Comparative figures for Aktia Groups Interim reports 1 January 2012–30 June 2013 and Financial statements 1 January–31 December 2012
Aktia Bank plc
Stock Exchange Release
1.11.2013 at 11.00 a.m.
Comparative figures for Aktia Groups Interim reports 1 January 2012–30 June 2013 and Financial statements 1 January–31 December 2012
The former parent company of the Aktia Group, Aktia plc, merged with its wholly-owned subsidiary Aktia Bank plc on 1 July 2013. Following the merger, Aktia Bank plc has become the parent company of the Group. The merger is part of the Aktia Group’s Plan of Action 2015, which aims to simplify the structure of the Group and increase cost-effectiveness within administration, processes and common functions.
Effect of the merger on the Group’s financial position
Because the merger took place within the Group and Aktia plc owned 100% of the shares in Aktia Bank plc, the merger had no direct effect on the results for the Aktia Group. Nor did the merger have any effect on the Aktia Group’s balance-sheet total or total equity.
The new Group structure, with Aktia Bank plc as the parent company for the Group’s insurance operations also, affected the Bank Group’s capital adequacy as of 1 July 2013 by –0.9 percentage points and its Tier 1 capital ratio by –0.4 percentage points.
Comparative figures for the Group Aktia Bank plc
The merger of the Group’s former parent company brought no significant changes to the Aktia Group’s financial position or operating activities. The comparative figures in this interim report have been compiled so that the financial information for the present Group with Aktia Bank plc as its parent can be compared with the same, completely equivalent financial information that was published in earlier periods when Aktia plc was the parent company for the Group. Starting with Aktia Bank plc’s Interim report 1-9/2013 comparative figures will be included according to this principle. The comparative figures will vary from earlier figures reported by Aktia Bank plc, as Aktia Bank plc was not parent company of the Aktia Group earlier.
Aktia Bank plc’s Interim report 1 January–30 September 2013 will be published on 7 November 2013.
The tables below show comparative figures for the Group Aktia Bank plc’s income statement, key figures and balance sheet for previous periods.
| Aktia Bank Group’s income statement | ||||||
| (EUR million) | 1-3/2012 | 1-6/2012 | 1-9/2012 | 1-12/2012 | 1-3/2013 | 1-6/2013 |
| Continuing operations | ||||||
| Net interest income | 29.6 | 59.3 | 88.0 | 117.3 | 30.1 | 58.4 |
| Dividends | 0.0 | 0.1 | 0.1 | 0.1 | 0.0 | 0.1 |
| Commission income | 19.6 | 40.6 | 60.7 | 80.8 | 21.0 | 44.1 |
| Commission expenses | -3.9 | -7.6 | -11.3 | -15.5 | -4.1 | -8.6 |
| Net commission income | 15.7 | 32.9 | 49.4 | 65.3 | 16.9 | 35.5 |
| Net income from life insurance | 6.2 | 13.5 | 19.0 | 27.3 | 7.6 | 13.1 |
