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SEB — Interim / Quarterly Report 2009
Feb 26, 2010
2966_rns_2010-02-26_3cb6f3e6-cbf8-48c7-9020-c813a26b8a45.pdf
Interim / Quarterly Report
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AB SEB BANK
CONDENSED INTERIM FINANCIAL INFORMATION
FOR THE 12 MONTHS PERIOD ENDED 31 DECEMBER 2009
AB SEB BANK
GENERAL PROVISIONS
- Reporting period
The report has been produced for the twelve months period ended 31 December 2009
- The issuer's key data
| Issuer's name: | SEB Bank |
|---|---|
| Domicile address: | Gedimino ave.12, LT-01103 Vilnius |
| Telephone: | (8 5) 2682 800 |
| Fax: | (8 5) 2626 557; |
| E-mail: | [email protected]; |
| Legal/organisational form: | public limited company |
| Registration date and venue | 29 November 1990, Bank of Lithuania |
| Company code | 112021238 |
| Company registration number | AB90-4 |
| Website: | www.seb.lt. |
(In the present Report, SEB Bank shall also be referred to as the 'Bank').
AB SEB BANK
CONDENSED INTERIM INCOME STATEMENT
FOR THE 12 MONTHS PERIOD ENDED 31 DECEMBER 2009
(All amounts in LTL thousands unless otherwise stated)
| The Bank | ||||
|---|---|---|---|---|
| 2009 | 2008 | |||
| Forth quarter ended 31 December 2009 | Year ended 31 December 2009 | Forth quarter ended 31 December 2009 | Year ended 31 December 2009 | |
| Interest income | 209,348 | 1,039,856 | 379,269 | 1,414,468 |
| Interest expenses | (174,180) | (734,983) | (231,381) | (833,230) |
| Net interest income | 35,168 | 304,873 | 147,888 | 581,238 |
| Impairment losses on loans | (749,832) | (1,551,380) | (109,912) | (151,185) |
| Impairment losses on lease portfolio | - | - | - | - |
| Provisions for guarantees | (737) | (17,010) | (834) | (1,378) |
| Other impairment losses | 2 | 3 | 88 | 7 |
| Total impairment losses | (750,567) | (1,568,387) | (110,658) | (152,556) |
| Net interest income after impairment losses | (715,399) | (1,263,514) | 37,230 | 428,682 |
| Fee and commissions income | 53,682 | 206,922 | 55,775 | 227,155 |
| Fee and commissions expenses | (16,647) | (64,512) | (17,449) | (67,421) |
| Net fee and commission income | 37,035 | 142,410 | 38,326 | 159,734 |
| Net gain (loss) on operations with debt securities and derivative financial instruments | (10,636) | (24,450) | (27,710) | (34,063) |
| Net gain (loss) on investment securities | 5,773 | 10,720 | 3,010 | 2,837 |
| Impairment loss on investment securities available for sale | - | (14,712) | - | - |
| Dividend income from subsidiaries | - | 4,816 | - | 58,591 |
| Net foreign exchange gain | 18,991 | 73,592 | 27,839 | 89,144 |
| Other income, net | 1,738 | 6,549 | 74 | 6,995 |
| Net investment activities | 15,866 | 56,515 | 3,213 | 123,504 |
| Net insurance premium revenue | - | - | - | - |
| Gross insurance expenses | - | - | - | - |
| Net life insurance income | - | - | - | - |
| Staff costs | (39,309) | (144,247) | (25,056) | (147,890) |
| Other administrative expenses | (59,384) | (177,136) | (49,042) | (170,669) |
| Operating (loss) profit | (761,191) | (1,385,972) | 4,671 | 393,361 |
| Impairment loss on intangible assets (goodwill) | - | (169,550) | - | - |
| Impairment loss on investment in subsidiaries | (175,105) | (175,105) | - | - |
| (Loss) Profit before income tax | (936,296) | (1,730,627) | 4,671 | 393,361 |
| Income tax benefit (expenses) | 16,555 | 184,442 | (1,606) | (45,633) |
| (Loss) Profit for the year from continuing operations | (919,741) | (1,546,185) | 3,065 | 347,728 |
| Profit for the year from discontinued operations | - | - | - | - |
| Net (loss) profit for the year | (919,741) | (1,546,185) | 3,065 | 347,728 |
| Attributable to: | ||||
| Equity holders of the parent | (919,741) | (1,546,185) | 3,065 | 347,728 |
| (Loss) Profit for the year from continuing operations | (919,741) | (1,546,185) | 3,065 | 347,728 |
| Profit for the year from discontinued operations | - | - | - | - |
| Non controlling interest | ||||
| (Loss) Profit for the year from continuing operations | ||||
| (Loss) Profit for the year from discontinued operations |
R. Kvedaras
President
A. Matusevičić
Head of Support Division, CFO
AB SEB BANK
CONDENSED INTERIM INCOME STATEMENT
FOR THE 12 MONTHS PERIOD ENDED 31 DECEMBER 2009
(All amounts in LTL thousands unless otherwise stated)
| The Group | ||||
|---|---|---|---|---|
| 2009 | 2008 | |||
| Forth quarter ended 31 December 2009 | Year ended 31 December 2009 | Forth quarter ended 31 December 2009 | Year ended 31 December 2009 | |
| Interest income | 219,594 | 1,150,049 | 441,230 | 1,639,325 |
| Interest expenses | (186,363) | (821,331) | (274,350) | (987,173) |
| Net interest income | 33,231 | 328,718 | 166,880 | 652,152 |
| Impairment losses on loans | (360,333) | (1,161,881) | (109,912) | (151,185) |
| Impairment losses on lease portfolio | (225,354) | (552,477) | (94,676) | (104,094) |
| Provisions for guarantees | (737) | (17,010) | (834) | (1,378) |
| Other impairment losses | (850) | (1,921) | 88 | 7 |
| Total impairment losses | (587,274) | (1,733,289) | (205,334) | (256,650) |
| Net interest income after impairment losses | (554,043) | (1,404,571) | (38,454) | 395,502 |
| Fee and commissions income | 56,344 | 224,559 | 61,816 | 257,093 |
| Fee and commissions expenses | (17,817) | (67,581) | (17,882) | (69,348) |
| Net fee and commission income | 38,527 | 156,978 | 43,934 | 187,745 |
| Net gain (loss) on operations with debt securities and derivative financial instruments | (10,636) | (24,450) | (30,274) | (35,836) |
| Net gain (loss) on investment securities | 5,286 | 9,741 | (84,832) | (89,611) |
| Impairment loss on investment securities available for sale | - | (14,712) | - | - |
| Dividend income from subsidiaries | - | - | - | - |
| Net foreign exchange gain | 19,131 | 72,883 | 30,438 | 90,928 |
| Other income, net | 17,183 | 9,858 | 3,599 | 10,671 |
| Net investment activities | 30,964 | 53,320 | (81,069) | (23,848) |
| Net insurance premium revenue | (121,964) | - | 74,521 | 144,311 |
| Gross insurance expenses | 100,617 | - | 15,308 | (35,649) |
| Net life insurance income | (21,347) | - | 89,829 | 108,662 |
| Staff costs | (36,404) | (156,954) | (30,887) | (176,024) |
| Other administrative expenses | (59,545) | (190,777) | (58,664) | (193,736) |
| Operating (loss) profit | (601,848) | (1,542,004) | (75,311) | 298,301 |
| Impairment loss on intangible assets (goodwill) | - | (169,550) | - | - |
| Impairment loss on investment in subsidiaries | - | - | - | - |
| (Loss) Profit before income tax | (601,848) | (1,711,554) | (75,311) | 298,301 |
| Income tax benefit (expenses) | 99,087 | 266,041 | 12,198 | (40,521) |
| (Loss) Profit for the year from continuing operations | (502,761) | (1,445,513) | (63,113) | 257,780 |
| Profit for the year from discontinued operations | 18,058 | - | - | - |
| Net (loss) profit for the year | (484,703) | (1,445,513) | (63,113) | 257,780 |
| Attributable to: | ||||
| Equity holders of the parent | (484,703) | (1,445,513) | (63,113) | 257,780 |
| (Loss) Profit for the year from continuing operations | (502,761) | (1,445,513) | (63,113) | 257,780 |
| Profit for the year from discontinued operations | - | 18,058 | - | - |
| Non controlling interest | ||||
| (Loss) Profit for the year from continuing operations | - | - | - | - |
| (Loss) Profit for the year from discontinued operations | - | - | - | - |
| (502,761) | (1,427,455) | (63,113) | 257,780 |
R. Kvedaras
President
A. Matusevičić
Head of Support Division, CFO
AB SEB BANK
(All amounts in LTL thousands unless otherwise stated)
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS OF 31 DECEMBER 2009
| The Group | The Bank | |||
|---|---|---|---|---|
| 2009 | 2008 | Assets | 2009 | 2008 |
| 420,403 | 497,629 | Cash on hand | 420,403 | 497,629 |
| 384,981 | 729,273 | Balances with the Central Banks | 384,981 | 729,273 |
| 3,118,698 | 830,593 | Due from banks, net | 3,118,698 | 830,186 |
| 65,818 | 63,612 | Financial assets held for trading | 65,194 | 62,987 |
| 48,203 | 399,232 | Financial assets designated at fair value | 19,203 | 95,124 |
| 153,483 | 114,792 | Derivative financial instruments | 153,483 | 114,792 |
| Loans to credit and financial institutions, net of impairment losses | 348,856 | 937,335 | ||
| 20,069 | 39,651 | |||
| 17,185,394 | 20,280,295 | Loans to customers, net of impairment losses | 17,194,089 | 20,287,969 |
