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| Toy.mf.n. 23 | LSE:70NN | London | Medium Term Loan |
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TIDM70NN
RNS Number : 5959H
Skipton Building Society
24 February 2010
SKIPTON INCREASES GROUP PROFITS TO GBP63M DESPITE DIFFICULT MARKET CONDITIONS -
AS SOCIETY ANNOUNCES PLANNED MERGER WITH CHESHAM
Skipton Building Society's annual results show its financial strength has
increased significantly, despite one of the most volatile trading environments
in its history.
The news comes as Skipton announces plans to merge with Chesham Building
Society, creating an enlarged mutual focused on offering outstanding products
and services to 21,000 more members.
Financial Performance in the year to 31 December 2009 at a glance:
Improved profits
· Total Group pre-tax profit up by GBP41.0m to GBP63.5m (2008: GBP22.5m);
· Group pre-tax profit from continuing operations up GBP0.1m to GBP18.0m
(2008: GBP17.9m).
Improved capital strength
· Core Tier One capital ratio up 9% to 9.4% (2008: 8.6%);
· Tier One capital ratio up 20% to 10.8% (2008: 9.0%);
· Solvency ratio up 18% to 14.5% (2008: 12.3%).
Strengthened retail savings franchise
· Retail balances increased by GBP2.3bn, or 29%, to GBP10.5bn. Saving
membership up by 145,000 to 700,000.
Prudent, measured growth in mortgage assets
· Group mortgage assets increased by GBP1.3bn to GBP10.7bn, mainly as a
result of the Scarborough merger.
Reduced reliance on wholesale funding
· 79% of funding now comes from retail balances (2008: 69%).
Maintained high levels of liquidity
· Liquidity represents 29% of shares, deposits and liabilities (2008: 29%).
Business Highlights:
· The merger with Scarborough Building Society completed on 30 March 2009,
boosting the Society's assets by GBP2.6bn at that date;
· The acquisition of GBP723m of retail savings from Capital One by our
Castle Money brand brought over 45,000 new members onboard;
· Net interest income reduced by GBP33m from GBP86m to GBP53m due to
operating in a low interest rate environment, the cost of holding high-quality,
highly liquid balances compared to the cost of funding, and maintaining
competitive rates paid to savers;
· Our estate agency business, Connells, produced an exceptional trading
performance, recording a profit of GBP54.1m (2008: GBP10.4m), due to improved
trading conditions and tight cost control; and
· The sale of our credit and marketing services subsidiary, Callcredit
Information Group, in December, boosted profits by approximately GBP40m and
increased capital.
The Group's ongoing success is down to its uniquely diversified business model -
as well as a pragmatic approach to decision making and a clear plan for steering
the business through the further challenges which undoubtedly lie ahead in the
marketplace, according to Group Chief Executive David Cutter.
And despite the positive performance, he emphasised the need for continued
caution and tough decisions, where necessary, to ensure the Group - and the
building society at its heart - continue to prosper for the benefit of members.
"Skipton has coped well over the past year, achieving significant year-on-year
improvements in our financial performance," David commented.
"We have increased our total Group profits and boosted our capital in a year
that will be remembered for the impact of the worst financial crisis in almost a
century.
"Our success amid these extreme trading conditions reaffirms the robustness of
the Group's diversified business model. However, the Society itself experienced
a material reduction in net interest margin. While the Group fulfilled one of
its purposes by providing a supportive financial cushion, we have taken prudent
action to widen the margin in the long-term best interests of the Society.
"In addition, uncertainties remain regarding the economy; the Government's
finances; the impact of an historic Quantitative Easing programme, and the
distortions in the UK savings market. We therefore remain vigilant."
David continued: "That is why we announced steps, after the end of the financial
year, which will enable the Society to combat the challenges it faces in the
current, exceptional economic environment - characterised by historically low
interest rates and a distorted retail savings market.
"These steps include increasing our mortgage Standard Variable Rate (SVR) from
3.5% to 4.95% from 1 March 2010 and the announcement of 90 redundancies within
the Society.
"There is a growing risk that any GDP recovery will be anaemic and slow. Our
members can rest assured that Skipton will continue to take whatever proactive
steps are required to ensure their Society's continued prosperity as a leading
independent UK mutual, in their long-term best interests."
