Contents. 36 Auditors reports. 4 Company information. 38 Financial statements. 5 Group structure. 7 Management s review. 94 Definitions of ratios

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1 Annual Report Alm Brand Bank 2013 Alm. Brand Bank A/S / Midtermolen 7 / DK-2100 Copenhagen Ø / Registration (CVR) Alm. Brand no. 81 Bank annual 12 report

2 2 Alm. Brand Bank annual report 2013

3 Contents 4 Company information 5 Group structure 7 Management s review 8 Financial highlights and key ratios 9 Alm. Brand Bank 22 Customers 24 Human resources 26 Corporate governance 30 Capitalisation 33 Investor information 35 Statement by the management board and the board of directors 36 Auditors reports 38 Financial statements 39 Income statement and comprehensive income 40 Balance sheet 42 Statement of changes in equity 43 Cash flow statement 44 Segment information 46 Overview of notes 47 Notes to the financial statements 94 Definitions of ratios 96 Directorships and special qualications Alm. Brand Bank annual report

4 Company Information Management board Chief Executive Kim Bai Wadstrøm Joined Alm. Brand in 2011 Chief Executive of Alm. Brand Bank A/S since 2011 Board of directors Jørgen H. Mikkelsen, Chairman Boris N. Kjeldsen, Deputy Chairman Arne Nielsen Jan Skytte Pedersen Ebbe Castella Søren Boe Mortensen Christian Bundgaard, Elected by the employees Torben Jensen, Elected by the employees Pia Støjfer, Elected by the employees Auditors Deloitte Statsautoriseret Revisionspartnerselskab Internal audit Poul-Erik Winther, Group Chief Auditor Registration Alm. Brand Bank A/S Company reg. (CVR) no Address Midtermolen 7 DK-2100 Copenhagen Ø Phone: Telefax: Internet: 4 Alm. Brand Bank annual report 2013

5 company information / group structure Group Structure Alm. Brand Bank Alm. Brand Leasing Alm. Brand Formue The bank has two subsidiaries: Alm. Brand Leasing A/S Alm. Brand Formue A/S The group also comprises five wholly-owned subsidiaries, which have been established or acquired in connection with properties taken over temporarily. Ownership The bank is wholly owned by the listed company Alm. Brand A/S. The consolidated financial statements of Alm. Brand Bank A/S are a component of the consolidated financial statements of Alm. Brand A/S and Alm. Brand af 1792 fmba. In addition, the bank acts as custodian for: Investeringsforeningen Alm. Brand Invest Alm. Brand Bank annual report

6 Customers First Alm. Brand Bank annual report 2013

7 Management s review Alm. Brand Bank annual report

8 Financial highlights and key ratios Group Income Statement DKKm Continuing activities: Net interest and fee income, Private Trading income (excl. value adjustments) Other income Total income Expenses Depreciation and amortisation Core earnings Value adjustments Profit/loss from investments Alm. Brand Formue (the bank s ownership interest) Profit/loss before impairment writedowns Impairment writedowns Profit/loss before tax, continuing activities Winding-up activities: Profit/loss before impairment writedowns Impairment writedowns Profit/loss before tax, winding-up activities Total profit/loss before tax and minority interests ,154 Tax Profit/loss for the year before minority interests Minority interests Consolidated profit/loss for the year Balance sheet Key ratios Loans and advances, continuing activities 2,568 2,754 3,158 Loans and advances, winding-up activities 4,772 5,642 7,059 Deposits 10,936 11,325 7,995 Shareholders equity 1,696 1,169 1,234 Share attributable to minority interests Total assets 16,296 17,903 21,393 Average no, of employees (full-time equivalents) Interest margin (%) 1.6% 1.4% 1.6% Inome / cost ratio Impairment ratio 2.1% 2.8% 6.0% Solvency ratio 18.4% 18.5% 16.8% Return on equity before tax (%) 33.8% 41.6% 94.5% Return on equity after tax (%) 27.9% 30.6% 75.8% The bank has introduced a new version of the financial highlights in the Annual Report 2013, showing a breakdown on continuing activities and winding-up activities. For registration reasons, it has not been possible to show the breakdown until from In the management s review, the items of the income statement and loans and advances have been broken down by continuing activities and winding-up activities. This breakdown does not apply to the rest of the annual report, as the conditions of IFRS 5 are not fully met, including the condition on realisation within 12 months. Alm. Brand Formue is stated as the bank s ownership interest including results of equity risk hedging. See the accounting policies for a description of the contents of the individual line items. Financial ratios are based on the definitions and guidelines of the Danish FSA and on Recommendations & Financial Ratios 2010 issued by the Danish Society of Financial Analysts.

