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SEB Interim / Quarterly Report 2011
2966_rns_2011-11-30_7ec00a89-b8d0-47ad-830d-fdaab2df0872.pdf
Interim / Quarterly Report
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SEB
CONFIRMATION OF RESPONSIBLE PERSONS
Abiding by Article 22 of the Law of the Republic of Lithuania on Securities as well as by the rules of the Securities Commission of the Republic of Lithuania for the preparation and submitting of periodic and supplementary information, we hereby confirm that, in accordance with our knowledge, the information provided in the interim nine-month consolidated financial reporting, that has been prepared in accordance with the International Financial Reporting Standards, is true and correctly reflects the issuer's and the consolidated companies' total assets, liabilities, financial standing, profit or loss.
President of SEB Bank
Head of Business Support Division and CFO of SEB Bank
Director of Finance Department of SEB Bank
Vilnius,
November 2011
AB SEB BANK
CONDENSED INTERIM FINANCIAL INFORMATION
FOR THE 9 MONTHS PERIOD ENDED 30 SEPTEMBER 2011
AB SEB BANK
GENERAL INFORMATION
- Reporting period
The report has been produced for the 9 months period ended 30 September 2011.
- The issuer's key data
| Issuer's name: | SEB Bank |
|---|---|
| Share capital | LTL 1,034,575,341 |
| 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 place: | 29 November 1990, Bank of Lithuania |
| Company's code: | 112021238 |
| Company's registration number: | AB90-4 |
| Website: | www.seb.lt |
(In the present Report, AB SEB Bank shall also be referred to as the 'Bank').
AB SEB BANK
CONDENSED INTERIM INCOME STATEMENT
FOR THE 9 MONTHS PERIOD ENDED 30 SEPTEMBER 2011
(All amounts in LTL thousands unless otherwise stated)
| The Group | The Bank | |||
|---|---|---|---|---|
| January 1 - September 30, 2011 | January 1 - September 30, 2010 | January 1 - September 30, 2011 | January 1 - September 30, 2010 | |
| 554,743 | 581,855 | Interest income | 500,327 | 525,911 |
| (290,758) | (400,092) | Interest expenses | (264,263) | (367,247) |
| 263,985 | 181,763 | Net interest income | 236,064 | 158,664 |
| 128,362 | (152,282) | Impairment losses on loans | 128,362 | 238,718 |
| 195,448 | (99,902) | Impairment losses on lease portfolio | - | - |
| 5,405 | (5,500) | Provisions for guarantees | 5,405 | (5,500) |
| (1) | (628) | Other impairment losses | (1) | (628) |
| 329,214 | (258,312) | Total impairment losses | 133,766 | 232,590 |
| 593,199 | (76,549) | Net interest income after impairment losses | 369,830 | 391,254 |
| 168,839 | 173,756 | Fee and commission income | 160,433 | 161,488 |
| (45,507) | (46,435) | Fee and commission expenses | (44,761) | (45,919) |
| 123,332 | 127,321 | Net fee and commission income | 115,672 | 115,569 |
| (27,525) | (11,578) | Net gain (losses) on operations with debt securities and derivative financial instruments | (27,525) | (11,578) |
| 1,414 | 489 | Net gain (loss) on investment securities | 1,414 | 489 |
| (1,166) | 30,153 | Net gain on disposal of subsidiaries | 6,376 | 58,237 |
| - | - | Dividend income from subsidiaries | 6,064 | 3,734 |
| 36,403 | 43,927 | Net foreign exchange gain | 36,455 | 43,894 |
| 4,543 | 15,344 | Other income, net | 3,863 | 13,522 |
| 13,669 | 78,335 | Net investment activities | 26,647 | 108,298 |
| (102,402) | (101,408) | Staff costs | (98,372) | (95,238) |
| (139,105) | (127,275) | Other administrative expenses | (132,645) | (114,843) |
| 488,693 | (99,576) | Operating (loss) profit | 281,132 | 405,040 |
| - | - | Impairment loss on intangible assets | - | - |
| - | - | Impairment loss on investment in subsidiaries | - | (533,529) |
| 488,693 | (99,576) | (Loss) Profit before income tax | 281,132 | (128,489) |
| (57,211) | 23,680 | Income tax benefit (expenses) | (34,415) | 16,396 |
| 431,482 | (75,896) | (Loss) Profit for the year from continued operations | 246,717 | (112,093) |
| - | (189) | (Loss) Profit for the year from discontinued operations | - | - |
| 431,482 | (76,085) | Net (loss) profit for the year | 246,717 | (112,093) |
| Attributable to: | ||||
| 431,482 | (76,085) | Equity holders of the parent | 246,717 | (112,093) |
| 431,482 | (75,896) | (Loss) Profit for the year from continuing operations | 246,717 | (112,093) |
| - | (189) | (Loss) 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 | - | - |
| 431,482 | (76,085) | 246,717 | (112,093) |
AB SEB BANK
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME FOR THE 9 MONTHS PERIOD ENDED 30 SEPTEMBER 2011
(All amounts in LTL thousands unless otherwise stated)
| The Group | The Bank | ||
|---|---|---|---|
| January 1 - September 30, 2011 | January 1 - September 30, 2010 | January 1 - September 30, 2011 | January 1 - September 30, 2010 |
| 431,482 | (76,085) Net (loss) income for the year | 246,717 | (112,093) |
| (1,901) | 2,699 Other comprehensive income: | (1,901) | 2,699 |
| (1,901) | 2,699 Net gain on available for sale assets | (1,901) | 2,699 |
| - | - | - | - |
| - | - | - | - |
| 2,298 | 2,255 Amortisation of financial assets revaluation reserve | 2,298 | 2,255 |
| (27) | (548) of reclassified financial assets | (27) | (548) |
| 370 | 4,406 Income tax relating to the components of other comprehensive income | 370 | 4,406 |
| 431,852 | (71,679) Total other comprehensive income | 247,087 | (107,687) |
AB SEB BANK
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS OF 30 SEPTEMBER 2011
(All amounts in LTL thousands unless otherwise stated)
| Grupé | Bankas | |||
|---|---|---|---|---|
| 30 September | 31 December | 30 September | 31 December | |
| 2011 | 2010 | 2011 | 2010 | |
| Assets | ||||
| 330,163 | 428,427 | Cash on hand | 330,163 | 428,427 |
| 474,359 | 527,258 | Balances with the Central Bank | 474,359 | 527,258 |
| 2,928,520 | 1,177,833 | Due from banks, net | 2,928,520 | 1,177,833 |
| 53,527 | 164,895 | Government securities available for sale | 52,901 | 164,272 |
| Financial assets at fair value through profit and loss | ||||
| 95,720 | 75,058 | 61,971 | 45,733 | |
| 179,314 | 233,911 | Derivative financial instruments | 179,314 | 233,911 |
| Loans to credit and financial institutions, net of impairment losses | ||||
| 9,810 | 55,399 | 304,227 | 506,636 | |
| 15,856,906 | 15,669,307 | Loans to customers, net of impairment losses | 15,878,385 | 15,680,730 |
| Finance lease receivable, net of impairment losses | ||||
| 1,766,336 | 1,694,691 | Investment securities: | ||
| 1,575,407 | 1,629,290 | - loans and receivables | 1,575,407 | 1,629,290 |
| 764 | 1,276 | - available for sale | 764 | 1,276 |
