Annual Report • Feb 23, 2009
Annual Report
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| Management's report 4 | |
|---|---|
| Accounting policies 10 | |
| Profit and loss account 12 | |
| Proposal for distribution of profit 12 | |
| Balance Sheet 13 | |
| Information on changes in equity 14 | |
| Capital requirement and solvency 14 | |
| Notes 16 | |
| Statement by the executive and supervisory 24 | |
| External auditors' report 24 | |
| Financial calendar 25 | |
| Committee of representatives 26 | |
| List of board members' managerial offices 26 | |
Skjern Bank's principal activities are to supply bank products to private customers, business customers and institutional customers as well as state-controlled entities. The customers are primarily based in Western and Southwestern Jutland as well as in the Hellerup area north of Copenhagen. The bank wishes to offer its customers a full product range in the financial services sector combined with professional consultancy services.
In the course of 2008, the international financial crisis and the beginning recession radically changed the terms for banking operations. For Skjern Bank, 2008 must therefore be described as a very unusual year in which external events had an extreme effect on the bank's activities. For 2008 the crisis contributed both directly and indirectly an unsatisfactory result before tax of DKK -76.6 million and a result after tax of DKK -58.1 million.
The result is first and foremost dragged downwards by unrealised negative share price adjustments of DKK 60.9 million and writes downs of DKK 69.6 million; but payment to the first Guarantee Scheme for Banks in Denmark and extraordinary expenses for maintaining good cash resources also negatively impact the financial statements by almost DKK 10 million.
As far as the negative share price adjustments are concerned, it must be admitted that the bank's decision to uphold its past strategy of investing the bank's excess liquidity in securities has been extremely costly due to the very negative securities market that characterised all of 2008. The bank maintained considerable ownership shares in the expectation that the financial crisis would be temporary and that the share market would recover. The bank's holding of bonds also greatly contributed to the overall very negative – but predominantly unrealised – return on the bank's securities holding.
Despite the unsatisfactory result Skjern Bank still has good financial resources with a capital base of DKK 568 million. This is equivalent to a solvency of 12.4%. Skjern Bank thus has sufficient working capital for running the bank under unaltered business operations within the growth limits which are part of the conditions of the First Guarantee Scheme for banks in Denmark.
The second guarantee scheme for banks in Denmark or the guarantee scheme for the Danish society, adopted by the Danish Parliament in January 2009, gives the possibility to strengthen the overall capital base by adding new hybrid core capital.
The Bank has not yet taken a position regarding the possible participation in this strengthens of the capital base; but it is positively considered, and it is clear however, that the bank fulfils all requirements for participation.
Likewise the Bank has unchanged strong cash resources with liquidity reserves as excess capital adequacy of 144% compared to the requirements by the law as at the end of 2008.
As a consequence of the credit crisis the bank has curbed the previous growth strategy, which has entailed a smaller reduction in the total business volume of approx. DKK 200 million to DKK 8 billion.
Loans have fallen by 3.8% to DKK 3.8 billion. On the other hand deposits have increased by DKK 410 million or 15.3% to DKK 3.1 billion and the bank's deposit deficit is hereby reduced by DKK 560 million to DKK 680 million in comparison with the end of 2007. Finally, guarantees have fallen by 38.5% to DKK 1.1 billion, which primarily can be attributed to an altered collaboration model with Totalkredit that has resulted in the lapse of loss guarantees of DKK 511 million.
The lapse of loss guarantees in regard to Totalkredit are the predominant reason why loans and guarantees provided for private customers fall from a share of 41.1% in 2007 to a share of 31.9% in 2008.
Skjern Bank has increased interest income in 2008 by 30% to DKK 358 million compared to the previous year. The increase is partly based upon a generally increased interest rate level during 2008, but is in general achieved as a result of a strong focus on product profitability. The increase is absolutely satisfactory.
Interest expenses have increased by 43% to DKK 201 million, which can partly be attributed to increased deposits, but also generally higher prices for deposits. The credit crisis has however also been quite cost consuming in this area, as the bank's funding costs have increased quite significantly as a consequence of the periodically frozen money market. Particularly in the second half year of 2008, the bank has aimed to have a very significant excess capital adequacy in term of liquidity for reasons of security; this has also contributed to the increased interest expenses.
Net interest receivables have increased by 16% to DKK 156.9 million.
The income from fees and commission shows a reduction of approximately 10% to DKK 50.9 million. This reduction is primarily due to a decline in income from securities trading and custody accounts of almost DKK 10 million. This decline can largely be attributed to the drastic drop in prices on the financial markets, which has resulted in a considerable fall in the volume of trading and the number of transactions.
The decline in income in the trading area is however partially offset by increases in the bank's loan transaction fees and guarantee commission, which help underline that Skjern Bank's loan activities continue to boom.
Staff and administration costs increased by 8% in 2008 to DKK 139.7 million. The increase can primarily be attributed to increases in payroll and pension costs contained in collective agreements.
As a part of its adjustment to the altered market conditions, Skjern Bank has conducted a staff reduction in the autumn of 2008 which, together with natural wastage, has led to a total reduction by 12 employees equivalent to approx. 8%.
In addition cost savings have been initiated in a number of other areas.
The effect of these initiatives will first be visible in the financial statements for 2009 and onwards.
Depreciation and write downs of intangible assets and property, plant and equipment negatively impact the financial statements for 2008 by DKK 9.1 million. This item being divided into completely ordinary depreciation of DKK 5.4 million together with write downs associated with the construction of a new building for the bank's branch in Varde and the bank's new branch in Hellerup – near Copenhagen. Both were inaugurated in the first half year of 2008. The bank's existing measurement principles mean that part of the investments must be written down.
Ordinary depreciation and write downs on intangible assets and property, plant and equipment are in the future expected to lie in the range of DKK 5 – 5.5 million per year.
The primary result – the core earnings – is increased to DKK 73.2 million in 2008 against DKK 63.1 million in 2007, corresponding to increase of 16%.
In 2008 the bank realised very significant write downs on customer receivables, equivalent to 1.4% of the total loans and guarantees.
The write downs relate to a number of customer relations where the ability to pay has been ascertained to be weakened or completely lapsed. Transactions with both private and business customers in a number of different sectors figure here. It should also be noted that virtually all of the write downs relate to transactions within the bank's core area and furthermore primarily relate to transactions with customers who have had longstanding relationships with the bank, and who by now have been hidden by the growing decrease in economic trends.
Write downs have not been carried out on transactions in the bank's new branch in Hellerup or on transactions abroad.
During a number of years Skjern Bank has had a low write down percentage measured against the total loans, write downs, guarantees and provisions. The average write down percentage is measured over the past 15 years at 0.71%.
The costs of the first guarantee scheme for banks in Denmark and the mentioned guarantee of depositors in other financial institutions therefore cost a total of DKK 11.3 million in 2008.
The total pre-tax loss for 2008 is determined at DKK 76.6 million. Tax adjustments of DKK +18.5 million, however result, that the net loss for the year is reduced to DKK 58.2 million.
Regardless of the extreme market conditions in 2008, the management finds the result unsatisfactory.
Upon transfer of the loss of the year, Skjern Bank's equity at the end of 2008 amounted to a total of DKK 463.7 million against DKK 536.3 million a year ago. The bank's capital base at the end of 2008 was determined at DKK 568.4 million. This corresponds to a solvency of 12.4% and a core capital ratio of 10.2.
The actual solvency thus continues to constitute a significant excess capital adequacy.
In 2008, the share price adjustments developed very negatively, and at the end of the year, unrealised share price adjustments could be determined at DKK -60.9 million. This is a result of Skjern Bank's investment policy with a relatively strong exposure in major Danish liquid shares, primarily in the C20 index. Skjern Bank therefore maintained the considerable exposure in the share market that we have had for many years in the expectation that the financial crisis would be temporary and that the share market would recover.
The bank's investment strategy in 2008 led to a significant loss on shares of DKK 33.9 million, which is of course not satisfactory. Seen in a historical perspective, the bank has however made respectable gains from its offensive strategy with the previous five years (2003-2007) seeing overall positive share price adjustments in excess of DKK 130 million.
The year 2008 led to negative share price adjustments from the bond portfolio of DKK 29.5 million, which may largely be attributed to the extraordinary situation on the interest rate and bond markets.
In October 2008, Skjern Bank joined the first guarantee scheme for banks which implied that the Danish government issued a 2-year guarantee for all unsecured claims – including deposits – in Danish financial institutions. The individual banks participate in the guarantee scheme in proportion to their statutory capital base. In 2008, Skjern Bank's participation in the scheme had a negative effect on the bank's result to the order of DKK 6.4 million.
Guarantee provisions and subsequent payments in connection with the financial services sector's guarantee of depositors when the first banks collapsed during the financial crisis have cost the bank an additional DKK 4.9 million.
The bank thus has sufficient working capital with regard to the growth limits which are part of the conditions of the first guarantee scheme for banks in Denmark. Fur-
thermore, the capital structure of Skjern Bank is quite solid as the bank's supplementary capital is not due until the end of 2014.
The maturity structure of the bank's capital base follows from the table below.
| Repayment | Type of capital | Principal (mio. DKK) |
|---|---|---|
| November 2014 |
Subordinated debt | 25 |
| December 2015 |
Subordinated debt | 100 |
| Endless duration |
Hybrid core capital | 70 |
| Total | 195 |
During the second half of 2008 in particular, the bank's management has been strongly focused on maintaining a good liquidity even though the related costs have been significant. This was however a strategic choice. Being well-established meant that the bank was not all that vulnerable when the money market froze completely for a period of time during autumn 2008.
