LHV Group — Fund Information / Factsheet 2022

Feb 8, 2022

December 2021

LHV Factbook

Table of Contents

LHV Structure and Governance AS LHV Group Income Statement AS LHV Group Balance Sheet AS LHV Group Financial and Operational Ratios AS LHV Group Quality of Assets AS LHV Group Capital Adecuacy AS LHV Pank Income Statement AS LHV Pank Balance Sheet AS LHV Pank Financial and Operational Ratios AS LHV Pank Loans AS LHV Pank Deposits and Loans received AS LHV Pank Quality of Assets AS LHV Pank Capital Adequacy AS LHV Pank results of services for financial intermediaries segment AS LHV Varahaldus Income Statement AS LHV Varahaldus Balance Sheet AS LHV Varahaldus Financial and Operational Ratios AS LHV Varahaldus Assets Under Management AS LHV Kindlustus Income Statement AS LHV Kindlustus Balance Sheet AS LHV Kindlustus Financial and Operational Ratios UAB Mokilizingas Share information Bond information Financial Calendar and Contacts

Discontinued operations

Financial information presented in the factbook might not reconcile with the interim report because consisting of discontinued operations. One of the reasons for the difference between the financial results could be the sale of UAB Mokilizingas in Q2 2018.

Overview and Group Structure back

AS LHV Group is the largest domestic financial group and capital provider in Estonia. LHV was established in 1999 by people with long experience in investing and entrepreneurship. LHV offices for client servicing are located in Tallinn and Tartu and also since March 2018, in London. Over 650 people work in LHV. The main subsidiaries of AS LHV Group are AS LHV Pank, AS LHV Varahaldus and AS LHV Kindlustus. LHV Pank with its subsidiary has more than 340,000 customers. Our pension funds have more than 170,000 customers. Altogether, LHV Group has more than 490,000 customers.

Supervisory Boards and Management Boards of AS LHV Group and its Subsidiaries

AS LHV Group

Mõis, Tauno Tats, Andres Viisemann, Sten Tamkivi Management Board: Madis Toomsalu

AS LHV Varahaldus

Supervisory Board: Madis Toomsalu, Erki Kilu, Andres Viisemann Management Board: Vahur Vallistu, Joel Kukemelk

AS LHV Kindlustus

Supervisory Board: Madis Toomsalu, Erki Kilu, Veiko Poolgas, Jaan Koppel Management Board: Jaanus Seppa, Tarmo Koll

LHV UK Limited

Board of Directors: Madis Toomsalu, Erki Kilu, Andres Kitter

AS LHV Pank

Supervisory Board: Madis Toomsalu, Rain Lõhmus, Raivo Hein, Heldur Meerits, Tiina Mõis, Andres Viisemann Management Board: Kadri Kiisel, Andres Kitter, Indrek Nuume, Jüri Heero, Meelis Paakspuu, Martti Singi

AS LHV Finance

Supervisory Board: Kadri Kiisel, Madis Toomsalu, Veiko Poolgas, Jaan Koppel

Income statement, 9 quarters back

Income statement, EURt	Q4-21	Q3-21	Q2-21	Q1-21	Q4-20	Q3-20	Q2-20	Q1-20	Q4-19
Net interest income	28,163	25,857	22,927	20,372	19,893	16,731	15,545	16,323	13,268
Net fee and commission income	15,251	9,981	9,517	8,729	14,183	6,472	6,188	6,507	6,427
Other income	-737	265	389	-335	1,373	379	305	-353	228
Total revenue	42,677	36,103	32,834	28,765	35,449	23,582	22,039	22,477	19,923
Staff costs	-8,638	-7,424	-8,006	-7,253	-6,368	-5,630	-6,146	-5,770	-5,236
Office rent and expenses	-453	-536	-384	-463	-239	-45	-236	-278	-277
IT expenses	-1,271	-1,138	-993	-1,005	-964	-868	-782	-729	-861
Marketing expenses	-791	-634	-549	-532	-475	-557	-315	-475	-443
Other operating expenses	-7,093	-5,518	-7,993	-4,507	-3,381	-3,613	-3,183	-3,922	-4,541
Total operating expenses	-18,247	-15,251	-17,925	-13,760	-11,427	-10,713	-10,661	-11,174	-11,359
EBIT	24,431	20,852	14,910	15,005	24,023	12,869	11,378	11,303	8,564
Earnings before impairment losses	24,431	20,852	14,910	15,005	24,023	12,869	11,378	11,303	8,564
Impairment losses on loans and advances	-1,694	-1,444	791	-1,601	-2,243	27	-7,672	-1,011	-1,546
Income tax	-3,395	-2,819	-2,785	-1,988	-3,741	-2,122	-156	-2,809	-586
Net profit	19,342	16,589	12,916	11,417	18,039	10,774	3,550	7,484	6,432
Profit attributable to non-controlling interest	485	636	507	373	200	677	615	404	713
Profit attributable to owners of the parent	18,856	15,953	12,409	11,043	17,840	10,096	2,935	7,079	5,719

Income statement, 5 years

Income statement, EURt	2021	2020	2019	2018	2017
Net interest income	97,319	68,492	47,388	39,770	35,502
Net fee and commission income	43,478	33,351	25,677	26,002	22,180
Other income	-417	1,704	754	4,252	841
Total revenue	140,379	103,547	73,818	70,024	58,523
Staff costs	-31,322	-23,914	-19,266	-16,291	-14,664
Office rent and expenses	-1,836	-798	-959	-1,916	-1,716
IT expenses	-4,407	-3,343	-2,771	-2,347	-1,889
Marketing expenses	-2,506	-1,822	-2,089	-2,526	-4,861
Other operating expenses	-25,111	-14,098	-14,182	-10,727	-8,815
Total operating expenses	-65,183	-43,975	-39,266	-33,807	-31,945
EBIT	75,197	59,572	34,552	36,217	26,578
Earnings before impairment losses	75,197	59,572	34,552	36,217	26,578
Impairment losses on loans and advances	-3,948	-10,898	-3,209	-5,269	-3,154
Income tax	-10,986	-8,827	-4,250	-3,758	-1,248
Net profit	60,263	39,847	27,092	27,190	22,176
Profit attributable to non-controlling interest	2,002	1,897	2,296	1,953	2,575
Profit attributable to owners of the parent	58,261	37,950	24,797	25,237	19,601

4

Balance sheet, 9 quarters back

Balance sheet, EURt	Dec 21	Sep 21	Jun 21	Mar 21	Dec 20	Sep 20	Jun 20	Mar 20	Dec 19
Cash and cash equivalents	3,987,312	3,769,432	3,341,694	3,193,146	2,393,537	1,753,730	1,438,793	1,284,182	1,271,153
Financial assets at fair value	135,856	138,800	86,614	149,739	330,055	430,661	423,117	231,321	40,962
Loans granted	2,696,210	2,566,887	2,418,634	2,322,518	2,225,681	1,870,335	1,818,644	1,746,205	1,693,138
Loan impairments	-19,049	-18,024	-17,298	-18,170	-16,858	-14,512	-14,608	-7,296	-6,104
Receivables from customers	9,746	6,240	5,319	5,185	9,388	2,443	3,039	2,780	3,551
Other assets	34,856	32,279	26,704	30,005	29,604	29,216	28,527	30,148	29,212
Total assets	6,844,930	6,495,615	5,861,667	5,682,423	4,971,407	4,071,872	3,697,512	3,287,341	3,031,912
Demand deposits	5,648,013	5,198,733	4,658,731	4,272,474	3,635,166	2,756,352	2,512,196	2,357,463	2,189,478
Term deposits	159,283	257,453	262,438	459,866	483,301	458,142	572,520	591,948	508,549
Accrued interest liability	325	385	324	1,503	1,302	990	2,219	4,001	2,887
Loans received	546,280	563,203	505,867	508,801	468,585	471,554	271,553	25,687	25,647
Loans received and deposits from customers	6,353,899	6,019,774	5,427,361	5,242,644	4,588,355	3,687,038	3,358,488	2,979,098	2,726,562
Other liabilities	55,852	86,137	61,207	73,668	27,173	34,746	35,138	25,647	23,877
Subordinated loans	110,378	110,383	111,057	110,876	110,603	125,506	90,564	75,445	75,444
Total liabilities	6,520,130	6,216,294	5,599,625	5,427,188	4,726,131	3,847,290	3,484,190	3,080,191	2,825,883
Equity	324,801	279,321	262,043	255,235	245,276	224,582	213,322	207,150	206,028
Minority interest	8,384	7,899	7,263	6,756	8,483	5,921	5,243	4,190	5,218
Total liabilities and equity	6,844,930	6,495,615	5,861,667	5,682,423	4,971,407	4,071,872	3,697,512	3,287,341	3,031,912

Balance sheet, 5 years

Dec 21	Dec 20	Dec 19	Dec 18	Dec 17
3,987,312	2,393,537	1,271,153	682,658	961,212
135,856	330,055	40,962	47,153	56,634
2,696,210	2,225,681	1,693,138	929,037	740,169
-19,049	-16,858	-6,104	-10,276	-8,125
9,746	9,388	3,551	3,721	9,802
34,856	29,604	29,212	24,807	13,165
6,844,930	4,971,407	3,031,912	1,677,100	1,772,856
5,648,013	3,635,166	2,189,478	1,304,122	1,409,579
159,283	483,301	508,549	117,795	127,112
325	1,302	2,887	281	238
546,280	468,585	25,647	21,584	6,000
6,353,899	4,588,355	2,726,562	1,443,782	1,542,929
55,852	27,173	23,877	24,341	70,862
				31,110
6,520,130	4,726,131	2,825,883	1,519,337	1,644,902
324,801	245,276	206,028	157,763	127,955
8,384	8,483	5,218	4,123	7,894
6,844,930	4,971,407	3,031,912	1,677,100	1,772,856
	110,378	110,603	75,444	51,214

