interim report 4 quarter unaudited
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1 interim report 4 quarter unaudited 5
2 4th QUARTER 5 Contents 3 Fourth quarter report from the Board of Directors Statement of income 7 Statement of financial position 8 Statement of changes in equity 9 Statement of cash flow Notes to the Accounts 8 Profit performance
3 4th QUARTER 5 Interim report from the Board of Directors About the company but net lending was decreased by 33 debt of 5 million compared to Møre Boligkreditt AS is a wholly owned million as a result of amortisation of loans fourteen bond loans with mil- subsidiary of Sparebanken Møre. The com- in the cover pool. lion outstanding at 3 December 4. company, issuing covered bonds. Møre Bol- Fourth quarter end results Rating igkreditt AS is Sparebanken Møre's most By fourth quarter end 5 the financial The rating agency Moody's has assigned important source of market funding and an statements show a pre-tax profit of Aaa-rating to all covered bonds issued by important part of the parent bank's long- 4 million, compared to mil- Møre Boligkreditt AS. term funding strategy. lion by fourth quarter end 4. Net inter- pany is licensed to operate as a mortgage est income amounted to 73 million Capital strength The accounts have been prepared in by fourth quarter end 5, compared to Paid-in equity and other equity amounted accordance with IFRS. 98 million by end of same period to 53 million by end of fourth quar- last year. Costs in 5 amounted to ter 5, compared to 53 million Fourth quarter results 3 million, compared with 9 million by end of fourth quarter 4. This corre- The financial statements of Møre Bolig- in 4. sponds to a capital adequacy/core capital kreditt AS show a pre-tax profit of 54 ratio of 4.7 per cent. Risk-weighted assets million in fourth quarter 5, compared The amount allocated for collective impair- amounted to 7 8 million by end of to 4 million in fourth quarter 4. ment was 4 million at fourth quarter fourth quarter 5. Møre Boligkreditt AS Net interest income amounted to 5 end 5 compared to million at use internal rating based (IRB) models to million, compared to 77 million for fourth quarter end 4. Profit after tax calculate capital requirements for credit risk. the same period last year. Costs amounted amounted to 7 million by fourth The Board regards the company's interest to 8 million in fourth quarter 5, quarter end 5, compared to 9 bearing capacity as satisfactory. compared with 8 million in the cor- million by fourth quarter end 4. Tax responding quarter in 4. amounted to 5 million in 5, Risks compared to 7 million in 4. Møre Boligkreditt AS is subject to a num- Møre Boligkreditt AS has not established ber of acts, regulations, recommendations losses or impairment for individual losses Total assets at fourth quarter end 5 and regulatory provisions. These regulations in fourth quarter 5, nor made any amounted to 8 8 million com- largely stipulate restrictions concerning the changes to the collective impairment. Tax pared to 5 million at fourth scope of the company's various risk expo- amounted to 5 million in the fourth quarter end 4. Net lending amounted sures. The Board and the managing director quarter of 5, compared to 7 to 97 million at fourth quarter of Møre Boligkreditt AS are responsible for million in fourth quarter 4. Profit after end 4, compared with ensuring that proper risk management is tax amounted to 39 million in fourth million at fourth quarter end 4. At fourth established, and that such risk management quarter 5, compared to 47 million quarter end 5, the company's substitute is adequate and complies with current laws in the corresponding quarter 4. assets included in the cover pool amounted and regulations. Operational risk manage- to 88 million, including receivables ment in Møre Boligkreditt AS is maintained In fourth quarter 5 one Møre Bolig- from credit institutions of 85 mil- by Sparebanken Møre according to a ser- kreditt AS bond loan of SEK 45 million lion, compared to 3 million at vice agreement concluded between Møre matured and was fully repaid. Møre Bolig- fourth quarter end 4. Møre Boligkreditt Boligkreditt AS and Sparebanken Møre. kreditt AS acquired mortgages from Spare- AS had twelve bond loans outstanding at Risk management emphasizes identifying, banken Møre also in fourth quarter 5, 3 December 5 with a total bond loan measuring and managing the company's 3
