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| Name | Symbol | Market | Type |
|---|---|---|---|
| Citi Fun 26 | LSE:AS60 | London | Medium Term Loan |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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Sampo Bank Plc Interim Report 1.1. - 30.6.2007
SAMPO BANK GROUP IN JANUARY - JUNE 2007
Changes in Group structure
Danske Bank A/S bought all shares in Sampo Bank on 1 February 2007.
At the same time Baltic banks were moved directly to the
consolidation group of Danske Bank. The investment services companies
continued to be part of the Sampo Bank Group. The business of
Mandatum & Co Ltd was sold to Danske Bank Helsinki branch on 2 May
2007. ZAO Danske Bank (formerly ZAO Profibank) in Russia continued as
subsidiary of Sampo Bank.
Sales profit and result of Baltic banks as well as Mandatum & Co Ltd
are presented in the income statement as discontinued operations. The
changes in Group structure have effect on the comparability of the
numbers.
Result
Sampo Bank Group's profit before taxes for January-June was EUR 582.0
million (176.3). The number contains the income from discontinued
operations, altogether EUR 460.6 million. Return on equity before tax
was 79.8 per cent (34.3). Cost-to-income-ratio was 28.3 per cent
(56.7).
Continuing operations' net interest income rose to EUR 183.2 million
(157.5) as growth in lending volumes continued. The net fee and
commission income grew to EUR 125.2 million (120.0).
Continuing operations' total operating costs amounted to EUR 254.6
million (194.2). Growth in costs (excluding impairment losses) was
EUR 33.6 million. This was largely due to integration costs.
Continuing operations' profit before taxes for January-June was EUR
121.4 million (162.0).
Balance sheet
Loans and advances increased by EUR 1,309.1 million from year-end
2006 and totalled EUR 22,868.6 million (21,559.5). Loans and advances
in Baltic banks totalled EUR 2,553.3 million in 2006.
Credit quality remained firm and net impairment on loans and
receivables was EUR 21.9 million (-4.7). Practice of impairment's
recognition was changed. One-off impairments of EUR 17.0 million were
booked
in March.
Deposits totalled EUR 11,680.1 million decreasing 7.0 per cent from
year-end 2006 (12,598.1). Deposits in Baltic banks totalled EUR
1,150.0 million in 2006.
Integration
Integration of Sampo Bank into Danske Bank goes ahead as planned. The
technical integration is intended to happen at Easter 2008. The
integration is expected to cost approximately EUR 200 million, of
which around EUR 70 million is estimated to occur in 2007.
Capital adequacy
Sampo Bank Group's capital adequacy ratio was 11.7 per cent and the
Tier 1 ratio was 9,2 per cent. The total capital included in capital
adequacy calculations amounted to EUR 1,903.7 million at the end of
June (2,123.9). The Group's risk-weighted assets totalled EUR
16,298.3 million (17,847.3). The Tier 1 does not include the profit
accumulated during the annual period.
Sampo Bank redeemed the Tier 2 debenture loan of EUR 150 million in
June.
Ratings
The ratings raised when the ownership of Sampo Bank plc was
transferred to Danske Bank on 1 February 2007. Moody's raised Sampo
Bank plc's A1 (long-term currency debt/deposit rating) to Aa2 with
stable outlook on 2 February 2007. Moody's changed its ratings
methodology during the spring, consequently Sampo Bank plc's senior
rating was first raised to Aaa on 23 February 2007 and on 10 April
2007 set to Aa1. Standard & Poor's raised Sampo Bank plc's ratings to
AA-/A-1+ with stable outlook on 7 February 2007.
Administration
After the acquisition of all shares of Sampo Bank plc by Danske Bank
A/S, Peter Straarup (chairman), Sven Lystbæk (vice chairman), Ilkka
Hallavo, Lars Stensgaard Mørch, Thomas Mitchell and Maarit Näkyvä
were elected as Board members in an extraordinary general meeting on
1 February 2007. The Board nominated Ilkka Hallavo as managing
director for the Bank on 1 February 2007 and Maarit Näkyvä as his
deputy.
The firm of authorised public accountants, Ernst & Young Oy, has
acted as Auditor for Sampo Bank plc with Kunto Pekkala, APA, as
responsible auditor.