Financial and Operational Ratios, 9 quarters back

Financial and operational ratios	Q4-21	Q3-21	Q2-21	Q1-21	Q4-20	Q3-20	Q2-20	Q1-20	Q4-19
Return on Equity (ROE)	25.7%	24.3%	19.7%	18.2%	31.3%	18.9%	5.7%	14.0%	11.6%
pre-tax ROE	30.1%	28.4%	24.0%	21.3%	36.1%	21.7%	6.0%	19.0%	12.8%
Return on Assets (ROA)	1.2%	1.1%	0.9%	0.9%	1.6%	1.1%	0.4%	0.9%	0.9%
CFROI	26.4%	25.8%	23.6%	24.0%	26.4%	22.0%	21.6%	21.9%	19.0%
Net Interest Margin (NIM)	1.7%	1.7%	1.6%	1.5%	1.8%	1.7%	1.8%	2.1%	1.8%
Spread	1.7%	1.7%	1.6%	1.5%	1.7%	1.7%	1.8%	2.1%	1.8%
Cost/Income ratio (C/I)	42.8%	42.2%	54.6%	47.8%	32.2%	45.4%	48.4%	49.7%	57.0%
Equity Multiplier (EM)	22.7	23.5	22.9	22.0	19.9	18.2	17.0	15.7	14.9
Risk Cost Ratio	0.3%	0.2%	-0.1%	0.3%	0.4%	0.0%	1.7%	0.2%	0.4%
Number of Customers (thousands)	513	488	490	482	410	382	370	368	360
Number of Employees (full-time)	640	627	616	556	513	487	467	459	424
Regulatory ratios and minimums	Q4-21	Q3-21	Q2-21	Q1-21	Q4-20	Q3-20	Q2-20	Q1-20	Q4-19
Capital adequacy CT1	13.32%	12.62%	13.20%	12.35%	13.26%	13.02%	12.98%	12.56%	12.39%
CT1 (regulatory minimum)	8.52%
		8.52%	8.52%	8.52%	8.52%	8.45%	8.45%	9.45%	9.67%
Capital adequacy T1	15.13%	14.52%	15.25%	14.51%	15.56%	15.40%	15.45%	14.02%	13.88%
T1 (regulatory minimum)	10.16%	10.16%	10.16%	10.16%	10.16%	10.09%	10.09%	11.09%	11.30%
Capital adequacy CAD	19.02%	18.59%	19.64%	19.13%	20.50%	20.51%	19.33%	18.02%	17.96%
CAD (regulatory minimum)	13.33%	13.33%	13.33%	13.33%	13.33%	13.33%	13.33%	14.33%	14.31%
Min. req. for own funds and elig. liabilities MREL	6.89%	6.93%	6.73%	6.57%	6.71%	9.06%	8.68%	8.40%	8.94%
MREL (regulatory minimum)	5.79%	5.79%	5.79%	5.79%	5.8%	5.8%	5.8%	5.8%	5.8%
Liquidity coverage ratio LCR LCR (regulatory minimum)	143% 100%	146% 100%	127% 100%	140% 100%	148% 100%	183% 100%	180% 100%	153% 100%	145% 100%

NSFR (regulatory minimum) 100% 100% 100% 100% 100% 100% 100% 100% 100%

Financial and Operational Ratios, 5 years

Financial and operational ratios	2021	2020	2019	2018	2017
Return on Equity (ROE)	21.1%	17.3%	14.0%	18.4%	17.6%
Pre-tax ROE	24.9%	20.5%	16.2%	20.9%	18.6%
Return on Assets (ROA)	1.0%	1.0%	1.2%	1.6%	1.6%
CFROI	26.4%	26.4%	19.0%	25.4%	22.6%
Net Interest Margin (NIM)	1.7%	1.7%	2.0%	2.3%	2.7%
Spread	1.6%	1.7%	2.0%	2.3%	2.6%
Cost/Income ratio (C/I)	46.4%	42.5%	53.2%	48.3%	54.6%
Equity Multiplier (EM)	21.4	18.3	13.3	12.6	12.2
Risk Cost Ratio	0.2%	0.6%	0.2%	0.6%	0.5%
Number of Customers (thousands)	513	410	360	329	444
Number of Employees (full-time)	640	513	424	372	365
Regulatory ratios and minimums	2021	2020	2019	2018	2017
Capital adequacy CT1	13.3%	13.3%	12.4%	13.6%	14.0%
CT1 (regulatory minimum)	8.52%	8.52%	9.67%	9.67%	8.29%
Capital adequacy T1	15.13%	15.56%	13.88%	13.65%	14.02%
T1 (regulatory minimum)	10.16%	10.16%	11.30%	11.30%	9.91%
Capital adequacy CAD	19.02%	20.50%	17.96%	19.41%	18.30%
CAD (regulatory minimum)	13.33%	13.33%	14.31%	14.31%	12.43%
Min. req. for own funds and elig. liabilities MREL	6.89%	6.72%	8.94%	11.78%	7.91%
MREL (regulatory minimum)	5.79%	5.79%	5.79%	5.79%
Liquidity coverage ratio LCR	143%	148%	145%	149%	121%
LCR (regulatory minimum)	100%	100%	100%	100%	100%
Net stable funding ratio NSFR	163%	153%	153%	148%	141%

NSFR (regulatory minimum) 100% 100% 100% 100%

Return on Equity (ROE)

net profit (attributable to the owners of the parent) / average equity (attributable to the owners of the parent) * 100

pre-tax ROE

profit before taxes (attributable to the owners of the parent) / average equity (attributable to the owners of the parent) * 100

Return on Assets (ROA) net profit / average assets * 100

CFROI

operating profit / capital (average) * 100

Net Interest Margin (NIM)

net interest income / average interest earning assets * 100

Spread

yield on interest earning assets - cost of interest bearing liabilities

*Balance Sheet items used for quarterly ratio calculations have been calculated as an average of the previous quarter and the reporting quarter balances. Balance Sheet items used for annual ratio calculations have been calculated as an average of the previous year-end and reporting year-end balances. Ratios containing Profit and Loss Statement items have been calculated based on actual data. For annualization purposes quarterly data has been multiplied by 4.

Cost/Income ratio (C/I)

Equity Multiplier (EM)

Risk Cost Ratio loan loss / average loan portfolio Liquidity Coverage Ratio (LCR)

total operating expenses / total income * 100

according to the definitions of the Basel Committee

average assets/ average equity (attributable to the owners of the parent) Minimum Requirement for own funds and Eligible Liabilities according to the definitions of the Basel Committee

AS LHV Group December 2021

Quality of assets, 9 quarters back

EURt	Dec 21	Sep 21	Jun 21	Mar 21	Dec 20	Sep 20	Jun 20	Mar 20	Dec 19
Loans granted,	2,696,210	2,566,887	2,418,634	2,322,518	2,225,681	1,870,335	1,818,644	1,746,205	1,693,138
incl. past due:	16,802	20,750	27,794	25,593	24,809	26,944	30,165	38,320	39,145
1-30 days	13,417	16,177	21,830	18,479	17,728	20,280	23,320	27,354	26,273
31-60 days	1,971	1,936	2,391	2,157	2,559	2,174	2,923	5,297	7,142
61-90 days	289	520	708	696	850	1,367	822	2,390	1,655
over 90 days or contract cancelled	1,125	2,116	2,866	4,261	3,671	3,122	3,100	3,279	4,074
Loan impairments	-19,049	-18,024	-17,298	-18,170	-16,858	-14,512	-14,608	-7,296	-6,104
Share of impairments (over 90 days or cancelled)	1693.6%	851.9%	603.6%	426.5%	459.2%	464.8%	471.2%	222.5%	149.8%
EURt, percentage	Dec 21	Sep 21	Jun 21	Mar 21	Dec 20	Sep 20	Jun 20	Mar 20	Dec 19
Loans granted,	2,696,210	2,566,887	2,418,634	2,322,518	2,225,681	1,870,335	1,818,644	1,746,205	1,693,138
incl. past due:	0.6%	0.8%	1.1%	1.1%	1.1%	1.4%	1.7%	2.2%	2.3%
1-30 days	0.5%	0.6%	0.9%	0.8%	0.8%	1.1%	1.3%	1.6%	1.6%
31-60 days	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.2%	0.3%	0.4%
61-90 days	0.0%	0.0%	0.0%	0.0%	0.0%	0.1%	0.0%	0.1%	0.1%
over 90 days or contract cancelled	0.0%	0.1%	0.1%	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%
Loan impairments	-0.7%	-0.7%	-0.7%	-0.8%	-0.8%	-0.8%	-0.8%	-0.4%	-0.4%

Quality of assets, 5 years

EURt	Dec 21	Dec 20	Dec 19	Dec 18	Dec 17
Loans granted,	2,696,210	2,225,681	1,693,138	929,037	740,169
incl. past due:	16,802	24,809	39,145	22,483	34,937
1-30 days	13,417	17,728	26,273	6,142	10,424
31-60 days	1,971	2,559	7,142	709	6,628
61-90 days	289	850	1,655	177	750
over 90 days or contract cancelled	1,125	3,671	4,074	15,454	17,135
Loan impairments	-19,049	-16,858	-6,104	-10,276	-8,125
Share of impairments (over 90 days or cancelled)	1693.6%	459.2%	149.8%	66.5%	47.4%
EURt, percentage	Dec 21	Dec 20	Dec 19	Dec 18	Dec 17
Loans granted,	2,696,210	2,225,681	1,693,138	929,037	740,169
incl. past due:	0.6%	1.1%	2.3%	2.4%	4.7%
1-30 days	0.5%	0.8%	1.6%	0.7%	1.4%
31-60 days	0.1%	0.1%	0.4%	0.1%	0.9%
61-90 days	0.0%	0.0%	0.1%	0.0%	0.1%
over 90 days or contract cancelled	0.0%	0.2%	0.2%	1.7%	2.3%
Loan impairments	-0.7%	-0.8%	-0.4%	-1.1%	-1.1%
Share of impairments (over 90 days or cancelled)	1693.6%	459.2%	149.8%	66.5%	47.4%