9 financial highlights and key ratios / alm. brand bank Alm. Brand Bank Alm. Brand Bank is a nation-wide bank with just over 50,000 private customers measured in terms of households. The bank offers products that meet the financial needs of private customers. In addition, the bank has activities within car leasing for private and commercial customers, bond, equity and currency trading and research (Markets) and asset management services (Asset Management). The bank also has a winding-up portfolio of loans and advances, consisting primarily of agricultural, commercial and mortgage deed exposures. Market Private The private customer market was characterised by consumer spending restraint again in Private customers generally remain focused on reducing their bank debts and increasing their savings. The housing market was slightly upward trending in 2013, but the recovery is fragile with substantial geographical variations. The market remains sluggish, and actual improvement is only seen in and around major towns and cities. After years of great restraint, the general investment appetite of ordinary private customers is gradually recovering. There are indications of budding optimism, but they have yet to translate into a significant increase in the bank s brokerage income from private customers. As expected, the introduction by the Danish government of the new retirement pension (Alderspension) caused many customers to exercise the option of early payment of tax on capital pension deposits at a lower rate. As a result of the declining trend in lending, a sluggish housing market and tax payments on pension assets, earnings from the private customer banking market did not improve to any great extent in Financial Markets Trading activity generally picked up in 2013, impacting favourably on Alm. Brand s activities in Financial Markets. However, trading income remains under pressure, and the market for asset management services is extremely competitive. At the same time, customers are increasingly demanding more information and reporting services. Markets generally developed favourably in The financial markets were focused on whether growth would pick up and whether the very lenient monetary policies would be maintained. Economic indicators gradually improved during the year, driven mainly by the USA where declining unemployment and growing consumer confidence characterised developments. Long-term yields were generally upward trending over the year, as were the major equity markets. Leasing The private car leasing market experienced fair growth in The market has yet to reach the level seen prior to the change in the principles for calculating vehicle registration fees, but particularly private leasing of small and mid-sized cars saw substantial growth in The commercial car leasing market bounced back to a reasonable level in 2012, and this level was maintained in Alm. Brand Bank annual report

10 Strategy The bank s strategy is to support the Alm. Brand Group s aim of offering its selected customer segments comprehensive financial solutions across insurance, pension and banking. The bank s strategy is focused on three segments: Private customers Financial Markets Leasing Alm. Brand Bank wants to be the primary banker of its private customers. The bank focuses particularly on customers who own their own homes or live in cooperative housing and customers with a major requirement for investment and pension advisory services, as these customer segments would potentially benefit the most from the bank s advisory services. The private customer area collaborates closely with Financial Markets on investment and asset management services. By maintaining superior quality in its research and advisory services, Financial Markets aims to provide all customers with an optimum decision-making basis, whether they are private or professional customers. The advisory services are based on long-term strategies, fundamental and quantitative research and focus on risk management aligned with the risk profile of each individual customer. The advisory services are furthermore founded on a holistic advisory approach based on a proprietary asset allocation model that provides guidelines on the most appropriate allocation of a customer s assets. In leasing, the strategy is to offer competitive lease solutions that cover the requirements of financially sound businesses for leasing passenger and commercial cars. The strategy also aims to intensify direct sales of car leases to individuals, both to end customers and through partnerships with car importers and car dealers. We want our customers to perceive Alm. Brand Bank as one of the best providers of service and advice and as offering the best prices in the industry. Customers should be offered financially attractive and value-creating solutions supporting long-term customer relationships. The aim is to have simple and uncomplicated procedures and offer high-quality advisory services as and when required. The bank has just over 50,000 customers (measured in terms of households), who are served by some 80 banking, investment and pension advisers distributed on 11 branches. In addition, around 40 employees at the bank s head office deal direct with customer needs and enquiries and with developing the private customer area. Financial Markets has some 50 employees working in front, middle and back office functions, and Leasing has about 25 employees. In addition to these segments, the bank has a portfolio of winding-up activities consisting of agricultural, commercial and mortgage deed exposures. The bank is strongly focused on minimising losses when winding up discontinued business areas. In terms of organisational resources, the winding-up portfolio is handled by close to 30 employees. Windingup activities are handled centrally at the head office, ensuring that the remaining organisation stays focused on providing optimum service to the bank s customers going forward. Strategic goals for The bank has defined a number of goals to improve earnings so that it may deliver satisfactory results in future. Target: Income/cost ratio of more than 1.1 by 2016 The income/cost ratio was 0.38 in 2013, being affected by large impairment writedowns. The improvement to be achieved by 2016 will be driven by higher core earnings from continuing activities and by a reduction of total impairment writedowns. 10 Alm. Brand Bank annual report 2013