| 2,503,885 | 4,223,542 | Finance lease receivable, net of impairment losses | - | - |
| Investment securities: | ||||
| 1,719,512 | 1,750,534 | - loans and receivables | 1,719,512 | 1,750,534 |
| 337 | 18,468 | - available for sale | 337 | 18,467 |
| 12,748 | 12,989 | - held to maturity | 12,748 | 12,989 |
| - | - | Investments in subsidiaries | 38,616 | 62,441 |
| 169,046 | 240,238 | Intangible fixed assets | 168,764 | 239,578 |
| 56,509 | 65,001 | Property, plant and equipment | 55,847 | 63,232 |
| 4,275 | 7,547 | Assets under operating lease | - | - |
| - | 25,411 | Non-current assets held for sale | - | 1,524 |
| 62,231 | - | Investment property | 1,599 | - |
| 277,245 | 15,682 | Deferred tax asset | 179,444 | - |
| 333,845 | 210,546 | Other assets, net of impairment losses | 156,991 | 126,437 |
| 26,536,682 | 29,525,035 | 24,038,765 | 25,830,497 | |
| 415,635 | - | Assets classified as held for sale and discontinued operations | 13,825 | - |
| 26,952,317 | 29,525,035 | Total assets | 24,052,590 | 25,830,497 |
| Liabilities | ||||
| 31 | 24 | Amounts owed to the Central Banks | 31 | 24 |
| 13,650,723 | 15,156,610 | Amounts owed to credit and financial institutions | 11,259,609 | 11,764,275 |
| 303,643 | 293,293 | Derivative financial instruments | 303,643 | 293,293 |
| 9,669,789 | 10,203,009 | Deposits from the public | 9,673,732 | 10,208,909 |
| - | 219,919 | Liabilities in life insurance operations | - | - |
| - | 45,296 | Liabilities to investment contract holders | - | - |
| 44,029 | 51,309 | Accrued expenses and deferred income | 41,758 | 43,522 |
| 185 | 3,203 | Income tax payable | - | - |
| 597,195 | 603,187 | Subordinated loans | 597,195 | 603,187 |
| 697,841 | 607,793 | Debt securities in issue | 699,854 | 608,576 |
| - | 403 | Deferred tax liabilities | - | 403 |
| 78,639 | 97,417 | Other liabilities and provisions | 55,738 | 49,871 |
| 25,042,075 | 27,281,463 | 22,631,560 | 23,572,060 | |
| 385,347 | - | Liabilities included in assets classified as held for sale and discontinued operations | - | - |
| 25,427,422 | 27,281,463 | Total liabilities | 22,631,560 | 23,572,060 |
| Equity | ||||
| Equity attributable to equity holder of the parent | ||||
| 1,034,575 | 1,034,575 | Share capital | 1,034,575 | 1,034,575 |
| 1,034 | 1,034 | Reserve capital | 2,200 | 2,200 |
| (14,781) | (32,559) | Financial assets revaluation reserve | (14,781) | (32,559) |
| 135,160 | 77,394 | Legal reserve | 133,151 | 74,639 |
| 9,778 | 9,338 | General and other reserves | 9,778 | 9,338 |
| 359,129 | 1,153,790 | Retained earnings | 256,107 | 1,170,244 |
| 1,524,895 | 2,243,572 | 1,421,030 | 2,258,437 | |
| - | - | Non controlling interest in equity | - | - |
| 1,524,895 | 2,243,572 | Total equity | 1,421,030 | 2,258,437 |
| 26,952,317 | 29,525,035 | Total liabilities and equity | 24,052,590 | 25,830,497 |
R. Kvedaras
President
A. Matusevičić
Head of Support Division, CFO
AB SEB BANK
CONDENCED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE 12 MONTHS PERIOD ENDED 31 DECEMBER 2009
(All amounts in LTL thousands unless otherwise stated)
| The Bank | Share capital | Reserve capital | Financial assets revaluation reserve | Legal reserve | General and other reserves | Retained earnings | Total |
|---|---|---|---|---|---|---|---|
| 31 December 2007 | 1,034,575 | 2,200 | (7,442) | 31,348 | 9,338 | 865,807 | 1,935,826 |
| Net change in available for sale investments, net of deferred tax | - | - | (26,616) | - | - | - | (26,616) |
| Amortisation of financial assets revaluation reserve of reclassified financial assets | - | - | 1,499 | - | - | - | 1,499 |
| Net profit for the year | - | - | - | - | - | 347,728 | 347,728 |
| Total comprehensive income | - | - | (25,117) | - | - | 347,728 | 322,611 |
| Transfers to reserves | - | - | - | 43,291 | - | (43,291) | - |
| 31 December 2008 | 1,034,575 | 2,200 | (32,559) | 74,639 | 9,338 | 1,170,244 | 2,258,437 |
| Net change in available for sale investments, net of deferred tax | - | - | 14,841 | - | - | - | 14,841 |
| Amortisation of financial assets revaluation reserve of reclassified financial assets | - | - | 2,937 | - | - | - | 2,937 |
| Net profit for the year | - | - | - | - | - | (1,546,185) | (1,546,185) |
| Total comprehensive income | - | - | 17,778 | - | - | (1,546,185) | (1,528,407) |
| Share-based compensation | - | - | - | - | 440 | - | 440 |
| Shareholder's contribution | - | - | - | - | - | 690,560 | 690,560 |
| Transfers to reserves | - | - | - | 58,512 | - | (58,512) | - |
| 31 December 2009 | 1,034,575 | 2,200 | (14,781) | 133,151 | 9,778 | 256,107 | 1,421,030 |
R. Kvedaras
President
A. Matusevičić
Head of Support Division, CFO
AB SEB BANK
CONDENCED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE 12 MONTHS PERIOD ENDED 31 DECEMBER 2009
(All amounts in LTL thousands unless otherwise stated)
| The Group | Share capital | Reserve capital | Financial assets revaluation reserve | Legal reserve | General and other reserves | Retained earnings | Non controlling interest | Total |
|---|---|---|---|---|---|---|---|---|
| 31 December 2007 | 1,034,575 | 1,034 | (7,442) | 35,215 | 9,338 | 938,189 | - | 2,010,909 |
| Net change in available for sale investments, net of deferred tax | - | - | (26,616) | - | - | - | - | (26,616) |
| Amortisation of financial assets revaluation reserve of reclassified financial assets | - | - | 1,499 | - | - | - | - | 1,499 |
| Net profit for the year | - | - | - | - | - | 257,780 | - | 257,780 |
| Total comprehensive income | - | - | (25,117) | - | - | 257,780 | - | 232,663 |
| Transfers to reserves | - | - | - | 42,179 | - | (42,179) | - | - |
| 31 December 2008 | 1,034,575 | 1,034 | (32,559) | 77,394 | 9,338 | 1,153,790 | - | 2,243,572 |
| Net change in available for sale investments, net of deferred tax | - | - | 14,841 | - | - | - | - | 14,841 |
| Amortisation of financial assets revaluation reserve of reclassified financial assets | - | - | 2,937 | - | - | - | - | 2,937 |
| Net profit for the year | - | - | - | - | - | (1,427,455) | - | (1,427,455) |
| Total comprehensive income | - | - | 17,778 | - | - | (1,427,455) | - | (1,409,677) |
| Shareholder's contribution | - | - | - | - | - | 690,560 | - | 690,560 |
| Share-based compensation | - | - | - | - | 440 | - | - | 440 |
| Transfers to reserves | - | - | - | 57,766 | - | (57,766) | - | - |
| 31 December 2009 | 1,034,575 | 1,034 | (14,781) | 135,160 | 9,778 | 359,129 | - | 1,524,895 |
R. Kvedaras
President
A. Matusevičić
Head of Support Division, CFO
AB SEB BANK
CONDENSED INTERIM STATEMENT OF CASH FLOWS
FOR THE 12 MONTHS PERIOD ENDED 31 DECEMBER 2009
(All amounts in LTL thousands unless otherwise stated)
| The Group | The Bank | |||
|---|---|---|---|---|
| 2009 | 2008 | 2009 | 2008 | |
| 276,034 | 441,291 | Net cash from operating activities before change in operating assets | 184,388 | 498,418 |
| 2,282,120 | (2,144,868) | Net increase in operating assets | 1,242,810 | (1,526,961) |
| (594,784) | (750,492) | Net increase in operating liabilities | (574,763) | (715,741) |
| 1,963,370 | (2,454,069) | Net cash from (to) operating activities | 852,435 | (1,744,284) |
| (36,299) | (110,471) | Income tax paid | (34,394) | (99,393) |
| 1,927,071 | (2,564,540) | Net cash from (to) operating activities after income tax | 818,041 | (1,843,677) |
| (137,531) | 513,179 | Cash used in investing activities | (2,915) | 462,604 |
| (638,348) | 2,294,565 | Cash (used in) received financing activities | 336,473 | 1,624,164 |
| 1,151,192 | 243,204 | Net increase in cash | 1,151,599 | 243,091 |
| 1,533,652 | 1,290,448 | Cash 1 January | 1,533,245 | 1,290,154 |
| 2,684,844 | 1,533,652 | Cash 31 December | 2,684,844 | 1,533,245 |
| Specified as follows: | ||||
| Balance available for withdrawal with the | ||||
| 384,981 | 277,457 | Central Banks | 384,980 | 277,457 |
| 125,677 | 186,856 | Overnight deposits | 125,677 | 186,856 |
| 420,403 | 497,629 | Cash on hand | 420,404 | 497,629 |
| 1,753,783 | 571,710 | Current accounts with other banks | 1,753,783 | 571,303 |
| 2,684,844 | 1,533,652 | 2,684,844 | 1,533,245 |
R. Kvedaras
President
A. Matusevičić
Head of Support Division, CFO
AB SEB BANK
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE 12 MONTHS PERIOD ENDED 31 DECEMBER 2009
(All amounts in LTL thousands unless otherwise stated)
NOTE 1 GENERAL INFORMATION
