Aktia plc publishes prospectus
Aktia plc
Stock Exchange Release
25.9.2009 at 12.15
Aktia plc publishes prospectus
Not for distribution in the United States, Australia, Canada or Japan.
The Finnish Financial Supervisory Authority has today approved the prospectus
prepared by Aktia plc (Aktia) in connection with the application for listing of
the company's shares on NASDAQ OMX Helsinki Ltd (Helsinki Stock Exchange). The
prospectus is available in Swedish and Finnish on Aktia's website as of
28 September 2009 as well as at Aktia's headquarters and Helsinki Stock Exchange
on approximately 28 September 2009 at the latest.
The prospectus contains the following, previously unpublished information, which
Aktia in connection with the prospectus work has deemed appropriate to publish
separately:
- The following breakdown by maturity of Aktia Group's financial liabilities by
balance sheet item as of 30 June 2009 has been presented in the prospectus:
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| Breakdown by | IFRS, 30 June 2009 |
| maturity of | (unaudited) |
| financial | |
| liabilities (EUR | |
| million) | |
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| | under 3 | 3-12 | 1-5 | 5-10 | over 10 | Total |
| | months | months | years | years | years | |
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| Deposits | 3 677.0 | 811.6 | 189.2 | - | - | 4 677 |
| | | | | | | .8 |
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| Financial | - | - | - | - | - | - |
| liabilities valued | | | | | | |
| through the income | | | | | | |
| statement | | | | | | |
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| Derivative | 2.4 | 7.0 | 88.3 | 29.8 | 0.2 | 127.7 |
| instruments | | | | | | |
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| Debt securities | 146.2 | 373.0 | 1 747. | 301.8 | - | 2 568 |
| issued | | | 7 | | | .7 |
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| Subordinated | 2.8 | 8.0 | 216.6 | 16.4 | - | 243.8 |
| liabilities | | | | | | |
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| Other liabilities | 421.2 | 181.2 | 94.5 | 45.5 | - | 742.4 |
| to credit | | | | | | |
| institutes | | | | | | |
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| Other liabilities | 174.4 | 17.4 | - | - | 5.6 | 197.5 |
| to the public and | | | | | | |
| public sector | | | | | | |
| | | | | | | |
| entities | | | | | | |
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| Other liabilities | 744.6 | 579.7 | 2 058. | 363.8 | 5.6 | 3 752 |
| | | | 8 | | | .5 |
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| Total financial | 4 424,1 | 1 398,3 | 2 | 393,5 | 5,8 | 8 558 |
| liabilities | | | 336,3 | | | ,0 |
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- Aktia Group's business transactions with related parties have in the
prospectus been complemented with information on services provided by associated
companies, which services during the financial year 2006 amounted to 12.7
million euros, during 2007 to 13.7 million euros and during 2008 to 13.4 million
euros.