11 alm. brand bank Target: Increasing the interest margin by more than 1 percentage point by 2016 The goal is for the group s interest margin to reach at least 2.4% by In 2013, the interest margin was 1.6%, up by 0.2 of a percentage point on The improvement was driven by a fair inflow of new full-service customers and by a reduction of funding costs. Target: Reducing the winding-up portfolio by 10% annually In 2013, the bank succeeded in reducing the winding-up portfolio excluding writedowns by DKK 615 million, corresponding to 11% of the portfolio at 1 January The reduction of the winding-up portfolio was in line with expectations. Target: Generating a return on equity of 5% plus the money market rate by 2016 The return on equity was negative at 34% in 2013, being affected by the loss before writedowns and large impairment writedowns. The return on equity will continue to be affected by expenses and writedowns related to the winding-up portfolio over the next couple of years. Performance The bank incurred a loss before tax and excluding minority interests of DKK 469 million, against a loss of DKK 519 million in Total writedowns amounted to DKK 374 million, against DKK 480 million in The writedowns were high but within the expected range of DKK million. Before writedowns, the bank posted a consolidated loss of DKK 95 million, which was not satisfactory. However, the performance was in line with guidance provided for a loss of DKK 100 million. The loss before writedowns was composed of a profit of DKK 28 million from continuing activities and a loss of DKK 123 million from winding-up activities. The 2013 interest margin was 1.5% for the parent company (2012: 1.4%) and 1.6% for the banking group (2012: 1.4%). The dedicated efforts made to increase the number of full-service customers in the private customer segment and reduce funding costs improved the interest margin in 2013 and will ensure that the interest margin continues to increase. The bank repaid hybrid core capital in a total amount of DKK 630 million in On 27 February 2014, a decision was made to repay the remaining DKK 226 million of state-funded hybrid core capital. Repayment will take place when permission has been received. Moreover, the bank repaid the remaining DKK 2 billion of issued governmentguaranteed bonds in After repaying the DKK 226 million of state-funded hybrid core capital, the bank will have repaid all state-funded capital raised in connection with the financial crisis. Continuing activities The pre-tax results declined by DKK 43 million relative to 2012 to a loss of DKK 90 million. The loss was attributable to significantly larger impairment writedowns. Writedowns amounted to DKK 118 million, against DKK 57 million in Before writedowns, the bank posted a profit of DKK 28 million, marking an DKK 18 million improvement on The performance improvement was driven by higher core earnings, but value adjustments and the ownership of Alm. Brand Formue detracted from the performance. Alm. Brand Bank annual report

