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SEB Interim / Quarterly Report 2014
2966_rns_2014-11-28_68be9914-8283-48f6-bfd1-abcd3af7424c.pdf
Interim / Quarterly Report
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SEB
AB SEB bankas
Gedimino ave. 12
LT-01103 Vilnius
CONFIRMATION OF RESPONSIBLE PERSONS
Abiding by Article 22 of the Law of the Republic of Lithuania on Securities as well as by the rules approved by the board of the bank 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 9 month condensed interim 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 and cash flows.
President of AB SEB bankas
Raimondas Kvedaras
Head of Business Support Division and CFO of SEB bankas
Jonas Iržikevičius
Director of Finance Department of AB SEB bankas
Saulius Salda
Vilnius,
November 2014
AB SEB bankas
Address: Gedimino ave. 12, LT-01103 Vilnius
Information by telephone: 1528, (8 5) 268 2800, fax: (8 5) 268 2333, e-mail: [email protected]
AB SEB bankas, company code: 112021230
www.seb.lt
SEB
AB SEB bankas condensed interim financial information for the 9 months period ended 30 September 2014
AB SEB bankas
GENERAL INFORMATION
- Reporting period
The report has been produced for the 9 months period ended 30 September 2014.
- The issuer's key data
| Issuer's name | AB SEB bankas |
|---|---|
| Share capital | LTL 1,034,575,341 |
| Domicile address | Gedimino ave.12, LT-01103 Vilnius |
| Telephone | (8 5) 2682 800 |
| Fax | (8 5) 2682 333 |
| [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 |
2
AB SEB bankas
CONDENSED INTERIM INCOME STATEMENT FOR THE 9 MONTHS PERIOD ENDED 30 SEPTEMBER 2014
(All amounts in LTL thousands unless otherwise stated)
| The Group | |||
|---|---|---|---|
| January 1 - September 30 2014 | The third quarter 2014 | January 1 - September 30 2015 | The third quarter 2015 |
| 349,654 | 135,708 | 355,826 | 139,626 Interest income |
| (311,391) | (34,878) | (239,621) | (40,418) Interest expenses |
| 230,263 | 80,860 | 210,205 | 79,198 Net interest income |
| (17,319) | (2,951) | (17,843) | (5,036) Impairment (losses), reversals on loans |
| 11,715 | 1,349 | (4,749) | 6,180 Impairment (losses), reversals on loans portfolio |
| (2,006) | (1,558) | 2,885 | 2,177 loans |
| 0 | - | - | (1) Other impairment (losses), reversals |
| (7,441) | (3,128) | (10,038) | 2,666 Total impairment (losses), reversals |
| 230,822 | 77,740 | 196,507 | 81,864 Net interest income after impairment losses |
| 299,636 | 70,567 | 190,206 | 67,215 Fee and commissions income |
| (50,614) | (17,425) | (50,182) | (17,753) Fee and commissions expenses |
| 190,002 | 53,082 | 148,024 | 49,482 Net fee and commissions income |
| 12,063 | 3,589 | 8,203 | 1,801 Net gain on operations with debt securities |
| (453) | (154) | (640) | (76) Net losses on investment securities |
| - | - | - | Dividend income from subsidiaries |
| 44,422 | 16,815 | 55,378 | 17,407 Net foreign exchange gain |
| 2,906 | 387 | 4,161 | 1,110 Other income, net |
| 59,838 | 28,457 | 83,102 | 20,064 Net investment activities |
| 198,227) | (12,816) | (95,396) | (32,232) Staff costs |
| (95,708) | (16,284) | (114,191) | (37,563) Other administrative expenses |
| 250,727 | 82,170 | 190,646 | 82,195 Profit before income tax |
| (31,247) | (11,238) | (30,591) | (12,252) Income tax expenses |
| 218,460 | 70,941 | 167,455 | 69,944 Net profit for the period |
| - | - | - | Attributable to: |
| 219,460 | 70,941 | 167,455 | 69,944 Interest of the bank |
| - | - | - | Non controlling interest |
| The Bank | |||
| --- | --- | --- | --- |
| January 1 - September 30 2014 | The third quarter 2014 | January 1 - September 30 2015 | The third quarter 2015 |
| 349,680 | 135,783 | 355,465 | 139,495 |
| (111,467) | (34,883) | (139,631) | (40,422) |
| 238,283 | 80,910 | 215,834 | 79,073 |
| (17,359) | (2,911) | (17,843) | (5,036) |
| 11,715 | 1,349 | (4,749) | 6,180 |
| (2,006) | (1,558) | 2,885 | 2,177 |
| 0 | - | - | (1) |
| (7,441) | (3,120) | (10,038) | 2,666 |
| 230,842 | 77,790 | 196,136 | 81,739 |
| 195,455 | 67,157 | 190,104 | 62,830 |
| (49,851) | (17,358) | (49,572) | (17,546) |
| 141,804 | 49,970 | 137,422 | 46,292 |
| 7,872 | 3,590 | 7,980 | 1,801 |
| (453) | (154) | (640) | (80) |
| 7,477 | - | 7,351 | - |
| 44,443 | 16,833 | 53,414 | 17,420 |
| 3,467 | 573 | 4,533 | 1,459 |
| 82,906 | 28,662 | 72,638 | 20,609 |
| (94,894) | (32,503) | (93,511) | (31,855) |
| (90,816) | (16,615) | (113,141) | (17,079) |
| 247,822 | 79,913 | 199,144 | 79,607 |
| (31,291) | (11,810) | (29,562) | (11,865) |
| 216,535 | 68,103 | 168,382 | 67,812 |
| 216,531 | 68,103 | 169,582 | 67,812 |
AB SEB bankas
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME FOR THE 9 MONTHS PERIOD ENDED 30 SEPTEMBER 2014
(All amounts in LTL thousands unless otherwise stated)
| The Group | The Bank | |||
|---|---|---|---|---|
| January 1 - September 30 2014 | January 1 - September 30 2013 | January 1 - September 30 2014 | January 1 - September 30 2013 | |
| 219,460 | 167,455 | Net gain (losses) for the year | ||
| Items that may subsequently be reclassified to the income statement: | 216,531 | 169,582 | ||
| 1,675 | 985 | Net gain (loss) on available for sale financial assets | ||
| Amortisation of financial assets revaluation reserve | 1,675 | 985 | ||
| 150 | 205 | of reclassified financial assets | ||
| income tax relating to the components of other | 150 | 205 | ||
| (275) | (178) | comprehensive income | ||
| Items that will not be reclassified to the income statement: | (275) | (178) | ||
| - | - | - | - | |
| 1,550 | 1,012 | Total other comprehensive income | 1,550 | 1,012 |
| 221,010 | 168,467 | Total comprehensive income | 218,081 | 170,594 |
| Attributable to: | ||||
| 221,010 | 168,467 | Owners of the Bank | 218,081 | 170,594 |
| - | - | Non controlling interest | - | - |
AB SEB bankas
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS OF 30 SEPTEMBER 2014
(All amounts in LTL thousands unless otherwise stated)
| The Group | The Bank | |||
|---|---|---|---|---|
| 30 September 2014 | 31 December 2013 | 30 September 2014 | 31 December 2013 | |
| Assets | ||||
| 364,049 | 418,136 | Cash on hand | 364,049 | 418,136 |
| 1,092,264 | 935,323 | Balances with the Central Bank | 1,092,264 | 935,323 |
| 3,876,528 | 3,691,046 | Due from banks, net | 3,876,528 | 3,691,046 |
| 60,903 | 59,895 | Government securities available for sale | 60,268 | 59,228 |
| Financial assets at fair value through profit and loss | 989,089 | 909,613 | ||