| 13,453 | 13,832 | - held to maturity | 13,453 | 13,832 |
| - | - | Investments in subsidiaries | 117,900 | 121,616 |
| 138,798 | 148,733 | Intangible fixed assets | 138,734 | 148,554 |
| 35,907 | 46,004 | Property, plant and equipment | 35,049 | 45,289 |
| 961 | 2,581 | Assets under operating lease | - | - |
| 35,831 | 47,623 | Non-current assets held for sale | 29 | 29 |
| 39,059 | 51,474 | Investment property | 1,487 | 1,535 |
| 216,301 | 273,661 | Deferred tax asset | 158,311 | 192,654 |
| 109,814 | 316,576 | Other assets, net of impairment losses | 75,158 | 109,387 |
| 23,860,950 | 22,557,829 | 22,326,132 | 21,028,262 | |
| - | - | Assets classified as held for sale and discontinued operations | - | - |
| 23,860,950 | 22,557,829 | Total assets | 22,326,132 | 21,028,262 |
| Liabilities | ||||
| 28 | 38 | Amounts owed to the Central Bank | 28 | 38 |
| 11,029,763 | 9,295,615 | Amounts owed to credit and financial institutions | 9,807,309 | 7,915,364 |
| 229,132 | 334,427 | Derivative financial instruments | 229,132 | 334,427 |
| 9,353,800 | 9,643,341 | Deposits from public | 9,360,247 | 9,644,674 |
| 26,131 | 29,873 | Accrued expenses and deferred income | 24,220 | 26,190 |
| - | - | Income tax payable | - | - |
| 243,952 | 597,172 | Subordinated loans | 243,952 | 597,172 |
| 573,088 | 663,177 | Debt securities in issue | 573,088 | 663,177 |
| 111,698 | 135,008 | Other liabilities and provisions | 78,655 | 85,968 |
| 21,567,592 | 20,698,651 | 20,316,631 | 19,267,010 | |
| - | - | Liabilities included in assets classified as held for sale and discontinued operations | - | - |
| 21,567,592 | 20,698,651 | Total liabilities | 20,316,631 | 19,267,010 |
| Equity | ||||
| Equity attributable to equity holder of the parent | ||||
| 1,034,575 | 1,034,575 | Share capital | 1,034,575 | 1,034,575 |
| 2,200 | 1,034 | Reserve capital | 2,200 | 2,200 |
| (8,480) | (8,850) | Financial assets revaluation reserve | (8,480) | (8,850) |
| 194,708 | 165,425 | Legal reserve | 191,184 | 163,221 |
| 12,008 | 10,846 | General and other reserves | 12,008 | 10,846 |
| 1,058,347 | 656,148 | Retained earnings | 778,014 | 559,260 |
| 2,293,358 | 1,859,178 | 2,009,501 | 1,761,252 | |
| - | - | Non controlling interest in equity | ||
| 2,293,358 | 1,859,178 | Total equity | 2,009,501 | 1,761,252 |
| 23,860,950 | 22,557,829 | Total liabilities and equity | 22,326,132 | 21,028,262 |
J. Arzikevičius
Head of Support Division, CFO
AB SEB BANK
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE 9 MONTHS PERIOD ENDED 30 SEPTEMBER 2011
(All amounts in LTL thousands unless otherwise stated)
The group
31 December 2009
Net change in available for sale investments, net of deferred tax
Amortisation of financial assets revaluation reserve of reclassified financial assets
Net profit for the year
Total comprehensive income
Shareholder's contribution
Share-based compensation
Transfers to reserves
30 September 2010
31 December 2010
Net change in available for sale investments, net of deferred tax
Amortisation of financial assets revaluation reserve of reclassified financial assets
Net profit for the year
Total comprehensive income
Sales of UAB SEB Emeklite
Share-based compensation
Transfers to reserves
30 September 2011
| Equity attributable to equity holder of the parent | Total before noncontrolling interest | Non controlling interest | Total Equity | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Share capital | Reserve capital | Financial assets revaluation reserve | Legal reserve | General and other reserves | Retained earnings | ||||
| 1,034,575 | 1,034 | (14,781) | 135,160 | 9,778 | 359,129 | 1,524,895 | - | 1,524,895 | |
| - | - | 2,151 | - | - | - | 2,151 | - | 2,151 | |
| - | - | 2,255 | - | - | - | 2,255 | - | 2,255 | |
| - | - | - | - | - | (76,085) | (76,085) | - | (76,085) | |
| - | - | 4,406 | - | - | (76,085) | (71,679) | - | (71,679) | |
| - | - | - | - | - | 345,280 | 345,280 | - | 345,280 | |
| - | - | - | - | 566 | - | 566 | - | 566 | |
| - | - | - | 30,265 | - | (30,265) | - | - | - | |
| 1,034,576 | 1,034 | (10,375) | 165,425 | 10,344 | 598,058 | 1,799,062 | - | 1,799,062 | |
| 1,034,575 | 1,034 | (8,850) | 165,425 | 10,846 | 656,148 | 1,859,178 | - | 1,859,178 | |
| - | - | (1,928) | - | - | - | (1,928) | - | (1,928) | |
| - | - | 2,298 | - | - | - | 2,298 | - | 2,298 | |
| - | - | - | - | - | 431,482 | 431,482 | - | 431,482 | |
| - | - | 370 | - | - | 431,482 | 431,852 | - | 431,852 | |
| - | 1,166 | - | - | - | - | 1,166 | - | 1,166 | |
| - | - | - | - | 1,162 | - | 1,162 | - | 1,162 | |
| - | - | 29,283 | - | - | (29,283) | - | - | - | |
| 1,034,575 | 2,200 | (8,480) | 194,708 | 12,008 | 1,058,347 | 2,293,358 | - | 2,293,358 |
The Bank
31 December 2009
Net change in available for sale investments, net of deferred tax
Amortisation of financial assets revaluation reserve of reclassified financial assets
Net profit for the year
Total comprehensive income
Shareholder's contribution
Share-based compensation
Transfers to reserves
30 September 2010
31 December 2010
Net profit for the year
Amortisation of financial assets revaluation reserve of reclassified financial assets
Net profit for the year
Total comprehensive income
Share-based compensation
Transfers to reserves
30 September 2011
| Share capital | Reserve capital | Financial assets revaluation reserve | Legal reserve | General and other reserves | Retained earnings | Total Equity |
|---|---|---|---|---|---|---|
| 1,034,575 | 2,200 | (14,781) | 133,151 | 9,778 | 256,107 | 1,421,030 |
| - | - | 2,151 | - | - | - | 2,151 |
| - | - | 2,255 | - | - | - | 2,255 |
| - | - | - | - | - | (112,093) | (112,093) |
| - | - | 4,406 | - | - | (112,093) | (107,687) |
| - | - | - | - | - | 345,280 | 345,280 |
| - | - | - | - | 566 | - | 566 |
| - | - | - | 30,070 | - | (30,070) | - |
| 1,034,576 | 2,200 | (10,375) | 163,221 | 10,344 | 459,225 | 1,659,191 |
| 1,034,575 | 2,200 | (8,850) | 163,221 | 10,846 | 559,260 | 1,761,252 |
| - | - | (1,928) | - | - | - | (1,928) |
| - | - | 2,298 | - | - | - | 2,298 |
| - | - | - | - | - | 246,717 | 246,717 |
| - | - | 370 | - | - | 246,717 | 247,087 |
| - | - | - | - | 1,162 | - | 1,162 |
| - | - | - | 27,963 | - | (27,963) | - |
| 1,034,575 | 2,200 | (8,480) | 191,184 | 12,008 | 778,014 | 2,009,501 |
AB SEB BANK
CONDENSED INTERIM STATEMENT OF CASH FLOWS FOR THE 9 MONTHS PERIOD ENDED 30 SEPTEMBER 2011
(All amounts in LTL thousands unless otherwise stated)
| The Group | The Bank | ||
|---|---|---|---|
| January 1 - September 30, 2011 | January 1 - September 30, 2010 | January 1 - September 30, 2011 | January 1 - September 30, 2010 |
