TIDM65QM
RNS Number : 8738T
Credit Andorra Preference Ltd
15 June 2009
Financial statements
CRÈDIT ANDORRÀ GROUP
During 2008, the international financial crisis has spread throughout the main
markets and has had a negative impact on the world economy and, consequently, on
all sectors and economic players, especially financial institutions.
The bursting of the speculative real estate bubble in the United States acted as
a trigger for the crisis, which worsened with a lack of regulation over subprime
mortgages and with the high debt incurred by the financial sector. The current
financial and economic situation has resulted in shrinking demand and therefore
in a slowdown in the economy and deterioration of the job market, consumption
and investment.
This has led us to an unprecedented level of instability in the financial
markets, with rocketing volatility and an aversion to risk. In 2008, the main
stock market indexes fell by around 40%, figures similar to those in 1929 and
1987.
Businesses have failed, banks have been nationalised and central banks have
intervened in the main economies, adopting policies to counteract the lack of
liquidity and to reopen interbank financial markets. Governments have improved
deposit guarantee funds, have injected public capital into banks, have approved
state guarantees and have created funds for the temporary acquisition of
financial assets. But in spite of all the measures applied, the financial crisis
has got worse, spreading to previously unaffected countries and market segments
and raising doubts as to its intensity and duration.
World growth for 2009 has been estimated at below 1%. Growth in GDP in America
and Europe is expected to be negative. The only places showing positive signs
are emerging countries, principally China, with an estimated growth rate of 6.5%
for 2009.
The Andorran economy has also been affected by this environment. Symptoms of a
slowdown continued to appear in 2008 and the main indicators suggest a reduction
in the pace of activity in all the traditional sectors that have been the
pillars of the Andorran economy, such as the financial sector, trade, tourism
and construction.
The consolidated balance sheet of the Crèdit Andorrà Group at December 31, 2008
places total volume of business at 11,715 million euros, with a notable
migration of third party off-balance-sheet resources managed, these falling by
38%, towards deposits, less risky products and therefore with less margin, which
totalled 4,879.5 million euros, 27.7% more than the previous year. This increase
in our deposit position and monetary market funds, as a defensive and prudent
measure due to the worsening of the crisis in the financial markets, has placed
us in a favourable position in terms of liquidity.
On the other hand, although the granting of loans has significantly slowed up
because of the fall in demand and because a more conservative policy has been
applied in assessing risk, leading to a more restrictive approach in granting
loans, in 2008 loans to customers actually rose by 5.5%, achieving the figure of
2,902 million euros.
Within this context, the ordinary margin was 183.3 million euros and the
operating margin, 90 million euros. Great efforts have been made to rein in
expenditure, which has allowed us to keep a good efficiency ratio of
31.26%. Consequently, the consolidated net profit for the Crèdit Andorrà SA
stands at 85 million euros.
Our solvency and liquidity ratios, at 20.37% and 70.08%, continue to be far
above the legal minimums established, which are 10% and 40%, respectively. These
indicate, on the one hand, a comfortable position in the interbank market and,
on the other hand, that customers are tending to move towards balance-sheet
assets.
Although this trend has a direct effect on the profitability of the business,
it's important to note that we have managed to keep our market share in terms of
volume of business and have improved this share in terms of net profits.
Regarding the objectives of the 2007-2010 strategic plan, particularly
significant is our internationalisation process and, specifically, our expansion
plan in Latin America and the implementation of the new IT platform.
Additionally, and in order to tackle the current economic situation, the special
step has been taken to complement this strategic plan with the start-up of a
profit improvement plan.
Financial statements
Regarding the first objective, in 2008 we have continued with our international
expansion in order to guarantee our Group's growth and competitive edge. The
Banco Crèdit Andorrà (Panamá) has been set up, starting its operations on
November 17, 2008 and since then has offered customers financial services and
overall advice. On December 18, 2008 the licence was secured to open a
representative branch in Uruguay, which will make our Group available in the
Mercosur zone.
In the area of insurance, we have started our internationalisation towards
Spain, which has taken the form of a majority investment (76%) in the holding
ERM, a consultancy firm and insurance broker based in Barcelona.
