Company announcement
No. 4 / 2009
18 February 2009
Executive Board:
Carsten Roth
Tel.: +45 59 57 60 00
Preliminary announcement of financial statements for 2008
Disclaimer:
This document is an unauthorised translation of the Danish original. In the
event of any inconsistencies the Danish version shall apply.
Preliminary announcement of financial statements - in headlines
Performance for 2008 Pre-tax loss for the year of DKK 18.5m Net interest and
fee income up from DKK 130m to DKK 131m Translation/market value adjustments
negative by DKK 13.5m against last year's positive amount of DKK 25.7mImpairment
losses on loans, advances and receivables, etc of DKK 42.2m High capital
adequacy ratio of 13.2%, which is 0.6% up on 2007
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| Key figures | | 2008 | 2007 | 2006 | 2005 | 2004 |
| Skælskør Bank Group | | | | | | |
| | | | | | | |
| DKK'000 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income statement | | | | | | |
--------------------------------------------------------------------------------
| Net interest income | | 91,867 | 87,007 | 81,597 | 69,490 | 66,251 |
--------------------------------------------------------------------------------
| Net fee and commission | | 39,237 | 43,190 | 48,089 | 45,257 | 34,463 |
| income, etc | | | | | | |
--------------------------------------------------------------------------------
| Net interest and fee | | 131,10 | 130,19 | 129,68 | 114,74 | 100,71 |
| income | | 4 | 7 | 6 | 7 | 4 |
--------------------------------------------------------------------------------
| Staff costs and | | -98,43 | -93,16 | -88,97 | -80,05 | -70,00 |
| administrative | | 6 | 7 | 0 | 4 | 6 |
| expenses, etc | | | | | | |
--------------------------------------------------------------------------------
| Other net operating | | 420 | 111 | 1,248 | -3,489 | 1,166 |
| expenses | | | | | | |
--------------------------------------------------------------------------------
| Impairment losses on | | -42,21 | -12,96 | -8,770 | -285 | -9,419 |
| loans, advances and | | 4 | 5 | | | |
| receivables, etc | | | | | | |
--------------------------------------------------------------------------------
| Core earnings | | -9,126 | 24,176 | 33,194 | 30,919 | 22,455 |
--------------------------------------------------------------------------------
| Translation/market | | -13,49 | 25,706 | 16,459 | 2,570 | 10,720 |
| value adjustments | | 5 | | | | |
--------------------------------------------------------------------------------
| Profit/loss from | | 4,072 | -2,256 | 0 | 0 | 0 |
| investments in | | | | | | |
| associates | | | | | | |
--------------------------------------------------------------------------------
| Profit/loss before tax | | -18,54 | 47,626 | 49,653 | 33,489 | 33,175 |
| | | 9 | | | | |
--------------------------------------------------------------------------------
| Income taxes | | 7,924 | -10,33 | -11,22 | -7,959 | -8,184 |
| | | | 3 | 3 | | |
--------------------------------------------------------------------------------
| Profit/loss for the | | -10,62 | 37,293 | 38,430 | 25,530 | 24,991 |
| year | | 5 | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Balance sheet | | | | | | |
--------------------------------------------------------------------------------
| Bonds and shares | | 362,70 | 384,87 | 317,71 | 378,82 | 328,28 |
| | | 1 | 8 | 9 | 2 | 6 |
--------------------------------------------------------------------------------
| Total assets | | 2,593, | 2,549, | 2,110, | 1,772, | 1,397, |
| | | 548 | 254 | 307 | 959 | 824 |
--------------------------------------------------------------------------------
| Equity | | 273,70 | 299,99 | 277,44 | 250,30 | 241,22 |
| | | 2 | 0 | 3 | 0 | 2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Business volume | | | | | | |
--------------------------------------------------------------------------------
| Loans and advances | | 1,884, | 1,865, | 1,527, | 1,236, | 899,01 |
| | | 724 | 243 | 899 | 285 | 0 |
--------------------------------------------------------------------------------
| Deposits | | 1,498, | 1,474, | 1,374, | 1,190, | 1,046, |
| | | 393 | 450 | 119 | 211 | 506 |
--------------------------------------------------------------------------------
| Guarantees | | 1,049, | 1,638, | 1,540, | 1,159, | 868,77 |
| | | 247 | 156 | 641 | 453 | 2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Comments on the financial statements for 2008
Accounting policies
The consolidated financial statements are presented in accordance with
International Financial Reporting Standards (IFRS) as adopted by the EU. The
Parent financial statements are presented in accordance with the Danish
Financial Business Act, including the Executive Order on Financial Reports for
Credit Institutions and Investment Companies, etc and Danish Accounting
Standards.
