CONTENTS REPORT OF THE BOARD OF DIRECTORS 3

Size: px
Start display at page:

Download "CONTENTS REPORT OF THE BOARD OF DIRECTORS 3"

Transcription

1

2 CONTENTS REPORT OF THE BOARD OF DIRECTORS 3 INTERIM FINANCIAL STATEMENT INCOME STATEMENT 5 ASSETS 6 LIABILITIES & EQUITY 6 STATEMENT OF CHANGES IN EQUITY 7 CASH FLOW STATEMENT 8 NOTES 1. ACCOUNTING PRINCIPLES 9 2. IMPORTANT ACCOUNTING ESTIMATES AND DISCRETIONARY EVALUATION NET INTEREST INCOME NET FEES AND INCOME ON OTHER ACTIVITY NET GAINS ON FINANCIAL INSTRUMENTS AT FAIR VALUE OPERATING EXPENSES LOSSES AND ALLOWANCES RECOGNISED IN THE PROFIT AND LOSS ACCOUNTS LEASING (FINANCIAL LEASING ASSETS) RISK CLASSIFICATION DOUBTFUL LOANS INCOME TAX INFORMATION ON RELATED PARTIES EMPLOYEE BENEFITS CAPITAL ADEQUACY METHOD FOR CALCULATION OF FAIR VALUE OF FINANCIAL INSTRUMENTS OFFSETTING CONTINGENCIES ASSETS PLEDGED AND RECEIVED AS SECURITY EVENTS AFTER THE REPORTING PERIOD 16 ADDRESSES 17

3 Report of the Board of Directors as of June 30 th, 2016 In the first six months of 2016, SG Finans has: - new financing of MNOK (MNOK for the same period in 2015), an increase of 23 %. - net banking income of MNOK 647 (MNOK 687). - total loan losses of MNOK 30,0 / 0,20 % of average funded assets (MNOK 33,2 / 0,24 %). - total assets of MNOK (MNOK ). - capital adequacy ratio of 14,7 % (14,5 %) for tier 1 capital and 19,0 % (19,1 %) for total capital. Business activities In the first six months of 2016 SG Finans has established new financing in Scandinavia of MNOK compared to MNOK for the same period in This is an increase of 23,1 %. Margins for new financing are lower compared to The market share within Equipment finance in Norway is 25% at June 30 th, which is down from 27% at year-end SG Finans increases the market share within financing of Industrial Equipment while the market share drops for financing of High-tech equipment and transportation. SG Finans remains the market leader in equipment finance in Norway. Within Factoring, SG Finans is market leader in Norway with a market share of 40 %. We see growth in the equipment finance market both in Sweden and Denmark, with particularly strong growth in new financing in the Danish market. The margins are under pressure also in these markets. In June 2016, SG Finans signed a loan agreement of MEUR 150 with the European Investment Bank. The loan is the second agreement between SG Finans and the European Investment Bank, and the purpose of the loan is to facilitate financing for SME s in Denmark, Norway and Sweden. Total assets are at June 30 th MNOK ,2 which is 9,0 % higher than MNOK ,0 in the same period in people were employed in SG Finans at the end of the second quarter. Since year end 2015 the number of employees has increased by one. Results SG Finans has Net Banking income of MNOK 646,6 in the first six months of 2016 compared to MNOK 686,6 in the same period in The main reason for the decrease in Net Banking Income is that SG Finans had large sales gains in the first quarter of Operating expenses amount to MNOK 291,4 in the period ending June 30 th 2016, compared to MNOK 286,7 in the same period in The increase in operating expenses is mainly due to an increase in staff cost. Total loan losses year to date amount to MNOK 30,0. This represents 0,20 % of average funded assets. Total loan losses for the same period in 2015 were MNOK 33,2 and 0,24 % of average funded assets. 3

4 Reduced Net Banking Income, particularly from lower sales gains, and higher payroll expenses contribute to the MNOK 41,5 decrease in operating profit from MNOK 366,7 in the first six months of last year to 325,2 in the first six months of Net result after tax of SG Finans AS from January 1 st to June 30 th, 2016 amounted to MNOK 241,0 compared to MNOK 267,0 in the same period for Risk management and Capital adequacy The Board considers that the entity has a satisfactory capital situation and access to funding from its parent company. The regulatory capital as of 30 th of June is MNOK 4 932,5. The regulatory capital consists of MNOK 3 971,6 tier one capital, and MNOK 1 100,0 tier two capital. The basis for the calculation of capital requirements and adequacy at the end of June was MNOK ,4. The capital adequacy at end of June 2016 was for tier 1 capital 14,7 % and the total capital adequacy was 19,0 %. The capital coverage is satisfactory compared to regulatory minimum requirements and the company s internal requirements and guidelines for solidity and capital adequacy. As part of the company s capital management procedures, stress testing of all relevant risks are performed and the change in the capital requirement under various stress scenarios is evaluated. The capital adequacy is considered satisfactory also considering the results of the performed stress tests. Lysaker, August 15 th, 2016 Marie-Christine Ducholet Chairman Ellen Altenborg Tommy Pedersen Jacques Bensen Torbjørn Nilsen Philippe Dairien Carsten Thorne Managing Director 4

5 INCOME STATEMENT Amounts in NOK thousand Notes Q Q YTD 2016 YTD Total interest income 3, Total interest expenses 3, Net interest income Commission and fees income Commission and fees expenses Net commission and fee income Net gains/losses on financial instruments at fair value Net change in value and gains on foreign currency Total income on other activity Net banking income Total payroll, fees and other staff costs Total other operating expenses Gross operating proft Losses on loans Operating profit Taxes Profit for the period Other comprehensive income Items that could be reclassified Exchange differences on translation of foreign operations Taxes Items that cannot be reclassified Actuarial gains and losses Taxes Other comprehensive income for the period Attributable to: Equity holder of the parent Total comprehensive income of the period

6 STATEMENT OF FINANCIAL POSITION Amounts in NOK thousand Notes Assets Cash and deposits with central banks Deposits with financial institutions Loans to financial institutions Financial derivatives 15, Loans to customers Repayment loans Factoring receivables Factoring loans Financial lease agreements 8, Total loans before allowances Allowances on doubtful loans 7, Net loans to customers Repossessed assets Shares and primary capital certificates Deferred tax asset Other intangible assets Machinery, tools and equipment, means of transport Other assets Prepayments and accrued income Total assets Amounts in NOK thousand Notes Liabilities Loans and deposits from financial institutions with agreed maturity Deposits from and debt to customers with termination rights Financial derivatives 15, Retention of margin and other customer accounts Other liabilities Accruals and deferred income Pension liabilites Current tax liability Subordinated debt Total Liabilities Equity Share capital Share premium account Other equity including profit for the year Total equity Total liabilities and equity Lysaker, August 15th,

7 STATEMENT OF CHANGES IN EQUITY Amounts in NOK thousand Share capital Share premium Retained earnings Translation differences Actuarial gains and losses Total Equity Profit for the period Other comprehensive income Dividends Total equity Equity Profit for the period Other comprehensive income Dividends Total equity