Developments after the reporting period
The business of Mandatum Securities Ltd was sold to Danske Bank
Helsinki branch on 1 July 2007.
Outlook for the whole year
Sampo Bank Group's result for January-June includes extraordinary
items, especially the sales profit from Baltic banks. Because of this
the result for the whole year is expected to be exceptionally good.
Excluding these extraordinary items the operating profitability is
expected to remain good in 2007.
Helsinki, 9 August 2007
SAMPO BANK PLC
Board of Directors
FINANCIAL HIGHLIGHTS
1-6/2007 1-6/2006
Total income EURm 842 396
Total operating expenses EURm 238 225
Impairment on loans and receivables EURm 22 -5
Profit before taxes * EURm 582 176
Cost to income ratio % 28,3 56,7
Total assets EURm 25 845 26 627
Equity EURm 1 737 1 114
Return on equity before tax % 79,8 34,3
Capital adequacy % 11,7 10,9
Full-time-equivalent staff, end of
period 3 284 4 165
*) Sampo Bank plc's profit from sales of its subsidiary banks in
Baltics and corporate
finance as well as their operational result are included in the Group
key figures;
in the income statement they are presented as 'Discontinued
operations'.
CONSOLIDATED INCOME STATEMENT
EURm Note 1-6/2007 1-6/2006 Change
Continuing operations
Interest income 2 527,4 379,3 148,1
Interest expense -344,2 -221,8 -122,4
Net trading income 43,7 33,1 10,6
Fee income 170,1 158,3 11,8
Fee expenses -44,9 -38,3 -6,6
Net income from investments 7,1 30,9 -23,8
Other operating income 16,8 14,7 2,1
Total operating income 375,9 356,2 19,7
Staff costs -99,0 -90,2 -8,8
Other operating expenses -134,2 -109,3 -24,8
Impairment losses on loans and
receivables -21,4 5,3 -26,7
Total operating expenses -254,6 -194,2 -60,3
Profit from continuing operations
before taxes 121,4 162,0 -40,6
Taxes -30,8 -40,7 9,9
Profit from continuing operations 90,6 121,3 -30,7
Discontinued operations
Profit from discontinued operations
before taxes 1 460,6 14,3 446,3
Taxes -2,2 -0,8 -1,4
Profit from discontinued operations 458,4 13,5 444,9
Profit for the period 549,0 134,9 414,2
Attributable to
Equity holders of parent company 544,6 124,9
Minority interests 4,4 9,9
CONSOLIDATED BALANCE SHEET
EURm Note 6/2007 12/2006
Assets
Cash and balances at central banks 239,8 1 722,2
Trading portfolio assets 1 411,2 1 791,5
Financial assets at fair value through p/l 584,6 588,1
Loans and receivables 3 22 868,6 21 559,5
Investments 4 38,2 353,4
Intangible assets 34,9 64,7
Property, plant and equipment 86,2 89,9
Other assets 572,9 453,6
Tax assets 8,6 4,1
Total assets 25 845,1 26 626,9
Liabilities
Trading portfolio liabilities 707,8 507,4
Amounts owed to credit institutions and
customers 12 262,4 13 255,6
Debt securities in issue 10 126,4 10 649,1
Other liabilities 1 004,7 1 013,8
Tax liabilities 6,6 4,0
Total liabilities 24 107,8 25 429,9
Equity
Share capital 106,0 106,0
Reserves 272,1 268,6
Retained earnings 1 353,2 808,6
Equity attributable to parent company's
equity holders 1 731,4 1 183,2
Minority interests 5,9 13,7
Total equity 1 737,3 1 196,9
Total equity and liabilities 25 845,1 26 626,9
STATEMENT OF
CHANGES IN EQUITY
Fair
Share Legal value Retained Minority
EURm capital reserve reserve earnings Total interest Total
Equity at 1 Jan. 1 1
2006 106,0 271,1 1,8 622,0 001,0 16,7 017,7
Cash flow hedges:
- recognised in
equity during the
period 0,0 0,0 0,0
- recognised in
p/l -0,8 -0,8 -0,8
Financial assets
available-for-sale
- change in fair
value 12,1 12,1 12,1
- recognised in
p/l -4,9 -4,9 -4,9
Exchange rate
translation
differences
Profit for the
period 124,9 124,9 9,9 134,9
Total income and
expenses
recognised for the
period 6,5 124,9 131,4 9,9 141,4
Dividend