| 1,039,250 | 953,982 | Derivative financial instruments | 293,347 | 259,288 |
| 293,347 | 259,288 | Loans to credit institutions, net of impairment losses | 43,849 | 86,077 |
| 43,849 | 86,077 | Loans to customers, net of impairment losses | 14,968,969 | 15,191,785 |
| 14,938,485 | 15,164,544 | Finance lease receivable, net of impairment losses | 1,379,930 | 1,428,394 |
| 1,379,874 | 1,428,253 | Investment securities: | ||
| 188,124 | 191,126 | - loans and receivables | 188,124 | 191,126 |
| 200 | 200 | - available for sale | 200 | 200 |
| 14,420 | 13,302 | - held to maturity | 14,420 | 13,302 |
| - | - | Investments in subsidiaries | 34,900 | 34,900 |
| 40,893 | 48,239 | Intangible fixed assets | 40,893 | 48,239 |
| 24,534 | 24,643 | Property, plant and equipment | 24,335 | 24,469 |
| 2,240 | 3,924 | Non-current assets held for sale | 2,240 | 3,924 |
| 10,471 | 14,047 | Investment property | 10,471 | 14,047 |
| 146,680 | 167,633 | Deferred tax asset | 146,653 | 167,600 |
| 113,252 | 131,288 | Other assets, net of impairment losses | 112,431 | 130,295 |
| 23,629,363 | 23,590,946 | Total assets | 23,642,960 | 23,606,992 |
| Liabilities | ||||
| 54 | 33 | Amounts owed to the Central Bank | 54 | 33 |
| 6,729,745 | 7,177,824 | Amounts owed to credit institutions | 6,729,745 | 7,177,824 |
| 301,614 | 270,943 | Derivative financial instruments | 301,614 | 270,943 |
| 13,585,728 | 13,224,857 | Deposits from public | 13,604,748 | 13,245,685 |
| 50,973 | 51,822 | Accrued expenses and deferred income | 50,661 | 50,778 |
| 11,194 | 2,135 | Income tax payable | 10,619 | - |
| 74,464 | 117,556 | Debt securities in issue | 74,464 | 117,556 |
| 155,417 | 144,249 | Other liabilities and provisions | 155,161 | 143,996 |
| 20,909,189 | 20,989,419 | Total liabilities | 20,927,066 | 21,006,815 |
| 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 | 2,200 | Reserve capital | 2,200 | 2,200 |
| (1,000) | (2,550) | Financial assets revaluation reserve | (1,000) | (2,550) |
| 352,347 | 289,202 | Legal reserve | 350,472 | 287,327 |
| 16,952 | 15,731 | General and other reserves | 16,952 | 15,731 |
| 1,315,100 | 1,262,369 | Retained earnings | 1,312,695 | 1,262,894 |
| 2,720,174 | 2,601,527 | 2,715,894 | 2,600,177 | |
| - | - | Non controlling interest in equity | - | - |
| 2,720,174 | 2,601,527 | Total equity | 2,715,894 | 2,600,177 |
| 23,629,363 | 23,590,946 | Total liabilities and equity | 23,642,960 | 23,606,992 |
AB SEB bankas
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE 9 MONTHS PERIOD ENDED 30 SEPTEMBER 2014
(All amounts in LTL thousands unless otherwise stated)
| The Group | Equity attributable to equity holder of the parent | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Share capital | Reserve capital | Financial assets revaluation reserve | Legal reserve | General and other reserves | Retained earnings | Total before non controlling interest | Non controlling interest | Total | |
| 31 December 2012 | 1,034,575 | 2,200 | (4,098) | 239,612 | 14,132 | 1,137,930 | 2,424,351 | - | 2,424,351 |
| Change in fair value measurement of financial assets | - | - | - | - | - | (27,222) | (27,222) | - | (27,222) |
| Impairment of homogenous loans interest | - | - | - | - | - | (11,058) | (11,058) | - | (11,058) |
| Adjusted balance as of 31 December 2012 | 1,034,575 | 2,200 | (4,098) | 239,612 | 14,132 | 1,099,650 | 2,386,071 | - | 2,386,071 |
| Net change in available for sale investments, net of deferred taxes | - | - | 807 | - | - | - | 807 | - | 807 |
| Amortisation of financial assets revaluation reserve of reclassified financial assets | - | - | 205 | - | - | - | 205 | - | 205 |
| Net profit for the year | - | - | - | - | - | 167,455 | 167,455 | - | 167,455 |
| Total comprehensive income | - | - | 1,012 | - | - | 167,455 | 168,467 | - | 168,467 |
| Share-based compensation | - | - | - | - | 727 | - | 727 | - | 727 |
| Transfers to reserves | - | - | - | 49,590 | - | (49,590) | - | - | - |
| 30 September 2013 | 1,034,575 | 2,200 | (3,086) | 289,202 | 14,859 | 1,217,515 | 2,555,265 | - | 2,555,265 |
| 31 December 2013 | 1,034,575 | 2,200 | (2,550) | 289,202 | 15,731 | 1,262,369 | 2,601,527 | - | 2,601,527 |
| Net change in available for sale investments, net of deferred taxes | - | - | 1,400 | - | - | - | 1,400 | - | 1,400 |
| Amortisation of financial assets revaluation reserve of reclassified financial assets | - | - | 150 | - | - | - | 150 | - | 150 |
| Net profit for the year | - | - | - | - | - | 219,460 | 219,460 | - | 219,460 |
| Total comprehensive income | - | - | 1,550 | - | - | 219,460 | 221,010 | - | 221,010 |
| Share-based compensation | - | - | - | - | 1,221 | - | 1,221 | - | 1,221 |
| Transfers to reserves | - | - | - | 63,145 | - | (63,145) | - | - | - |
| Dividends | - | - | - | - | - | (103,584) | (103,584) | - | (103,584) |
| 30 September 2014 | 1,034,575 | 2,200 | (1,000) | 352,347 | 16,952 | 1,315,100 | 2,720,174 | - | 2,720,174 |
AB SEB bankas
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE 9 MONTHS PERIOD ENDED 30 SEPTEMBER 2014
(All amounts in LTL thousands unless otherwise stated)
| The Bank | Share capital | Financial assets revaluation reserve | Legal reserve | General and other reserves | Retained earnings | Total |
|---|---|---|---|---|---|---|
| 31 December 2012 | 1,034,575 | 2,200 | (4,098) | 236,737 | 14,132 | 991,793 |
| Change in fair value measurement of financial assets | - | - | - | - | (27,222) | (27,222) |
| Impairment of homogenous loans interest | - | - | - | - | (11,058) | (11,058) |
| Effect of merger with subsidiary | - | - | - | 1,000 | - | 146,660 |
| Adjusted balance as of 31 December 2012 | 1,034,575 | 2,200 | (4,098) | 237,737 | 14,132 | 1,100,173 |
| Net change in available for sale investments, net of deferred taxes | - | - | 807 | - | - | 807 |
| Amortisation of financial assets revaluation reserve of reclassified financial assets | - | - | 205 | - | - | 205 |
| Net profit for the year | - | - | - | - | 169,582 | 169,582 |
| Total comprehensive income | - | - | 1,012 | - | 169,582 | 170,594 |
| Share-based compensation | - | - | - | - | 727 | 727 |
| Transfers to reserves | - | - | - | 49,590 | - | (49,590) |
| 30 September 2013 | 1,034,575 | 2,200 | (3,086) | 287,327 | 14,859 | 1,220,165 |
| 31 December 2013 | 1,034,575 | 2,200 | (2,550) | 287,327 | 15,731 | 1,262,894 |
| Net change in available for sale investments, net of deferred taxes | - | - | 1,400 | - | - | 1,400 |
| Amortisation of financial assets revaluation reserve of reclassified financial assets | - | - | 150 | - | - | 150 |