These business projects are already a reality and complement our international
presence in Switzerland (Geneva) via a private asset management firm called
Private Investment Management; in Luxembourg via two investment companies,
Crediinvest SICAV and the recently created Investcrèdit SICAV, and in Spain
(Madrid) via the Invest Funds Valira Capital Asset Management.
With regard to the second objective, the strategic plan aims to strengthen the
Bank in technological terms, allowing us to tackle, both quickly and reliably,
the future changes, international projects and constant technological innovation
of the industry. This new platform is expected to be in operation as from
January 1, 2010.
And, thirdly, a contingency plan has also been started up to minimise the impact
of the current economic situation on our profits. This plan includes initiatives
such as bad debt management, optimising banking fees and reducing expenditure.
In spite of the complexity of the economic situation, we have also achieved
significant recognition in 2008. We have been awarded The Banker prize for the
"Bank of the Year of Andorra 2008", and Crediinvest, our asset
management company, has obtained ISO 9001:2000 certification, as well as the
renewal of its GIPS certificate (Global Investment Performance Standards) and
the adoption of the principles established in the MIFID. On the other hand,
Fitch Ratings has maintained its classification for our company and, once again,
we have therefore renewed our Long-term rating of "A", our Short-term rating of
"F1", our "B" Individual rating and our Support "3" rating, with a
stable outlook. This is particularly relevant given the current state of the
international financial system. According to Fitch, these ratings continue to be
"a reflection of the leading position of company in the Andorran market,
of conservative management and solid profitability" and they confirm "the
healthy quality of the bank's assets, its significant liquidity and strong
capitalisation".
With regard to our institutional commitment to corporate social responsibility
towards our community and the environment, we are working to improve the
wellbeing and quality of life of our community, principally through the Crèdit
Andorrà Foundation. In general terms, the Group's overall investment in 2008
accounted for 1.67% of its
profits. 24% was allocated to education, 38% to culture, 20% to social
programmes, 5% to environmental collaboration and, finally, 13% to collaboration
for economic development and the international promotion of Andorra.
As the leading financial group in Andorra, our challenge is to continue as a
sustainable, benchmark company within
the international financial sector, and to ensure that this adds quality and
growth to the Andorran economy. We want to guarantee the sector's traditional
values, such as ethics, caution and professional rigour, all deeply rooted in
our business culture, and to ensure, now more than ever, that our commitment to
our customers and to our country prevails, with the will to continue being the
bank they trust.
The Board of Directors
Establishment and Domicile
The Bank is domiciliated in Avda. Meritxell,80, Andorra la Vella, Principality
of Andorra, telephone number +376 888 500.
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 Comerç of the Andorran Ministry of
Economy, under number 1673 - Book B-I - page 70.
Shareholders
Pintat Mas Family 22,23%
Employees of Crèdit Andorrà 21,00%
Maria Reig i Moles 20,00%
Pintat Santolària Family 12,05%
Casal Vall Family8,56%
Casal Mor Family 7,79%
Other Andorran families (less than 3%) 8,37%
Statutory Auditors
The auditors of the bank are KPMG (Barcelona). 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
Crèdit Andorrà Group and, with this in mind, the Bank has developed the
necessary infrastructure, internal methods and controls.
Policy and limits on risks are established and supervised by a committee called
the Assets, Liabilities and Risks Committee (with functions equivalent to those
of ALMCO, the Assets and Liabilities Management Committee). Among other
functions, this committee approves risk policies that affect the management
of assets and liabilities of the entity and management mandates. The committee
also sets and revises the limits to balancing entries with banks and
supranational entities and/or private entities. With the aim of avoiding
a concentration of risk, it also establishes limits for issuers of financial
instruments, whether within or outside the Crèdit Andorrà Group balance sheets.
All steps taken by this committee bear in mind the rules of ANIF, the Andorran
national body that regulates, controls and supervises the country's financial
activity and new regulatory trends, in compliance with the directives of the
New Basle Capital Accord, which emphasises increasing awareness of risk and risk
management.