| 168,872 | 189,019 | Net cash from operating activities before change in operating assets | 150,233 |
| (1,734,006) | 686,182 | Net change in operating assets | (1,574,274) |
| (313,544) | (281,141) | Net change in operating liabilities | (283,117) |
| (1,878,678) | 594,060 | Net cash from (to) operating activities before income tax | (1,707,158) |
| (222) | (222) | Income tax paid | - |
| (1,878,900) | 593,838 | Net cash from (to) operating activities after income tax | (1,707,158) |
| 407,493 | 630,370 | Cash used in investing activities | 86,407 |
| 1,318,272 | (2,545,173) | Cash (used in) received from financing activities | 1,467,616 |
| (153,135) | (1,320,965) | Net (decrease) increase in cash | (153,135) |
| 1,523,655 | 2,299,863 | Cash at the beginning of the period | 1,523,655 |
| 1,370,520 | 978,898 | Cash at the end of the period | 1,370,520 |
| Specified as follows: | |||
| 12,472 | - | Balance available for withdrawal with the | 12,472 |
| 230,190 | 246,838 | Overnight deposits | 230,190 |
| 330,163 | 389,912 | Cash on hand | 330,163 |
| 797,695 | 342,148 | Current accounts with other banks | 797,695 |
| 1,370,520 | 978,898 | 1,370,520 |
AB SEB BANK
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE 9 MONTHS PERIOD ENDED 30 SEPTEMBER 2011
(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 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.
The Head Office of the Bank is located at Gedimino ave. 12, Vilnius. At the end of the reporting period the Bank had 57 customer service units.
At the end of the reporting period AB SEB Bank had 3 subsidiaries (the Bank and its subsidiaries thereafter are referred to as the Group). The subsidiaries are as follows: AB SEB Lizingas is a fully owned subsidiary engaged in the leasing activities; UAB SEB Venture Capital is a fully owned subsidiary involved in venture capital activities; UAB SEB Investicijų Valdymas is a fully owned subsidiary engaged in provision of investments' management services activities.
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 investing and trading in securities as well as performs other activities set in the Law on Banks (except for operations with precious metals).
At the end of the reporting period the largest shareholder of the Bank is Skandinaviska Enskilda Banken, owning 100 percent of the Bank's shares.
NOTE 2 BASIS OF PRESENTATION
This interim financial information is presented in national currency of Lithuania, Litas (LTL). The books and records of the Bank and other Group companies are maintained in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the European Union (EU). This 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 2010, as described in the annual financial statements for the year ended 31 December 2010.
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.
AB SEB BANK
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE 9 MONTHS PERIOD ENDED 30 SEPTEMBER 2011
(All amounts in LTL thousands unless otherwise stated)
NOTE 3 SEGMENT REPORTING
Operating segments are reported in a manner consistent with the internal reporting provided to the Board of Directors of the Bank. The Board of Directors is responsible for resources allocation and performance assessment of the operating segments and has been identified as the chief operating decision maker.
All transactions between business segments are conducted on an arm's length basis, with intra-segment revenue and costs being eliminated. Income and expenses directly associated with each segment are included in determining business segment performance.
For management and reporting purposes, the Group is organised into the following business groupings:
Baltic Division has overall responsibility for providing retail services to all types of companies and individuals. Baltic division offers its clients solutions in the areas of:
- Lending;
- Leasing and factoring products;
- Liquidity management and payment services;
- Private Banking – which serves the higher end of the private individual segment with wealth management services and advisory services.
The Merchant Banking division has overall responsibility for servicing large and medium-sized companies, financial institutions, banks, and commercial real estate clients. Merchant Banking offers its clients integrated investment and corporate banking solutions, including the investment banking activities. Merchant Banking's main areas of activity include:
- Lending and debt capital markets;
- Trading in equities, currencies, fixed income, derivatives and futures;
- Advisory services, brokerage, research and trading strategies within equity, fixed income and foreign exchange markets;
- Cash management;
- Custody and fund services;
- Venture capital.
The Asset Management division main business area is Institutional Clients division – which provides asset management services to institutions, foundations and life insurance companies and is responsible for the investment management, marketing and sales of SEB's mutual funds.
The division offers a full spectrum of asset management and advisory services and its product range includes equity and fixed income, private equity, real estate and hedge fund management.
The Treasury division has overall responsibility for cash management, liquidity management and internal financing between the Group divisions.
Operations and IT divisions are the Group's internal segments responsible for providing operations support and processing, as well as information technologies services for all Group's divisions. In addition, Operations divisions handles bookings, confirmations, payments and reconciliations, and customer service and support.
Staff Functions division have dedicated responsibilities in order to support the business units within own area of expertise: HR, finance, marketing and communication, credits and risk control, security, procurement and real estate, compliance, internal audit.
A geographical segment means a constituent part of the business participating in provision of services within certain economic environment the risk and returns whereof are different from other constituent parts operating in other economic environments.
The geographical segments are not defined by the Group. All activities of the Group are performed on the territory of Republic of Lithuania. Revenues and expenses related to major non-resident customers services is immaterial for the purpose of these financial statements and are not presented to the chief operating decision maker.