| Net profit for the year | - | - | - | - | 216,531 | 216,531 |
| Total comprehensive income | - | - | 1,550 | - | 216,531 | 218,081 |
| Share-based compensation | - | - | - | - | 1,221 | 1,221 |
| Transfers to reserves | - | - | - | 63,145 | - | (63,145) |
| Dividends | - | - | - | - | (103,584) | (103,584) |
| 30 September 2014 | 1,034,575 | 2,200 | (1,000) | 350,472 | 16,952 | 1,312,695 |
AB SEB bankas
CONDENSED INTERIM STATEMENT OF CASH FLOWS FOR THE 9 MONTHS PERIOD ENDED 30 SEPTEMBER 2014
(All amounts in LTL thousands unless otherwise stated)
| The Group | The Bank | |||
|---|---|---|---|---|
| January 1 - September 30, 2014 | January 1 - September 30, 2013 | January 1 - September 30, 2014 | January 1 - September 30, 2013 | |
| 244,970 | 139,857 | Net cash from operating activities before change in operating assets | 239,390 | 149,128 |
| 2,724,156 | (2,479,037) | Net decrease (increase) in operating assets | 2,721,559 | (2,480,347) |
| 380,105 | (550,610) | Net (decrease) increase in operating liabilities | 379,912 | (553,357) |
| 3,349,231 | (2,889,790) | Net cash from (to) operating activities | 3,340,861 | (2,884,576) |
| - | - | Income tax paid | - | - |
| 3,349,231 | (2,889,790) | Net cash from (to) operating activities after income tax | 3,340,861 | (2,884,576) |
| (110) | 30,952 | Cash (used in) received from investing activities | 8,260 | 25,818 |
| (589,762) | 741,825 | Cash (used in) received from financing activities | (589,762) | 741,745 |
| 2,759,359 | (2,117,013) | Net increase (decrease) in cash | 2,759,359 | (2,117,013) |
| 1,454,891 | 3,118,790 | Cash at the beginning of the period | 1,454,891 | 3,118,790 |
| 4,214,250 | 1,001,777 | Cash at the end of the period | 4,214,250 | 1,001,777 |
| Specified as follows: | ||||
| (23,057) | (81,124) | Balance available for withdrawal with the Central Banks | (23,057) | (81,124) |
| 3,218,763 | 90,591 | Overnight deposits | 3,218,763 | 90,591 |
| 364,049 | 332,479 | Cash on hand | 364,049 | 332,479 |
| 654,495 | 659,831 | Current accounts with other banks | 654,495 | 659,831 |
| 4,214,250 | 1,001,777 | 4,214,250 | 1,001,777 |
AB SEB bankas
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE 9 MONTHS PERIOD ENDED 30 SEPTEMBER 2014
(All amounts in LTL thousands unless otherwise stated)
NOTE 1 GENERAL INFORMATION
AB SEB bankas (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.
The Head Office of the Bank is located at Gedimino ave. 12, Vilnius. At the end of the reporting period the Bank had 46 customer service units.
At the end of the reporting period AB SEB bankas had 2 subsidiaries (the Bank and its subsidiaries thereafter are referred to as the Group). The subsidiaries are as follows: 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.
On November 23rd Bank's subsidiary AB "SEB lizingas" has been merged to AB SEB bankas. After the merge all comparative figures of AB SEB bankas are presented including the result of AB "SEB lizingas".
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 finance leasing, 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 shareholder of the Bank is Skandinaviska Enskilda Banken AB (publ), 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 2013, as described in the annual financial statements for the year ended 31 December 2013.
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.
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.
All depreciation and amortization expenses (except for Asset Management) are attributed to this segment.
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.
AB SEB bankas
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE 9 MONTHS PERIOD ENDED 30 SEPTEMBER 2014
(All amounts in LTL thousands unless otherwise stated)
NOTE 3 SEGMENT REPORTING (CONTINUED)
The Treasury division has overall responsible 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.
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.
10
AB SEB bankas
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE 9 MONTHS PERIOD ENDED 30 SEPTEMBER 2014
(All amounts in LTL thousands unless otherwise stated)
NOTE 3 SEGMENT REPORTING (CONTINUED)
Business segments of the Group for the period ended 30 September 2014 were as follows:
| Baltic Division | Merchant Banking | Asset Management | Treasury | Operations | Staff Functions | Information Technologies | Eliminations | Total Group | |
|---|---|---|---|---|---|---|---|---|---|
| Interest income | 331,655 | 363 | 34 | 160,111 | - | - | - | (138,427) | 353,736 |
| - Internal | 10,017 | - | 15 | 128,395 | - | - | - | (138,427) | - |
| - External | 321,638 | 363 | 19 | 31,716 | - | - | - | - | 353,736 |
| Interest expense | (135,614) | (418) | - | (119,675) | - | - | - | 138,427 | (117,280) |
| - Internal | (127,979) | (418) | - | (10,030) | - | - | - | 138,427 | - |
| - External | (7,635) | - | - | (109,645) | - | - | - | - | (117,280) |
| Net commission income | 136,488 | 180 | 4,551 | 1,151 | - | - | - | - | 142,370 |
| - Internal | 4,811 | - | (9,679) | 1,347 | - | - | - | - | (3,521) |
| - External | 131,677 | 180 | 14,230 | (196) | - | - | - | - | 145,891 |
| Net financial income | 52,816 | 4,991 | (6) | 4,822 | - | - | - | - | 62,623 |
| Net other income | (1,287) | - | 3,521 | 292 | - | (5) | - | - | 2,521 |
| Net operating income | 384,058 | 5,116 | 8,100 | 46,701 | - | (5) | - | - | 443,970 |
| Total staff costs and other administrative expenses | (174,256) | (490) | (2,324) | (620) | 213 | 2,980 | 2,415 | - | (172,082) |
| Depreciation and amortisation | (12,716) | (20) | (13) | (2) | (139) | (830) | (1,406) | - | (15,126) |
| Capital losses | (9) | - | - | - | - | (9) | - | - | (18) |
| Total impairment losses | (6,017) | - | - | - | - | - | - | - | (6,017) |
| Loss before income tax | 191,060 | 4,606 | 5,763 | 46,079 | 74 | 2,136 | 1,009 | - | 250,727 |
| Income tax benefit | (31,291) | - | 24 | - | - | - | - | - | (31,267) |
| Net (loss) for the year | 159,769 | 4,606 | 5,787 | 46,079 | 74 | 2,136 | 1,009 | - | 219,460 |
| Total assets | 17,528,268 | 57,368 | 22,254 | 7,372,325 | 74 | 2,136 | 1,618 | (1,354,680) | 23,629,363 |
| Total liabilities | 14,867,775 | 52,762 | 15,477 | 7,327,246 | - | - | 609 | (1,354,680) | 20,909,189 |
| Acquisition of intangible assets and property, plant and equipment | 7,861 | - | 5 | - | - | - | - | - | 7,866 |
AB SEB bankas
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE 9 MONTHS PERIOD ENDED 30 SEPTEMBER 2014
(All amounts in LTL thousands unless otherwise stated)