8 CASH FLOW STATEMENT Amounts in NOK thousand YTD 2016 YTD 2015 Operations Interest income Interest costs Other receipts Operating expenses Receipts on previous losses Paid taxes Net cash flow from operations New investments leasing Proceeds from sale of leasing Decrease in loans ( net ) Decrease ( increase ) in other receivables Decrease ( increase ) in advance payments Net cash flow from current financial activity Decrease ( increase) in tangible assets Shares and primary capital certificates Net cash flow from investment activity Increase (decrease) in deposits from customers Payment of dividends Increase (decrease) in loans from credit institutions Increase (decrease) in debt Increase (decrease) accrued costs Currency exchange without cash effect Net cash flow from long term financial activity Net cash flow Cash at the 1st of January Cash at end of period Reconciliation cash at end of period Cash and deposits with central banks Deposits with financial institutions Cash at end of period

9 NOTES 1. ACCOUNTING PRINCIPLES SG Finans AS is a Scandinavian finance company and its business is carried out through a broad, Scandinavian distribution network with 15 regional and sales offices in Norway, 6 offices in Sweden and 2 in Denmark. SG Finans AS forms a part of of Société Générale SA, a group listed on the stock exchange with head office in Paris, France. The Group consolidated financial statement is prepared by Société Générale SA, and is available on The company is a limited company incorporated and domiciled in Norway. Its registered office is in Strandveien 18, Lysaker. The interim financial statements for the period ended June 30th 2016 were authorised for issue by the Board of directors on August 15th, SG Finans AS's activities are neither seasonal nor cyclical in nature, its period results were not affected by any seasonal or cyclical factors. The interim financial statements for SG Finans AS for the 6 month period ending June 30th, 2016 are prepared and presented in accordance with the revised IAS 34 Interim Financial Reporting. The interim financial statements do not include all the information and disclosures required in the annual financial statement, and should be read in conjunction with the financial statement as at 31 December IFRS, IFRIC interpretation and amendments applied by SG Finans AS as at January 1st, 2016 Adoption date by the European Union Effective date Accounting standards, amendments or interpretation Ammendments to IAS 1: Disclosure initiative Annual Improvements to IFRSs Cycle Accounting standards, Amendments or interpretation to be applied in the future Not all of the accounting standards and interpretations published by the IASB (International Accounting Standards Board) have been adopted by the European Union at June 30, These accounting standards and interpretations are required to be applied from annual periods beginning on January 1, 2016 at the earliest or on the date of their adoption by the European Union. Accordingly, they were not applied by SG Finans AS as of June Accounting standards, Amendments or interpretation adopted by the European Union on June 30, 2016 No new adoption by EU on June 30, Accounting standards, amendments or interpretations not yet adopted by the European Union on June 30, 2016 Adoption date by the IASB Effective date Accounting standards, amendments or interpretations IFRS 9 Financial Instruments IFRS 15 Revenue from Contracts with Customers Clarifications to IFRS 15 Revenue from Contracts with Customers IFRS 16 Leases Ammendments to IAS 7: disclosure initiative Ammendments to IAS 12: recognition of Deferred Tax Assets for Unrealised losses SG Finans consider possible effects on the financial statements of changes in existing standards and future standards as not material. Regarding IFRS 9 SG Finans has not yet considered possible effects on the financial statement as the standard is not yet adopted by EU. 9

10 2. IMPORTANT ACCOUNTING ESTIMATES AND DISCRETIONARY EVALUATION The preparation of interim financial statements in conformity with generally accepted accounting principles requires that occasionally management must make estimates and assumptions. Estimates and discretionary evaluations are regularly assessed and are based on historic experience and other factors, including the expectations of future events that are considered to be probable under the current circumstances. The company prepares estimates and makes presumptions and assumptions connected to the future. The accounting estimates that are based on this will seldom be entirely in accordance with the final outcome. Some accounting principles are considered to be especially important to enlighten the company s financial position because they require the management to make difficult or subjective assessments and determine estimates that are, for the most part, uncertain at the time the estimates are made. 3. NET INTEREST INCOME Amounts in NOK thousand Q Q YTD 2016 YTD 2015 Interest income from financial institutions, valued at amortised cost Interest income from customers financial leases and loans, valued at amortised cost Other interest income Total interest income Interest expenses to financial institutions, valued at amortised cost Interest expenses on deposits and debt to customers, valued at amortised cost Interest expenses on subordinated debt Other interest expenses Total interest expenses Net interest income NET FEES AND INCOME ON OTHER ACTIVITY Amounts in NOK thousand Q Q YTD 2016 YTD 2015 Commission and fees income from loans and similar to customers Commission and fees income Commission and fees expenses from loans and similar to customers Other commission and fees expenses Commission and fees expenses Net commission and fees income Sales gains Income from extension of leasing contracts Other income Total income other activity NET GAINS ON FINANCIAL INSTRUMENTS AT FAIR VALUE Amounts in NOK thousand Q Q YTD 2016 YTD 2015 Net gains/losses on financial derivatives, trading Change in fair value on financial derivatives, hedging Change in fair value on hedged fixed interest contracts Net gains/losses on financial instruments at fair value through P&L

11 6. OPERATING EXPENSES Amounts in NOK thousand Q Q YTD 2016 YTD 2015 Payroll Pensions Social security costs Other staff cost Total payroll, fees and other staff costs Rent and other office costs Fees and temporary staff Travel and marketing Other operating costs Intragroup services Depreciation and gain/loss Total other operating expenses Total operating expenses LOSSES AND ALLOWANCES RECOGNISED IN THE PROFIT AND LOSS ACCOUNTS Amounts in NOK thousand Q Q YTD 2016 YTD 2015 Allowances on doubtful loans Allowances on doubtful loans as of Exchange rate adjustments (opening balance) Actual losses that are covered by previous allowances Reclassification of previous allowances Allowances on doubtful loans in the period = Allowances on doubtful loans at end of period Losses on loans Write-downs for loan losses at end of period Exchange rate adjustments (opening balance) Write-downs for loan losses as at Total actual losses Income on actual losses = Losses on loans LEASING (FINANCIAL LEASING ASSETS) Amounts in NOK thousand Purchase cost Exchange rate difference (opening balance) Inflow during the year Outflow during the year Purchase costs at end of period Accumulated ordinary depreciation Exchange rate difference Ordinary depreciation during the year Reversed depreciation sold assets Accumulated depreciation at end of period Book value leasing assets at end of period Customer receivables Other accruals Book value in the balance sheet at end of period

12 Customer receivables are ordinary leasing receivables and advancement on leasing rent. Up front fees constitute other accruals. Overview of future minimum finance lease rental: Within 1 year to 5 years Future minimum finance lease rental Average interest 3,72 % 4,30 % Present value of minimum lease payments Unearned finance income RISK CLASSIFICATION Amounts in NOK thousand Whereof Days outstanding status Net loans to customers past due, non-doubtful Not past due > > 1 year Total Amounts in NOK thousand Whereof Days outstanding status Net loans to customers past due, non-doubtful Not past due > > 1 year Total Credit exposure: Amounts in NOK thousand Net loans to customers Positive market value derivatives Guarantee liabilities and loan commitments Total credit exposure DOUBTFUL LOANS Amounts in NOK thousand Gross doubtful loans Write-downs on impaired assets Net doubtful loans INCOME TAX The company calculates the tax payable based on an estimated effective tax rate. For 2015 the effective tax rate was 11,8 % at year end and the expected effective tax rate for 2015 was 27 %. For 2016 this is expected to be 25,9 %. Deferred tax assets are for interim based on an estimate for the year. The estimate is prepared based on previous years' development in the leasing portfolio, adjusted for year acquisitions and disposals. Expected changes in the deferred tax is recognized by 50 % for the period ending 30 June The main contributer to the fluctuation in effective tax rate is exchange rate effects from the portfolio. Amounts in NOK thousand Q Q YTD 2016 YTD 2015 Current income tax expense Gross deferred tax expense Income tax expense for the period