Capital adequacy, 9 quarters back

EURt	Q4-21	Q3-21	Q2-21	Q1-21	Q4-20	Q3-20	Q2-20	Q1-20	Q4-19
Total Tier 1 capital	291,984	267,075	260,481	235,552	236,333	226,053	219,005	192,651	186,780
Total Tier 2 capital	75,000	75,000	75,000	75,000	75,000	75,000	55,000	55,000	55,000
Net own funds for capital adequacy calculation	366,984	342,075	335,481	310,552	311,333	301,053	274,005	247,651	241,780
Credit risk RWA	1,770,047	1,674,901	1,551,538	1,465,249	1,388,946	1,338,213	1,286,977	1,243,968	1,231,162
Market risk RWA	5,568	10,389	3,072	5,213	4,922	4,925	6,136	5,639	5,170
Credit valuation adjustment risk RWA	1,211	1,558	419	225	82	44	118	49	22
Operational risk RWA	152,778	152,778	152,778	152,778	124,638	124,638	124,638	124,638	109,545
Total RWA	1,929,605	1,839,626	1,707,807	1,623,465	1,518,588	1,467,820	1,417,870	1,374,294	1,345,900
Capital adequacy CT1	13.3%	12.6%	13.2%	12.4%	13.3%	13.0%	13.0%	12.6%	12.4%
internal minimum requirement	10.6%	10.6%	10.6%	10.6%	10.6%	10.6%	10.6%	10.6%	10.4%
regulatory minimum requirement	8.5%	8.5%	8.5%	8.5%	8.5%	8.5%	8.5%	9.5%	9.7%
Capital adequacy T1	15.1%	14.5%	15.3%	14.5%	15.6%	15.4%	15.4%	14.0%	13.9%
internal minimum requirement	12.5%	12.5%	12.5%	12.5%	12.5%	12.5%	12.5%	12.5%	12.1%
regulatory minimum requirement	10.2%	10.2%	10.2%	10.2%	10.2%	10.1%	10.1%	11.1%	11.3%
Capital adequacy CAD	19.0%	18.6%	19.6%	19.1%	20.5%	20.5%	19.3%	18.0%	18.0%
internal minimum requirement	16.0%	16.0%	16.0%	16.0%	16.0%	16.0%	16.0%	16.0%	15.5%
regulatory minimum requirement	13.3%	13.3%	13.3%	13.3%	13.3%	13.3%	13.3%	14.3%	14.3%

Capital adequacy, 5 years

EURt	2021	2020	2019	2018	2017
Total Tier 1 capital	291,984	236,333	186,780	120,718	101,281
Total Tier 2 capital	75,000	75,000	55,000	50,900	30,900
Net own funds for capital adequacy calculation	366,984	311,333	241,780	171,618	132,181
Credit risk RWA	1,770,047	1,388,946	1,231,162	788,090	641,845
Market risk RWA	5,568	4,922	5,170	4,693	4,549
Credit valuation adjustment risk RWA	1,211	82	22	41	15
Operational risk RWA	152,778	124,638	109,545	91,575	75,999
Total RWA	1,929,605	1,518,588	1,345,900	884,399	722,407
Capital adequacy CT1	13.3%	13.3%	12.4%	13.6%	14.0%
internal minimum requirement	10.6%	10.6%	10.4%	10.4%	10.6%
regulatory minimum requirement	8.5%	8.5%	9.7%	9.7%	8.3%
Capital adequacy T1	15.1%	15.6%	13.9%	13.6%	14.0%
internal minimum requirement	12.5%	12.5%	12.1%	12.1%	12.3%
regulatory minimum requirement	10.2%	10.2%	11.3%	11.3%	9.9%
Capital adequacy CAD	19.0%	20.5%	18.0%	19.4%	18.3%
internal minimum requirement	16.0%	16.0%	15.5%	15.5%	15.1%
regulatory minimum requirement	13.3%	13.3%	14.3%	14.3%	12.4%

Income statement, 9 quarters back

Income statement, EURt	Q4-21	Q3-21	Q2-21	Q1-21	Q4-20	Q3-20	Q2-20	Q1-20	Q4-19
Net interest income	28,322	25,271	23,313	20,757	20,420	16,837	15,541	16,248	13,234
Net fee and commission income	10,531	7,461	6,814	6,365	5,719	4,243	4,089	4,334	3,987
Net gains from financial assets	-1,148	-4	110	-500	999	161	-190	-93	62
Other income	192	231	115	63	80	67	7	58	81
Total revenue	37,898	32,959	30,352	26,684	27,218	21,309	19,446	20,547	17,363
Staff costs	-7,259	-6,245	-6,839	-6,378	-5,599	-4,929	-5,431	-5,159	-4,601
Office rent and expenses	-271	-299	-345	-426	-211	-13	-208	-247	-248
IT expenses	-1,120	-1,008	-886	-876	-852	-753	-708	-672	-813
Marketing expenses	-643	-526	-397	-369	-310	-467	-258	-399	-371
Other operating expenses	-4,976	-3,613	-3,464	-3,399	-2,288	-2,599	-2,209	-2,955	-3,543
Total operating expenses	-14,270	-11,690	-11,931	-11,448	-9,260	-8,762	-8,814	-9,432	-9,575
Earnings before impairment losses	23,628	21,269	18,421	15,237	17,958	12,547	10,632	11,115	7,788
Impairment losses on loans and advances	-1,694	-1,444	791	-1,601	-2,243	27	-7,672	-1,011	-1,546
Income tax	-3,289	-2,713	-2,680	-1,874	-2,709	-1,920	-156	-1,964	-586
Net profit	18,645	17,112	16,532	11,762	13,005	10,654	2,805	8,140	5,656
Profit attributable to non-controlling interest	560	714	546	470	291	747	647	404	713
Profit attributable to owners of the parent	18,085	16,398	15,986	11,292	12,714	9,907	2,158	7,735	4,943

Income statement, 5 years

Income statement, EURt	2021	2020	2019	2018	2017
Net interest income	97,662	69,046	47,915	39,021	31,134
Net fee and commission income	31,172	18,385	12,808	11,103	7,696
Net gains from financial assets	-1,542	877	205	468	685
Other income	601	211	176	949	5
Total revenue	127,894	88,519	61,104	51,543	39,521
Staff costs	-26,721	-21,118	-17,042	-13,877	-11,288
Office rent and expenses	-1,341	-679	-844	-1,708	-1,363
IT expenses	-3,890	-2,986	-2,508	-2,011	-1,458
Marketing expenses	-1,936	-1,434	-1,800	-1,608	-1,368
Other operating expenses	-15,451	-10,052	-10,321	-6,538	-4,939
Total operating expenses	-49,339	-36,268	-32,515	-25,742	-20,415
Earnings before impairment losses	78,555	52,251	28,589	25,801	19,105
Impairment losses on loans and advances	-3,948	-10,898	-3,209	-4,880	-3,585
Income tax	-10,556	-6,750	-3,278	-2,514	0
Net profit	64,051	34,603	22,102	18,407	15,521
Profit attributable to non-controlling interest	2,290	2,089	2,296	1,765	1,611
Profit attributable to owners of the parent	61,761	32,514	19,806	16,642	13,909

Balance sheet, 9 quarters back

Balance sheet, EURt	Dec 21	Sep 21	Jun 21	Mar 21	Dec 20	Sep 20	Jun 20	Mar 20	Dec 19
Cash and cash equivalents	3,986,933	3,769,018	3,340,978	3,192,904	2,393,258	1,750,583	1,438,060	1,283,569	1,270,453
Financial assets	127,720	131,098	79,206	142,489	322,930	424,153	414,369	223,084	32,930
Loans granted	2,696,210	2,566,887	2,418,634	2,322,518	2,225,681	1,870,335	1,818,644	1,746,205	1,693,138
Loan impairments	-19,049	-18,024	-17,298	-18,170	-16,858	-14,512	-14,608	-7,296	-6,104
Receivables from customers	2,968	3,041	2,921	2,911	2,454	1,730	2,370	2,112	2,746
Tangible and intangible assets	9,850	8,128	8,043	7,771	7,493	7,951	7,321	8,357	7,557
Other assets	4,214	3,602	3,558	4,056	3,900	3,548	3,839	4,027	3,911
Total assets	6,808,847	6,463,750	5,836,043	5,654,478	4,938,859	4,043,787	3,669,994	3,260,058	3,004,631
Demand deposits	5,688,575	5,218,506	4,684,221	4,305,051	3,656,827	2,798,030	2,528,934	2,361,936	2,201,517
Term deposits	159,283	257,453	262,438	459,866	483,301	458,142	572,520	591,948	508,549
Accrued interest liability	-1,255	385	324	1,503	1,302	990	2,219	4,001	2,887
Loans received	546,524	563,469	505,867	508,801	468,585	471,554	271,553	25,687	25,647
Loans received and deposits from customers	6,393,126	6,039,813	5,452,850	5,275,220	4,610,015	3,728,716	3,375,226	2,983,571	2,738,601
Other liabilities	46,773	79,283	56,198	69,343	25,173	33,636	34,397	24,043	23,353
Subordinated loans	88,989	88,989	88,989	88,989	88,989	85,976	75,976	71,263	70,929
Total liabilities	6,528,888	6,208,085	5,598,037	5,433,552	4,724,177	3,848,327	3,485,598	3,078,877	2,832,883
Equity	279,959	255,666	238,006	220,926	214,682	195,460	184,396	181,181	171,748
Minority interest	6,065	5,505	4,791	4,245	5,875	5,584	4,837	4,190	5,218
Total liabilities and equity	6,808,847	6,463,750	5,836,043	5,654,478	4,938,859	4,043,787	3,669,994	3,260,058	3,004,631

Balance sheet, 5 years

			Dec 18	Dec 17
3,986,933	2,393,258	1,270,453	681,846	955,891
127,720	322,930	32,930	39,211	50,014
2,696,210	2,225,681	1,693,138	929,037	726,290
-19,049	-16,858	-6,104	-10,276	-6,900
2,968	2,454	2,746	2,509	7,357
				2,298
				3,004
6,808,847	4,938,859	3,004,631	1,649,012	1,737,954
5,688,575	3,656,827	2,201,517	1,329,901	1,423,224
159,283	483,301	508,549	117,795	127,112
-1,255	1,302	2,887	281	238
546,524	468,585	25,647	21,584	6,000
6,393,126	4,610,015	2,738,601	1,469,561	1,556,573
				61,710
				20,150
6,528,888	4,724,177	2,832,883	1,523,434	1,638,433
279,959	214,682	171,748	125,578	99,521
6,065	5,875	5,218	4,123	3,530
6,808,847	4,938,859	3,004,631	1,649,012	1,737,954
	9,850 4,214 46,773 88,989	7,493 3,900 25,173 88,989	Dec 21 Dec 20 Dec 19 7,557 3,911 23,353 70,929	2,746 3,939 23,723 30,150