For some years now, and without forgetting conventional methods of risk control,
Crèdit Andorrà Group has also applied Value-at-Risk (VaR) methodology to all
areas of risk management. VaR measures risk by means of statistical and
stochastic techniques. VaR takes the form of a figure that summarises the
maximum loss to be expected in the value of a portfolio over a fixed timescale
and for a specific interval of confidence.
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 entity's
portfolios as a whole. A detailed report indicating the VaR, with various
timescales and confidence intervals, is periodically sent to members of the
Executive Committee and of the Assets, Liabilities and Risks Committee.
These VaR measurements, along with others, provide 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
147.60 thousand euros, with a maximum and minimum of 597.80 thousand euros and
61.20 thousand euros respectively, compared with the authorised risk limit of
200 thousand euros.
For the securities portfolios as a whole, the average daily VaR, calculated at a
95% level of confidence, was 1,400.20 thousand euros, with a maximum and minimum
of 2,160.50 thousand euros and 520 thousand euros respectively, compared with
the authorised risk limit of 5,000 thousand euros.
An analysis of this report is supported by Backtesting methods. In 2008,
Backtesting showed that both gains and losses were more voluble than expected
statistically, due to the situations of high stress occurring in the
financial markets. The daily VaR for the share portfolios as a whole, with a 95%
level of confidence, was consequently exceeded by 6.1% of all cases throughout
2008, compared with the expected 5%. For investment portfolios as a whole, the
daily VaR was exceeded in 8.8% of all cases throughout the year, with a 95%
level of confidence.
Management of credit risk
At the end of 2008, of the total exposure to credit risk, interbank deposits
accounted for 32.5%, the securities portfolio 15.0% while customer loans
accounted for the remaining 52.5%.
With regard to interbank deposits and the securities portfolio, Crèdit Andorrà
Group also introduced the credit VaR as a management and control tool. This is
calculated by applying the so-called "CreditManager" programme developed by J.P.
Morgan. Crèdit Andorrà Group applies the credit VaR with a timescale of one year
and a confidence level of 99%.
At year-end, the credit VaR for the securities portfolio and interbank deposits
was 25,100.90 thousand euros, out of a total risk exposure of 2,337,109.70
thousand euros. This credit VaR is slightly above the risk limit of
22,000 thousand euros set by the Assets, Liabilities and Risks Committee. This
excess is due to the increase in credit spread observed in the market. In other
words, this credit VaR level would be equivalent to having a portfolio with
an average rating of AA.
Regarding credit risk, special attention is given to balancing-entry risk and
country risk. These risks are regularly monitored, always keeping within
established limits.
Management of interest rate and foreign currency risk
Crèdit Andorrà Group has traditionally paid particular attention to maintaining
a very strict relationship between investment and how it is financed. For this
reason, the Assets, Liabilities and Risks Committee has not set any ordinary
limit for establishing open positions and, as a consequence, any gap that is not
in line with the normal performance of daily operations must have prior
authorisation.
These risks are monitored and controlled via 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 2008, a displacement of 1% parallel to the
interest rate curve of all currencies would have had an impact amounting to less
than 5.3% of shareholders' equity.
Liquidity risk, understood as risk arising from any difficulty the entity may
have in meeting its payments or in
obtaining funds for that purpose, is handled via the management tools mentioned
above.
Foreign currency risk is also subject to daily monitoring, both with regard to
at-sight transactions and those at term. At year-end, the open position in
foreign currency risk, consolidated in euros, amounted to
2,816.30 thousand euros, compared with the established limit of 5 million euros.
Management of operational risk
The Basle Committee has defined operational risk as the risk of direct and
indirect loss resulting from inadequate or failed internal processes, persons
and systems or from external events.
Crèdit Andorrà Group continues to develop its organisational structure and to
establish the capacities required to ensure adaptation to the Basle Capital
Accord in terms of the measurement and management of operational risk.
Compliance with regulations
Law regulating the solvency and liquidity criteria of financial entities
At its session held on February 29, 1996, the General Council of the
Principality of Andorra passed the Law regulating the solvency and liquidity
criteria of financial entities (hereinafter "the Law").