AB SEB Bank (hereinafter - the Bank) was registered as a public company in the Enterprise Register of the Republic of Lithuania on 2 March 1990. The Bank is licensed by the Bank of Lithuania to perform all banking operations provided for in the Law on Banks of the Republic of Lithuania and the Statutes of the Bank. On the 21st of January, 2008 SEB Vilniaus bankas has changed its name into SEB Bank – the Register of Legal Entities of the Republic of Lithuania has registered a new version of the Articles of Association of SEB Bank, approved by the Extraordinary General Shareholders Meeting that took place on the 15th of November, 2007, and has issued the new Registration Certificate.
The Head Office of the Bank is located at Gedimino pr. 12, Vilnius. As of 31 December 2009 the Bank had 57 customer service branches (as of 31 December 2008 – 77).
As of 31 December 2009 AB SEB Bank had 6 subsidiaries (as of 31 December 2008 – 6). The Bank and its subsidiaries thereafter are referred as the Group.
The Bank accepts deposits, issues loans, makes money transfers and documentary settlements, exchanges currencies for its clients, issues and processes debit and credit cards, is engaged in trade finance and is investing and trading in securities as well as performs other activities set in the Law on Banks (except for operations with precious metals).
The Bank's shares are included in the non-listed list of shares of the NASDAQ OMX Vilnius. As of 31 December 2009 the largest shareholder is Skandinaviska Enskilda Banken, owning 99.71 percent of the Bank's shares.
NOTE 2 BASIS OF PRESENTATION
The books and records of the Bank and the Group are maintained in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the European Union. This condensed interim financial report has been prepared in accordance with International Accounting Standard 34.
The accounting policies adopted and methods of computation used are consistent with those of the annual financial statements for the year ended 31 December 2008, as described in the annual financial statements for the year ended 31 December 2008. No new standards, amendments to standards or interpretations are mandatory for financial year ending 31 December 2009, other than already described in the annual financial statements for the year ended 31 December 2008.
The financial statements are prepared under the historical cost convention as modified by the revaluation of available for sale financial assets, financial assets and liabilities held at fair value through profit and loss and all derivative contracts.
The preparation of financial statements in conformity with IFRS requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management's best knowledge of current event and actions, actual results ultimately may differ from those estimates.
In the current year, the Bank and the Group has adopted all of the new and revised Standards and Interpretations issued by the International Accounting Standards Board (the IASB) and the International Financial Reporting Interpretations Committee (IFRIC) and endorsed by EU, that are relevant to the Group and the Bank operations and effective for accounting periods beginning on 1 January 2009.
The following amendments to existing standards and interpretations to published standards as adopted by EU are mandatory for accounting periods beginning on or after 1 January 2009 but are not relevant to the Bank and the Group's operations:
- IAS 23 (Revised) 'Borrowing Costs', including amendment published by IASB in May 2008 as part of annual improvement project (effective from 1 January 2009);
- IAS 32 (Amendment), 'Financial instruments: Presentation', and IAS 1 (Amendment), 'Presentation of financial statements' – 'Puttable financial instruments and obligations arising on liquidation' (effective from 1 January 2009);
- IFRS 1 (Amendment) 'First time adoption of IFRS' and IAS 27 'Consolidated and separate financial statements' (effective from 1 January 2009);
- IFRS 2 (Amendment), 'Share-based payment' (effective from 1 January 2009);
- IFRIC 13, 'Customer loyalty programmes' (effective from 1 July 2008);
On the 23 January 2009, the EU endorsed the Improvements to IFRSs standard published in May 2008 which amends 20 existing standards, basis of conclusions and guidance. These improvements include changes in presentation, recognition and measurement as well as terminology and editorial changes. Most of these changes are effective for periods beginning on or after 1 January 2009. These amendments are not expected to have significant impact on the Bank and the Group's financial statements.
9
AB SEB BANK
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE 12 MONTHS PERIOD ENDED 31 DECEMBER 2009
(All amounts in LTL thousands unless otherwise stated)
NOTE 2 BASIS OF PRESENTATION
The following standards and amendments to existing standards have been published and are mandatory for the Bank's and the Group's accounting periods beginning on or after 1 January 2010 or later periods, but the Group and the Bank have not early adopted them:
- IFRS 3 'Business Combinations' (revised January 2008; effective for business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after 1 July 2009);
- IFRIC 15 'Agreements for the Construction of Real Estate' (effective for annual periods beginning on or after 1 January 2009; IFRIC 15 as adopted by the EU is effective for annual periods beginning after 31 December 2009, with early adoption permitted);
- IFRIC 16 'Hedges of a Net Investment in a Foreign Operation' (effective for annual periods beginning on or after 1 October 2008; IFRIC 16 as adopted by the EU is effective for annual periods beginning after 30 June 2009, with early adoption permitted);
- IAS 27 'Consolidated and Separate Financial Statements' (revised January 2008; effective for annual periods beginning on or after 1 July 2009);
- Eligible Hedged Items—Amendment to IAS 39 'Financial Instruments: Recognition and Measurement' (effective with retrospective application for annual periods beginning on or after 1 July 2009);
- IFRIC 17 'Distribution of Non-Cash Assets to Owners' (effective for annual periods beginning on or after 1 July 2009; IFRIC 17 as adopted by the EU is effective for annual periods beginning after 31 October 2009, with early adoption permitted);
- IFRS 1 'First-time Adoption of International Financial Reporting Standards' (following an amendment in December 2008, effective for the first IFRS financial statements for a period beginning on or after 1 July 2009; restructured IFRS 1 as adopted by the EU is effective for annual periods beginning after 31 December 2009, with early adoption permitted);
- IFRIC 18 'Transfers of Assets from Customers' (effective prospectively to transfers of assets from customers received on or after 1 July 2009, earlier application permitted; IFRIC 18 as adopted by the EU is effective for annual periods beginning after 31 October 2009, with early adoption permitted);
- Embedded Derivatives - Amendments to IFRIC 9 and IAS 39 (effective for annual periods ending on or after 30 June 2009; amendments to IFRIC 19 and IAS 39 as adopted by the EU are effective for annual periods beginning after 31 December 2009, with early adoption permitted);
- Classification of Rights Issues - Amendment to IAS 32 'Financial Instruments: Presentation' (effective for annual periods beginning on or after 1 February 2010);
- Group Cash-settled Share-based Payment Transactions - Amendments to IFRS 2 'Share-based Payment' (effective for annual periods beginning on or after 1 January 2010, not yet adopted by the EU);
- Additional Exemptions for First-time Adopters - Amendments to IFRS 1 'First-time Adoption of IFRS' (effective for annual periods beginning on or after 1 January 2010; not yet adopted by the EU);
- IAS 24 'Related Party Disclosures' (amended November 2009, effective for annual periods beginning on or after 1 January 2011; not yet adopted by the EU);
- IFRS 9 'Financial Instruments' (issued in November 2009, effective for annual periods beginning on or after 1 January 2013, with earlier application permitted; not yet adopted by the EU);
- IFRIC 19 'Extinguishing Financial Liabilities with Equity Instruments' (effective for annual periods beginning on or after 1 July 2010; not yet adopted by the EU);
- Prepayments of a Minimum Funding Requirement - Amendment to IFRIC 14 (effective for annual periods beginning on or after 1 January 2011; not yet adopted by the EU).
