REG - Alpha Bank A.E. - Half-year Report <Origin Href="QuoteRef">ACBr.AT</Origin> - Part 4
30/08/2016 18:25
- Part 4: For the preceding part double click ID:nRSd4619Ic
252,123
Deposits redeemable at notice:
- Other credit institutions 2,881 2,270
Total 23,417,669 25,115,363
Eurosystem funding decreased by E 1.7 billion during the first semester of 2016 mainly due to the sale of EFSF bonds
through the PSPP programme (note 8), new repurchase agreements (Repos). In June 2016, European Central Bank
carried out a new program of targeted long term refinancing operations (TLTRO-II) with a four year duration. The Bank
participates in the above program with an amount of E 1 billion.
13. Debt securities in issue and other borrowed funds
i. Issues quaranteed by the Greek State (Law 3723/2008)
Under the programme for the enhancement of the Greek's economy's liquidity, according to Law 3723/2008, the first semester
of 2016 the Bank proceeded to the issuance of senior debt securities guaranteed by the Greek State amounting to E 5.15
billion while the maturities/redemptions for the same period amounted to E 9.22 billion.
The total balance of senior debt securities guaranteed by the Greek State as at 30.6.2016 amounts to E 5.15 billion
(31.12.2015: E 9.22 billion).
These securities are not included in the "Debt securities in issue and other borrowed funds", as they are held by the
Group.
ii. Covered bonds (1)
Covered bonds are not included in caption "Debt securities in issue and other borrowed funds" as these securities are held
by the Group.
The total balance of covered bonds as at 30.6.2016 amounts to E 5 million
iii. Senior debt securities
Balance 1.1.2016 29,742
Changes for the period 1.1 - 30.6.2016
Maturities/Repayments (2,873)
Fair value change 38
Accrued interest (7)
Foreign exchange differences (81)
Balance 30.6.2016 26,819
On 23.5.2016 an early redemption of senior debt security with a nominal value of USD 3 million took place.
(1) Financial disclosures regarding covered bond issues, as determined by the 2620/28.08.2009 Act of the Bank of Greece
have been published on the Bank's website.
iv. Liabilities from the securitization of shipping loans
Balance 1.1.2016 340,272
Changes for the period 1.1 - 30.6.2016
Maturities/Repayments (62,560)
Accrued interest 4,411
Foreign exchange differences (6,839)
Balance 30.6.2016 275,284
The Bank proceeded to a shipping loan securitization transaction, transferring them to the fully consolidated Special
Purpose Entity, Alpha Shipping Finance Ltd, which raised funding from third parties. The liability of the Group to third
parties on 30.6.2016 amounts to E 275.3 million.
v. Liabilities from the securitization of other loans
Liabilities arising from the securitisation of consumer loans, corporate loans, credit cards and leasing are not included
in "Debt securities in issue and other borrowed funds" since these securities of nominal value E 4.2 billion have been
issued by special purpose entities and are held by the Bank.
vi. Subordinated debt
1. Subordinated debt (Lower Tier II, Upper Tier II)
Balance 1.1.2016 100,270
Changes for the period 1.1 - 30.6.2016
(Repurchases)/sales (17,753)
Accrued interest (16)
Balance 30.6.2016 82,501
2. Convertible bond loan
Balance 1.1.2016 24,600
Changes for the period 1.1 - 30.6.2016
Fair value change (9,300)
Balance 30.6.2016 15,300
The convertible bond concerns to bond issuance with nominal value E 150 million issued by the Bank on 1.2.2013 under an
agreement with Credit Agricole SA for the acquisition of former Emporiki Bank. The valuation of the liability from the
convertible bond was recognized in Gains less losses on financial transactions and amounted to E 9.3 million gain.
Total of debt securities in issue and other borrowed funds as at 30.6.2016 399,904
Of the above debt securities in issue amounting to E 399,904 an amount of E 79,460 (31.12.2015: E 94,155) held by Group
customers has been reclassified to "Due to customer". Therefore, the balance of "Debt securities in issue held by
institutional investors and other borrowed funds" as at 30.6.2016, amounts to E 320,444 (31.12.2015: E 400,729).
14. Employee defined benefit obligations
The decrease of defined benefit obligations by E 20.9 million compared to 31.12.2015 relates mainly to the partial payment
of a recognized liability to the Employees Supplementary Funds (TAP) of former Alpha Credit Bank. More specifically, on
20.5.2016 the General Meeting of the representatives of TAP's members decided the liquidation of TAP under the terms of the
agreement signed on 21.4.2016 between the Bank, the Staff Association and TAP. Within this context the Bank paid in the
second quarter of 2016 an amount of E 24 million to TAP and the relevant liability amounts to E 4.8 million against E 27.4
million as at 31.12.2015. The final settlement of the liability is estimated that will take place during the current year.