Because of a long-term liquidity planning Skjern Bank still has strong cash resources. Compared to the requirements under the law, the statutory requirement as of the end 2008 exceeded the requirements with approx. DKK 0.9 billion, corresponding to an excess capital adequacy of 144%. Add to this further pledged loan opportunities with the Danish National Bank of DKK 155 million. This loan opportunity is not included in the excess capital adequacy statement.
Four years after its latest supervisory visit, the Danish Financial Supervisory Authority carried out a normal inspection at Skjern Bank in October. In the credit area, the supervisory authority reviewed approximately 35% of the bank's total loan and guarantee portfolio, which led
| Interest from loans and other receivables | 61,85 |
|---|---|
| Interest from credit institutions | |
| and central banks | 6,28 |
| Interest from bonds | |
| and dividend from shares | 4,59 |
| Other interest receivable | 1,16 |
| Fees and commission income | 10,27 |
| Other ordinary income | 0,40 |
| Negative tax | 3,73 |
| Transferred from retained earnings | 11,72 |
| Total | 100,00 |
| How we used DKK 100 | |
| Interest to deposits | 20,78 |
| Interest to credit institutions | |
| and central banks | 17,14 |
| Other interest and charges payable | 3,49 |
| Value adjustment | 13,23 |
| Staff costs | 16,75 |
| Other administrative expenses | 12,72 |
| Depreciation and write-downs on | |
| intangible and tangible assets | 1,84 |
| Write-downs on loans etc. | 14,05 |
| Total | 100,00 |
0 100 200 300 400 500 600 700 2008 2007 2006 568,491 686,180 490,953 Year 1,000 DKK Capital Base
14
to a small reversal of write downs. It is particularly positive that the review of approximately 75% of the bank's total property management exposure did not give rise to any comments.
Furthermore, the bank was assessed as having a good control environment within all areas, including credit, market risks, IT and money laundering, etc.
During the third quarter, Skjern Bank participated in a sample survey which the Danish Financial Supervisory Authority conducted in a number of randomly selected banks across the country. The aim of the survey was to examine whether the rules of good practice for advice on property were followed in a range of professional advice situations. The survey was conducted in the Esbjerg branch of the bank and it was noted with satisfaction that the bank's advisers fully lived up to all the conditions with regard to the rules of good practice for the important property sector.
In the past, the bank had a single shareholder who owned more than 5% of the bank's share capital. In November 2008, the liquidator of the estate of this major shareholder advised that the estate had sold all shares in Skjern Bank. The bank therefore no longer has any shareholders owning more than 5% of the share capital.
The conditions for operating a financial institution in Denmark have become increasingly more difficult during 2008 and there are no signs indicating that 2009 will be an easier year in any way.
The cyclical decline is expected to continue which will increase credit risks on basically all types of customers. The need for write downs is expected to be absolutely crucial for the bank's result in 2009.
The bank will continue to aim at being the preferred local bank in the areas where the bank has opened branches. We will primarily focus on existing customers; they will experience to the greatest extent that is both possible and prudent that the bank is also an attentive and loyal partner when the economic trends make many things more difficult.
The budget provides for an improvement in 2009 of the primary sources of income – net interests and fees, and the bank will continue to focus intently on optimising cost expenditure.
As a consequence of the significant negative share price adjustments of our own security portfolio, the strategy for this area has been altered to substantially minimise the risk of major negative share price adjustments.
The very uncertain market conditions mean that the bank is currently not able to state the range of the bank's annual results. The bank management will find it satisfactory if write downs on customer receivables for the year and costs for participating in the first guarantee scheme for banks in Denmark, and possibly the second guarantee scheme for banks in Denmark, may be contained in the primary earnings of the year.
The second guarantee scheme for banks in Denmark or the guarantee scheme for the Danish society was adopted by the Danish Parliament in January 2009. The bank is positively considering participating in the second guarantee scheme for banks in Denmark; a decision will be taken in due time before the deadline of the 30th June 2009. It has, however, been ascertained that the bank complies with all requirements for participation in the scheme, which primarily consist of capital base; the socalled hybrid core capital with infinite term.
Throughout 2008, Skjern Bank maintained a relatively high level of activity, and the bank continues to attract a large number of new customers. By the end of 2008, the bank had approximately 24,500 customers corresponding to a net increase for the year of approximately 6%.
All branches are developing well and it is particularly positive that the two branches that moved into new premises during the year, the Varde branch, which moved to a newly built domicile, and the brand new branch in Hellerup, noted considerable interest from both existing and new customers.
The bank is also pleased that it managed to build the new head office in Skjern before the recession began. Both customers and employees enjoy the new head office. Apart from normal depreciation on buildings, the conversion of the new head office in Skjern does not affect the financial statements for 2008, as this conversion was expensed in earlier years.
Late 2007, the bank carried out a comprehensive review and reduction of its product range, which turned out to be a success. Today, we offer a simpler product range, which has been an administrative advantage in a market characterised by frequent changes in interest rates and tough competition.
In 2008, the development in the individual business areas was primarily characterised by an increase in deposits. In that context, the bank has been pleased to note that pension contributions continued the positive development of recent years with deposits of approximately DKK 200 million in 2008. In 2009, the bank will continue its strong efforts to attract deposits with a view to further reducing the bank's deposit deficit and therefore its dependence on external funding sources.
Skjern Bank continuously develops the identification and management tools for the risks that affect the company daily.
The purpose of the bank's risk management policies is to minimise the losses that may occur as a result of e.g. an unpredictable development on the financial markets, changes in economic conditions or political interventions.
The risk management work is based on the three pillars defined by the Basel II Accord:
Simultaneously with the publication of the 2007 annual report, Skjern Bank published a risk report, which is available on the bank's website. A new and updated risk report will become available on the bank's website in connection with the publication of the 2008 annual report.
As far as structure is concerned, the risk management work more or less follows the guidelines of the bank's industry association – Lokale Pengeinstitutter (The Association of Local Banks, Savings Banks and Cooperative Banks in Denmark). In general, the bank's risk-weighted items are assessed in accordance with the so-called standard method, while the advanced method is being used to assess the amount of the exposure, taking into account any financial security. The operational risks are determined in accordance with the basic method and market risks are determined in accordance with the simple method.
The credit risk reflects the risk of one party to a financial transaction inflicting a loss on the other party as a result of the failure to meet an obligation.
In general, credit risks represent the main risk factor in the overall picture and account for approximately 87% of the total risks in pillar 1.
The bank's risk management policy has been planned to ensure that its transactions with customers and credit institutions at all times remain within the limits defined by the board of directors and what is expected to be safe. Counterparties to derivatives are limited to credit institutions with an excellent credit rating. The bank has also adopted policies that include clear guidelines for e.g. the bank's credit policy, its exposure to different industries as well as reporting requirements.
There were no changes to Skjern Bank's credit policy in 2008. The bank continues to focus on safe work procedures and routines regarding credit assessments.
In general, it is the bank's policy to try to assist both private and business customers by meeting their financial wishes and needs. In particular, the bank wishes to make a difference in the local areas where the branches are located.
As a result of the turmoil on the financial markets, the bank made a strategic decision during the first quarter to dampen the bank's lending activities with a view to attaining a better balance between the deposit and loan volumes.
The purpose of this was – and continues to be – to reduce dependence on funding from financial institutions at home and abroad.
The bank's exposure in the property sector has been calculated at 24% of total loans and guarantees. The majority of these loans have been provided to finance residential rental properties in Northern Germany and in Denmark, where the investors have contributed significant equity and where the rental income can service the debt in the properties. The bank has not financed tax-driven property investment projects.
In October 2008, the Danish Financial Supervisory Authority reviewed the bank's property exposure. The review, which did not give rise to any comments, covered 75% of the total exposure. This review further strengthened the bank's conviction that its exposure in especially the German property market is justifiable from a credit viewpoint. It should also be noted that the German property market has not experienced the price turbulence that has been experienced in e.g. Denmark, in as far as the German market has been and continues to be stable and positive.
In addition to the property market, Skjern Bank in 2008 continued to focus on the development in the agricultural sector, and in 2009, will begin focusing on the private customer segment due to the prospect of increasing unemployment.
At the beginning of October, the Danish government issued a 2-year guarantee for all deposits and unsecured claims in Danish financial institutions – the so-called first guarantee scheme for banks or stability package. The main purpose of the scheme was to promote a thaw of the otherwise frozen money market.
Skjern Bank decided to participate in this new guarantee scheme, which meant, among other things, that the ceiling of DKK 300,000 for deposit guarantees was abolished.
As part of the agreement, the financial institutions must pay the first DKK 35 billion of the bill if any banks end up in a situation where they can no longer finance their activities. In this context, the banks are establishing a joint company administered by the Danish banking sector's contingency association, Det Private Beredskab, to be responsible for the potential winding up of distressed banks. In the first instance, the banks deposit DKK 15 billion in the company over two years in the form of a so-called guarantee provision. In addition, the banks must provide guarantees worth DKK 10 billion, and, if this turns to be insufficient, the banks must moreover cover losses of up to DKK 10 billion via an increased guarantee commission. Beyond that amount, the government steps in and therefore covers any losses exceeding DKK 35 billion.
The individual banks participate in the guarantee scheme in proportion to their statutory capital base. As far as Skjern Bank is concerned, it means that the costs during the guarantee period in respect of the immediate payment will amount to approximately DKK 23 million per year. To this should be added any additional costs if the obligations to provide guarantees or pay increased guarantee commission becomes relevant.
In 2008, Skjern Bank's participation in the scheme had a negative effect on the bank's result to the order of DKK 11.3 million. As from 2009, it is expected, however, that the government guarantee will affect the bank's funding costs positively with the effect on the result becoming somewhat less than the DKK 23 million.
The agreement with the government requires that no dividend can be paid to shareholders during the 2008 and 2009 financial years. At the same time, the guarantee scheme limits the bank's possibilities for growth during the guarantee period, as the scheme limits the bank's growth in loans to 8% per year.