9
AB SEB BANK
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE 9 MONTHS PERIOD ENDED 30 SEPTEMBER 2011
(All amounts in LTL thousands unless otherwise stated)
NOTE 3 SEGMENT REPORTING (CONTINUED)
Business segments of the Group for the period ended 30 September 2011 were as follows:
| Baltic Division | Merchant Banking | Asset Management | Treasury | Operations | Staff Functions | Information Technologies | Eliminations | Total Group | |
|---|---|---|---|---|---|---|---|---|---|
| Net interest income | 218,895 | 125 | 93 | 5,410 | - | - | - | - | 224,523 |
| - Internal | (209,411) | (459) | 73 | 209,797 | - | - | - | - | - |
| - External | 428,306 | 584 | 20 | (204,387) | - | - | - | - | 224,523 |
| Net commission income | 112,688 | - | 9,041 | (77) | - | - | - | - | 121,652 |
| - Internal | 6,197 | - | (6,197) | - | - | - | - | - | - |
| - External | 106,491 | - | 15,238 | (77) | - | - | - | - | 121,652 |
| Net financial income | 50,740 | (2) | (1) | 174 | - | - | - | - | 50,911 |
| Net other income | (6,780) | - | - | 365 | (2) | (26) | - | - | (6,443) |
| Net operating income | 375,543 | 123 | 9,133 | 5,872 | (2) | (26) | - | - | 390,643 |
| Total staff costs and other administrative expenses | (231,299) | (763) | (2,690) | (459) | 1,666 | 2,381 | - | - | (231,164) |
| Total impairment losses | 329,214 | - | - | - | - | - | - | - | 329,214 |
| Profit before income tax | 473,458 | (640) | 6,443 | 5,413 | 1,664 | 2,355 | - | - | 488,693 |
| Income tax expense | (57,283) | 91 | (19) | - | - | - | - | - | (57,211) |
| Net profit for the year | 416,175 | (549) | 6,424 | 5,413 | 1,664 | 2,355 | - | - | 431,482 |
| Total Assets | 18,866,522 | 52,276 | 20,272 | 11,781,590 | 1,664 | 2,355 | - | (6,863,729) | 23,860,950 |
| Total Liabilities | 16,580,918 | 52,825 | 12,921 | 11,784,657 | - | - | - | (6,863,729) | 21,567,592 |
| Acquisition of intangible assets and property, plant and equipment | 9,287 | 93 | 382 | - | - | - | - | - | 9,762 |
AB SEB BANK
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE 9 MONTHS PERIOD ENDED 30 SEPTEMBER 2011
(All amounts in LTL thousands unless otherwise stated)
NOTE 3 SEGMENT REPORTING (CONTINUED)
For the period ended 30 September 2011 reconciliation between Group's Segment reporting and financial statements is presented below:
| Segment Reporting | Interest income from Hedged L&R | Eliminations | ||
|---|---|---|---|---|
| Other reconciling entries | Financial Statements | |||
| Net interest income | 224,523 | 40,577 | (1,115) | 263,985 |
| Net commission income | 121,652 | - | 1,680 | 123,332 |
| Net financial income | 50,911 | (40,577) | (390) | 9,944 |
| Net other income | (6,443) | - | 10,168 | 3,725 |
| Net operating income | 390,643 | - | 10,343 | 400,986 |
| Total staff costs and other administrative expenses | (231,164) | - | (10,343) | (241,507) |
| Total impairment losses | 329,214 | - | - | 329,214 |
| Profit before income tax | 488,693 | - | - | 488,693 |
| Income tax | (57,211) | - | - | (57,211) |
| Net profit for the year | 431,482 | - | - | 431,482 |
AB SEB BANK
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE 9 MONTHS PERIOD ENDED 30 SEPTEMBER 2011
(All amounts in LTL thousands unless otherwise stated)
Business segments of the Group for the period ended 30 September 2010 were as follows:
NOTE 3 SEGMENT REPORTING (CONTINUED)
| Baltic Division | Merchant Banking | Asset Management | Treasury | Operations | Staff Functions | Information Technologies | Eliminations | Total Group | |
|---|---|---|---|---|---|---|---|---|---|
| Net interest income | 184,337 | 6,762 | 133 | (51,831) | - | - | - | (19) | 139,382 |
| - Internal | (202,719) | 4,866 | 113 | 197,759 | - | - | - | (19) | - |
| - External | 387,056 | 1,896 | 20 | (249,590) | - | - | - | - | 139,382 |
| Net commission income | 109,992 | 10,587 | 8,456 | (971) | - | - | - | - | 128,064 |
| - Internal | 5,868 | 2,098 | (7,066) | (900) | - | - | - | - | - |
| - External | 104,124 | 8,489 | 15,522 | (71) | - | - | - | - | 128,064 |
| Net financial income | 12,426 | 60,873 | - | 26 | - | - | - | - | 73,325 |
| Net other income | 35,499 | 4,897 | 6 | 11 | - | - | 35,483 | (35,601) | 40,295 |
| Net operating income | 342,254 | 83,119 | 8,595 | (52,765) | - | - | 35,483 | (35,620) | 381,066 |
| Total staff costs and other administrative expenses | (203,028) | (15,516) | (3,240) | (367) | 540 | 324 | (36,249) | 35,620 | (221,916) |
| Capital (losses) | 30 | 30 | |||||||
| Total impairment losses | (258,977) | (258,977) | |||||||
| Loss before income tax | (119,721) | 67,603 | 5,355 | (53,132) | 540 | 324 | (766) | - | (99,797) |
| Income tax | 23,126 | 179 | 407 | 23,712 | |||||
| Net (loss) for the year | (96,595) | 67,782 | 5,762 | (53,132) | 540 | 324 | (766) | - | (76,085) |
| Total Assets | 19,027,247 | 715,274 | 19,849 | 11,974,949 | - | - | - | (7,929,532) | 23,807,787 |
| Total Liabilities | 17,238,830 | 647,492 | 13,480 | 12,038,456 | - | - | - | (7,929,533) | 22,008,725 |
| Acquisition of intangible assets and property, plant and equipment | 42,029 | 184 | 44 | - | - | - | - | - | 42,257 |
AB SEB BANK
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE 9 MONTHS PERIOD ENDED 30 SEPTEMBER 2011
(All amounts in LTL thousands unless otherwise stated)
NOTE 3 SEGMENT REPORTING (CONTINUED)
For the period ended, 30 September 2010 reconciliation between Group’s Segment reporting and financial statements is presented below:
| Eliminations | ||||||
|---|---|---|---|---|---|---|
| Segment Reporting | Interest income from Hedged L&R | Litectus Adjustments | Lease Provisions Adjustment | Grouping Reclassification | Other reconciling entries | |
| Net interest income | 139,382 | 45,587 | - | - | - | (3,206) |
| Net commission income | 128,064 | - | - | - | - | (743) |