Merger with Chesham Building Society
Skipton is to merge with Chesham Building Society, creating a Society with over
GBP15bn of assets and a 92-strong branch network. Subject to confirmation by the
Financial Services Authority (FSA) and approval by Chesham members, the merger
is expected to become effective on 1 June 2010. Full details are being
communicated to Chesham members next week. Skipton will be writing to all its
members with more details as part of its AGM magazine mailing in mid March.
The two societies share a similar ethos, centred on offering outstanding service
to their members and supporting the communities in which they operate. Chesham
already has a working relationship with Skipton as it uses an IT platform
provided by a subsidiary within the Skipton Group. As well as providing three
new branches for members, the merger will further improve Skipton's capital
position.
Skipton have committed to retaining Chesham's three branches for 12 months from
the date of merger, after which they will be subject to the Society's ongoing
branch review process. There will also be no compulsory redundancies among
branch staff as a result of the merger. Chesham members will be able to transact
in any branch of the enlarged Society from merger date.
David said: "We have always made it clear that we would consider further merger
activity where it is in the best interests of our members. We look forward to
welcoming Chesham's members on board and believe this union will provide
positive product and service benefits for the combined customer base of the
enlarged Society."
Paul Kilbride, Chief Executive of Chesham Building Society, added: "The Chesham
Board firmly believes that the clear benefits of being part of a larger building
society with broader funding sources and a larger capital base, while preserving
the current levels of customer service and offering an extended range of good
value products, are in the best interests of its members.
"A merger with Skipton will result in Chesham's members having access to
Skipton's large branch network, its postal and telephone investment service,
internet facilities, and to a broader range of products and services, from the
time when the merger becomes effective."
ENDS
For further information or to arrange interviews, please contact the Skipton
Press Office on
08456 017247,
email newsline@skipton.co.uk or visit the press section of
our website at www.skipton.co.uk
Tracy Fletcher, Head of Corporate Communications
Tel: 01756 705855
If outside Press Office hours (8am - 6pm, Monday to Friday), please call 07867
851628
Skipton Building Society
Results for the year ended 31 December 2009
Consolidated income statement
+--------------------------------------+---------+--------------------------------------+---------------+
| | | | Re-presented* |
+ + +--------------------------------------+---------------+
| | | 2009 | 2008 |
+ + +--------------------------------------+---------------+
| | | GBPm | GBPm |
+--------------------------------------+---------+--------------------------------------+---------------+
| Continuing operations | | | |
+--------------------------------------+---------+--------------------------------------+---------------+
| Interest receivable and similar | | 421.8 | 771.4 |
| income | | | |
+--------------------------------------+---------+--------------------------------------+---------------+
| Interest payable and similar charges | | (368.5) | (683.9) |
+--------------------------------------+---------+--------------------------------------+---------------+
| Net interest receivable | | 53.3 | 87.5 |
+--------------------------------------+---------+--------------------------------------+---------------+
| Fees and commissions receivable | | 389.0 | 371.6 |
+--------------------------------------+---------+--------------------------------------+---------------+
| Fees and commissions payable | | (19.4) | (27.0) |
+--------------------------------------+---------+--------------------------------------+---------------+
| Fair value gains / (losses) on | | 3.9 | (3.3) |
| financial instruments | | | |
+--------------------------------------+---------+--------------------------------------+---------------+
| Income from shares in subsidiary | | - | - |
| undertakings | | | |
+--------------------------------------+---------+--------------------------------------+---------------+
| Profit on disposal of subsidiary | | - | 9.1 |
| undertakings | | | |
+--------------------------------------+---------+--------------------------------------+---------------+
| Share of profits from joint ventures | | 0.2 | 3.9 |
| and associates | | | |
+--------------------------------------+---------+--------------------------------------+---------------+
| Profit on disposal of associate | | - | 22.3 |
+--------------------------------------+---------+--------------------------------------+---------------+
| Other operating income | | 13.0 | 10.4 |
+--------------------------------------+---------+--------------------------------------+---------------+
| Total income | | 440.0 | 474.5 |
+--------------------------------------+---------+--------------------------------------+---------------+
| Administrative expenses | | (383.7) | (389.7) |
+--------------------------------------+---------+--------------------------------------+---------------+
| Impairment losses on loans and | | (43.6) | (34.6) |
| advances | | | |
+--------------------------------------+---------+--------------------------------------+---------------+
| Impairment recoveries / (losses) on | | 1.3 | (11.5) |