At the end of 2008, Skjern Bank's capital base was determined at DKK 568 million, corresponding to a solvency ratio of 12.4%.
Skjern Bank's capital structure consists of the following components:
After adjusting for regulatory deductions, these items constitute the bank's core capital.
The bank's capital base appears by adding subordinate loan capital of DKK 125 million and revaluation reserves and adjusting for regulatory deductions.
In accordance with the new Basel II rules, the bank must at all times maintain a sufficient capital base to cover any deficit that might arise if a number of negative events should occur simultaneously.
In the determination of the bank's capital adequacy, Skjern Bank used the Lokale Pengeinstitutter model in which the solvency requirement is calculated from the bottom up, beginning with 0%.
The model is based on completed stress tests.
The parameters in the stress tests include large increases in write downs, large drops in share prices, large increases in interest rates, large falls in property prices as well as an increase in exchange rate risks and counterparty risks. In addition, a number of other risk areas have been assessed in connection with the determination of the capital adequacy, including the scope of major transactions, weak transactions and risks relating to the procurement of capital and liquidity.
The Individual capital adequacy for Skjern Bank, determined in accordance with the Basel II rules is under 8%.
Objectively, the above-mentioned capital base reflects the bank's minimum solvency ratio.
The ratio between the bank's internal capital adequacy and actual solvency ratio shows that Skjern Bank has sufficient capital to continue its business operations at the
current level. In actual fact, according to the determination, the bank's risks are less than they were one year ago.
However, Skjern Bank wishes to maintain a capital structure that ensures a high solvency ratio at all times – much higher than the statutory 8%, and also considerably more than the capital adequacy determined in accordance with the new Basel II rules.
In the light of the fact that we are in a recession and therefore facing a risk of write downs, the bank is considering further improving its security by applying for participation in the second guarantee scheme for banks.
The way it looks at the moment, Skjern Bank is able to strengthen its core capital by up to 3%, which would increase the overall solvency ratio to 15.4% compared with the solvency ratio at the end of 2008.
As Skjern Bank already has a core capital of well over 9%, which is the main criteria in the Second Guarantee Scheme for qualifying for additional capital at the lowest price, the bank expects that the price of the new core capital will be at the lower end of the range.
Skjern Bank places great emphasis on communication and dialogue with its shareholders and other stakeholders and in 2008 increased its communication – especially via its website. The bank would like the website to play an even more prominent role as the bank's most important channel of communication to existing as well as potential customers, shareholders and other business relations – including the local communities in which we are represented.
In addition, the bank has completely revised its communication strategy.
The way, upon which the bank communicates with its investors – private or institutional –, takes the bank's core values as starting point, with the desire that the key values of the bank – individual solutions, drive and presence – always shall be used actively in any kind of communication.
The overall aim of the communication strategy in Skjern Bank is to strengthen the bank's position on the market and at the same time minimise the risks to its reputation – i.e. the risk that incorrect information or misinformation, rumours or gossip negatively affect the bank's reputation.
In crisis situations, the aim of the bank's communication strategy is to come across as a professional and decisive organisation that adopts an open and pro-active approach to problems and does its best to minimise the scope of the crisis and its short and long term effects on the bank, its shareholders, customers and employees.
Since 2007, Skjern Bank has held an annual general meeting with a strong emphasis on compliance with the bank's IR and Corporate Governance commitments – i.e. entirely focusing on the bank's financial and business development and the way the board of directors manages the bank as well as different elections.
In addition, five annual meetings have been held in the different branch areas, which has been a very positive experience. The bank has therefore decided to continue this form of contact and debate with shareholders.
Skjern Bank welcomed almost 900 new shareholders in 2008 and had by the end of the year 13,550 shareholders.
Unfortunately the bank's share price – as was the case for most listed Danish banks – developed very negatively in 2008 with a drop in share prices of 77% to the closing price of 135, corresponding to a price/book value of 0.30.
Danish listed companies must give an account of how they comply with the Committee for Corporate Governance's recommendations for good company management – also known as Corporate Governance.
Ever since the so-called Nørby Committee's first set of recommendations for corporate governance was published in 2001, Skjern Bank has continuously considered and acted on the recommendations. And in 2007, the bank's Board of Directors has assessed the situation thoroughly to decide if the bank should change its attitude to the set of rules. Among other things, the Board of Directors has considered introducing a limitation to the period of membership of the Board of Directors or the committee of shareholders; the bank has, however, decided not to introduce time limits at the moment. It has, however, been decided to introduce voting by ballot.
The following contains a summary of an update of the bank's attitude to the code on corporate governance. At our website, we have given a detailed account, in accordance with the "follow or explain" principles, of the recommendations that we do not follow fully.
The recommendations are divided into the following eight principal sections.
Skjern Bank partly follows the recommendations. However, the bank has a restriction on voting rights, which means that no shareholder may cast more than 5 votes. In the Board of Directors' opinion, a scrapping of these protection rules will entail a high risk that the bank's share will become the object of short-sighted speculation, and the Board of Directors consequently has no intention to propose an amendment to the Articles of Association on this. Conversely, the Board of Directors does not find that there is currently any need to introduce further restrictions or protection rules.
The board of directors holds a number of ad hoc meetings in addition to its regular fortnightly meetings. The attendance rate at the board meetings is close to 100%, and it has never happened that more than one board member was absent.
Since 2006, the board of directors has systematically evaluated its own performance and in addition lays down requirements for its own development and training to ensure that it always has the necessary competence and ability to handle the board work as effectively as possible to the benefit of the bank.
According to current legislation, Skjern Bank must set up an audit committee in spring 2009. The purpose of establishing an audit committee is to prevent accounting scandals and sudden financial breakdowns and to ensure that financial reporting, independent external audits and compliance with acts and accounting standards are the responsibility of the board of directors, independently of the day-to-day management.
At least one member of the audit committee must be independent of the bank and have qualifications within accounting or auditing.
Under the EU transparency directive and the order on annual accounts issued by the Danish Financial Supervisory Authority, Skjern Bank must publish the below information about the company in its annual report.
At the end of 2007, Skjern Bank A/S had a share capital of DKK 22,560,000 divided into 1,128,000 shares of DKK 20. The share capital has not been divided into classes.
All shares have been listed at Nasdaq OMX Copenhagen A/S.
No shareholder owns more than 5% of the bank's share capital.
In its Articles of Association, the Bank has adopted a limitation to voting rights so that the voting right is exercised with one vote for each share amount of up to a nominal value of DKK 1,000. Subsequently, each share for a fraction DKK 1,000 shall give an additional one vote up to five votes, which is the highest number of votes any shareholder – including any legal entity – shall be able to cast on his/her own behalf.
If the shareholder/shareholders is/are represented by a proxy who is not a shareholder – including a legal entity – such proxy shall be able to cast a total of up to five votes. If the shareholder also has power of attorney from other shareholders – including legal entities – such shareholder shall be entitled to cast a total of up to 10 votes.
Amendments to the Articles of Association can be adopted when at least 1/3 of the share capital is represented at the General Meeting and if the proposal is adopted by minimum 2/3 of both the votes cast and of the share capital with voting right represented at the General Meeting.
If 1/3 of the share capital is not represented, but the proposal has been adopted by 2/3 of both the votes cast and of the share capital with voting right represented at the General Meeting, the Board of Directors shall within 14 days call a new General Meeting at which the proposal can be adopted by 2/3 of the votes cast regardless of the size of the represented share capital.
The General Meeting is the bank's ultimate authority. The General Meeting elects a committee of shareholders of up to 30 members who must be shareholders. The shareholders are elected for a 4-year period. The members of the Board of Directors are elected among the members of the committee of shareholders and consist of 3-5 members. Board members are elected for 2-year periods so that up to 3 members shall retire each year. Re-election is possible.
Furthermore, the Board of Directors includes two members elected by and among the bank's employees.
After consultation with the committee of shareholders, the Board of Directors is authorised to expand the share capital by up to DKK 7,440,000 to DKK 30,000,000 through one or more shares issues. The authorisation applies until the 1st April 2012.
Furthermore, the Board of Directors is authorised to change the nominal value of the shares of Skjern Bank within a framework of DKK 20 to DKK 1 per share.
If the managing director is dismissed without valid reason or his position is abolished, the managing director shall be entitled to three years' salary from his finishing date. In the event of a successful takeover or merger, the managing director shall under certain circumstances be entitled to an additional 12 months' salary.