12 Core earnings for 2013 were a profit of DKK 88 million, against a profit of DKK 15 million in The positive trend was driven by higher trading income, higher income from the bank s leasing activities and an improved performance in the private customer segment. Income Income from the bank s continuing activities amounted to DKK 508 million in This marked an increase of DKK 96 million or 23% relative to The increase was driven by higher trading income and other income, primarily covering the bank s leasing activities. Net fee and commission income from the bank s private customers was DKK 179 million, against DKK 177 million in In spite of the year s generally sluggish demand from private customers resulting in a decline in lending, the bank managed to keep its net interest and fee income unchanged. Trading income excluding value adjustments increased by 40% to DKK 240 million, against DKK 172 million in This improvement was driven by a strong performance of the bank s asset management activities as well as by an increased customer inflow and higher earnings from the Markets department. The bank s other activities also contributed to the improvement. Other income, which primarily covers leasing activities, rose by 41% to DKK 89 million relative to The bank experienced fair growth in its leasing portfolio in 2013, driven by a trebling of car orders compared to Costs Costs amounted to DKK 368 million, which was on a par with Costs were composed of staff costs and administrative expenses of DKK 354 million (2012: DKK 359 million) and other operating expenses, primarily to the Danish Guarantee Fund for Depositors and Investors, of DKK 14 million (2012: DKK 5 million). Value adjustments Value adjustments amounted to a loss of DKK 33 million, against a gain of DKK 3 million in Interest-related value adjustments amounted to a loss of DKK 40 million, against a loss of DKK 29 million in The loss was related to the bank s bond portfolio, a part of which was placed in high-yield bonds, and to value adjustment losses as a result of the bond maturity effect. Rising interest rates in 2013 also resulted in negative value adjustments. The bank s bond portfolio produced a return of 1.7% in 2013, which was satisfactory in light of market developments. Equity-related value adjustments amounted to a gain of DKK 9 million, against a gain of DKK 25 million in Currency-related value adjustments amounted to a loss of DKK 2 million, against a gain of DKK 7 million in Writedowns Writedowns on the bank s continuing activities amounted to an expense of DKK 118 million, against an expense of DKK 57 million in The writedowns were mainly attributable to an extraordinary credit review of the bank s private customers. The growth in operating leases triggered a DKK 19 million increase in the bank s depriciation and amortisation to DKK 52 million from DKK 33 million in Alm. Brand Bank annual report 2013

13 alm. brand bank Business activities Private Private customer activities reported a loss of DKK 155 million, against a loss of DKK 102 million in The higher loss was due to a DKK 63 million increase in impairment writedowns to DKK 120 million, resulting from an extraordinary credit review in which private customers with impaired financial strength were assessed on the basis of repayment profile and interest rate level stress tests. Although there was a fair gross increase in lending of more than DKK 360 million in 2013, the bank s lending to private customers declined by DKK 29 million excluding writedowns to DKK 2,293 million as a result of increased demand for Totalkredit loans and the general trend of customers repaying their loans. Portfolio Private DKKm Income Expenses Depreciation and amortisation 0 0 Core earnings Value adjustments 0 0 Profit/loss before impairment writedowns Impairment writedowns Profit/loss before tax DKKm Q Q Q Q Q The bank s income from the private customer segment increased by 1.7% to DKK 180 million relative to The trend in income combined with lower costs resulted in a DKK 10 million increase in core earnings to a DKK 35 million loss. The bank achieved an increase of some 20% in the number of full-service customers who use Alm. Brand Bank as their main banker. Growth in the number of full-service customers is a key element in developing the private customer segment going forward. The portfolio of Totalkredit loans for which the bank acted as intermediary increased by 12% to stand at DKK 4,163 million at 31 December As was the case in 2012, many customers not only converted their loans to other interest and repayment terms in 2013; they also raised supplementary mortgage loans with Totalkredit which they used to reduce loans with the bank. Loans and advances excluding impairment writedowns for the year Totalkredit The bank s pension activities delivered a satisfactory performance in After the introduction of the new retirement pension (Alderspension), which resulted in a reduction of pension assets due to the payment of tax on amounts transferred, the bank succeeded in growing its total pension assets by close to 2%. This increase was driven in particular by the bank s portfolio management product, the Alm. Brand Investment Scheme, which reported growth of almost 13% in In 2013, the bank saw greater interest from Non-life Insurance customers in getting the benefits offered if they become full-service customers of the bank. This arrangement will also be a key focus area in 2014, and the positive trend is expected to continue. Alm. Brand Bank annual report