Financial performance
For 2008, the Skælskør Bank Group generated a loss of DKK 18.5m before tax which
is a decline on the performance for 2007. Results did not turn out as expected
after Q3. The Bank experienced rising interest expenses in Q4, larger negative
translation/market value adjustments as well as larger impairment losses than
expected. Net loss is DKK 10.6m, which is a decline on last year.
Management considers this performance unsatisfactory.
The Bank's capital adequacy ratio is 13.2%, which is an increase of 0.6% on last
year. The capital adequacy requirement of the Bank has been calculated at 8%.
In 2008 too, Skælskør Bank invested in leasehold improvements.
The Bank's aggregate business volume has gone down from DKK 4,977m to DKK
4,432m, which is attributable primarily to the discontinuation of guarantees
towards Totalkredit.
Net interest and fee income
Net interest and fee income amounts to DKK 131.1m compared with DKK 130.2m in
2007.
Net interest income has risen by 5.6% to DKK 91.9m. This rise is attributable to
increases in interest rates, loans and advances.
The interest margin has in 2008 gone up by 0.30% and amounts to 5.39% for 2008.
The average lending rate and deposit rate has in 2008 been 9.04% and 3.65%,
respectively. In 2007, they were 7.91% and 2.82%, respectively.
Net fees and commission income have decreased by 9% to DKK 38.0m.
Translation/market value adjustments
Total translation/market value adjustments for the year are negative by DKK
13.5m, with DKK 26.2m thereof falling on negative market value adjustments of
shares, DKK 4.1m on negative market value adjustments of bonds, as well as DKK
7.7m on positive value adjustments of investment property and DKK 9.8m on sale
of the Bank's shares in Totalkredit.
Staff costs and administrative expenses
Staff costs and administrative expenses have increased by 6% from DKK 93.2m in
2007 to DKK 98.4m in 2008.
This increase primarily results from rising staff costs and leasehold
improvement costs. The Bank's IT expenses have also gone up during the year, one
reason being the need to ensure updated systems for customer advisory services.
Impairment losses on loans, advances and other receivables
Impairment losses on loans and advances amount to DKK 42.2m against DKK 13.0m
last year and are attributable primarily to commitments with the now closed
Holbæk branch. The impairment losses are distributed on all industries as well
as on those relating to the Danish banking sector's contingency association,
“Det Private Beredskab”.
Taxation
Tax has been calculated at an income of DKK 7.9m, reducing net loss for the year
to DKK 10.6m. No dividend is paid for 2008.
Balance sheet
At year-end 2008, the consolidated balance sheet totals DKK 2,594m compared with
last year's DKK 2,549m, which is a rise of 2%.
Deposits
Deposits are up from DKK 1,474m in 2007 to DKK 1,498m in 2008, which is an
increase by 2%.
Loans and advances
Loans, advances and other receivables are up from DKK 1,865m in 2007 to DKK
1,885m in 2008, which is an increase by 1%.
Equity
After covering net loss for the year, equity amounts to DKK 274m, which is 9%
down on 2007.
Outlook for 2009
The financial crisis has made it harder than usual to forecast how the Group
will perform in general in 2009. This uncertainty implies that it will not be
possible for the Bank to indicate fairly certain its pre-tax earnings
expectations.
However, Management expects the core bank business of customer-related
activities to develop positively so that this will ensure continued healthy
results.
The Bank has not yet decided whether it will make use of the government-backed
Bank Aid Package II. This matter will be discussed by the Supervisory Board of
the Bank and will be finally determined in Q2 of 2009.
Other issues
“Det Private Beredskab” and the Government Guarantee Scheme
The Danish Government has issued a two-year guarantee for all deposits and
unsecured claims. The Bank has joined the Danish Government Guarantee Scheme,
which is effective from 6 October 2008 to 30 September 2010 with the possibility
of extension, should financial stability considerations call for this.