13 12. INFORMATION ON RELATED PARTIES Amounts in NOK thousand Assets/interest income Loans to Group companies Interest income Liability/interest expense Loans from Group companies Other liabilities Interest expense Subordinated debt Interest expense on subordinated debt Funding is primarily provided by the parent company Société Générale, on the basis of a framework agreement and limits. All transactions are made on market terms. 13. EMPLOYEE BENEFITS For the period ending 30 June 2016, it is not obtained a new actuary estimate. It is therefore not presented any effect of actuarial gains and losses in other comprehensive income. The company considers the possible effect of actuarial gains and losses as immaterial for the assessment of the financial position for the 6 month period ending 30 June At year end 2015 the actuarial gains and losses recognised in other comprehensive income was MNOK 6 731, giving a negative effect on the equity of MNOK CAPITAL ADEQUACY Amounts in NOK thousand Common Equity Tier 1 capital Share capital Share premium account Other equity including profit for the year Independently reviewed interim profits net of any foreseeable charge and dividend 0 0 Common Equity Tier 1 capital before regulatory adjustment Common equity Tier 1 capital: Regulatory adjustment Deferred tax assets 0 0 Intangible assets (net of related tax liability) Negative amounts resulting from the calculation of expected loss Total regulatory adjustments to Common Equity Tier Common Equity Tier 1 capital Tier 1 capital Subordinated debt Tier 2 capital Total capital Amount below the thresholds for deductions Deferred tax assets arising from temporary differences Standardised method Local and regional authorities (including muncipalities) Institutions Corporate Engagements in default Total Credit risk, standardised method IRB method Corporate - small and medium sized businesses Corporate - other Total Credit risk, IRB method

14 Credit risk Operational risk, basic indicator approach Additional requirement according to Basel II floor Total risk weighted assets Capital ratios Common Equity Tier 1 14,7 % 14,5 % Tier 1 14,7 % 14,5 % Total capital 19,0 % 19,1 % Capital ratio requirements Common Equity Tier 1 4,5 % 4,5 % Tier 1 6,0 % 6,0 % Total capital 8,0 % 8,0 % Institution specific buffer requirement 6,5 % 6,5 % of which: capital conservation buffer 2,5 % 2,5 % of which: countercyclical buffer 1,0 % 1,0 % of which: systemic risk buffer 3,0 % 3,0 %...of which: systemically important institution buffer 0,0 % 0,0 % Pilar 1 capital requirements and capital buffers Common Equity Tier 1 11,0 % 11,0 % Tier 1 12,5 % 12,5 % Total capital 14,5 % 14,5 % Capital ratios, nominal amounts Common Equity Tier 1 minimum capital requirements and capital buffers Tier 1 capital above minimum capital requirements and capital buffers Total capital above minimum capital requirements and capital buffers Pilar 2 - Internal capital adequacy assesment Potential impact of stress test Capital buffer after Pilar II deduction Common Equity Tier Tier Total capital SG Finans has been validated to calculate capital requirements and capital adequacy according to Advanced Internal Rating Based Approach for the major portfolios. The capital adequacy calculations are consequently based on SG Finans internal parameters a.o. for PD ("Probability of Default"), LGD ("Loss given Default"), M ("Maturity) for these portfolios. According to the transition rule, the capital requirement shall not be reduced below 80% of the level calculated using the Basel II Standard method. The impact of the transition rule adjustment factor is presented in the note on capital adequacy. The capital requirement for Operational Risk is calculated according to the Basic Indicator / Standard Approach for operational risk. The entity does not take Market Risk positions, and the capital requirement for market risk is nil. Capital ratios excluding Basel II-floor requirements would have been 14,96 % for Tier 1 capital and 19,25 % for Total Capital ( : 14,52 % for Tier 1 and 19,18 % for Total Capital). 14

15 15. METHOD FOR CALCULATION OF FAIR VALUE OF FINANCIAL INSTRUMENTS Regarding financial instruments recorded at fair value, see description in note 1 Accounting Principles. Lending (loans and financial leasing) to and receivables on customers: The pricing of lending (loans and financial leasing) is based on market prices. Stipulated prices include additions to cover credit risk. The value of impaired engagements is determined by discounting expected future cash flows. We therefore assess that the recorded value is a fair estimate of fair value for loans and receivables valued at amortised cost. Loans from financial institutions and deposits from customers: Fair value is determined to be equal recorded value for loans from financial institutions and deposits from customers valued at amortised cost. SG Finans uses the following hierarchy related to determining and disclosing the fair value of financial instruments: 1) Quoted (unadjusted) prices in active markeds for identical assets or liabilities (level 1) 2) Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly (level 2) 3) Techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data (level 3) Amounts in NOK thousand Financial assets Level 1 Level 2 Financial derivatives Financial lease agreements Total assets Amounts in NOK thousand Financial liabilities Level 1 Level 2 Financial derivatives Total liabilities Amounts in NOK thousand Financial assets Level 1 Level 2 Financial derivatives Financial lease agreements Total assets Amounts in NOK thousand Financial liabilities Level 1 Level 2 Financial derivatives Total liabilities SG Finans does not have any financial instruments classified in level OFFSETTING The company has established CSA agreements (collateral security agreement) with its main counterparts.the agreements involve a mutual commitment to provide collateral for derivatives trading between the parties. Amounts in NOK thousand Financial derivatives -assets Gross amount Amounts that are offset 0 0 Net amount in financial position Financial instruments on balance sheet Cash collateral in the balance sheet Net position Amounts in NOK thousand Financial derivatives -liabilities Gross amount Amounts that are offset 0 0 Net amount in financial position Financial instruments on balance sheet Cash collateral in the balance sheet 0 0 Net position 0-0 SG Finans has set-off rights for leasing agreements where customers also have entered into factoring arrangements with the company. 15

16 17. CONTINGENCIES SG Finans AS had no major legal disputes pending at the end of the reporting period. 18. ASSETS PLEDGED AND RECEIVED AS SECURITY In June 2014 SG Finans signed a collateral secured loan drawn over a 2 and 4 year funding period with an aggregate value of 250 MEUR. The lender holds encumbrance, MEUR 335 in our transport portfolio. 19. EVENTS AFTER THE REPORTING PERIOD The company is at the date of issue,15 August 2016, not familiar with matters that are likely to change the assessment of the financial position as at 30 June

17 SG FINANS AS SG Finans AS is Norway s leading finance company within equipment leasing and factoring. The company s products are marketed under the trademarks Societe Generale Equipment Finance and Societe Generale Factoring. The company is a part of the French Societe Generale Group, one of Europe s largest financial corporations. SG Finans has a strong local presence with 50 years history and 22 offices in Norway, Sweden and Denmark. The head office for the Scandinavian businesses is located at Lysaker (Oslo/Norway). The company has total managed assets of NOK 30 billion and 360 skilled employees, all working to provide our customers and partners with solutions for their business. HEAD OFFICE SCANDINAVIA SG FINANS AS STRANDVEIEN 18 POST BOX LYSAKER TELEPHONE: OFFICES IN NORWAY BERGEN - BODØ - DRAMMEN - FREDRIKSTAD - HAMAR - HARSTAD HAUGESUND - KRISTIANSAND - OSLO/LYSAKER (HEAD OFFICE) SANDEFJORD - SKIEN - STAVANGER - TROMSØ - TRONDHEIM - ÅLESUND OFFICES IN SWEDEN GOTHENBURG - MALMØ - SKELLEFTEÅ - STOCKHOLM - SUNDSVALL OFFICES IN DENMARK COPENHAGEN - VEJLE