10
AB SEB BANK
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE 12 MONTHS PERIOD ENDED 31 DECEMBER 2009
(All amounts in LTL thousands unless otherwise stated)
NOTE 3 SEGMENT REPORTING
Primary reporting format – business segments. The Group is organised into main business segments: banking, leasing, venture capital, investment management, corporate finance and life insurance. Transactions between the business segments are on normal commercial terms and conditions. The twelve months period ended 31 December 2009
| Consolidated segments | Elimina-tions and adjustments | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Banking | Leasing | Venture capital | Investment management | Corporate finance | Life insurance | Real estate company | |||
| Revenues: | |||||||||
| Internal | 49,955 | 942 | 7 | 581 | 422 | 311 | 176 | (52,394) | - |
| External | 1,502,025 | 150,155 | 1,203 | 18,678 | 3,848 | 163,086 | 44 | - | 1,839,039 |
| 1,551,980 | 151,097 | 1,210 | 19,259 | 4,270 | 163,397 | 220 | (52,394) | 1,839,039 | |
| Expenses: | |||||||||
| Internal | (2,219) | (29,212) | (1,152) | (8,778) | (215) | (5,983) | (19) | 47,578 | - |
| External | (1,142,150) | (119,053) | (1,825) | (6,475) | (3,583) | (46,410) | (449) | - | (1,319,945) |
| (1,144,369) | (148,265) | (2,977) | (15,253) | (3,798) | (52,393) | (468) | 47,578 | (1,319,945) | |
| Depreciation and amortisation | (26,042) | (2,580) | (6) | (76) | (31) | (604) | - | - | (29,339) |
| Impairment losses on loans and finance lease | (1,568,387) | (552,477) | (1,501) | - | - | - | - | 391,000 | (1,731,365) |
| Impairment loss on intangible assets (goodwill) | (169,550) | - | - | - | - | - | - | - | (169,550) |
| Impairment loss on investment in subsidiaries | (175,105) | - | - | - | - | - | - | 175,105 | - |
| Impairment loss on investment securities available for sale | (14,712) | - | - | - | - | - | - | - | (14,712) |
| Life insurance technical provisions | - | - | - | - | - | (97,609) | - | - | (97,609) |
| Enskilda 2008 adjustment | - | - | 2,242 | - | - | - | - | - | 2,242 |
| Deferred tax asset on leasing | - | 93,784 | - | - | - | - | - | - | 93,784 |
| Result for the year | (1,546,185) | (458,441) | (1,032) | 3,930 | 441 | 12,791 | (248) | 561,289 | (1,427,455) |
| Assets | 24,052,590 | 3,141,527 | 33,481 | 17,605 | 11,825 | 424,560 | 3,265 | (732,536) | 26,952,317 |
| Liabilities | 22,631,560 | 3,559,572 | 11,082 | 3,364 | 1,013 | 385,697 | 13 | (1,164,879) | 25,427,422 |
| Investments in fixed assets | 122,872 | 451 | 2 | 30 | 4 | 189 | 14 | - | 123,562 |
| Consolidated segments | Elimina-tions and adjustments | Total | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Banking | Leasing | Venture capital | Investment management | Corporate finance | Life insurance | Real estate company | |||
| Revenues: | |||||||||
| Internal | 67,996 | 307 | 209 | 304 | 173 | (122) | - | (127,457) | (58,590) |
| External | 1,697,344 | 288,188 | 377 | 24,496 | 12,794 | 139,512 | - | - | 2,162,711 |
| 1,765,340 | 288,495 | 586 | 24,800 | 12,967 | 139,390 | - | (127,457) | 2,104,121 | |
| Expenses: | |||||||||
| Internal | (862) | (48,587) | (350) | (12,642) | (238) | (6,188) | - | 68,867 | - |
| External | (1,239,131) | (173,959) | (713) | (7,045) | (7,903) | (78,614) | - | - | (1,507,365) |
| (1,239,993) | (222,546) | (1,063) | (19,687) | (8,141) | (84,802) | - | 68,867 | (1,507,365) | |
| Depreciation and amortisation | (27,900) | (3,780) | (7) | (44) | (19) | (602) | - | - | (32,352) |
| Impairment losses on loans and finance lease | (152,556) | (104,094) | - | - | - | - | - | - | (256,650) |
| Net gain (loss) on investment securities | 2,837 | - | 270 | - | 9 | (92,727) | - | - | (89,611) |
| Life insurance technical provisions | - | - | - | - | - | 39,637 | - | - | 39,637 |
| Result for the year | 347,728 | (41,925) | (214) | 5,069 | 4,816 | 896 | - | (58,590) | 257,780 |
| Assets | 25,830,497 | 4,342,692 | 39,782 | 18,617 | 13,956 | 298,565 | 3,501 | (1,022,575) | 27,988,743 |
| Liabilities | 23,572,060 | 4,373,617 | 14,110 | 3,490 | 5,825 | 272,494 | - | (960,133) | 25,977,834 |
| Investments in fixed assets | 88,792 | 3,407 | 2 | 176 | 72 | 734 | - | - | 93,183 |
AB SEB BANK
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE 12 MONTHS PERIOD ENDED 31 DECEMBER 2009
(All amounts in LTL thousands unless otherwise stated)
NOTE 4 ASSETS UNDER MANAGEMENT
| The Group | The Bank | |||
|---|---|---|---|---|
| 2009 | 2008 | 2009 | 2008 | |
| Private individuals and corporate customers' assets under management | - | - | ||
| 483,155 | 536,016 | - | - | |
| 195,885 | 157,077 | Pillar two conservative pension fund (SEB Pension 1) | - | - |
| 726,568 | 475,882 | Pillar two balanced pension fund (SEB Pension 2) | - | - |
| 79,217 | 37,529 | Pillar two equity pension fund (SEB Pension 3) | - | - |
| Conservative voluntary pension fund (SEB Pension 1 Plus) | - | - | ||
| 12,817 | 10,726 | Balanced voluntary pension fund (SEB Pension 2 Plus) | - | - |
| 41,175 | 28,352 | - | - | |
| - | 50,964 | CIS equity fund | - | - |
| - | 35,119 | CIS bond fund | - | - |
| 110,854 | 77,737 | World market fund of funds | - | - |
| 90,810 | 39,275 | SEB equity fund of funds | - | - |
| 1,740,481 | 1,448,677 | Total assets under management | - | - |
NOTE 5 OFF BALANCE SHEET ITEMS
| The Group | The Bank | |||
|---|---|---|---|---|
| 2009 | 2008 | 2009 | 2008 | |
| 1,983,430 | 3,680,068 | Agreements to grant loans | 2,186,797 | 4,056,480 |
| 564,861 | 665,796 | Guarantees issued | 577,432 | 677,821 |
| 89,458 | 112,330 | Letters of credit issued | 89,458 | 114,066 |
| Commitments to purchase assets and other commitments | - | - | ||
| 306,665 | 389,301 | - | - | |
| - | 4,025 | Avalised bills of exchange | - | 4,025 |
| 391 | 127,996 | Commitments to sell securities | 391 | 127,996 |
| 23 | 224 | Customs guarantees collateralised by deposits | 23 | 224 |
The Banks and the Group's derivative financial instruments portfolio as of 31 December 2009 was as follows:
| 31 December 2009 | Notional amount | Fair value | ||
|---|---|---|---|---|
| Purchase | Sale | Assets | Liabilities | |
| Foreign exchange derivatives | ||||
| Currency forwards | 381,353 | 388,403 | 1,479 | 6,600 |
| Currency swaps | 1,011,679 | 1,005,554 | 7,120 | 3,018 |
| Put options | 19,215 | 19,034 | 466 | 213 |
| Call options | 2,301 | 2,470 | 44 | 2 |
| Interest rate derivatives | ||||
| Forward deposit | - | 81,831 | - | - |
| Futures | - | - | - | - |
| Interest rate swaps | 3,095,111 | 3,095,111 | 104,660 | 104,657 |
| Interest rate swaps for hedging purposes | 1,387,925 | 1,387,925 | - | 157,053 |
| Currency interest rate swaps | 1,669,250 | 1,669,250 | 7,904 | - |
| Interest rate options | 2,677,398 | 2,677,398 | 10,362 | 10,362 |
| Equity derivatives | ||||
| Index linked debt securities option | 877,950 | 877,950 | 10,505 | 10,915 |
| Derivative part of index linked deposit | - | - | 104 | - |
| Other derivatives | ||||
| Commodity options | 46,272 | 46,272 | 10,839 | 10,823 |
| Total derivatives assets/liabilities | 11,168,454 | 11,251,198 | 153,483 | 303,643 |
AB SEB BANK
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE 12 MONTHS PERIOD ENDED 31 DECEMBER 2009
(All amounts in LTL thousands unless otherwise stated)
NOTE 5 OFF BALANCE SHEET ITEMS (CONTINUED)
The future lease and investment property rental payments under non-cancellable operating lease where the Bank and the Group act as lessor, can be specified as follows:
| The Group | ||
|---|---|---|
| 2009 | 2008 | |
| 1,497 | 2,145 | Short term deferred income (up to 1 year) |
| 1,164 | 2,677 | Long term deferred income (up to 5 years) |
| Total future lease and rental payments under | ||
| 2,661 | 4,822 | non-cancellable operating lease |
| The Bank | ||
| --- | --- | |
| 2009 | 2008 | |
| - | - | |
| - | - | |
| - | - |
As of 31 December 2009 rental off balance sheet commitments of the Group amounted to LTL 239,886 thousand (2008: LTL 200,612 thousand) and rental off balance sheet commitments of the Bank amounted to LTL 170,720 thousand (2008: LTL 198,753 thousand). All non-cancellable commitments fall into the period within ten years.