The scheme is managed by Det Private Beredskab, which was established in the
summer of 2007. When introducing this scheme, the Danish Government formed a
winding-up company, Afviklingsselskabet til Sikring af Finansiel Stabilitet A/S,
to be in charge of the winding-up of ailing banks.
The annual payment to Det Private Beredskab is expected to approximate DKK 12m,
which will affect the Bank's administrative expenses until the scheme expires.
In addition to the annual payment, Det Private Beredskab guarantees payment of
up to DKK 10bn to cover losses of the winding-up company. The Bank's share of
this liability has been calculated at DKK 2.0m. The winding-up company has
stated that losses have so far been calculated at DKK 1,025m. As a consequence,
the Bank has made a proportional provision for this guarantee undertaken.
Audit Committee
The Bank expects that the composition of the Supervisory Board complies with the
rules of the newly passed Danish executive order on audit committees to the
effect that the Supervisory Board has at least one independent member possessing
the qualifications required under the executive order.
The printed annual report is expected to be available on 26 February 2009.
Statement by Management on the annual report
Today we have considered and approved the annual report of Skælskør Bank
Aktieselskab for 2008.
The consolidated financial statements have been prepared in accordance with
International Financial Reporting Standards as adopted by the EU, and the parent
financial statements have been prepared in accordance with the Danish Financial
Business Act. Further, the annual report has been prepared in accordance with
additional Danish disclosure requirements for annual reports of listed financial
companies.
We consider the applied accounting policies appropriate for the annual report to
provide a true and fair view of the Group's and the Parent's assets, equity and
liabilities and financial position at 31 December 2008 and of the results of
their operations as well as the consolidated cash flows for the financial year 1
January to 31 December 2008.
Skælskør, 18 February 2009
Skælskør Bank
Peter Melchior Carsten Roth
Chairman of the Board Chief Executive Officer
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| Income | | | | | |
| statement | | | | | |
--------------------------------------------------------------------------------
| | Skæl | Skæl | Skælsk | Skælskø | |
| | skør | skør | ør | r Bank | |
| | Bank | Bank | Bank | A/S | |
| | A/S | A/S | A/S | Parent | |
| | Grou | Grou | Parent | | |
| | p | p | | | |
--------------------------------------------------------------------------------
| DKK'000 | 2008 | 2007 | 2008 | 2007 | |
--------------------------------------------------------------------------------
| | | AS-S | | | |
| | | KEMA | | | |
--------------------------------------------------------------------------------
| Interest | 186, | 150, | 186,74 | 150,327 | |
| income | 008 | 031 | 0 | | |
--------------------------------------------------------------------------------
| Interest | -94, | -63, | -95,10 | -63,196 | |
| expenses | 141 | 024 | 4 | | |
--------------------------------------------------------------------------------
| Net interest | 91,8 | 87,0 | 91,636 | 87,131 | |
| income | 67 | 07 | | | |
--------------------------------------------------------------------------------
| Dividends on | 1,38 | 1,51 | 1,382 | 1,510 | |
| shares, etc | 2 | 0 | | | |
--------------------------------------------------------------------------------
| Fees and | 42,4 | 46,3 | 42,506 | 46,350 | |
| commission | 83 | 14 | | | |
| income | | | | | |
--------------------------------------------------------------------------------
| Ceded fees | -4,6 | -4,6 | -4,530 | -4,139 | |
| and | 28 | 34 | | | |
| commission | | | | | |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Net interest | 131, | 130, | 130,99 | 130,852 | |
| and fee | 104 | 197 | 4 | | |
| income | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Translation/ | -13, | 25,7 | -23,27 | 21,959 | |
| market value | 495 | 06 | 2 | | |
| adjustments | | | | | |
--------------------------------------------------------------------------------
| Other | 9,10 | 3,12 | 92 | 373 | |
| operating | 6 | 7 | | | |
| income | | | | | |
--------------------------------------------------------------------------------
| Staff costs | -98, | -93, | -98,00 | -93,510 | |
| and | 436 | 167 | 3 | | |
| administrati | | | | | |
| ve expenses | | | | | |
--------------------------------------------------------------------------------