Apart from the above, the company has not entered into any major agreements that take effect, change or expire if the control of the company changes as a result of a successful takeover.
| 5 years in summary (1.000 DKK) |
2008 | 2007 | 2006 | 2005 | 2004 |
|---|---|---|---|---|---|
| Profit and loss account | |||||
| Net income from interest Dividend on shares Charges and commission, net Income from core business Value adjustments Other ordinary income Staff cost and admin. expenses Depreciation of intangible and tangible assets Other operating expences Write-down on bad debts (net) Profit on equity investments in non-affiliated and affiliated companies |
156.870 8.254 46.672 211.796 -60.948 1.958 139.684 9.138 6.399 69.572 -4.636 |
135.246 3.909 51.541 190.696 7.920 1.216 129.356 153 0 19.439 1.687 |
124.374 3.567 47.790 175.731 54.867 911 115.679 21.106 0 3.077 387 |
94.334 1.076 41.026 136.436 41.237 725 91.693 6.150 0 -6.060 198 |
91.319 1.399 32.274 124.992 25.123 3.713 80.288 5.059 0 12.237 -6 |
| Operating result Taxes Profit for the year |
-76.623 -18.471 -58.152 |
52.571 9.320 43.251 |
92.034 24.627 67.407 |
86.813 26.312 60.501 |
56.238 16.543 39.695 |
| Balance as per 31st December | |||||
| summary | |||||
| Total assets Loans and other receivables Guarantees etc. Bonds Shares etc Deposits Subordinated debt Total equity of which proposed dividend Capital Base |
5.618.617 3.770.132 1.067.385 383.051 184.695 3.087.535 195.000 463.661 0 568.491 |
5.358.137 3.919.134 1.735.617 253.271 213.388 2.677.096 220.000 536.276 5.640 686.180 |
4.148.826 3.149.009 1.541.000 234.939 197.996 1.942.334 120.000 424.092 4.700 490.953 |
2.747.664 2.077.200 1.545.241 102.489 155.952 1.947.678 75.000 379.469 9.400 396.909 |
2.452.457 1.718.538 1.079.425 104.043 88.979 1.783.936 50.000 324.971 4.700 363.761 |
| Financial ratios (figures in pct.) |
|||||
| Solvency ratio Core capital ratio Return on equity before tax Return on equity after tax Earning/expense ratio in DKK Interest rate risk Foreign currency position Foreign currency risk Loans etc. against deposits Statutory liquidity surplus Total large commitments Loans and debtors at reduced interest Accumulated impairment ratio Impairment ratio for the year Increase in loans etc. for the year Ratio between loans etc. and capital funds |
12,4 10,2 -15,3 -11,6 0,66 0,7 2,8 0,1 126,8 143,8 110,6 1,8 3,0 1,4 -3,8 8,1 |
13,5 11,1 10,9 9,0 1,35 0,4 14,8 0,0 149,5 90,7 109,4 0,4 1,5 0,3 24,5 7,3 |
11,2 11,1 22,9 16,8 1,66 0,8 13,2 0,1 165,5 41,0 165,0 0,4 1,5 0,1 51,6 7,4 |
12,5 11,3 24,7 17,2 1,95 1,1 9,4 0,0 109,8 23,0 98,5 0,6 1,8 -0,2 20,9 5,5 |
14,7 12,5 19,1 13,5 1,59 -0,1 6,4 0,0 100,0 86,2 88,4 0,7 3,6 0,5 13,6 5,5 |
| (value per share 100 DKK) Earnings per share Book value per share Rate on Copenhagen Stock Exchange Dividend per share Market value/net income per share Market value/book value Number of employees by 31. December |
-279,6 2.271 675 0 -2,4 0,3 152 |
205,7 2.474 2.950 25 14,3 1,19 141 |
358,5 2.290 4.350 25 12,1 1,90 125 |
321,8 2.031 3.184 50 9,8 1,57 119 |
206,7 1.604 2.615 25 12,7 1,63 108 |
The annual report has been prepared in accordance with the Danish legislation on financial activities.
Furthermore, the annual report has been prepared in accordance with the order issued by the Danish Financial Supervisory Authority on the financial reporting of financial institutions.
Furthermore, the annual report has been prepared in accordance with Nasdaq OMX Copenhagen A/S's information obligations to the extent that the legislation on finan-cial activities and the current regulations of the Danish Financial Supervisory Authority, respectively, do not stipulate a different practice.
The accounting practice used remains unchanged compared with last year.
When calculating the book values of certain assets and liabilities, estimates have been made regarding the effect of future events on the assets and liabilities in question on the date of the balance sheet.
Such estimates are based on assumptions considered justified by the Management, but which are uncertain.
The final, actual results may thus deviate from the estimates made, as the bank is affected by risks and uncertainties which may affect the estimates.
Assets and debts in foreign currencies are stated at the balance sheet date at the prices listed from Danmarks Nationalbank.
Currency spot transactions are market value adjusted at the balance sheet date in accordance with the spot rate.
Market value adjustments are continuous carried out in the profit and loss account.
Financial assets and liabilities are in general measured at fair value on the balance sheet date unless specific mentioned below.
The first recognition is measured at fair value.
Likewise the settlement date is used as the date of recognition for financial instruments.
Interest income and interest expenses are recognised under the accruals concept and are included in the period they concern.
Interest received on loans on which a write-down has been performed is included under the item "write-down's on loans and other receivables" for that part of the loan that has been written down and is therefore offset in write-down's for the year.
Commission and fees that are an integral part of the effective interest rate on loans are recognised as part of the amortised cost and thereby as part of the interest income under loans.
Commission and fees that are part of ongoing payments are accrued over the term.
Other fees, commission, and dividends are recognised in the profit and loss account on receipt.
Expenses for personnel include wages and salaries, social contributions, and pensions, etc., for the bank's personnel.
The bank has entered into contribution-based pension schemes with all personnel at a percentage of working hours of eight hours per week and above.
Where the contribution-based schemes are concerned, the bank pays fixed contributions to an independent pension fund.
The bank has no further obligation to pay other contributions.
Loans and advances, etc. are written down either individually or on a group basis when an objective indication of deterioration in the debtor's ability to pay has been ascertained and this will result in a decrease in the estimated cash flow.
The write-down is reversed if there is no longer an objective indication of deterioration in the debtor's ability to pay.
For loans and advances which have not been written down individually, a group estimate is made to establish whether an objective indication of a deterioration of the value has occurred.
The group estimate is made for groups of loans and advances with similar characteristics as far as credit risks are concerned. The bank uses eleven groups: one group consisting of public authorities, one group of private customers and nine groups consisting of commercial customers, such commercial customers being divided among lines of business.
The group estimate is made through a segmentation model developed by the association Lokale Pengeinstitutter which is in charge of the current maintenance and development. The segmentation model establishes the connection in the individual groups between established losses and a number of significant explaining macro-economic variables via a linear regression analysis. The explaining macro-economic variables include unemployment, housing prices, interest rates, number of bankruptcies/forced sales, etc.
The macro-economic segmentation model is in principle based on loss data for the entire financial institution sector. Consequently, the bank has assessed whether the model estimates reflect to the credit risk for the bank's own loan portfolio.
This estimate has led to an adaptation of the model estimates to the bank's own conditions for most groups, after which the adapted estimates will form the basis of the calculation of the group write-downs. For each group of loans and advances, an estimate is calculated as an expression of the percentage of deterioration involved in a specific group of loans and advances on the date of the balance sheet. By comparing the actual loss risk of the loan with the original loss risk of the individual loan and the loss risk of the loan at the start of the accounting period in question, the individual loan's contribution to the group write-down is calculated. The write-down is calculated as the difference between the book value and the discounted value of the expected future payments.
Tax on the annual results, which is calculated on the basis of the onaccount taxation scheme, includes the calculated tax that must be paid on the taxable profit for the year, changes in deferred tax, tax on provisions, and the adjustment of calculated tax for previous years.
That part of tax that can be attributed to entries directly in equity is booked directly in equity.
Provisions have been made for deferred tax at 25 % of all timing differences between the net profit or loss and taxable result.
Loans are measured at amortised cost, which normally corresponds to nominal value with the deduction of initial expenses and deductions for write-down for losses.
Write-down is carried out individually and on a group basis.
Bonds traded on active markets are measured at fair value. Fair value is calculated in accordance with the officially listed prices at the end of the year (closing prices). Bonds and mortgages that are held to maturity are measured at amortised cost.
Listed shares are stated in accordance with the officially listed prices at the end of the year (closing prices).
Unlisted shares are stated in accordance with fair value at the end of the year.
Value adjustments on bonds and shares are continuous carried out in the profit and loss account.
Equity investments in non-affiliated companies are recognised and measured at equity value, which means that the equity investments is recognised and measured as the proportionate share of each company's equity value at the end of the year.
The bank's share of the companies results after taxes are recognised in the profit and loss account.
Land and buildings includes
Owner-occupied properties are measured in the balance sheet as revalued, which is fair value calculated in accordance with the annual rate of return method with the deduction of accumulated depreciation and any loss in connection with impairment.
Depreciation is booked in the profit and loss account.
Revaluation is carried out frequently enough to ensure that there is no significant difference between this and fair value.
External experts were involved in measuring the owner-occupied properties as far as the bank's head office at Skjern is concerned.
Increases in the revaluation of the owner-occupied properties are booked under revaluation reserves under equity.
If an increase in the reassessed value is balanced by a previous decline and thereby included in the profit and loss account for previous years, the increase is included in the profit and loss account.
Decreases in the revaluation are booked in the profit and loss account unless this is a question of reversals of prior revaluations.
Owner-occupied properties are depreciated on a straight line basis over 50 years on the basis of the cost price adjusted for write-ups, if any.
Investment properties are measured in the balance sheet at fair value calculated in accordance with the annual rate of return method.
Ongoing changes in fair value for investment properties are booked in the profit and loss account.
External experts were not involved in measuring the investment properties.
Other tangible fixed assets are measured at cost with the deduction of accumulated depreciation, amortisation, and write-down's. Amortisation is carried out on a straight line basis over three to five years on the basis of the purchase price.
Depreciations are recognised in the profit and loss accounts.
All derivative financial instruments, including forward transactions, futures, and options in bonds, shares, currency, interest rate and currency swaps are measured at fair value.
Translation adjustments are included in the profit and loss account. Positive market values are recognised under other assets, while negative market values are recognised under other liabilities.
The bank has not established hedging measures for hedge accounting.
Current tax liabilities and current tax receivables respectively are recognised in the balance sheet as computed tax on the taxable profit for the year adjusted for on-account tax paid.
Deferred tax is recognised on all taxable temporary differences between the carrying amount and the tax base on assets and liabilities.
Deferred tax assets, including the tax base of tax loss carry forwards, are recognised in the balance sheet at the value at which it is expected they can be realised, either by offsetting against deferred tax liabilities, or as net assets.
Prepayments recognised under assets include incurred costs for the following financial year.
Prepayments recognised under liabilities include prepaid interest and warranty commission for the following financial year.