NOTE 3 SEGMENT REPORTING (CONTINUED)
For the period ended 30 September 2014 reconciliation between Group's Segment reporting and financial statements is presented below:
| Eliminations | ||||
|---|---|---|---|---|
| Segment Reporting | Interest income from Hedged L&R | Other reconciling entries | Financial Statements | |
| Interest income | 353,736 | - | (4,082) | 349,654 |
| Interest expence | (117,280) | 6,082 | (193) | (111,391) |
| Net commission income | 142,370 | - | 7,632 | 150,002 |
| Net financial income | 62,623 | (6,082) | 776 | 57,317 |
| Net other income | 2,521 | - | - | 2,521 |
| Net operating income | 443,970 | - | 4,133 | 448,103 |
| Total staff costs, other administrative expenses | (172,082) | - | (4,133) | (176,215) |
| Depreciation and amortisation | (15,126) | - | - | (15,126) |
| Capital losses | (18) | - | 1,424 | 1,406 |
| Total impairment losses | (6,017) | - | (1,424) | (7,441) |
| (Losses) profit before income tax | 250,727 | - | - | 250,727 |
| Income tax benefit | (31,267) | - | - | (31,267) |
| Net (losses) for the period | 219,460 | - | - | 219,460 |
AB SEB bankas
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE 9 MONTHS PERIOD ENDED 30 SEPTEMBER 2014
(All amounts in LTL thousands unless otherwise stated)
NOTE 3 SEGMENT REPORTING (CONTINUED)
Business segments of the Group for the period ended 30 September 2013 were as follows:
| Baltic Division | Merchant Banking | Asset Management | Treasury | Operations | Staff Functions | Information Technologies | Eliminations | Total Group | |
|---|---|---|---|---|---|---|---|---|---|
| Interest income | 347,273 | 763 | 31 | 151,205 | - | - | - | (142,397) | 356,875 |
| - Internal | 11,009 | - | 8 | 131,380 | - | - | - | (142,397) | - |
| - External | 336,264 | 763 | 23 | 19,825 | - | - | - | - | 356,875 |
| Interest expense | (148,164) | (422) | (3) | (140,594) | - | - | - | 142,397 | (146,786) |
| - Internal | (130,960) | (422) | (3) | (11,012) | - | - | - | 142,397 | - |
| - External | (17,204) | - | - | (129,582) | - | - | - | - | (146,786) |
| Commission income | 136,587 | 180 | 8,823 | (469) | - | - | - | - | 145,121 |
| - Internal | 6,870 | - | (6,401) | (469) | - | - | - | - | - |
| - External | 129,717 | 180 | 15,224 | - | - | - | - | - | 145,121 |
| Net financial income | 68,183 | 218 | (33) | (335) | - | - | - | - | 68,033 |
| Net other income | (1,916) | - | - | 262 | (6) | (8) | - | - | (1,668) |
| Net operating income (losses) | 401,963 | 739 | 8,818 | 10,069 | (6) | (8) | - | - | 421,575 |
| Total staff costs, other administrative expenses | |||||||||
| (191,528) | (962) | (2,311) | (416) | 1,327 | 3,306 | 2,033 | - | (188,551) | |
| Depreciation and amortisation | (12,596) | (34) | (27) | (1) | (193) | (702) | (1,758) | - | (15,311) |
| Capital (losses) | 24 | - | - | - | - | 7 | - | - | 31 |
| Total impairment losses | (19,698) | - | - | - | - | - | - | - | (19,698) |
| (Losses) profit before income tax | 178,165 | (257) | 6,480 | 9,652 | 1,128 | 2,603 | 275 | - | 198,046 |
| Income tax expense | (29,562) | (8) | (1,021) | - | - | - | - | - | (30,591) |
| Net (losses) profit for the period | 148,603 | (265) | 5,459 | 9,652 | 1,128 | 2,603 | 275 | - | 167,455 |
| Total assets | 18,197,837 | 56,717 | 21,968 | 8,434,950 | 1,128 | 2,603 | 1,091 | (3,386,834) | 23,329,460 |
| Total liabilities | 15,647,785 | 56,982 | 15,519 | 8,428,384 | - | - | 816 | (3,386,834) | 20,762,652 |
| Acquisition of intangible assets and property, plant and equipment | 3,204 | - | 92 | - | - | - | - | - | 3,296 |
AB SEB bankas
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE 9 MONTHS PERIOD ENDED 30 SEPTEMBER 2014
(All amounts in LTL thousands unless otherwise stated)
NOTE 3 SEGMENT REPORTING (CONTINUED)
For the period ended, 30 September 2013 reconciliation between Group's Segment reporting and financial statements is presented below:
| Segment Reporting | Eliminations | |||
|---|---|---|---|---|
| Interest income from Hedged L&R | Other reconciling entries | Financial Statements | ||
| Interest income | 356,875 | - | (1,049) | 355,826 |
| Interest expence | (146,786) | 7,140 | 25 | (139,621) |
| Net commission income | 145,121 | - | 903 | 146,024 |
| Net financial income | 68,033 | (7,140) | (347) | 60,546 |
| Net other income | (1,668) | - | 6,224 | 4,556 |
| Net operating income | 421,575 | - | 5,756 | 427,331 |
| Total staff costs and other administrative expenses | (188,551) | - | (5,731) | (194,282) |
| Depreciation and amortisation | (15,311) | - | (25) | (15,336) |
| Capital losses | 31 | - | - | 31 |
| Total impairment losses | (19,698) | - | - | (19,698) |
| Profit before income tax | 198,046 | - | - | 198,046 |
| Income tax | (30,591) | - | - | (30,591) |
| Net profit for the period | 167,455 | - | - | 167,455 |
AB SEB BANKAS
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE 9 MONTHS PERIOD ENDED 30 SEPTEMBER 2014
(All amounts in LTL thousands unless otherwise stated)
NOTE 4 FINANCIAL ASSETS AND LIABILITIES
The table below presents the carrying amounts and fair values of those financial assets and liabilities presented in the Group's statement of financial position at amortized cost:
| 30 September 2014 | 31 December 2013 | |||
|---|---|---|---|---|
| Book value | Fair value | Book value | Fair value | |
| Balances with the Central Bank | 1,092,264 | 1,092,090 | 935,323 | 935,319 |
| Loans to credit institutions | 3,920,377 | 3,923,987 | 3,777,123 | 3,774,546 |
| Loans to customers | 14,938,485 | 14,593,934 | 15,164,544 | 14,630,340 |
| Investment securities - loans and receivables | 188,124 | 192,225 | 191,126 | 194,854 |
| Finance lease receivable | 1,379,874 | 1,383,106 | 1,428,253 | 1,423,330 |
| Investment securities – held to maturity | 14,420 | 14,437 | 13,302 | 13,240 |
| Total financial assets valued at amortised cost | 21,533,544 | 21,199,778 | 21,509,671 | 20,971,629 |
| Due to the Central Bank | 54 | 53 | 33 | 33 |
| Due to credit institutions | 6,729,745 | 6,741,511 | 7,177,824 | 7,285,084 |
| Deposits from the public | 13,585,728 | 13,673,941 | 13,224,857 | 13,217,123 |
| Debt securities in issue | 67,161 | 68,769 | 110,247 | 111,426 |
| Total financial liabilities valued at amortised cost | 20,382,688 | 20,484,273 | 20,512,961 | 20,613,666 |
The table below presents the carrying amounts and fair values of those financial assets and liabilities presented in the Bank's statement of financial position at amortized cost:
| 30 September 2014 | 31 December 2013 | |||