| Depreciation | -5,1 | -3,0 | -5,129 | -3,976 | |
| , | 51 | 16 | | | |
| amortisation | | | | | |
| and | | | | | |
| impairment | | | | | |
| losses on | | | | | |
| intangible | | | | | |
| assets and | | | | | |
| property, | | | | | |
| plant and | | | | | |
| equipment | | | | | |
--------------------------------------------------------------------------------
| Other | -3,5 | 0 | -3,535 | 0 | |
| operating | 35 | | | | |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Impairment | -42, | -12, | -42,21 | -12,965 | |
| losses on | 214 | 965 | 4 | | |
| loans, | | | | | |
| advances and | | | | | |
| receivables, | | | | | |
| etc | | | | | |
--------------------------------------------------------------------------------
| Profit/loss | 4,07 | -2,2 | 18,884 | 4,329 | |
| from | 2 | 56 | | | |
| investments | | | | | |
| in group | | | | | |
| enterprises | | | | | |
| and | | | | | |
| associates | | | | | |
| after tax | | | | | |
--------------------------------------------------------------------------------
| Profit/loss | -18, | 47,6 | -22,18 | 47,062 | |
| before tax | 549 | 26 | 3 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income tax | 7,92 | -10, | 11,599 | -9,729 | |
| (on loss for | 4 | 333 | | | |
| the year) | | | | | |
--------------------------------------------------------------------------------
| Profit/loss | -10, | 37,2 | -10,58 | 37,333 | |
| for the year | 625 | 93 | 4 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Proposed | | | | | |
| distribution | | | | | |
| of | | | | | |
| profit/loss | | | | | |
--------------------------------------------------------------------------------
| Transfer to | | | 18,885 | 3,564 | |
| reserve for | | | | | |
| net | | | | | |
| revaluation | | | | | |
| under the | | | | | |
| equity | | | | | |
| method | | | | | |
--------------------------------------------------------------------------------
| Proposed | | | 0 | 7,400 | |
| dividends | | | | | |
--------------------------------------------------------------------------------
| Retained | | | -29,46 | 26,369 | |
| earnings | | | 9 | | |
--------------------------------------------------------------------------------
| Total | | | -10,58 | 37,333 | |
| | | | 4 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| BALANCE SHEET | | | | | |
--------------------------------------------------------------------------------
| | Skæl | Skæl | Skælskø | Skælskø | |
| | skør | skør | r Bank | r Bank | |
| | Bank | Bank | A/S | A/S | |
| | A/S | A/S | Parent | Parent | |
| | Grou | Grou | | | |
| | p | p | | | |
--------------------------------------------------------------------------------
| | | DKK'000 | 2008 | 2007 | 2008 | 2007 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | | ASSETS | | | | |
--------------------------------------------------------------------------------
| | | Cash and demand | | | | |
| | | deposits | | | | |
--------------------------------------------------------------------------------
| | | with | 19,9 | 125, | 19,962 | 125,535 | |
| | | central | 62 | 535 | | | |
| | | banks | | | | | |
--------------------------------------------------------------------------------
| | | Receivables from | 64,2 | 134,076 | 64,227 | 64, | |
| | | credit | 27 | | | 227 | |
| | | institutions | | | | | |
| | | and central | | | | | |
| | | banks | | | | | |
| | | 134,076 | | | | | |
--------------------------------------------------------------------------------
| | | Loans, advances | 1,86 | 1,897,7 | 1,883,3 | 1,8 | |
| | | and other | 5,24 | 55 | 56 | 83, | |
| | | receivables at | 3 | | | 356 | |
| | | amortised cost | | | | | |
| | | 1,884,724 | | | | | |
--------------------------------------------------------------------------------
| | | Bonds at | 223, | 244, | 223,030 | 244,831 | |
| | | fair | 030 | 831 | | | |
| | | value | | | | | |
--------------------------------------------------------------------------------
| | | Shares, | 139, | 140, | 125,787 | 130,195 | |
| | | etc | 671 | 047 | | | |
--------------------------------------------------------------------------------
| | | Investmen | 24,2 | 5,14 | 18,900 | 0 | |
| | | ts in | 18 | 6 | | | |
| | | associate | | | | | |
| | | s | | | | | |
--------------------------------------------------------------------------------
| | | Investmen | - | - | 54,205 | 38,564 | |
| | | ts in | | | | | |
| | | group | | | | | |
| | | enterpris | | | | | |
| | | es | | | | | |
--------------------------------------------------------------------------------