In accordance with this Law, Crèdit Andorrà Group must maintain specific ratios
with regard to the quantitative measurement of the amounts of assets,
liabilities and certain off-balance-sheet records of the Bank
calculated according to accounting criteria, as well as qualitative options on
the various components, the valuation of risk and other factors.
According to this Law, financial entities must maintain a solvency ratio,
formulated according to the recommendations of the "Basel Committee on Banking
Supervision", with a minimum of 10% of the weighted risk of assets. Financial
entities also have to maintain a minimum liquidity ratio of 40%.
The solvency and liquidity ratios as at December 31, 2008 and 2007 are set out
below, with a comparison of the legal requirements mentioned above:
+---------------+-----------+-----------------+-----------+-------------------+
| | | Bank's current | | Legal minimum |
| | | ratio | | ratio |
+---------------+-----------+-----------------+-----------+-------------------+
| | 2008 | | 2007 | |
+---------------+-----------+-----------------+-----------+-------------------+
| Solvency | 20,37% | | 18,84% | 10% |
| ratio | | | | |
+---------------+-----------+-----------------+-----------+-------------------+
| Liquidity | 70,08% | | 60,46% | 40% |
| ratio | | | | |
+---------------+-----------+-----------------+-----------+-------------------+
It should be noted that the solvency ratio is calculated according to ANIF
Memorandum no. 159/04 on Equity Requirements. This memorandum, which is
technically binding, complements the Law regulating the solvency and liquidity
criteria of financial entities of February 29, 1996 and is designed to foster
greater security and stability in the Andorran financial system by incorporating
the hedging of market risks.
The Law also limits the concentration of risks in favour of any one beneficiary
to 20% of the Bank's equity, as well as establishing that the concentration of
any risk that individually exceeds 5% of the equity cannot go beyond the limit
of 400% of this equity. Similarly, the balances or transactions maintained with
members of the Board of Directors cannot go above 15% of the equity.
In 2008, the Group met the requirements set out in this Law. The highest
concentration of risk in favour of any single beneficiary was 18.81% of the
Group's equity. Total loans, discounts and other transactions
creating individual credit risk in excess of 5% of the Group's equity did not go
above 70.70%.
Law on international cooperation on crime and the fight against money or
security laundering arising from international crime
On July 24, 2001, the current Law on international cooperation on crime and the
fight against money and security laundering arising from international crime
came into force, replacing the previous Law, from 1995, protecting bank secrecy
and preventing money or security laundering resulting from international crime.
In compliance with this Law, the Bank has established a number of internal
control and reporting procedures aimed at protecting bank secrecy and at
foreseeing and preventing money laundering operations and the financing of
terrorism. Specific training programmes have also been carried out in this area.
At its session on December 11, 2008, the General Council of the Principality of
Andorra passed a Law amending the Law on international cooperation on crime and
the fight against money and security laundering arising from international
crime. This amendment of Andorran legislation against laundering and against
the financing of terrorism, which will come into force in the next few months,
updates the current Law, adapting it to international standards in this area
and harmonising it with the equivalent laws in Europe.
Law to Apply the Agreement between the Principality of Andorra and the European
Union on taxation of returns on savings in the form of interest payments
At its session held on February 21, 2005, the General Council of the
Principality of Andorra ratified the Agreement between the Principality of
Andorra and the European Union on the establishment of measures equivalent to
those provided for in Directive 2003/48/EC of the European Council on taxation
of savings income in the form of interest payments. Also, at its session on June
13, 2005, it passed a Law to apply the abovementioned Agreement.
During the year, Crèdit Andorrà Group, in its role as payment agent, fulfilled
all the obligations set out in the Agreement and the Law dealing with its
application and duly paid the amount withheld as established in the
abovementioned legislation.
Significant events following year-end
Based on the proposal by the Finance Ministry, in its session held on July 23,
2008, the government passed the General Accounting Plan. This General Accounting
Plan applies to the preparation of financial statements of all companies, in
accordance with that provided for in Law 30/2007 on company accounting, apart
from banking entities and other entities operating within the financial system.
This Decree entered into force on January 1, 2009 and must be applied to
accounting years starting as from this date.