Financial and Operational Ratios, 9 quarters back

Financial and operational ratios	Q4-21	Q3-21	Q2-21	Q1-21	Q4-20	Q3-20	Q2-20	Q1-20	Q4-19
Return on Equity (ROE)	27.6%	27.1%	28.4%	21.2%	25.5%	21.5%	4.8%	18.0%	12.7%
pre-tax ROE	32.5%	31.5%	33.0%	24.6%	29.3%	24.6%	5.2%	21.9%	14.2%
Return on Assets (ROA)	1.1%	1.1%	1.2%	0.9%	1.2%	1.1%	0.3%	1.0%	0.8%
Net Interest Margin (NIM)	1.7%	1.6%	1.6%	1.6%	1.8%	1.7%	1.8%	2.1%	1.8%
Spread	1.7%	1.6%	1.6%	1.5%	1.8%	1.7%	1.8%	2.0%	1.8%
Cost/Income ratio (C/I)	37.7%	35.5%	39.3%	42.9%	34.0%	41.1%	45.3%	45.9%	55.1%
Equity Multiplier (EM)	25.3	25.4	25.5	24.9	22.5	20.9	19.4	18.2	18.7
Risk Cost Ratio	0.3%	0.2%	-0.1%	0.3%	0.4%	0.0%	1.7%	0.2%	0.4%
Number of Customers (thous.)	340	321	307	296	282	259	249	242	230
Number of Employees (full-time)	571	563	557	507	472	451	435	431	396
Customers assets (EURm)	3,866	3,502	2,710	2,360	2,058	1,690	1,665	1,417	1,556
Portfolio Management AUM (EURm)	205	192	175	166	149	133	131	116	117
Customers holding bank cards (thous.)	155	147	138	133	125	118	111	108	102
Number of ATM-s	125	125	125	125	125	125	125	125	125
Number of ACQ merchants	3,798	3,767	3,688	3,347	3,239	3,069	2,917	2,789	2,664
SEPA outgoing payments (thous.)	6,555	6,463	6,494	6,257	5,957	4,986	4,815	4,243	3,961
Regulatory ratios and minimums	Q4-21	Q3-21	Q2-21	Q1-21	Q4-20	Q3-20	Q2-20	Q1-20	Q4-19
Capital adequacy CT1	12.85%	13.25%	13.53%	13.40%	13.65%	12.88%	12.68%	12.34%	12.19%
CT1 (regulatory minimum)	8.52%	8.52%	8.52%	8.52%	8.52%	8.52%	8.52%	9.52%	9.67%
Capital adequacy T1	14.86%	15.36%	15.80%	15.80%	16.23%	14.84%	14.71%	14.07%	13.96%
T1 (regulatory minimum)	10.16%	10.16%	10.16%	10.16%	10.16%	10.16%	10.16%	11.16%	11.30%
Capital adequacy CAD	17.51%	18.14%	18.82%	18.99%	19.66%	18.66%	18.17%	17.64%	17.61%
CAD (regulatory minimum)	13.33%	13.33%	13.33%	13.33%	13.33%	13.33%	13.33%	14.33%	14.31%
Liquidity coverage ratio LCR (Bank solo)	141%	144%	126%	137%	147%	176%	177%	152%	143%
LCR (regulatory minimum)	100%	100%	100%	100%	100%	100%	100%	100%	100%
Net stable funding ratio NSFR (Bank solo)	164%	157%	146%	158%	154%	157%	165%	161%	157%

NSFR (regulatory minimum) 100% 100% 100% 100% 100% 100% 100% 100% 100%

Financial and Operational Ratios, 5 years

Financial and operational ratios	2021	2020	2019	2018	2017
Return on Equity (ROE)	25.6%	17.3%	13.8%	15.3%	16.0%
Pre-tax ROE	29.8%	20.1%	15.8%	17.3%	16.0%
Return on Assets (ROA)	1.1%	0.9%	0.9%	1.1%	1.2%
Net Interest Margin (NIM)	1.7%	1.7%	2.1%	2.3%	2.4%
Spread	1.6%	1.7%	2.0%	2.3%	2.3%
Cost/Income ratio (C/I)	38.6%	41.0%	53.2%	49.9%	51.7%
Equity Multiplier (EM)	24.3	21.2	16.2	15.6	15.2
Risk Cost Ratio	0.2%	0.6%	0.2%	0.6%	0.6%
Number of Customers (thous.)	340	282	230	192	165
Number of Employees (full-time)	571	472	396	345	288
Customers assets (EURm)	3,866	2,058	1,556	1,485	1,287
Portfolio Management AUM (EURm)	205	149	117	93	72
Customers holding bank cards (thous.)	155	125	102	82	79
Number of ATM-s	125	125	125	21	18
Number of ACQ merchants	3,798	3,239	2,664	2,222	1,597
SEPA outgoing payments (thous.)	25,768	20,001	13,554	10,059	6,699
Regulatory ratios and minimums	2021	2020	2019	2018	2017
Capital adequacy CT1	12.8%	13.7%	12.2%	13.6%	13.3%
CT1 (regulatory minimum)	8.52%	8.52%	9.67%	9.67%	8.29%
Capital adequacy T1	14.86%	16.23%	13.96%	13.56%	13.30%
T1 (regulatory minimum)	10.16%	10.16%	11.30%	11.30%	9.91%
Capital adequacy CAD	17.51%	19.66%	17.61%	17.14%	16.24%
CAD (regulatory minimum)	13.33%	13.33%	14.31%	14.31%	12.43%
Liquidity coverage ratio LCR (Bank solo)	141%	147%	143%	144%	121%
LCR (regulatory minimum)	100%	100%	100%	100%	100%
Net stable funding ratio NSFR (Bank solo)	164%	154%	157%	153%	140%
NSFR (regulatory minimum)	100%	100%	100%	100%

Return on Equity (ROE)

net profit (attributable to the owners of the parent) / average equity (attributable to the owners of the parent) * 100

pre-tax ROE

profit before taxes (attributable to the owners of the parent) / average equity (attributable to the owners of the parent) * 100

Return on Assets (ROA) net profit / average assets * 100

Net Interest Margin (NIM) net interest income / average interest earning assets * 100

Spread

yield on interest-bearing assets - cost of interest bearing liabilities

Cost/Income ratio (C/I) total operating expenses / total income * 100

Equity Multiplier (EM) average assets / average equity (attributable to the owners of the parent)

Risk Cost Ratio loan loss / average loan portfolio

Liquidity Coverage Ratio (LCR) according to the definitions of the Basel Committee

Customers holding bank cards: both private and corporate customers

AS LHV Pank December 2021

Loans, 9 quarters back

EURt	Dec 21	Sep 21	Jun 21	Mar 21	Dec 20	Sep 20	Jun 20	Mar 20	Dec 19
Loans granted, incl:	2,696,210	2,566,887	2,418,634	2,322,518	2,225,681	1,870,335	1,818,644	1,746,205	1,693,138
Corporate loans	1,493,629	1,429,642	1,321,756	1,272,913	1,204,477	933,013	920,653	875,973	854,839
SME loans	53,151	45,086	43,798	40,625	38,844	29,737	28,543	25,979	22,272
Leasing	141,128	141,042	134,658	128,004	128,852	100,750	98,040	95,188	89,488
Housing loans	840,736	787,087	751,469	718,251	695,204	663,179	631,923	610,585	587,856
Private loans	53,659	55,351	56,144	55,192	55,291	54,320	52,734	51,682	50,455
Small loans	52,955	53,051	56,418	54,058	52,190	50,750	49,425	50,657	49,413
Hire-purchase	13,147	12,244	13,307	13,739	14,421	13,574	13,908	15,219	16,408
Leveraged loans	14,312	14,538	13,888	15,271	11,917	8,380	7,125	4,977	5,988
Micro loans	9,307	9,094	9,219	9,107	8,716	8,410	8,285	8,029	7,973
Credit card loans	8,071	7,517	7,999	7,103	7,636	7,367	7,164	7,068	7,665
Study loan	1,213	1,098	1,072	1,035	974	830	825	818	749
Loans to related companies	0	0	0	0	0	0	0	0	0
Apartment building loan	10,929	9,515	8,143	6,961	7,135	0	0	0	0
Other loans	19	17	18	258	23	25	20	30	34
Consumer loan	0	0	0	0	0	0	0	0	0
Refinancing loan	3,954	1,606	746	0	0	0	0	0	0
Loan impairments	-19,049	-18,024	-17,298	-18,170	-16,858	-14,512	-14,608	-7,296	-6,104
Total loans granted	2,677,160	2,548,864	2,401,337	2,304,348	2,208,823	1,855,823	1,804,036	1,738,909	1,687,034

Loans, 5 years

EURt	Dec 21	Dec 20	Dec 19	Dec 18	Dec 17
Loans granted, incl:	2,696,210	2,225,681	1,693,138	929,037	726,290
Corporate loans	1,493,629	1,204,477	854,839	651,287	495,977
SME loans	53,151	38,844	22,272	9,349	7,644
Leasing	141,128	128,852	89,488	60,165	45,041
Housing loans	840,736	695,204	587,856	101,009	47,099
Private loans	53,659	55,291	50,455	37,884	30,540
Small loans	52,955	52,190	49,413	33,989	24,677
Hire-purchase	13,147	14,421	16,408	17,751	19,301
Leveraged loans	14,312	11,917	5,988	3,730	7,168
Micro loans	9,307	8,716	7,973	6,803	5,976
Credit card loans	8,071	7,636	7,665	6,853	6,010
Study loan	1,213	974	749	76	0
Loans to related companies	0	0	0	0	36,775
Apartment building loan	10,929	7,135	0	0	0
Other loans	19	23	34	141	82
Consumer loan	0	0	0	0	0
Refinancing loan	3,954	0	0	0	0
Loan impairments	-19,049	-16,858	-6,104	-10,276	-6,900
Total loans granted	2,677,160	2,208,823	1,687,034	918,761	719,391

Deposits and loans received from customers, 9 quarters back

EURt	Dec 21	Sep 21	Jun 21	Mar 21	Dec 20	Sep 20	Jun 20	Mar 20	Dec 19
Demand deposits	5,688,575	5,218,506	4,684,221	4,305,051	3,656,827	2,798,030	2,528,934	2,361,936	2,201,517
incl. deposits of financial intermediaries 2,247,674		2,174,694	1,944,245	1,638,147	1,043,509	521,907	464,696	505,386	376,068
Term deposits	159,283	257,453	262,438	459,866	483,301	458,142	572,520	591,948	508,549
incl. deposits obtained through deposit		18,122	31,565	180,259	215,673	233,129	369,841	418,269	373,237
platforms	7,213
Accrued interest liability	-1,255	385	324	1,503	1,302	990	2,219	4,001	2,887
Loans received	546,524	563,469	505,867	508,801	468,585	471,554	271,553	25,687	25,647
Total loans received and deposits from customers 6,393,126		6,039,813	5,452,850	5,275,220	4,610,015	3,728,716	3,375,226	2,983,571	2,738,601