15. Provisions
30.6.2016 31.12.2015
Insurance 197,682 168,818
Provisions to cover credit risk and other provisions 138,286 129,640
Total 335,968 298,458
a. Insurance
30.6.2016 31.12.2015
Life insurance
Mathematical reserves 197,682 168,629
Outstanding claim reserves 189
Total 197,682 168,818
b. Provisions to cover credit risk and other provisions
Balance 1.1.2015 80,501
Changes for the period 1.1 - 30.6.2015
Reclassification of provisions from Bulgaria branch to "Liabilities related to assets held for sale" (780)
Provisions to cover credit risk relating to off-balance sheet items (note 4) 2,701
Other provisions for the period 1,249
Other provisions for companies consolidated for the first time 2,444
Other provisions used during the period (4,560)
Write-offs (612)
Foreign exchange differences 6
Balance 30.6.2015 80,949
Changes for the period 1.7 - 31.12.2015
Reclassification of provisions from Ionian Hotel Enterpises to "Liabilities related to assets held for sale" (54)
Provisions to cover credit risk relating to off-balance sheet items (13,409)
Other provisions for the period 851
Other provisions used during the period (3,503)
Provision for voluntary separation scheme 64,300
Write-offs 612
Foreign exchange differences (106)
Balance 31.12.2015 129,640
Changes for the period 1.1. - 30.6.2016
Provisions to cover credit risk relating to off-balance sheet items (note 4) 494
Provision for voluntary separation scheme 30,993
Used provision for voluntary separation scheme (30,993)
Other provisions for the period 11,212
Other provisions used during the period (3,094)
Foreign exchange differences 34
Balance 30.6.2016 138,286
The amounts of other provisions charged to the profit and loss account are included in "Other Expenses" of the income
statement.
On 30.6.2016 the balance of provisions to cover credit risk relating to off-balance sheet items amounts to E 5.2 million
and other provisions to E 132.9 million out of which:
• An amount of E 34.8 million relates to pending legal cases.
• An amount of E 64.3 million relates to provision of voluntary separation scheme of Alpha Bank A.E. As analyzed in the
31.12.2015 Annual Financial Report (note 7) Alpha Bank A.E. has recorded within 2015 that provision within the context of
the implementation of the updated restructuring plan and its relevant commitments.
During the first quarter, Alpha Bank Cyprus prepared a voluntary separation scheme, aiming to achieve substantial benefit
in operational costs. The Group recognized during the first quarter a provision of amount E 31 million for the expected
cost, which has been used during the second quarter for the compensations. The final cost amounted to E 31,5 million.
Equity
16. Share capital and Retained earnings
a. Share capital
On 30.6.2016 the Bank's share capital amounts to E461,064,360, divided to 1,536,881,200 shares, out of which:
a) 1,367,706,054 common, registered, voting, non-paper shares of nominal value E 0.30 each.
b) 169,175,146 common, registered, voting, pursuant to restrictions of the article 7a of Law 3864/2010, non paper shares
owned by the Hellenic Financial Stability Fund of nominal value E 0.30 each.
b) Retained earnings
Since 2015 there were no distributable profits, in accordance with article 44a of Codified Law 2190/1920, the Ordinary
General Meeting of Shareholders on 30.6.2016 decided the non-distribution of dividends to ordinary shareholders of the
Bank.
17. Hybrid securities
30.6.2016 31.12.2015
Perpetual with 1st call option on 18.2.2015 and annually 15,232 15,232
Securities held by Group companies (100) -
Total 15,132 15,232
Additional Information
18. Contingent liabilities and commitments
a. Legal cases
The Group, in the ordinary course of business, is defendant in claims from customers and other legal proceedings. According
to the estimations of the Legal Department, the ultimate settlement of these matters is not expected to have a material
effect on the financial position or the operations of the Group.
The Group on 30.6.2016 has recorded a provision for pending legal cases amounting to E 34.8 million which is included in
"Provisions" in Balance Sheet.
b. Tax issues
Alpha Bank has been audited by the tax authorities for the years up to and including 2009. For the years 2011 up to 2014 it
has obtained a tax certificate with no qualifications. Former Emporiki Bank has been audited by the tax authorities for
the years up to and including 2008. For the years 2011 up to 2013 it has obtained a tax certificate with no
qualifications.