14 Financial results for Q4 Loss before tax and minority interests: DKK 104 million (2012: DKK 146 million loss) Continuing activities: DKK 20 million loss (2012: DKK 12 million profit) Winding-up activities: DKK 84 million loss (2012: DKK 158 million loss) Loss/profit before impairment writedowns: DKK 6 million loss (2012: DKK 2 million profit) Losses and writedowns: DKK 98 million (2012: DKK 148 million) Reduction in lending in the winding-up portfolio: DKK 296 million (2012: DKK 472 million) The interest margin for the parent company was 1.6%, against 1.4% in Q For the banking group, the interest margin was also 1.6%, against 1.4% in Q Continuing activities The continuing activities posted a profit before writedowns of DKK 24 million, against a profit of DKK 32 million in Q This performance was driven by improved core earnings and was offset by a decline in value adjustments. Income The bank s income from continuing activities improved by DKK 46 million to DKK 150 million, against DKK 104 million in Q This increase was primarily driven by higher trading income from Financial Markets and increased earnings from leasing activities. Core earnings Core earnings increased by DKK 14 million to DKK 30 million from 16 million in Q Value adjustments Value adjustments amounted to a loss of DKK 2 million, against a gain of DKK 16 million in Q The loss in 2013 was attributable to the bank s bond portfolio. Writedowns Writedowns amounted to DKK 44 million, against DKK 20 million in Q4 2012, and were attributable to the bank s private customers. Winding-up activities The bank s winding-up activities posted a pre-tax loss of DKK 84 million, against a loss of DKK 158 million in Q Writedowns amounted to DKK 54 million, against DKK 128 million in Q DKKm - 6 DKKm Loss before tax and minority interests: DKK 104 million (2012: DKK 146 million loss) Loss before impairment writedowns: DKK 6 million (2012: DKK 2 million profit) 14 Alm. Brand Bank annual report 2013

15 alm. brand bank Leasing Leasing activities generated a pre-tax profit of DKK 1 million, which was a DKK 3 million improvement on Financial Markets Financial Markets reported a pre-tax profit of DKK 87 million, against DKK 58 million in Leasing DKKm Financial markets DKKm Income Expenses Depreciation and amortisation Core earnings 1 2 Value adjustments 0 0 Profit/loss before impairment writedowns 1 2 Impairment writedowns 0 0 Profit/loss before tax 1 2 Income Expenses Depreciation and amortisation 0 0 Core earnings Value adjustments 15 4 Profit/loss from investments 1 1 Profit/loss before impairment writedowns Impairment writedowns 2 0 Profit/loss before tax The portfolio of leasing activities grew by more than DKK 100 million in 2013, and more than three times as many cars were ordered as in The positive portfolio developments were driven in particular by private customer leasing, but the commercial segment also reported growth. As a result of the portfolio growth, income increased by DKK 26 million to DKK 86 million compared with Writedowns increased by DKK 20 million due to the increased portfolio. The income generated by Financial Markets grew by 29% to DKK 204 million from DKK 158 million in Greater risk appetite and activity among Alm. Brand s customers in 2013 served to increase revenue and a fair inflow of new customers helped lift core earnings by DKK 46 million to DKK 99 million. Alm. Brand s asset management activities delivered a strong performance in The performance was supported in particular by mortgage bonds, which had a positive effect on the results of Financial Markets. Financial Markets currently has some DKK 31 billion of assets under management, of which external funds represent close to DKK 8 billion, and the department aims to increase the volume of external assets under management in the coming years. The collaboration between the Financial Markets and Private segments was strengthened in 2012, and the positive effects fed through to the 2013 results. The inflow of high net worth private customers who have an adviser in Markets is at the highest level ever recorded. Asset Management has also developed a structured deposit product for private customers, which was very well received. Alm. Brand Bank annual report