|---|---|---|---|---|
| Book value | Fair value | Book value | Fair value | |
| Balances with the Central Bank | 1,092,264 | 1,092,090 | 935,323 | 935,319 |
| Loans to credit institutions | 3,920,377 | 3,923,987 | 3,777,123 | 3,774,545 |
| Loans to customers | 14,968,969 | 14,624,410 | 15,191,785 | 14,657,553 |
| Investment securities - loans and receivables | 188,124 | 192,225 | 191,126 | 194,854 |
| Finance lease receivable | 1,379,930 | 1,383,162 | 1,428,394 | 1,423,474 |
| Investment securities – held to maturity | 14,420 | 14,437 | 13,302 | 13,240 |
| Total financial assets valued at amortised cost | 21,564,084 | 21,230,311 | 21,537,053 | 20,998,985 |
| Due to the Central Bank | 54 | 53 | 33 | 33 |
| Due to credit institutions | 6,729,745 | 6,741,511 | 7,177,824 | 7,285,084 |
| Deposits from the public | 13,604,748 | 13,692,959 | 13,245,685 | 13,237,952 |
| Debt securities in issue | 67,161 | 68,769 | 110,247 | 111,426 |
| Total financial liabilities valued at amortised cost | 20,401,708 | 20,503,292 | 20,533,789 | 20,634,495 |
The table below summarizes the hierarchy of fair value measurement of asset and liabilities presented on the Group's statement of financial position at fair value:
| 30 September 2014 | Fair value measurement at the end of reporting period based on: | ||
|---|---|---|---|
| Quoted price in active markets for the same instrument | Valuation techniques for which all significant inputs are based on observable market data | Valuation techniques for which any significant input is not based on observable market data | |
| Government securities available for sale | 60,903 | - | - |
| Financial assets at fair value through profit and loss | 989,089 | - | 50,161 |
| Derivative financial instruments (assets) | 167 | 293,180 | - |
| Investment securities – available for sale | - | - | 200 |
| Derivative financial instruments (liabilities) | (58) | (301,556) | - |
| Debt securities in issue | - | (7,303) | - |
| Total | 1,050,101 | (15,679) | 50,361 |
AB SEB bankas
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE 9 MONTHS PERIOD ENDED 30 SEPTEMBER 2014
(All amounts in LTL thousands unless otherwise stated)
NOTE 4 FINANCIAL ASSETS AND LIABILITIES (CONTINUED)
| 31 December 2013 | Fair value measurement at the end of reporting period based on: | ||
|---|---|---|---|
| Quoted price in active markets for the same instrument | Valuation techniques for which all significant inputs are based on observable market data | Valuation techniques for which any significant input is not based on observable market data | |
| Government securities available for sale | 59,895 | - | - |
| Financial assets at fair value through profit and loss | 910,923 | - | 43,059 |
| Derivative financial instruments (assets) | 132 | 259,141 | 15 |
| Investment securities – available for sale | - | - | 200 |
| Derivative financial instruments (liabilities) | (33) | (270,895) | (15) |
| Debt securities in issue | - | (7,309) | - |
| Total | 970,917 | (19,063) | 43,259 |
The table below summarizes the hierarchy of fair value measurement of asset and liabilities presented on the Bank's statement of financial position at fair value:
| 30 September 2014 | Fair value measurement at the end of reporting period based on: | ||
|---|---|---|---|
| Quoted price in active markets for the same instrument | Valuation techniques for which all significant inputs are based on observable market data | Valuation techniques for which any significant input is not based on observable market data | |
| Government securities available for sale | 60,268 | - | - |
| Financial assets at fair value through profit and loss | 989,089 | - | - |
| Derivative financial instruments (assets) | 167 | 293,180 | |
| Investment securities – available for sale | - | - | 200 |
| Derivative financial instruments (liabilities) | (58) | (301,556) | - |
| Debt securities in issue | - | (7,303) | - |
| Total | 1,049,466 | (15,679) | 200 |
| 31 December 2013 | Fair value measurement at the end of reporting period based on: | ||
| --- | --- | --- | --- |
| Quoted price in active markets for the same instrument | Valuation techniques for which all significant inputs are based on observable market data | Valuation techniques for which any significant input is not based on observable market data | |
| Government securities available for sale | 59,228 | - | - |
| Financial assets at fair value through profit and loss | 909,613 | - | - |
| Derivative financial instruments (assets) | 132 | 259,141 | 15 |
| Investment securities – available for sale | - | - | 200 |
| Derivative financial instruments (liabilities) | (33) | (270,895) | (15) |
| Debt securities in issue | - | (7,309) | - |
| Total | 968,940 | (19,063) | 200 |
AB SEB bankas
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE 9 MONTHS PERIOD ENDED 30 SEPTEMBER 2014
(All amounts in LTL thousands unless otherwise stated)
NOTE 5 ASSETS UNDER MANAGEMENT
| The Group | The Bank | |||
|---|---|---|---|---|
| 30 September 2014 | 31 December 2013 | 30 September 2014 | 31 December 2013 | |
| 27,393 | 86,181 | Customers funds | - | - |
| 857,564 | 757,743 | Financial instruments acquired at customer account | - | - |
| 2,035,229 | 1,842,752 | Accounts receivable from customer assets managed on trust basis | - | - |
| 2,920,186 | 2,686,676 | Total assets under management | - | - |
NOTE 6 OFF BALANCE SHEET ITEMS
| The Group | The Bank | |||
|---|---|---|---|---|
| 30 September 2014 | 31 December 2013 | 30 September 2014 | 31 December 2013 | |
| 2,957,012 | 2,915,536 | Agreements to grant loans | 2,964,619 | 2,920,735 |
| 429,349 | 610,245 | Guarantees issued | 429,349 | 610,245 |
| 183,048 | 132,090 | Letters of credit issued | 183,048 | 132,090 |
| Commitments to purchase assets and other commitments | ||||
| 59,852 | 39,798 | 59,852 | 39,798 | |
| 38 | 38 | Customs guarantees collateralised by deposits | 38 | 38 |
NOTE 7 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 AB SEB bankas group (including parent bank) can be specified as follows:
| The Group | Interest rate % | The Bank | |||
|---|---|---|---|---|---|
| 30 September 2014 | 31 December 2013 | 30 September 2014 | 31 December 2013 | ||
| 3,815,128 | 3,644,324 | Outstanding loan amount | 0.01-3.50 | 3,815,128 | 3,644,324 |
| 185,359 | 72,919 | Positive replacement values (HFT) | - | 185,359 | 72,919 |
| 2,226 | 3,269 | Other assets | - | 2,046 | 2,729 |
| 6,268,599 | 6,756,676 | Outstanding deposit amount | 0.05-5.49 | 6,268,599 | 6,756,676 |