4 4 4th QUARTER 5 risk elements in a manner that ensures that eign currencies are hedged with financial is also afforded considerable space in the Møre Boligkreditt AS complies with the pro- derivatives. The Board considers the overall Group's annual ICAAP. The operational and fessional credit regulations and keeps the market risk as low. established yearly internal control report, various risks at a low level. both within Sparebanken Møre and by the Liquidity risk managing director of Møre Boligkreditt AS, Liquidity risk is the risk that Møre Bolig- is an important tool for reducing operational Credit risk is defined as the risk of losses kreditt AS will be unable to fulfill its obli- risk. The internal control reports will help associated with customers or other coun- gations without substantial extra costs identifying any operational risk, and enable terparties being unable to fulfill their obliga- being incurred in the form of decline in action to be taken. The Board regards the tions at the agreed time and pursuant to asset values, forced sales or more expen- company's operational risk as low. written agreements, and that the received sive funding. The company has adopted a collateral is not covering outstanding liquidity risk strategy and established limits Outlook claims. The credit risk strategy adopted by for long-term funding and short-term liquid- The Norwegian economy, and especially the the company defines which loans that can ity risk limits. A months rolling revolving oil related part of the economy, has expe- be acquired by the company. The strategy credit facility guarantee from Sparebanken rienced a slowdown during 5, and we stipulates criteria for both borrowers and the Møre ensures timely payments to deriva- will probably experience lower and selective collateral for the loans that can be acquired. tive counterparties and owners of bonds growth also in the coming quarters. This At end of fourth quarter 5, the mort- issued by Møre Boligkreditt AS. Furthermore is mainly due to the expected decline in gages in the cover pool had an average the bonds have a soft bullet structure in petroleum related investments in. A loan-to-value ratio of 55 per cent, calculated which the company has the opportunity to strong household sector due to record low as mortgage amount relative to the value of extend the term of its borrowing by up to interest rates, still low unemployment lev- the property used as collateral. The Board months. The Board regards the com- els, together with a solid public sector will regards the quality of the loan portfolio as pany's liquidity risk as low. however keep the production levels high in Credit risk very good and the credit risk as low. Market risk several sectors. The weak is positive Operational risk for the competiveness of the export indus- Operational risk is the risk of losses due try, and for the tourist industry. Market risk is the risk that will arise due to to inadequate or failing internal processes, the mortgage company s holding or assum- human error, system failures or external Should the Norwegian economy be hit ing positions in lending and financial instru- events. Møre Boligkreditt AS has entered harder than expected, monetary and finan- ments in which the values over time will be into a management agreement with Spare- cial policy will be moved in an even more affected by changes in market prices. Møre banken Møre. The services covered by this expansive direction. The development of Boligkreditt AS must, pursuant to the Finan- agreement include administration, produc- house prices, together with growth in debt, cial Institution Act, have very low market risk tion, IT operations, and financial and risk is probably the most important risk factors and Board approved restrictions concern- management. Although the operational to Norwegian households. Important risk ing its maximum exposure to market risk. risk of Møre Boligkreditt AS is dependent factors going forward are also the oil price The company utilizes financial derivatives of Sparebanken Møre's ability to manage development, macroeconomic growth in to keep this type of risk at a low level. A this type of risk, Møre Boligkreditt AS inde- export markets and the exchange rate. specific market strategy has been adopted pendently bear risk associated with errors for Møre Boligkreditt AS which establishes in the deliveries and services provided by The combined activity level of businesses the limits for this type of risk. The com- Sparebanken Møre. The evaluation of the located in Møre og Romsdal County will pany's positions in fixed interest and for- management and control of operational risk most likely remain high despite the decline
