![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Name | Symbol | Market | Type |
---|---|---|---|
Credit And. A | LSE:65QM | London | Bond |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
RNS Number:6482Z Credit Andorra Preference Ltd 04 July 2007 CREDIT ANDORRA S.A. In 2006, the world economy, once more led by the United States, continued to move ahead in a balanced and dynamic way. The European Union enjoyed a framework of stable growth and consolidated its recovery. The emerging economies continued to show very high growth rates thanks to the prices of raw materials and the low interest rates which still permitted high investment levels. In spite of the apparent moderation of its economic activity and low returns on the stock market, Japan continued to grow, thanks to corporate profits and commercial exports. On top of this favourable global economic environment came the excellent performance of financialmarkets which showed very attractive returns for the fourth year in a row. Within this framework, in 2006 the Andorran economy maintained the positive trend seen in recent years. The indicators show that economic activity is well consolidated from a macroeconomic point of view. Standard & Poor's estimated a per capita income in 2006 at 36,954 dollars and classified the country with an excellent AA long-term rating and a short-term rating of A-1+. For the Credit Andorra Group, 2006 was a notable year because of two significant events: the completion of the process of integrating CaixaBank and the divestment of "la Caixa" from our organization. On December 31, we successfully finalized the process of integrating the two organizations and, as a result, we have strengthened our leadership in the Andorran market and bolstered our position in the international financial system through consolidation of the Credit Andorra Group, owned entirely by Andorran capital. The Group's operations are basically concentrated in the banking and insurance markets. The results of the integration process have been excellent. We have unified the Credit Andorra branch network under one corporate name, with a total of 21 offices and 42 automatic teller machines, and have consolidated our leadership in the Andorran banking sector with a market share of 37%. In this process, we have brought together different capabilities, have retained talent and have thus created a team of more than 400 professionals ready to look after our customers with even better personal attention and effectiveness. Furthermore, we have broadened our range of financial products and services, obtaining economies of scale and incorporating the best practices, products and services of the two organizations. We should also mention that in 2006 we continued to strengthen our progressive international growth through Crediinvest SICAV based in Luxembourg and Private International Management, an asset management company located in Switzerland. The consolidated balance sheet of the new Credit Andorra Group on December 31, 2006, shows an excellent year both in terms of income and results. Customer resources being handled went above 10,000 million euros, reaching 10,263 million euros, 9.4% more than the previous year. Growth of loan investment reached 25.8%, with a figure of 2,444 million euros and, as a result, total income rose by 12.2%, going to 12,706 million euros. The ordinary margin rose to 223.8 million euros, 12.6% more than the year before. This growth was possible thanks to the increase in commissions earned, 23.5% more than the previous year. The operating margin, after showing the impact of amortization of goodwill related to the acquisition of CaixaBank (9.8 million euros), reached 130.4 million euros, 19.1% more than in the year 2005. As a result of the abovementioned and thanks to a careful policy of containing expenses, we have reached an excellent efficiency ratio of 23.05%. After applying a prudent policy of provisions, the net consolidated result of the Credit Andorra Group was 121.3 million euros, 19.8% more than the year before. For the 17th time in a row, the international rating agency, Fitch Ratings, has given us an individual A/B rating and has classified us with a support 3 rating, a long-term A rating and a short-term F1 rating. According to Fitch, these ratings "reflect the leading position of the company in the Andorran market, its solid management and profitability, its good liquidity, its quality of assets and its prudent risk management". We should also like to point out that this year Credit Andorra was again given the award "Bank of the Year 2006 for Andorra " by the financial magazine The Banker published by the Financial Times editorial group. This is the fourth time we have won this distinction in the five years since Andorra was included in the list of participating countries (2002, 2003, 2004 and 2006). In 2006, we strengthened the management of our investment funds when Crediinvest, our fund management company, became an associate member of AIMA (Alternative Investment Management Association). We also obtained the GIPS (Global Investment Performance Standards) which ensures that yields published by our asset management company are comparable at the international level. With regard to the social and environmental