Deposits and loans received from customers, 5 years

EURt	Dec 21	Dec 20	Dec 19	Dec 18	Dec 17
Demand deposits	5,688,575	3,656,827	2,201,517	1,329,901	1,423,224
incl. deposits of financial intermediaries 2,247,674		1,043,509	376,068	193,893	606,600
Term deposits	159,283	483,301	508,549	117,795	127,112
incl. deposits obtained through deposit platforms	7,213	215,673	373,237	11,043	0
Accrued interest liability	-1,255	1,302	2,887	281	238
Loans received	546,524	468,585	25,647	21,584	6,000
Total loans received and deposits from customers 6,393,126		4,610,015	2,738,601	1,469,561	1,556,573

12

AS LHV Pank December 2021

Quality of assets, 9 quarters back

EURt	Dec 21	Sep 21	Jun 21	Mar 21	Dec 20	Sep 20	Jun 20	Mar 20	Dec 19
Loans granted,	2,696,210	2,566,887	2,418,634	2,322,518	2,225,681	1,870,335	1,818,644	1,746,205	1,693,138
incl. past due:	16,802	20,750	27,794	25,593	24,809	26,944	30,165	38,320	39,145
1-30 days	13,417	16,177	21,830	18,479	17,728	20,280	23,320	27,354	26,273
31-60 days	1,971	1,936	2,391	2,157	2,559	2,174	2,923	5,297	7,142
61-90 days	289	520	708	696	850	1,367	822	2,390	1,655
over 90 days or contract cancelled	1,125	2,116	2,866	4,261	3,671	3,122	3,100	3,279	4,074
Loan impairments	-19,049	-18,024	-17,298	-18,170	-16,858	-14,512	-14,608	-7,296	-6,104
Share of impairments (over 90 days or cancelled)	1693.6%	851.9%	603.6%	426.5%	459.2%	464.8%	471.2%	222.5%	149.8%
EURt, percentage	Dec 21	Sep 21	Jun 21	Mar 21	Dec 20	Sep 20	Jun 20	Mar 20	Dec 19
Loans granted,	2,696,210	2,566,887	2,418,634	2,322,518	2,225,681	1,870,335	1,818,644	1,746,205	1,693,138
incl. past due:	0.6%	0.8%	1.1%	1.1%	1.1%	1.4%	1.7%	2.2%	2.3%
1-30 days	0.5%	0.6%	0.9%	0.8%	0.8%	1.1%	1.3%	1.6%	1.6%
31-60 days	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.2%	0.3%	0.4%
61-90 days	0.0%	0.0%	0.0%	0.0%	0.0%	0.1%	0.0%	0.1%	0.1%
over 90 days or contract cancelled	0.0%	0.1%	0.1%	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%
Loan impairments					-0.8%	-0.8%	-0.8%	-0.4%	-0.4%
	-0.7%	-0.7%	-0.7%	-0.8%

Quality of assets, 5 years

EURt	Dec 21	Dec 20	Dec 19	Dec 18	Dec 17
Loans granted,	2,696,210	2,225,681	1,693,138	929,037	726,290
incl. past due:	16,802	24,809	39,145	22,483	25,840
1-30 days	13,417	17,728	26,273	6,142	4,279
31-60 days	1,971	2,559	7,142	709	4,885
61-90 days	289	850	1,655	177	251
over 90 days or contract cancelled	1,125	3,671	4,074	15,454	16,426
Loan impairments	-19,049	-16,858	-6,104	-10,276	-6,900
Share of impairments (over 90 days or cancelled)	1693.6%	459.2%	149.8%	66.5%	42.0%
EURt, percentage	Dec 21	Dec 20	Dec 19	Dec 18	Dec 17
Loans granted,	2,696,210	2,225,681	1,693,138	929,037	726,290
incl. past due:	0.6%	1.1%	2.3%	2.4%	3.6%
1-30 days	0.5%	0.8%	1.6%	0.7%	0.6%
31-60 days	0.1%	0.1%	0.4%	0.1%	0.7%
61-90 days	0.0%	0.0%	0.1%	0.0%	0.0%
over 90 days or contract cancelled	0.0%	0.2%	0.2%	1.7%	2.3%
Loan impairments	-0.7%	-0.8%	-0.4%	-1.1%	-0.9%
Share of impairments (over 90 days or cancelled)	1693.6%	459.2%	149.8%	66.5%	42.0%

Capital adequacy, 9 quarters back

EURt	Q4-21	Q3-21	Q2-21	Q1-21	Q4-20	Q3-20	Q2-20	Q1-20	Q4-19
Total Tier1 capital	280,963	277,006	264,193	250,402	238,978	211,850	202,280	187,403	181,501
Total Tier2 capital	50,073	50,325	50,500	50,500	50,500	54,500	47,500	47,500	47,500
Net own funds for capital adequacy calculation	331,035	327,331	314,693	300,902	289,478	266,350	249,780	234,903	229,001
Credit risk RWA	1,758,288	1,666,327	1,543,102	1,456,978	1,375,536	1,330,497	1,277,539	1,234,917	1,222,091
Market risk RWA	5,568	10,389	3,072	1,711	1,590	1,929	2,027	1,781	1,435
Credit valuation adjustment risk RWA	1,211	1,558	419	225	82	44	118	49	22
Operational risk RWA	125,729	125,729	125,729	125,729	95,104	95,104	95,104	95,104	76,766
Total RWA	1,890,796	1,804,002	1,672,321	1,584,642	1,472,313	1,427,574	1,374,789	1,331,851	1,300,315
Capital adequacy CT1	12.8%	13.2%	13.5%	13.4%	13.7%	12.9%	12.7%	12.3%	12.2%
internal minimum requirement	10.6%	10.6%	10.6%	10.6%	10.6%	10.6%	10.6%	10.6%	10.4%
regulatory minimum requirement	8.5%	8.5%	8.5%	8.5%	8.5%	8.5%	8.5%	9.5%	9.7%
Capital adequacy T1	14.9%	15.4%	15.8%	15.8%	16.2%	14.8%	14.7%	14.1%	14.0%
internal minimum requirement	12.5%	12.5%	12.5%	12.5%	12.5%	12.5%	12.5%	12.5%	12.1%
regulatory minimum requirement	10.2%	10.2%	10.2%	10.2%	10.2%	10.2%	10.2%	11.2%	11.3%
Capital adequacy CAD	17.5%	18.1%	18.8%	19.0%	19.7%	18.7%	18.2%	17.6%	17.6%
internal minimum requirement	16.0%	16.0%	16.0%	16.0%	16.0%	16.0%	16.0%	16.0%	15.5%
regulatory minimum requirement	13.3%	13.3%	13.3%	13.3%	13.3%	13.3%	13.3%	14.3%	14.3%

Capital adequacy, 5 years

EURt	2021	2020	2019	2018	2017
Total Tier 1 capital	280,963	238,978	181,501	113,777	90,374
Total Tier 2 capital	50,073	50,500	47,500	30,000	20,000
Net own funds for capital adequacy calculation	331,035	289,478	229,001	143,777	110,374
Credit risk RWA	1,758,288	1,375,536	1,222,091	778,555	630,539
Market risk RWA	5,568	1,590	1,435	1,042	1,406
Credit valuation adjustment risk RWA	1,211	82	22	41	15
Operational risk RWA	125,729	95,104	76,766	59,434	47,754
Total RWA	1,890,796	1,472,313	1,300,315	839,071	679,714
Capital adequacy CT1	12.8%	13.7%	12.2%	13.6%	13.3%
internal minimum requirement	10.6%	10.6%	10.4%	10.4%	10.6%
regulatory minimum requirement	8.5%	8.5%	9.7%	9.7%	8.3%
Capital adequacy T1	14.9%	16.2%	14.0%	13.6%	13.3%
internal minimum requirement	12.5%	12.5%	12.1%	12.1%	12.3%
regulatory minimum requirement	10.2%	10.2%	11.3%	11.3%	9.9%
Capital adequacy CAD	17.5%	19.7%	17.6%	17.1%	16.2%
internal minimum requirement	16.0%	16.0%	15.5%	15.5%	15.1%
regulatory minimum requirement	13.3%	13.3%	14.3%	14.3%	12.4%

Results of services for financial intermediaries segment, 9 quarters back

Income statement, EURt	Q4-21	Q3-21	Q2-21	Q1-21	Q4-20	Q3-20	Q2-20	Q1-20	Q4-19
Net fee and commission income	4,540	4,211	3,807	3,518	2,575	1,976	1,837	1,692
Net interest income	2,159	1,285	1,360	303	189	153	315	285
Net gains from financial assets	-425	0	-1	0	0	1	0	0
Other income	9	0	0	0	0	0	0	0
Total revenue	6,283	5,496	5,165	3,821	2,764	2,130	2,152	1,976	0
Staff costs	-505	-456	-458	-444	-265	-247	-221	-210
Outsourced services	-209	-144	-111	-218	-128	-96	-121	-123
Office rent and expenses	-8	-20	-33	-56	-52	-29	-41	-43
Other administrative and
operating expenses	-39	-238	-54	-53	-50	-43	-55	-62
Total direct expenses	-761	-858	-656	-770	-495	-415	-438	-438	0
Shared indirect expenses	-1,252	-938	-997	-634	-386	-334	-474	-186
Tangible and intangible assets
amortization/ depreciation	-8	-4	-3	-3	0	0	0	0
Total operating expenses	-2,021	-1,800	-1,656	-1,407	-881	-750	-912	-624	0
Earnings before impairment losses	4,262	3,696	3,509	2,414	1,883	1,380	1,240	1,353	0
Impairment of assets	0	0	0	0	0	0	0	0
Income tax	-563	-443	-407	-226	-231	-138	-23	-129
Net profit	3,698	3,254	3,102	2,188	1,652	1,242	1,217	1,224	0