Dividends are recognised as debts on the date they are adopted by the general meeting.
The proposed dividend for the financial year is shown as a separate item under the note "Information on changes in equity".
Provisions, warranties, and other liabilities regarding which there is doubt as to their amount or the date for settlement, are recognised as provisions when it is probable that the liability will mean drawing on the bank's financial resources and the liability can be reliably measured. The liability is calculated at the present value of the costs that are necessary to repay the liability.
Warranties are not measured lower than the commission received for the warranty accrued during the warranty period.
Bond issues are recognised at fair value or at amortised cost dependent on the kind of bond issued.
Financial liabilities are recognised at amortised cost, which usually corresponds to nominal value.
Acquisition costs and considerations and dividends on own shares are recognised directly in equity.
Note: (DKK 1,000) (DKK 1,000)
| 1 | Interest receivable | 357.935 | 276.073 |
|---|---|---|---|
| 2 | Interest payable | 201.065 | 140.827 |
| Net income from interest | 156.870 | 135.246 | |
| Dividend on shares and other holdings | 8.254 | 3.909 | |
| 3 | Charges and commission receivable | 50.889 | 56.365 |
| Charges and commission payable | 4.217 | 4.824 | |
| Net income from interest and charges | 211.796 | 190.696 | |
| 4 | Value adjustments | -60.948 | 7.920 |
| Other ordinary income | 1.958 | 1.216 | |
| 5, 8 | Staff costs and administrative expenses | 139.684 | 129.356 |
| Depreciation and write-downs on intangible and tangible assets | 9.138 | 153 | |
| Other operating expences | 6.399 | 0 | |
| Write-downs on loans and outstanding accounts etc. | 69.572 | 19.439 | |
| 9 | Profit on equity investments in non-affiliated and affiliated companies | -4.636 | 1.687 |
| Result before tax | -76.623 | 52.571 | |
| 10 | Tax | -18.471 | 9.320 |
| Net-result for the financial year | -58.152 | 43.251 | |
| Result for the financial year | -58.152 | 43.251 |
|---|---|---|
| Total amount available for distribution | -58.152 | 43.251 |
| Dividends | 0 | 5.640 |
| Transferred to statutory reserves | 0 | -1 |
| Transferred to/from retained earnings | -58.152 | 37.612 |
| Total distribution of the amount available | -58.152 | 43.251 |
| Balance Sheet | 2008 | 2007 | |
|---|---|---|---|
| Note: | (1.000 DKK) | (1.000 DKK) | |
| Assets | |||
| 11, 22 11, 22, 23 12, 23, 26 13, 23 14, 22 15 16 17 |
Cash in hand and demand deposits with central banks Receivables at credit institutions and central banks Loans and other receivables at amortised cost Bonds at fair value Shares etc. Equity investments in non-affiliated companies Land and buildings (total) Investment properties Owner-occupied properties Other tangible assets Current tax assets Deferred tax assets Assets temporarily acquired |
30.032 976.478 3.770.132 383.051 184.695 7.699 94.000 10.062 83.938 9.517 10.692 25.496 239 |
105.808 736.666 3.919.134 253.271 213.388 3.273 73.218 7.586 65.632 8.139 14.327 0 239 |
| 22 | Other assets Prepayments |
126.586 0 |
30.246 428 |
| Total assets | 5.618.617 | 5.358.137 | |
| Liabilities | |||
| 18, 22, 27 19, 22, 23 20, 23 21 22 |
Debt Debt to credit institutions and central banks Deposits and other debts Bonds issued at fair value Bonds issued at amortised cost Other liabilities Prepayments Total debt |
1.658.800 3.087.535 4.233 5.145 200.559 189 4.956.461 |
1.836.943 2.677.095 0 3.445 81.615 124 4.599.222 |
| Provisions Provisions for deferred tax Provisions for loss on guarantees Total provisions |
0 3.495 3.495 |
1.639 1.000 2.639 |
|
| Subordinated debt | 195.000 | 220.000 | |
| 24, 25 | Equity Share capital Revaluation reserves Other reserves Statutory reserves Retained earnings Total equity of this proposed dividend Total liabilities |
22.560 7.992 0 0 433.109 463.661 0 5.618.617 |
22.560 2.293 480 480 510.943 536.276 5.640 5.358.137 |
| Information on changes in equity | 2008 | 2007 | |
|---|---|---|---|
| Note: | (1.000 DKK) | (1.000 DKK) | |
| 24 | Share capital beginning-of-year | 22.560 | 18.800 |
| New paid-up share capital | 0 | 3.760 | |
| Share capital end-of-year | 22.560 | 22.560 | |
| Premium at issue beginning-of year | 0 | 0 | |
| Increase by premium | 0 | 89.995 | |
| Other movements | 0 | 89.995 | |
| Premium at issue end-of year | 0 | 0 | |
| Revaluation reserves beginning-of-year | 2.293 | 2.293 | |
| Additions related to reassessed value | 5.699 | 0 | |
| Revaluation reserves end-of-year | 7.992 | 2.293 | |
| Other reserves beginning-of-year | 480 | 481 | |
| Reserve for net reval. under the intrinsic value method | 0 | -1 | |
| Other movements | 480 | 0 | |
| Other reserves end-of-year | 0 | 480 | |
| 25 | Retained earnings beginning-of-year | 510.943 | 402.518 |
| Profit or loss for the financial year | -58.152 | 43.252 | |
| Sale of own funds | 20.252 | 168.004 | |
| Other increase | 480 | 0 | |
| Additions relating to sales of own equity investments | 0 | 89.995 | |
| Purchase of own funds | 43.614 | 190.129 | |
| Distributed dividend (net) | 5.288 | 4.635 | |
| Taxation concerning own shares | -8.488 | -1.938 | |
| Retained earnings end-of-year | 433.109 | 510.943 | |
| Total equity of which proposed dividend |
463.661 0 |
536.276 5.640 |
|
| Capital requirement and solvency | |||
| Core capital | |||
| Equity | 463.661 | 536.276 | |
| Revaluation reserve Proposed dividend |
-7.992 0 |
-2.293 -5.640 |
|
| Deferred tax assets | -25.496 | 0 | |
| Hybrid core capital | 70.000 | 70.000 | |
| Half of equity investments in other financial | |||
| companies in compliance with law concerning financial activity | -32.337 | -32.228 | |
| Core capital after statutory deduction | 467.836 | 566.115 | |
| Subordinated debt | 125.000 | 150.000 | |
| Revaluation reserves | 7.992 | 2.293 |
companies in compliance with law concerning financial activity ....................... -32.337 -32.228 Capital base after deductions .......................................................... 568.491 686.180
Legal capital adequacy requirements ..................................................... 368.268 407.242
Half of equity investments in other financial
| Solvency | 2008 | 2008 |
|---|---|---|
| (1.000 DKK) | (1.000 DKK) | |
| Eksposure | Capital | |
| Weighted items ref. to the standard method | ||
| Risk weighted exposure | ||
| Exposure against | ||
| the public sector | 1.451 | 116 |
| institutions | 84.013 | 6.721 |
| companies etc. | 2.261.654 | 180.932 |
| retail customers | 1.335.599 | 106.848 |
| Exposure | ||
| secured by mortgage on property | 174.341 | 13.947 |
| on which arrears or overdraw | 25.923 | 2.074 |
| other items | 107.166 | 8.574 |
| Total risk weighted exposure | 3.990.147 | 319.212 |
| Weighted items with market risk | ||
| Bonds etc. | 201.918 | 16.153 |
| Shares | 42.417 | 3.393 |
| Foreign Currency | 13.090 | 1.048 |
| Total market risk | 257.425 | 20.594 |
| Weighted items with operational risk | ||
| Basic indicator method | 360.914 | 28.873 |
| Total operational risk | 360.914 | 28.873 |
| Total weighted items at the standard method | ||
| before group write-down deductions | 4.608.486 | |
| Capital demand | 368.679 | |
| Group write-downs | 5.138 | 411 |
| Total weighted items Total capital demand |
4.603.348 | 368.268 |
| Total exposure after write-downs and before | ||
| consideration of the effect from credit risk deduction | 7.386.932 | |
| 2008 | 2007 | |
| Weighted items ref. to the standard method | 3.990.147 | 4.392.161 |
| Weighted items with market risk | 257.425 | 328.051 |
| Weighted items ref. to the standard method | 360.914 | 372.140 |
| Group write-downs | -5.138 | -1.828 |
| Total weighted items | 4.603.348 | 5.090.524 |
| Core capital after deduction as a percentage of total weighted items | 10,2 | 11,1 |
| Solvency ratio | 12,4 | 13,5 |
| Legal solvency requirement | 8,0 | 8,0 |
| 2008 | 2007 | |
|---|---|---|
| (1.000 DKK) | (1.000 DKK) | |
| Guarantees etc. | ||
| Finance guarantees | 438.412 | 271.334 |
| Guarantees against losses on | ||
| mortgage credit loans | 21.092 | 513.000 |
| Registration and conversion guarantees | 318.680 | 731.277 |
| Other contingent liabilities | 289.201 | 220.006 |
| Total | 1.067.385 | 1.735.617 |
| Other binding engagements | ||
| Irrevocable credit-undertakings | 31.916 | 0 |
| Total | 31.916 | 0 |
| 1 | Interest income | ||
|---|---|---|---|
| Receivables at credit institutions and central banks | 31.143 | 17.782 | |
| Loans and other receivables | 311.566 | 251.338 | |
| Loans (interest conc. the written-down part of loans) | -5.000 | -3.960 | |
| Bonds | 14.472 | 9.929 | |
| Other derivative financial instruments, total | 5.430 | 545 | |