distribution -50,0 -50,0 -10,2 -60,2
Equity at 30 June 1 1
2006 106,0 271,1 8,3 697,0 082,4 16,5 099,0
Equity at 1 Jan. 1 1
2007 106,0 271,1 -2,5 808,6 183,2 13,7 196,9
Cash flow hedges:
- recognised in
equity during the
period
- recognised in
p/l 0,0 0,0 0,0
Financial assets
available-for-sale 0,0 0,0 0,0
- change in fair
value
- recognised in
p/l 2,8 2,8 2,8
Exchange rate
translation
differences 0,8 0,8 0,8
Profit for the
period 0,0 0,0 0,0
Total income and
expenses 544,6 544,6 4,4 549,0
recognised for the
period 3,5 544,6 548,1 4,4 552,6
Dividend
distribution 0,0 -12,2 -12,2
Share incentives 0,1 0,1 0,1
Equity at 30 June 1 1
2007 106,0 271,1 1,0 1 353,2 731,4 5,9 737,3
CASH FLOW STATEMENT
EURm 1-6/2007 1-6/2006
Cash and cash equivalents at the
beginning of the period 1 815 1 394
Cash flows from/used in
operating activities -1 520 -837
Cash flows from/used in
investing activities 440 -26
Cash flows from/used in
financing activities -430 1 241
Cash and cash equivalents at the
end of the period 305 1 771
The net cash flows of
discontinued operations 1-6/2007 1-6/2006
Cash flows from/used in
operating activities 30 49
Cash flows from/used in
investing activities 0 -2
Cash flows from/used in
financing activities -24 15
Net cash flows total 6 62
The cash flow statement reports cash flows during the period classified
by operating, investing and financing activities. Cash flows are
reported by using the indirect method. Cash flows from operating
activities derive primarily from the principal revenue-producing
activities. Cash flows from investments in subsidiaries and associated
undertakings and those from investments in intangible assets and
property, plant and equipment are presented in investing activities.
Financing activities include cash flows resulting from changes in equity
and borrowings in order to conduct the business. Cash and cash
equivalents consist of cash and balances with central banks and and
loans and advances to credit institutions repayable on demand.
NOTES
ACCOUNTING POLICIES
Sampo Bank Group's consolidated financial statements are prepared in
accordance with the IFRS-standards adopted by the EU. The interim
report has not been reviewed or audited.
In preparing the interim financial statements, substantially the same
accounting policies and methods of computation are applied as in the
financial statements for 2006. The financial statements for 2006 are
available on Sampo Bank's web site http://www.sampobank.com.
SEGMENT INFORMATION
The segment reporting of Sampo Bank Group is based on internal
business areas and on the organisational structure in 2007.
Banking in Finland and other functions includes segments private
clients, corporate and institutional clients, markets operations and
other as they were reported in the financial statements for 2006.
Integration costs is reported as a new segment. The East European
banking is presented as discontinued operations and the profit from
sales as well as the operational result are included in the Group
figures.
The inter-segment pricing is based on market prices.
In the consolidated financial statements the inter-segment
transactions, assets and liabilities have been eliminated.
JANUARY-JUNE
2007
Banking in Asset Sampo
Finland Management Integration Elimi-nations Bank
and other & Funds in Group
EURm functions Finland
Net interest
income 181,8 0,6 0,8 183,2
Other income
(net) 200,6 30,9 -0,1 -38,7 192,8
Total
operating
income 382,4 31,5 -0,1 -37,9 375,9
Total
operating
expenses -214,5 -8,5 -13,7 3,5 -233,2
Impairment
losses on
loans and
receivables -21,4 -21,4
Profit before
taxes from
continuing
oper. 146,5 22,9 -13,7 -34,4 121,4
Sales profit
from
discontin.