Results of services for financial intermediaries segment, 5 years

Income statement, EURt	2021	2020	2019	2018	2017
Net fee and commission income	16,076	8,079
Net interest income	5,107	941
Net gains from financial assets	-426	1
Other income	9	0
Total revenue	20,765	9,022
Staff costs	-1,862	-944
Outsourced services	-681	-467
Office rent and expenses	-117	-165
Other administrative and
operating expenses	-384	-210
Total direct expenses	-3,045	-1,786
Shared indirect expenses	-3,821	-1,381
Tangible and intangible assets
amortization/ depreciation	-18	0
Total operating expenses	-6,884	-3,166
Earnings before impairment losses	13,881	5,856
Impairment of assets	0	0
Income tax	-1,639	-521
Net profit	12,242	5,335

AS LHV Varahaldus December 2021

Income statement, 9 quarters back

Income statement, EURt	Q4-21	Q3-21	Q2-21	Q1-21	Q4-20	Q3-20	Q2-20	Q1-20	Q4-19
Fee and commission income	4,543	2,215	2,310	2,307	8,464	2,229	2,100	2,174	2,440
Total revenue	4,543	2,215	2,310	2,307	8,464	2,229	2,100	2,174	2,440
Staff costs	-534	-481	-564	-542	-464	-435	-493	-478	-507
Marketing expenses	-112	-98	-72	-162	-146	-81	-57	-73	-70
Other operating expenses	-500	-585	-558	-560	-586	-546	-566	-533	-576
Depreciation, amortization and provisions	-631	-535	-3,591	-491	-489	-482	-479	-481	-481
Total operating expenses	-1,777	-1,699	-4,784	-1,755	-1,686	-1,543	-1,595	-1,565	-1,634
EBIT	2,766	515	-2,474	553	6,778	685	505	608	806
Interest expense	0	0	-2	-12	-12	-21	-31	-31	-31
Other financial income and expense	236	50	181	125	317	174	512	-296	108
Total financial income and expense	236	50	179	113	305	153	481	-327	77
Income tax	0	0	0	-1,241	0	0	0	-844	0
Net profit	3,001	565	-2,296	-576	7,084	838	986	-563	883

Income statement, 5 years

Income statement, EURt	2021	2020	2019	2018	2017
Fee and commission income	11,375	14,966	12,869	13,942	13,293
Total revenue	11,375	14,966	12,869	13,942	13,293
Staff costs	-2,120	-1,871	-1,775	-1,548	-1,476
Marketing expenses	-444	-357	-245	-394	-2,279
Other operating expenses	-2,204	-2,231	-2,204	-2,074	-2,486
Depreciation and amortization	-5,248	-1,931	-1,872	-1,807	-424
Total operating expenses	-10,015	-6,389	-6,097	-5,823	-6,664
EBIT	1,359	8,577	6,772	8,119	6,630
Interest expense	-14	-95	-145	-168	-168
Other financial income and expense	591	707	465	-25	296
Total financial income and expense	577	612	320	-193	128
Income tax	-1,241	-844	-972	-1,100	-951
Net profit	695	8,345	6,120	6,826	5,807

Balance sheet, 9 quarters back

Balance sheet, EURt	Dec 21	Sep 21	Jun 21	Mar 21	Dec 20	Sep 20	Jun 20	Mar 20	Dec 19
Cash and cash equivalents	4,420	4,165	3,449	4,134	3,348	3,599	1,652	1,645	5,655
Financial assets at fair value	359	350	329	342	337	327	353	345	336
Receivables and accrued revenue	3,295	637	788	798	6,949	742	709	688	835
Other prepaid expenses	283	177	120	192	239	167	112	172	104
Total current assets	8,358	5,329	4,686	5,466	10,873	4,835	2,826	2,851	6,930
Units of funds	7,620	7,353	7,078	6,908	6,788	6,180	8,396	7,892	7,695
Tangible and intangible assets	12,205	12,671	12,894	16,300	16,691	16,429	16,209	16,546	16,596
Total fixed assets	19,826	20,024	19,973	23,208	23,480	22,609	24,604	24,438	24,291
Other assets	3	0	0	0	0	0	0	0	0
Total assets	28,186	25,352	24,658	28,674	34,352	27,444	27,430	27,288	31,221
Subordinated liabilities	0	0	0	606	606	606	1,555	1,555	1,555
Trade payables	218	388	281	265	216	400	305	379	283
Other liabilities	326	380	409	1,588	288	318	326	1,135	261
Total liabilities	543	768	689	2,459	1,109	1,324	2,187	3,070	2,100
Share capital	1,500	1,500	1,500	1,500	1,500	1,500	1,500	1,500	1,500
Mandatory reserve	683	683	683	683	683	683	683	683	683
Other reserves	427	371	321	463	416	377	338	588	528
Accumulated deficit/profit	24,337	24,337	24,337	24,144	22,300	22,300	22,300	22,011	20,290
Income for the accounting period	695	-2,306	-2,871	-576	8,345	1,261	423	-563	6,120
Total equity	27,642	24,585	23,969	26,214	33,243	26,121	25,244	24,219	29,121
Total liabilities and equity	28,186	25,352	24,658	28,674	34,352	27,444	27,430	27,288	31,221

Balance sheet, 5 years

Balance sheet, EURt	2021	2020	2019	2018	2017
Cash and cash equivalents	359	337	336	353	359
Financial assets at fair value	3,295	6,949	835	1,227	1,168
Receivables and accrued revenue	283	239	104	239	223
Other prepaid expenses
Total current assets	8,358	10,873	6,930	6,836	6,965
Units of funds	7,620	6,788	7,695	7,590	6,261
Tangible and intangible assets	12,205	16,691	16,596	16,767	5,902
Total fixed assets	19,826	23,480	24,291	24,357	12,163
Other assets	3	0	0	0	0
Total assets	28,186	34,352	31,221	31,193	19,128
Subordinated liabilities	0	606	1,555	2,109	2,109
Trade payables	218	216	283	252	269
Tax liabilities	130	117	106	93	82
Payables to employees	195	171	155	156	127
Provisions	0	0	0	0	0
Other liabilities	326	288	261	249	209
Total liabilities	543	1,109	2,100	2,610	2,587
Share capital	1,500	1,500	1,500	1,500	2,700
Mandatory reserve	683	683	683	683	683
Other reserves	427	416	528	338	230
Accumulated deficit/profit	24,337	22,300	20,290	19,236	7,122
Income for the accounting period	695	8,345	6,120	6,826	5,807
Total equity	27,642	33,243	29,121	28,583	16,542
Total liabilities and equity	28,186	34,352	31,221	31,193	19,128

AS LHV Varahaldus December 2021

Financial and Operational Ratios, 9 quarters back

Financial and operational ratios	Q4-21	Q3-21	Q2-21	Q1-21	Q4-20	Q3-20	Q2-20	Q1-20	Q4-19
Return on Equity (ROE)	46.0%	9.3%	-36.6%	-7.7%	95.5%	13.1%	15.9%	-8.4%	12.3%
pre-tax ROE	46.0%	9.3%	-36.6%	9.0%	95.5%	13.1%	15.9%	4.2%	12.3%
Return on Assets (ROA)	44.8%	9.0%	-34.4%	-7.3%	91.7%	12.2%	14.4%	-7.7%	11.5%
Cost/Income ratio (C/I)	37.2%	75.0%	192.3%	72.5%	19.9%	69.3%	76.0%	72.0%	67.0%
Number of Pension Fund Customers (thous.)	170	166	204	207	215	193	189	193	194
Number of Employees (full-time)	33	34	35	32	29	30	29	27	27

Financial and Operational Ratios, 5 years

Financial and operational ratios	2021	2020	2019	2018	2017
Return on Equity (ROE)	2.3%	26.8%	21.2%	30.3%	31.0%
Pre-tax ROE	6.4%	29.5%	24.6%	35.1%	36.0%
Return on Assets (ROA)	2.2%	25.5%	19.6%	27.1%	27.2%
Cost/Income ratio (C/I)	83.8%	42.7%	47.4%	41.8%	50.1%
Number of Pension Fund Customers (thous.)	170	215	194	194	202
Number of Employees (full-time)	33	29	27	26	22

Return on Equity (ROE) net profit / average equity * 100

pre-tax ROE profit before taxes / average equity * 100

Return on Assets (ROA) net profit / average assets * 100

Cost/Income ratio (C/I) total operating expenses / total income * 100

Assets under management, 9 quarters back

Fund assets, EURt	Q4-21	Q3-21	Q2-21	Q1-21	Q4-20	Q3-20	Q2-20	Q1-20	Q4-19
LHV Pensionifond XL	209,538	197,420	265,177	257,690	231,725	224,821	207,123	191,649	197,746
LHV Pensionifond L	824,531	792,576	1,032,992	1,028,364	1,003,441	984,793	951,351	893,496	913,402
LHV Pensionifond M	106,715	106,434	124,392	132,498	145,347	143,004	139,746	133,739	133,741
LHV Pensionifond S	33,723	33,770	42,086	46,454	53,420	52,832	53,519	54,218	56,453
LHV Pensionifond XS	14,323	14,389	19,111	20,640	24,620	24,390	24,731	22,556	22,415
LHV Pensionifond Eesti 100							2,802	2,554	2,728
LHV Pensionifond Roheline	44,636	40,788	37,846	18,697	4,697	3,503	1,239	549
LHV Pensionifond Indeks	57,032	51,206	53,242	42,364	38,529	34,750	33,163	22,578	22,626
LHV Pensionifond Roheline Pluss	5,972	4,512	4,240	3,735	2,146
LHV Pensionifond Indeks Pluss	23,923	16,699	14,798	12,620	10,136	6,795	5,944	4,831	5,063
LHV Täiendav Pensionifond	21,328	20,288	20,019	19,184	18,988	17,525	17,016	15,391	16,352
LHV Pärsia Lahe Fond
LHV Maailma Aktsiad Fond	7,409	6,319	6,023	4,715	4,025	3,528	3,316	2,665	3,454
Total assets	1,349,128	1,284,400	1,619,924	1,586,961	1,537,074	1,495,941	1,439,950	1,344,225	1,373,981
Quarterly returns	Q4-21	Q3-21	Q2-21	Q1-21	Q4-20	Q3-20	Q2-20	Q1-20	Q4-19
LHV Pensionifond XL	3.2%	0.7%	3.2%	2.6%	1.8%	1.4%	8.0%	-3.5%	1.4%
LHV Pensionifond L	2.5%	1.3%	2.9%	2.1%	1.1%	1.4%	5.3%	-2.7%	1.2%
LHV Pensionifond M	1.5%	1.1%	1.6%	1.0%	0.7%	0.9%	1.5%	-2.1%	0.5%
LHV Pensionifond S	-0.1%	0.0%	0.1%	-0.1%	0.5%	0.4%	0.7%	-1.3%	-0.1%
LHV Pensionifond XS	-0.2%	-0.1%	0.1%	-0.1%	0.4%	0.6%	0.7%	-1.2%	-0.3%
LHV Pensionifond Eesti 100							6.0%	-5.8%	1.2%
LHV Pensionifond Roheline	4.3%	-2.3%	1.3%	-0.4%	27%	20.4%
LHV Pensionifond Indeks	6.5%	0.1%	5.4%	9.2%	9.4%	3.0%	12.5%	-21.8%	4.3%
LHV Pensionifond Roheline Pluss	4.3%	-2.1%	1.1%	1.3%	10.0%
LHV Pensionifond Indeks Pluss	6.4%	0.3%	5.4%	9.0%	10.0%	5.1%	14.0%	-20.2%	6.5%
LHV Täiendav Pensionifond	2.5%	0.5%	2.8%	2.1%	2.7%		8.7%	-4.4%	1.7%
LHV Pärsia Lahe Fond
LHV Maailma Aktsiad Fond	7.8%	-2.3%	4.9%	6.9%	7.3%	2.7%	21.6%	-19.1%	8.6%