The Bank's branches in London and Bulgaria have been audited by the tax authorities up to and including the years 2013 and
2015 respectively. Emporiki Bank's Cyprus branch has not been audited by the tax authorities since the commencement of its
operations (year 2011), until its deletion from Department of Registrar of Companies of Cyprus (August 2015), meanwhile it
has ceased its operations since September 2014.
On 2.6.2015, the merger via absorption of Diners Club of Greece A.E.P.P was completed. Diners Club of Greece A.E.P.P. has
been audited by the tax authorities for the years up to and including 2010. For the years 2011 up to 2013 it has obtained a
tax certificate with no qualifications.
Additional taxes and penalties may be imposed for the unaudited years due to the fact that some expenses may not be
recognized as deductible by the tax authorities.
The Group's subsidiaries have been audited by the tax authorities up to and including the year indicated in the table
below:
Name Year
Banks
1. Alpha Bank London Ltd (voluntary settlement of tax obligation) 2013
2. Alpha Bank Cyprus Ltd (tax audit is in progress for years from 2008 - 2011) 2007
3. Alpha Bank Romania S.A. 2006
4. Alpha Bank AD Skopje (the company was transfered on 10.5.2016) 2009
5. Alpha Bank Srbija A.D. 2004
6. Alpha Bank Albania SH.A. 2011
Leasing companies
1. Alpha Leasing A.E. ** ( tax audit is in progress for years from 2008 - 2010) 2007
2. Alpha Leasing Romania IFN S.A. 2007
3. ABC Factors A.E. ** (tax audit is in progress for the year 2010) 2009
Investment Banking
1. Alpha Finance A.EP.Ε.Υ. **/*** 2009
2. SSIF Alpha Finance Romania S.A. 2002
3. Alpha Α.Ε. Investment Holdings **/*** 2009
4. Alpha Α.Ε. Ventures Capital Management - ΑΚΕS **/*** 2009
5. Emporiki Ventures Capital Developed Markets Ltd 2007
6. Emporiki Ventures Capital Emerging Markets Ltd 2008
Asset Management
1. Alpha Asset Management Α.Ε.D.Α.Κ. **/*** 2009
2. ABL Independent Financial Advisers Ltd (voluntary settlement of tax obligation) 2013
Insurance
1. Alpha Insurance Brokers Α.Ε. **/*** 2009
2. Alpha Insurance Brokers S.R.L. 2005
3. Alphalife A.A.E.Z. **/*** 2009
** These companies received tax certificate for the years 2011, 2012 and 2013 without any qualification (note 5).
*** 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
Real estate and hotel
1. Alpha Astika Akinita Α.Ε.** 2009
2. Ioniki Hotel Enterprises ** (tax audit is in progress for the year 2011) 2010
3. Oceanos Α.Τ.Ο.Ε.Ε. **/*** 2009
4. Emporiki Development and Real Estate Management Α.Ε. 2008
5. Alpha Real Estate D.O.O. Beograd 2008
6. Alpha Astika Akinita D.O.O.E.L. Skopje 2005
7. Alpha Real Estate Bulgaria E.O.O.D. (commencement of operation 2007) *
8. Chardash Trading E.O.O.D. (commencement of operation 2006) *
9. Alpha Real Estate Services S.R.L. (commencement of operation 1998) *
10. Alpha Investment Property Chalandriou Α.Ε. (commencement of operation 2012) * *
11. Alpha Investment Property Attikis Α.Ε (commencement of operation 2012) * *
12. Alpha Investment Property Attikis ΙΙΑ.Ε. (commencement of operation 2012) * *
13. Alpha Investment Property Amarousion ΙΑ.Ε. (commencement of operation 2012) * *
14. Alpha Investment Property Amarousion ΙI Α.Ε. (commencement of operation 2012) * *
15. AGI-RRE Participations 1 S.R.L. (commencement of operation 2010) *
16. AGI-BRE Participations 1 E.O.O.D. (commencement of operation 2012) *
17. Stockfort Ltd (commencement of operation 2010) *
18. Romfelt Real Estate SA (commencement of operation 1991) *
19. AGI-RRE Zeus S.R.L. (commencement of operation 2012) *
20. AGI-RRE Athena S.R.L. (commencement of operation 2012) *
21. AGI-RRE Poseidon S.R.L. (commencement of operation 2012) *
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. 2011
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 Kifissias Α.Ε. (commencement of operation 2014) *
35. Alpha Investment Property Kallirois Α.Ε. (commencement of operation 2014) *
36. Alpha Investment Property Livadias Α.Ε. (commencement of operation 2014) *
37. AGI-SRE Ariadni DOO (commencement of operation 2015) *
38. Alpha Investment Property Kefalariou Α.Ε. (commencement of operation 2015) *
39. Alpha Investment Property Neas Erythreas Α.Ε. (commencement of operation 2015) *
40. Anaplasis Plagias Α.Ε. (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) *
Special purpose and holding entities
1. Alpha Credit Group Plc (voluntary settlement of tax obligation) 2013
2. Alpha Group Jersey Ltd ****
3. Alpha Group Investments Ltd (commencement of operation 2006) *
4. Ionian Holdings Α.Ε.**/*** 2009
5. Ionian Equity Participations Ltd (commencement of operation 2006) *
6. Emporiki Group Finance Plc (voluntary settlement of tax obligation) 2013
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) 2013
11. Epihiro Plc (voluntary settlement of tax obligation) 2013
* 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, 2012 and 2013 without any qualification (note 5).