16 Other Other activities comprise the bank s treasury function and the ownership interest in Alm. Brand Formue A/S. Other activities reported a pre-tax loss of DKK 23 million, against a loss of DKK 1 million in Other DKKm Income Expenses 15 7 Depreciation and amortisation 0 1 Core earnings 23 9 Value adjustments 18 1 Profit/loss from investments 3 7 Alm. Brand Formue 25 2 (the bank s ownership interest) Profit/loss before impairment writedowns 23 1 Impairment writedowns 0 0 Profit/loss before tax 23 1 Value adjustments amounted to a loss of DKK 18 million in 2013, against a loss of DKK 1 million in The loss was mainly due to the maturity effect on high-yield bonds and to the effect of rising interest rates. The bank s share of the results of Alm. Brand Formue and its equity risk hedging in this respect amounted to a loss of DKK 25 million. The performance was due to the loss on interest-bearing instruments and to the hedging of equity risk by means of indices that did not match the composition of the portfolio. Winding-up activities The bank s winding-up activities are primarily composed of agricultural, commercial and mortgage deed exposures. As part of the implementation of a controlled winding up of the individual exposures, there are cases in which the bank will grant additional loans as part of its credit defence efforts to protect assets the bank holds as collateral. This means that lending may increase in individual segments, even though the lending segment is being wound up. In 2013, the bank s winding-up activities reported a loss of DKK 379 million, against a loss of DKK 472 million in The winding-up activities are subject to substantial impairment writedowns, totalling DKK 256 million in 2013, against DKK 423 million in Total loans and advances provided to the winding-up portfolio declined by DKK 870 million to DKK 4,772 million in 2013, representing 65% of the bank s overall lending portfolio. Adjusted for losses and writedowns, loans and advances were reduced by DKK 615 million, which was in line with the expected level. Agriculture In general, times are still difficult for the bank s agricultural customers. The risk of default is high, and the market value of agricultural land and property is under pressure. The bank values customers agricultural land at an average price of DKK 130, ,000 per hectare. The bank s agricultural portfolio breaks down into around 50% pig farming, around 45% dairy farming and around 5% arable farming. The bank had close to 80 agricultural customers at 31 December The portfolio declined by DKK 135 million in 2013 to stand at DKK 820 million at 31 December Less losses and writedowns, the agricultural lending portfolio declined by DKK 34 million. Losses and writedowns remain high, which is due to additional drawings on existing credit facilities and to reduced values of the underlying collateral. 16 Alm. Brand Bank annual report 2013

17 alm. brand bank Commercial The portfolio consists of loans for financing of investment properties, loans provided to small businesses and syndicated loans provided to medium-sized Danish businesses. Mortgage deeds inherently run off as a result of regular payments and redemptions. Such natural run-off accounted for about 8% of the mortgage deed portfolio in 2013 net of credit writedowns and interest rate impacts. The bank closed down its largest exposure in 2013, which consisted of guarantee commitments and derivative instruments. The close-down did not result in a reduction of the lending portfolio. The exposure was closed without a loss and resulted in a reduction of the bank s capital reservation of approximately DKK 50 million. The total portfolio declined by DKK 229 million in 2013 to stand at DKK 1,044 million at 31 December Losses and writedowns amounted to a reversal of DKK 24 million. Adjusted for losses and writedowns, the commercial lending portfolio declined by DKK 253 million. Mortgage deeds This segment comprises the bank s own portfolio of private and commercial mortgage deeds. The mortgage deed portfolio amounted to DKK 2,497 million at 31 December 2013, which was DKK 433 million less than at 31 December Adjusted for losses and writedowns, the portfolio declined by DKK 256 million. Credit writedowns amounted to DKK 177 million in 2013, corresponding to an impairment ratio of 6.5% of the average portfolio. Compared with the banking sector in general, the bank has fairly high exposure to mortgage deeds relative to the overall lending portfolio. See note 47 to the financial statements for a description of significant accounting estimates, assumptions and uncertainties. Private mortgage deeds The bank s portfolio of private mortgage deeds amounted to DKK 1,847 million, comprising the bank s portfolio of mortgage deeds secured primarily against single-family houses, commonhold flats and summer houses. The properties are located throughout Denmark. Credit-related writedowns of private mortgage deeds amounted to DKK 96 million in Lending year-end Total losses and writedowns DKKm Share of portfolio % Q1 Q2 Q3 Q4 Total 2013 Loss ratio a) Agriculture % % Commercial 1,273 1, % % Mortage deeds 2,930 2, % % Other loans and advances % % Shares b) Winding-up activities 5,642 4, % % a) Losses and writedowns as a percentage of the average portfolio in The percentage is not comparable with the impairment ratio in the bank s financial highlights and key ratios b) Shareholding taken over in connection with the winding up of a former credit exposure. Value adjustment of the shareholding is recognised under value adjustments Alm. Brand Bank annual report