| debt securities | | | |
+--------------------------------------+---------+--------------------------------------+---------------+
| Provisions for liabilities | | 4.0 | (20.8) |
+--------------------------------------+---------+--------------------------------------+---------------+
| Provisions against investment in | | - | - |
| subsidiary undertakings | | | |
+--------------------------------------+---------+--------------------------------------+---------------+
| Provisions against loans to | | - | - |
| subsidiary undertakings | | | |
+--------------------------------------+---------+--------------------------------------+---------------+
| Profit before tax | | 18.0 | 17.9 |
+--------------------------------------+---------+--------------------------------------+---------------+
| Tax (expense) / income | | (4.3) | 2.8 |
+--------------------------------------+---------+--------------------------------------+---------------+
| Profit for the financial year from | | 13.7 | 20.7 |
| continuing operations | | | |
+--------------------------------------+---------+--------------------------------------+---------------+
| | | | |
+--------------------------------------+---------+--------------------------------------+---------------+
| Discontinued operation | | | |
+--------------------------------------+---------+--------------------------------------+---------------+
| Profit from discontinued operation | | 43.9 | 3.1 |
+--------------------------------------+---------+--------------------------------------+---------------+
| Profit for the financial year | | 57.6 | 23.8 |
+--------------------------------------+---------+--------------------------------------+---------------+
| | | | |
+--------------------------------------+---------+--------------------------------------+---------------+
| Profit for the financial year | | | |
| attributable to: | | | |
+--------------------------------------+---------+--------------------------------------+---------------+
| Members of Skipton Building Society | | | |
+--------------------------------------+---------+--------------------------------------+---------------+
| Profit for the financial year from | | 13.5 | 19.7 |
| continuing operations | | | |
+--------------------------------------+---------+--------------------------------------+---------------+
| Profit for the financial year from | | 43.9 | 3.1 |
| discontinued operations | | | |
+--------------------------------------+---------+--------------------------------------+---------------+
| | | 57.4 | 22.8 |
+--------------------------------------+---------+--------------------------------------+---------------+
| Non-controlling interests | | | |
+--------------------------------------+---------+--------------------------------------+---------------+
| Profit for the financial year from | | 0.2 | 1.0 |
| continuing operations | | | |
+--------------------------------------+---------+--------------------------------------+---------------+
| | | 0.2 | 1.0 |
+--------------------------------------+---------+--------------------------------------+---------------+
| | | 57.6 | 23.8 |
+--------------------------------------+---------+--------------------------------------+---------------+
* 2008 has been re-presented in accordance with IFRS 5, Non-current Assets Held
for Sale and Discontinued Operations, to reflect the disposal of the 'Credit &
Marketing Solutions' division, which became a discontinued operation during
2009.
Skipton Building Society
Results for the year ended 31 December 2009
Consolidated statement of comprehensive income
+-----------------------------------------------+-----------------------------------------------+--------+--------------+
| | | | Re-presented |
+ +-----------------------------------------------+--------+--------------+
| | | 2009 | 2008 |
+ +-----------------------------------------------+--------+--------------+
| | | GBPm | GBPm |
+-----------------------------------------------+-----------------------------------------------+--------+--------------+
| Profit for the financial year | | 57.6 | 23.8 |
+-----------------------------------------------+-----------------------------------------------+--------+--------------+
| Other comprehensive income: | | | |
+-----------------------------------------------+-----------------------------------------------+--------+--------------+
| Available-for-sale investments: valuation | | 9.4 | (10.5) |
| gains / (losses) taken to equity | | | |
+-----------------------------------------------+-----------------------------------------------+--------+--------------+
| Cash flow hedges: gains / (losses) taken to | | 7.1 | (22.6) |
| equity | | | |
+-----------------------------------------------+-----------------------------------------------+--------+--------------+
| Exchange differences on translation of | | 2.6 | 0.1 |
| foreign operations | | | |
+-----------------------------------------------+-----------------------------------------------+--------+--------------+
| Non-controlling interests share restructure | | (0.6) | (0.6) |
+-----------------------------------------------+-----------------------------------------------+--------+--------------+
| Actuarial loss on retirement benefit | | (17.9) | (24.1) |
| obligations | | | |
+-----------------------------------------------+-----------------------------------------------+--------+--------------+
| Income tax relating to components of other | | 0.7 | 16.2 |
| comprehensive income | | | |
+-----------------------------------------------+-----------------------------------------------+--------+--------------+