*** 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 a tax audit.
Name Year
12. Irida Plc (voluntary settlement of tax obligation) 2013
13. Pisti 2010-1 Plc (voluntary settlement of tax obligation) 2013
14. Alpha Shipping Finance Ltd (commencement of operation 2014) *
15. AGI-RRE Athena Ltd (commencement of operation 2011) *
16. AGI-RRE Poseidon Ltd (commencement of operation 2012) *
17. AGI-RRE Hera Ltd (commencement of operation 2012) *
18. Umera Ltd (commencement of operation 2012) *
19. AGI-BRE Participations 2 Ltd (commencement of operation 2011) *
20. AGI-BRE Participations 3 Ltd (commencement of operation 2011) *
21. AGI-BRE Participations 4 Ltd (commencement of operation 2010) *
22. Alpha Real Estate Services Ltd (commencement of operation 2010) *
23. AGI-RRE Ares Ltd (commencement of operation 2010) *
24. AGI-RRE Venus Ltd (commencement of operation 2012) *
25. AGI-RRE Artemis Ltd (commencement of operation 2012) *
26. AGI-BRE Participations 5 Ltd (commencement of operation 2012) *
27. AGI-RRE Cleopatra Ltd (commencement of operation 2013) *
28. AGI-RRE Hermes Ltd (commencement of operation 2013) *
29. AGI-Cypre Arsinoe Ltd (commencement of operation 2013) *
30. AGI-SRE Ariadni Ltd (commencement of operation 2014) *
31. Zerelda Ltd (commencement of operation 2012) *
32. AGI-Cypre Alaminos Ltd (commencement of operation 2014) *
33. AGI-Cypre Tochni Ltd (commencement of operation 2014) *
34. AGI-Cypre Evagoras Ltd (commencement of operation 2014) *
35. AGI-Cypre Tersefanou Ltd (commencement of operation 2014) *
36. AGI-Cypre Mazotos Ltd (commencement of operation 2014) *
37. AGI-Cypre Ermis Ltd (commencement of operation 2014) *
38. 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 Α.Ε.**/*** (tax audit is in progress for the year 2012) 2009
6. Real Car Rental A.E.**/*** 2009
7. Evisak Α.Ε.**/*** 2009
8. Emporiki Management Α.Ε.*** 2009
9. Alpha Bank Notification Services Α.Ε. (commencement of operation 2015) *
c. Operating leases
The Group's minimum future lease payments are:
30.6.2016 31.12.2015
- less than one year 42,702 43,930
- between one and five years 108,697 112,402
- over five years 158,184 164,421
Total 309,583 320,753
The minimum future lease fees are:
30.6.2016 31.12.2015
- less than one year 11,386 10,423
- between one and five years 42,015 41,694
- over five years 44,094 46,474
Total 97,495 98,591
* 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, 2012 and 2013 without any qualification (note 5).
*** 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 a tax audit.
d. Off balance sheet liabilities
The Group pursuant 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 domestically 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:
30.6.2016 31.12.2015
Letters of credit 33,888 35,159
Letters of guarantee and other guarantees 3,642,314 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.
The liability from limits that can not be recalled (committed) in case where counterparties fail to meet their contractual
obligations as at 30.6.2016 amounts to E 415.5 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 30.6.2016 are analyzed as follows:
• Deposits pledged amounting to E 1 billion concerning the Group's obligation to maintain deposits in Central Banks
according to ratios determined in the respective country.