13
AB SEB BANK
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE 12 MONTHS PERIOD ENDED 31 DECEMBER 2009
(All amounts in LTL thousands unless otherwise stated)
NOTE 6 DEBT SECURITIES ISSUANCE AND REDEMPTION
During the year 2009 the Bank successfully issued its 44 securities issues, as presented in the table below:
| Issue date | Redemption date | Duration | Currency | Amount in issue (in LTL) | Interest rate or index |
|---|---|---|---|---|---|
| 2009.01.28 | 2010.02.05 | 373 days | LTL | 1,573,100 | 9% |
| 2009.02.26 | 2012.03.16 | 1114 days | LTL | 1,706,500 | BNP Paribas Millenium New World |
| 2009.02.26 | 2012.03.16 | 1114 days | LTL | 179,400 | BNP Paribas Millenium New World |
| 2009.02.26 | 2012.03.16 | 1114 days | EUR | 355,984 | BNP Paribas Millenium New World |
| 2009.03.21 | 2010.03.30 | 374 days | LTL | 2,218,800 | 8.70% |
| 2009.04.25 | 2010.05.04 | 374 days | LTL | 647,300 | 8.50% |
| 2009.04.29 | 2012.05.18 | 1115 days | LTL | 2,266,100 | BNP Paribas Platinum EUR Excess Return |
| 2009.04.29 | 2012.05.18 | 1115 days | EUR | 126,027 | BNP Paribas Platinum EUR Excess Return |
| 2009.04.29 | 2011.05.18 | 749 days | LTL | 33,800 | BNP Paribas Emerging Infrastructure Excess Return |
| 2009.04.29 | 2011.05.18 | 749 days | EUR | 224,087 | BNP Paribas Emerging Infrastructure Excess Return |
| 2009.06.02 | 2012.06.21 | 1115 days | LTL | 1,709,500 | Renewable Energy Corp. AS, Norsk Hydro ASA, Outokumpu Oyj, Rautaruukki Oyj, SSAB Svenskt Stal AB, Neste Oil Oyj, StatoilHydro ASA, Svenska Cellulosa AB (SCA), Stora Enso Oyj, Seadrill Ltd. |
| 2009.06.02 | 2012.06.21 | 1115 days | LTL | 238,200 | Renewable Energy Corp. AS, Norsk Hydro ASA, Outokumpu Oyj, Rautaruukki Oyj, SSAB Svenskt Stal AB, Neste Oil Oyj, StatoilHydro ASA, Svenska Cellulosa AB (SCA), Stora Enso Oyj, Seadrill Ltd. |
| 2009.06.02 | 2012.06.21 | 1115 days | EUR | 1,027,553 | Renewable Energy Corp. AS, Norsk Hydro ASA, Outokumpu Oyj, Rautaruukki Oyj, SSAB Svenskt Stal AB, Neste Oil Oyj, StatoilHydro ASA, Svenska Cellulosa AB (SCA), Stora Enso Oyj, Seadrill Ltd. |
| 2009.06.20 | 2010.06.29 | 374 days | LTL | 4,380,200 | 8.70% |
| 2009.06.30 | 2012.01.19 | 933 days | LTL | 3,934,800 | Citi COMET Volatility Target Index |
| 2009.06.30 | 2012.01.19 | 933 days | LTL | 178,300 | Citi COMET Volatility Target Index |
| 2009.06.30 | 2012.01.19 | 933 days | EUR | 1,329,328 | Citi COMET Volatility Target Index |
| 2009.07.24 | 2010.08.03 | 375 days | LTL | 5,998,100 | 10.00% |
| 2009.08.25 | 2012.09.13 | 1115 days | LTL | 1,598,100 | Renewable Energy Corp. AS, Norsk Hydro ASA, Outokumpu Oyj, Vestas Wind Systems A/S, SSAB Svenskt Stal AB, Neste Oil Oyj, StatoilHydro ASA, Svenska Cellulosa AB (SCA), Stora Enso Oyj, Seadrill Ltd. |
| 2009.08.25 | 2012.09.13 | 1115 days | LTL | 529,200 | Renewable Energy Corp. AS, Norsk Hydro ASA, Outokumpu Oyj, Vestas Wind Systems A/S, SSAB Svenskt Stal AB, Neste Oil Oyj, StatoilHydro ASA, Svenska Cellulosa AB (SCA), Stora Enso Oyj, Seadrill Ltd. |
| 2009.08.25 | 2012.09.13 | 1115 days | EUR | 900,836 | Renewable Energy Corp. AS, Norsk Hydro ASA, Outokumpu Oyj, Vestas Wind Systems A/S, SSAB Svenskt Stal AB, Neste Oil Oyj, StatoilHydro ASA, Svenska Cellulosa AB (SCA), Stora Enso Oyj, Seadrill Ltd. |
| 2009.08.26 | 2010.09.03 | 373 days | LTL | 3,631,500 | 10.00% |
| 2009.09.24 | 2010.10.01 | 372 days | LTL | 59,419,300 | 9.80% |
| 2009.09.30 | 2012.10.19 | 1115 days | LTL | 3,453,100 | Itau Unibanco Holding S.A., Petroleo Brasileiro S.A., Vale S.A., China Construction Bank Corp, Teva Pharmaceutical Industries Ltd, China Communications Construction Company Ltd, China Mobile Ltd, America Movil SAB de C.V., Gazprom OAO, Hyundai Heavy Industries, Samsung Electronics Co, Taiwan Semiconductors |
| 2009.09.30 | 2012.10.19 | 1115 days | LTL | 859,900 | Itau Unibanco Holding S.A., Petroleo Brasileiro S.A., Vale S.A., China Construction Bank Corp, Teva Pharmaceutical Industries Ltd, China Communications Construction Company Ltd, China Mobile Ltd, America Movil SAB de C.V., Gazprom OAO, Hyundai Heavy Industries, Samsung Electronics Co, Taiwan Semiconductors |
| 2009.09.30 | 2012.10.19 | 1115 days | EUR | 1,326,911 | Itau Unibanco Holding S.A., Petroleo Brasileiro S.A., Vale S.A., China Construction Bank Corp, Teva Pharmaceutical Industries Ltd, China Communications Construction Company Ltd, China Mobile Ltd, America Movil SAB de C.V., Gazprom OAO, Hyundai Heavy Industries, Samsung Electronics Co, Taiwan Semiconductors |
| 2009.09.30 | 2012.10.19 | 1115 days | LTL | 1,826,100 | Itau Unibanco Holding S.A., Petroleo Brasileiro S.A., Vale S.A., China Construction Bank Corp, Teva Pharmaceutical Industries Ltd, China Communications Construction Company Ltd, China Mobile Ltd, America Movil SAB de C.V., Gazprom OAO, Hyundai Heavy Industries, Samsung Electronics Co, Taiwan Semiconductors |
| 2009.10.01 | 2010.05.14 | 225 days | LTL | 20,000,000 | 8.70% |
| 2009.10.23 | 2010.11.02 | 375 days | LTL | 64,399,000 | 9.50% |
| 2009.10.24 | 2010.11.02 | 374 days | LTL | 18,304,000 | 8.70% |
AB SEB BANK
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE 12 MONTHS PERIOD ENDED 31 DECEMBER 2009
(All amounts in LTL thousands unless otherwise stated)
NOTE 6 DEBT SECURITIES ISSUANCE AND REDEMPTION (CONTINUED)
During the year 2009 the Bank successfully issued its 44 securities issues, as presented in the table below (continued):
| Issue date | Redemption date | Duration | Currency | Amount in issue (in LTL) | Interest rate or index |
|---|---|---|---|---|---|