| 149,115 | 216,974 | Other liabilities | - | 149,105 | 216,616 |
| 100,556 | 59,369 | Unused granted overdraft facilities | 0.1 | 100,556 | 59,369 |
| 431,722 | 396,172 | Guarantees received | - | 431,722 | 396,172 |
| For 9 months period ended | |||||
| 30 September 2014 and 2013 | |||||
| 15,315 | 6,479 | Interest income | - | 15,315 | 6,479 |
| (65,313) | (90,645) | Interest expense | - | (65,313) | (90,645) |
| Other services received and cost | |||||
| (3,769) | (4,647) | incurred from SEB group, net | - | (3,825) | (9,846) |
AB SEB bankas
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE 9 MONTHS PERIOD ENDED 30 SEPTEMBER 2014
(All amounts in LTL thousands unless otherwise stated)
NOTE 7 RELATED PARTIES (CONTINUED)
Transactions with parent bank can be specified as follows:
| The Group | Interest rate % | The Bank | |||
|---|---|---|---|---|---|
| 30 September 2014 | 31 December 2013 | 30 September 2014 | 31 December 2013 | ||
| 3,754,177 | 3,521,798 | Outstanding loan amount | 0.01-3.50 | 3,754,177 | 3,521,798 |
| 185,359 | 72,919 | Positive replacement values (HFT) | - | 185,359 | 72,919 |
| - | 62 | Other assets | - | - | 62 |
| 6,194,366 | 6,679,239 | Outstanding deposit amount | 0.05-5.49 | 6,194,366 | 6,679,239 |
| 148,895 | 204,251 | Other liabilities | - | 148,895 | 204,251 |
| 100,239 | 59,352 | Unused granted overdraft facilities | - | 100,239 | 59,352 |
| 427,167 | 390,446 | Guarantees received | - | 427,167 | 390,446 |
| For 9 months period ended | |||||
| 30 September 2014 and 2013 | |||||
| 15,095 | 6,075 | Interest income | - | 15,095 | 6,075 |
| (65,263) | (90,606) | Interest expense | - | (65,263) | (90,606) |
| Other services received and cost | |||||
| (494) | (182) | incurred from SEB group, net | - | (674) | (4,756) |
Transactions between the Bank and its subsidiaries can be specified as follows:
| Interest rate % | The Bank | ||
|---|---|---|---|
| 30 September 2014 | 31 December 2013 | ||
| Off-balance sheet commitments: | |||
| Agreements to grant loans | 1.25 | 7,479 | 5,199 |
| Outstanding loan amounts: | |||
| UAB „SEB Venture Capital“ | 1.25-3.50 | 37,566 | 39,970 |
| UAB „SEB investiciju valdymas“ | - | - | 74 |
| Outstanding deposit amounts: | |||
| UAB „SEB Venture Capital“ | - | 2,110 | 271 |
| UAB „SEB investiciju valdymas“ | 0.14 | 16,910 | 20,557 |
| Other assets | - | 2,089 | 2,241 |
| For 9 months period ended 30 September 2014 and 2013 | |||
| Interest income | - | 418 | 420 |
| Interest expense | - | (15) | (8) |
| Dividend income | - | 7,477 | 7,351 |
| Other services received and cost incurred from subsidiaries, net | - | 6,741 | 6,784 |
AB SEB bankas
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE 9 MONTHS PERIOD ENDED 30 SEPTEMBER 2014
(All amounts in LTL thousands unless otherwise stated)
NOTE 8 DEBT SECURITIES ISSUANCE AND REDEMPTION
During the nine months of 2014 the Bank successfully placed 20 issues of the non-equity securities, as presented in the table below:
| Issue date | Redemption date | Duration | Currency | Amount in issue (in LTL) | Reference item | |
|---|---|---|---|---|---|---|
| LTL) | ||||||
| 2014.02.04 | 2018.02.09 | 1 466 days | LTL | 228,800 | CECE Composite Index in EUR | |
| 2014.02.04 | 2018.02.09 | 1 466 days | LTL | 235,400 | CECE Composite Index in EUR | |
| 2014.02.04 | 2018.02.09 | 1 466 days | EUR | 181,617 | CECE Composite Index in EUR | |
| 2014.02.04 | 2017.02.10 | 1 102 days | EUR | 877,011 | Basket of European companies' shares - Vinci SA, Bayerische Motoren Werke (BMW) AG, Deutsche Telekom AG, Muenchener Rueckversicherungs-Gesellschaft AG (MunichRc), Siemens AG, TeliaSonera AB, Air Liquide SA, GDF Suez, Eni S.p.A. and Unilever NV | |
| 2014.03.18 | 2017.04.04 | 1 113 days | LTL | 589,000 | Basket of global companies' shares - CLP Holdings Ltd, HSBC Holdings PLC, E.ON SE, Johnson & Johnson, Procter & Gamble Co, Royal Dutch Shell PLC, ConocoPhillips, Siemens AG, AT&T Inc and Vodafone Group PLC | |
| 2014.03.18 | 2017.04.04 | 1 113 days | LTL | 417,100 | Basket of global companies' shares - CLP Holdings Ltd, HSBC Holdings PLC, E.ON SE, Johnson & Johnson, Procter & Gamble Co, Royal Dutch Shell PLC, ConocoPhillips, Siemens AG, AT&T Inc and Vodafone Group PLC | |
| 2014.03.18 | 2017.04.04 | 1 113 days | EUR | 621,159 | Basket of global companies' shares - CLP Holdings Ltd, HSBC Holdings PLC, E.ON SE, Johnson & Johnson, Procter & Gamble Co, Royal Dutch Shell PLC, ConocoPhillips, Siemens AG, AT&T Inc and Vodafone Group PLC | |
| 2014.05.06 | 2017.05.08 | 1 098 days | LTL | 606,000 | Basket of Swedish companies' shares - ABB Ltd, Autoliv Inc., Telefonaktiebolaget LM Ericsson, Hennes & Mauritz AB, Investor AB, Nordea Bank AB, Sandvik AB, Swedbank AB, TeliaSonera AB and Volvo AB | |
| 2014.05.06 | 2017.05.08 | 1 098 days | EUR | 422,277 | Basket of Swedish companies' shares - ABB Ltd, Autoliv Inc., Telefonaktiebolaget LM Ericsson, Hennes & Mauritz AB, Investor AB, Nordea Bank AB, Sandvik AB, Swedbank AB, TeliaSonera AB and Volvo AB | |
| 2014.05.06 | 2017.05.08 | 1 098 days | EUR | 935,364 | Basket of Swedish companies' shares - ABB Ltd, Autoliv Inc., Telefonaktiebolaget LM Ericsson, Hennes & Mauritz AB, Investor AB, Nordea Bank AB, Sandvik AB, Swedbank AB, TeliaSonera AB and Volvo AB | |
| 2014.05.12 | 2017.05.30 | 1 114 days | EUR | 3,069,884 | The basket of Singapore and Taiwan indices - MSCI Singapore Free Index and MSCI Taiwan Index . | |
| 2014.06.26 | 2018.07.13 | 1 478 days | LTL | 902,200 | S&P Southern Europe Low Volatility Index | |
| 2014.06.26 | 2018.07.13 | 1 478 days | LTL | 122,500 | S&P Southern Europe Low Volatility Index | |
| 2014.06.26 | 2018.07.13 | 1 478 days | EUR | 187,832 | S&P Southern Europe Low Volatility Index | |
| 2014.08.26 | 2017.09.01 | 1 102 days | LTL | 962,200 | Basket of global companies' shares - CLP Holdings Ltd, HSBC Holdings PLC, ConocoPhillips, GaseSinthKline PLC, | |
| 2014.08.26 | 2017.09.01 | 1 102 days | LTL | 623,700 | Basket of global companies' shares - CLP Holdings Ltd, HSBC Holdings PLC, ConocoPhillips, GaseSinthKline PLC, | |
| 2014.08.26 | 2017.09.01 | 1 102 days | EUR | 1,125,613 | Basket of global companies' shares - CLP Holdings Ltd, HSBC Holdings PLC, ConocoPhillips, GaseSinthKline PLC, | |
| 2014.09.30 | 2017.10.05 | 1 101 days | LTL | 828,300 | S&P Europe 350 Low Volatility Index | |
| 2014.09.30 | 2017.10.05 | 1 101 days | LTL | 538,300 | S&P Europe 350 Low Volatility Index | |