| Net income from financial transactions | 0.3 | 0.5 | -0.2 | 2.9 | 2.2 | 4.1 |
| Net income from investment properties | 0.0 | 0.1 | 0.2 | 0.3 | 0.0 | 0.4 |
| Other operating income | 1.4 | 2.6 | 3.2 | 4.7 | 0.8 | 1.6 |
| Total operating income | 53.2 | 109.0 | 159.5 | 217.9 | 57.5 | 113.2 |
| Staff costs | -18.6 | -37.7 | -55.3 | -75.4 | -19.2 | -38.0 |
| IT-expenses | -6.4 | -12.9 | -18.8 | -31.4 | -5.9 | -14.0 |
| Depreciation of tangible and intangible assets | -1.8 | -3.5 | -5.2 | -7.2 | -1.7 | -3.4 |
| Other operating expenses | -9.9 | -20.1 | -28.8 | -40.3 | -10.7 | -21.3 |
| Total operating expenses | -36.7 | -74.2 | -108.2 | -154.2 | -37.5 | -76.8 |
| Write-downs on other financial assets | - | - | -1.8 | -1.8 | - | - |
| Write-downs on credits and other commitments | -1.9 | -2.8 | -4.6 | -6.4 | -1.1 | -1.5 |
| Share of profit from associated companies | -0.3 | 0.2 | 0.8 | 0.5 | 0.6 | -0.3 |
| Operating profit from continuing operations | 14.3 | 32.2 | 45.6 | 56.0 | 19.5 | 34.6 |
| Taxes from continuing operations | -4.1 | -8.2 | -11.7 | -15.8 | -4.7 | -8.8 |
| Profit for the period from continuing operations | 10.2 | 24.0 | 33.9 | 40.3 | 14.8 | 25.8 |
| Discontinued operations | ||||||
| Profit for the period from discontinued operations | 9.3 | 9.8 | 9.8 | 9.8 | - | - |
| Profit for the period | 19.6 | 33.8 | 43.7 | 50.0 | 14.8 | 25.8 |
| Attributable to: | ||||||
| Shareholders in Aktia Bank plc | 19.3 | 33.3 | 43.1 | 49.2 | 14.8 | 25.6 |
| Non-controlling interest | 0.3 | 0.5 | 0.6 | 0.8 | 0.0 | 0.2 |
| Total | 19.6 | 33.8 | 43.7 | 50.0 | 14.8 | 25.8 |
| Aktia Bank Group’s statement of comprehensive income | ||||||
| (EUR million) | 1-3/2012 | 1-6/2012 | 1-9/2012 | 1-12/2012 | 1-3/2013 | 1-6/2013 |
| Continuing operations | ||||||
| Profit for the period from continuing operations | 10.2 | 24.0 | 33.9 | 40.3 | 14.8 | 25.8 |
| Other comprehensive income after taxes: | ||||||
| Change in valuation of fair value for financial assets available for sale | 41.9 | 47.5 | 95.4 | 94.6 | -3.3 | -21.7 |
| Change in valuation of fair value for financial assets held until maturity | - | - | 0.0 | 0.2 | 0.8 | 1.5 |
| Change in valuation of fair value for cash flow hedging | -3.0 | -4.3 | -6.5 | -3.3 | -2.9 | -5.9 |
| Transferred to the income statement for financial assets available for sale | 5.3 | 5.2 | 5.2 | 16.1 | -1.5 | -3.6 |
| Transferred to the income statement for cash flow hedging | - | - | - | -5.8 | - | - |
| Comprehensive income from items which can be transferred to the income statement | 44.3 | 48.5 | 94.1 | 101.8 | -7.0 | -29.7 |
| Defined benefit plan pensions | - | - | - | -0.6 | - | - |
| Comprehensive income from items which can not be transferred to the income statement | - | - | - | -0.6 | - | - |
| Total comprehensive income for the period from continuing operations | 54.5 | 72.5 | 128.0 | 141.5 | 7.7 | -3.9 |
| Discontinued operations | ||||||