| 2009.11.03 | 2012.11.21 | 1114 days | EUR | 3,360,956 | Industrial and Commercial Bank of China Ltd, China Construction Bank Corp, China Life Insurance Co Ltd, Hang Seng Bank Ltd, Taiwan Semiconductor Manufacturing Company Ltd, HON HAI Precision Industry Co, Jiangxi Copper Co Ltd, China Mobile Ltd, CLP Holdings Ltd, Hutchison Whampoa Ltd, China Railway Group Ltd, PetroChina Co Ltd, China Petroleum & Chemical Corp, Tsingtao Brewery Co Ltd, Li & Fung Ltd |
| 2009.11.03 | 2012.11.21 | 1114 days | LTL | 627,100 | Nafta, auksas, sidabras, aliuminis, cinkas, varis, nikelis, kukurūzai, kviečiai ir cukrus |
| 2009.11.03 | 2012.11.21 | 1114 days | EUR | 1,879,359 | Nafta, auksas, sidabras, aliuminis, cinkas, varis, nikelis, kukurūzai, kviečiai ir cukrus |
| 2009.12.01 | 2012.11.30 | 1095 days | LTL | 465,800 | Petroleo Brasileiro SA, Vale SA, Itau Unibanco Holding SA, Banco Bradesco SA, Cia Siderurgica Nacional SA, Cia Energetica de Minas Gerais, CLP Holdings Ltd, Hang Seng Bank Ltd, Hutchison Whampoa Ltd, China Mobile Ltd, Taiwan Semiconductor Manufacturing Company Ltd, HON HAI Precision Industry Co |
| 2009.12.01 | 2012.11.30 | 1095 days | EUR | 1,737,104 | Petroleo Brasileiro SA, Vale SA, Itau Unibanco Holding SA, Banco Bradesco SA, Cia Siderurgica Nacional SA, Cia Energetica de Minas Gerais, CLP Holdings Ltd, Hang Seng Bank Ltd, Hutchison Whampoa Ltd, China Mobile Ltd, Taiwan Semiconductor Manufacturing Company Ltd, HON HAI Precision Industry Co |
| 2009.12.02 | 2010.12.10 | 373 days | LTL | 79,642,600 | 9.10% |
| 2009.12.22 | 2013.02.08 | 1144 days | LTL | 15,338,200 | Petroleo Brasileiro S.A., Vale S.A., Itau Unibanco Holding S.A., Banco Bradesco S.A., Cia Siderurgica Nacional S.A., Empresa Brasileira de Aeronautica S.A., Tele Norte Leste Participacoes S.A., Cia Energetica de Minas Gerais, BRF - Brasil Foods S.A., Cia de Bebidas das Americas |
| 2009.12.22 | 2013.02.08 | 1144 days | LTL | 2,318,800 | Petroleo Brasileiro S.A., Vale S.A., Itau Unibanco Holding S.A., Banco Bradesco S.A., Cia Siderurgica Nacional S.A., Empresa Brasileira de Aeronautica S.A., Tele Norte Leste Participacoes S.A., Cia Energetica de Minas Gerais, BRF - Brasil Foods S.A., Cia de Bebidas das Americas |
| 2009.12.22 | 2013.02.08 | 1144 days | EUR | 2,295,076 | Petroleo Brasileiro S.A., Vale S.A., Itau Unibanco Holding S.A., Banco Bradesco S.A., Cia Siderurgica Nacional S.A., Empresa Brasileira de Aeronautica S.A., Tele Norte Leste Participacoes S.A., Cia Energetica de Minas Gerais, BRF - Brasil Foods S.A., Cia de Bebidas das Americas |
| 2009.12.22 | 2011.07.12 | 567 days | LTL | 510,600 | EUR/PLN kursas |
| 2009.12.22 | 2011.07.12 | 567 days | LTL | 916,700 | EUR/PLN kursas |
| 2009.12.24 | 2011.01.04 | 376 days | LTL | 10,000,000 | 8.00% |
AB SEB BANK
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE 12 MONTHS PERIOD ENDED 31 DECEMBER 2009
(All amounts in LTL thousands unless otherwise stated)
Also during the same year the Bank successfully redeemed its 55 securities issues as presented in the table below:
NOTE 6 DEBT SECURITIES ISSUANCE AND REDEMPTION (CONTINUED)
| Issue date | Redemption date | Duration | Currency | Amount in issue (in LTL) | Interest rate or index |
|---|---|---|---|---|---|
| 2006.03.01 | 2009.03.12 | 1107 dienos | LTL | 3,295,900 | RTX/CECE Composite (25/75) |
| 2006.03.01 | 2009.03.12 | 1107 dienos | LTL | 8,420,400 | RTX/CECE Composite (25/75) |
| 2006.03.01 | 2009.03.12 | 1107 dienos | LTL | 10,991,100 | RTX/CECE Composite (25/75) |
| 2006.04.26 | 2009.05.05 | 1105 dienos | LTL | 7,253,000 | TOPIX |
| 2006.04.26 | 2009.05.05 | 1105 dienos | LTL | 18,212,500 | TOPIX |
| 2006.04.26 | 2009.05.05 | 1105 dienos | LTL | 23,718,900 | TOPIX |
| 2006.04.26 | 2009.05.05 | 1105 dienos | LTL | 924,600 | SP500 |
| 2006.04.26 | 2009.05.05 | 1105 dienos | LTL | 2,298,500 | SP500 |
| 2006.04.26 | 2009.05.05 | 1105 dienos | LTL | 4,138,700 | SP500 |
| 2006.04.26 | 2009.05.05 | 1105 dienos | EUR | 1,026,172 | TOPIX |
| 2006.04.26 | 2009.05.05 | 1105 dienos | EUR | 2,000,552 | TOPIX |
| 2006.04.26 | 2009.05.05 | 1105 dienos | EUR | 2,583,385 | TOPIX |
| 2006.06.28 | 2009.07.10 | 1108 dienos | LTL | 1,334,500 | TOPIX, S&P 500, FTSE 100, CAC-40, DAX, SMI |
| 2006.06.28 | 2009.07.10 | 1108 dienos | LTL | 3,814,300 | TOPIX, S&P 500, FTSE 100, CAC-40, DAX, SMI |
| 2006.06.28 | 2009.07.10 | 1108 dienos | LTL | 1,293,800 | TOPIX, S&P 500, FTSE 100, CAC-40, DAX, SMI |
| 2006.06.28 | 2009.07.10 | 1108 dienos | EUR | 2,005,732 | TOPIX, S&P 500, FTSE 100, CAC-40, DAX, SMI |
| 2006.08.21 | 2009.09.01 | 1107 dienos | LTL | 3,728,800 | FTSE Latibex Top |
| 2006.08.21 | 2009.09.01 | 1107 dienos | LTL | 2,610,500 | FTSE Latibex Top |
| 2006.08.21 | 2009.09.01 | 1107 dienos | LTL | 3,747,600 | FTSE Latibex Top |
| 2006.08.21 | 2009.09.01 | 1107 dienos | EUR | 699,537 | FTSE Latibex Top |
| 2006.09.12 | 2009.09.24 | 1108 dienos | LTL | 2,093,300 | TOPIX |
| 2006.09.27 | 2009.10.07 | 1106 dienos | LTL | 7,155,000 | FTSE/Xinhua China 25 |
| 2006.09.27 | 2009.10.07 | 1106 dienos | LTL | 15,932,100 | FTSE/Xinhua China 25 |
| 2006.09.27 | 2009.10.07 | 1106 dienos | LTL | 7,369,600 | FTSE/Xinhua China 25 |
| 2006.09.27 | 2009.10.07 | 1106 dienos | EUR | 4,921,276 | FTSE/Xinhua China 25 |
| 2006.09.27 | 2009.10.07 | 1106 dienos | EUR | 3,000,828 | FTSE/Xinhua China 25 |
| 2006.09.27 | 2009.10.07 | 1106 dienos | EUR | 1,236,448 | FTSE/Xinhua China 25 |
| 2006.10.03 | 2009.10.13 | 1106 dienos | LTL | 2,033,400 | AB TEO LT |
| 2006.11.16 | 2009.11.26 | 1106 dienos | LTL | 7,108,700 | CAC 40, DAX, S&P/MIB, S&P/TSX 60, S&P 500, TOPIX, FTSE 100 |
| 2006.11.16 | 2009.11.26 | 1106 dienos | LTL | 6,661,100 | CAC 40, DAX, S&P/MIB, S&P/TSX 60, S&P 500, TOPIX, FTSE 100 |
| 2006.11.16 | 2009.11.26 | 1106 dienos | LTL | 2,577,200 | CAC 40, DAX, S&P/MIB, S&P/TSX 60, S&P 500, TOPIX, FTSE 100 |