| Other comprehensive income for the year, net | | 1.3 | (41.5) |
| of tax | | | |
+-----------------------------------------------+-----------------------------------------------+--------+--------------+
| Total comprehensive income for the year | | 58.9 | (17.7) |
+-----------------------------------------------+-----------------------------------------------+--------+--------------+
| | | | |
+-----------------------------------------------+-----------------------------------------------+--------+--------------+
| Total comprehensive income attributable to: | | | |
+-----------------------------------------------+-----------------------------------------------+--------+--------------+
| Members of Skipton Building Society | | 58.7 | (18.7) |
+-----------------------------------------------+-----------------------------------------------+--------+--------------+
| Non-controlling interests | | 0.2 | 1.0 |
+-----------------------------------------------+-----------------------------------------------+--------+--------------+
| | | 58.9 | (17.7) |
+-----------------------------------------------+-----------------------------------------------+--------+--------------+
Skipton Building Society
Results for the year ended 31 December 2009
Consolidated statement of financial position
+------------------------------------+-------------+------------------------------------+-------------+
| | | | |
+ + +------------------------------------+-------------+
| | | 2009 | 2008 |
+ + +------------------------------------+-------------+
| | | GBPm | GBPm |
+------------------------------------+-------------+------------------------------------+-------------+
| Assets | | | |
+------------------------------------+-------------+------------------------------------+-------------+
| Cash in hand and balances with the | | 1,272.1 | 359.4 |
| Bank of England | | | |
+------------------------------------+-------------+------------------------------------+-------------+
| Loans and advances to credit | | 447.5 | 1,084.3 |
| institutions | | | |
+------------------------------------+-------------+------------------------------------+-------------+
| Debt securities | | 2,339.3 | 1,734.6 |
+------------------------------------+-------------+------------------------------------+-------------+
| Derivative financial instruments | | 265.5 | 429.9 |
+------------------------------------+-------------+------------------------------------+-------------+
| Loans and advances to customers | | 10,813.3 | 9,567.7 |
+------------------------------------+-------------+------------------------------------+-------------+
| Current tax asset | | 5.6 | 12.5 |
+------------------------------------+-------------+------------------------------------+-------------+
| Deferred tax asset | | 45.0 | 28.1 |
+------------------------------------+-------------+------------------------------------+-------------+
| Investments in group undertakings | | 1.7 | 1.5 |
+------------------------------------+-------------+------------------------------------+-------------+
| Intangible assets | | 182.2 | 242.5 |
+------------------------------------+-------------+------------------------------------+-------------+
| Property, plant and equipment | | 88.7 | 74.3 |
+------------------------------------+-------------+------------------------------------+-------------+
| Investment property | | 10.3 | 9.1 |
+------------------------------------+-------------+------------------------------------+-------------+
| Other assets | | 97.6 | 103.1 |
+------------------------------------+-------------+------------------------------------+-------------+
| Total assets | | 15,568.8 | 13,647.0 |
+------------------------------------+-------------+------------------------------------+-------------+
| | | | |
+------------------------------------+-------------+------------------------------------+-------------+
| Liabilities | | | |
+------------------------------------+-------------+------------------------------------+-------------+
| Shares | | 10,470.2 | 8,158.2 |
+------------------------------------+-------------+------------------------------------+-------------+
| Amounts owed to credit | | 942.2 | 690.0 |
| institutions | | | |
+------------------------------------+-------------+------------------------------------+-------------+
| Amounts owed to other customers | | 1,203.9 | 2,012.8 |
+------------------------------------+-------------+------------------------------------+-------------+
| Debt securities in issue | | 1,405.6 | 1,375.0 |
+------------------------------------+-------------+------------------------------------+-------------+
| Derivative financial instruments | | 263.7 | 280.3 |
+------------------------------------+-------------+------------------------------------+-------------+
| Other liabilities | | 89.7 | 97.8 |
+------------------------------------+-------------+------------------------------------+-------------+
| Accruals and deferred income | | 50.0 | 46.4 |
+------------------------------------+-------------+------------------------------------+-------------+
| Deferred tax liability | | 13.8 | 7.1 |
+------------------------------------+-------------+------------------------------------+-------------+
| Provisions for liabilities | | 19.3 | 24.0 |
+------------------------------------+-------------+------------------------------------+-------------+
| Retirement benefit obligations | | 47.4 | 37.9 |
+------------------------------------+-------------+------------------------------------+-------------+