oper. 460,6
JUNE 30, 2007
TOTAL ASSETS 26 406 51 -612 25 845
of which loans
and advances
to credit
inst. & cust. 23 104 35 -271 22 869
TOTAL
LIABILITIES 24 566 27 -486 24 108
of which
liabilities to
credit inst. &
customers 12 538 -275 12 262
JANUARY-JUNE 2006
Banking in Asset Sampo
Finland Management Integration Eliminations Bank
and other & Funds in Group
EURm functions Finland
Net interest
income 154,8 0,3 2,4 157,5
Other income
(net) 194,1 27,6 -22,9 198,8
Total
operating
income 348,8 27,9 -20,4 356,2
Total
operating
expenses -192,5 -10,2 3,2 -199,5
Impairment
losses on
loans and
receivables 5,3 5,3
Profit before
taxes from
continuing
oper. 161,5 17,7 -17,2 162,0
Profit before
taxes from
discontin.
oper. 14,3
JUNE 30, 2006
TOTAL ASSETS 26 919 47 -1 369 25 598
of which loans
and advances
to credit
inst. & cust. 21 618 27 -1 000 20 646
TOTAL
LIABILITIES 25 632 27 -1 175 24 484
of which
liabilities to
credit inst. &
customers 14 340 -1 000 13 340
OTHER NOTES
1 DISCONTINUED OPERATIONS
EURm
Income statement of subsidiary banks in Baltics 1-6/2007 1-6/2006
Net interest income 4,7 22,7
Net income from financial transactions 1,7 4,2
Net fee and commission income 1,9 6,5
Net income from investments 0,2 0,7
Other operating income 0,1 1,0
Total operating income 8,6 35,1
Staff costs -2,0 -10,7
Other operating expenses -1,9 -12,0
Impairment losses on loans and receivables -0,5 -0,6
Total operating expenses -4,4 -23,4
Sales profit 452,3 11,7
Income statement of Mandatum & Co Oy 1-6/2007 1-6/2006
Net interest income 0,1 0,0
Net income from financial transactions 0,0 0,0
Net fee and commission income 1,3 5,0
Other operating income 8,3 0,1
Total operating income 9,7 5,1
Staff costs -1,0 -1,3
Other operating expenses -0,4 -1,2
Total operating expenses -1,4 -2,5
Sales profit 8,3 2,6
2 NET INTEREST INCOME
EURm 1-6/2007 1-6/2006
Interest income, total 520,0 359,8
Interest expenses,
total -336,8 -202,3
Net interest income 183,2 157,5
Net interest income in
income statement,
total
In net interest
income 183,2 157,5
In net income from
financial transactions 33,1 28,2
In net income from
investments 3,8 0,1
Total 220,2 185,8
3 LOANS AND RECEIVABLES
EURm 6/2007 12/2006
Loans and advances to
credit institutions
Deposits 3 018,0 206,9
Other loans 303,0 268,6
Total 3 321,1 475,5
Loans and advances to customers
By type of loan
Home loans 9 165,9 9 685,0
Consumer loans 968,8 920,4
Other retail loans 1 780,8 1 757,3
Finance lease assets 605,3 937,1
Money market loans 18,1 15,0
Other commercial loans 7 039,0 7 791,2
Allowance for
impairment -30,3 -22,2
Total 19 547,6 21 083,9
Total loans and
receivables 22 868,6 21 559,5
4 INVESTMENTS
EURm 6/2007 12/2006
Financial assets
Investments
held-to-maturity - 61,2
Financial assets
available-for-sale 27,6 279,6
Total 27,6 340,8
Other assets
Investments in
associates 10,6 12,6
Total 10,6 12,6
5 CONTINGENT LIABILITIES AND COMMITMENTS
EURm 6/2007 12/2006
Off-balance sheet
items
Guarantees 2 311,9 2 653,7
Undrawn loans,
overdraft facilities
and other commitments
to lend 3 695,3 4 092,6
- original maturity
less than one year 607,7 652,8
- original maturity
more than one year 3 087,7 3 439,8
Other irrevocable
commitments 0,1 0,1
Total 6 007,3 6 746,5
Sampo Bank Group is continually a party to various lawsuits. The
Group does not expect
the outcomes of the cases pending to have any material effect on its
financial position.
- ---END OF MESSAGE---
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