| of which | |||
| Currency contracts | 5.358 | 222 | |
| Interest-rate contracts | 72 | 323 | |
| Other interest income | 324 | 439 | |
| Total interest income | 357.935 | 276.073 | |
| Of which interest related to genuine purchase and resale transactions | 0 | 0 | |
| 2 | Interest expenses | ||
| Credit institutions and central banks | 84.968 | 56.802 | |
| Deposits | 103.014 | 76.294 | |
| Bonds, issued | 171 | 92 | |
| Subordinated debt | 12.713 | 7.523 | |
| Other interest expenses | 199 | 116 | |
| Total interest payable | 201.065 | 140.827 | |
| Of which interest related to genuine sale and repurchase transactions | 0 | 0 | |
| 3 | Fees and commission income | ||
| Securities trading and custody accounts | 16.923 | 26.786 | |
| Payment services | 4.772 | 4.875 | |
| Loan fees | 10.733 | 8.579 | |
| Guarantee commission | 15.239 | 13.052 | |
| Other fees and commission | 3.222 | 3.073 | |
| Total fees and commission receivable | 50.889 | 56.365 | |
| 4 | Value adjustments | ||
| Bonds | -29.462 | -1.880 | |
| Shares | -33.890 | 8.173 | |
| Foreign currency | 3.742 | 4.768 | |
| Other financial instruments | -1.338 | -3.141 | |
| Total value adjustments | -60.948 | 7.920 | |
| 5 | Staff costs and administrative expenses | ||
| Salaries and remuneration of board of directors, managers etc. | |||
| Board of managers | 2.478 | 2.177 | |
| Management board | 541 | 526 | |
| Committee of representatives | 153 | 163 | |
| Total salaries and remuneration of board etc. | 3.172 | 2.866 | |
| Staff costs Wages and salaries |
65.844 | 56.840 | |
| Pensions | 7.004 | 5.600 | |
| Social security costs and payroll tax | 7.018 | 6.438 | |
| Total staff costs | 68.878 | ||
| 79.866 |
| 2008 (1.000 DKK) |
2007 (1.000 DKK) |
||
|---|---|---|---|
| Other administrative expenses Total staff costs and administrative expenses |
56.646 139.684 |
57.612 129.356 |
|
| 6 | Average number of employees during the financial year converted into full-time employees |
||
| Employed in credit institution business Employed in other business |
150 4 |
131 4 |
|
| Total | 154 | 135 | |
| 7 | Number of employees at year end converted into full-time employees Employed in credit institution business |
149 | 136 |
| Employed in other business | 3 | 5 | |
| Total | 152 | 141 | |
| 8 | Audit fee Total fee to the firms of accountants, elected by |
||
| the annual meeting, that perform the statutory audit | 979 | 1262 | |
| of which, services other than auditing for 2008 | 357 | 624 | |
| The bank has no internal audit as per 31st December 2008 | |||
| 9 | Profit on equity investments in non-affiliated and affiliated companies Profit on equity investments in non-affiliated companies |
-4.636 | 1.687 |
| Total profit on equity investments in non-affiliated and affiliated companies | -4.636 | 1.687 | |
| 10 | Tax | ||
| Calculated tax of the income for year | -2.749 | 14.946 | |
| Adjustment of deferred tax | -15.279 | -5.450 | |
| Adjustment of tax calculated in previous years | -443 | -176 | |
| Total tax Tax paid during the year |
-18.471 -2.922 |
9.320 6.690 |
|
| Deferred taxation | |||
| (Tax amount) | |||
| Loans and debtors | -1.861 | -211 | |
| Bonds | -7.709 | -434 | |
| Shares Properties |
-12.167 1.408 |
1.770 1.102 |
|
| Other tangible assets | -705 | -588 | |
| Other deficits carried forward | -4.462 | 0 | |
| Total deferred taxation | -25.496 | 1.639 | |
| Effective tax rate | Pct. | Pct. | |
| Current tax rate | 25,00 | 25,00 | |
| Adjustment with ref. to decrease og tax rate from 28 to 25 | 0,00 | -1,41 | |
| Non-liable income relating from increasing in reassessed value | 0,97 | 0,00 | |
| Non-deductible write-downs and depreciations Non-liable income |
-1,92 1,89 |
-1,46 -4,86 |
|
| Non-deductible costs etc. | -1,83 | 0,46 | |
| Total effective tax rate | 24,11 | 17,73 | |
| The re-adjustment of tax for previous years is not incorporated in this statement | |||
| 11 | Receivables at credit institutions and central banks Deposits with central banks |
||
| Receivables at credit institutions | 774.754 201.724 |
599.504 137.162 |
|
| Total receivables at credit institutions and central banks | 976.478 | 736.666 | |
| Remaining period Demand |
|||
| Up to 3 months | 801.895 150.000 |
717.768 4.734 |
|
| Over 1 year and up to 5 years | 24.583 | 14.164 | |
| Total receivables at credit institutions and central banks | 976.478 | 736.666 | |
No assets related to genuine purchase and resale transactions included
| 12 | Loans and other debtors at amortised cost price | 2008 (1.000 DKK) |
2007 (1.000 DKK) |
|---|---|---|---|
| Remaining period | |||
| Claims at call | 546.850 | 541.790 | |
| Up to 3 months | 261.188 | 303.119 | |
| Over 3 months and up to 1 year | 631.892 | 682.299 | |
| Over 1 year and up to 5 years | 1.781.017 | 1.823.804 | |
| Over 5 years | 549.185 | 568.122 | |
| Total loans and other debtors at amortised cost price | 3.770.132 | 3.919.134 | |
| No assets related to genuine purchase and resale transactions included | |||
| Individual write-downs and provisions | |||
| Loans and receivables | |||
| Write-downs - beginning of the year | 82.632 | 65.348 | |
| Write-downs during the year | 84.425 | 53.351 | |
| Reversal of write-downs made in previous years | -22.712 | -26.834 | |
| Write-downs in previous years - now lost | -5.588 | -9.233 | |
| Write-downs - end of year | 138.757 | 82.632 | |
| Sum of loans and receivables on which individual write-downs have been made | 289.736 | 160.382 | |
| Guarantees | |||
| Provisions beginning of the year | 0 | 0 | |
| Provisions during the year | 3.495 | 0 | |
| Provisions - end of year | 3.495 | 0 | |
| Sum of guarantees on which induvidial provisions have been made | 69.540 | 0 | |
| Group write-downs and provisions | |||
| Loans and receivables | |||
| Write-downs - beginning of the year | 828 | 0 | |
| Write-downs during the year | 4.310 | 828 | |
| Group write-downs - end of year | 5.138 | 828 | |
| Sum of loans and receivables on which group write-downs have been made | 3.638.053 | 3.419.123 | |
| Guarantees | |||
| Provisions beginning of the year | 1.000 | 5.000 | |
| Reversal of provisions made in previous years | -1.000 | -4.000 | |
| Provisions end of year | 0 | 1.000 | |
| Sum of guarantees on which group-provisions have been made | 0 | 513.000 | |
| Total loss (depreciation) on loan and guarantees on which | |||
| individual write-down/provision has not earlier been made | 6.438 | 476 | |
| Paid on loan writed-down (lost) in earlier years of which interest deducted in interest receivable |
5.385 5.000 |
4.382 3.960 |
|
| Write-downs on receivables at credit institutions Write-downs on other receivables, which carry a credit risk |
0 0 |
0 0 |
|
| Loans etc. with suspended calculation of interest Loans etc. with suspended calculation of interest amounts to |
88.756 | 20.318 | |
| 13 | Bonds | ||
| Bonds at fair value | 383.051 | 253.271 | |
| Total bonds at fair value | 383.051 | 253.271 | |
| Bonds at fair value | |||
| Mortgage credit bonds | 295.981 | 140.978 | |
| State bonds | 2 | 0 | |
| Other bonds | 87.068 | 112.293 | |
| Total bonds at fair value | 383.051 | 253.271 | |
| The bank has deposited bonds with Danmarks Nationalbank at the fair value of | 0 | 0 |
The bank has no held-to-maturity assets
| 2008 (1.000 DKK) |
2007 (1.000 DKK) |
||
|---|---|---|---|
| 14 | Shares etc. | ||
| Quoted on Nasdaq OMX Copenhagen A/S | 45.188 | 92.279 | |
| Quoted on other stock exchanges | 2.843 | 9.944 | |
| Unquoted shares recorded at fair value Unquoted shares recorded at cost price |
126.718 9.946 |
104.576 6.589 |
|
| Total shares etc. | 184.695 | 213.388 | |
| 15 | Kapitalandele i tilknyttede og associerede virksomheder | 2008 | |
| Affiliated | |||
| companies | |||
| Total cost price beginning-of-year | (1.000 DKK) 2.792 |
||
| Acquisitions during the year | 9.500 | ||
| Reduction during the year | 437 | ||
| Total cost price end-of-year | 11.855 | ||
| Total write-ups/downs and depreciations beginning-of-year | 480 | ||
| Result | -4.636 | ||
| Difference in value by acquisition | 0 | ||
| Reversal of write-ups/downs | 0 | ||
| Total write-ups/downs and depreciations end-of-year | -4.156 | ||
| Book value end-of-year | 7.699 | ||
| of this credit institutions | 0 | ||
| Book value beginning-of-year | 3.272 | ||
| of this credit institutions | 0 | ||
| 16 | Land and buildings | Investment | Owner occupied |
| properties | properties | ||
| Fair value - end of previous financial year | (1.000 DKK) 7.586 |
(1.000 DKK) | |
| Reassessed value - end of previous financial year | 65.632 | ||
| Acquisitions during the year incl. improvements | 0 | 19.282 | |
| Depreciations | 1.330 | ||
| Increasing in reassessed value | 7.053 | ||