| Subordinated liabilities | | 213.0 | 183.7 |
+------------------------------------+-------------+------------------------------------+-------------+
| Subscribed capital | | 83.6 | 26.3 |
+------------------------------------+-------------+------------------------------------+-------------+
| Total liabilities | | 14,802.4 | 12,939.5 |
+------------------------------------+-------------+------------------------------------+-------------+
| | | | |
+------------------------------------+-------------+------------------------------------+-------------+
| Members' interests | | |
+--------------------------------------------------+------------------------------------+-------------+
| General reserve | | 781.5 | 737.0 |
+------------------------------------+-------------+------------------------------------+-------------+
| Available-for-sale reserve | | (6.2) | (13.2) |
+------------------------------------+-------------+------------------------------------+-------------+
| Cash flow hedging reserve | | (16.0) | (21.2) |
+------------------------------------+-------------+------------------------------------+-------------+
| Translation reserve | | 3.6 | 1.0 |
+------------------------------------+-------------+------------------------------------+-------------+
| Attributable to Members of Skipton | | 762.9 | 703.6 |
| Building Society | | | |
+------------------------------------+-------------+------------------------------------+-------------+
| Non-controlling interests | | 3.5 | 3.9 |
+------------------------------------+-------------+------------------------------------+-------------+
| Total members' interests | | 766.4 | 707.5 |
+------------------------------------+-------------+------------------------------------+-------------+
| | | | |
+------------------------------------+-------------+------------------------------------+-------------+
| Total members' interests and | | 15,568.8 | 13,647.0 |
| liabilities | | | |
+------------------------------------+-------------+------------------------------------+-------------+
Skipton Building Society
Results for the year ended 31 December 2009
Consolidated statement of changes in members' interests
+-------------------------+-------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| | |
+ +---------------------------------------------------------------------------------------------------------+
| | General reserve | Available-for-sale | Cash | Translation | Sub | Non-controlling | Total |
| | | financial assets | flow | of foreign | Total | interests | |
| | | | hedges | operations | | | |
+ +-------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm |
+-------------------------+-------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Balance at 1 January | 737.0 | (13.2) | (21.2) | 1.0 | 703.6 | 3.9 | 707.5 |
| 2009 | | | | | | | |
+-------------------------+-------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Profit for the | 57.4 | - | - | - | 57.4 | 0.2 | 57.6 |
| financial year | | | | | | | |
+-------------------------+-------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Other comprehensive | | | | | | | |
| income | | | | | | | |
+-------------------------+-------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Actuarial loss on | (12.9) | - | - | - | (12.9) | - | (12.9) |
| retirement benefit | | | | | | | |
| obligations | | | | | | | |
+-------------------------+-------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Net gains from changes | - | 5.6 | 5.2 | - | 10.8 | - | 10.8 |
| in fair value | | | | | | | |
+-------------------------+-------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Exchange differences on | - | - | - | 2.6 | 2.6 | (1.1) | 1.5 |
| translation of foreign | | | | | | | |
| operations | | | | | | | |
+-------------------------+-------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Non-controlling | - | - | - | - | - | 0.5 | 0.5 |
| interests share | | | | | | | |
| restructure | | | | | | | |
+-------------------------+-------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Transfer of engagements | - | 1.4 | - | - | 1.4 | - | 1.4 |
+-------------------------+-------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Total other | (12.9) | 7.0 | 5.2 | 2.6 | 1.9 | (0.6) | 1.3 |
| comprehensive income | | | | | | | |
+-------------------------+-------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Total comprehensive | 44.5 | 7.0 | 5.2 | 2.6 | 59.3 | (0.4) | 58.9 |
| income for the year | | | | | | | |
+-------------------------+-------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Balance at 31 December | 781.5 | (6.2) | (16.0) | 3.6 | 762.9 | 3.5 | 766.4 |
| 2009 | | | | | | | |
+-------------------------+-------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| | | | | | | | |
+-------------------------+-------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| | | | | | | | |
+-------------------------+-------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| | | | | | | | |
+-------------------------+-------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| | General | Available-for-sale | Cash | Translation | Sub | Non-controlling | Total |
| | reserve | financial assets | flow | of foreign | Total | interests | |
| | | | hedges | operations | | | |
+-------------------------+-------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm |
+-------------------------+-------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Balance at 1 January | 731.4 | (5.7) | (4.9) | 0.9 | 721.7 | 3.5 | 725.2 |
| 2008 | | | | | | | |