In its session held on June 12, 2008, the General Council passed Law 10/2008
regulating mutual funds under Andorran law. This Law aims to protect investors
and ensure transparency, as well as ensuring that the mutual fund market
operates satisfactorily. A period of one year from this Law coming into force
has been stablished to carry out the necessary adaptations and to apply for
the corresponding ANIF registration of mutual funds under Andorran law or under
foreign law when managed or distributed in Andorra within the corresponding
category.
The Group expects to be adapted to the requirements of this new Law within the
period of time provided.
Other matters of interest
Crèdit Andorrà Group established the Fundació Crèdit Andorrà SA, registered in
the Principality of Andorra on December 15, 1987, for an indefinite period of
time. The Foundation has its own legal identity, is of Andorran nationality and
of a private nature.
This Foundation, which is a non-profit organisation, aims to contribute to
improving the quality of economic, cultural and social life in Andorra by taking
on, programming, funding and carrying out specific goals. Among these goals, of
particular note is the granting of scholarships to deserving students in order
to help them get the best possible education in any areas that may have an
influence on the bettering of the economic, scientific, educational, cultural
and services structure of the country.
In 2008, and always with the aim of adapting its work to the needs of the
country, the activities carried out by
Fundació Crèdit Andorrà SA focused on three major areas. These included its
social work programme, particularly actions aimed at the elderly and
organisations dealing with the disabled; education, particularly the granting
of scholarships, and also cultural activities, dealing with pedagogical aspects
and all those areas directly related to the country, its history and its natural
environment.
On the coming into force of the new Law 11/2008, dated June 12, on Foundations,
the entity expects to be ready to adapt its Articles of Association and to enter
it in the Foundation Register by June 30, 2009.
Management
Board of Directors
+----------------------+------------------+
| Chairman | Antoni Pintat |
| | Santolària |
+----------------------+------------------+
| Vice-chairman | Jaume Casal Mor |
+----------------------+------------------+
| Chief Executive | Josep Peralba |
| Officer/Secretary | Duró |
+----------------------+------------------+
| Board member | Rosa Pintat |
| | Santolària |
+----------------------+------------------+
| Board member | Maria Reig Moles |
+----------------------+------------------+
| Board member | Josep Vidal |
| | Martí |
+----------------------+------------------+
Executive committee members at dec.31.2008
+--------------------------+--------------------------------------------+
| Mr. Josep PERALBA DURÓ | C.E.O. |
+--------------------------+--------------------------------------------+
| Mr. Xavier CORNELLA GRAU | Corporate Assistant General Manager |
+--------------------------+--------------------------------------------+
| Mr. Josep BRUNET NIU | Insurance Group Director |
+--------------------------+--------------------------------------------+
| Mr. Xavier CORNELLA | Financial Division Director |
| CASTEL | |
+--------------------------+--------------------------------------------+
| Mr. Agustí GARCIA PUIG | General Secretary to the C.E.O. |
+--------------------------+--------------------------------------------+
| Mr. Frederic GINÉ | Comercial Credit Control Director |
| DIUMENGE | |
+--------------------------+--------------------------------------------+
| Mr. Ramon LLADOS BERNAUS | Director of Organizational Resources |
+--------------------------+--------------------------------------------+
| Mr. Josep Lluis GRASA | Director of Accounting, Reporting and |
| JORDANA | Corporate Risk Division |
+--------------------------+--------------------------------------------+
| Mr. Xavier RUIZ SENA | Director, Banking Business Division |
+--------------------------+--------------------------------------------+
| Mr. Martí TREMOSA FITÉ | Systems Division Director |
+--------------------------+--------------------------------------------+
Share capital
Share capital is represented by 790,000 shares "A" series and 210,000 shares "E"
series, each of 70 euros, fully subscribed and paid up. Both series have the
same economic and policy-making rights, the latter series being syndicated.
Legal reserve
In compliance with the Law on public limited companies and limited liability
companies passed by the General Council on October 18, 2007, a legal reserve
must be established of a minimum of 10% of the profit until 20% of the share
capital has been reached. As at December 31, 2008 the company had not set up
this reserve, although the proposed distribution of profits includes compliance
with this Law.