• Deposits pledged amounting to E 0.2 billion concerning guarantees provided on behalf of the Greek State.
• Deposits pledged to credit institutions amounting to E 1.3 billion which have been provided as guarantee for derivative
transactions.
• Deposits pledged to credit institutions amounting to E 0.06 billion which have been provided for Letter of Credit or
Guarantee Letters issued by the Bank in order to facilitate clients' imports.
• Deposits of E 3 million were pledged to the Resolution Fund as irrevocable payment commitment for a part of 2016
contribution. The commitment has to be fully secured by cash as decided by the Single Resolution Board.
• Loans and advances to customers:
i. amount of nominal value of E 22.1 billion pledged to Central Banks for liquidity purposes.
ii. a carrying amount of E 3.3 billion, which relates to corporate, consumer loans and credit cards, has been securitized
for the issuance of Special Purpose Entities' bonds 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 relates to shipping loans, has been securitized for the purpose of financing
the Bank through a Special Purpose Entitiy, which amounts to E 0.3 billion at 30.6.2016.
iv. an amount of nominal value of E 0.1 billion has been pledged for other loan facilities.
• Securities held for trading and investment securities portfolio:
i. An amount of nominal value of E 3.54 billion of Greek Government securities, of which a nominal amount of E 3.5
billion has been pledged to Central Banks for liquidity purposes, while Greek State securities of a nominal amount of
E 0.04 billion has been pledged for other loan facilities.
ii. An amount of nominal value of E 3.65 billion relates to securities issued by the European Financial Stability Facility
(EFSF), received from the Bank 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, out of which an amount of E 3.39 billion is pledged as collateral to Central Banks for
participation in main refinancing operations and an amount of E 0.26 billion has been given as collateral for other loan
facilities.
iii. An amount of E 0.4 billion of other corporate securities has been given as a collateral of repo agreements.
In addition an amount of nominal value of E 5.2 billion that relates to securities issued under the guarantee of the Greek
State in accordance with Law 3723/2008 and are held by the Bank, a) out of which an amount of E 5 billion has been pledged
as collateral to Central Banks for raising liquidity purposes and b) an amount of E 0.2 billion has been given as
collateral for other loan facilities.
19. Group Consolidated Companies
The consolidated financial statements, apart from the parent company Alpha Bank include the following entities:
Α. SUBSIDIARIES
Name Country Group's ownership interest %
30.6.2016 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 (27h) FYROM 100.00
5. Alpha Bank Srbija A.D. 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.Ε.Υ. Greece 100.00 100.00
2. SSIF Alpha Finance Romania S.A. Romania 100.00 100.00
3. Alpha Α.Ε. Investment Holdings Greece 100.00 100.00
4. Alpha A.E. Ventures Capital Management - ΑΚΕS 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 Α.Ε.D.Α.Κ. Greece 100.00 100.00
2. ABL Independent Financial Advisers Ltd United Kingdom 100.00 100.00
Insurance
1. Alpha Insurance Agents Α.Ε. Greece 100.00 100.00
2. Alpha Insurance Brokers S.R.L. Romania 100.00 100.00
3. Alphalife A.A.E.Z. Greece 100.00 100.00
Real estate and hotel
1. Alpha Astika Akinita Α.Ε. Greece 93.17 93.17
2. Ionian Hotel Enterprises Α.Ε. Greece 97.27 97.27
3. Oceanos Α.Τ.Ο.Ε.Ε. Greece 100.00 100.00
4. Emporiki Development and Real Estate Management Α.Ε Greece 100.00 100.00
5. Alpha Real Estate D.O.O. Beograd Serbia 93.17 93.17
6. Alpha Astika Akinita D.O.O.E.L. Skopje FYROM 93.17 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 Α.Ε. (27d) Greece 100.00 100.00
11. Alpha Investment Property Attikis Α.Ε. Greece 100.00 100.00
12. Alpha Investment Property Attikis II Α.Ε. Greece 100.00 100.00
13. Alpha Investment Property Amarousion ΙΑ.Ε. (27d) Greece 100.00 100.00
14. Alpha Investment Property Amarousion ΙI Α.Ε. (27d) 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