| Net financial income | 73,325 | (45,587) | - | - | 30,137 | 5,116 |
| Net other income | 40,295 | - | - | - | (30,137) | 5,186 |
| Net operating income | 381,066 | - | - | - | - | 6,353 |
| Total staff costs and other administrative expenses | (221,916) | - | 223 | (665) | - | (6,325) |
| Capital losses | 30 | - | - | - | - | (30) |
| Total impairment losses | (258,977) | - | - | 665 | - | - |
| Loss before income tax | (99,797) | - | 223 | - | - | (2) |
| Income tax | 23,712 | - | (34) | - | - | 2 |
| Loss for the year from discontinued operations | - | - | (189) | - | - | - |
| Net (loss) for the year | (76,085) | - | - | - | - | (76,085) |
AB SEB BANK
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE 9 MONTHS PERIOD ENDED 30 SEPTEMBER 2011
(All amounts in LTL thousands unless otherwise stated)
NOTE 4 ASSETS UNDER MANAGEMENT
| The Group | The Bank | |||
|---|---|---|---|---|
| 30 September 2011 | 31 December 2010 | 30 September 2011 | 31 December 2010 | |
| Private individuals and corporate customers' assets | ||||
| 727,358 | 752,300 | under management | - | - |
| 216,219 | 204,399 | Pillar two conservative pension fund (SEB Pension 1) | - | - |
| 826,155 | 853,877 | Pillar two balanced pension fund (SEB Pension 2) | - | - |
| 106,784 | 114,298 | Pillar two equity pension fund (SEB Pension 3) | - | - |
| Conservative voluntary pension fund | ||||
| 13,346 | 13,826 | (SEB Pension 1 Plus) | - | - |
| Balanced voluntary pension fund | ||||
| 42,330 | 51,205 | (SEB Pension 2 Plus) | - | - |
| 117,352 | 134,632 | World market fund of funds | - | - |
| 90,476 | 112,394 | SEB equity fund of funds | - | - |
| 2,140,020 | 2,236,931 | Total assets under management | - | - |
NOTE 5 OFF BALANCE SHEET ITEMS
| The Group | The Bank | |||
|---|---|---|---|---|
| 30 September 2011 | 31 December 2010 | 30 September 2011 | 31 December 2010 | |
| 2,033,142 | 1,937,253 | Agreements to grant loans | 2,268,017 | 2,134,822 |
| 513,368 | 491,480 | Guarantees issued | 519,349 | 504,810 |
| 249,068 | 102,511 | Letters of credit issued | 249,068 | 103,263 |
| 73,195 | 259,857 | Commitments to purchase assets and other commitments | - | - |
| 133 | 12 | Commitments to sell securities | 133 | 12 |
| 116 | 38 | Customs guarantees collateralised by deposits | 116 | 38 |
NOTE 6 RELATED PARTIES
A number of banking transactions are entered into with related parties in the normal course of business. The transactions with top parent company include loans, deposits and debt instrument transactions. Transactions with SEB group (including parent bank) can be specified as follows:
| The Group | The Bank | ||||
|---|---|---|---|---|---|
| 30 September 2011 | 31 December 2010 | Interest rate % | 30 September 2011 | 31 December 2010 | |
| 2,768,202 | 1,139,291 | Outstanding loan amount at year end | 0,1-2,86 | 2,767,175 | 1,138,822 |
| 35,181 | 73,984 | Derivative financial instruments at the year ended | - | 35,181 | 73,984 |
| 3,079 | 2,958 | Other assets at the year end | - | 2,653 | 2,182 |
| 10,377,249 | 9,230,130 | Outstanding deposit amount at the year end | 0,1-5,5 | 9,092,578 | 7,729,838 |
| 591,048 | 655,616 | Other liabilities at the year end | - | 588,159 | 652,883 |
| 2,092 | 2,532 | Commitments to grant loans at the year end | - | 2,092 | 2,362 |
| 6,203 | 7,269 | Guarantees issued at the year end | - | 6,203 | 7,269 |
| For 9 month period ended 30 September 2011 and 2010 | |||||
| 13,717 | 7,348 | Interest income | - | 13,693 | 7,336 |
| (255,024) | (264,132) | Interest expense | - | (227,488) | (231,070) |
| (2,690) | (6,248) | Other services received and cost incurred from SEB group, net | - | (7,398) | (12,005) |
AB SEB BANK
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE 9 MONTHS PERIOD ENDED 30 SEPTEMBER 2011
(All amounts in LTL thousands unless otherwise stated)
NOTE 6 RELATED PARTIES (CONTINUED)
Transactions with parent bank can be specified as follows:
| The Group | The Bank | ||||
|---|---|---|---|---|---|
| 30 September 2011 | 31 December 2010 | Interest rate % | 30 September 2011 | 31 December 2010 | |
| 2,684,027 | 1,113,577 | Outstanding loan amount at year end | 0,1-2,617 | 2,683,588 | 1,113,473 |
| 35,181 | 73,984 | Derivative financial instruments at the year ended | - | 35,181 | 73,984 |
| 405 | 738 | Other assets at the year end | - | 27 | 150 |
| Outstanding deposit amount | |||||
| 10,314,077 | 9,172,930 | at the year end | 0,323-5,5 | 9,029,406 | 7,672,638 |
| 583,237 | 651,245 | Other liabilities at the year end | - | 583,237 | 651,176 |
| Commitments to grant loans | |||||
| 2,036 | 199 | at the year end | - | 2,036 | 29 |
| 229 | - | Guarantees issued at the year end | - | 229 | - |
| For 9 month period ended 30 September 2011 and 2010 | |||||
| 13,236 | 6,939 | Interest income | - | 13,227 | 6,935 |
| (254,802) | (264,050) | Interest expense | - | (227,266) | (230,988) |
| Other services received and cost | |||||
| 173 | (3,097) | incurred from SEB group, net | - | (3,969) | (8,352) |
Transactions between the Bank and its subsidiaries can be specified as follows:
| The Bank | |||
|---|---|---|---|
| Interest rate % | 30 September 2011 | 31 December 2010 | |
| Off-balance sheet commitments | |||
| Agreements to grant loans | - | 234,875 | 197,569 |
| Guarantees issued | - | 5,981 | 13,330 |
| Letters of credit issued | - | - | 752 |
| Outstanding loan amounts | |||
| AB SEB Lizingas | 0,145-1,719 | 294,417 | 451,237 |
| UAB SEB Venture Capital | 3.42 | 40,004 | 14,001 |
| Outstanding deposit amounts | |||
| UAB SEB Venture Capital | 0,1 | 6,447 | 1,333 |
| UAB SEB Investiciŋ Valdymas | 0,05-0,1 | 16,655 | 17,774 |
| UAB SEB Enskilda | n/d | 9,325 | |
| AB SEB Lizingas | 0,05-1,25 | 45,562 | 92,942 |