| 2006.11.16 | 2009.11.26 | 1106 dienos | EUR | 1,208,480 | CAC 40, DAX, S&P/MIB, S&P/TSX 60, S&P 500, TOPIX, FTSE 100 |
| 2006.11.16 | 2009.11.26 | 1106 dienos | EUR | 1,460,534 | CAC 40, DAX, S&P/MIB, S&P/TSX 60, S&P 500, TOPIX, FTSE 100 |
| 2007.01.02 | 2009.01.08 | 736 dienos | LTL | 150,000,000 | 4.00% |
| 2007.08.01 | 2009.02.20 | 569 dienos | LTL | 6,857,800 | Dow Jones EURO STOXX 50 |
| 2007.08.01 | 2009.02.20 | 569 dienos | LTL | 7,769,500 | Dow Jones Euro STOXX 50 |
| 2007.09.04 | 2009.03.23 | 566 dienos | EUR | 768,248 | S&P/ASX 200, KOSPI 200, MSCI Taiwan |
| 2007.09.04 | 2009.03.23 | 566 dienos | LTL | 6,229,200 | S&P/ASX 200, KOSPI 200, MSCI Taiwan |
| 2007.09.04 | 2009.03.23 | 566 dienos | LTL | 11,902,700 | S&P/ASX 200, KOSPI 200, MSCI Taiwan |
| 2008.03.01 | 2009.03.09 | 373 dienos | LTL | 25,498,700 | 6.10% |
| 2008.04.05 | 2009.04.14 | 374 dienos | LTL | 3,239,700 | 5.70% |
| 2008.06.28 | 2009.07.07 | 374 dienos | LTL | 12,740,900 | 5.75% |
| 2008.07.26 | 2009.08.04 | 374 dienos | LTL | 6,007,100 | 5.85% |
| 2008.08.26 | 2009.09.04 | 374 dienos | LTL | 10,884,100 | 5.95% |
| 2008.09.23 | 2009.10.02 | 374 dienos | LTL | 26,327,500 | 6.50% |
| 2008.09.30 | 2009.12.16 | 442 dienos | LTL | 623,200 | WTI Crude Oil |
| 2008.10.25 | 2009.11.03 | 374 dienos | LTL | 6,879,400 | 6.50% |
| 2008.10.25 | 2009.11.03 | 374 dienos | EUR | 2,296,457 | 5.50% |
| 2008.10.29 | 2009.12.17 | 414 dienq | LTL | 266,800 | 25% DJ EUROSTOXX 50, 25% SPDR Trust Series 1, 25% Topix, 25% Hang Seng China Enterprises |
| 2008.10.29 | 2009.12.17 | 414 dienq | LTL | 102,900 | 25% DJ EUROSTOXX 50, 25% SPDR Trust Series 1, 25% Topix, 25% Hang Seng China Enterprises |
| 2008.10.29 | 2009.12.17 | 414 dienq | EUR | 76,997 | 25% DJ EUROSTOXX 50, 25% SPDR Trust Series 1, 25% Topix, 25% Hang Seng China Enterprises |
| 2008.11.22 | 2009.12.01 | 374 dienos | LTL | 3,765,600 | 7.00% |
| 2008.11.22 | 2009.12.01 | 374 dienos | EUR | 3,309,509 | 5.70% |
| 2008.12.20 | 2009.12.29 | 374 dienos | LTL | 336,300 | 8.00% |
| 2008.12.20 | 2009.12.29 | 374 dienos | EUR | 1,026,172 | 5.70% |
AB SEB BANK
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE 12 MONTHS PERIOD ENDED 31 DECEMBER 2009
(All amounts in LTL thousands unless otherwise stated)
NOTE 7 ASSETS CLASSIFIED AS HELD FOR SALE AND DISCONTINUED OPERATIONS
As of 31 December 2009 and 2008 assets classified as held for sale and discontinued operations accounted by the Bank were as follows:
| 2009 | 2008 | |
|---|---|---|
| Shares of UAB SEB Gyvybes Draudimas | 10,325 | - |
| Shares UAB Litecus | 3,500 | - |
| Total assets classified as held for sale and discontinued operations | 13,825 | - |
The assets and liabilities related to the Companies UAB SEB Gyvybes Draudimas and UAB Litecus that are a part of Life insurance and Asset management segments have been presented as held for sale following the approval of the Group's management and shareholders.
As of 31 December 2009 and 2008 assets and liabilities of disposal group classified as held for sales by the Group were as follows:
UAB SEB Gyvybes Draudimas
| Assets | 2009 | 2008 |
|---|---|---|
| Due from banks, net | 220 | 407 |
| Financial assets held for trading | 4,710 | - |
| Financial assets designated at fair value | 399,709 | 274,110 |
| Intangible fixed assets | 214 | 548 |
| Property, plant and equipment | 113 | 194 |
| Other assets, net of impairment losses | 10,598 | 10,875 |
| Total assets | 415,564 | 286,134 |
| Liabilities | ||
| Liabilities in life insurance operations and to investment contract holders | 379,034 | 265,215 |
| Accrued expenses and deferred income | 1,187 | 1,498 |
| Other liabilities and provisions | 5,115 | 5,572 |
| Total liabilities | 385,336 | 272,285 |
| Net assets of the disposal group | 30,228 | 13,849 |
UAB Litecus
| Assets | 2009 | 2008 |
|---|---|---|
| Property, plant and equipment | 13 | - |
| Other assets, net of impairment losses | 59 | - |
| Total assets | 72 | - |
| Liabilities | ||
| Accrued expenses and deferred income | 1 | - |
| Other liabilities and provisions | 11 | - |
| Total liabilities | 12 | - |
| Net assets of the disposal group | 60 | - |
AB SEB BANK
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE 12 MONTHS PERIOD ENDED 31 DECEMBER 2009
(All amounts in LTL thousands unless otherwise stated)
NOTE 7 ASSETS CLASSIFIED AS HELD FOR SALE AND DISCONTINUED OPERATIONS (CONTINUED)
For the year ended 31 December 2009 and 2008 profit (losses) from discontinued operations of the Group were as follows:
UAB SEB Gyvybes Draudimas
| 2009 | 2008 | |
|---|---|---|
| Revenues | 162,770 | 138,860 |
| Expenses | (134,432) | (124,692) |
| Operating profit | 28,338 | 14,168 |
| Other income and expenses | (276) | 1,993 |
| Administrative expenses | (9,389) | (9,214) |
| Profit before tax of discontinued operations | 18,673 | 6,947 |
| Income tax benefit (expense) | (210) | 260 |
| Profit from discontinued operations | 18,463 | 7,207 |
UAB Litec tus
| 2009 | 2008 | |
|---|---|---|
| Revenues | - | - |
| Expenses | - | - |
| Operating profit | - | - |
| Other income and expenses | - | - |
| Administrative expenses | (449) | - |
| Profit before tax of discontinued operations | (449) | - |
| Income tax benefit (expense) | 44 | - |
| Profit from discontinued operations | (405) | - |
AB SEB BANK
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE 12 MONTHS PERIOD ENDED 31 DECEMBER 2009
(All amounts in LTL thousands unless otherwise stated)
NOTE 8 SIGNIFICANT EVENTS AFTER THE BALANCE SHEET DATE
On 13 January 2010 100% of subsidiary shares UAB SEB Gyvybès Draudimas (Life insurance) were sold to SEB Trygg Liv Holding AB, which is a part of SEB Group Companies in Sweden.