Name Country Group's ownership interest %
30.6.2016 31.12.2015
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. 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. 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 Α.Ε. Greece 72.20 72.20
28. SC Cordia Residence S.R.L. Romania 100.00 100.00
29. ΗΤ-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 Kifisias Α.Ε. (27d) Greece 100.00 100.00
35. Alpha Investment Property Kallirois Α.Ε. (27d) Greece 100.00 100.00
36. Alpha Investment Property Livadias Α.Ε. Greece 100.00 100.00
37. AGI-SRE Ariadni DOO Serbia 100.00 100.00
38. Asmita Gardens SRL (27k) Romania 100.00 100.00
39. Alpha Investment Property Kefalariou Α.Ε. 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 Erythreas Α.Ε. Greece 100.00 100.00
44. Anaplasis Plagias Α.Ε. Greece 100.00 100.00
45. AGI-SRE Participations 1 DOO (27l) 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 (27c, 27d, 27g, 27i) Cyprus 100.00 100.00
4. Ionian Holdings Α.Ε. Greece 100.00 100.00
5. Ionian Equity Participations Ltd 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 (27k) Cyprus 100.00 100.00
9. Alpha Group Ltd Cyprus 100.00 100.00
10. Katanalotika 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. AGI - RRE Athena Ltd Cyprus 100.00 100.00
16. AGI - RRE Poseidon Ltd Cyprus 100.00 100.00
17. AGI - RRE Hera Ltd Cyprus 100.00 100.00
18. Umera Ltd Cyprus 100.00 100.00
19. AGI-BRE Participations 2 Ltd Cyprus 100.00 100.00
20. AGI-BRE Participations 3 Ltd Cyprus 100.00 100.00
21. AGI-BRE Participations 4 Ltd Cyprus 100.00 100.00
22. Alpha Real Estate Services Ltd Cyprus 100.00 100.00
23. AGI-RRE Ares Ltd Cyprus 100.00 100.00
24. AGI-RRE Venus Ltd Cyprus 100.00 100.00
25. AGI-RRE Artemis Ltd Cyprus 100.00 100.00
26. AGI-BRE Participations 5 Ltd Cyprus 100.00 100.00
27. AGI-RRE Cleopatra Ltd Cyprus 100.00 100.00
28. AGI-RRE Hermes Ltd Cyprus 100.00 100.00
* The companies do not have economic activity.
Name Country Group's ownership interest %
30.6.2016 31.12.2015
29. AGI-RRE Arsinoe Ltd Cyprus 100.00 100.00
30. AGI-SRE Ariadni Ltd Cyprus 100.00 100.00
31. Zerelda Ltd Cyprus 100.00 100.00
32. AGI-Cypre Alaminos Ltd Cyprus 100.00 100.00
33. AGI-Cypre Tochni Ltd Cyprus 100.00 100.00
34. AGI-Cypre Evagoras Ltd Cyprus 100.00 100.00
35. AGI-Cypre Tersefanou Ltd Cyprus 100.00 100.00
36. AGI-Cypre Mazotos Ltd Cyprus 100.00 100.00
37. AGI-Cypre Ermis Ltd Cyprus 100.00 100.00
38. AGI-SRE Participations 1 Ltd (27g, 27l) 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 Α.Ε. Greece 100.00 100.00
5. Real Car Rental A.E. Greece 100.00 100.00
6. Evisak Α.Ε. Greece 85.71 85.71
7. Emporiki Management Α.Ε. Greece 100.00 100.00
8. Alpha Bank Notification Services Α.Ε. Greece 100.00 100.00
b. Joint ventures
Name Country Group's ownership interest %
30.6.2016 31.12.2015
1. APE Commercial Property Α.Ε. Greece 72.20 72.20
2. APE Investment Property A.E. Greece 72.80 72.80
3. Alpha ΤΑΝΕΟΑ.Κ.Ε.S. (27b) Greece 51.00 51.00
4. Rosequeens Properties Ltd. Cyprus 33.33 33.33
5. Aktua Hellas Holdings Α.Ε. (27a, 27e, 27f) Greece 45.00
APE Investment Property prepares consolidated financial statements, in which the subsidiaries SYMET SA, Astakos Terminal
SA, Akaport SA and NA.VI.PE SA are included. Furthemore, Rosequeens Properties Ltd and Aktua Hellas Holdings A.E are group
of companies with subsidiaries the companies Rosequeens SRL and Aktua Greece Financial Solutions AE respectively. The
aforementioned subsidiaries are not included in this note.
c. Associates
Name Country Group's ownership interest %
30.6.2016 31.12.2015
1. ΑΕDEP Thessalias and Stereas Ellados Greece 50.00 50.00
2. A.L.C. Novelle Investments Ltd Cyprus 33.33 33.33
3. Banking Information Systems Α.Ε. Greece 23.77 23.77
4. Propindex Α.Ε.D.Α. Greece 35.58 35.58
5. Olganos Α.Ε. Greece 30.44 30.44
It is noted that since 2015, the Bank following the related loans restructuring agreements with the companies, SELONDA
A.E.G.E. and NIREUS A.E.G.E., owns 23.01% and 20.72% of their shares, respectively. The Bank intends to transfer these
companies in the near future and as a result these companies were classified in assets held for sale at their fair value,
which was determined in the amount of E 1.