| Other assets at year end | - | 1,974 | 2,361 |
| Issued debt securities purchased by subsidiaries | - | - | - |
| Other liabilities at year end | - | 10 | 7 |
| For 9 month period ended 30 September 2011 and 2010 | |||
| Interest income | - | 3,452 | 5,615 |
| Interest expense | - | (1,041) | (220) |
| Dividend income | - | 6,064 | 3,734 |
| Other services received and cost incurred from subsidiaries, net | - | 8,923 | (134,735) |
| Decrease in value of investment to AB SEB lizingas | (533,529) |
AB SEB BANK
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE 9 MONTHS PERIOD ENDED 30 SEPTEMBER 2011
(All amounts in LTL thousands unless otherwise stated)
NOTE 7 DEBT SECURITIES ISSUANCE AND REDEMPTION
During nine months of 2011 the Bank successfully placed 26 securities issues, as presented in the table below:
| Issue date | Redemption | Amount in issue (in LTL) | |||
|---|---|---|---|---|---|
| date | Duration | Currency | LTL) | Interest rate or index | |
| 2011.01.11 | 2013.01.23 | 743 dienos | LTL | 763,100 | EUR/BRL ir EUR/MXN kursai |
| 2011.01.11 | 2013.01.23 | 743 dienos | EUR | 888,060 | EUR/BRL ir EUR/MXN kursai |
| 2011.01.26 | 2014.02.12 | 1 113 dienq | LTL | 2,340,500 | Commerzbank East Asia Index |
| 2011.01.26 | 2014.02.12 | 1 113 dienq | LTL | 1,999,700 | Commerzbank East Asia Index |
| 2011.01.26 | 2014.02.12 | 1 113 dienq | EUR | 1,086,596 | Commerzbank East Asia Index |
| 2011.02.23 | 2013.03.13 | 749 dienos | EUR | 2,336,510 | AstraZeneca PLC, Swedbank AB ir Skanska AB |
| 2011.02.23 | 2013.03.13 | 749 dienos | EUR | 1,815,137 | AstraZeneca PLC, Swedbank AB ir Skanska AB |
| 2011.03.01 | 2014.03.19 | 1 114 dienq | LTL | 3,095,300 | Gazprom OAO, Rosneft Oil Co, Lukoil OAO, NovaTek OAO, MMC Norilsk Nickel OJSC, Severstal OAO, Evraz Group SA, Mechel, X5 Retail Group NV ir Magnit OJSC |
| 2011.03.01 | 2014.03.19 | 1 114 dienq | LTL | 848,500 | Gazprom OAO, Rosneft Oil Co, Lukoil OAO, NovaTek OAO, MMC Norilsk Nickel OJSC, Severstal OAO, Evraz Group SA, Mechel, X5 Retail Group NV ir Magnit OJSC |
| 2011.03.01 | 2014.03.19 | 1 114 dienq | EUR | 646,019 | Gazprom OAO, Rosneft Oil Co, Lukoil OAO, NovaTek OAO, MMC Norilsk Nickel OJSC, Severstal OAO, Evraz Group SA, Mechel, X5 Retail Group NV ir Magnit OJSC |
| 2011.03.09 | 2011.06.10 | 93 dienos | LTL | 6,204,000 | 0,85% |
| 2011.04.20 | 2014.05.12 | 1 118 dienq | LTL | 4,475,400 | Bayer AG, Daimler AG, Fresenius Medical Care AG & Co KGaA, Infineon Technologies AG, MAN SE, SAP AG, K+S AG ir Siemens AG |
| 2011.04.20 | 2014.05.12 | 1 118 dienq | LTL | 1,732,900 | Bayer AG, Daimler AG, Fresenius Medical Care AG & Co KGaA, Infineon Technologies AG, MAN SE, SAP AG, K+S AG ir Siemens AG |
| 2011.04.20 | 2014.05.12 | 1 118 dienq | EUR | 1,338,305 | Bayer AG, Daimler AG, Fresenius Medical Care AG & Co KGaA, Infineon Technologies AG, MAN SE, SAP AG, K+S AG ir Siemens AG |
| 2011.04.29 | 2013.05.15 | 747 dienos | EUR | 2,109,316 | AP Moller-Maersk A/S, Norsk Hydro ASA ir Swedbank AB |
| 2011.04.29 | 2013.05.15 | 747 dienos | EUR | 2,640,011 | AP Moller-Maersk A/S, Norsk Hydro ASA ir Swedbank AB |
| 2011.05.17 | 2016.06.03 | 1 844 dienos | LTL | 4,657,500 | Carmignac Patrimoine A |
| 2011.05.31 | 2014.06.05 | 1 101 diena | LTL | 1,108,400 | Mobile Telesystems OJSC, Mechel, Sberbank of Russia, Federal Hydrogenerating Co JSC, Lukoil OAO, Surgutneftegas OJSC, Severstal OAO, KGHM Polska Miedz SA, Telekomunikacja Polska SA ir Komercni Banka AS |
| 2011.05.31 | 2014.06.05 | 1 101 diena | LTL | 637,400 | Mobile Telesystems OJSC, Mechel, Sberbank of Russia, Federal Hydrogenerating Co JSC, Lukoil OAO, Surgutneftegas OJSC, Severstal OAO, KGHM Polska Miedz SA, Telekomunikacja Polska SA ir Komercni Banka AS |
| 2011.05.31 | 2014.06.05 | 1 101 diena | EUR | 482,011 | Mobile Telesystems OJSC, Mechel, Sberbank of Russia, Federal Hydrogenerating Co JSC, Lukoil OAO, Surgutneftegas OJSC, Severstal OAO, KGHM Polska Miedz SA, Telekomunikacja Polska SA ir Komercni Banka AS |
| 2011.07.05 | 2014.07.23 | 1 114 dienq | LTL | 1'747'700 | Molycorp Inc, Lynas Corp Ltd, Iluka Resources Ltd, Kenmare Resources PLC, OSAKA Titanium Technologies Co, Toho Titanium Co Ltd, Hunan Non-Ferrous Metal Corp Ltd, China Molybdenum Co Ltd, China Rare Earth Holdings Ltd ir Thompson Creek Metals Co Inc |
| 2011.07.05 | 2014.07.23 | 1 114 dienq | LTL | 625'900 | Molycorp Inc, Lynas Corp Ltd, Iluka Resources Ltd, Kenmare Resources PLC, OSAKA Titanium Technologies Co, Toho Titanium Co Ltd, Hunan Non-Ferrous Metal Corp Ltd, China Molybdenum Co Ltd, China Rare Earth Holdings Ltd ir Thompson Creek Metals Co Inc |
| 2011.07.05 | 2014.07.23 | 1 114 dienq | EUR | 801'740 | Molycorp Inc, Lynas Corp Ltd, Iluka Resources Ltd, Kenmare Resources PLC, OSAKA Titanium Technologies Co, Toho Titanium Co Ltd, Hunan Non-Ferrous Metal Corp Ltd, China Molybdenum Co Ltd, China Rare Earth Holdings Ltd ir Thompson Creek Metals Co Inc |
| 2011.08.30 | 2014.09.17 | 1 114 dienq | LTL | 2'314'200 | Consumer Staples Select Sector SPDR ETF |
| 2011.08.30 | 2014.09.17 | 1 114 dienq | LTL | 387'100 | Consumer Staples Select Sector SPDR ETF |
| 2011.08.30 | 2014.09.17 | 1 114 dienq | LTL | 1'007'527 | Consumer Staples Select Sector SPDR ETF |
AB SEB BANK
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE 9 MONTHS PERIOD ENDED 30 SEPTEMBER 2011
(All amounts in LTL thousands unless otherwise stated)
NOTE 7 DEBT SECURITIES ISSUANCE AND REDEMPTION (CONTINUED)
During nine months of 2011 the Bank successfully redeemed its 51 securities issues, as presented in the table below:
| Issue date | Redemption date | Duration | Currency | Amount in issue (in LTL) | Interest rate or index |
|---|---|---|---|---|---|