+-------------------------+-------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Profit for the | 22.8 | - | - | - | 22.8 | 1.0 | 23.8 |
| financial year | | | | | | | |
+-------------------------+-------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Other comprehensive | | | | | | | |
| income | | | | | | | |
+-------------------------+-------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Actuarial loss on | (17.2) | - | - | - | (17.2) | - | (17.2) |
| retirement benefit | | | | | | | |
| obligations | | | | | | | |
+-------------------------+-------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Net losses from changes | - | (7.5) | (16.3) | - | (23.8) | - | (23.8) |
| in fair value | | | | | | | |
+-------------------------+-------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Exchange differences on | - | - | - | 0.1 | 0.1 | - | 0.1 |
| translation of foreign | | | | | | | |
| operations | | | | | | | |
+-------------------------+-------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Non-controlling | - | - | - | - | - | (0.6) | (0.6) |
| interests share | | | | | | | |
| restructure | | | | | | | |
+-------------------------+-------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Total other | (17.2) | (7.5) | (16.3) | 0.1 | (40.9) | (0.6) | (41.5) |
| comprehensive income | | | | | | | |
+-------------------------+-------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Total comprehensive | 5.6 | (7.5) | (16.3) | 0.1 | (18.1) | 0.4 | (17.7) |
| income for the year | | | | | | | |
+-------------------------+-------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Balance at 31 December | 737.0 | (13.2) | (21.2) | 1.0 | 703.6 | 3.9 | 707.5 |
| 2008 | | | | | | | |
+-------------------------+-------------------------+--------------------+--------+-------------+--------+-----------------+--------+
Skipton Building Society
Results for the year ended 31 December 2009
Consolidated statement of cash flows
+----------------------------------------------+----------+----------------------------------------------+----------+
| | | | |
+ + +----------------------------------------------+----------+
| | | 2009 | 2008 |
+ + +----------------------------------------------+----------+
| | | GBPm | GBPm |
+----------------------------------------------+----------+----------------------------------------------+----------+
| Cash flows from operating activities | | | |
+----------------------------------------------+----------+----------------------------------------------+----------+
| Profit before taxation from continuing | | 18.0 | 17.9 |
| operations | | | |
+----------------------------------------------+----------+----------------------------------------------+----------+
| Profit before taxation from discontinued | | 45.5 | 4.6 |
| operations | | | |
+----------------------------------------------+----------+----------------------------------------------+----------+
| Adjustments for: | | | |
+----------------------------------------------+----------+----------------------------------------------+----------+
| Impairment losses on loans and advances | | 43.6 | 34.6 |
+----------------------------------------------+----------+----------------------------------------------+----------+
| Impairment losses on debt securities | | (1.3) | 11.5 |
+----------------------------------------------+----------+----------------------------------------------+----------+
| Loans and advances written off, net of | | (29.9) | (6.5) |
| recoveries | | | |
+----------------------------------------------+----------+----------------------------------------------+----------+
| Goodwill impairment | | 12.0 | 5.9 |
+----------------------------------------------+----------+----------------------------------------------+----------+
| Depreciation and amortisation | | 23.2 | 22.8 |
+----------------------------------------------+----------+----------------------------------------------+----------+
| Interest on capital and subordinated | | 23.3 | 14.2 |
| liabilities | | | |
+----------------------------------------------+----------+----------------------------------------------+----------+
| Loss on sale of property, plant and | | 0.2 | 0.3 |
| equipment and investment property | | | |
+----------------------------------------------+----------+----------------------------------------------+----------+
| Share of profits from joint ventures and | | (0.2) | (3.9) |
| associates | | | |
+----------------------------------------------+----------+----------------------------------------------+----------+
| Profit on disposal of subsidiary | | (39.7) | (9.1) |
| undertakings | | | |
+----------------------------------------------+----------+----------------------------------------------+----------+
| Profit on sale of associate | | - | (22.3) |
+----------------------------------------------+----------+----------------------------------------------+----------+
| Other non-cash movements | | 54.2 | (145.2) |
+----------------------------------------------+----------+----------------------------------------------+----------+
| | | 148.9 | (75.2) |
+----------------------------------------------+----------+----------------------------------------------+----------+
| Changes in operating assets and liabilities: | | | |
+----------------------------------------------+----------+----------------------------------------------+----------+
| Movement in prepayments and accrued income | | 7.9 | 4.6 |
+----------------------------------------------+----------+----------------------------------------------+----------+