Subsidiaries are fully consolidated, while joint ventures and associates are accounted under the equity method, in
accordance with IAS 28 "Investments in associates and joint ventures" and IFRS 11 "Joint Arrangements".
Consolidated financial statements do not include the Commercial Bank of London Ltd which is a dormant company and Smelter
Medical Systems AE, Aris-Diomidis Emporiki SA, Metek SA, Flagbright 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.
20. 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
Turnover in Greece on 31.12.2015 amounted to E 3,160,041, results before tax amounted to losses E (1,806,082) taxes on
results amounted to E 796,415 and the number of employees was 10,395 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.Ε.Υ.
2. Alpha Α.Ε. Investment Holdings
3. Alpha A.E. Ventures Capital Management -ΑΚΕS
4. Emporiki Management Α.Ε.
Financing Companies
1. Alpha Leasing A.E.
2. ABC Factors A.E.
3. Diners Club Greece Α.Ε.P.P.
Asset Management
1. Alpha Asset Management Α.Ε.D.Α.Κ.
Insurance
1. Alpha Insurance Agents Α.Ε.
2. Alphalife A.A.E.Z.
Real estate and hotels
1. Alpha Astika Akinita Α.Ε.
2. Ioniki Hotel Enterprises Α.Ε.
3. Oceanos Α.Τ.Ο.Ε.Ε.
4. Emporiki Development and Real Estate
Management Α.Ε.
5. Alpha Investment Property Chalandriou Α.Ε.
6. Alpha Investment Property Attikis Α.Ε.
7. Alpha Investment Property Attikis II Α.Ε.
8. Alpha Investment Property Amarousion Ι Α.Ε.
9. Alpha Investment Property Amarousion ΙΙ Α.Ε.
10. Alpha Investment Property Eleonas Α.Ε.
11. APE Fixed Assets Α.Ε.
12. Αlpha Investment Property Neas Kifisias Α.Ε.
13. Αlpha Investment Property Kalirois Α.Ε.
14. Αlpha Investment Property Levadias Α.Ε..
15. Αlpha Investment Property Kefalariou Α.Ε.
16. Alpha Investment Property Neas Erythraias Α.Ε.
17. Anaplasi Plagias Α.Ε.
Special purpose and holding entities
1. Ionian Holdings Α.Ε.
Other companies
1. Kafe Alpha A.E.
2. Alpha Supporting Services Α.Ε.
3. Real Car Rental A.E.
4. Evisak Α.Ε.
5. Alpha Bank Notification Services Α.Ε.
Cyprus
Turnover in Cyprus on 31.12.2015 amounted to E 279,640, results before tax amounted to losses E (391,152), taxes on results
amounted to E (3,291), the number of employees was 874 and the following companies were included:
Banks
1. Alpha Bank Cyprus Ltd
2. Emporiki Bank Cyprus Ltd
Investment Banking
1. Emporiki Ventures Capital Developed Markets Ltd
2. Emporiki Ventures Capital Emerging Markets Ltd
Insurance
1. Alpha Insurance Ltd
Real estate and hotels
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. AGI-RRE Apollo Ltd
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 Tochni Ltd
24. AGI-Cypre Evagoras Ltd
25. AGI-Cypre Tersefanou Ltd
26. AGI-Cypre Mazotos Ltd
27. AGI-Cypre Ermis Ltd
Other companies
1. Alpha Trustees Ltd
2. Zerelda Ltd
United Kingdom
Turnover in United Kingdom on 31.12.2015 amounted to E 106,336, results before tax amounted to gains E 10,717, taxes on
results amounted to E (1,044), the number of employees was 44 and the following companies included were:
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. Katanalotika Plc
4. Epihiro Plc
5. Irida Plc
6. Pisti 2010-1 Plc
7. Alpha Finance Shipping LTD
Other companies
1. Alpha Bank London Nominees Ltd
2. Flagbright Ltd
Bulgaria
Turnover in Bulgaria on 31.12.2015 amounted to E 3,725, results before tax amounted to losses E (4,327), taxes on results
amounted to E 51 and the following companies included:
Real estate and hotels
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
Turnover in Jersey on 31.12.2015 amounted to E 971 and the results before tax amounted to losses E (63).