| 2006.05.10 | 2011.05.25 | 1 841 diena | LTL | 6,000,000 | TOPIX, FTSE/Xinhua China 25, S&P/CNX nifty, FTSE LATIBEX TOP |
| 2007.04.26 | 2011.05.11 | 1 476 dienos | LTL | 426,800 | Dow Jones Euro STOXX 50 |
| 2007.05.29 | 2011.06.17 | 1 480 dienq | LTL | 2,590,400 | Dow Jones STOXX Select Dividend 30 |
| 2007.05.29 | 2011.06.17 | 1 480 dienq | LTL | 3,537,400 | Dow Jones STOXX Select Dividend 30 |
| 2007.05.29 | 2011.06.17 | 1 480 dienq | EUR | 1,209,516 | Dow Jones STOXX Select Dividend 30 |
| 2007.12.04 | 2011.01.25 | 1 148 dienos | LTL | 1,580,700 | CECE Composite |
| 2007.12.04 | 2011.01.25 | 1 148 dienos | LTL | 729,700 | CECE Composite |
| 2007.12.14 | 2011.02.02 | 1 146 dienos | LTL | 4,922,300 | FTSE/JSE Africa TOP40 |
| 2007.12.14 | 2011.02.02 | 1 146 dienos | LTL | 5,186,200 | FTSE/JSE Africa TOP40 |
| 2007.12.14 | 2011.02.02 | 1 146 dienos | LTL | 5,002,600 | DAXglobal Emerging 11 |
| 2007.12.14 | 2011.02.02 | 1 146 dienos | LTL | 4,697,800 | DAXglobal Emerging 11 |
| 2007.12.14 | 2011.02.02 | 1 146 dienos | EUR | 7,214,280 | DAXglobal Emerging 11 |
| 2007.12.14 | 2011.02.02 | 1 146 dienos | LTL | 1,697,300 | Dow Jones EURO STOXX 50, TOPIX, S&P 500 |
| 2007.12.14 | 2011.02.02 | 1 146 dienos | LTL | 1,341,400 | Dow Jones EURO STOXX 50, TOPIX, S&P 500 |
| 2008.01.11 | 2011.01.11 | 1 096 dienos | LTL | 500,000,000 | 7,5% |
| 2008.02.06 | 2011.02.24 | 1 114 dienq | LTL | 249,900 | AB Apranga, AB Ükio bankas, AS Tallinna Kaubamaja, AS Arco Vara |
| 2008.02.06 | 2011.02.24 | 1 114 dienq | LTL | 145,700 | AB Apranga, AB Ükio bankas, AS Tallinna Kaubamaja, AS Arco Vara |
| 2008.02.06 | 2011.02.24 | 1 114 dienq | LTL | 5,543,800 | S&P BRIC 40 |
| 2008.02.06 | 2011.02.24 | 1 114 dienq | LTL | 6,174,300 | S&P BRIC 40 |
| 2008.02.06 | 2011.02.24 | 1 114 dienq | LTL | 3,396,300 | RDX (Russian Depository Index) |
| 2008.02.06 | 2011.02.24 | 1 114 dienq | LTL | 5,185,800 | RDX (Russian Depository Index) |
| 2008.02.06 | 2011.02.24 | 1 114 dienq | EUR | 2,059,250 | RDX (Russian Depository Index) |
| 2008.03.04 | 2011.02.22 | 1 085 dienos | LTL | 867,500 | S&P Southeast Asia 40 |
| 2008.03.04 | 2011.02.22 | 1 085 dienos | LTL | 2,076,300 | S&P Southeast Asia 40 |
| 2008.03.04 | 2011.03.23 | 1 114 dienq | LTL | 1,062,400 | ABN AMRO Middle East Price Return |
| 2008.03.04 | 2011.03.23 | 1 114 dienq | LTL | 2,225,400 | ABN AMRO Middle East Price Return |
| 2008.03.18 | 2011.04.06 | 1 114 dienq | LTL | 5,467,600 | BNP Paribas Millenium 10 Europe Excess Return |
| 2008.03.18 | 2011.04.06 | 1 114 dienq | LTL | 5,731,000 | BNP Paribas Millenium 10 Europe Excess Return |
| 2008.03.18 | 2011.04.06 | 1 114 dienq | EUR | 1,921,138 | BNP Paribas Millenium 10 Europe Excess Return |
| 2008.06.04 | 2011.06.06 | 1 097 dienos | USD | 87,867,401 | 4,2% |
| 2008.07.02 | 2011.07.21 | 1 114 dienq | LTL | 815'200 | EUR/USD kursas |
| 2008.07.02 | 2011.07.21 | 1 114 dienq | EUR | 631'517 | EUR/USD kursas |
| 2008.08.21 | 2011.09.09 | 1 114 dienq | LTL | 2'198'700 | RDX, iShares S&P Latin America 40 Index Fund |
| 2008.08.21 | 2011.09.09 | 1 114 dienq | LTL | 2'507'200 | RDX, iShares S&P Latin America 40 Index Fund |
| 2008.08.21 | 2011.09.09 | 1 114 dienq | EUR | 544'161 | RDX, iShares S&P Latin America 40 Index Fund |
| 2008.08.21 | 2011.09.09 | 1 114 dienq | EUR | 239'279 | RDX, iShares S&P Latin America 40 Index Fund |
| 2008.08.28 | 2011.09.19 | 1 117 dienq | LTL | 1'509'400 | 100% Goldman Sachs DynaMO8 Excess Return |
| 2008.08.28 | 2011.09.19 | 1 117 dienq | LTL | 1'619'600 | 100% Goldman Sachs DynaMO8 Excess Return |
| 2009.04.29 | 2011.05.18 | 749 dienos | LTL | 33,800 | BNP Paribas Emerging Infrastructure Excess Return |
| 2009.04.29 | 2011.05.18 | 749 dienos | EUR | 224,087 | BNP Paribas Emerging Infrastructure Excess Return |
| 2009.12.22 | 2011.07.12 | 567 dienos | LTL | 510'600 | EUR/PLN kursas |
| 2009.12.22 | 2011.07.12 | 567 dienos | LTL | 916'700 | EUR/PLN kursas |
| 2009.12.24 | 2011.01.04 | 376 dienos | LTL | 10,000,000 | 8,0% |
| 2010.02.09 | 2011.02.21 | 377 dienos | LTL | 10,000,000 | 5,5% |
| 2010.03.05 | 2011.03.17 | 377 dienos | LTL | 10,000,000 | 3,95% |
| 2010.04.16 | 2011.04.28 | 377 dienos | LTL | 2,077,700 | 2,6% |
| 2010.05.21 | 2011.05.31 | 375 dienos | LTL | 569,100 | 2,0% |
| 2010.06.18 | 2011.06.28 | 375 dienos | LTL | 1,235,100 | 2,1% |
| 2010.08.13 | 2011.08.23 | 375 dienos | LTL | 2'543'800 | 2.10% |
| 2010.09.10 | 2011.09.20 | 375 dienos | LTL | 1'358'000 | 2.10% |
| 2011.03.09 | 2011.06.10 | 93 dienos | LTL | 6,204,000 | 0,85% |
AB SEB BANK
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE 9 MONTHS PERIOD ENDED 30 SEPTEMBER 2011
(All amounts in LTL thousands unless otherwise stated)
NOTE 8 DISPOSAL OF SUBSIDIARIES
On 3 March 2011 100% of subsidiary shares UAB SEB Enskilda were sold to the Banks parent company Skandinaviska Enskilda Banken AB (publ), for the amount of LTL 10,092 thousand.
| 31 December 2010 | |
|---|---|
| Due from banks, net | 1,898 |
| Term deposits | 7,417 |
| Property, plant and equipment | 222 |
| Other assets, net of impairment losses | 909 |
| Total assets | 10,446 |
| Accrued expenses | 21 |
| Other liabilities and provisions | 333 |
| Total liabilities | 354 |
| Fair value of net assets | 10,092 |
| Sales price | 10,092 |
| Adjustment due to acquisition cost of investment | (1,166) |
| Profit from disposal of subsidiary | (1,166) |
| Cash and cash equivalents in subsidiary being sold | 1,898 |
| Net cash flow from disposal of subsidiary | 8,194 |
NOTE 9 SIGNIFICANT EVENTS AFTER THE BALANCE SHEET DATE
After 30 of September 2011 the Bank successfully completed 3 debt securities issues with the nominal value of LTL 4,201 thousand.
After 30 of September 2011 the Bank successfully redeemed 7 debt securities issues with the nominal value of LTL 19,508 thousand.
