REG - Alpha Bank A.E. - Annual Financial Report <Origin Href="QuoteRef">ACBr.AT</Origin> - Part 15
31/03/2017 07:07
- Part 15: For the preceding part double click ID:nRSe0956Bn
number of shares of Alpha Astika
Akinita D.O.O.E.L. Skopje for the amount of E 775 thousand.
aa. On 24.11.2016 the subsidiary of the Bank , Alpha Group Investments Ltd participated in the share capital increase of
the following Group subsidiaries, AEP Attikis A.E., AEP Attikis II A.E. and AEP Leivadias A.E., with the amounts of E 300
thousand, E 13.1 million and E 200 thousand respectively.
bb. On 16.12.2016, the sale of the Bank's total participation in Ionian Hotel Enterprises A.E. share capital (approx.
97.3%) was completed. The price of the above transaction reached the amount of E 76.1 million.
cc. On 19.12.2016, the subsidiary of the Bank, Alpha Group Investments Ltd participated in the share capital increase of
the following Group subsidiaries, AGI RRE Poseidon Ltd and AGI BRE Participations 2 Ltd, with the amounts of E 2.2 million
and E 2.1 million respectively.
dd. On 21.12.2016, the subsidiary of Group AGI RRE Poseidon Ltd participated in the share capital increase of the
subsidiary of Group AGI RRE Poseidon Srl with the amount of E 2.2 million.
ee. On 21.12.2016 the subsidiary of Group AGI BRE Participations 2 Ltd participated in the share capital increase of the
Group subsidiary AGI BRE Participations 2BG EOOD with the amount of E 2.1 million.
49. Restatement of financial statements
During the current period, the Group modified the way of presentation of figures related to the loyalty Bonus card program.
These figures, which up to now were included in other expenses, other income and commissions are now included as a net
amount in commission income. This modification is performed in order to reflect better the substance of the reward program.
As a result of this change, some figures of the income statement of the comparative period reformed without changing the
result.
Moreover the figures of the comparative period have been restated due to the presentation of Alpha Bank Srbija A.D. as a
discontinued operation (note 47).
Restated Income Statement and Statement of Cash Flows for the period 1.1-31.12.2015 are presented below.
Consolidated Income Statement
(Amounts in thousands of Euro)
From 1 January to 31.12.2015
Published Amounts Restatements due to changes in the presentation of figures relating to the loyalty Bonus card program Restatements due to the presentation of Alpha Bank Srbija A.D. as discontinued operation Restated amounts
Interest and similar income 3,014,436 (41,696) 2,972,740
Interest expense and similar charges (1,082,721) 7,442 (1,075,279)
Net interest income 1,931,715 (34,254) 1,897,461
Fee and commission income 383,410 (1,772) (7,847) 373,791
Commission expense (68,684) 1,237 2,297 (65,150)
Net fee and commission income 314,726 (535) (5,550) 308,641
Dividend income 3,308 - 3,308
Gains less losses on financial transactions (45,047) (1,822) (46,869)
Other income 63,202 (3,523) (1,350) 58,329
21,463 (3,523) (3,172) 14,768
Total income 2,267,904 (4,058) (42,976) 2,220,870
Staff costs (533,114) 13,488 (519,626)
Provision of Voluntary Separation Scheme (64,300) (64,300)
General administrative expenses (560,219) 4,058 16,598 (539,563)
Depreciation and amortization expenses (105,001) 2,414 (102,587)
Other expenses (42,069) 1,276 (40,793)
Total expenses (1,304,703) 4,058 33,776 (1,266,869)
Impairment losses and provisions to cover credit risk (3,019,806) 32,160 (2,987,646)
Share of profit/(loss) of associates and joint ventures (9,821) - (9,821)
Profit/(loss) before income tax (2,066,426) - 22,960 (2,043,466)
Income tax 806,758 56 806,814
Profit/(loss) after income tax (1,259,668) - 23,016 (1,236,652)
Profit/(losses) after income tax from discontinued operations (111,786) (23,016) (134,802)
Profit/(loss) after income tax (1,371,454) - - (1,371,454)
Profit/(loss) attributable to:
Equity owners of the Bank
- from continuing operations (1,259,928) 23,016 (1,236,912)
- from discontinued operations (111,786) (23,016) (134,802)
(1,371,714) (1,371,714)
Non-Controlling Interests
- from continuing operations 260 260
Profit/(loss) per share:
Basic and diluted (Eper share) (3.56) (3.56)
Consolidated Statement Cash Flow
(Amounts in thousands of Euro)
From 1 January to 31.12.2015
Published amounts Restatement due to the presentation of Alpha Bank Srbija A.D. as discontinued operation Restated amounts
Cash flows from continuing operating activities