Assets under management, 5 years

Fund assets, EURt	2021	2020	2019	2018	2017
LHV Pensionifond XL	209,538	231,725	197,746	167,009	135,327
LHV Pensionifond L	824,531	1,003,441	913,402	812,853	749,904
LHV Pensionifond M	106,715	145,347	133,741	113,588	94,507
LHV Pensionifond S	33,723	53,420	56,453	59,327	64,217
LHV Pensionifond XS	14,323	24,620	22,415	20,429	20,763
LHV Pensionifond Eesti 100			2,728	2,197
LHV Pensionifond Roheline	44,636	4,697
LHV Pensionifond Indeks	57,032	38,529	22,626	11,348	7,457
LHV Pensionifond Roheline Pluss	5,972	2,146
LHV Pensionifond Indeks Pluss	23,923	10,136	5,063	2,082	1,491
LHV Täiendav Pensionifond	21,328	18,988	16,352	14,892	14,086
LHV Pärsia Lahe Fond				8,094	10,674
LHV Maailma Aktsiad Fond	7,409	4,025	3,454	2,613	3,803
LHV Pension 50
LHV Pension 25
LHV Pension Intress
LHV Pension Intress Pluss					544
LHV Pension 100 Pluss
Total assets	1,349,128	1,537,074	1,373,981		1,214,432 1,102,774
Annual returns	2021	2020	2019	2018	2017
LHV Pensionifond XL	10.0%	7.6%	5.8%	-0.1%	3.5%
LHV Pensionifond L	9.0%	5.0%	5.8%	0.1%	2.8%
LHV Pensionifond M	5.3%	0.9%	3.5%	1.1%	2.3%
LHV Pensionifond S	-0.1%	0.2%	1.3%	0.1%	-0.6%
LHV Pensionifond XS	-0.2%	0.4%	1.3%	0.5%	-0.4%
LHV Pensionifond Eesti 100			3.8%	-2.5%
LHV Pensionifond Roheline	2.9%	94.8%
LHV Pensionifond Indeks	22.8%	-0.8%	25.6%	-5.4%	6.2%
LHV Pensionifond Roheline Pluss	4.6%	10.0%
LHV Pensionifond Indeks Pluss	22.7%	5.1%	26.4%	-7.0%	9.3%
LHV Täiendav Pensionifond	8.1%	8.6%	8.3%	-1.6%	5.2%
LHV Pärsia Lahe Fond				-5.5%	-0.6%
LHV Maailma Aktsiad Fond	18.1%	8.4%	19.4%	-13.8%	13.7%
LHV Pension 50
LHV Pension 25
LHV Pension Intress
LHV Pension Intress Pluss LHV Pension 100 Pluss					-1.2%

Income statement, 9 quarters back

Income statement, EURt	Q4-21	Q3-21	Q2-21	Q1-21	Q4-20	Q3-20	Q2-20	Q1-20	Q4-19
Net earned premiums	950	706	526	91	0	0	0
Net incurred losses	-674	-329	-103	-1	0	0	0
Net commissions	-69	-34	-8	0	0	0	0
Reinsurance commissions	11	2	0	0	0	0	0
Net fees income and other income	0	-1	1	0	0	0	0
Total revenue	218	344	417	89	0	0	0
Staff costs	-314	-271	-294	-238	-171	-144	-83
Marketing expenses	-12	-10	-83	0	0	-3	0
Other operating expenses	-138	-99	-68	-98	-80	-52	-7
Depreciation and amortization	-49	-107	-84	-28	-11	0	0
Provisions	80	-80	0	0	0	0	0
Total operating expenses	-434	-566	-530	-365	-261	-199	-90
Net technical result	-216	-222	-112	-276	-261	-199	-90
Net investments income	4	0	0	0	0	0	0
Income tax	-1	0	0	0	0	0	0
Net profit	-213	-222	-112	-276	-261	-199	-90

Income statement, 5 years

Income statement, EURt	2021	2020	2019	2018	2017
Net earned premiums	2,273	0
Net incurred losses	-1106	0
Net commissions	-112	0
Reinsurance commissions	13	0
Net fees income and other income	0	0
Total revenue	1,069	0
Staff costs	-1,117	-398
Marketing expenses	-105	-3
Other operating expenses	-403	-139
Depreciation and amortization	-269	-11
Provisions	0	0
Total operating expenses	-1,894	-551
Net technical result	-826	-551
Net investments income	4	0
Income tax	-1	0
Net profit	-823	-551

AS LHV Kindlustus December 2021

Balance sheet, 9 quarters back

Cash and cash equivalents 9,359 9,057 8,715 7,570 7,349 987 1,196 Financial assets at fair value 155 0 0 0 0 0 0 Receivables from policyholders 1,345 1,173 1,051 1,510 0 0 0 Other receivables and accrued revenue 2,387 1,634 682 28 0 0 0 Reinsurance assets 249 113 23 0 0 0 0 Other assets 398 277 159 32 0 0 1 Total current assets 13,893 12,254 10,630 9,139 7,350 987 1,196 Tangible and intangible assets 966 800 622 402 233 77 0 Total fixed assets 966 800 622 402 233 77 0	Balance sheet, EURt
Total assets 14,859 13,054 11,252 9,542 7,583 1,065 1,196
Total liabilities from insurance contracts 4,778 3,931 3,160 2,036 0 0 0
Reinsurance payables 36 14 3 0 0 0 0
Insurance payables 486 340 135 36 0 0 0
Other liabilities 2,912 1,915 884 294 133 104 37
Total liabilities 8,212 6,200 4,182 2,366 133 104 37
Share capital 8,000 8,000 8,000 8,000 8,000 1,250 1,250
Mandatory reserve 0 0 0 0 0 0 0
Other reserves 21 15 8 2 0 0 0
Accumulated deficit/profit -551 -551 -551 -551 0 0 0
Income for the accounting period -823 -610 -388 -276 -551 -289 -90
Total equity 6,647 6,854 7,070 7,176 7,449 961 1,160
Total liabilities and equity 14,859 13,054 11,252 9,542 7,583 1,065 1,196

Balance sheet, 5 years

Balance sheet, EURt	Dec 21	Dec 20	Dec 19	Dec 18	Dec 17
Cash and cash equivalents	9,359	7,349
Financial assets at fair value	155	0
Receivables from policyholders	1,345	0
Other receivables and accrued revenue	2,387	0
Reinsurance assets	249	0
Other assets	398	0
Total current assets	13,893	7,350
Tangible and intangible assets	966	233
Total fixed assets	966	233
Total assets	14,859	7,583
Total liabilities from insurance contracts	4,778	0
Reinsurance payables	36	0
Insurance payables	486	0
Other liabilities	2,912	133
Total liabilities	8,212	133
Share capital	8,000	8,000
Mandatory reserve	0	0
Accumulated deficit/profit	-551	0
Income for the accounting period	-823	-551
Total equity	6,647	7,449
Total liabilities and equity	14,859	7,583

AS LHV Kindlustus December 2021

Financial and Operational Ratios, 9 quarters back

Financial and operational ratios	Q4-21	Q3-21	Q2-21	Q1-21	Q4-20	Q3-20	Q2-20	Q1-20	Q4-19
Return on Equity (ROE)	-12.6%	-12.8%	-6.3%	-15.1%	-24.9%	-75.0%
pre-tax ROE	-12.6%	-12.7%	-6.3%	-15.1%	-24.9%	-75.0%
Return on Assets (ROA)	-6.1%	-7.3%	-4.3%	-12.9%	-24.2%	-70.3%
Cost/Income ratio (C/I)	195.7%	164.4%	126.9%	409.1%
Net loss ratio	70.9%	46.5%	19.5%	1.4%
Net expense ratio	51.8%	84.9%	101.9%	403.1%
Number of Customers (thous.)	143	139	128	126	0	0	0
Number of Employees (full-time)	28	24	24	15	11	6	3

Financial and Operational Ratios, 5 years

Financial and operational ratios	2021	2020	2019	2018	2017
Return on Equity (ROE)	-11.7%	-19.1%
Pre-tax ROE	-11.7%	-19.1%
Return on Assets (ROA)	-7.3%	-18.8%
Cost/Income ratio (C/I)	176.6%
Net loss ratio	48.7%
Net expense ratio	87.7%
Number of Customers (thous.)	143	0
Number of Employees (full-time)	28	11

Return on Equity (ROE)

net profit / average equity * 100

pre-tax ROE profit before taxes / average equity * 100

Return on Assets (ROA) net profit / average assets * 100

Cost/Income ratio (C/I) total operating expenses / total income * 100

Net loss ratio net incurred losses / net earned premiums * 100

Net expense ratio

(paid commissions - reinsurance commissions + administrative expenses + depreciation) / net

UAB Mokilizingas* December 2021

Balance sheet, 5 years

Balance sheet, EURt	Dec 21	Dec 20	Dec 19	Dec 18	Dec 17
Cash and cash equivalents	0	0	0	0	2,724
Loans granted	0	0	0	0	50,653
Loan impairments	0	0	0	0	-1,225
Receivables from customers	0	0	0	0	1,313
Other assets	0	0	0	0	689
Total assets	0	0	0	0	54,155
Loans received	0	0	0	0	36,776
Other liabilities	0	0	0	0	8,652
Total liabilities	0	0	0	0	45,427
Equity	0	0	0	0	8,727
Total liabilities and equity	0	0	0	0	54,155