- The market value sensitivity in various market risk scenarios of Aktia's
financial assets available for sale and derivative instruments used by Aktia as
cash flow hedges within the banking business, life insurance business and
non-life insurance business as of 31 December 2008 and 30 June 2009 have been
presented in the prospectus as follows:
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| Sensitivity | 31 December 2008 |
| analysis for | (unaudited) |
| market risks | |
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| (EUR million) | Interest rate | Spread | Equity | Real |
| | | | | estate |
--------------------------------------------------------------------------------
| | 1% | 1% | 0.1 | 10% price | 10% price |
| | parallel | parallel | percentage | drop | drop |
| | shift | shift | unit | | |
| | downwards | upwards | change | | |
| | | | upwards | | |
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| Banking | 26.0 | -27.2 | -4.4 | -1.7 | -0.3 |
| business 1) | | | | | |
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| Life | 20.2 | -22.3 | -2.2 | -6.1 | -3.2 |
| insurance | | | | | |
| business | | | | | |
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| Non-life | 4.7 | -5.6 | -0.7 | -2.2 | -2.2 |
| insurance | | | | | |
| business | | | | | |
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| Total | 50,9 | -55,1 | -7,3 | -10,0 | -5,7 |
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| ___________________________ |
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| 1) The item also includes assets of the parent company. |
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| Sensitivity | 30 June 2009 |
| analysis for | (unaudited) |
| market risks | |
--------------------------------------------------------------------------------
| (EUR million) | Interest rate | Spread | Equity | Real |
| | | | | estate |
--------------------------------------------------------------------------------
| | 1% | 1% | 0.1 | 10% price | 10% price |
| | parallel | parallel | percentage | drop | drop |
| | shift | shift | unit | | |
| | downwards | upwards | change | | |
| | | | upwards | | |
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| Banking | 26.2 | -27.4 | -4.9 | -1.7 | -0.3 |
| business 1) | | | | | |
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| Life | 18.5 | -19.7 | -1.8 | -3.6 | -3.0 |
| insurance | | | | | |
| business | | | | | |
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| Non-life | 4.8 | -5.6 | -0.8 | -0.2 | -2.1 |
| insurance | | | | | |
| business | | | | | |
--------------------------------------------------------------------------------
| Total | 49.5 | -52.7 | -7.5 | -5.5 | -5.4 |
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| ___________________________ |
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| 1) The item also includes assets of the parent company. |
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| Sensitivity | 31 December 2008 | 30 June 2009 |
| analysis for market | (unaudited) | (unaudited) |
| risks for | | |
| derivative | | |
| instruments | | |
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| (EUR million) | Interest rate | Interest rate |
--------------------------------------------------------------------------------
| | 1% parallel | 1% parallel | 1% parallel | 1% parallel |
| | shift | shift | shift | shift |
| | downwards | upwards | downwards | upwards |
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| Banking business 1) | 6.9 | -7.4 | 8.1 | -8.9 |
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| Life insurance | 0.0 | 0.0 | 0.0 | 0.0 |
| business | | | | |
--------------------------------------------------------------------------------
| Non-life insurance | 0.0 | 0.0 | 0.0 | 0.0 |
| business | | | | |
--------------------------------------------------------------------------------
| Total | 6.9 | -7.4 | 8.1 | -8.9 |
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| ___________________________ |
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| 1) The item also includes assets of the parent company. |
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- The presentation of the merger with Veritas Mutual Non-Life Insurance Company
in Aktia Group's cash flow statement for the period 1 January - 30 June 2009 has
been clarified in the prospectus as follows:
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| CASH FLOW STATEMENT | IFRS, 1 January-30 |
| | June |
--------------------------------------------------------------------------------
| (EUR million) | 2008 | 2009 |
| | (unaudite | (unaudited |
| | d) | ) |
--------------------------------------------------------------------------------
| Operating profit | 29.9 | 22.0 |
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| Adjustment items not included in cash flow for the | 1.0 | 35.5 |
| period | | |
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| Paid income taxes | -12.7 | -7.8 |
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| Cash flow from operating activities before change | 18.2 | 49.8 |
| in operating receivables and | | |
| liabilities | | |
--------------------------------------------------------------------------------
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| Increase (-) or decrease (+) in receivables from | -845.1 | -547.6 |
| operating activities | | |
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| Increase (+) or decrease (-) in liabilities from | 865.5 | 296.2 |
| operating activities | | |
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| Total cash flow from operating activities | 38.6 | -201.6 |
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| Financial assets held until maturity | - | 5.0 |
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| Acquisition of subsidiaries and associated | -27.4 | 16.3 1) |
| companies | | |
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| Divestment of subsidiaries and associated companies | -0.8 | 0.0 |