| Movement in accruals and deferred income | | (197.8) | 10.9 |
+----------------------------------------------+----------+----------------------------------------------+----------+
| Movement in provisions for liabilities | | (8.3) | 20.5 |
+----------------------------------------------+----------+----------------------------------------------+----------+
| Movement in loans and advances to customers | | 329.2 | (680.0) |
+----------------------------------------------+----------+----------------------------------------------+----------+
| Movement in shares | | 997.2 | 1,340.8 |
+----------------------------------------------+----------+----------------------------------------------+----------+
| Interest received from loans and advances to | | 482.4 | 564.0 |
| customers | | | |
+----------------------------------------------+----------+----------------------------------------------+----------+
| Interest paid on shares | | (283.3) | (404.9) |
+----------------------------------------------+----------+----------------------------------------------+----------+
| Net movement in amounts owed to credit | | (1,152.8) | 71.6 |
| institutions and other customers | | | |
+----------------------------------------------+----------+----------------------------------------------+----------+
| Net movement in debt securities in issue | | 47.7 | (277.0) |
+----------------------------------------------+----------+----------------------------------------------+----------+
| Net movement in loans and advances to credit | | 851.7 | (657.9) |
| institutions | | | |
+----------------------------------------------+----------+----------------------------------------------+----------+
| Purchase of mortgage portfolios | | - | (8.1) |
+----------------------------------------------+----------+----------------------------------------------+----------+
| Net movement in other assets | | 3.2 | (4.5) |
+----------------------------------------------+----------+----------------------------------------------+----------+
| Net movement in other liabilities | | 12.3 | 3.5 |
+----------------------------------------------+----------+----------------------------------------------+----------+
| Income taxes paid | | (0.3) | (20.6) |
+----------------------------------------------+----------+----------------------------------------------+----------+
| Net cash flows from operating activities | | 1,238.0 | (112.3) |
+----------------------------------------------+----------+----------------------------------------------+----------+
Skipton Building Society
Results for the year ended 31 December 2009
Consolidated statement of cash flows (continued)
+----------------------------------------------+----------+----------------------------------------------+-----------+
| | | 2009 | 2008 |
+ + +----------------------------------------------+-----------+
| | | GBPm | GBPm |
+----------------------------------------------+----------+----------------------------------------------+-----------+
| Net cash flows from operating activities | | 1,238.0 | (112.3) |
+----------------------------------------------+----------+----------------------------------------------+-----------+
| | | | |
+----------------------------------------------+----------+----------------------------------------------+-----------+
| Cash flows from investing activities | | | |
+----------------------------------------------+----------+----------------------------------------------+-----------+
| Purchase of debt securities | | (6,036.0) | (6,648.4) |
+----------------------------------------------+----------+----------------------------------------------+-----------+
| Proceeds from disposal of debt securities | | 5,771.8 | 7,016.6 |
+----------------------------------------------+----------+----------------------------------------------+-----------+
| Purchase of intangible assets | | (11.7) | (12.5) |
+----------------------------------------------+----------+----------------------------------------------+-----------+
| Purchase of property, plant and equipment | | (23.9) | (15.9) |
| and investment property | | | |
+----------------------------------------------+----------+----------------------------------------------+-----------+
| Proceeds from disposal of property, plant | | 0.9 | 4.0 |
| and equipment and investment property | | | |
+----------------------------------------------+----------+----------------------------------------------+-----------+
| Dividends paid to non-controlling interests | | - | (0.5) |
+----------------------------------------------+----------+----------------------------------------------+-----------+
| Purchase of subsidiary undertakings in the | | - | (16.5) |
| year | | | |
+----------------------------------------------+----------+----------------------------------------------+-----------+
| Cash acquired on transfer of engagements | | 17.9 | - |
+----------------------------------------------+----------+----------------------------------------------+-----------+
| Net cash acquired with subsidiary | | - | 1.3 |
| undertakings | | | |
+----------------------------------------------+----------+----------------------------------------------+-----------+
| Further investment in subsidiary | | (6.9) | (13.0) |
| undertakings | | | |
+----------------------------------------------+----------+----------------------------------------------+-----------+
| Cash received from sale of subsidiary | | 97.8 | 13.4 |
| undertakings | | | |
+----------------------------------------------+----------+----------------------------------------------+-----------+