commitments of the Credit Andorra Group to Andorran society, again this year we have prepared the Corporate Social Responsibility Report to make known our economic, social and environmental results with full transparency. In the area of social action, the Credit Andorra Foundation is the main driving force of our activities. The balance shown after the first operating year of the new Credit Andorra Foundation is very positive. We have consolidated the social assistance programmes, which now include management of the Data-processing and Media Library Workshop for the elderly, seminars and workshops on diseases of great social impact, and a support programme for the volunteer work of the Association of Elderly Volunteers. In the educational area, we have continued to give aid to young people of our country through the Credit Andorra Foundation scholarship programme and have actively collaborated with the University of Andorra. In the cultural field, we have participated in setting up the Fundacio Escena Nacional d'Andorra, a forward-looking project which will provide a firm base for theatre arts in our country. We have not neglected other cultural activities already well established, such as the International Narciso Yepes Festival, the International Organ Cycle of the Principality of Andorra and the annual programme of concerts, both within and beyond our borders, of the National Classical Orchestra of Andorra and the National Youth Chamber Orchestra of Andorra. In short, 2006 was a key year to define a broad project for our future which starts in 2007. The challenges that lay ahead are to maintain our position as the leading bank group in Andorra, to continue improving our customer service and to be competitive in the international financial environment. Our team of professionals is our main capability to attain these goals. The integration of the two banks involved a major internal effort throughout the year but this has borne fruit. This was possible thanks to the confidence of our customers and the involvement and efforts of our staff. Now, our goal is to continue improving each day in order to best serve our customers and our country. Establishment and Domicile The Bank is domiciliated in Av. Meritxell,80, Andorra la Vella, Principality of Andorra, telephone number +376 875 700. Legal Form The Bank was registered as a bank in the Principality of Andorra on 29th December, 1949. It is a limited liability company under Andorran law registered for an indefinite term by the Departament of Comerc of the Andorran Ministry of Economy, under number 1673 - Book B-I - page 70. Shareholders Pintat Mas Family 22,23% Employees of Credit Andorra 21,00% Maria Reig i Moles 20,00% Pintat Santolaria Family 12,05% Casal Vall Family 8,56% Casal Mor Family 7,79% Other Andorran families (less than 3%) 8,37% Statutory Auditors The auditors of the bank are Ernst & Young Ltd. (Geneva) who were appointed to audit the accounts of the bank for a period of 4 years, up to and including the financial period ending on 31st December 2006. Auditors have not resigned, been removed or re-appointed during the period covered by the historical financial information contained herein. Risk Control and Management The management and control of risk has always been a priority objective of Credit Andorra and, for this purpose, we have developed the necessary infrastructure, internal methods and controls. Policy and limits on risk are established and supervised by a committee called the Assets, Liabilities and Risks Committee (with functions equivalent to those ofALMCO, the Assets and Liabilities Management Committee). Among other functions, this committee approves risk policies affecting the management of assets and liabilities of the entity and management mandates. At the same time, the committee sets and revises the limits of balancing entries with banks and supranational entities and/or private entities. At the same time, with the aim of avoiding the concentration of risk, limits are established for issuers of financial instruments whether within or outside the Credit Andorra balance sheets. All steps taken by this committee bear in mind the rules of ANIF, the Andorran national body that carries out the tasks of regulation, control and supervision of the country's financial activities and new regulatory trends, in compliance with the directives of the New Basle Capital Accord which puts emphasis on the increasing sensitivity to risks and risk management. For some years, without ignoring classical methods of risk control, Credit Andorra has applied Value-at-Risk (VaR) methodology in all areas of risk management. Through statistical and stochastic techniques, VaR provides a measurement of risk. Formally, VaR is a synthetic figure that indicates the maximum loss to be expected for a specific interval of confidence in the value of a portfolio over a fixed time span. Management of Market Risk The market VaR is calculated daily for a timescale of one day and with a confidence interval of 95% for the portfolios of the entity as a whole. A detailed report indicating the VaR, with differing timescales and intervals of confidence, is periodically sent to members of the Executive Committee and the Assets, Liabilities and Risks Committee. These