| | | Total | 59,1 | 62,9 | 27,144 | 27,782 | |
| | | land and | 16 | 22 | | | |
| | | buildings | | | | | |
--------------------------------------------------------------------------------
| | | Investmen | 21,8 | 25,1 | 0 | 0 | |
| | | t | 21 | 21 | | | |
| | | property | | | | | |
--------------------------------------------------------------------------------
| | | Owner-occ | 37,2 | 37,8 | 27,144 | 27,782 | |
| | | upied | 95 | 01 | | | |
| | | property | | | | | |
--------------------------------------------------------------------------------
| | | Other | 21,4 | 12,5 | 21,441 | 12,530 | |
| | | property, | 41 | 30 | | | |
| | | plant and | | | | | |
| | | equipment | | | | | |
| | | | | | | | |
--------------------------------------------------------------------------------
| | | Current | 5,70 | 1,94 | 7,493 | 2,561 | |
| | | tax | 4 | 6 | | | |
| | | assets | | | | | |
--------------------------------------------------------------------------------
| | | Deferred | 10,9 | 3,26 | 12,828 | 3,269 | |
| | | tax | 02 | 1 | | | |
| | | assets | | | | | |
--------------------------------------------------------------------------------
| | | Temporari | 3,32 | | 3,329 | 0 | |
| | | ly held | 9 | | | | |
| | | assets | | | | | |
--------------------------------------------------------------------------------
| | | Other | 66,9 | 23,1 | 59,388 | 20,000 | |
| | | assets | 60 | 88 | | | |
--------------------------------------------------------------------------------
| | | Prepaymen | 415 | 378 | 415 | 378 | |
| | | ts | | | | | |
--------------------------------------------------------------------------------
| | | TOTAL | 2,59 | 2,54 | 2,605,7 | 2,553,2 | |
| | | ASSETS | 3,54 | 9,25 | 53 | 28 | |
| | | | 8 | 4 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | | EQUITY | | | | | |
| | | AND | | | | | |
| | | LIABILITI | | | | | |
| | | ES | | | | | |
--------------------------------------------------------------------------------
| | | Liabiliti | | | | | |
| | | es | | | | | |
--------------------------------------------------------------------------------
| | | Payables to | 536, | 538,494 | 536,745 | 536,745 |
| | | credit | 745 | | | |
| | | institutions and | | | | |
| | | central banks | | | | |
--------------------------------------------------------------------------------
| | | Deposits | 1,49 | 1,47 | 1,510,8 | 1,478,8 | |
| | | and other | 8,39 | 4,45 | 96 | 76 | |
| | | payables | 3 | 0 | | | |
| | | | | | | | |
--------------------------------------------------------------------------------
| | | Temporari | 3,86 | 0 | 3,861 | 0 | |
| | | ly | 1 | | | | |
| | | accepted | | | | | |
| | | liabiliti | | | | | |
| | | es | | | | | |
--------------------------------------------------------------------------------
| | | Other | 71,2 | 34,4 | 70,844 | 34,001 | |
| | | liabiliti | 23 | 95 | | | |
| | | es | | | | | |
--------------------------------------------------------------------------------
| | | Deferred | 3,45 | 1,21 | 3,452 | 1,217 | |
| | | income | 2 | 5 | | | |
--------------------------------------------------------------------------------
| | | TOTAL | 2,11 | 2,04 | 2,127,5 | 2,050,8 | |
| | | LIABILITI | 5,42 | 6,90 | 47 | 39 | |
| | | ES | 3 | 5 | | | |
--------------------------------------------------------------------------------
| | | PROVISION | | | | | |
| | | S | | | | | |
--------------------------------------------------------------------------------
| | | Provisions for | 1,42 | 1,427 | 1,427 | 1,427 |
| | | pensions and | 7 | | | |
| | | similar | | | | |
| | | commitments | | | | |
--------------------------------------------------------------------------------
| | | Provision | 1,25 | 161 | 1,250 | 161 | |
| | | s for | 0 | | | | |
| | | losses on | | | | | |
| | | guarantee | | | | | |
| | | s | | | | | |
--------------------------------------------------------------------------------
| | | Other | 2,24 | 1,20 | 2,240 | 1,205 | |
| | | provision | 0 | 5 | | | |
| | | s | | | | | |
--------------------------------------------------------------------------------
| | | TOTAL | 4,91 | 2,79 | 4,917 | 2,793 | |
| | | PROVISION | 7 | 3 | | | |
| | | S | | | | | |
--------------------------------------------------------------------------------
| | | SUBORDINA | | | | | |
| | | TE DEBT | | | | | |
--------------------------------------------------------------------------------
| | | Subordina | 199, | 199, | 199,506 | 199,566 | |
| | | te debt | 506 | 566 | | | |
--------------------------------------------------------------------------------