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| Investments in tangible and intangible assets | -3.3 | -3.7 |
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| Proceeds from sale of tangible and intangible | 6.7 | 1.3 |
| assets | | |
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| Share issue of Aktia Real Estate Mortgage Bank Plc | 3.8 | 6.6 |
| to the minority | | |
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| Total cash flow from investing activities | -21.0 | 25.5 1) |
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| Subordinated liabilities | 15.5 | -2.4 |
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| Increase of share capital | 0.0 | 0.0 1) |
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| Increase of unrestricted equity reserve | 0.1 | 0.0 1) |
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| Paid dividends | -20.1 | -10.0 |
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| Total cash flow from financing activities | -4.4 | -12.4 1) |
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| Total cash flow | 13.2 | -188.5 |
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| Cash and cash equivalents at the beginning of the | 240.8 | 512.4 |
| period | | |
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| Cash and cash equivalents at the end of the period | 253.9 | 323.9 |
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| Change in cash and cash equivalents | 13.2 | -188.5 |
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| ______________________________ | | |
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| 1) In Aktia's interim report for the period 1 January - 30 June 2009 the |
| payment with Aktia's own shares in connection to the acquisition of Veritas |
| Mutual Non-Life Insurance Company has been booked both in the investing |
| activities and in the financing activities of the cash flow statement. |
| However, now the acquisition is only booked as an investment in the cash |
| flow statement. The acquisition consisted of acquired cash amounting to 18.0 |
| million euros deducted with an activated acquisition cost of 1.6 million |
| euros. |
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AKTIA PLC
For more details, please contact
CFO Stefan Björkman, tel. +358 10 247 6595
From
Malin Pettersson, Head of Communications, tel. +358 10 247 6369
Distribution
NASDAQ OMX Helsinki Ltd
Central media
www.aktia.fi
Important message
This document may not be distributed or sent into the United States, Australia,
Canada or Japan. The information contained herein shall not constitute an offer
to sell or the solicitation of an offer to buy securities.
This document is not an offer for sale of securities in the United States.
Securities may not be offered or sold in the United States absent registration
or an exemption from registration under the U.S. Securities Act of 1933, as
amended. The company has not registered, and does not intend to register, any
portion of any offering of its securities in the United States, and does not
intend to conduct a public offering of its securities in the United States.
This document is only being distributed to and is only directed at (i) persons
who are outside the United Kingdom or (ii) to investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (the "Order") or (iii) high net worth companies, and other
persons to whom it may lawfully be communicated, falling within Article 49(2)(a)
to (d) of the Order or (iv) persons who are members or creditors of the company
to which this communication relates, falling within article 43(2) of the Order
(all such persons in (i), (ii) (iii) and (iv) above together being referred to
as "relevant persons"). Any person who is not a relevant person should not act
or rely on this document or any of its contents.
This document is an advertisement for the purposes of applicable measures
implementing Directive 2003/71/EC (such Directive, together with any applicable
implementing measures in the relevant home Member State under such Directive,
the ("Prospectus Directive"). A prospectus prepared pursuant to the Prospectus
Directive will be published in connection with any listing or offering of
securities, and will be available at subscription locations in Finland.
Any offer of securities to the public that may be deemed to be made pursuant to
this communication in any EEA Member State that has implemented Prospectus
Directive is only addressed to qualified investors in that Member State within
the meaning of the Prospectus Directive.
This document may include forward-looking statements. These forward-looking
statements include all matters that are not historical facts, statements
regarding the company's intentions, beliefs or current expectations concerning,
among other things the company's results of operations, financial condition,
liquidity, prospects, growth, strategies and the industry in which the company
operates. By their nature, forward-looking statements involve risks and
uncertainties because they relate to events and depend on circumstances that may
or may not occur in the future, and speak only as of the date they are made. The
company cautions you that forward-looking statements are not guarantees of
future performance and that its actual results of operations, financial
condition and liquidity and the development of the industry in which the company
operates may differ materially from those made in or suggested by the
forward-looking statements contained in this presentation. In addition, even if
the company's results of operations, financial condition and liquidity and the
development of the industry in which the company operates are consistent with
the forward-looking statements contained in this document, those results or
developments may not be indicative of results or developments in future periods.
The company does not undertake any obligation to review or confirm expectations
or estimates or to release publicly any revisions to any forward-looking
statements to reflect events that occur or circumstances that arise after the
date of this document.