Guarantee reserve
In accordance with Andorran legislation passed in 1995, Crèdit Andorrà Group has
established a guarantee reserve for deposits and other operational obligations
of 33,063 thousand euros (2007: 33,063 thousand euros). This reserve cannot be
distributed.
Revaluation reserve
This reserve corresponds to two revaluations:
The first, totalling 13,934 thousand euros, corresponds to revaluations of
buildings for own use acquired or built before December 31, 1989.
The second, totalling 101,628 thousand euros, corresponds to the revaluation
authorised by the ANIF on June 12, 2008 of the land, building work and
installations of working and non-working fixed assets.
Consolidation reserves
The consolidation reserves correspond to profits accrued in previous years by
Group companies that form part of the consolidation scope, from the date of
their acquisition or constitution up to December 31, 2007, that have not been
distributed as dividends.
Subordinated liabilities
On October 26, 2005, the ANIF Board of Governors agreed to authorise the issue
of preferred shares by Crèdit Andorrà SA Preference Ltd., to be accounted for as
Tier 1 type regulatory capital of the Crèdit Andorrà SA Group.
In accordance with this ANIF authorisation, on December 22, 2005 Crèdit Andorrà
Preference Ltd. carried out an issue of 100 million euros in preferred shares,
without voting rights and with a specified annual dividend of 5% in the first
three years following issue, thereafter varying annually with reference to the
CMS 10-year rate plus 30 basis points, with a maximum of 8%, adjusted for the
number of days during the year when the CMS 10-year rate is equal to or higher
than the CMS 2-year rate.
On January 25, 2006, the ANIF Board of Governors agreed to authorise an increase
in the preferred share issue by Crèdit Andorrà Preference Ltd. amounting to an
additional 50 million euros, given that the other components of the equity of
Crèdit Andorrà SA continued to account for around 70% of the Group's total
shareholder equity. These preferred shares are identical in nature to those of
the first issue.
Crèdit Andorrà Preference Ltd. is a wholly-owned subsidiary of Crèdit Andorrà SA
and the aforementioned issue has the joint, several and irrevocable guarantee of
Crèdit Andorrà SA, as indicated in the corresponding prospectus for the issue.
This issue of a perpetual nature was fully taken up by third parties outside the
Group and may be fully written off should the issuing company so decide, with
authorisation from ANIF, six years after it has been paid up.
This year Fitch Ratings has maintained the A- rating for this preferred share
issue.
Provision for general banking risks
The Group makes provision for general banking risks corresponding to the funds
allocated by the Bank for reasons of prudence, given the risks inherent in its
banking activity, as well as the credit and liquidity risk associated with the
portfolio of unlisted shares or with low market liquidity. Consequently, the
part related to the risks of unlisted securities (19,344 thousand euros) is not
taken into account when determining the capital base for calculating
the solvency ratio.
English translation
These consolidated financial statements are a free translation of the
consolidated financial statements originallyissued in Catalan. In the event of a
discrepancy, the Catalan language version prevails. These consolidated
financial statements are presented in conformity with the accounting principles
and valuation criteria established by the Accounting Plan of the Andorran
Financial System. Certain accounting practices applied by the Group that conform
with the Accounting Plan of the Andorran Financial System may not conform with
generally accepted accounting principles in other countries.