Profit/(loss) before income tax (2,066,426) 22,960 (2,043,466)
Adjustments for gain/(losses) before income tax for:
Depreciation/Impairment/Write offs of fixed assets 95,430 (3,291) 92,139
Amortization/Impairment of/Write offs of intangible assets 45,935 (221) 45,714
Impairment losses from loans, provisions and staff leaving indemnity 3,149,215 (32,160) 3,117,055
(Gains)/losses from investing activities 75,511 185 75,696
(Gains)/losses from financing activities 31,714 31,714
(Gains)/losses ratio from associates and joint ventures 9,821 9,821
Other adjustments 9,529 9,529
1,350,729 (12,527) 1,338,202
Net (increase)/decrease in assets relating to continuing operating activities:
Due from banks 1,054,744 4,708 1,059,452
Trading securities and derivative financial assets 356,870 1 356,871
Loans and advances to customers (185,928) (37,098) (223,026)
Other assets (54,997) 487 (54,510)
Net increase /(decrease) in liabilities relating to continuing operating activities:
Due to banks 7,818,259 24,095 7,842,354
Derivative financial liabilities (345,700) (29) (345,729)
Due to customers (11,043,856) 34,942 (11,008,914)
Other liabilities (229,971) (345) (230,316)
Net cash flows from continuing operating activities before taxes (1,279,850) 14,234 (1,265,616)
Income taxes and other taxes paid (40,794) (40,794)
Net cash flows from continuing operating activities (1,320,644) 14,234 (1,306,410)
Net cash flows from discontinued operating activities 13,365 (14,234) (869)
Cash flows from continuing investing activities
Investments in subsidiaries and associates and joint ventures (12,310) (12,310)
Acquisitions during the period 9,151 9,151
Income from subsidiary disposal 15,392 15,392
Dividends received 3,308 3,308
Purchases of fixed and intangible assets (107,691) 2,138 (105,553)
Disposals of fixed and intangible assets 15,915 (1,645) 14,270
Net (increase)/decrease in investement securities 31,265 (23,796) 7,469
Cash flows from continuing investment activities (44,970) (23,303) (68,273)
Net cash flows from discontinued investing activities 9,949 23,303 33,252
Repayment of debt securities in issue and other borrowed funds (9,640) (9,640)
(Purchases)/sales of hybrid securities (1,730) (1,730)
Share capital increase 1,552,169 1,552,169
Share capital increase expenses (61,276) (61,276)
Net cash flows from continuing financing activities 1,479,523 - 1,479,523
Effect of exchange rate differences on cash and cash equivalents (3,334) (3,334)
Net increase/(decrease) in cash flows-continuing activities 110,575 (9,069) 101,506
Net increase/(decrease) in cash flows-discontinued activities 23,314 9,069 32,383
Cash and cash equivalents at the beginning of the year 1,194,244 1,194,244
Cash and cash equivalents at the end of the year 1,328,133 1,328,133
Within the first half of 2016, the Group completed the valuation of the net assets of Asmita Gardens S.R.L., which was
acquired in the second quarter of 2015. The adjustments to the temporary fair values were recognized retrospectively as if
the accounting treatment of the acquisition had been completed at the acquisition date.
Moreover the figures of the Consolidated Balance Sheet of the comparative period have been restated due to the accurate
presentation of Alpha Bank AD Skopje's figures, which have been recorded directly in equity. Therefore on 31.12.2015 the
figures of the Balance Sheet were modified as depicted below:
Consolidated Balance Sheet
(Amounts in thousands of Euro)
31.12.2015
Published amounts Finalization of accounting treatment of Asmita Gardens SRL Restatement due to the correct presentation of amounts recognized directly in equity of Alpha Bank A.D. Skopje Restated amounts
ASSETS
Cash and balances with Central Banks 1,730,327 1,730,327
Due from banks 1,976,273 1,976,273
Securities held for trading 2,779 2,779
Derivative financial assets 793,015 793,015
Loans and advances to customers 46,186,116 46,186,116
Investment securities
- Available for sale 5,794,484 5,794,484
- Held to maturity 79,709 79,709
- Loans and receivables 4,289,482 4,289,482
Investments in associates and joint ventures 45,771 45,771
Investment property 623,662 623,662
Property, plant and equipment 860,901 860,901
Goodwill and other intangible assets 342,251 2,900 345,151
Deferred tax assets 4,398,176 4,398,176
Other assets 1,510,225 (1,592) 1,508,633
68,633,171 1,308 68,634,479
Assets held for sale 663,063 663,063
Total Assets 69,296,234 1,308 69,297,542
LIABILITIES
Due to banks 25,115,363 25,115,363