5 4th QUARTER 5 in the petroleum related industries. How- Retail lending has so far been good, with interest rates and high disposable house- ever, the growth in production will probably a growth rate for the Sparebanken Møre hold income, will contribute to further mort- not be strong enough to prevent unemploy- Group of.5 per cent in fourth quarter gage loan growth in Sparebanken Møre. ment from rising further in. The reg- 5, and 8. per cent the last twelve This mortgage growth will position Møre istered unemployment rate in Norway was months. Boligkreditt AS to acquire further mortgage 3. per cent in December, compared to.9 loan portfolios from the parent bank, and per cent in the county of Møre og Romsdal. The Board believes that despite the slow- further increase the volume of outstanding We expect unemployment in the county to down of the economy, both in Norway and bond loans from Møre Boligkreditt AS. rise above national average levels in. in the county of Møre og Romsdal, the low Ålesund, 3 December 5 7 January The Board of Directors of Møre Boligkreditt AS Kjetil Hauge Britt Iren Tøsse Aandal Trond Nydal chairman Geir Tore Hjelle Sandra Myhre Helseth Ole Kjerstad m anag ing dire c tor 5
6 4th QUARTER 5 STATEMENT OF INCOME AS Notes Q4 5 Q4 4 5 Interest income Interest expenses , (M) Net interest income Commission income Net change in value of debt securities issued and related derivatives Wages, salaries and general administration costs Other operating costs Total operating costs Profit before impairment on loans and taxes Taxes Profit after tax Impairment on loans 3 Pre tax profit STATEMENT OF COMPREHENSIVE INCOME AS (M) Profit after tax Other comprehensive income Total comprehensive income after tax Notes Q4 5 Q
7 4th QUARTER 5 STATEMENT OF FINANCIAL POSITION AS (M) Notes , 4, 5, 85 4 Assets Loans to and receivables from credit institutions, 3, Certificates and bonds 4, Financial derivatives 4, , , 5, , Loans to and receivables from customers Deferred tax asset Total assets Liabilities and equity Loans from credit institutions Debt securities issued Financial derivatives Tax payable Deferred tax liability Share capital Share premium Other equity Retained earnings Total liabilities Other paid-in equity Paid-in equity Total equity Total liabilities and equity
8 8 4th QUARTER 5 STATEMENT OF CHANGES IN EQUITY 5 Amounts in M Total equity Share capital Share premium Other equity Equity as at 3 December Total comprehensive income for the period 7 Issue of share capital Dividends -9 Equity as at 3 December The share capital consists of 78 shares at 5, a total of 975 million. All shares are owned by Sparebanken Møre. The issue of share capital of million was approved by the Financial Supervisory Authority of Norway 9 March 5, and updated certificate of registration and articles of association were registered 3 March 5. Proposed dividend as of 3 December amounts to 7 million. 4 Total equity Share capital Share premium Other equity Equity as at 3 December Total comprehensive income for the period 9 Issue of share capital and premium 35 Dividends -5 Amounts in M Equity as at 3 December The share capital consists of 7 shares at 5, a total of 875 million. All shares are owned by Sparebanken Møre. Proposed dividend as of 3 December amounts to 9 million. 94
9 4th QUARTER 5 CASH FLOW STATEMENT AS 5 4 Interest, commission and fees received Interest, commission and fees paid - - Operating expenses paid -3-9 Income taxes paid Changes in other debt - 35 Issue of share capital and premium Net change in cash and cash equivalents 8-47 Cash balance at Cash balance at (M) Cash flow from operating activities Payment for acquiring loans from the Parent Bank Payment related to instalment loans and credit lines to customers Net cash flow from operating activities Cash flow from investing activities Received interest, commission and fees related to certificates, bonds and other securities Proceeds from the sale of certificates, bonds and other securities Purchases of certificates, bonds and other securities Changes in other assets Net cash flow from investing activities Cash flow from financing activities Paid interest, commission and fees related to issued bonds Net change in loans from credit institutions Proceeds from bond issues Redemption of debt securities Dividend and group contribution paid Net cash flow from financing activities 9