VaR measurements, along with others, make possible a test of integrity and consistency. During this period, the average daily VaR for share portfolios, calculated with a 95% interval of confidence and a timescale of one day, was 6.1 thousand euros with a maximum and minimum of 21.3 thousand euros and 0.3 thousand euros respectively, and minimum of 690.9 thousand euros and 59.3 thousand euros respectively, as compared with the authorized risk limit of one million euros. Analysis of this report is supported by Backtesting tests. In 2006, Backtesting showed that both gains and losses were in line with intervals of confidence. The daily VaR of the share portfolios as a whole, with a level of confidence of 95%, was exceeded in 6.5% of all cases throughout 2006, compared with the expected 5%. For investment portfolios as a whole, the daily VaR, with a confidence level of 95%, was exceeded in only 5% of cases during the year as against what was statistically expected. Management of Credit Risk At the end of 2006, of the total exposure to credit risk, interbank deposits represented 33%, the securities portfolio represented 16%, while customer loans accounted for the remaining 51%. So far as concerns interbank deposits and the securities portfolio, Credit Andorra has also introduced the loan VaR as a management and control tool. This calculation is carried out by applying the so-called "CreditManager" programme developed by J.P. Morgan. Credit Andorra follows the loan VaR with a timescale of one year and an interval of confidence of 99%. At year-end, the loan VaR for the securities portfolio and interbank deposits was 3,653.1 thousand euros out of a total exposure to risk of 1,152,853.6 thousand euros. This loan VaR is below the risk limit of 7,000 thousand euros set by the Assets, Liabilities and Risks Committee. Put another way, this level of loan VaR would be equal to having a portfolio with an AA rating. In credit risk, special attention is given to balancing entry risk and country risk. These are regularly monitored always with respect to established limits. Management of Interest Rate and Foreign Currency Risk Credit Andorra has traditionally paid special attention to maintaining a very strict relation between investment and how it is financed. For this reason, the Assets, Liabilities and Risks Committee has not set any ordinary limit for the establishment of open positions and therefore any gap not in keeping with the normal development of daily operations must have prior authorization. The control of these risks is maintained through the ALM II programme. Exposure to interest rate risk as a consequence of gaps between investment and financing is very limited. In fact, at the end of 2006, a displacement parallel to the interest rate curve of all currencies of 1% would have had an impact of less than 0.20% of shareholder equity. Liquidity risk, understood as that risk arising from the difficulty the entity may have in meeting its payments or in obtaining funds for that purpose, is handled through the management tools mentioned above. Foreign currency risk is also subject to daily monitoring, both with regard to transactions at sight and those at term. At year-end, the open position in foreign currency risk, consolidated in euros, was 232.0 thousand euros as against the established limit of 5 million euros. Management of Operational Risk The Basle Committee defined operational risk as the risk of direct or indirect loss caused by errors and omissions in processes, persons and internal systems or outside events. Credit Andorra has continued to develop the organizational structure and establish the necessary capacity to ensure adaptation to the Basle Capital Accord with regard to the measurement and management of operational risk. Share Capital Share capital is represented by 900,000 shares in "A" series and 100,000 shares in "E" series, each of 70 euros, fully subscribed and paid up. During the year, sale of the holding of "la Caixa" Group (46.35%) was carried out in favour of other shareholders. Management Board of Directors Chairman: Mr. Antoni Pintat i Santolaria Deputy-Chairman: Mr. Jaume Casal i Mor Secretary - CEO: Mr. Josep Peralba i Duro Members: Ms. Rosa Pintat Santolaria Ms. Maria Reig i Moles Mr. Josep Vidal i Marti Executive committee members Mr. Josep PERALBA DURO Chairman and CEO Mr. Xavier CORNELLA GRAU General Management Group Division Director Mr. Josep BRUNET NIU Global Insurance Division Director Mr. Xavier CORNELLA CASTEL Financial Division Director Mr. Agusti GARCIA PUIG General Secretariat Director Mr. Frederic GINE DUIMENGE Loan Division Director Mr. Ramon LLADOS BERNAUS Manufacturing and Human Resources Division Director Mr. Josep Lluis GRASA JORDANA Risk Management Division Director Mr. Xavier RUIZ SENA Banking Business Division Director Mr. Marti TREMOSA FITE Information Technology Division Director Certain Relationships There are no potential conflicts of interests between any duties to the bank of the members of either the Board of Directors or the Executive Board and their private interests or other duties. Significant Events following year-end In the process begun in July 2005 with the purchase of the CaixaBank Group, accounting and data-processing integration was