| | | TOTAL | 199, | 199, | 199,506 | 199,566 | |
| | | SUBORDINA | 506 | 566 | | | |
| | | TE DEBT | | | | | |
--------------------------------------------------------------------------------
| | | EQUITY | | | | | |
--------------------------------------------------------------------------------
| | | Share | 36,0 | 37,0 | 36,000 | 37,000 | |
| | | capital | 00 | 00 | | | |
| | | | | | | | |
--------------------------------------------------------------------------------
| | | Revaluati | 3,82 | 3,72 | 3,826 | 3,721 | |
| | | on | 6 | 1 | | | |
| | | reserves | | | | | |
| | | | | | | | |
--------------------------------------------------------------------------------
| | | Statutory | 1,81 | 0 | 23,105 | 3,564 | |
| | | reserves | 6 | | | | |
--------------------------------------------------------------------------------
| | | Retained | 232, | 259, | 210,852 | 255,745 | |
| | | earnings | 060 | 269 | | | |
| | | | | | | | |
--------------------------------------------------------------------------------
| | | TOTAL | 273, | 299, | 273,783 | 300,030 | |
| | | EQUITY | 702 | 990 | | | |
--------------------------------------------------------------------------------
| | | TOTAL | 2,59 | 2,54 | 2,605,7 | 2,553,2 | |
| | | EQUITY | 3,54 | 9,25 | 53 | 28 | |
| | | AND | 8 | 4 | | | |
| | | LIABILITI | | | | | |
| | | ES | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| STATEMENT OF CHANGES | | | | | | |
| IN EQUITY | | | | | | |
--------------------------------------------------------------------------------
| | | *) | **) | | | |
--------------------------------------------------------------------------------
| | Shar | Revalua | Statut | Retain | Propos | |
| | e | tion | ory | ed | ed | |
--------------------------------------------------------------------------------
| DKK'000 | capi | reserve | reserv | earnin | divide | Total |
| | tal | s | es | gs | nds | |
--------------------------------------------------------------------------------
| Skælskør Bank Group | | | | | | |
--------------------------------------------------------------------------------
| Equity at 1 January | 37,0 | 1,471 | 0 | 231,57 | 7,400 | 277,443 |
| 2007 | 00 | | | 2 | | |
--------------------------------------------------------------------------------
| Dividend paid | | | | | -7,400 | -7,400 |
--------------------------------------------------------------------------------
| Dividend on own shares | | | | 181 | | 181 |
--------------------------------------------------------------------------------
| Disposals on | | | | -34,45 | | -34,456 |
| acquisition of own | | | | 6 | | |
| shares | | | | | | |
--------------------------------------------------------------------------------
| Additions on sale of | | | | 24,236 | | 24,236 |
| own shares | | | | | | |
--------------------------------------------------------------------------------
| Tax on gains/losses | | | | -302 | | -302 |
| realised from sale of | | | | | | |
| own shares | | | | | | |
--------------------------------------------------------------------------------
| Revaluation of | | 2,250 | | | | 2,250 |
| property | | | | | | |
--------------------------------------------------------------------------------
| Employee shares | | | | 745 | | 745 |
--------------------------------------------------------------------------------
| Reduction of income | | 105 | | -105 | | 0 |
| tax rate | | | | | | |
--------------------------------------------------------------------------------
| Profit for the year | | | | 29,893 | 7,400 | 37,293 |
--------------------------------------------------------------------------------
| Equity at 31 December | 37,0 | 3,826 | 0 | 251,76 | 7,400 | 299,990 |
| 2007 | 00 | | | 4 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity at 1 January | 37,0 | 3,826 | 0 | 251,76 | 7,400 | 299,990 |
| 2008 | 00 | | | 4 | | |
--------------------------------------------------------------------------------
| Dividend paid | | | | | -7,400 | -7,400 |
--------------------------------------------------------------------------------
| Dividend on own shares | | | | 495 | | 495 |
--------------------------------------------------------------------------------
| Disposals on | | | | -31,04 | | -31,047 |
| acquisition of own | | | | 7 | | |
| shares | | | | | | |
--------------------------------------------------------------------------------
| Additions on sale of | | | | 32,814 | | 32,814 |
| own shares | | | | | | |
--------------------------------------------------------------------------------
| Tax on gains/losses | | | | -1,659 | | -1,659 |