After the balance sheet date the Bank successfully completed 4 debt securities issues with the nominal value of LTL 50,044 thousand.
After the balance sheet date fourteen debt securities issue with the nominal value of LTL 164,019 thousand were redeemed.
NOTE 9 MAJOR EVENTS IN THE ISSUER'S ACTIVITIES
On 5 February 2009, the Bank announced that, according to the preliminary data, unaudited net profit earned over the year 2008 by SEB Bank is LTL 347.7 million and by SEB Bank Group - LTL 257.8 million. The profit has been calculated in accordance with the requirements set by the acts of the Bank of Lithuania and legal acts of the Republic of Lithuania. Audited net profit earned by the bank over the year 2007 was LTL 496.1 million and by the group - LTL 509.7 million.
On 18 February 2009, the Bank announced about the Annual General Meeting of Shareholders initiated and to be convened by the Board of SEB Bank on 20 March 2009.
On 10 March 2009, the Bank announced that the Board of SEB Bank approved the draft decisions of the Extraordinary General Meeting of the Shareholders of SEB Bank that will take place on 20 March 2009.
On 23 March 2009, the Bank announced that on the 20th of March 2009, 10 a.m. in Gedimino 12, Vilnius, room 511, the Annual General Meeting of the Shareholders of SEB Bank (having registered office at Gedimino 12, LT-01103 Vilnius, company code 112021238) took place, where all the decisions provided on the agenda were adopted: 1. the Annual Report of SEB Bank has been familiarised with; 2. the Report of the auditor of SEB Bank has been heard; 3. the Comments and Proposals of the Supervisory Council of SEB Bank have been heard; 4. the Year 2008 Financial Reporting of SEB Bank was approved; 5. the Distribution of the Year 2008 profit of SEB Bank was approved; 6. Bo Magnusson was revoked from the Supervisory Council Members of SEB Bank and Mats Emil Torstendahl was elected the new member of the Supervisory Council.
On 10 April 2009, the Bank announced that on 9 April, 2009 ratings agency Fitch Ratings affirmed SEB Bank's long-term issuer's default rating A and short term issuer's default rating F1. The agency changed its SEB Bank's long-term issuer's default rating outlook from stable to negative following the downgrade of the long-term foreign currency issuer default rating of the Republic of Lithuania from BBB+ to BBB (negative outlook) on 8 April 2009.
On 17 April 2009, the Bank announced that on 16 April, 2009 ratings agency Fitch Ratings affirmed SEB Bank's long-term issuer's default rating A (rating outlook negative), short term issuer's default rating F1 and support rating 1. The agency downgraded its SEB Bank's individual rating from C/D to D/E.
On 24 April 2009, the Bank announced that, according to preliminary data, unaudited net profit earned over the first quarter of the year 2009 by SEB Bank is LTL 26.6 million (EUR 7.7 million) and by SEB Bank Group - LTL 16.2 million (EUR 4.7 million). The profit has been calculated in accordance with the requirements set by the acts of the Bank of Lithuania and legal acts of the Republic of Lithuania. Unaudited net profit earned by the bank over the first quarter of the year 2008 was LTL 133.7 million (EUR 38.7 million) and by the group - LTL 93.9 million (EUR 27.2 million).
On 20 July 2009, the Bank announced that, according to preliminary data, unaudited net loss suffered over the first half-year of 2009 by SEB Bank is LTL 168,5 million (EUR 48,8 million) and by SEB Bank Group - LTL 224,9 million (EUR 65,1 million). The result has been calculated in accordance with the requirements set by the acts of the Bank of Lithuania and legal acts of the Republic of Lithuania. Over the first half-year of 2008, audited net profit earned by the Bank totalled LTL 255.5 million (EUR 74 million) and by the Group - LTL 225.6 million (EUR 65.3 million). The result of the first half-year of 2009 of the Bank and the Bank Group includes impairment of intangible asset (goodwill) amounting LTL 169.5 million (EUR 49.1 million) resulting from acquisition of bank Hermis in year 2000.
On 29 September 2009, the Bank announced about the Extraordinary General Meeting of Shareholders initiated and to be convened by the Board of SEB Bank on 29 October 2009.
On 19 October 2009, the Bank announced that on 19 October 2009 the Board of SEB Bank approved the draft decisions of the Extraordinary General Meeting of the Shareholders of SEB Bank that will take place on 29 October 2009.
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AB SEB BANK
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE 12 MONTHS PERIOD ENDED 31 DECEMBER 2009
(All amounts in LTL thousands unless otherwise stated)
NOTE 9 MAJOR EVENTS IN THE ISSUER'S ACTIVITIES (CONTINUED)
On 21 October 2009, the Bank announced that, according to preliminary data, unaudited net loss suffered over the three quarters of 2009 by SEB Bank is LTL 626.4 million (EUR 181.4 million) and by SEB Bank Group - LTL 942.8 million (EUR 273.0 million). The result has been calculated in accordance with the requirements set by the acts of the Bank of Lithuania and legal acts of the Republic of Lithuania. Over the three quarters of 2008, unaudited net profit earned by the Bank totalled LTL 342.0 million (EUR 99.0 million) and by the Group - LTL 320.9 million (EUR 92.9 million).
On 21 October 2009, the Bank announced that the Supervisory Council of the SEB bankas, AB revoked Audrius Žiugžda (Chairman) and Arturas Feiferas (Board member) from the Management Board of the SEB bankas and appointed these new Board members - Aivaras Čičelis and Roberts Bernis. The Management Board of the SEB bankas revoked Audrius Žiugžda as of CEO and appointed for this position Raimondas Kvedaras (Chairman of the Board/CEO).
On 29 October 2009, the Bank announced that on the 29th of October 2009, 10 a.m. in Gedimino 12, Vilnius, room 511, the Extraordinary General Meeting of the Shareholders of SEB Bank (having registered office at Gedimino 12, LT-01103 Vilnius, company code 112021238) took place, where all the decisions provided on the agenda were adopted: 1. The resolution to cover part of the losses of SEB Bank by additional contributions of shareholders, in an amount no less than LTL 345,280,000 (EUR 100,000,000), was adopted; 2. The entire SEB Bank's Supervisory Council (in corpore) was revoked; 3. SEB Bank's Supervisory Board of a new composition was elected for a new 4-year tenure. Members of the new composed Supervisory Board were elected: Knut Jonas Martin Johansson, Mark Barry Payne, Carl Stefan Davill and Stefan Stignäs.
On 17 December 2009, the Bank announced about the Extraordinary General Meeting of Shareholders initiated and to be convened by the Board of SEB Bank on 30 December 2009.
On 18 December 2009, the Bank announced that on 18 December 2009 the Board of SEB Bank approved the draft decisions of the Extraordinary General Meeting of the Shareholders of SEB Bank that will take place on 30 December 2009 (see attached the draft decisions).
On 23 December 2009, the Bank announced that on 22 December 2009, ratings agency Fitch Ratings announced that it affirmed unchanged SEB Bank's long-term issuer's default rating A (rating outlook negative), short term issuer's default rating F1, individual rating D/E and support rating 1.
On 30 December 2009, the Bank announced that on 30 December 2009, at 10.00 a.m., on Gedimino 12, Vilnius, Room 511, an Extraordinary General Meeting of Shareholders of SEB Bank (having registered office on Gedimino 12, LT-01103 Vilnius, company code 112021238) took place. The Meeting adopted a resolution on the issue of the Agenda of the Meeting, namely, to cover part of the losses of SEB Bank by additional contributions of shareholders in an amount no less than LTL 345,280,000 (EUR 100,000,000).
On 31 December 2009, the Bank announced that SEB Bank is transferring 100 % of shares of its subsidiary company SEB Gyvybės Draudimas fully held by the SEB Bank to company SEB Trygg Liv Holding AB, registered in the Kingdom of Sweden, a member of the international SEB Group. According to the terms of the Share Transfer Agreement concluded as of 30 December 2009, the transfer of shares should be finalised in January 2010. The shares are transferred seeking to strengthen management and coordination of the life insurance business in the international SEB Group. This change will not make any effect on the clients of SEB Gyvybės Draudimas.
Over the year 2009, the Bank has also made 33 announcements of additional (in accordance with requirements of Part 5, Article 25 of The Securities Law of the Republic of Lithuania) and periodic (in accordance with requirements of Article 20 of The Securities Law of the Republic of Lithuania) information.
SEB Bank provides information on each major event to the Securities Commission and Vilnius Stock Exchange in accordance with the established procedure. Based on SEB Bank's Articles of Association, information on each major event is announced in daily Verslo Žinios and communicated to news agency BNS.
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