SG FINANS AS 2015 QUARTERLY REPORT FIRST QUARTER

SG FINANS AS 2015 QUARTERLY REPORT FIRST QUARTER SG FINANS AS 2015 QUARTERLY REPORT FIRST QUARTER CONTENTS REPORT OF THE BOARD OF DIRECTORS 3 INTERIM FINANCIAL STATEMENT INCOME STATEMENT 5 ASSETS 6 LIABILITIES & EQUITY 6 STATEMENT OF CHANGES IN EQUITY

More information

Notes. Contents. 1st Quarter 2014

Notes. Contents. 1st Quarter 2014 Notes Contents Note 1 - Accounting principles... 2 Note 2 - Critical estimates and assessment concerning the use of accounting principles... 3 Note 3 - Account by business line... 4 Note 4 - Operating

More information

Interim report Q1 2013 KLP Banken AS Group

Interim report Q1 2013 KLP Banken AS Group Interim report Q1 2013 KLP Banken AS Group Contents Interim financial statement 1/2013 3-4 Income statement 5 Financial position statement 6 Statement of owners equity 7 Statement of cash flows 8 Notes

More information

Cover photo: Sturlason

Cover photo: Sturlason Financial highlights 03 Report from the board of directors 04 Results 04 Balance sheet 05 Lending 05 Securities 05 Liquidity 06 Prospects for the second half-year of 2016 07 Events after the balance sheet

More information

International Financial Reporting Standard 7. Financial Instruments: Disclosures

International Financial Reporting Standard 7. Financial Instruments: Disclosures International Financial Reporting Standard 7 Financial Instruments: Disclosures INTERNATIONAL FINANCIAL REPORTING STANDARD AUGUST 2005 International Financial Reporting Standard 7 Financial Instruments:

More information

SpareBank 1 Boligkreditt AS

SpareBank 1 Boligkreditt AS SpareBank 1 Boligkreditt AS 3rd quarter 28 Stavanger 22 October 28 SPAREBANK 1 BOLIGKREDITT AS 28 As of 3 September 28 Accounts 3q 28 Income statement 3.9.28 3.9.27 27 NOK 1 Interest income 1 331 498 225

More information

Quarterly report containing interim financial statements of the Capital Group for Q1 of the financial year 2013-2014

Quarterly report containing interim financial statements of the Capital Group for Q1 of the financial year 2013-2014 Quarterly report containing interim financial statements of the Capital Group for Q1 of the financial year 2013-2014 covering the period from 01-07-2013 to 30-09-2013 Publication date: 14 November 2013

More information

International Accounting Standard 1 Presentation of Financial Statements

International Accounting Standard 1 Presentation of Financial Statements IAS 1 Presentation of Financial Statements International Accounting Standard 1 Presentation of Financial Statements Objective 1 This Standard prescribes the basis for presentation of general purpose financial

More information

Volex Group plc. Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement. 1.

Volex Group plc. Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement. 1. Volex Group plc Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement 1. Introduction The consolidated financial statements of Volex Group plc

More information

The statements are presented in pounds sterling and have been prepared under IFRS using the historical cost convention.

The statements are presented in pounds sterling and have been prepared under IFRS using the historical cost convention. Note 1 to the financial information Basis of accounting ITE Group Plc is a UK listed company and together with its subsidiary operations is hereafter referred to as the Company. The Company is required

More information

REFERENCE CONSOLIDATED FINANCIAL STATEMENTS FOR INFORMATION TO BE PUBLISHED IN RESPECT OF THE 2005 FINANCIAL YEAR

REFERENCE CONSOLIDATED FINANCIAL STATEMENTS FOR INFORMATION TO BE PUBLISHED IN RESPECT OF THE 2005 FINANCIAL YEAR REFERENCE CONSOLIDATED FINANCIAL STATEMENTS FOR INFORMATION TO BE PUBLISHED IN RESPECT OF THE 2005 FINANCIAL YEAR EFFECTS OF THE TRANSITION TO IFRS ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER

More information

Abbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007

Abbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007 Abbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007 The Board of Abbey plc reports a profit before taxation of 18.20m which compares with a profit of 22.57m for

More information

International Financial Reporting Standard 7 Financial Instruments: Disclosures

International Financial Reporting Standard 7 Financial Instruments: Disclosures EC staff consolidated version as of 21 June 2012, EN EU IFRS 7 FOR INFORMATION PURPOSES ONLY International Financial Reporting Standard 7 Financial Instruments: Disclosures Objective 1 The objective of

More information

BN Bank ASA INTERIM REPORT 4TH QUARTER 2014

BN Bank ASA INTERIM REPORT 4TH QUARTER 2014 BN Bank ASA INTERIM REPORT 4TH QUARTER 2014 Content Financial Ratios... 3 Report from the Board of Directors... 4 GROUP Income Statement... 8 Balance Sheet... 9 Change in Equity...10 Cash Flow Analysis...11

More information

Interim report for the 3rd quarter of 2008. Glitnir Bank ASA

Interim report for the 3rd quarter of 2008. Glitnir Bank ASA Interim report for the 3rd quarter of 2008 Glitnir Bank ASA contents Report of the Directors...3 Consolidated Income Statement...5 Consolidated Balance Sheet...6 Consolidated Statement of Changes in Equity...7

More information

5N PLUS INC. Condensed Interim Consolidated Financial Statements (Unaudited) For the three month periods ended March 31, 2016 and 2015 (in thousands

5N PLUS INC. Condensed Interim Consolidated Financial Statements (Unaudited) For the three month periods ended March 31, 2016 and 2015 (in thousands Condensed Interim Consolidated Financial Statements (Unaudited) (in thousands of United States dollars) Condensed Interim Consolidated Statements of Financial Position (in thousands of United States dollars)

More information

Interim Report 1 January 31 March Volvofinans Bank AB

Interim Report 1 January 31 March Volvofinans Bank AB Interim Report 1 January 31 March Volvofinans Bank AB Message from the President January March highlights Pre-tax profit SEK 75.7 million (58.7) Return on equity 7.5% (5.8) Lending at 31 March of SEK 23.9

More information

Acal plc. Accounting policies March 2006

Acal plc. Accounting policies March 2006 Acal plc Accounting policies March 2006 Basis of preparation The consolidated financial statements of Acal plc and all its subsidiaries have been prepared in accordance with International Financial Reporting

More information

Information on Capital Structure, Liquidity and Leverage Ratios as per Basel III Framework. as at March 31, 2015 PUBLIC

Information on Capital Structure, Liquidity and Leverage Ratios as per Basel III Framework. as at March 31, 2015 PUBLIC Information on Capital Structure, Liquidity and Leverage Ratios as per Basel III Framework as at Table of Contents Capital Structure Page Statement of Financial Position - Step 1 (Table 2(b)) 3 Statement

More information

Interim Financial Statements

Interim Financial Statements [Type text] Interim Financial Statements KCA Deutag Alpha Limited For the twelve months ended 31 December 2015 Page 1 of 11 Table of Contents Consolidated income statement... 3 Consolidated statement of