| Profit for the period from discontinued operations | 9.3 | 9.8 | 9.8 | 9.8 | - | - |
| Other comprehensive income after taxes: | ||||||
| Change in valuation of fair value for financial assets available for sale | 1.8 | 1.8 | 1.8 | 1.8 | - | - |
| Transferred to the income statement for financial assets available for sale | -6.3 | -6.3 | -6.3 | -6.3 | - | - |
| Comprehensive income from items which can be transferred to the income statement | -4.5 | -4.5 | -4.5 | -4.5 | - | - |
| Total comprehensive income for the period from discontinued operations | 4.9 | 5.3 | 5.3 | 5.3 | - | - |
| Total comprehensive income for the period | 59.4 | 77.8 | 133.3 | 146.8 | 7.7 | -3.9 |
| Total comprehensive income attributable to: | ||||||
| Shareholders in Aktia Bank plc | 58.8 | 77.5 | 132.1 | 145.6 | 7.4 | -4.7 |
| Non-controlling interest | 0.5 | 0.4 | 1.2 | 1.2 | 0.3 | 0.8 |
| Total | 59.4 | 77.8 | 133.3 | 146.8 | 7.7 | -3.9 |
| Key figures | ||||||
| (EUR million) | 1-3/2012 | 1-6/2012 | 1-9/2012 | 1-12/2012 | 1-3/2013 | 1-6/2013 |
| Earnings per share (EPS), continuing operations, EUR | 0.15 | 0.35 | 0.50 | 0.59 | 0.22 | 0.38 |
| Earnings per share (EPS), discontinued operations, EUR | 0.14 | 0.15 | 0.15 | 0.15 | - | - |
| Earnings per share (EPS), EUR | 0.29 | 0.50 | 0.65 | 0.74 | 0.22 | 0.38 |
| Equity per share (NAV), EUR 1) | 7.89 | 7.88 | 8.70 | 8.91 | 9.02 | 8.34 |
| Return on equity (ROE), % | 14.1 | 12.2 | 10.0 | 8.5 | 8.9 | 8.1 |
| Total earnings per share, EUR | 0.88 | 1.16 | 1.99 | 2.19 | 0.11 | -0,07 |
| Capital adequacy ratio (finance and insurance conglomerate), % 1) | 184.9 | 190.5 | 203.4 | 205.1 | 203.5 | 202.9 |
| Average number of shares, million 2) | 66.5 | 66.5 | 66.5 | 66.5 | 66.5 | 66.6 |
| Number of shares at the end of the period, million 1) | 66.5 | 66.5 | 66.5 | 66.5 | 66.6 | 66.6 |
| Personnel (FTEs), average number of employees from the beginning of the year 1) | 1,148 | 1,089 | 1,056 | 1,044 | 1,013 | 1,010 |
| Group financial assets 1) *) | 2,813.8 | 2,443.3 | 2.817,0 | 2.955.0 | 2,814.9 | 3,379.7 |
| Banking Business (incl. Private Banking) | ||||||
| Cost-to-Income ratio | 0.68 | 0.69 | 0.69 | 0.74 | 0.67 | 0.68 |
| Borrowing from the public 1) | 3,689.4 | 3,714.4 | 3,651.4 | 3,631.5 | 3,631.8 | 3,807.2 |
| Lending to the public 1) | 7,183.8 | 7,217.8 | 7,251.6 | 7,201.6 | 7,132.6 | 6,984.9 |
| Capital adequacy ratio, % 1) | 18.1 | 18.9 | 19.9 | 20.2 | 20.0 | 20.3 |
| Tier 1 capital ratio, % 1) | 11.3 | 11.7 | 11.8 | 11.8 | 11.7 | 12.1 |
| Risk-weighted commitments 1) | 3,767.3 | 3,742.0 | 3,727.9 | 3,611.2 | 3,683.7 | 3,625.3 |
| Asset Management & Life Insurance | ||||||
| Assets under management 1) **) | 5,409.8 | 5,256.9 | 5,569.0 | 5,877.4 | 6,214.0 | 5,901.7 |
| Premiums written before reinsurers’ share | 30.0 | 49.7 | 71.6 | 111.2 | 46.1 | 83.5 |
| Expense ratio, % 2) | 93.4 | 94.4 | 93.1 | 90.8 | 95.6 | 95.0 |