Special purpose and holding entities
1. Alpha Group Jersey Ltd
Serbia
Turnover in Serbia on 31.12.2015 amounted to E 53,555, results before tax amounted to losses E (7,647), tax on results
amounted to E (31), the number of employees was 921 and the following companies included were:
Banks
1. Alpha Bank Srbija A.D.
Real estate and hotels
1. Alpha Real Estate D.O.O. Beograd
Romania
Turnover in Romania on 31.12.2015 amounted to E 146,005, results before tax amounted to losses E (23,247), taxes on results
amounted to E (123), the number of employees was 1,882 and the following companies included were:
Banks
1. Alpha Bank Romania S.A.
Leasing companies
1. Alpha Leasing Romania IFN S.A.
Investment Banking
1. SSIF Alpha Finance Romania S.A.
Insurance
1. Alpha Insurance Brokers S.R.L.
Real estate and hotels
1. Alpha Astika Akinita Romania S.R.L.
2. AGI-RRE Participations 1 S.R.L.
3. Romfelt Real Estate S.A.
4. AGI-RRE Zeus S.R.L.
5. AGI-RRE Athena S.R.L.
6. AGI-RRE Poseidon S.R.L.
7. AGI-RRE Hera S.R.L.
8. AGI-RRE Venus S.R.L.
9. AGI-RRE Cleopatra S.R.L.
10. AGI-RRE Hermes S.R.L.
11. SC Cordia Residence S.R.L.
12. SC Carmel Residential S.R.L.
13. Asmita Gardens S.R.L.
14. Ashtrom Residents S.R.L.
15. Cubic Center Development S.A.
Albania
Turnover in Albania on 31.12.2015 amounted to E 25,198, results before tax amounted to losses E (1,831), tax on results
amounted to E 5 the number of employees was 425 and the following companies included were:
Banks
1. Alpha Bank Albania SH.A.
FYROM
Turnover in FYROM on 31.12.2015 amounted to E 6,690, results before tax amounted to losses E (3,101), tax on results
amounted to E 199, the number of employees was 238 and the following companies included were:
Banks
1. Alpha Bank AD Skopje
Real estate and hotels
1. Alpha Astika Akinita D.O.O.E.L. Skopje
Neither the Bank nor the Group companies have received any public subsidies. According to article 82 of Law 4261/5.5.2014
with which incorporated into Greek legislation the article 90 of Directive 2013/36/EU of the European Parliament and of the
Council of 26 June 2013 is established the requirement to disclose the total return on assets.
The overall performance of the assets of the Group for the year of 2015 amounted to (1.9)% (31.12.2014: (0.5)%).
21. Operating segments
(Amounts in million of Euro)
1.1 - 30.6.2016
Retail Banking Corporate Banking Asset Management/Insurance Investment Banking/ Treasury South-Eastern Europe Other Total
Net interest income 506.0 346.7 7.6 (40.5) 144.9 1.6 966.3
Net fee and commission income 54.1 67.0 16.6 4.6 15.8 0.7 158.8
Other income 3.3 5.8 (0.7) 18.6 27.1 32.3 86.4
Total income 563.4 419.5 23.5 (17.3) 187.8 34.6 1,211.5
Total expenses (326.1) (75.3) (13.3) (14.5) (108.1) (34.0) (571.3)
Impairment losses (166.0) (356.8) (82.0) (604.8)
Provision for Voluntary Separation Scheme (31.5) (31.5)
Profit/(loss) before income tax 71.3 (12.6) 10.2 (31.8) (33.8) 0.6 3.9
Income tax (24.4)
Profit/(loss) after income tax from continuing operations (20.5)
Profit/(loss) from discontinued operations 1.6 1.6
Profit/(loss) after income tax (18.9)
Assets 25,209.5 15,594.2 484.5 11,910.6 9,377.8 4,795.3 67,371.9
Liabilities 22,218.1 4,971.7 1,408.7 23,727.0 5,969.9 154.7 58,450.1
(Amounts in million of Euro)
1.1 - 30.6.2015
Retail Banking Corporate Banking Asset Management/Insurance Investment Banking/ Treasury South-Eastern Europe Other Total
Net interest income 486.7 352.4 9.2 (48.4) 157.8 (0.8)
- More to follow, for following part double click ID:nRSd4619IeRecent 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