Statement
Crèdit Andorrà Group
+-------------+----------+----------+-----------+-----------+-+-------------------+
| | | | | | Euros (thousands) |
+-------------+----------+----------+-----------+-----------+---------------------+
| ASSETS | | | | 2008 | | 2007 (*) |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Cash and deposits with OECD | | 31,496 | | 19,349 |
| central banks | | | | |
+-----------------------------------+-----------+-----------+-+-------------------+
| | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Deposits with Andorran National Institute of | 46,245 | | 46,245 |
| Finance (ANIF) | | | |
+-----------------------------------------------+-----------+-+-------------------+
| | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Financial | | | 1,677,766 | | 1,210,077 |
| intermediaries | | | | | |
+------------------------+----------+-----------+-----------+-+-------------------+
| Financial | | | 134,706 | | 73,481 |
| intermediaries at | | | | | |
| sight | | | | | |
+------------------------+----------+-----------+-----------+-+-------------------+
| Due from banks on time | | | 1,550,814 | | 1,142,305 |
| deposit | | | | | |
+------------------------+----------+-----------+-----------+-+-------------------+
| Provision for | | | -7,754 | | -5,709 |
| insolvencies | | | | | |
+------------------------+----------+-----------+-----------+-+-------------------+
| | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Loan investments | | | 2,882,289 | | 2,732,012 |
+------------------------+----------+-----------+-----------+-+-------------------+
| Customer loans and | | | 2,694,799 | | 2,602,980 |
| credits | | | | | |
+------------------------+----------+-----------+-----------+-+-------------------+
| Overdrafts on customer accounts | | 178,391 | | 112,353 |
+-----------------------------------+-----------+-----------+-+-------------------+
| Bills | | | | 29,598 | | 35,103 |
| discounted | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Provision for | | | -20,499 | | -18,424 |
| insolvencies | | | | | |
+------------------------+----------+-----------+-----------+-+-------------------+
| | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Securities portfolio | | | 888,364 | | 528,632 |
+------------------------+----------+-----------+-----------+-+-------------------+
| Bonds and other fixed-income | | 816,360 | | 418,895 |
| securities | | | | |
+-----------------------------------+-----------+-----------+-+-------------------+
| Provision for | | | -2,654 | | -2,344 |
| insolvencies | | | | | |
+------------------------+----------+-----------+-----------+-+-------------------+
| Provision for market | | | - | | -5,563 |
| fluctuations | | | | | |
+------------------------+----------+-----------+-----------+-+-------------------+
| | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Investments in Group companies | | 22,118 | | 18,747 |
+-----------------------------------+-----------+-----------+-+-------------------+
| Other investments | | | 24,827 | | 25,182 |
+------------------------+----------+-----------+-----------+-+-------------------+
| Provision for market | | | - | | - |
| fluctuations | | | | | |
+------------------------+----------+-----------+-----------+-+-------------------+
| | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Shares and other equity | | 14,844 | | 14,948 |
| securities | | | | |
+-----------------------------------+-----------+-----------+-+-------------------+
| Provision for market | | | -2,143 | | -2,109 |
| fluctuations | | | | | |
+------------------------+----------+-----------+-----------+-+-------------------+
| | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Investment | | | | 15,012 | | 60,876 |
| funds | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Intangible assets and expenses to be | 133,679 | | 149,678 |
| amortized | | | |
+-----------------------------------------------+-----------+-+-------------------+
| Goodwill | | | | 195,668 | | 195,668 |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Intangible assets and expenses to be written | 52,225 | | 43,889 |
| off | | | |
+-----------------------------------------------+-----------+-+-------------------+
| Accumulated | | | -114,214 | | -89,879 |
| depreciation | | | | | |
+------------------------+----------+-----------+-----------+-+-------------------+
| | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Fixed | | | | 247,229 | | 111,545 |
| assets | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Fixed | | | | 360,154 | | 218,686 |
| assets | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Accumulated | | | -112,925 | | -105,191 |
| depreciation | | | | | |
+------------------------+----------+-----------+-----------+-+-------------------+
| Provision for | | | - | | -1,950 |
| depreciation | | | | | |
+------------------------+----------+-----------+-----------+-+-------------------+
| | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Accrued income and prepaid | | 69,389 | | 80,277 |
| expenses | | | | |
+-----------------------------------+-----------+-----------+-+-------------------+
| Accrued | | | | 62,129 | | 79,563 |
| income | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Prepaid expenses | | | 7,260 | | 714 |
+------------------------+----------+-----------+-----------+-+-------------------+
| | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Other | | | | 41,523 | | 32,313 |
| assets | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Operations in course | | | 37,430 | | 27,759 |