| 2014.09.30 | 2017.10.05 | 1 101 days | EUR | 257,234 | S&P Europe 350 Low Volatility Index |
AB SEB bankas
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE 9 MONTHS PERIOD ENDED 30 SEPTEMBER 2014
(All amounts in LTL thousands unless otherwise stated)
NOTE 8 DEBT SECURITIES ISSUANCE AND REDEMPTION (CONTINUED)
During the nine months of 2014 the Bank successfully redeemed 34 issues of the non-equity securities, as presented in the table below:
| Issue date | Redemption date | Duration | Currency | Amount in issue (in LTL) | Reference item |
|---|---|---|---|---|---|
| 2010.12.21 | 2014.01.23 | 1 129 days | LTL | 3,185,000 | Silver, aluminium, copper, palladium, nickel, zinc |
| 2010.12.21 | 2014.01.23 | 1 129 days | LTL | 1,491,000 | Silver, aluminium, copper, palladium, nickel, zinc |
| 2010.12.21 | 2014.01.23 | 1 129 days | EUR | 1,498,860 | Silver, aluminium, copper, palladium, nickel, zinc |
| 2010.12.21 | 2014.01.23 | 1 129 days | LTL | 3,725,700 | Basket of Scandinavian companies' shares - Volvo AB, ABB Ltd, Atlas Copco AB, Boliden AB, Autoliv Inc, Sandvik AB, Outokompu OY, Outotec OYJ, Metso OYJ and AP Meller - Maersk A/S |
| 2010.12.21 | 2014.01.23 | 1 129 days | LTL | 1,221,100 | Basket of Scandinavian companies' shares - Volvo AB, ABB Ltd, Atlas Copco AB, Boliden AB, Autoliv Inc, Sandvik AB, Outokompu OY, Outotec OYJ, Metso OYJ and AP Meller - Maersk A/S |
| 2010.12.21 | 2014.01.23 | 1 129 days | EUR | 741,661 | Basket of Scandinavian companies' shares - Volvo AB, ABB Ltd, Atlas Copco AB, Boliden AB, Autoliv Inc, Sandvik AB, Outokompu OY, Outotec OYJ, Metso OYJ and AP Meller - Maersk A/S |
| 2012.01.30 | 2014.02.03 | 735 days | LTL | 1,001,800 | USD/CNY FX rate |
| 2012.01.30 | 2014.02.03 | 735 days | LTL | 524,300 | USD/CNY FX rate |
| 2011.01.26 | 2014.02.12 | 1 113 days | LTL | 2,340,500 | Commerzbank East Asia Index |
| 2011.01.26 | 2014.02.12 | 1 113 days | LTL | 1,999,700 | Commerzbank East Asia Index |
| 2011.01.26 | 2014.02.12 | 1 113 days | EUR | 1,086,596 | Commerzbank East Asia Index |
| 2013.02.05 | 2014.02.20 | 380 days | EUR | 2,172,847 | "Brent" oil |
| 2011.03.01 | 2014.03.19 | 1 114 days | LTL | 3,095,300 | Basket of Russian companies' shares - Gazprom OAO, Ronneff Oil Co, Lukoil OAO, NovaTek OAO, MMC Norilsk Nickel OJSC, Severstal OAO, Esraz Group SA, Mechel, XS Retail Group NV and Magnit OJSC |
| 2011.03.01 | 2014.03.19 | 1 114 days | LTL | 848,500 | Basket of Russian companies' shares - Gazprom OAO, Ronneff Oil Co, Lukoil OAO, NovaTek OAO, MMC Norilsk Nickel OJSC, Severstal OAO, Esraz Group SA, Mechel, XS Retail Group NV and Magnit OJSC |
| 2011.03.01 | 2014.03.19 | 1 114 days | EUR | 646,019 | Basket of Russian companies' shares - Gazprom OAO, Ronneff Oil Co, Lukoil OAO, NovaTek OAO, MMC Norilsk Nickel OJSC, Severstal OAO, Esraz Group SA, Mechel, XS Retail Group NV and Magnit OJSC |
| 2011.04.20 | 2014.05.12 | 1 118 days | LTL | 4,475,400 | Basket of Germany companies' shares - Bayer AG, Daimler AG, Fresenius Medical Care AG & Co KGaA, Infineon Technologies AG, MAN SE, SAP AG, K+S AG and Siemens AG |
| 2011.04.20 | 2014.05.12 | 1 118 days | LTL | 1,732,900 | Basket of Germany companies' shares - Bayer AG, Daimler AG, Fresenius Medical Care AG & Co KGaA, Infineon Technologies AG, MAN SE, SAP AG, K+S AG and Siemens AG |
| 2011.04.20 | 2014.05.12 | 1 118 days | EUR | 1,338,305 | Basket of Germany companies' shares - Bayer AG, Daimler AG, Fresenius Medical Care AG & Co KGaA, Infineon Technologies AG, MAN SE, SAP AG, K+S AG and Siemens AG |
| 2010.10.26 | 2014.05.15 | 1 297 days | LTL | 2,849,200 | BNP Paribas Next 11 Core 8 Excess Return Index |
| 2010.10.26 | 2014.05.15 | 1 297 days | LTL | 1,347,300 | BNP Paribas Next 11 Core 8 Excess Return Index |
| 2010.10.26 | 2014.05.15 | 1 297 days | EUR | 2,948,691 | BNP Paribas Next 11 Core 8 Excess Return Index |
| 2012.05.03 | 2014.05.23 | 750 days | LTL | 238,900 | Basket of exchange rates - EUR/TRY, EUR/BRL and EUR/KRW |
| 2012.05.03 | 2014.05.23 | 750 days | LTL | 145,200 | Basket of exchange rates - EUR/TRY, EUR/BRL and EUR/KRW |
| 2011.05.31 | 2014.06.05 | 1 101 days | LTL | 1,108,400 | Basket of Russian and Central and Eastern Europe companies' shares - Mobile Teleosetens OJSC, Mechel, Sherbank of Russia, Federal Hydrogenerating Co JSC, Lukoil OAO, Surgutneftegas OJSC, Severstal OAO, KGHM Polska Miedz SA, Telekomunikacja Polska SA and Komercni Banka AS |
| 2011.05.31 | 2014.06.05 | 1 101 days | LTL | 637,400 | Basket of Russian and Central and Eastern Europe companies' shares - Mobile Teleosetens OJSC, Mechel, Sherbank of Russia, Federal Hydrogenerating Co JSC, Lukoil OAO, Surgutneftegas OJSC, Severstal OAO, KGHM Polska Miedz SA, Telekomunikacja Polska SA and Komercni Banka AS |
| 2011.05.31 | 2014.06.05 | 1 101 days | EUR | 482,011 | Basket of Russian and Central and Eastern Europe companies' shares - Mobile Teleosetens OJSC, Mechel, Sherbank of Russia, Federal Hydrogenerating Co JSC, Lukoil OAO, Surgutneftegas OJSC, Severstal OAO, KGHM Polska Miedz SA, Telekomunikacja Polska SA and Komercni Banka AS |
| 2011.07.05 | 2014.07.23 | 1 114 days | LTL | 1,747,700 | Basket of rare metals mining and processing companies' shares - Molysorp 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 and Thompson Creek Metals Co Inc. |
| 2011.07.05 | 2014.07.23 | 1 114 days | LTL | 625,900 | Basket of rare metals mining and processing companies' shares - Molysorp 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 and Thompson Creek Metals Co Inc. |
| 2011.07.05 | 2014.07.23 | 1 114 days | EUR | 801,740 | Basket of rare metals mining and processing companies' shares - Molysorp 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 and Thompson Creek Metals Co Inc. |
| 2013.07.15 | 2014.07.31 | 381 days | EUR | 1,829,639 | Shire PLC shares |
| 2013.07.15 | 2014.07.31 | 381 days | EUR | 3,762,861 | Nokia OYJ shares |
| 2011.08.30 | 2014.09.17 | 1 114 days | LTL | 2,314,200 | Consumer Staples Select Sector SPDR ETF |
| 2011.08.30 | 2014.09.17 | 1 114 days | LTL | 387,100 | Consumer Staples Select Sector SPDR ETF |
| 2011.08.30 | 2014.09.17 | 1 114 days | EUR | 1,007,527 | Consumer Staples Select Sector SPDR ETF |
AB SEB bankas
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE 9 MONTHS PERIOD ENDED 30 SEPTEMBER 2014
(All amounts in LTL thousands unless otherwise stated)
NOTE 9 SIGNIFICANT EVENTS AFTER THE BALANCE SHEET DATE
After 30 September 2014 the Bank successfully completed 1 issue of non-equity securities with the nominal value of LTL 2,207 thousand.