18 Private mortgage deeds are still adversely affected by the weak general economic conditions, and the number of private mortgage deed delinquencies remains high as a result. Commercial mortgage deeds Commercial mortgage deeds amounted to DKK 650 million, comprising the bank s portfolio of mortgage deeds secured against residential rental property, commercial property for office, trade and industrial use as well as land and mixed residential/commercial property. Credit-related writedowns of commercial mortgage deeds amounted to DKK 81 million in The commercial property letting market was weak in 2013, and the pressure on rent levels was seen to be mounting. Revaluations resulted in a high level of impairment writedowns. Other loans and advances Other loans and advances cover a portfolio of car finance contracts and property development projects. At 31 December 2013, approximately 60% of lending in this segment related to a single property development project. The bank will only finance the completion of ongoing projects pursuant to existing agreements. Other loans and advances declined by DKK 73 million in 2013 to stand at DKK 411 million at 31 December Losses and writedowns amounted to DKK 1 million in Balance sheet Loans and advances The bank s loans and advances totalled DKK 7.3 billion at 31 December 2013, against DKK 8.4 billion at 31 December 2012, corresponding to a decline of DKK 1.1 billion. Excluding writedowns, loans and advances in the continuing activities declined by DKK 98 million and by DKK 615 million in the winding-up activities. The reduction of the winding-up portfolio was in line with expectations. Deposits The bank had deposits of DKK 10.9 billion at 31 December 2013, against DKK 11.3 billion at the year-earlier date. The decline was the result of the bank s ongoing focus to reduce its deposit balance in step with the reduction of loans and advances in the winding-up portfolio. In 2013, the bank experienced an increase of more than 15% in floating-rate deposits. This marked a positive shift in the relationship between high-interest fixed-rate deposits and lower-interest floating-rate deposits. This trend is expected to continue in 2014 and will have a positive effect on the bank s interest margin. It is a part of the bank s strategy to further reduce deposits, while also increasing the share of floating-rate deposits. Liquidity At 31 December 2013, the bank had cash funds of DKK 4.5 billion and excess liquidity of DKK 3.0 billion, equivalent to an excess cover of 202% relative to the statutory requirement. In line with expectations, repayment of funding reduced the excess cover relative to the 256% reported at 31 December Management monitors the bank s liquidity closely, and it is expected that the excess liquidity coverage will be reduced further in Capitalisation The bank s equity stood at DKK 1.5 billion at 31 December The capital base totalled DKK 1.8 billion, and the risk-weighted items amounted to DKK 8.7 billion at 31 December Accordingly, the solvency ratio was 20.3, and the core capital ratio was The bank s individual solvency need was calculated at 14.2%, which means that the solvency ratio exceeded the individual solvency need by 6.1 percentage points. 18 Alm. Brand Bank annual report 2013