+------------------------+----------+-----------+-----------+-+-------------------+
| Stock | | | | 583 | | 552 |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Options purchased | | | 3,510 | | 4,002 |
+------------------------+----------+-----------+-----------+-+-------------------+
| | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Total | | | | 6,017,980 | | 4,910,128 |
| assets | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| (*) Shown solely for purposes of | | | | |
| comparison. | | | | |
+-----------------------------------+-----------+-----------+-+-------------------+
| | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| | | | | | Euros (thousands) |
+-------------+----------+----------+-----------+-----------+---------------------+
| LIABILITIES | | | | 2008 | | 2007 (*) |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Andorran National Institute of | | 61,020 | | 63,217 |
| Finance (ANIF) | | | | |
+-----------------------------------+-----------+-----------+-+-------------------+
| | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Creditors | | | | 4,885,100 | | 3,943,713 |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Banks and lending | | | 5,633 | | 122,173 |
| institutions | | | | | |
+------------------------+----------+-----------+-----------+-+-------------------+
| Customer deposits | | | 4,879,467 | | 3,821,540 |
+------------------------+----------+-----------+-----------+-+-------------------+
| | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Bonds | | | | 83,504 | | 16,312 |
| issued | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Provision for risks and | | 2,742 | | 2,918 |
| contingencies | | | | |
+-----------------------------------+-----------+-----------+-+-------------------+
| Provision for pensions and | | - | | - |
| similar obligations | | | | |
+-----------------------------------+-----------+-----------+-+-------------------+
| Provision for contingent | | 392 | | 912 |
| liabilities | | | | |
+-----------------------------------+-----------+-----------+-+-------------------+
| Other | | | | 2,350 | | 2,006 |
| provisions | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Provision for general banking | | 53,281 | | 64,620 |
| risks | | | | |
+-----------------------------------+-----------+-----------+-+-------------------+
| | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Subordinated | | | 150,000 | | 150,000 |
| liabilities | | | | | |
+------------------------+----------+-----------+-----------+-+-------------------+
| | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Accrual accounts | | | 52,268 | | 37,656 |
+------------------------+----------+-----------+-----------+-+-------------------+
| Accrued expenses | | | 51,165 | | 36,431 |
+------------------------+----------+-----------+-----------+-+-------------------+
| Deferred | | | | 1,103 | | 1,225 |
| income | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Other | | | | 43,869 | | 37,458 |
| liabilities | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Operations in course | | | 26,549 | | 19,526 |
+------------------------+----------+-----------+-----------+-+-------------------+
| Options | | | | 2,498 | | 2,885 |
| issued | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Suppliers and other | | | 14,822 | | 15,047 |
| creditors | | | | | |
+------------------------+----------+-----------+-----------+-+-------------------+
| | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Minority | | | | 801 | | - |
| interest | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Share | | | | 70,000 | | 70,000 |
| capital | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Reserves | | | | 565,390 | | 448,233 |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Legal | | | | 7,000 | | 7,000 |
| reserve | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Guarantee reserve | | | 33,063 | | 33,063 |
+------------------------+----------+-----------+-----------+-+-------------------+
| Voluntary | | | | 377,850 | | 361,196 |
| reserve | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Revaluation reserve | | | 115,562 | | 13,934 |
+------------------------+----------+-----------+-----------+-+-------------------+
| Consolidation reserve | | | 31,915 | | 33,040 |
+------------------------+----------+-----------+-----------+-+-------------------+
| | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Income | | | | 50,005 | | 76,001 |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Income for | | | | 85,005 | | 128,001 |
| year | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Income from previous years awaiting | - | | - |
| allocation | | | |
+-----------------------------------------------+-----------+-+-------------------+
| Dividends paid out in | | | -35,000 | | -52,000 |
| advance | | | | | |
+------------------------+----------+-----------+-----------+-+-------------------+
| | | | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
| Total liabilities 6,017,980 | | 6,017,980 | | 4,910,128 |
| 4,910,128 | | | | |
+-----------------------------------+-----------+-----------+-+-------------------+
| (*) Shown solely for purposes of | | | | |
| comparison. | | | | |
+-------------+----------+----------+-----------+-----------+-+-------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACSCKPKNABKKQAD
Credit And. A (LSE:65QM)
Historical Stock Chart
From Dec 2024 to Dec 2024
Credit And. A (LSE:65QM)
Historical Stock Chart
From Dec 2023 to Dec 2024