More information

International Accounting Standard 7 Statement of cash flows *

International Accounting Standard 7 Statement of cash flows * International Accounting Standard 7 Statement of cash flows * Objective Information about the cash flows of an entity is useful in providing users of financial statements with a basis to assess the ability

More information

IBM Finans Norge AS. Condensed Interim Financial Statements. 30 September 2014

IBM Finans Norge AS. Condensed Interim Financial Statements. 30 September 2014 Condensed Interim Financial Statements Condensed Interim Financial Statements For the Quarter Ended Contents Page Condensed Interim Statement of Comprehensive Income 2 Condensed Interim Statement of Financial

More information

Note 2 SIGNIFICANT ACCOUNTING

Note 2 SIGNIFICANT ACCOUNTING Note 2 SIGNIFICANT ACCOUNTING POLICIES BASIS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS The consolidated financial statements have been prepared in accordance with International Financial Reporting

More information

Interim report. Storebrand Boligkreditt AS

Interim report. Storebrand Boligkreditt AS Interim report Storebrand Boligkreditt AS 1 st quarter 2014 1 Storebrand Boligkreditt AS - Kvartalsberetning interim report for the for 1. 1st kvartal quarter 2014 of 2014 (Result (Tall i parentes figures

More information

Management s Review. For more details, please see the Management s Review in the Consolidated Financial Statements.

Management s Review. For more details, please see the Management s Review in the Consolidated Financial Statements. Management s Review Principal activities Arla Foods amba and its subsidiary enterprises operate dairy activities based on milk weighed in by its members in Denmark, Sweden, Germany and now also the United

More information

IFRS. Disclosure checklist. August 2012. kpmg.com/ifrs

IFRS. Disclosure checklist. August 2012. kpmg.com/ifrs IFRS Disclosure checklist August 2012 kpmg.com/ifrs Contents About this publication 1 What s new? 2 The Checklist 3 1. General presentation 3 1.1 Presentation of financial statements 3 1.2 Changes in equity

More information

EKO FAKTORİNG A.Ş. FINANCIAL STATEMENTS AT 31 DECEMBER 2013 TOGETHER WITH INDEPENDENT AUDITOR S REPORT

EKO FAKTORİNG A.Ş. FINANCIAL STATEMENTS AT 31 DECEMBER 2013 TOGETHER WITH INDEPENDENT AUDITOR S REPORT FINANCIAL STATEMENTS TOGETHER WITH INDEPENDENT AUDITOR S REPORT FINANCIAL STATEMENTS CONTENTS PAGES BALANCE SHEET (STATEMENT OF FINANCIAL POSITION)... 1 STATEMENT OF COMPREHENSIVE INCOME... 2 STATEMENT

More information

IFrS. Disclosure checklist. July 2011. kpmg.com/ifrs

IFrS. Disclosure checklist. July 2011. kpmg.com/ifrs IFrS Disclosure checklist July 2011 kpmg.com/ifrs Contents What s new? 1 1. General presentation 2 1.1 Presentation of financial statements 2 1.2 Changes in equity 12 1.3 Statement of cash flows 13 1.4

More information

First quarter report 2015. Santander Consumer Bank Nordics (group) and Santander Consumer Bank AS

First quarter report 2015. Santander Consumer Bank Nordics (group) and Santander Consumer Bank AS First quarter report 2015 Santander Consumer Bank Nordics (group) and Santander Consumer Bank AS Table of contents Management review of first quarter 2015...3 Profit and loss account...5 Balance sheet

More information

IBM Finans Norge AS. Condensed Interim Financial Statements. 31 March 2015

IBM Finans Norge AS. Condensed Interim Financial Statements. 31 March 2015 Condensed Interim Financial Statements Condensed Interim Financial Statements For the Quarter Ended Contents Page Condensed Interim Statement of Comprehensive Income 2 Condensed Interim Statement of Financial

More information

Report and Non-Statutory Accounts

Report and Non-Statutory Accounts Report and Non-Statutory Accounts 31 December Registered No CR - 117363 Cayman Islands Registered office: PO Box 309 GT, Ugland House, South Church Street, George Town, Grand Cayman, Cayman Islands Report

More information

In addition, Outokumpu has adopted the following amended standards as of January 1, 2009:

In addition, Outokumpu has adopted the following amended standards as of January 1, 2009: 1. Corporate information Outokumpu Oyj is a Finnish public limited liability company organised under the laws of Finland and domiciled in Espoo. The parent company, Outokumpu Oyj, has been listed on the

More information

FOREX Bank AB. FOREX Annual Report 2011

FOREX Bank AB. FOREX Annual Report 2011 FOREX Bank AB Annual Report 2011 FOREX Annual Report 2011 1 2 FOREX Bank Annual Report 2011 Contents Contents 3 Statutory administration report 4 Consolidated income statement 10 Consolidated statement

More information

Transition to International Financial Reporting Standards

Transition to International Financial Reporting Standards Transition to International Financial Reporting Standards Topps Tiles Plc In accordance with IFRS 1, First-time adoption of International Financial Reporting Standards ( IFRS ), Topps Tiles Plc, ( Topps

More information

An approval was obtained from the Belgian Commission for Banking and Finance (CBF) concerning the following departures:

An approval was obtained from the Belgian Commission for Banking and Finance (CBF) concerning the following departures: CHANGES IN ACCOUNTING POLICIES In the preparation of the accompanying consolidated financial statements as at 31 December, 2001 and 2000, several accounting policies have been applied that are different

More information

ANNEX I INDIVIDUAL PUBLIC FINANCIAL STATEMENTS OF CREDIT INSTITUTIONS

ANNEX I INDIVIDUAL PUBLIC FINANCIAL STATEMENTS OF CREDIT INSTITUTIONS ANNEX I INDIVIDUAL PUBLIC FINANCIAL STATEMENTS OF CREDIT INSTITUTIONS ANNEX I.1 PUBLIC BALANCE SHEET ASSETS 1. Cash and balances with central banks 2. Financial assets held for trading 2.1. Loans and advances

More information

Moscow-Minsk Foreign Bank (unitary enterprise) Financial Statements Together With Independent Auditors Report For The Year Ended December 31, 2004

Moscow-Minsk Foreign Bank (unitary enterprise) Financial Statements Together With Independent Auditors Report For The Year Ended December 31, 2004 Moscow-Minsk Foreign Bank (unitary enterprise) Financial Statements Together With Independent Auditors Report For The Year Ended December 31, 2004 Financial statements for the year ended 31 December 2004

More information

Consolidated financial statements 2014. Zurich Insurance Group Annual Report 2014

Consolidated financial statements 2014. Zurich Insurance Group Annual Report 2014 Consolidated financial statements 2014 Annual Report 2014 2 Annual results 2014 Consolidated financial statements Contents Consolidated income statements 3 Consolidated statements of comprehensive income

More information

FUBON LIFE INSURANCE CO., LTD. AND SUBSIDIARIES. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS JUNE 30, 2013 and 2012

FUBON LIFE INSURANCE CO., LTD. AND SUBSIDIARIES. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS JUNE 30, 2013 and 2012 FUBON LIFE INSURANCE CO., LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS JUNE 30, 2013 and 2012 (with Independent Auditors Report Thereon) Address: 14F, No. 108, Sec. 1, Tun

More information

Report for the first quarter 2016. Norwegian Finans Holding ASA

Report for the first quarter 2016. Norwegian Finans Holding ASA Norwegian Finans Holding ASA Norwegian Finans Holding ASA Norwegian Finans Holding ASA (NFH) owns 100% of the shares in Bank Norwegian AS. The company does not engage in any other operations. The ownership

More information

INTERIM FINANCIAL STATEMENT AS PER 30 SEPTEMBER 2015

INTERIM FINANCIAL STATEMENT AS PER 30 SEPTEMBER 2015 INTERIM FINANCIAL STATEMENT AS PER 30 SEPTEMBER 2015 15 3 Consolidated balance sheet 5 Consolidated income statement 6 Statement of changes in equity 7 Condensed notes INTERIM FINANCIAL STATEMENT AS PER

More information

Türkiye İş Bankası A.Ş. Separate Financial Statements As at and for the Year Ended 31 December 2015

Türkiye İş Bankası A.Ş. Separate Financial Statements As at and for the Year Ended 31 December 2015 Türkiye İş Bankası A.Ş. Separate Financial Statements As at and for the Year Ended 2015 29 April 2016 This report includes 93 pages of separate financial statements together with their explanatory notes.

More information

Residual carrying amounts and expected useful lives are reviewed at each reporting date and adjusted if necessary.

Residual carrying amounts and expected useful lives are reviewed at each reporting date and adjusted if necessary. 87 Accounting Policies Intangible assets a) Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of identifiable net assets and liabilities of the acquired company

More information

Non-Banking Credit Organization Closed Joint-Stock Company National Settlement Depository

Non-Banking Credit Organization Closed Joint-Stock Company National Settlement Depository Non-Banking Credit Organization Closed Joint-Stock Company National Settlement Depository Financial Statements for the year ended 31 December 2011 NON-BANKING CREDIT ORGANIZATION CLOSED JOINT-STOCK COMPANY

More information

Statement of Cash Flows

Statement of Cash Flows HKAS 7 Revised February November 2014 Hong Kong Accounting Standard 7 Statement of Cash Flows HKAS 7 COPYRIGHT Copyright 2014 Hong Kong Institute of Certified Public Accountants This Hong Kong Financial

More information

SALADA FOODS JAMAICA LIMITED

SALADA FOODS JAMAICA LIMITED AUDITED ACCOUNTS TO STOCKHOLDERS The Directors are pleased to present the Audited Accounts of the Company for the year ended September 30, 2005. Turnover of $269 million reflects an increase of $20 million

More information

FINANCIAL STATEMENTS OF THE COMPANY COMPANY STATEMENT OF FINANCIAL POSITION

FINANCIAL STATEMENTS OF THE COMPANY COMPANY STATEMENT OF FINANCIAL POSITION COMPANY STATEMENT OF FINANCIAL POSITION Notes Restated Assets Investments in Group subsidiaries 2 5,729 5,760 Investments and securities 3 347 153 Investments in associated undertakings and joint ventures

More information

In accordance with the International Financial Reporting Standards

In accordance with the International Financial Reporting Standards PIRAEUS FACTORING S.A. Financial Statements In accordance with the International Financial Reporting Standards The attached financial statements have been approved by Piraeus Factoring S.A. Board of Directors

More information

Recent years have seen considerable changes to the reporting regime for insurers. The pattern has continued in light of the current economic

Recent years have seen considerable changes to the reporting regime for insurers. The pattern has continued in light of the current economic Illustrative financial statements and selected disclosures for the year ended 31 December 2008 Recent years have seen considerable changes to the reporting regime for insurers. The pattern has continued

More information

SSAP 24 STATEMENT OF STANDARD ACCOUNTING PRACTICE 24 ACCOUNTING FOR INVESTMENTS IN SECURITIES

SSAP 24 STATEMENT OF STANDARD ACCOUNTING PRACTICE 24 ACCOUNTING FOR INVESTMENTS IN SECURITIES SSAP 24 STATEMENT OF STANDARD ACCOUNTING PRACTICE 24 ACCOUNTING FOR INVESTMENTS IN SECURITIES (Issued April 1999) The standards, which have been set in bold italic type, should be read in the context of

More information

NOTES TO THE COMPANY FINANCIAL STATEMENTS

NOTES TO THE COMPANY FINANCIAL STATEMENTS FINANCIAL S 78 79 80 81 82 CONSOLIDATED INCOME CONSOLIDATED OF COMPREHENSIVE INCOME CONSOLIDATED OF FINANCIAL POSITION CONSOLIDATED OF CONSOLIDATED OF CHANGES IN EQUITY 83 NOTES TO THE CONSOLIDATED FINANCIAL

More information

Financial Instruments: Disclosures

Financial Instruments: Disclosures Compiled Accounting Standard AASB 7 Financial Instruments: Disclosures This compiled Standard applies to annual reporting periods beginning on or after 1 July 2007 but before 1 January 2009 that end on

More information

BN Boligkreditt AS interim report 2nd quarter

BN Boligkreditt AS interim report 2nd quarter BN Boligkreditt AS interim report 2nd quarter 2010 Content Report of the Directors...3 Financial Ratios...5 Income Statement... 6 Balance Sheet...7 Change in Equity... 8 Cash Flow Statement... 9 Notes...10

More information

Interim Report Q2 2011

Interim Report Q2 2011 Interim Report Q2 2011 Income statement, Financial position statement and Notes -760906 KLP KOMMUNEKREDITT AS INTERIM FINANCIAL STATEMENT 2/2011 PURPOSE AND OWNERSHIP. The Company's purpose is long-term

More information

1. Accounting policies for consolidated financial statements

1. Accounting policies for consolidated financial statements 1 1. Accounting policies for consolidated financial statements Corporate information The Sanoma Group comprises three reporting segments: Media, News and Learning. The Media segment consists of four strategic

More information

First quarter report 2013 2

First quarter report 2013 2 highlights... 3 Comments from the President and CEO. 4 Report from the board of directors. 4 Results 4 Balance sheet. 6 Export lending... 6 Local government lending... 6 Securities. 6 Funding.... 6 Liquidity....

More information

Interim Report 2 nd quarter 2014 Nordea Eiendomskreditt AS

Interim Report 2 nd quarter 2014 Nordea Eiendomskreditt AS Interim Report 2 nd quarter 2014 Nordea Eiendomskreditt AS Nordea Eiendomskreditt AS is part of the Nordea group. Nordea s vision is to be a Great European bank, acknowledged for its people, creating superior

More information

INTERIM REPORT Q1 2016 PROTECTOR FORSIKRING ASA

INTERIM REPORT Q1 2016 PROTECTOR FORSIKRING ASA INTERIM REPORT Q1 2016 PROTECTOR FORSIKRING ASA (UNAUDITED) APRIL 2016 Highlights Q1 2016 Growth 26% - First UK client on board Protector delivers a strong premium growth for the first quarter of 2016,

More information

Anadolu Hayat Emeklilik Anonim Şirketi Consolidated Balance Sheet As At 31 December 2015 (Currency: Turkish Lira (TRY))

Anadolu Hayat Emeklilik Anonim Şirketi Consolidated Balance Sheet As At 31 December 2015 (Currency: Turkish Lira (TRY)) Consolidated Balance Sheet As At ASSETS I- Current Assets A- Cash and Cash Equivalents 14 302,999,458 216,428,429 1- Cash 14 3,385 27,952 2- Cheques Received 3- Banks 14 145,598,543 87,301,020 4- Cheques

More information

SUMITOMO DENSETSU CO., LTD. AND SUBSIDIARIES. Consolidated Financial Statements

SUMITOMO DENSETSU CO., LTD. AND SUBSIDIARIES. Consolidated Financial Statements SUMITOMO DENSETSU CO., LTD. AND SUBSIDIARIES Consolidated Financial Statements Report of Independent Public Accountants To the Board of Directors of Sumitomo Densetsu Co., Ltd. : We have audited the consolidated

More information

Investeringsselskabet. Nasdaq OMX Copenhagen A/S Announcement No 7 Nikolaj Plads 6 page 1 of 19 PO Box 1040 date 27 August 2015

Investeringsselskabet. Nasdaq OMX Copenhagen A/S Announcement No 7 Nikolaj Plads 6 page 1 of 19 PO Box 1040 date 27 August 2015 Investeringsselskabet LUXOR Frederiksborggade 50, 1360 København K Telefon 33 32 50 15 Telefax 33 12 41 70 CVR-nr. 49 63 99 10 Nasdaq OMX Copenhagen A/S Announcement No 7 Nikolaj Plads 6 page 1 of 19 PO

More information

ARM Holdings plc Consolidated balance sheet - IFRS

ARM Holdings plc Consolidated balance sheet - IFRS ARM Holdings plc Consolidated balance sheet - IFRS 30 June 31 December 2010 2009 Unaudited Audited 000 000 Assets Current assets: Financial assets: Cash and cash equivalents 53,746 34,489 Short-term investments

More information

RELIANCE INDUSTRIES (MIDDLE EAST) DMCC 1. Reliance Industries (Middle East) DMCC Reports and Financial Statements for the year ended 31 December 2014

RELIANCE INDUSTRIES (MIDDLE EAST) DMCC 1. Reliance Industries (Middle East) DMCC Reports and Financial Statements for the year ended 31 December 2014 RELIANCE INDUSTRIES (MIDDLE EAST) DMCC 1 Reliance Industries (Middle East) DMCC Reports and Financial Statements for the year ended 31 December 2014 2 RELIANCE INDUSTRIES (MIDDLE EAST) DMCC Independent

More information

Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows

Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows Contents Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows Paragraphs OBJECTIVE SCOPE 1 3 BENEFITS OF CASH FLOW INFORMATION 4 5 DEFINITIONS 6 9 Cash and cash equivalents 7 9 PRESENTATION OF

More information

CROSSWORD CYBERSECURITY PLC

CROSSWORD CYBERSECURITY PLC Registered number: 08927013 CROSSWORD CYBERSECURITY PLC AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2014 COMPANY INFORMATION DIRECTORS T Ilube J Bottomley Professor D Secher

More information

First half-year report 2013 2

First half-year report 2013 2 Financial highlights... 3 Comments from the president and CEO 4 Report from the board of directors. 4 Results 4 Balance sheet. 6 Export lending... 6 Local government lending... 6 Securities.. 6 Funding....

More information

SpareBank 1 Nord-Norge Preliminary annual accounts 2010 Group

SpareBank 1 Nord-Norge Preliminary annual accounts 2010 Group SpareBank 1 Nord-Norge Preliminary annual accounts 2010 Group Very good results for the 4 th quarter and 2010 overall. The Bank s financial strength remains strong. Highlights (figures in brackets refer

More information

IPSAS 2 CASH FLOW STATEMENTS

IPSAS 2 CASH FLOW STATEMENTS IPSAS 2 CASH FLOW STATEMENTS Acknowledgment This International Public Sector Accounting Standard (IPSAS) is drawn primarily from International Accounting Standard (IAS) 7, Cash Flow Statements published

More information

The consolidated financial statements of

The consolidated financial statements of Our 2014 financial statements The consolidated financial statements of plc and its subsidiaries (the Group) for the year ended 31 December 2014 have been prepared in accordance with International Financial

More information

ARABIAN SCANDINAVIAN INSURANCE COMPANY P.L.C.

ARABIAN SCANDINAVIAN INSURANCE COMPANY P.L.C. ARABIAN SCANDINAVIAN INSURANCE COMPANY P.L.C. Financial statements and independent auditor s report for the year ended 31 December 2012 ARABIAN SCANDINAVIAN INSURANCE COMPANY P.L.C. Contents Pages Independent

More information

C O N T E N T S. Balances Sheets at 31 December 2008 and 2007 2. Income Statements for the years ended 31 December 2008 and 2007 4

C O N T E N T S. Balances Sheets at 31 December 2008 and 2007 2. Income Statements for the years ended 31 December 2008 and 2007 4 C O N T E N T S Page Balances Sheets at 31 December 2008 and 2007 2 Income Statements for the years ended 31 December 2008 and 2007 4 Statements of Changes in Equity for the years ended 31 December 2008

More information

CONSOLIDATED PROFIT AND LOSS ACCOUNT For the six months ended June 30, 2002

CONSOLIDATED PROFIT AND LOSS ACCOUNT For the six months ended June 30, 2002 CONSOLIDATED PROFIT AND LOSS ACCOUNT For the six months ended June 30, 2002 Unaudited Unaudited Note Turnover 2 5,576 5,803 Other net losses (1) (39) 5,575 5,764 Direct costs and operating expenses (1,910)

More information

THE EMPIRE LIFE INSURANCE COMPANY

THE EMPIRE LIFE INSURANCE COMPANY THE EMPIRE LIFE INSURANCE COMPANY Condensed Interim Consolidated Financial Statements For the nine months ended September 30, 2013 Unaudited Issue Date: November 6, 2013 These condensed interim consolidated

More information

GUTBURG IMMOBILIEN S.A.

GUTBURG IMMOBILIEN S.A. CONSOLIDATED FINANCIAL STATEMENTS AS AT DECEMBER 31, 2015 Content Board of directors report 3-5 Report of the Réviseur d Entreprises agréé (independent auditor) 6-7 Consolidated statement of financial

More information

VIII. Parent company financial statements Credit Suisse (Bank) 339 Report of the Statutory Auditors. 340 Financial review. 341 Statements of income

VIII. Parent company financial statements Credit Suisse (Bank) 339 Report of the Statutory Auditors. 340 Financial review. 341 Statements of income VIII Parent company financial statements Credit Suisse (Bank) 339 Report of the Statutory Auditors 340 Financial review 341 Statements of income 342 Balance sheets 343 Off-balance sheet business 344 Notes

More information

Accounting and reporting by charities EXPOSURE DRAFT

Accounting and reporting by charities EXPOSURE DRAFT 10. Balance sheet Introduction 10.1. All charities preparing accruals accounts must prepare a balance sheet at the end of each reporting period which gives a true and fair view of their financial position.

More information

Microfinance Organization Credo LLC Financial statements

Microfinance Organization Credo LLC Financial statements LLC Financial statements Year ended 31 December 2015, together with independent auditor s report Financial statements Contents Independent auditors report Financial statements Statement of financial position...