successfully completed on January 1, 2007. This also involved changing the corporate image of the branch network. In the course of 2007, it is expected to fully complete the process of integration of the two entities which, when operating as a single body, will allow for the fullest optimization of technical and human resources. On January 1, 2007, as a consequence of the process of restructuring the entity arising from the acquisition of CaixaBank SA by Credit Andorra SA, and as a step previous to a process of externalizing the pension obligations of CaixaBank SA in a specialized Group company, these acquired obligations will be changed from forming part of a pension plan with defined benefits to a defined contributions plan through individual contracts of acceptance, signed by each of those participating. Other Matters of Interest Credit Andorra SA established the Fundacio Credit Andorra registered in the Principality of Andorra on December 15, 1987, for an indefinite period of time. The Foundation has its own legal identity, Andorran nationality and is of a private nature. This Foundation, which is a non-profit body, has as it objective to contribute to improving the quality of economic, cultural and social life in Andorra through taking on, programming, funding and carrying out of specific aims. Among these aims, we should especially mention the granting of study scholarships to those who deserve them in order to help them obtain the best possible education in whatever areas that may have an influence on the bettering of the economic, scientific, educational, cultural and services structure of the country. In 2006, always with the aim of adapting its work to the needs of the country, three major areas were the target for activities carried out by the Credit Andorra Foundation. These included its social work programmes, especially those aimed at the elderly and organizations dealing with the disabled. Another key area was in educational activities, particularly in the granting of scholarships. It was also involved in cultural activities, dealing with pedagogical aspects and all those areas directly related to the country, its history and its natural environment. Statement Credit Andorra Group ASSETS Euros (thousands) 2006 2005 Cash and deposits with OECD central banks 32,266 30,899 Deposits with Andorran National Institute of Finance (ANIF) 46,245 47,287 Financial intermediaries 1,075,878 1,126,137 Financial intermediaries at sight 91,216 59,573 Due from banks on time deposit 989,610 1,074,355 Provision for insolvencies -4,948 -7,791 Loan investments 2,429,826 1,923,743 Customer loans and credits 2,285,741 1,786,450 Overdrafts on customer accounts 117,809 121,717 Bills discounted 40,056 34,231 Provision for insolvencies -13,780 -18,655 Securities portfolio 438,185 458,257 Bonds and other fixed-income securities 340,490 364,885 Provision for insolvencies -1,686 -1,577 Provision for market fluctuations - - Investments in Group companies 13,730 13,029 Other investments 20,019 18,941 Provision for market fluctuations - - Shares and other equity securities 14,672 14,205 Provision for market fluctuations -2,109 -2,109 Investment funds 53,069 50,883 Consolidation goodwill 156,534 176,101 Consolidation goodwill 195,668 195,668 Accumulated amortization -39,134 -19,567 Intangible fixed assets & expenses to be written off 12,335 12,487 Intangible fixed assets and expenses to be written off 38,840 34,188 Accumulated depreciation -26,505 - 21,701 Fixed assets 111,955 110,821 Fixed assets 212,574 210,357 Accumulated depreciation -98,669 - 97,483 Provision for depreciation -1,950 -2,053 Accrued income & prepaid expenses 41,429 33,074 Accrued income 41,364 32,897 Prepaid expenses 65 177 Others assets 21,487 43,977 Operations in course 16,230 37,793 Stock 555 514 Options acquired 4,702 5,670 Total assets 4,366,140 3,962,783 LIABILITIES Euros (thousands) 2006 2005 Andorran National Institute of Finance (ANIF) 62,085 63,404 Creditors 3,413,776 3,082,577 Due to banks and lending institutions 155,069 203,119 Customer deposits 3,258,707 2,879,458 Bonds issued 12,318 40,945 Provision for risks & contingencies 27,825 25,053 Provision for pensions and similar obligations 25,324 20,223 Provision for contingent liabilities 893 595 Other provisions 1,608 4,235 Provision for general banking risks 68,619 60,463 Subordinated liabilities 150,000 100,000 Accrued expenses and deferred income 37,930 28,584 Accrued expenses 36,845 26,861 Deferred income 1,085 1,723 Other liabilities 30,257 44,277 Operations in course 14,707 31,373 Options issued 3,622 4,381 Suppliers and other creditors 11,928 8,523 Share capital 70,000 70,000 Reserves 421,959 391,103 Legal reserve 7,000 7,000 Guarantee reserve 33,063 33,063 Voluntary reserve 346,131 325,477 Revaluation reserve 13,934 13,934 Consolidation reserve 21,831 11,629 Income 71,371 56,377 Income for year 121,371 101,275 Income for previous years awaiting allocation - 102 Dividends paid out in advance -50,000 45,000 Total liabilities and shareholder equity 4,366,140 3,962,783 This information is provided by RNS The company news service from the London Stock Exchange END FR GGGGNZDFGNZM
1 Year Credit And. A Chart |
1 Month Credit And. A Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions