REG - Alpha Bank A.E. - Annual Financial Report <Origin Href="QuoteRef">ACBr.AT</Origin> - Part 9
31/03/2017 07:07
- Part 9: For the preceding part double click ID:nRSe0956Bh
*
22. AGI-RRE Hera S.R.L. (commencement of operation 2012) *
23. AGI-BRE Participations 2 E.O.O.D. (commencement of operation 2012) *
24. AGI-BRE Participations 2BG E.O.O.D. (commencement of operation 2012) *
25. AGI-BRE Participations 3 E.O.O.D. (commencement of operation 2012) *
26. AGI-BRE Participations 4 E.O.O.D. (commencement of operation 2012) *
27. APE Fixed Assets A.E.**/*** 2009
28. SC Cordia Residence S.R.L. 2013
29. HT-1 E.O.O.D (commencement of operation 2013) *
30. AGI-RRE Venus S.R.L. (commencement of operation 2014) *
31. AGI-RRE Cleopatra S.R.L. (commencement of operation 2014) *
32. AGI-RRE Hermes S.R.L. (commencement of operation 2014) *
33. SC Carmel Residential S.R.L. (commencement of operation 2013) *
34. Alpha Investment Property Neas Kifisias Á.Å. (commencement of operation 2014) *
35. Alpha Investment Property Kalirois Á.Å. (commencement of operation 2014) *
36. Alpha Investment Property Livadias Á.Å. (commencement of operation 2014) *
37. AGI-SRE Ariadni DOO (commencement of operation 2015) *
38. Alpha Investment Property Kefalariou Á.Å. (commencement of operation 2015) *
39. Alpha Investment Property Neas Erythraias Á.Å. (commencement of operation 2015) *
40. Alpha Investment Property Chanion Á.Å. (former Anaplasi Plagias Á.Å.) (commencement of operation 2011) *
41. Asmita Gardens S.R.L. 2010
42. Ashtrom Residents S.R.L. (commencement of operation 2006) *
43. Cubic Center Development S.A. (commencement of operation 2010) *
44. AGI-BRE Participations 5 EOOD (commencement of operation 2015) *
45. AGI-SRE Participations 1 DOO (commencement of operation 2016) *
--------------------------------------
* These companies have not been audited by the tax authorities since the commencement of their operations.
** These companies received tax certificate for the years 2011 until 2015 without any qualification (note 11).
*** These companies have been audited by the tax authorities up to and including 2009 in accordance with Law 3888/2010
which relates to voluntary settlement for the unaudited tax years.
Name Year
Special purpose and holding entities
1. Alpha Credit Group Plc (voluntary settlement of tax obligation) 2014
2. Alpha Group Jersey Ltd ****
3. Alpha Group Investments Ltd (commencement of operation 2006) *
4. Ionian Holdings Á.Å.**/*** (tax audit is in progress for 2010) 2009
5. Ionian Equity Participations Ltd (commencement of operation 2006) *
6. Emporiki Group Finance Plc (voluntary settlement of tax obligation) 2014
7. AGI-BRE Participations 1 Ltd (commencement of operation 2009) *
8. AGI-RRE Participations 1 Ltd (commencement of operation 2009) *
9. Alpha Group Ltd (commencement of operation 2012) *
10. Katanalotika Plc (voluntary settlement of tax obligation) 2014
11. Epihiro Plc (voluntary settlement of tax obligation) 2014
12. Irida Plc (voluntary settlement of tax obligation) 2014
13. Pisti 2010-1 Plc (voluntary settlement of tax obligation) 2014
14. Alpha Shipping Finance Ltd (commencement of operation 2014) *
15. Alpha Proodos DAC (commencement of operation 2016) *
16. AGI-RRE Athena Ltd (commencement of operation 2011) *
17. AGI-RRE Poseidon Ltd (commencement of operation 2012) *
18. AGI-RRE Hera Ltd (commencement of operation 2012) *
19. Umera Ltd (commencement of operation 2012) *
20. AGI-BRE Participations 2 Ltd (commencement of operation 2011) *
21. AGI-BRE Participations 3 Ltd (commencement of operation 2011) *
22. AGI-BRE Participations 4 Ltd (commencement of operation 2010) *
23. Alpha Real Estate Services Ltd (commencement of operation 2010) *
24. AGI-RRE Ares Ltd (commencement of operation 2010) *
25. AGI-RRE Venus Ltd (commencement of operation 2012) *
26. AGI-RRE Artemis Ltd (commencement of operation 2012) *
27. AGI-BRE Participations 5 Ltd (commencement of operation 2012) *
28. AGI-RRE Cleopatra Ltd (commencement of operation 2013) *
29. AGI-RRE Hermes Ltd (commencement of operation 2013) *
30. AGI-Cypre Arsinoe Ltd (commencement of operation 2013) *
31. AGI-SRE Ariadni Ltd (commencement of operation 2014) *
32. Zerelda Ltd (commencement of operation 2012) *
33. AGI-Cypre Alaminos Ltd (commencement of operation 2014) *
34. AGI-Cypre Tochni Ltd (commencement of operation 2014) *
35. AGI-Cypre Evagoras Ltd (commencement of operation 2014) *
36. AGI-Cypre Tersefanou Ltd (commencement of operation 2014) *
37. AGI-Cypre Mazotos Ltd (commencement of operation 2014) *
38. AGI-Cypre Ermis Ltd (commencement of operation 2014) *
39. AGI-SRE Participations 1 Ltd (commencement of operation 2016) *
Other companies
1. Alpha Bank London Nominees Ltd ****
2. Alpha Trustees Ltd (commencement of operation 2002) *
3. Flagbright Ltd ****
4. Kafe Alpha A.E.**/*** 2009
5. Alpha Supporting Services Á.Å.**/*** (tax audit is in progress for 2012) 2009
6. Real Car Rental A.E.**/*** 2009
7. Evisak Á.Å.**/*** 2009
8. Emporiki Management Á.Å.*** 2009
9. Alpha Bank Notification Services Á.Å. (commencement of operation 2015) *
c) Operating leases
The minimum future lease payments are:
31.12.2016 31.12.2015
- Less than one year 41,708 43,930
- Between one and five years 104,517 112,402
- Over five years 146,383 164,421
Total 292,608 320,753
------------------------------------------------------
* These companies have not been audited by the tax authorities since the commencement of their operations.
** These companies received tax certificate for the years 2011 until 2015 without any qualification (note 11).
*** These companies have been audited by the tax authorities up to and including 2009 in accordance with Law 3888/2010
which relates to voluntary settlement for the unaudited tax years.
**** These companies are not subject to tax audit.
The minimum future lease fees are:
31.12.2016 31.12.2015
- Less than one year 13,419 10,423
- Between one and five years 43,754 41,694
- Over five years 48,527 46,474
Total 105,700 98,591
d) Off balance sheet commitments
The Group as part to its normal operations, is bound by contractual commitments, that in the future may result to changes
in its asset structure. These commitments are monitored in off balance sheet accounts and relate to letters of credit,
letters of guarantee, undrawn credit facilities and credit limits.
Letters of credit are used to facilitate trading activities and relate to the financing of contractual agreements for the
transfer of goods locally or abroad, by undertaking the direct payment on behalf of the third party bound by the agreement
on behalf of the Group's client. Letters of credit, as well as letters of guarantee, are commitments under specific terms
and are issued by the Group for the purpose of ensuring that its clients will fulfill the terms of their contractual
obligations.
The outstanding balances are as follows:
31.12.2016 31.12.2015
Letters of credit 47,993 35,159
Letters of guarantee and other guarantees 3,519,793 3,940,146
In addition, contingent liabilities for the Group arise from undrawn loan agreements and credit limits that may not be
fulfilled immediately or may be partly fulfilled as long as the agreed upon requirements are fulfilled by counterparties.
Committed limits that can not be recalled in case where counterparties fail to meet their contractual obligations as at
31.12.2016 amounts to E 494.7 million (31.12.2015: E 278.9 million) and are included in the calculation of risk weighted
assets.
e) Assets pledged
Assets pledged, as at 31.12.2016 are analyzed as follows:
• Deposits pledged amounting to E 1.1 billion concerning the Group's obligation to maintain deposits in Central Banks
according to percentages determined by the respective country.
• Deposits pledged amounting to E 0.2 billion concerning guarantees provided on behalf of the Greek Government.
• Deposits pledged to credit institutions amounting to E 1.1 billion which have been provided as guarantee for derivative
transactions.
• Deposits pledged to credit institutions amounting to E 0.07 billion which have been provided for Letter of Credit or
Guarantee Letters that the Bank issue for facilitating customer imports.
• Pledged deposits of E 3 million have been provided to the Resolution Fund as irrevocable payment commitment, as part of
the 2016 contribution. This commitment must be fully covered by collateral as decided by Single Resolution Board.
• Due from banks of an amount of E 10.5 million has been pledged to Central Banks in order to participate in main
financing operations.
• Due from customers:
i. amount of E 21.4 billion pledged to central banks for liquidity purposes.
ii. a carrying amount of E 3.1 billion which relates to corporate, consumer loans and credit cards has been securitized for
the issuance of Special Purpose Entities' corporate bond of a nominal value of E 4.2 billion, which are held by the Bank
and pledged to central banks for liquidity purposes.
iii. a carrying amount of E 0.6 billion, which is related to the shipping loans and they have been entitled from third
parties through a Special Purpose Entitiy, which amounts to E 0.3 billion on 31.12.2016.
iv. a carrying amount of E 0.6 billion which relates to corporate loans and have been entitled from third parties through a
special purpose entity which amounts to E 0.3 billion on 31.12.2016.
v. amount of nominal value E 0.2 billion has been given as collateral in terms of other acts of lending.
• Securities held for trading and investment securities portfolio out of which:
i. A nominal value of E 3.92 billion of Greek Government securities out of which a nominal amount of E 3.53 billion has
been pledged to Central Banks for liquidity purposes, an amount of E 0.03 billion have been pledged as collateral for other
lending transactions, while an amount of E 0.36 billion have been pledged as collateral for repo agreements.
In addition, amount of E 0.06 billion refers to Greek Government securities received as collateral for reverse repos and
have been pledged to Central Banks for liquidity purposes.
ii. An amount of nominal value E 2.66 billion relates to securities issued by the European Financial Stability Facility
(EFSF), that the Bank received by the HFSF in the context of: a) its participation to the share capital increase that was
completed on 6.6.2013 and b) due to the coverage of the difference between the values of assets and liabilities transferred
from Cooperative Banks and the amount of E 2.46 billion has been pledged to Central Banks for participation in main
refinancing operations.
iii. An amount to E 0.3 billion has been given as collateral for repurchase agreements (repo).
iv. An amount of E 11 million of other government bond has been pledged as a collateral for repo agreements.
In addition an amount of nominal value of E 1 billion that relates to securities issued with the guarantee of the Greek
Government in accordance with Law 3723/2008 and are held by the Bank, are pledged to Central Banks for liquidity purposes.
38. Group Consolidated Companies
The consolidated financial statements, apart from the parent company Alpha Bank include the following entities:
a. Subsidiaries
Name Country Group's ownership interest %
31.12.2016 31.12.2015
Banks
1. Alpha Bank London Ltd United Kingdom 100.00 100.00
2. Alpha Bank Cyprus Ltd Cyprus 100.00 100.00
3. Alpha Bank Romania S.A. Romania 99.92 99.92
4. Alpha Bank AD Skopje (48i) FYROM 100.00
5. Alpha Bank Srbija A.D. (48y, 50d) Serbia 100.00 100.00
6. Alpha Bank Albania SH.A. Albania 100.00 100.00
Leasing Companies
1. Alpha Leasing A.E. Greece 100.00 100.00
2. Alpha Leasing Romania IFN S.A. Romania 100.00 100.00
3. ABC Factors A.E. Greece 100.00 100.00
Investment Banking
1. Alpha Finance A.E.P.Å.Õ. Greece 100.00 100.00
2. SSIF Alpha Finance Romania S.A. Romania 100.00 100.00
3. Alpha Á.Å. Ventures Greece 100.00 100.00
4. Alpha A.E. Ventures Capital Management - ÁÊÅS Greece 100.00 100.00
5. Emporiki Ventures Capital Developed Markets Ltd Cyprus 100.00 100.00
6. Emporiki Ventures Capital Emerging Markets Ltd Cyprus 100.00 100.00
Asset Management
1. Alpha Asset Management Á.Å.D.Á.Ê. Greece 100.00 100.00
2. ABL Independent Financial Advisers Ltd United Kingdom 100.00 100.00
Insurance
1. Alpha Insurance Agents Á.Å. Greece 100.00 100.00
2. Alpha Insurance Brokers S.R.L. Romania 100.00 100.00
3. Alphalife A.A.E.Z. (50b) Greece 100.00 100.00
Real estate and hotel
1. Alpha Astika Akinita Á.Å. (48v, 48z) Greece 93.17 93.17
2. Ionian Hotel Enterprises Á.Å. (48u, 48bb) Greece 97.27
3. Oceanos Á.Ô.Ï.Å.Å. (48u) Greece 100.00 100.00
4. Emporiki Development and Real Estate Management Á.Å. Greece 100.00 100.00
Name Country Group's ownership interest %
31.12.2016 31.12.2015
5. Alpha Real Estate D.O.O. Beograd Serbia 93.17 93.17
6. Alpha Astika Akinita D.O.O.E.L. Skopje (48z) FYROM 93.17
7. Alpha Real Estate Bulgaria E.O.O.D. Bulgaria 93.17 93.17
8. Chardash Trading E.O.O.D. Bulgaria 93.17 93.17
9. Alpha Real Estate Services S.R.L. Romania 93.17 93.17
10. Alpha Investment Property Chalandriou Á.Å. (48d) Greece 100.00 100.00
11. Alpha Investment Property Attikis Á.Å. (48aa) Greece 100.00 100.00
12. Alpha Investment Property Attikis II Á.Å. (48aa) Greece 100.00 100.00
13. Alpha Investment Property Amaroussion É Á.Å. (48d) Greece 100.00 100.00
14. Alpha Investment Property Amaroussion ÉÉ Á.Å. (48d) Greece 100.00 100.00
15. AGI-RRE Participations 1 S.R.L. Romania 100.00 100.00
16. AGI-BRE Participations 1 E.O.O.D. Bulgaria 100.00 100.00
17. Stockfort Ltd Cyprus 100.00 100.00
18. Romfelt Real Estate S.A. Romania 98.86 98.86
19. AGI-RRE Zeus S.R.L. Romania 100.00 100.00
20. AGI - RRE Athena S.R.L. Romania 100.00 100.00
21. AGI - RRE Poseidon S.R.L. (48dd) Romania 100.00 100.00
22. AGI - RRE Hera S.R.L. Romania 100.00 100.00
23. AGI-BRE Participations 2 E.O.O.D. Bulgaria 100.00 100.00
24. AGI-BRE Participations 2BG E.O.O.D. (48ee) Bulgaria 100.00 100.00
25. AGI-BRE Participations 3 E.O.O.D. Bulgaria 100.00 100.00
26. AGI-BRE Participations 4 E.O.O.D. Bulgaria 100.00 100.00
27. APE Fixed Assets Á.Å. (48w) Greece 72.20 72.20
28. SC Cordia Residence S.R.L. Romania 100.00 100.00
29. ÇÔ-1 E.O.O.D. Bulgaria 100.00 100.00
30. AGI-RRE Venus S.R.L. * Romania 100.00 100.00
31. AGI-RRE Cleopatra S.R.L. Romania 100.00 100.00
32. AGI-RRE Hermes S.R.L. * Romania 100.00 100.00
33. SC Carmel Residential S.R.L. Romania 100.00 100.00
34. Alpha Investment Property Neas Kifissias Á.Å. (48d) Greece 100.00 100.00
35. Alpha Investment Property Kalirois Á.Å. (48d) Greece 100.00 100.00
36. Alpha Investment Property Livadias Á.Å. (48aa) Greece 100.00 100.00
37. AGI-SRE Ariadni DOO Serbia 100.00 100.00
38. Asmita Gardens SRL (48l) Romania 100.00 100.00
39. Alpha Investment Property Kefalariou Á.Å. (50a, 50e) Greece 100.00 100.00
40. Ashtrom Residents S.R.L. Romania 100.00 100.00
41. AGI-BRE Participations 5 E.O.O.D. Bulgaria 100.00 100.00
42. Cubic Center Development S.A. Romania 100.00 100.00
43. Alpha Investment Property Neas Erythraias Á.Å. Greece 100.00 100.00
44. Alpha Investment Property Chanion Á.Å. (former Anaplasi Plagias Á.Å.) (48x) Greece 100.00 100.00
45. AGI-SRE Participations 1 DOO (48m) Serbia 100.00
Special purpose and holding entities
1. Alpha Credit Group Plc United Kingdom 100.00 100.00
2. Alpha Group Jersey Ltd Jersey 100.00 100.00
3. Alpha Group Investments Ltd (48c, 48d, 48h, 48j, 48s, 48u, 48v, 48x, 48aa, 48cc, 50a, 50e) Cyprus 100.00 100.00
4. Ionian Holdings Á.Å. (48u) Greece 100.00 100.00
5. Ionian Equity Participations Ltd (48u) Cyprus 100.00 100.00
6. Emporiki Group Finance Plc United Kingdom 100.00 100.00
7. AGI - BRE Participations 1 Ltd Cyprus 100.00 100.00
8. AGI - RRE Participations 1 Ltd (48l) Cyprus 100.00 100.00
9. Alpha Group Ltd Cyprus 100.00 100.00
10. Katanalotika Plc United Kingdom
------------------------------------------
* The companies are inactive.
Name Country Group's ownership interest %
31.12.2016 31.12.2015
Special purpose and holding entities
11. Epihiro Plc United Kingdom
12. Irida Plc United Kingdom
11. Epihiro Plc United Kingdom
12. Irida Plc United Kingdom
13. Pisti 2010-1 Plc United Kingdom
14. Alpha Shipping Finance Ltd United Kingdom
15. Alpha Proodos DAC Ireland
16. AGI - RRE Athena Ltd Cyprus 100.00 100.00
17. AGI - RRE Poseidon Ltd (48cc, 48dd) Cyprus 100.00 100.00
18. AGI - RRE Hera Ltd Cyprus 100.00 100.00
19. Umera Ltd Cyprus 100.00 100.00
20. AGI-BRE Participations 2 Ltd (48cc, 48ee) Cyprus 100.00 100.00
21. AGI-BRE Participations 3 Ltd Cyprus 100.00 100.00
22. AGI-BRE Participations 4 Ltd Cyprus 100.00 100.00
23. Alpha Real Estate Services LLC (48v) Cyprus 93.17 100.00
24. AGI-RRE Ares Ltd Cyprus 100.00 100.00
25. AGI-RRE Venus Ltd Cyprus 100.00 100.00
26. AGI-RRE Artemis Ltd Cyprus 100.00 100.00
27. AGI-BRE Participations 5 Ltd Cyprus 100.00 100.00
28. AGI-RRE Cleopatra Ltd Cyprus 100.00 100.00
29. AGI-RRE Hermes Ltd Cyprus 100.00 100.00
30. AGI-RRE Arsinoe Ltd Cyprus 100.00 100.00
31. AGI-SRE Ariadni Ltd Cyprus 100.00 100.00
32. Zerelda Ltd Cyprus 100.00 100.00
33. AGI-Cypre Alaminos Ltd (48n) Cyprus 100.00 100.00
34. AGI-Cypre Tochni Ltd (48p) Cyprus 100.00 100.00
35. AGI-Cypre Evagoras Ltd Cyprus 100.00 100.00
36. AGI-Cypre Tersefanou Ltd Cyprus 100.00 100.00
37. AGI-Cypre Mazotos Ltd (48o) Cyprus 100.00 100.00
38. AGI-Cypre Ermis Ltd (48n, 48o, 48p) Cyprus 100.00 100.00
39. AGI-SRE Participations 1 Ltd (48h, 48m) Cyprus 100.00
Other companies
1. Alpha Bank London Nominees Ltd United Kingdom 100.00 100.00
2. Alpha Trustees Ltd Cyprus 100.00 100.00
3. Kafe Alpha A.E. Greece 100.00 100.00
4. Alpha Supporting Services Á.Å. (48u) Greece 100.00 100.00
5. Real Car Rental A.E. Greece 100.00 100.00
6. Evisak Á.Å. Greece 85.71 85.71
7. Emporiki Management Á.Å. Greece 100.00 100.00
8. Alpha Bank Notification Services Á.Å. Greece 100.00 100.00
b. Joint ventures
1. APE Commercial Property Á.Å. Greece 72.20 72.20
2. APE Investment Property A.E. Greece 72.80 72.80
3. Alpha ÔÁÍÅÏ Á.Ê.Å.S. (48b, 48t) Greece 51.00 51.00
4. Rosequeens Properties Ltd. Cyprus 33.33 33.33
5. Aktua Hellas Holdings A.E (48a, 48e, 48g, 48r, 50c) Greece 45.00
APE Investment Property constitutes the parent company of the group of companies, in which the subsidiaries SYMET A.E.,
Astakos Terminal A.E., Akaport A.E. and NA.VI.PE A.E. are included. Furthemore, Rosequeens Properties Ltd. and Aktua Hellas
Holdings A.E. are the parent companies of the groups companies with subsidiaries the companies Rosequeens S.R.L. and Aktua
Greece Financial Solutions A.E. respectively. The Group accounts for the above groups of companies under the equity method
based on the consolidated financial statements.
c. Associates
Name Country Group's ownership interest %
31.12.2016 31.12.2015
1. ÁÅDÅP Thessalias and Stereas Ellados Greece 50.00 50.00
2. A.L.C. Novelle Investments Ltd Cyprus 33.33 33.33
3. Bank Information Systems Á.Å. Greece 23.77 23.77
4. Propindex Á.Å.D.Á. Greece 35.58 35.58
5. Olganos Á.Å. Greece 30.44 30.44
6. Alpha Investment Property Eleona A.E. (48s) Greece 50.00
7. Selonda A.E.G.E. (48q) Greece 21.97 23.01
8. Nireus S.A. Greece 20.65 20.72
Consolidated financial statements do not include the Commercial Bank of London Ltd which is a dormant company and Smelter
Medical Systems AEBE, Aris-Diomidis Emporiki SA, Metek SA, Flagbird Ltd which have
been fully impaired and are in the process of liquidation.
The Group hedges the foreign exchange risk arising from the net investment in subsidiaries through the use of derivatives
in their functional currency.
Group subsidiaries with non controlling interests
The table below presents information concerning the Group's subsidiaries with non controlling interests.
Name Country Non controlling interests % Profit/(loss) attributable to non controlling interests Other comprehensive income recognized directly in Equity for non controlling interests Non controlling interests
31.12.2016 31.12.2015 1.1.2016 - 31.12.2016 1.1.2015 - 31.12.2015 1.1.2016 - 31.12.2016 1.1.2015 - 31.12.2015 31.12.2016 31.12.2015
1. APE Fixed Assets Á.Å. Greece 27.8 27.8 (72) (75) 10,953 11,025
2. Evisak Á.Å. Greece 14.29 14.29 8 9 (1) 531 524
3. Ionian Hotel Enterprises Á.Å. Greece 2.73 17 59 (1) 3,116
4. Alpha Astika Akinita Á.Å. Greece 6.83 6.83 194 204 (1) (1) 9,095 8,902
5. Alpha Real Estate Bulgaria E.O.O.D. Bulgaria 6.83 6.83 7 9 22 16
6. Chardash Trading E.O.O.D. Bulgaria 6.83 6.83 (61) 31 30 91
7. Alpha Bank Romania S.A. Romania 0.08 0.08 21 (5) (8) 22 275 262
8. Romfelt Real Estate S.A. Romania 1.14 1.14 (17) (27) 1 (137) (121)
9.Alpha Astika Akinita Romania S.R.L. Romania 6.83 6.83 10 10 1 47 36
10.Alpha Real Estate D.O.O. Beograd Serbia 6.83 6.83 55 43 (4) (5) 181 130
11.Alpha Astika Akinita D.O.O.E.L. Skopje FYROM 6.83 2 17
12. Alpha Real Estate Services Ltd Cyprus 6.83
Total 162 260 (12) 15 20,997 23,998
The percentage of voting rights of non controlling interests in subsidiaries does not differ from their participation in
the share capital.
From the subsidiaries presented above, Alpha Astika Akinita A.E. and APE Fixed Assets Á.Å. have material non- controlling
interests. APE fixed Assets haven been classified as assets held for sale since 30.6.2016 (note 47).
Condensed financial information for Alpha Astika Akinita is presented below. Their respective data is based on amounts
before the elimination of intercompany transactions.
Condensed Statement of Comprehensive Income
Alpha Astika Akinita Á.Å.
1.1-31.12.2016 1.1-31.12.2015
Total income 10,919 11,125
Total expenses (6,890) (6,961)
Profit/(loss) for the year after income tax 2,838 2,989
Total comprehensive income for the year, after income tax 2,838 2,981
Condensed Balance Sheet
Alpha Astika Akinita Á.Å.
31.12.2016 31.12.2015
Total non-current assets 76,130 77,269
Total current assets 61,527 57,554
Total short-term liabilities 2,773 2,903
Total long-term liabilities 2,054 1,914
Total Equity 132,830 130,006
Condensed Statement of Cash Flows
Alpha Astika Akinita Á.Å.
1.1-31.12.2016 1.1-31.12.2015
Total inflows/(outflows) from operating activities 1,637 4,131
Total inflows/(outflows) from investing activities 1,297 890
Total inflows/(outflows) from financing activities (12) (12)
Total inflows/(outflows) for the year 2,922 5,009
Cash and cash equivalents at the beginning of the year 54,760 49,751
Cash and cash equivalents at the end of the year 57,682 54,760
Alpha Astika Akinita Á.Å. did not pay any dividends for 2016 and 2015.
Significant Restrictions
Group's significant restrictions regarding the use of assets or the settlement of obligations, are those imposed by the
regulatory framework in which subsidiaries supervised for their capital adequacy, mainly operate. In particular, the
regulatory authorities request, where appropriate and depending on the nature of the company, the compliance with specific
thresholds, as in example the maintenance of a specific level of capital buffers and liquid assets, the limitation of
exposure to other Group companies and the compliance with specific ratios. The total assets and liabilities of the
subsidiaries operating in the banking, insurance and other mainly financial sectors with significant restrictions amount to
E 9,534 million (31.12.2015 E 9,877 million) êáé E 8,093 million (31.12.2015 E 8,406 million) respectively. In addition,
all subsidiaries are subject to the restrictions imposed by the regulatory framework (Codified Law 2190/1920 or a more
specific legislation depending on the nature of activities) regarding the minimum threshold of the share capital and equity
as well as the potential dividend distribution.
Moreover apart from the cash withdrawals and free capital flows restrictions imposed by Legislative Act within 2015, and
any ministerial or other decision issued, impose restrictions to Greek subsidiaries of the Group, to move capitals out of
Greece.
There are no protective rights for non controlling interest, which could restrict the Group's ability to use assets or
settle Group's obligations.
Consolidated structured entities
The Group consolidates six structured entities which were established to accommodate transactions related to securitized
loans issued by Group companies. Securitization transactions aim to raise liquidity by issuing bonds or other legal form of
borrowing. In all cases, the Group has concluded that it controls these companies since it has the power over their
activities and has a significant exposure to their returns.
Bonds and other financial instruments which are issued by the consolidated structured companies are fully -owned by the
Bank with the exception of shipping and corporate (SME) loans securitization transaction through the company Alpha Shipping
Finance Ltd and Alpha Proodos DAC, where all the high-priority payment debt is held by third parties outside the Group.
Depending on the criteria required for each securitized portfolio, the Group, without having any relevant contractual
obligation, proceeds in ad hoc repurchases of securitized loans. In addition, for the securitization transactions that are
in replacement period the Group proceeds with new securitization of loan portfolios transferring them to those companies,
in order to meet specific quantitative criteria related to the amount of debt securities. The intention of the Group is to
continue this practice. The table below presents the balances of debt securities or other form of debt issued per
consolidated special structure entity that constitute tools of raising liquidity.
Entity Nominal value
31.12.2016 31.12.2015
Epihiro Plc 1,593,400 1,593,400
Katanalotika Plc 1,520,000 1,520,000
Pisti 2010-1 Plc 586,200 586,200
Irida Plc 474,800 474,800
Alpha Shipping Finance Ltd 254,194 342,516
Alpha Proodos DAC 640,000 -
Furthermore, on 31.12.2016, the Group had granted subordinated loans amounting to E 380.3 million (31.12.2015: E 344.8
million) to the structured entities for credit enhancement purposes of the securitization transactions. Further to the
above loans, the Group has no contractual obligation to grant additional funding to the companies, except for Alpha Proodos
DAC and Alpha Shipping Finance Ltd to which the Group is required, if needed to grant additional subordinated loan.
Changes of ownership interest in subsidiaries which did not result in loss of control
The transactions with minority interests shareholders (in which the Group retained the control) are presented below.
On 14.9.2016 the subsidiary of the Group, Alpha Astika Akinita A.E. (93.17%), proceeded to the acquisition from the 100%
subsidiary Alpha Group Investments Ltd of the total number of shares of Alpha Real Estate Services LLC for the amount of
E 11 thousand. The above transaction resulted in a change in the percentage of the Group's participation from 100% to
93.17%.
On 7.5.2015 the subsidiary company of the group, AGI-RRE Poseidon Ltd bought the 2.96% of the minor shareholder, Romfelt
Real Estate S.A. and therefore the Group owns the 98.86%.
The effect from the changes in subsidiary participation in total equity attributed to the shareholders of the company
during the years 2016 and 2015 is presented in the following tables:
Change in ownership interest
1.1.2016 - 31.12.2016
Alpha Real Estate Sevices Ltd
Carrying amount of allocated non-controlling interest -
Contribution paid to a company of the Group 11
Amount attributable to Bank's shareholders -
Change in ownership interest
1.1.2015 - 31.12.2015
Romfelt Real Estate S.A.
Carrying amount of acquired non controlling interest (457)
Contribution paid -
Amount attributable to Bank's shareholders (457)
Loss of control in subsidiary due to sale
On 10.5.2016 the sale of all shares of the Bank's subsidiary, Alpha Bank A.D. Skopje was completed (note 47).
On 21.10.2016, the subsidiary of the Group, Alpha Astika Akinita A.E. sold all the shares of the company Alpha Astika
Akinita D.O.O.E.L. Skopje for the amount of E 775 thousand. The transaction burdened the Group's financial results by E 122
thousand.
On 16.12.2016 the sale of the Bank's entire participation (approximately 97.3%) to the share capital of the company Ionian
Hotel Enterprises A.E. for an amount of E 76.1 million was completed (note 47).
On 16.1.2015 the sale of the total number of shares of subsidiary company in Cyprus Alpha Insurance Ltd was completed.
Exposure to non-consolidated structured entities
The Group, through its subsidiary Alpha Asset Management AEDAK, manages 27 (31.12.2015: 27) mutual funds which meet the
definition of structured entities and on each reporting date, it assesses whether it exercises any control on these
entities according the provisions of IFRS 10.
The Group, as the manager of the mutual funds has the ability to direct the activities which significantly affect their
rate of return through selecting the investments made by the funds, always within the framework of permitted investments as
described in the regulation of each fund. As result, the Group has power over the mutual funds under management but within
a clearly defined decision making framework. Moreover the Group is exposed to variable returns, through its involvement in
the mutual funds as it receives fees for the disposal, redemption and management of the funds under normal market levels
for similar services. The Group also holds direct investments in some of the funds under management, the level of which
does not lead to a significant variability in the return compared to the respective total rate of return variability for
the mutual fund. Due to these factors, the Group assesses that for all mutual funds under management, it exercises, for the
benefit of unit holders, the decision making rights assigned to it acting as an agent without controlling the mutual
funds.
The following table presents the figures of the mutual funds under Group's management, grouped by type of investments held.
The amounts shown include the total assets of the funds at the balance sheet date and the income recognized in the Group's
income statement during the year from the funds under management concerning fees for the disposal, redemption and
management services.
Total Assets Commission income
Category of Mutual Funds 31.12.2016 31.12.2015 1.1-31.12.2016 1.1-31.12.2015
Total Bond Funds 343,282 326,415 3,946 3,271
Total Money Market Funds 229,997 157,123 1,075 891
Total Equity Funds 264,031 271,711 6,074 7,334
Total Balanced Funds 200,307 186,551 3,012 3,255
Total Fund of Funds 119,094 131,071 2,245 2,799
Total 1,156,711 1,072,871 16,352 17,550
The Group's direct investment in mutual funds under management, has been recognized in Available for sale portfolio. The
carrying amount of shares held by the Group amounts to E 34.9 million (31.12.2015: E 34.8 million). The Group has also
entered into derivative transactions with the mutual funds that it manages as a counterparty. The carrying amount of assets
and liabilities of these derivative financial instruments amounts to E 41 (31.12.2015: E 5) and E 1,026 (31.12.2015:
E 1,185), respectively. It is noted that the Group has fully hedged its position in these derivatives. During 2016 an
amount of E 1.5 million (2015: E 4.2 million) was recognized in the Group's income statement as impairment losses over the
mutual funds of the available for sale portfolio that it manages.
It should be noted that there is no contractual obligation for the Group to provide financial support to any of the mutual
funds under management nor does it guarantee their rate of return.
In addition, the Group manages Alpha TANEO Ventures Capital Management Mutual Fund through its subsidiary Alpha A.E.
Venture Capital Management -AKES. The unit holders of this mutual fund are the Bank owning 51% and the New Economy
Development Fund S.A owning 49%. Both parties mutually control the mutual fund and as a result the Group's investment in
Alpha ÔÁÍÅÏ Á.Ê.Å.S is measured under the equity method.
The carrying amount of the Group's investment on 31.12.2016 amounts to E 3.2 million (31.12.2015: E 3.3 million) and is
included in Associates and Joint Ventures. The Group's share of Alpha TANEO ÁÊÅS profit or loss is presented in note 19.
Company's total assets amounted to E 6.5 million as at 31.12.2016 (31.12.2015: E 6.3 million). The Group's commission
income for the management of the mutual fund for 2016 amounted to E 163 (2015: E 517). The Bank has undertaken the
obligation to participate in additional investments in the Mutual Fund amounting up to E 0.3 million. This commitment along
with participation's carrying amount represent the maximum exposure of the Group to Alpha TANEO AKES.
The Group also participates in other structured entities through investment in private equity mutual funds which are not
managed by it, as well as in companies whose operation involves the issuance of asset-backed securities through its
investment in their securities. The following table presents the abovementioned Group's investments. As indication of the
size of the structured entities the total assets of the private equity mutual funds according to the most recent available
financial statements and the total nominal value of the issue of asset backed securities are given.
31.12.2016 31.12.2015
Category of Structured Entity Carrying Total Carrying Value Total
Value Assets/ Value of issue Assets/ Value of issue
Investment securities available for sale
Private Equity Mutual Funds 28,622 470,398 31,910 511,588
Asset- backed securities 7,185 1,090,928 7,323 1,192,257
Investment securities held to maturity
Asset- backed securities 319 3,816 337 4,040
Investments in associates and joint ventures
Private Equity Mutual Funds 1,012 3,050 1,020 3,545
The Group has committed to participate in further investments of these mutual funds up to the amount of E 2 million
(31.12.2015: E 2.7 million) This commitment and the carrying amount of the investment, consist the maximum Group's exposure
to these investments. During 2016, an amount of E 0,3 million was recognized in Group results as impairment losses from the
above mutual funds of the available for sale portfolio (2015: E 2.6 million).
From its investment in asset-backed securities the Group recognized during 2016 interest income amounting to E 294 (2015:
E 412) and profits amounting to E 137 (2015: losses E 7 million) in gains on financial transactions. There is no
contractual obligation of providing financial support to the companies which have issued these securities by the Group. The
maximum exposure of the Group to losses from the asset-backed securities is not different from their carrying value.
39. Disclosures of Law 4261/5.5.2014
Article 81 of Law 4261/5.5.2014 incorporated into Greek legislation the Article 89 of Directive 2013/36/EU of the European
Parliament and of the Council of 26 June 2013, according to which, it is adopted for the first time the obligation to
disclose information on a consolidated basis by Member State and third country in which the Group has headquarters and
specified as follows: name or names, nature of business, geographic location, turnover, results before tax, taxes on
results, public subsidies received and number of full time employees.
The required information is listed below:
Greece
Income in Greece on 31.12.2016 amounted to E 3,150,896 thousand, results before tax amounted to profit E 138,516 thousand
taxes on results amounted to E 123,529 thousand and the number of employees was 8,918 for the following companies that
included:
Banks
1. Alpha Bank A.E.
(Bank's branches in Bulgaria and United Kingdom are included)
Investment Banking
1. Alpha Finance A.E.P.Å.Õ.
2. Alpha Ventures
3. Alpha A.E. Ventures Capital Management -ÁÊÅS
4. Emporiki Management Á.Å.
Financing Companies
1. Alpha Leasing A.E.
2. ABC Factors A.E.
Asset Management
1. Alpha Asset Management Á.Å.D.Á.Ê.
Insurance
1. Alpha Insurance Agents Á.Å.
2. Alphalife A.A.E.Z.
Real estate and hotel
1. Alpha Astika Akinita Á.Å.
2. Ionian Hotel Enterprises Á.Å.
3. Oceanos Á.Ô.Ï.Å.Å.
4. Emporiki Development and Real Estate Management Á.Å.
5. Alpha Investment Property Chalandriou Á.Å.
6. Alpha Investment Property Attikis Á.Å.
7. Alpha Investment Property Attikis II Á.Å.
8. Alpha Investment Property Amarousion É Á.Å.
9. Alpha Investment Property Amarousion ÉÉ Á.Å.
10. APE Fixed Assets Á.Å.
11. Álpha Investment Property Neas Kifisias Á.Å.
12. Álpha Investment Property Kalirois Á.Å.
13. Álpha Investment Property Levadias Á.Å..
14. Álpha Investment Property Kefalariou Á.Å.
15. Alpha Investment Property Neas Erythraias Á.Å.
16. Alpha Investment Property Chanion Á.Å.
Special purpose and holding entities
1. Ionian Holdings Á.Å.
Other companies
1. Kafe Alpha A.E.
2. Alpha Supporting Services Á.Å.
3. Real Car Rental A.E.
4. Evisak Á.Å.
5. Alpha Bank Notification Services Á.Å.
Cyprus
Income in Cyprus on 31.12.2016 amounted to E 232,317 thousand, results before tax amounted to losses E(90,680) thousand,
taxes on results amounted to E 1,793 thousand, the number of employees was 656 and the following companies were included:
Banks
1. Alpha Bank Cyprus Ltd
Investment Banking
1. Emporiki Ventures Capital Developed Markets Ltd
2. Emporiki Ventures Capital Emerging Markets Ltd
Real Estate and Hotel
1. Stockfort Ltd
Special purpose and holding entities
1. Alpha Group Investments Ltd
2. Ionian Equity Participations Ltd
3. AGI-BRE Participations 1 Ltd
4. AGI-RRE Participations 1 Ltd
5. Alpha Group Ltd
6. AGI-RRE Athena Ltd
7. AGI-RRE Poseidon Ltd
8. AGI-RRE Hera Ltd
9. Umera Ltd
10. AGI-BRE Participations 2 Ltd
11. AGI-BRE Participations 3 Ltd
12. AGI-BRE Participations 4 Ltd
13. Alpha Real Estate Services LLC
14. AGI-RRE Ares Ltd
15. AGI-RRE Venus Ltd
16. AGI-RRE Artemis Ltd
17. AGI-BRE Participations 5 Ltd
18. AGI-RRE Cleopatra Ltd
19. AGI-RRE Hermes Ltd
20. AGI-Cypre Arsinoe Ltd
21. AGI-SRE Ariadni Ltd
22. AGI-Cypre Alaminos Ltd
23. AGI-Cypre Tochini Ltd
24. AGI-Cypre Evagoras Ltd
25. AGI-Cypre Tersefanou Ltd
26. AGI-Cypre Mazotos Ltd
27. AGI-Cypre Ermis Ltd
28. AGI-SRE Participations 1 Ltd
Other companies
1. Alpha Trustees Ltd
2. Zerelda Ltd
United Kingdom
Income in United Kingdom on 31.12.2016 amounted to E 27,451 thousand, results before tax amounted to gains E 3,761
thousand, taxes on results amounted to E(794) thousand, the number of employees was 42 and the following companies were
included:
Banks
1. Alpha Bank London Ltd
Asset Management
1. ABL Independent Financial Advisers Ltd
Special purpose and holding entities
1. Alpha Credit Group Plc
2. Emporiki Group Finance Plc
3. Alpha Finance Shipping LTD
Other companies
1. Alpha Bank London Nominees Ltd
2. Flagbright Ltd
Bulgaria
Income in Bulgaria on 31.12.2016 amounted to E 2,614 thousand, results before tax amounted to losses E(2,384) thousand,
taxes on results amounted to E(42) thousand and the following companies were included:
Real Estate and Hotel
1. Alpha Real Estate Bulgaria E.O.O.D.
2. Chardash Trading E.O.O.D.
3. AGI-BRE Participations 1 E.O.O.D.
4. AGI-BRE Participations 2 E.O.O.D.
5. AGI-BRE Participations 2BG E.O.O.D.
6. AGI-BRE Participations 3 E.O.O.D.
7. AGI-BRE Participations 4 E.O.O.D.
8. HT-1 E.O.O.D
9. AGI-BRE Participations 5 E.O.O.D..
Jersey
Income in Jersey on 31.12.2016 amounted to E 454 thousand and the results before tax amounted to losses E(79) thousand.
Special purpose and holding entities
1. Alpha Group Jersey Ltd
Serbia
Income in Serbia on 31.12.2016 amounted to E 41,037 thousand, results before tax amounted to profit E 6,037 thousand, tax
on results amounted to E(32) thousand, the number of employees was 836 and the
- More to follow, for following part double click ID:nRSe0956BjRecent 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