| Decreasing by reassessment of value | 6.699 | ||
| Adjustment of fair value for the year | 2.475 | ||
| Fair value / reassessed value end-of-year | 10.061 | 83.938 | |
| External experts have been involved by measurement of | |||
| owner-occupied properties in so far as the banks headquarter. | |||
| 17 | Other tangible assets | ||
| Total cost price beginning-of-year | 27.362 | ||
| Acquisitions during the year incl. Improvements | 5.466 | ||
| Reduction during the year | 2.158 | ||
| Total cost price beginning-of-year | 30.670 | ||
| Total write-ups/downs and depreciations beginning-of-year | 19.223 | ||
| Depreciations during the year | 4.088 | ||
| Reversal of depreciations | 2.158 | ||
| Total write-ups/downs and depreciations end-of-year | 21.153 | ||
| Book value end-of-year | 9.517 | ||
| Book value beginning-of-year | 8.139 |
| 2008 (1.000 DKK) |
2007 (1.000 DKK) |
||
|---|---|---|---|
| 18 | Debt to credit institutions and central banks | ||
| Credit institutions | 1.658.800 | 1.836.943 | |
| Total debt to credit institutions and central banks | 1.658.800 | 1.836.943 | |
| Term to maturity | |||
| Demand | 220.598 | 217.485 | |
| Up to 3 months | 386.265 | 170.129 | |
| Over 3 months and up to 1 year Over 1 year and up to 5 years |
858.794 113.143 |
499.592 869.737 |
|
| Over 5 years | 80.000 | 80.000 | |
| Total debt to credit institutions and central banks | 1.658.800 | 1.836.943 | |
| No liabilities related to genuine sale and repurchase transactions included | |||
| 19 | Deposits and other debts | ||
| Demand | 1.621.817 | 1.784.349 | |
| At notice | 69.436 | 83.412 | |
| Time deposits | 919.300 | 461.835 | |
| Special types of deposits | 476.982 | 347.499 | |
| Total deposits and other debts | 3.087.535 | 2.677.095 | |
| Term to maturity | |||
| Demand | 1.706.801 | 1.882.432 | |
| Up to 3 months | 708.474 | 448.590 | |
| Over 3 months and up to 1 year Over 1 year and up to 5 years |
194.609 109.825 |
48.731 40.238 |
|
| Over 5 years | 367.826 | 257.104 | |
| Total deposits and other debts | 3.087.535 | 2.677.095 | |
| No liabilities related to genuine sale and repurchase transactions included | |||
| 20 | Bonds issued at fair value | ||
| Term to maturity Over 1 year and up to 5 years |
4.233 | 0 | |
| Total bonds issued at amortised cost | 4.233 | 0 | |
| 21 | Bonds issued at amortised cost | ||
| Term to maturity | |||
| Over 1 year and up to 5 years | 3.445 | 1.797 | |
| Over 5 years | 1.701 | 1.648 | |
| Total bonds issued at amortised cost | 5.146 | 3.445 | |
| Accumulated change of value of commitments to | |||
| fair value because of change in own credit risk | 0 | 0 | |
| Market risks | |||
| 22 | Foreign currency exposure Assets in foreign currency |
||
| Cash in hand and claims at call on central banks | 6.812 | 12.598 | |
| Claims on credit institutions and central banks | 17.346 | 87.704 | |
| Loans and other debtors at amortised cost price | 969.869 | 577.629 | |
| Bonds at current value | 15.818 | 25.144 | |
| Shares etc. | 23.759 | 26.378 | |
| Other assets | 97.412 | 12.969 | |
| Total assets in foreign currency | 1.131.016 | 742.422 | |
| Liabilities in foreign currency | |||
| Debt to credit institutions and central banks | 861.014 | 1.290.512 | |
| Deposits and other debts Other liabilities |
26.989 113.454 |
30.656 12.196 |
|
| Total liabilities in foreign currency | 1.001.457 | 1.333.364 | |
| 2008 | 2007 | ||
|---|---|---|---|
| (1.000 DKK) | (1.000 DKK) | ||
| Foreign currency holdings in main currencies | |||
| (negative sign - net debt) | |||
| EUR | -1.670 | 65.856 | |
| USD | -7.884 | 2.390 | |
| GBP | 164 | 2.113 | |
| SEK | -3.484 | 5.462 | |
| NOK | 344 | -3.647 | |
| CHF | 2.816 | -6.687 | |
| CAD | 138 | 122 | |
| JPY | 171 | 96 | |
| Foreign currency risk | |||
| Currency indicator 1 | 13.090 | 83.864 | |
| Currency indicator 1 in pct of core capital after deductions | 2,8 | 14,8 | |
| Currency indicator 2 | 322 | 200 | |
| Currency indicator 2 in pct of core capital after deductions | 0,1 | 0,0 | |
| 23 | Interest rate risk | ||
| Interest rate risk on debt instruments etc - total | 2.129 | 2.056 | |
| Interest rate risk in pct of core capital after deductions | 0,7 | 0,4 | |
| Interest rate risk split in currencies with highest risk | |||
| Currency | |||
| DKK | 3.145 | 1.452 | |
| CHF | -1.200 | -395 | |
| EUR | 1.068 | 1.012 | |
| USD | 98 | 20 | |
| TRY | 60 | 0 | |
| 24 Share capital Number of shares is 1.128,000 at DKK 20 each |
22.560 | 22.560 |
|---|---|---|
| --------------------------------------------------------------------- | -------- | -------- |
The bank have 13,550 registered shareholders.
94,6 % of the share capital are registered on name.
| Holdings beginning of the year | ||
|---|---|---|
| Number of own shares | 44.242 | 14.060 |
| Nominal value of holding of own shares (DKK 1,000) | 885 | 281 |
| Own shares proportion of share capital | 3,92 | 1,50 |
| Addition | ||
| Number of own shares | 122.628 | 261.695 |
| Nominal value of holding of own shares (DKK 1,000) | 2.453 | 5.234 |
| Own shares proportion of share capital | 10,87 | 23,20 |
| Purchase price (DKK 1,000) | 43.615 | 190.129 |
| Disposal | ||
| Number of own shares | 59.644 | 231.513 |
| Nominal value of holding of own shares (DKK 1,000) | 1.193 | 4.630 |
| Own shares proportion of share capital | 5,29 | 20,52 |
| Sale price (DKK 1,000) | 20.252 | 168.004 |
| Holdings end of the year | ||
| Number of own shares | 107.226 | 44.242 |
| Nominal value of holding of own shares (DKK 1,000) | 2.145 | 885 |
| Own shares proportion of share capital | 9,51 | 3,92 |
Every year at the annual meeting the bank asks the shareholders the permission to acquire up to a total nominal value of 10 % of the banks share capital, refer to the regulations in the Companies Act § 48.
The bank wish to receive this power, in order that the bank always is able to grant the requests from our customers and investors to buy respectively to sell shares in Skjern Bank, and the net-purchase during 2007 is only in consequence hereof.
| 2008 | 2007 | |
|---|---|---|
| (nominal value) | (1.000 DKK) | (1.000 DKK) |
| The board of managers | ||
| Per Munck | 66 | 62 |
| The board of directors | ||
| Carsten Thygesen | 42 | 42 |
| Jens Christian Ostersen | 21 | 17 |
| Børge Lund Hansen | 14 | 14 |
| Holger Larsen | 82 | 82 |
| Lars Andresen | 2 | 2 |
| Metha Thomsen | 5 | 5 |
26 Amount of loans, mortgages, guarantees, or guarantees with accompanying security for members of the management mentioned below and related parties
| 2008 | 2007 | 2008 | 2007 | |
|---|---|---|---|---|
| Rate of interest/ | Loans etc. | Loans etc. | Security | Security |
| interest range | granted | granted | ||
| (1.000 DKK) | (1.000 DKK) | (1.000 DKK) | (1.000 DKK) | |
| Management 6,57% |
370 | 215 | 0 | 0 |
| Board 5,82 - 8 % |
48.928 | 48.816 | 3100 | 1630 |
| Committee of representatives 4,25 - 11 % |
39.144 | 32.017 | - | - |
Wages and considerations to the bank's management board, board of directors, and committee of representatives can be found in note no. 5.
Loans and warranties provided to members of the bank's management board, board of directors, and committee of representatives are on market-based terms.
Commitments as of the 31st December 2008 can be found in note no. 26.
The Bank has no incentive or bonus schemes.
Vestjydsk Invest ApS, Skjern. The company invests in mortgage bonds in real property, and the bank's share of the capital amounts to 49 %. The company's net result for the accounting year 2008 amounts to DKK -2,487,283. The company's equity as at the 31st December 2008 amounts to DKK 24,563.
Value Estate A/S, Esbjerg.
The company invests in real property, and the bank's share of the capital amounts to 46,09 %. The company's net result for the accounting year 2008 amounts to DKK -5,892,764. The company's equity as at the 31st December 2008 amounts to DKK 16,702,678.
As part of ordinary operations, the bank is involved in disputes and lawsuits. The bank's risks in these cases are evaluated by the bank's solicitors and management on an ongoing basis, and provisions are made on the basis of an evaluation of the risk of loss.
Subordinated debt as supplementary capital Nominal DKK 25,000,000 with a term from the 6th June 2003 to the 6th June 2011. The loan was repaid prematurely by the bank by the 6th June 2008. The loan was at a floating rate. Interest payable in 2008 DKK 805,000.
Subordinated debt as supplementary capital Nominal DKK 25,000,000 with a term from the 16th December 2005 to the 1st November 2014. The loan is at a fixed rate of 4.33 % p.a. until the 1st November 2011, from which date the loan is at a floating rate. The loan can be repaid prematurely by the bank on the 1st November 2011. Interest payable in 2008 DKK 1,080,000.