After 30 September 2014 the Bank redeemed 4 issues of non-equity securities with the nominal value of LTL 6,376.
NOTE 10 MAJOR EVENTS IN THE ISSUER'S ACTIVITIES
On 5 February 2014, the Bank announced that according to preliminary data, unaudited net profit earned over the year 2013 by AB SEB bankas is LTL 212,3 million (EUR 61,5 million) and by AB SEB bankas Group – LTL 212,3 million (EUR 61,5 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 2012, audited net profit earned by AB SEB bankas totaled LTL 87,6 million (EUR 25,4 million) and by AB SEB bankas Group – LTL 84,9 million (EUR 24,6 million). In November 2013 AB "SEB lizingas" was merged with AB SEB bankas therefore AB SEB bankas results of the year 2012 are presented including the result of AB "SEB lizingas".
On 21 March 2014, the Bank announced that on the 31st of March 2014, the Annual General Meeting of Shareholders of AB SEB bankas (hereinafter – the Bank) will take place. The Annual General Meeting is initiated and convened by the Management Board of the Bank. 100% of shares of the Bank is owned by the bank 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 2013;
- Regarding appropriation of the year 2013 profit (loss) of the Bank.
The Management Board of the Bank endorsed the draft resolutions of the Annual General Meeting of Shareholders of the Bank
On 31 March 2014, the Bank announced that on the 31st March 2014, the Annual General Meeting of Shareholders of AB SEB bankas (hereinafter – the SEB Bank) took place and decisions on all issues on the agenda were adopted:
- Bank Group's year 2013 Consolidated Annual Report and its Annex "Disclosure form concerning the compliance with the Corporate Governance Code for the Companies Listed on NASDAQ OMX Vilnius" have been familiarized with;
- Report of the audit company UAB "PricewaterhouseCoopers", which has performed the audit, has been familiarized with;
- Comments and proposals of the Supervisory Council of the Bank regarding the Bank's Activity Strategy, its Annual Consolidated Financial Statements, Draft Profit (Loss) Appropriation and the Bank's Consolidated Annual Report as well as the activities of the Bank's Management Board and President have been familiarized with;
- Bank's and Bank Group's year 2013 Consolidated Financial Statements produced in accordance with the International Financial Reporting Standards were approved;
- Appropriation of the year 2013 profit (loss) of the Bank was approved;
On 9 April 2014, the Bank announced that on the 8th of April 2014 the Supreme Administrative Court of Lithuania adopted a decision whereby the decision of Vilnius Regional Administrative Court was changed by cancelling the fine imposed on AB SEB bankas by the Competition Council of the Republic of Lithuania on the 20th of December 2012 for agreements which restricted competition in cash-in-transit (CIT) and cash handling services' markets and returning the case to the Competition Council for the additional investigation.
On 25 April 2014, the Bank announced that according to preliminary data, unaudited net profit earned over the first quarter of the year 2014 by AB SEB bankas is LTL 56.7 million (EUR 16.4 million) and by AB SEB bankas Group is LTL 55.1 million (EUR 16.0 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 first quarter of the year 2013, unaudited net profit earned by AB SEB bankas totalled LTL 44.3 million (EUR 12.8 million) and by AB SEB bankas Group – LTL 38.7 million (EUR 11.2 million). In November 2013 AB "SEB lizingas" was merged with AB SEB bankas therefore AB SEB bankas results of the first quarter of the year 2013 are presented including the result of AB "SEB lizingas".
On 14 July 2014, the Bank announced that according to preliminary data, unaudited net profit earned over the first half of the year 2014 by AB SEB bankas is LTL 148.4 million (EUR 43.0 million) and by AB SEB bankas Group is LTL 148.5 million (EUR 43.0 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 first half-year of the year 2013, unaudited net profit earned by AB SEB bankas was LTL 101.8 million (EUR 29.5 million) and by AB SEB bankas Group – LTL 97.5 million (EUR 28.2 million). In November 2013 AB "SEB lizingas" was merged with AB SEB bankas, therefore AB SEB bankas results of the first half-year of the year 2013 are presented including the result of AB "SEB lizingas".
On 23 October 2014, the Bank announced that according to preliminary data, unaudited net profit earned over the three quarters of the year 2014 by AB SEB bankas is LTL 216.5 million (EUR 62.7 million) and by AB SEB bankas Group is LTL 219.5 million (EUR 63.6 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 the year 2013, unaudited net profit earned by AB SEB bankas was LTL 169.6 million (EUR 49.1 million) and by AB SEB bankas Group – LTL 167.5 million (EUR 48.5 million). In November 2013 AB "SEB lizingas" was merged with AB SEB bankas, therefore AB SEB bankas results of the three quarters of the year 2013 are presented including the result of AB "SEB lizingas".
On 26 October 2014, the Bank announced that on the 26th of October 2014, the results of European Central Bank and European Banking Authority review of asset quality and capital position under stressed conditions were made available. The standardized outcomes are reported for SEB Group and the four subsidiary banks in the euro area, ie Estonia, Latvia, Lithuania and Germany. The results from the ECB and EBA Comprehensive Assessments confirm SEB's and AB SEB bankas' solid capital position. In addition, there were no substantial findings in the asset quality review (AQR).
The access to assessment results of AB SEB bankas: https://www.seb.lt/node/7359.
The access to the assessment results of SEB Group: http://sebgroup.com/
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