19 alm. brand bank The banking group s equity stood at DKK 1.7 billion at 31 December The capital base totalled DKK 1.8 billion, and the risk-weighted items amounted to DKK 9.6 billion at 31 December Accordingly, the banking group had a solvency ratio of 18.4%, and a core capital ratio of 17.7%. The banking group s individual solvency need was calculated at 14.3%, which means that the solvency ratio exceeded the individual solvency need by 4.1 percentage points. Capital reservation for credit risk The banking group s total capital reservation for credit risk declined by DKK 329 million in 2013 to stand at DKK 3,149 million at 31 December 2013, against DKK 3,478 million at 31 December The capital reservation equalled 33% of gross loans and advances and the residual debt on mortgage deeds at 31 December 2013, which was unchanged relative to 31 December The capital reservation on the continuing portfolio represented 18% of gross loans and advances, and the capital reservation on the winding-up portfolio represented 39% of gross loans and advances and residual debt on mortgage deeds. Of the banking group s total capital reservation at 31 December 2013, accumulated writedowns amounted to DKK 1,454 million, compared with DKK 1,557 million at 31 December Accumulated writedowns broke down as follows at 31 December 2013: DKK 277 million on the continuing portfolio and DKK 1,177 million on the winding-up portfolio. To this should be added DKK 747 million in fair value adjustments of mortgage deeds. New capital adequacy rules (CRD IV) New capital adequacy rules were introduced by the EU with effect from 1 January Among other things, the new rules define stricter requirements on the quality of capital. The rules provide for a toughened scaling-down of the inclusion of supplementary capital and a tightening of the requirements for hybrid capital. Moreover, the rules governing the calculation of risk-weighted assets will change. The rules will be phased in from 2014 to 2019, but the most significant changes for the bank will take place already in Under the new rules, the value of the bank s supplementary capital in the solvency calculation declined by DKK 160 million on 1 January 2014 and will be reduced by an additional DKK 40 million in This is partly offset by a capital injection made by Alm. Brand A/S on 27 February The bank s risk-weighted assets will not be affected to any significant extent by the changed rules. Capital reservation for credit risk DKKm Reservation Gross lending/ Required Total relative to gross Total outstanding debt Balance Difference a) capital reservation lending reservation Reservation relative to gross lending Continuing portfolio 2,708 2, % % Winding-up portfolio 6,696 4,772 1, ,625 39% 2,952 38% Total - excl. reverse transactions 9,404 7,203 2, ,125 33% 3,467 33% Reverse transactions including intercompany transactions % 11 10% Total group 9,541 7,340 2, ,149 33% 3,478 33% a) Accumulated writedowns and value adjustments of mortgage deeds. Alm. Brand Bank annual report

20 Supervisory diamond At 31 December 2013, than bank was in compliance with all five threshold values of the Danish FSA s supervisory diamond as shown in the figure below: Prepayment of government-guaranteed bonds On 22 March 2013, the bank repaid just over DKK 1 billion of government-guaranteed bonds, and on 1 July 2013 the remaining DKK 950 million of the bond issue was repaid. Large exposures Threshold value < 125 % % 32% Funding ratio Threshold value < Excess liquidity coverage Threshold value > 50% % 256% Growth in lending Threshold value < 20 % % - 13% Property exposure Threshold value < 25% % 17% The changes to the bank s supervisory diamond values are in line with expectations. Major events Capital injection On 26 February 2013, Alm. Brand A/S injected DKK 700 million into Alm. Brand Bank A/S as equity. The capital injection was used to make a DKK 430 million repayment of the state-funded hybrid core capital on 19 March On 22 August 2013, Alm. Brand A/S injected DKK 200 million into Alm. Brand Bank A/S as equity. The capital injection was used to make a DKK 200 million additional repayment of the state-funded hybrid core capital on 11 September Partner agreement with the Danish Swimming Union On 2 December 2013, Alm. Brand Bank concluded a partner agreement with the Danish Swimming Union, which is intended to attract more full-service customers to the bank as well as more funds for member activities in local swimming clubs in Denmark. Changes to the Board of Directors At the bank s annual general meeting held on 17 April 2013, Ebbe Castella was elected as a new member of the Board of Directors. Moreover, new employee representatives were elected in Events after the balance sheet date Capital injection and repayment of state-funded hybrid core capital On 27 February 2014, Alm. Brand A/S injected DKK 400 million into Alm. Brand Bank A/S as equity. The capital injection will be used to repay the remaining DKK 226 million of state-funded hybrid core capital. Repayment will take place when permission has been received. Moreover, a part of the capital injection will be used to offset the effect of the new capital adequacy rules in Alm. Brand Formue After the balance sheet date, the Board of Directors of the subsidiary Alm. Brand Formue A/S has submitted a proposal for a solvent liquidation of the company. The reason for the proposal is that, as a result of a number of years of weak demand and low liquidity in the shares, the market capitalisation of Alm. Brand Formue is not deemed to reflect the company s values. Moreover, the Danish act on on alternative investment fund managers introduces new regulatory obligations on the company, which will entail increased administrative expenses. 20 Alm. Brand Bank annual report 2013

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