| realised from sale of | | | | | | |
| own shares | | | | | | |
--------------------------------------------------------------------------------
| Capital | -1,0 | | | -7,900 | | -8,900 |
| injection/reduction | 00 | | | | | |
--------------------------------------------------------------------------------
| Other adjustments | | | | 656 | | 656 |
--------------------------------------------------------------------------------
| Employee shares | | | | -622 | | -622 |
--------------------------------------------------------------------------------
| Loss for the year | | | 1,816 | -12,44 | | -10,625 |
| | | | | 1 | | |
--------------------------------------------------------------------------------
| Equity at 31 December | 36,0 | 3,826 | 1,816 | 232,06 | 0 | 273,702 |
| 2008 | 00 | | | 0 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Group financial ratios | 2008 | 2007 | 2006 | 2005 | 2004 |
--------------------------------------------------------------------------------
| In % | | | | | |
--------------------------------------------------------------------------------
| Capital adequacy ratio | 13.2 | 12.6 | 11.6 | 12.8 | 13.5 |
--------------------------------------------------------------------------------
| Core capital ratio | 7.4 | 7.3 | 8.6 | 9.8 | 13.7 |
--------------------------------------------------------------------------------
| Return on equity before tax | -6.5 | 16.5 | 18.8 | 13.6 | 14.4 |
--------------------------------------------------------------------------------
| Return on equity after tax | -3.7 | 12.9 | 14.6 | 10.4 | 10.9 |
--------------------------------------------------------------------------------
| Income/cost ratio | 0.88 | 1.44 | 1.49 | 1.40 | 1.42 |
--------------------------------------------------------------------------------
| Interest rate risk | 3.0 | 1.1 | 1.7 | 2.5 | 1.7 |
--------------------------------------------------------------------------------
| Foreign currency position | 90.9 | 41.1 | 9.2 | 10.8 | 9.6 |
--------------------------------------------------------------------------------
| Foreign currency risk | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 |
--------------------------------------------------------------------------------
| Loans and advances as a ratio to | 129.9 | 128.7 | 113.0 | 105.3 | 89.0 |
| deposits | | | | | |
--------------------------------------------------------------------------------
| Loans and advances as a ratio to | 6.9 | 6.2 | 5.5 | 4.9 | 3.7 |
| equity | | | | | |
--------------------------------------------------------------------------------
| Growth in loans and advances for | 1.01 | 22.1 | 23.7 | 37.3 | 23.4 |
| the year | | | | | |
--------------------------------------------------------------------------------
| Excess cover relative to | 40.9 | 35.2 | 13.3 | 39.0 | 75.2 |
| statutory liquidity requirements | | | | | |
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| Total amount of large | 135.7 | 134.0 | 100.4 | 64.2 | 69.2 |
| commitments | | | | | |
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| Share of receivables at reduced | 3.9 | 0.4 | 0.4 | 0.6 | 1.2 |
| interest rate | | | | | |
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| Impairment ratio for the year | 1.4 | 0.4 | 0.3 | 0.0 | 0.5 |
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| Accumulated impairment ratio | 2.1 | 0.9 | 0.9 | 0.8 | 1.9 |
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| Earnings per share for the year | -6.1 | 20.9 | 21.2 | 13.7 | 12.9 |
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| Book value per share | 162 | 170 | 153 | 134 | 125 |
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| Dividend per share | 0 | 4 | 4 | 3 | 1 |
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| Price/earnings per share | -15.0 | 11.8 | 13.6 | 17.3 | 13.0 |
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| Price/book value per share | 0.6 | 1.5 | 1.9 | 1.8 | 1.3 |
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| Price at year-end | 92 | 246 | 287 | 237 | 168 |
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| Number of employees (average) | 113 | 110 | 113 | 107 | 90 |
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| The Bank changed its accounting | | | | | |
| policies in 2005. | | | | | |
| Financial highlights for 2004 | | | | | |
| have not been restated to | | | | | |
| reflect the new accounting | | | | | |
| policies for financial assets | | | | | |
| and liabilities. | | | | | |
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