More information

The Kansai Electric Power Company, Incorporated and Subsidiaries

The Kansai Electric Power Company, Incorporated and Subsidiaries The Kansai Electric Power Company, Incorporated and Subsidiaries Consolidated Financial Statements for the Years Ended March 31, 2003 and 2002 and for the Six Months Ended September 30, 2003 and 2002 The

More information

FOREX Bank AB Annual Report 2010

FOREX Bank AB Annual Report 2010 FOREX Bank AB Annual Report 2010 FOREX Bank Annual Report 2010 1 2 FOREX Bank Annual Report 2010 Contents Contents 3 Statutory administration report 4 The group s income statement 10 The group s statement

More information

SG FINANS AS 2013 QUARTERLY REPORT SECOND QUARTER

SG FINANS AS 2013 QUARTERLY REPORT SECOND QUARTER SG FINANS AS 2013 QUARTERLY REPORT SECOND QUARTER CONTENTS REPORT OF THE BOARDS OF DIRECTORS 3 INTERIM FINANCIAL STATEMENT INCOME STATEMENT 5 ASSETS 6 LIABILITY & EQUITY 6 STATEMENT OF CHANGES IN EQUITY

More information

ACCOUNTING POLICIES. for the year ended 30 June 2014

ACCOUNTING POLICIES. for the year ended 30 June 2014 ACCOUNTING POLICIES REPORTING ENTITIES City Lodge Hotels Limited (the company) is a company domiciled in South Africa. The group financial statements of the company as at and comprise the company and its

More information

Preliminary Final report

Preliminary Final report Appendix 4E Rule 4.3A Preliminary Final report AMCOR LIMITED ABN 62 000 017 372 1. Details of the reporting period and the previous corresponding period Reporting Period: Year Ended Previous Corresponding

More information

Summarised annual financial statements

Summarised annual financial statements 79 Summarised annual financial statements The summary presented on pages 81 to 85 of this report has been extracted from the audited annual consolidated financial statements. This report is itself not

More information

IFRS Illustrative Consolidated Financial Statements 2014

IFRS Illustrative Consolidated Financial Statements 2014 IFRS Illustrative Consolidated Financial Statements 2014 1 PKF International Limited administers a network of legally independent member firms which carry on separate businesses under the PKF Name. PKF

More information

IFRS for SMEs IFRS Swiss GAAP FER

IFRS for SMEs IFRS Swiss GAAP FER IFRS for SMEs IFRS Swiss GAAP FER Similarities and differences 2009 Edition IFRS for SMEs IFRS Swiss GAAP FER Similarities and differences 2009 Edition This PricewaterhouseCoopers publication is for those

More information

Financial Instruments: Disclosures

Financial Instruments: Disclosures STATUTORY BOARD SB-FRS 107 FINANCIAL REPORTING STANDARD Financial Instruments: Disclosures This version of the Statutory Board Financial Reporting Standard does not include amendments that are effective

More information

HOLLY SPRINGS INVESTMENTS LIMITED HALF YEAR REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2008 CONTENTS STATEMENT OF FINANCIAL PERFORMANCE 1

HOLLY SPRINGS INVESTMENTS LIMITED HALF YEAR REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2008 CONTENTS STATEMENT OF FINANCIAL PERFORMANCE 1 HALF YEAR REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2008 CONTENTS PAGES STATEMENT OF FINANCIAL PERFORMANCE 1 STATEMENT OF MOVEMENTS IN EQUITY 2 STATEMENT OF FINANCIAL POSITION 4-4 STATEMENT OF CASH

More information

Notes on the parent company financial statements

Notes on the parent company financial statements 316 Financial statements Prudential plc Annual Report 2012 Notes on the parent company financial statements 1 Nature of operations Prudential plc (the Company) is a parent holding company. The Company

More information

The Wawanesa Life Insurance Company. Financial Statements December 31, 2011

The Wawanesa Life Insurance Company. Financial Statements December 31, 2011 The Wawanesa Life Insurance Company Financial Statements February 21, 2012 Appointed Actuary s Report To the Shareholder and Policyholders of The Wawanesa Life Insurance Company I have valued the insurance

More information

PRINCIPLES FOR PRODUCING AND SUBMITTING REPORTS

PRINCIPLES FOR PRODUCING AND SUBMITTING REPORTS December 2014 PRINCIPLES FOR PRODUCING AND SUBMITTING REPORTS (1) The balance sheet and income statement are in euros, rounded up to integers. Amounts recorded in foreign currencies must be converted into

More information

HIGHLIGHTS FIRST QUARTER 2016

HIGHLIGHTS FIRST QUARTER 2016 Q1-16 EUROPRIS ASA 2 CONTENTS / HIGHLIGHTS FIRST QUARTER 2016 HIGHLIGHTS FIRST QUARTER 2016 (Figures for the corresponding period of last year in brackets. The figures are unaudited.) Group revenues increased

More information

Metropolitan Holdings Limited Group accounting policies used in preparation of the restated financial information under International Financial

Metropolitan Holdings Limited Group accounting policies used in preparation of the restated financial information under International Financial Metropolitan Holdings Limited Group accounting policies used in preparation of the restated financial information under International Financial Reporting Standards (IFRS) and the interim results for the

More information

The Effects of Changes in Foreign Exchange Rates

The Effects of Changes in Foreign Exchange Rates Indian Accounting Standard (Ind AS) 21 The Effects of Changes in Foreign Exchange Rates (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority.

More information

Index 2 Report of the board of directors 2005 3

Index 2 Report of the board of directors 2005 3 Summery of annual report 2005 Santander Consumer Bank 2 Index Index 2 Report of the board of directors 2005 3 Annual accounts 7 Profit and loss account 01.01-31.12.05 7 Balance sheet Assets 8 Balance sheet

More information

2 FSA002 Income statement

2 FSA002 Income statement 2 FSA002 Income statement This data item provides the PRA with information on the main sources of income and expenditure for a firm. It should be completed on a cumulative basis for the firm's current

More information

OOREDOO Q.S.C. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 30 SEPTEMBER 2015

OOREDOO Q.S.C. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 30 SEPTEMBER 2015 CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 30 SEPTEMBER 2015 CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS As at and for the nine months ended 2015 CONTENTS Page (s) Independent auditors

More information

Consolidated Financial Statements 30 September 2011 With Report on Review of Interim Financial Information Thereon

Consolidated Financial Statements 30 September 2011 With Report on Review of Interim Financial Information Thereon Türkiye Garanti Bankası Anonim Şirketi And Its Affiliates Consolidated Financial Statements 30 September 2011 With Report on Review of Interim Financial Information Thereon 3 November 2011 This report

More information

VASSETI (UK) PLC CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013

VASSETI (UK) PLC CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013 CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013 INTERIM MANAGEMENT REPORT (UNAUDITED) FOR THE 6 MONTHS ENDED 30 JUNE 2013 1. Key Risks and uncertainties Risks and uncertainties

More information

Data Compilation Financial Data

Data Compilation Financial Data Data Compilation Financial Data CONTENTS 1. Transition of Significant Management Indicators, etc. Japan Post Group (Consolidated) 122 Japan Post Holdings Co., Ltd. (Non-consolidated) 122 Japan Post Co.,

More information

Sri Lanka Accounting Standard-LKAS 7. Statement of Cash Flows

Sri Lanka Accounting Standard-LKAS 7. Statement of Cash Flows Sri Lanka Accounting Standard-LKAS 7 Statement of Cash Flows CONTENTS SRI LANKA ACCOUNTING STANDARD-LKAS 7 STATEMENT OF CASH FLOWS paragraphs OBJECTIVE SCOPE 1 3 BENEFITS OF CASH FLOW INFORMATION 4 5 DEFINITIONS

More information