Derivative financial liabilities 1,550,529 1,550,529
Due to customers (including debt securities in issue) 31,434,266 31,434,266
Debt securities in issue and other borrowed funds 400,729 400,729
Liabilities of current income tax and other taxes 38,192 38,192
Deferred tax liabilities 20,852 20,852
Employee defined benefit obligations 108,550 108,550
Other liabilities 910,622 1 910,623
Provisions 296,014 2,444 298,458
59,875,117 2,445 59,877,562
Total Liabilities related to assets held for sale 366,781 366,781
Total Liabilities 60,241,898 2,445 60,244,343
EQUITY
Equity attributable to equity owners of the Bank
Share capital 461,064 461,064
Share premium 10,790,870 10,790,870
Reserves 301,223 (1,137) 8,794 308,880
Amounts recognized directly in equity for held for sale items 8,834 (8,794) 40
Retained earnings (2,546,885) (2,546,885)
9,015,106 (1,137) - 9,013,969
Non-controlling interests 23,998 23,998
Hybrid securities 15,232 15,232
Total Equity 9,054,336 (1,137) 9,053,199
Total Liabilities and Equity 69,296,234 1,308 69,297,542
50. Events after the balance sheet date
a. On 5.1.2017, the subsidiary of the Bank, Alpha Group Investments Ltd sold the 45.84% of the share capital of the Group
subsidiary AEP Kefalariou A.E. for E 11 thousand.
b. On 16.1.2017, the Bank participated in the share capital increase of the subsidiary Alphalife A.A.E.Z. with the amount
of E 25 million.
c. On 25.1.2017, the subsidiary of the Group Aktua Greece Financial Solutions S.A was renamed to Cepal Hellas Financial
Services S.A, asset management company of loans and credits.
d. On 30.1.2017, the Bank agreed with the Serbian group of companies, MK Group, to sale its total participation (100% of
the share capital) in Alpha Bank Srbija A.D. The completion of the transaction is subject to obtaining the relevant
regulatory approvals.
e. On 3.2.2017, the subsidiary of the Bank, Alpha Group Investments Ltd participated in the share capital increase of its
subsidiary AEP Kefalariou A.E. with the amount of E 9.75 million.
f. On 23.2.2017, as a result of exercising the conversion right of all bondholders, the Bank increased its share capital,
due to the conversion of the convertible bond that was issued on 1.2.2013, under the agreement with Credit Agricole S.A for
the acquisition of former Emporiki Bank. From the conversion 6,818,181 new common shares were issued, which represent a
0.44% of total shares.
g. On 3.3.2017, following the capitalization of the loan granted to the Group subsidiary, AGI-Cypre Ermis Ltd, the Bank
participated in the share capital increase of the respective subsidiary and acquired 75% of its total share capital.
h. On 7.3.2017, as a result of restructuring plan, the Bank acquired 47% of the share capital of the company Famar S.A.
i. On 29.3.2017 the law "Incorporation into national law of Directive 2014/92/EU of the European Parliament and of the
Council of 23 July 2014 on the comparability of fees associated with payment accounts, change payment account and access to
payment accounts with basic features and other provisions" was voted, which concerns among others the modification of Law
4172/2013 legal provisions.
Article 43 of the voted Law amends the articles 27 and 27A of the Law 4172/2013 in order to arrange the treatment of
deferred tax asset already recognized and can be converted under certain conditions into a final and settled claim from
credit institutions in a manner consistent with the write-offs and forbearance of loans to customers.
The amendment facilitates the implementation of the financial institutions' target to reduce non-performing loans through
write-offs and forbearance, without risking their capital adequacy.
Athens, 30 March 2017
THE CHAIRMAN THE MANAGING DIRECTOR THE GENERAL MANAGER THE ACCOUNTING
OF THE BOARD OF DIRECTORS AND CHIEF FINANCIAL OFFICER AND TAX MANAGER
VASILEIOS T. RAPANOS DEMETRIOS P. MANTZOUNISID No É 166670 VASILEIOS E. PSALTISID No ÁÉ 666591 MARIANNA D. ANTONIOUID No × 694507
ID No ÁÉ 666242
This information is provided by RNS
The company news service from the London Stock ExchangeRecent news on Alpha Services and Holdings SA
See all newsREG - Morgan StanleyEurope - Stabilisation Notice
AnnouncementREG - Morgan StanleyEurope - Stabilisation Notice
AnnouncementREG - Beyond Housing Ltd - Annual Financial Report
AnnouncementREG - Nomura Fin. Prducts - Post Stab Notice- Alpha (NFPE) EUR 500M 27.06.2023
AnnouncementREG - Nomura Fin. Prducts - Stabilisation Notice
Announcement