| Solvency margin 1) | 131.6 | 141.1 | 160.5 | 158.6 | 157.3 | 147.5 |
| Solvency ratio, % 2) | 22.8 | 24.7 | 27.9 | 27.4 | 27.2 | 25.3 |
| Investments at fair value 1) | 960.6 | 950.3 | 987.9 | 1,020.7 | 1,034.2 | 1,050.1 |
| Technical provisions for interest-related insurances 1) | 532.3 | 523.2 | 517.5 | 519.9 | 517.0 | 512.2 |
| Technical provisions for unit-linked insurances 1) | 317.8 | 315.1 | 337.7 | 358.5 | 400.5 | 410.3 |
| 1) At the end of the period | ||||||
| 2) Cumulative from the beginning of the year | ||||||
| *) Group financial assets = the Bank Group's liquidity portfolio and the life insurance company's investment portfolio | ||||||
| **) Assets under management = Aktia Fund Management Company’s assets under management and brokered mutual funds and assets managed by Aktia Invest, Aktia Asset Management, Aktia Bank’s Private Banking and Aktia Life Insurance | ||||||
| Formulas for key figures are presented in Aktia plc's annual report 2012 page 18. | ||||||
| Aktia Bank Group’s balance sheet | ||||||
| (EUR million) | 31.3.2012 | 30.6.2012 | 30.9.2012 | 31.12.2012 | 31.3.2013 | 30.6.2013 |
| Assets | ||||||
| Cash and balances with central banks | 220.4 | 70.8 | 236.6 | 587.6 | 295.1 | 448.5 |
| Financial assets reported at fair value via the income statement | 0.7 | 1.3 | 0.5 | 0.1 | 0.0 | 0.0 |
| Interest-bearing securities | 2,588.7 | 2,360.0 | 2,558.3 | 2,011.7 | 2,158.2 | 2,549.3 |
| Shares and participations | 87.8 | 88.6 | 97.1 | 95.0 | 98.8 | 98.3 |
| Financial assets available for sale | 2,676.5 | 2,448.6 | 2,655.4 | 2,106.7 | 2,257.0 | 2,647.6 |
| Financial assets held until maturity | 19.3 | 15.8 | 10.1 | 350.0 | 362.5 | 355.7 |
| Derivative instruments | 309.3 | 350.1 | 395.7 | 302.2 | 270.8 | 210.5 |
| Lending to Bank of Finland and credit institutions | 131.0 | 551.5 | 167.8 | 158.7 | 129.0 | 109.6 |
| Lending to the public and public sector entities | 7,183.8 | 7,217.8 | 7,251.6 | 7 201.6 | 7,132.6 | 6,984.9 |
| Loans and other receivables | 7,314.8 | 7,769.3 | 7,419.4 | 7 360.2 | 7,261.6 | 7,094.5 |
| Investments for unit-linked provisions | 318.3 | 316.4 | 338.0 | 360.9 | 401.1 | 412.7 |
| Investments in associated companies | 20.4 | 21.3 | 21.1 | 21.1 | 21.2 | 18.4 |
| Intangible assets | 14.0 | 14.5 | 14.3 | 14.2 | 14.5 | 15.0 |
| Investment properties | 18.6 | 28.3 | 27.8 | 28.3 | 28.3 | 51.0 |
| Other tangible assets | 6.7 | 6.5 | 6.0 | 5.7 | 5.4 | 5.3 |
| Accrued income and advance payments | 85.4 | 74.0 | 81.2 | 75.0 | 70.8 | 70.5 |
| Other assets | 45.4 | 104.3 | 7.5 | 3.3 | 124.9 | 4.4 |
| Total other assets | 130.8 | 178.3 | 88.7 | 78.3 | 195.7 | 74.9 |
| Income tax receivables | 3.4 | 4.0 | 3.8 | 0.1 | 0.9 | 2.0 |
| Deferred tax receivables | 2.2 | 1.2 | 0.9 | 23.5 | 22.3 | 21.8 |
| Tax receivables | 5.6 | 5.1 | 4.6 | 23.6 | 23.1 | 23.8 |
| Assets classified as held for sale | 2.2 | 2.1 | 2.0 | 1.5 | 1.4 | 1.2 |
