 Fair value adjustments in hedge accounting -2 -1 0 Net foreign exchange (losses) gains 7 -2 1 Other operating income 6 8 6 Net operating income 827 466 327 Salaries and salary-related expenses -179 -113 -98 Depreciation of fixed assets -8 -6 -7 Other operating expenses -124 -82 -60 Administrative expenses -311 -201 -165 Impairments -54 -28 -36 Share of profit of associates 17 16 2 Net gains on non-current assets held for sale 48 43 33 Profit before income tax 527 295 162 Income tax expense -91 -53 -24 Profit for the period 435 242 137 * IAS 39 corrections have not been made on 2004 figures PROFIT TOTAL ASSETS EUR m EUR m 527 23,743 500 20 435 400 16 19,705 300 12 295 242 200 8 162 8,111 137 5,316 100 4 3,740 77 70 50 41 1,544 0 0 0,251 0,352 0,580 1,132 2002 2003 2004 2005 2006 2002 2003 2004 2005 2006 Profit before taxes Net Profit Total assets Equity Glitnir Bank – Annual Report 2006 >> Financial Highlights (EUR) FINANCIAL HIGHLIGHTS (EUR) NET FEES AND COMMISSIONS OPERATING INCOME EUR m EUR m 60 600 40 49% 20 300 39% 0 55% 2004 2005 2006 51% 46% -20 31% 61% 45% 0 69% 54% Asset managment Securities brokerage 2002 2003 2004 2005 2006 Payment processing Loans and guarantees Foreign exchange commission Advisory Net interest income Other operating income Other fees Fee expenses PERFORMANCE OF BUSINESS UNITS 2006 Commercial Commercial Eliminations Banking Banking Corporate Investment Glitnir and other EUR m Iceland Norway Banking Banking Markets Treasury activities Net interest income 191 82 111 -4 35 23 -16 Other operating income 65 1 31 93 168 27 19 Net operating income 256 82 142 89 203 50 3 Operating expenses -126 -37 -43 -19 -77 -1 -8 Impairments -32 -1 -21 0 0 0 0 Other income 0 0 0 0 0 0 65 Profit before income tax 99 45 78 70 127 49 60 Economic value-added (EVA) 38 8 48 52 94 31 26 PROFIT AND LOSS ACCOUNT 2006 EUR m Q1 Q2 Q3 Q4 Total Net interest income 89 131 106 96 422 Other operating income 108 76 68 153 405 Net operating income 197 207 174 249 827 Operating expenses -67 -72 -73 -99 -311 Impairments -16 -15 -4 -19 -54 Other income 14 29 21 1 65 Profit before income tax 127 149 118 132 527 Income tax -24 -24 -18 -26 -91 Profit 104 125 100 106 435 Economic value-added (EVA) 78 88 58 73 296 7 CHAIRMAN’S AND CEO’S STATEMENT STRATEGIC GROWTH – OUTSTANDING RESULTS owners have acquired shares in the bank, changing its ownership structure 2006 proved to be another record year for Glitnir. Once and providing substantial support. again our staff showed what can be achieved through Never before have we played such an hard work, vigilance and professionalism. active role in community projects, the Over the past few years, the bank’s operations have under- largest of which was the participation gone major changes. In 2006, operations were consoli- by more than 500 – or roughly half – dated through the development of profit centres that gener- of our employees in Iceland in the ate earnings from fees and commissions. In March we Glitnir Reykjavík Marathon, raising changed the bank’s name, with a view to positioning our- about ISK 22 million, which was do- selves for further expansion overseas. During the year, new nated to 55 charities. Glitnir Bank – Annual Report 2006 >> Chairman’s and CEO’s statement Strategic expansion abroad continued, including the agement came to ISK 490 billion, an increase of 42% opening of offices in Canada and China and our first ac- over 2005. The incorporation of FIM in Finland will fur- quisition in Sweden. We continued to widen the scope of ther increase the group’s assets by 55%, to approx. ISK our operations in Norway. In early 2007, we also an- 757 billion. Last year’s cost-to-earnings ratio, at 38%, il- nounced the acquisition of the leading Finnish asset lustrates the very strong performance value that Glitnir is management company, FIM Group. currently generating. Thus, as of February 2007, Glitnir has offices in ten Despite the temporary market setbacks, Glitnir’s interna- countries and operations all over the world. This repre- tional bond issues went well, amounting to EUR 4.8 billion sents a huge expansion over a short time.
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