Subordinated debt as hybrid core capital Nominal DKK 70,000,000 with an endless duration. The loan is at a fixed rate of 6.09 % p.a. until the 1st May 2016, from which date the loan is at a floating rate. The bank can at the earliest repay the loan by the 1st May 2016, however by the 1st May 2011 in case special circumstances should occur. Interest payable in 2008 DKK 4,265,000.
Subordinated debt as supplementary capital Nominal DKK 100,000,000 with term from the 3rd December 2007 to the 3rd December 2015. The loan is at a floating rate and the rate of interest as at the 31st December 2008 has been fixed at 7.3 % p.a. The bank is entitled to repay the loan prematurely as at the 3rd December 2012. Interest payable in 2008 DKK 6,565,000.
The loans are incorporated in the capital base with
DKK 70,000,000 as hybrid core capital, and DKK 125,000,000 as supplementary capital.
Skjern Bank cooperates with, receives commission relating to payment transfers from, and is co-owner of some of the following companies:
Totalkredit A/S / Nykredit, DLR Kredit A/S, Privatsikring A/S, Eurocard, PFA Pension, BankInvest, Sparinvest A/S, Investeringsforeningen Valueinvest Danmark, Investerings- og Special-foreningen Dexia Invest, BI Asset Management Fondsbørsmæglerselskab A/S, Jyske Invest, Forvaltningsinstituttet for Lokale Pengeinstitutter, Sydinvest A/S, Garanti Invest A/S, Atrium Fondsmæglerselskab A/S, Investeringsforeningen Egns-Invest, HP Fondsbørsmæglerselskab A/S, Tiedemann Independent A/S, Codan, Dankort A/S, PBS A/S, PBS International A/S, Multi-data A/S, Visa International, Dansk Lokalleasing A/S and Deltaq A/S.
The board of Skjern Bank discusses developments in the field of good corporate governance on an ongoing basis. Views and evaluations are published on the bank's web site: www.skjernbank.dk.
Nasdaq OMX Copenhagen A/S has set up a committee for good corporate governance (the Nørby committee), that works with the point of departure in promoting good corporate governance in Danish companies listed on the stock exchange. The committee's reports can be seen on the web site: www.corporategovernance.dk.
We have today discussed and approved the annual report for the period 1 January - 31 December 2008 for Skjern Bank A/S.
The annual report has been prepared in accordance with the Danish legislation on financial activities, including executive order on financial reports for credit institutes and stock broker companies, etc. Furthermore, the annual report has been prepared in accordance with additional Danish requirements regarding information in annual reports for financial companies listed on the Stock Exchange.
The management report includes a correct presentation of the development of the bank's activities and financial conditions together with a description of the material risks and uncertainties by which the bank may be affected.
We consider the accounting practice chosen to be appropriate so that the annual report gives a correct impression of the bank's assets, liabilities, financial position as at the 31st December 2008, and of the result of the bank's activities for the accounting year 1 January – 31 December 2008.
The annual report is recommended for approval by the General Meeting.
Skjern, the 20th February 2009 Executed Board of SKJERN BANK A/S
Per Munck / Jens Peder Larsen Chief Accounting Executive
Skjern, the 20th February 2009.
| The Board of Skjern Bank A/S | ||
|---|---|---|
| Carsten Thygesen | Jens Chr. Ostersen | |
| Chairman | Vice-Chairman |
Børge Lund Hansen Holger Larsen Lars Andresen Metha Thomsen
We have audited the annual report for Skjern Bank A/S for the accounting year 1 January – 31 December 2008 including Letter of Representation, Management Report, accounting practice used, profit and loss account, balance sheet, equity statement and notes. The annual report has been prepared in accordance with the Danish legislation on financial activities, including executive order on financial reports for credit institutes and stock broker companies, etc. Furthermore, the annual report has been prepared in accordance with additional Danish requirements regarding information in annual reports for financial companies listed on the Stock Exchange.
The Management is responsible for preparing and presenting an annual report giving a correct impression in accordance with the legislation on financial activities, including the order on financial reports for credit institutions and stock broker companies, etc., and additional Danish requirements regarding information in annual reports for financial companies listed on the Stock Exchange. This responsibility includes the creation, implementation and maintenance of internal control measures relevant for the preparation and presentation of an annual report giving a correct impression without material misinformation, regardless whether such misinformation is due to fraud or errors, and the selection and use of appropriate accounting practice and the exercising of accounting estimates which are reasonable in the given circumstances.
It is our responsibility to express a conclusion regarding the annual report on the basis of our audit. We have carried out our audit in accordance with Danish auditing standards. The above standards demand that we meet ethical requirements and plan and carry out the audit with a view to obtaining a high degree of certainty that the annual report does not include material misinformation.
An audit includes actions to obtain documentation for the amounts and information included in the annual report. The actions chosen depend on the auditor's assessment, including the assessment of the risk of material misinformation in the annual report, regardless whether such misinformation is due to fraud or errors. In connection with the risk assessment, the auditor considers internal control measures relevant to Skjern Bank A/S' preparation and presentation of an annual report which gives a correct impression with a view to preparing audit actions which are appropriate in the given circumstances, but not with a view to expressing a conclusion regarding the effectiveness of the company's internal control measures. An audit also includes a decision as to the appropriateness of the accounting practice chosen by the management, as to whether the accounting estimates made by the management are reasonable, and an assessment of the overall presentation of the annual report.
It is our opinion that the audit documentation obtained is sufficient and suitable as a basis for our conclusion.
The audit has not given rise to reservations.
It is our opinion that the annual report gives a correct impression of the financial institution's assets, liabilities and financial position as at the 31st December 2008, and of the result of the financial institution's activities for the accounting year 1 January - 31 December 2008 in accordance with the legislation on financial activities, including executive order on financial reports for credit institutions and stock broker companies, etc., and additional Danish requirements for annual reports for financial companies listed on the stock exchange.
PricewaterhouseCoopers DELOITTE State-Authorised Public Accountants State-Authorised Public Accountants
Skjern, the 20th February 2009 Silkeborg, the 20th February 2009 Kim Rune Brarup Alex Nyholm Henrik A. Laursen Klaus Skovsen
| 23th February | Announcement of Annual Report 2008 |
|---|---|
| 2nd Marts | General Meeting – Skjern Kulturcenter |
| 7th May | Announcement of Quarterly Report 1st quarter 2009 |
| 20th August | Announcement of Half-yearly Report 2009 |
| 6th November | Announcement of Quarterly Report after 3rd quarter 2009 |
Jørgen Søndergaard Axelsen, Skjern, real estate agent, head of the committee of representatives Jens Bruun, Viby J, Manager Carsten Thybo Christensen, Esbjerg, accounting
manager Kaj Eriksen, Vemb, police officer Jens Chr. Fjord, Skjern, bicycle dealer Elmo Flaskager Hansen, Skjern, senior teacher Orla Varridsbøl Hansen, Tarm, manufacturer Helle Svenstrup Husted, Skjern, manager Mike Jensen, Skjern, bookseller Niels Erik Kjærgaard, Skjern, city manager Dorte H. Knudsen, Hviding, Ribe, hospital nurce Finn Erik Kristiansen, Varde, bookseller Hans Juul Mikkelsen, Skjern, master carpenter Lars Aage Sandfeldt Nielsen, Borris, Skjern, farmer Niels-Henrik Skovsgaard Nielsen, Skjern, financial adviser
Viggo Nielsen, Borris, Skjern, region council member
Tommy Noer, Esbjerg, technical teacher Torben Ohlsen, Tjæreborg, manager
Jens Okholm, Esbjerg, adviser Niels Chr. Poulsen, No, Ringkøbing, mink farmer Jesper Ramskov, Esbjerg, manager Ole Strandbygaard, Skjern, printer Christen Spangsberg Sørensen, Hanning, Skjern, farmer Bente Tang, Hanning, Skjern, farmer Poul Thomsen, Skjern, trader in men's clothing
Carsten Thygesen, Skjern, manager, board chairman Jens Christian Ostersen, Stauning, farmer, board vice-chairman Børge Lund Hansen, Skjern, manufacturer Holger Larsen, Dejbjerg, master builder Lars Andresen, Varde, deputy manager, employee-selected Metha Kirstine Thomsen, Skjern, agriculture advisor, employee-selected
Per Munck, banking executive
Manufacturer Børge Lund Hansen: Manager and board member of Vestjysk Industrilakering A/S, Skjern.
Master builder Holger Larsen: Manager and board member of Hansen & Larsen A/S, Dejbjerg, Skjern, Manager and board member of Skjern Huse A/S, Skjern, Board member of H & L Udlejning A/S, Skjern, Board member of Skjern Installationsforretning A/S, Skjern, Board member of Skjern Vinduer A/S, Skjern,
Manager Carsten Thygesen: Manager and board member of Hecto A/S, Videbæk, Manager and board member of Rehborg A/S, Skjern, Board chairman of MBT Danmark A/S, Århus,
Banking executive Per Munck, has no managerial office in any other Danish limited company
Banktorvet 3 . 6900 Skjern . Telefon 9682 1333 Telefax 9682 1390 . [email protected] SWIFT SKJBDK 22 . CVR 45801012
Storegade 37, Borris 6900 Skjern Ph. +45 9682 1630 Fax. +45 9736 6407 [email protected]
Strandvejen 143 2900 Hellerup Ph. +45 9682 1450 Fax. +45 7624 1604 [email protected]
Storegade 20-22 6740 Bramming Ph. +45 9682 1580 Fax. +45 7510 1861 [email protected]
Saltgade 16 6760 Ribe Ph. +45 9682 1600 Fax. +45 7651 1010 [email protected]
Skolegade 41 6700 Esbjerg Ph. +45 9682 1500 Fax. +45 7545 9773 [email protected]
Bøgevej 2 6800 Varde Ph. +45 9682 1640 Fax. +45 7522 2021 [email protected]
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