| Total assets | 11,057,6 | 11,228.4 | 11,220.3 | 11, 240.2 | 11,137.7 | 11,359.2 |
| Liabilities | ||||||
| Liabilities to credit institutions | 977.0 | 1,075.5 | 1,097,3 | 1,057.6 | 983.5 | 1,051.5 |
| Liabilities to the public and public sector entities | 3 689.4 | 3,714.4 | 3,651,4 | 3,631.5 | 3,631.8 | 3,807.2 |
| Deposits | 4 666.4 | 4,789.9 | 4,748,7 | 4,689.0 | 4,615.2 | 4,858.7 |
| Derivatinstrument | 157.6 | 174.3 | 188,0 | 186.4 | 161.6 | 145.4 |
| Debt securities issued | 3 889.0 | 3,930.5 | 3,871,3 | 3,878.9 | 3,888.1 | 4,065.9 |
| Subordinated liabilities | 251.6 | 263.6 | 265,4 | 268.2 | 274.2 | 269.7 |
| Other liabilities to credit institutions | 360.2 | 311.3 | 260,1 | 290.9 | 250.8 | 141.5 |
| Other liabilities to the public and public sector entities | 65.1 | 108.1 | 162,8 | 146.7 | 128.7 | 51.1 |
| Other financial liabilities | 4 565.9 | 4,613.5 | 4,559,5 | 4,584.7 | 4,541.8 | 4,528.2 |
| Technical provisions for interest-related insurances | 532.3 | 523.2 | 517,5 | 519.9 | 517.0 | 512.2 |
| Technical provisions for unit-linked insurances | 317.8 | 315.1 | 337,7 | 358.5 | 400.5 | 410.3 |
| Technical provisions | 850.2 | 838.3 | 855.1 | 878.5 | 917.4 | 922.5 |
| Accrued expenses and income received in advance | 118.9 | 98.0 | 100.6 | 93.1 | 100.5 | 73.2 |
| Other liabilities | 66.2 | 77.5 | 59.2 | 55.2 | 39.8 | 142.7 |
| Total other liabilities | 185.1 | 175.5 | 159.9 | 148.3 | 140.4 | 215.8 |
| Provisions | - | - | - | 6.9 | 6.9 | 6.9 |
| Income tax liabilities | 3.4 | 1.5 | 2.7 | 23.3 | 24.1 | 1.0 |
| Deferred tax liabilities | 45.6 | 47.3 | 62.4 | 65.5 | 64.8 | 60.5 |
| Tax liabilities | 49.0 | 48.8 | 65.1 | 88.8 | 88.9 | 61.5 |
| Liabilities for assets classified as held for sale | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 |
| Total liabilities | 10,474.3 | 10,640.5 | 10,576.5 | 10,582.8 | 10,472.4 | 10,739.1 |
| Equity | ||||||
| Restricted equity | 162.8 | 167,4 | 212.3 | 220.2 | 212.9 | 190.0 |
| Unrestricted equity | 362.2 | 356,5 | 366.6 | 372.4 | 387.4 | 365.1 |
| Shareholders' share of equity | 525.0 | 523,9 | 578.9 | 592.6 | 600.2 | 555.1 |
| Non-controlling interest's share of equity | 58.3 | 64,0 | 64.8 | 64.8 | 65.1 | 64.9 |
| Equity | 583.3 | 587,8 | 643.7 | 657.4 | 665.4 | 620.0 |
| Total liabilities and equity | 11,057.6 | 11,228,4 | 11,220.3 | 11,240.2 | 11,137.7 | 11,359.2 |
AKTIA BANK PLC
CFO Fredrik Westerholm, tel. +358 10 247 6505
IR Anna Gabrán, tel. +358 10 247 6501, ir@aktia.fi
Distribution:
Nasdaq OMX Helsinki,
mass media,
www.aktia.fi
Aktia Group provides a broad range of products within banking, insurance and real estate agency. Aktia operates in Finland's coastal areas and inland growth areas. Aktia has some 300,000 customers who are served by 1,000 employees at branch offices and via Internet and telephone services. Aktia's shares are listed on NASDAQ OMX Helsinki Ltd. For more information about Aktia, see www.aktia.fi.