The Bank started 4 debt securities issues after 30 of September 2011, which have not been completed yet. As of 21st of November 2011 they amounted to LTL 918 thousands and were accounted for in 'other liabilities and provisions' line in the balance sheet.
NOTE 10 MAJOR EVENTS IN THE ISSUER'S ACTIVITIES
On 12 January 2011, the Bank announced that Aušra Matusevičienė, the member of the management board of SEB Bank, to take new position in SEB Group. She will be responsible for Baltic IT and Operations, as well as for coordination and development of SEB branches in Riga and Vilnius in SEB Group Operations and IT. She will take her new position from March 15, 2011. Accordingly, A. Matusevičienė will no longer be a member of the management board of SEB Bank from the said date.
On 4 February 2011, the Bank announced that According to preliminary data, unaudited net loss suffered over the year 2010 by SEB Bank is LTL 12,1 million (EUR 3,5 million) and by SEB Bank Group - LTL 18,0 million (EUR 5,2 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 year 2009, audited net loss suffered by the Bank totaled LTL 1 546,2 million (EUR 447,8 million) and by the Group - LTL 1 427,5 million (EUR 413,43 million). The result of the year 2010 of SEB Bank includes sale profit resulting from the transfer of shares of the Bank's subsidiary companies SEB Gyvybės Draudimas and Litectus to SEB Group concluded in the first quarter of 2010. The result of the year 2010 of SEB Bank Group includes the result of Litectus in January and February; the result of SEB Gyvybės Draudimas is not included.
On 3 March 2011, the Bank announced that on 3 March 2011 SEB Bank has transferred 100% of the shares of its subsidiary company SEB Enskilda UAB to the parent company of SEB Bank Skandinaviska Enskilda Banken AB (publ). Taking in consideration that SEB Enskilda UAB has a licence for securities brokerage and according article 10 of the Law on Markets of Financial Instruments of Republic of Lithuania prior to the transfer of shares the approval of Securities Commission of Republic of Lithuania has been received. The shares of SEB Enskilda (Latvia) and SEB Enskilda (Estonia) were transferred simultaneously. The reason of the share transfer is the intention to integrate all investment banking services in the Merchant Banking division of Skandinaviska Enskilda Banken AB (publ). It is expected that integration will improve uniform handling and coordination of the activities in the international SEB group. This change will not affect the clients of SEB Enskilda UAB.
On 14 March 2011, the Bank announced that AB SEB bankas corrects the information announced on 12 January 2011 about the date when Aušra Matusevičienė, the member of the management board of AB SEB bankas, will take her new position; Aušra Matusevičienė will start working in her new position starting from 11 April 2011. Within the SEB Group's Operations and IT subdivision, Aušra Matusevičienė will be responsible for IT and operations in the Baltic banks and for coordination and development of the activities of SEB branches in Riga and Vilnius. Taking the above stated into account, Aušra Matusevičienė will hold the position of a member of the management board of AB SEB bankas until 8 April 2011 (instead of the previously announced 15 March 2011).
18
AB SEB BANK
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE 9 MONTHS PERIOD ENDED 30 SEPTEMBER 2011
(All amounts in LTL thousands unless otherwise stated)
NOTE 10 MAJOR EVENTS IN THE ISSUER'S ACTIVITIES (CONTINUED)
On 17 March 2011, the Bank announced that on the 30th of March 2011, the Annual General Meeting of Shareholders of AB SEB bankas will take place. The Annual General Meeting is initiated and convened by the Board of the Bank. 100 % of shares of the Bank is owned by Skandinaviska Enskilda Banken AB. Issues on the agenda:
- Regarding the Annual Report of the Bank;
- Regarding the Report of the Auditor of the Bank;
- Regarding the comments and proposals of the Supervisory Council of the Bank;
- Regarding approval of the Consolidated Financial Statements of the Bank for the Year 2010;
- Regarding distribution of the Year 2010 profit (loss) of the Bank.
The Board of the Bank also approved the draft decisions of the Annual General Meeting of Shareholders of the Bank.
On 25 March 2011, the Bank announced that the Supervisory Council of AB SEB bankas has resolved to appoint Jonas Irzikevičius as a new management board member of AB SEB bankas from the 11th April 2011. Jonas Irzikevičius will take his new position as member of the Management Board of AB SEB bankas not earlier than upon approval by the Bank of Lithuania.
On 31 March 2011, the Bank announced that on 30 March 2011 the Annual General Meeting of Shareholders of AB SEB bankas took place and decisions on all issues on the agenda were adopted:
- Consolidated Annual Report of AB SEB bankas has been familiarized with;
- Report of the auditor of AB SEB bankas has been familiarized with;
- Comments and Proposals of the Supervisory Council of AB SEB bankas have been familiarized with;
- Year 2010 Consolidated Financial Statements of AB SEB bankas and AB SEB bankas Group were approved;
- Distribution of the year 2010 profit (loss) of AB SEB bankas was approved;
On 3 May 2011, the Bank announced that according to preliminary data, unaudited net profit earned over the first quarter of the year 2011 by AB SEB bankas is LTL 97,6 million (EUR 28,3 million) and by AB SEB bankas Group is LTL 174,1 million (EUR 50,4 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 quarter of the year 2010, unaudited net loss suffered by AB SEB bankas totalled LTL 59,4 million (EUR 17,2 million) and by the Bank's Group - LTL 80,3 million (EUR 23,3 million). The result of the first quarter of the year 2011 of AB SEB Bankas includes sale profit resulting from transfer of shares of the Bank's subsidiary company UAB "SEB Enskilda" to SEB Group. The result of the first quarter of the year 2011 of the AB SEB bankas Group doesn't include the result of UAB "SEB Enskilda".
On 14 July 2011, the Bank announced that according to preliminary data, unaudited net profit earned over the first half-year of the year 2011 by AB SEB bankas is LTL 199,5 million (EUR 57.8 million) and by AB SEB bankas Group is LTL 356.5 million (EUR 103.2 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 the year 2010, unaudited net loss suffered by AB SEB bankas totalled LTL 77.0 million (EUR 22.3 million) and by the Bank's Group - LTL 160.9 million (EUR 46.6 million). The result of the first half-year of the year 2011 of AB SEB bankas includes sale profit resulting from transfer of shares of the Bank's subsidiary company UAB "SEB Enskilda" to SEB Group. The result of the first half-year of the year 2011 of the AB SEB bankas Group doesn't include the result of UAB "SEB Enskilda".
On 27 October 2011, the Bank announced that according to preliminary data, unaudited net profit earned over the three quarters of the year 2011 by AB SEB bankas is LTL 246,7 million (EUR 71,4 million) and by AB SEB bankas Group is LTL 431,5 million (EUR 125,0 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 three quarters of the year 2010, unaudited net loss suffered by AB SEB bankas totalled LTL 112,1 million (EUR 32,5 million) and by the Bank's Group - LTL 76,1 million (EUR 22,0 million). The result of the three quarters of the year 2011 of AB SEB bankas includes sale profit resulting from transfer of shares of the Bank's subsidiary company UAB "SEB Enskilda" to SEB Group. The result of three quarters of the year 2011 of the AB SEB bankas Group doesn't include the result of UAB "SEB Enskilda".