Income statement, 5 years

				4 months
Income statement, EURt	2021	2020	2019	2018	2017
Net interest income	0	0	0	1,619	5,142
Net fee and commission income	0	0	0	956	1,190
Total revenue	0	0	0	2,574	6,332
Staff costs	0	0	0	-535	-1,673
Office rent and expenses	0	0	0	-86	-235
IT expenses	0	0	0	-84	-177
Marketing expenses	0	0	0	-525	-1,283
Other operating expenses	0	0	0	-436	-1,172
Total operating expenses	0	0	0	-1,666	-4,539
Earnings before impairment losses	0	0	0	909	1,793
Impairment losses	0	0	0	-390	431
Income tax	0	0	0	-144	-297
Net profit	0	0	0	375	1,927

Financial and Operational Ratios, 5 years

	2021	2020	2019	2018	2017
Return on Equity (ROE)	0.0%	0.0%	0.0%	0.0%	24.8%
Return on Assets (ROA)	0.0%	0.0%	0.0%	0.0%	2.1%
Net Interest Margin (NIM)	0.0%	0.0%	0.0%	0.0%	11.0%
Cost/Income ratio (C/I)	0.0%	0.0%	0.0%	0.0%	71.7%
Risk Cost Ratio	0.0%	0.0%	0.0%	0.0%	-1.0%
Number of Customers (thousands)	0	0	0	0	127
Number of Employees (full-time)	0	0	0	0	54

Return on Equity (ROE)

net profit (attributable to the owners of the parent) / average equity (attributable to the owners of the parent) * 100

Return on Assets (ROA)

net profit / average assets * 100

Net Interest Margin (NIM) net interest income / average interest earning assets * 100

Cost/Income ratio (C/I) total operating expenses / total income* 100

Risk Cost Ratio

* The financial results of UAB Mokilizingas are reflected in consolidated results of AS LHV Group until April 2018 (incl.)

Share information, 9 quarters back

	Q4-21	Q3-21	Q2-21	Q1-21	Q4-20	Q3-20	Q2-20	Q1-20	Q4-19
Number of shares (thousands)	29,864	29,119	29,119	28,819	28,819	28,819	28,819	28,454	28,454
Share price (at the end of the period, EUR)	43.20	42.80	24.90	23.10	19.50	13.50	13.15	9.90	12.00
Market capitalization (EURm)	1,290	1,246	725	666	562	389	379	282	341
EPS (EUR)	0.63	0.55	0.43	0.38	0.62	0.35	0.10	0.25	0.20
P/E (last 4 quarters)	22.1	21.8	14.1	15.9	14.8	15.1	16.5	10.4	13.8
P/B	4.1	4.6	2.8	2.7	2.4	1.8	1.8	1.4	1.7
DPS (EUR)				0.29				0.19
Presumed net dividend per share (EUR)*	0.13	0.11	0.09	0.08	0.13	0.07	0.02	0.06	0.04
Number of shareholders	20,404	17,582	13,787	13,062	10,714	9,876	9,692	8,873	6,950
Shares traded during the period (thousands)	150	560	92	173	169	105	221	777	185
Number of trades	7,129	16,924	2,077	4,196	3,435	1,907	2,130	9,262	1,349
Trading volume (EURt)	6,527	24,555	2,300	3,976	3,126	1,433	2,862	8,559	2,210
Weighted average share price of the period	43.63	43.87	24.97	23.02	18.46	13.66	11.62	11.73	11.92
Index OMX Tallinn	2,001	1,932	1,656	1,501	1,344	1,157	1,220	1,006	1,280
Index OMX Baltic	1,569	1,551	1,340	1,197	1,105	935	948	778	993
Shares held by members of the Management
Board and Supervisory Board	47%	48%	48%	48%	48%	48%	48%	49%	49%

Share information, 5 years

	2021	2020	2019	2018	2017
Number of shares (thousands)	29,864	28,819	28,454	26,016	25,767
Share price (at the end of the period, EUR)	43.20	19.50	12.00	9.46	10.40
Market capitalization (EURm)	1,290	562	341	246	268
EPS (EUR)	1.95	1.32	0.87	0.97	0.76
P/E	22.1	14.8	13.8	9.8	13.7
P/B	4.1	2.4	1.7	1.6	2.2
DPS (EUR)	0.29	0.19	0.21	0.16	0.15
Presumed net dividend per share (EUR)*	0.41	0.28	0.22	0.22	0.16
Number of shareholders	20,404	10,714	6,950	5,615	5,281
Shares traded during the period (thousands)	2,888	2,831	1,132	1,109	1,196
Number of trades	79,660	37,105	5,995	4,492	5,362
Trading volume (EURt)	99,146	36,073	12,892	12,122	12,236
Weighted average share price of the period	34.33	12.74	11.39	10.93	10.23
Index OMX Tallinn	2,001	1,344	1,280	1,163	1,242
Index OMX Baltic	1,569	1,105	993	874	944
Shares held by members of the Management		48%	49%	50%	52%
Board and Supervisory Board	47%

EPS

net profit (attributable to the owners of the parent) / number of shares

P/E latest share price / earnings per share

DPS

net dividend paid during the period/ number

Presumed net dividend per share (EUR)*

Based on the Dividend Policy approved by the General Meeting of LHV Group on 29 March 2017. The annual General Meeting of shareholders decides dividend payments and does not have to take into account the Dividend Policy

P/B latest share price/ book value per share Weighted average share price of the period: Trading volume of the period / number of shares traded during the period

Stock information is obtained from Nasdaq Baltic webpage: http://www.nasdaqbaltic.com/market/

TOP 10 shareholders as of 31.12.2021

Name of the shareholder	Participation	Number of shares
AS Lõhmus Holdings	12.2%	3,633,625
Rain Lõhmus	8.5%	2,544,947
Viisemann Investments AG	7.6%	2,266,829
Ambient Sound Investments OÜ	5.7%	1,697,993
Krenno OÜ	4.1%	1,215,509
AS Genteel	3.7%	1,110,744
AS AMALFI	3.6%	1,061,390
SIA KRUGMANS	2.4%	704,199
Bonaares OÜ	2.2%	654,233
OÜ Merona Systems	2.0%	593,759

Subordinated bonds issued by AS LHV Group back

	6.00% T2 bond	6.00% T2 bond
ISIN	EE3300111558	EE3300001791
Ticker	LHVB060028A	LHVB060030A
Total number of securities	40,000	35,000
Nominal value (EUR)	1,000	1,000
Issue value (EUR)	40,000,000	35,000,000
Listing date	03.12.2018	01.10.2020
Maturity date	28.11.2028*	30.09.2030**
Coupon rate (annual)	6.00%	6.00%
Coupon frequency	quarterly	quarterly
	8.00% AT1 bond	9.50% AT1 bond
ISIN	EE3300111780	EE3300001668
Total number of securities	200	150
Nominal value (EUR)	100,000	100,000
Issue value (EUR)	20,000,000	15,000,000
Listing date	26.06.2019	26.05.2020

Maturity date unfixed unfixed Coupon rate (annual) 8.00% 9.50% Coupon frequency quarterly quarterly

* According to the Terms of the Bonds 28.11.2028, the Company is entitled to redeem the Bonds 28.11.2028 prematurely at any time after the lapse of 5 years as from the date of issue, i.e at any time after 28.11.2023, by notifying the bondholders at least 30 days in advance. The Company is further entitled to redeem the Bonds prematurely before the lapse of the 5-year term if there is a change in the regulative classification of the Bonds 28.11.2028 resulting in the Bonds 28.11.2028 being, in the opinion of the Company after consultation with the EFSA, excluded or likely to be excluded from the classification as tier 2 own funds of a credit institution or if there is a significant change in the taxation regime applicable in respect of the Bonds 28.11.2028 that became effective or was announced after the issue of the relevant Bonds, as further specified in the Bond Terms.

The bondholders are not entitled to claim early redemption of the Bonds 28.11.2028 under any circumstances. The Bonds 28.11.2028 may be redeemed prematurely by the Company on the above-described grounds only if the EFSA (or the European Central Bank if it is in the competence thereof) has granted its consent to the early redemption.

** According to the Terms of the Bonds 30.09.2030, the Company is entitled to redeem the Bonds 30.09.2030 prematurely at any time after the lapse of 5 years as from the date of issue, i.e. at any time after 30.09.2025, by notifying the bondholders at least 30 days in advance. The Company is further entitled to redeem the Bonds 30.09.2030 prematurely before the lapse of the 5-year term if there is a change in the regulative classification of the Bonds 30.09.2030 resulting in the Bonds 30.09.2030 being, in the opinion of the Company, excluded from the classification as own funds of a credit institution or if there is a significant change in the taxation regime applicable in respect of the Bonds 30.09.2030, provided that the Company was not in a position to foresee such changes upon the issue of the Bonds 30.09.2030. If this early redemption right is exercised by the Company, the rate of return from an investment into the Bonds may be lower than initially anticipated.

The bondholders are not entitled to claim early redemption of the Bonds 30.09.2030 under any circumstances.The Bonds 30.09.2030 may be redeemed prematurely by the Company on the above-described grounds only if the FSA (or the EBA if it is in the competence thereof) has granted its consent to the early redemption.

Financial Calendar 2022 back

08.02.2022	Q4 2021 and unaudited full year results
15.02.2022	Disclosure of Financial Plan
15.02.2022	January results
01.03.2022	Audited results for 2021
15.03.2022	February results
30.03.2022	General meeting of shareholders
13.04.2022	Ex-dividend date (ex-date)
19.04.2022	Q1 interim results
10.05.2022	April results
14.06.2022	May results
19.07.2022	Q2 interim results
09.08.2022	July results
13.09.2022	August results
18.10.2022	Q3 interim results
15.11.2022	October results
13.12.2022	November results

Contacts

Madis Toomsalu Managing Director of LHV Group madis.toomsalu@lhv.ee

Meelis Paakspuu LHV Group CFO meelis.paakspuu@lhv.ee

AS LHV Group

Registry code: 11098261 Tartu mnt 2, 10145 Tallinn Telephone 6 800 400 Fax 6 800 402 info@lhv.ee