| Debt repaid on sale of subsidiary | | (19.7) | - |
| undertakings | | | |
+----------------------------------------------+----------+----------------------------------------------+-----------+
| Cash received from sale of associate and | | - | 35.0 |
| joint venture | | | |
+----------------------------------------------+----------+----------------------------------------------+-----------+
| Net cash flows from investing activities | | (209.8) | 363.5 |
+----------------------------------------------+----------+----------------------------------------------+-----------+
| | | | |
+----------------------------------------------+----------+----------------------------------------------+-----------+
| Cash flows from financing activities | | | |
+----------------------------------------------+----------+----------------------------------------------+-----------+
| Proceeds from issue of subordinated | | - | 75.0 |
| liabilities | | | |
+----------------------------------------------+----------+----------------------------------------------+-----------+
| Redemption of subordinated liabilities | | - | (75.0) |
+----------------------------------------------+----------+----------------------------------------------+-----------+
| Interest paid on subordinated liabilities | | (16.2) | (10.9) |
+----------------------------------------------+----------+----------------------------------------------+-----------+
| Interest paid on Permanent Interest Bearing | | (7.1) | (3.2) |
| Shares | | | |
+----------------------------------------------+----------+----------------------------------------------+-----------+
| Net cash flows from financing activities | | (23.3) | (14.1) |
+----------------------------------------------+----------+----------------------------------------------+-----------+
| | | | |
+----------------------------------------------+----------+----------------------------------------------+-----------+
| Net increase in cash and cash equivalents | | 1,004.9 | 237.1 |
+----------------------------------------------+----------+----------------------------------------------+-----------+
| Cash and cash equivalents at 1 January | | 391.4 | 154.3 |
+----------------------------------------------+----------+----------------------------------------------+-----------+
| Cash and cash equivalents at 31 December | | 1,396.3 | 391.4 |
+----------------------------------------------+----------+----------------------------------------------+-----------+
Analysis of the cash balances as shown in the Statement of Financial Position:
+--------------------------------------------+--------+--------------------------------------------+--------+
| | | | |
+ + +--------------------------------------------+--------+
| | | 2009 | 2008 |
+ + +--------------------------------------------+--------+
| | | GBPm | GBPm |
+--------------------------------------------+--------+--------------------------------------------+--------+
| Cash in hand and balances with the Bank of | | 1,272.1 | 359.4 |
| England | | | |
+--------------------------------------------+--------+--------------------------------------------+--------+
| Mandatory reserve deposit with the Bank of | | (11.7) | (8.3) |
| England | | | |
+--------------------------------------------+--------+--------------------------------------------+--------+
| | | 1,260.4 | 351.1 |
+--------------------------------------------+--------+--------------------------------------------+--------+
| Loans and advances to credit institutions | | 135.9 | 40.3 |
| repayable on demand | | | |
+--------------------------------------------+--------+--------------------------------------------+--------+
| Cash and cash equivalents as at 31 | | 1,396.3 | 391.4 |
| December | | | |
+--------------------------------------------+--------+--------------------------------------------+--------+
Skipton Building Society
+------------------------------------------------+--------+--------+
| | 2009 | 2008 |
+ +--------+--------+
| | % | % |
+------------------------------------------------+------------------------------------------------+--------+
| Group net interest margin | 0.36 | 0.67 |
+------------------------------------------------+--------+--------+
| Society net interest margin | 0.21 | 0.54 |
+------------------------------------------------+--------+--------+
| Society management expenses / mean assets | 0.35 | 0.47 |
+------------------------------------------------+--------+--------+
| Group profit after tax / mean assets | 0.39 | 0.18 |
+------------------------------------------------+--------+--------+
| Total asset growth | 14.08 | 8.91 |
+------------------------------------------------+--------+--------+
| Group loans and advances growth | 13.30 | 1.04 |
+------------------------------------------------+--------+--------+
| Group share account growth | 28.84 | 12.94 |
+------------------------------------------------+--------+--------+
| Liquidity ratio | 28.95 | 28.84 |
+------------------------------------------------+--------+--------+
| Funding ratio | 20.58 | 31.02 |
+------------------------------------------------+--------+--------+
| Gross capital ratio | 7.58 | 7.50 |
+------------------------------------------------+--------+--------+
| Free capital ratio | 5.79 | 4.95 |
+------------------------------------------------+--------+--------+
| Solvency ratio | 14.48 | 12.28 |
+------------------------------------------------+--------+--------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR TIMPTMBJTMJM
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