10 4th QUARTER 5 Notes Amounts in million ACCOUNTING PRINCIPLES Møre Boligkreditt AS` interim report is prepared in accordance with IAS 34 Interim Financial Reporting (compressed). The accounts are prepared using the same principles, and with the same methodology as the annual accounts for 4. The principles are outlined in the annual report for 4. There have been no changes in standards that affect the financial statements of Møre Boligkreditt AS from 3 December 4. The interim financial statements are not audited. All amounts are stated in million unless stated otherwise. OPERATING SEGMENTS Møre Boligkreditt AS has only one segment in its business and here the customers derive mainly from the retail banking market. The following tables contain details of loans to customers by sector, business activity and geographical area. LOANS (M) 5 4 Agriculture and forestry 3 Fisheries Manufacturing Public entities Activities abroad Miscellaneous Sectors Building and construction Wholesale and retail trade, hotels Property management Transport and private/public services Accrued interest income Loans, nominal amount Total corporate/public entities Retail customers Collective impairment Loans to and receivables from customers (M) NET INTEREST INCOME 5 4 Interest income from: 5 Loans to and receivables from customers 545 Interest income 55 Loans to and receivables from credit institutions Interest expenses in respect of: 9 Debt securities issued Interest expenses Net interest income Loans from credit institutions
11 4th QUARTER 5 3 IMPAIRMENT, LOSSES AND NON-PERFORMANCE Møre Boligkreditt AS reviews its loan portfolio every quarter. Commitments are tested to see whether or not objective evidence exists that a loss event has occurred and that the loss event reduces the loan's future cash flows. Examples of such objective evidence are material financial problems at the debtor, payment defaults, material breaches of contract, agreed changes to the interest rate or other agreement terms due to financial problems at the debtor, bankruptcy, etc. If objective evidence of impairment exists, the impairment is estimated as the difference between the carrying amount (balance + accrued interest on the date of assessment) and the present value of future cash flows. Estimates of future cash flows also take into account takeovers and sales of associated collateral, included expenses associated with such takeovers and sales. When all collateral has been liquidated and there is no doubt that the mortgage company will not receive further payments relating to the commitment, the impairment will be reversed and the actual loss will be booked. Nonetheless, the claim against the customer will remain and be followed up, unless a debt cancellation agreement is reached with the customer. Collective impairments are calculated for subgroups of loans when objective events indicate that future cash flows that would be used to service the commitments have weakened, where it is not possible to examine all commitments on an individual basis, or where information is not identifiable at a commitment level. Commitments for which individual impairments have been registered are not included in the basis for collective impairment. The Sparebanken Møre Group has developed its own collective impairment model and calculations are conducted each month based on input from the risk classification system, data warehouse, and assessments of macroeconomic factors. Changes to risk classification, negative developments in collateral values, and registered macroeconomic events that affect future estimated cash flows are taken into account in the model. The Group's model for collective impairment is tailored to Møre Boligkreditt AS' assumptions and operations. No exposures in the company's lending portfolio were identified on the date of the financial position needing individual impairments. Nor do the lending statistics on this date show any registered nonperformance in the mortgage company's portfolio. Totalt impairment amounts to 4 million as at 3 December 5. 4 FINANCIAL INSTRUMENTS All lending and receivables are recorded at amortised cost. Amortised cost is also used for floating rate securities issued. The company's debt securities issued with fixed interest rates are accounted for using fair value hedging. Losses and gains, resulting from changes in value due to changes in market interest, of debt securities with fixed interest are recognised in the income statement in the period they arise. Market prices are used to price lending to and receivables from financial institutions and lending to customers. The prices set include a mark-up for the relevant credit risk. Fair value is estimated as the carrying amount of the lending and receivables stated at amortised cost after deducting impairment. There are no major differences between the book value and the fair value of loans to credit institutions and customers, and liabilities to credit institutions agreed at variable rates and recognised at amortised cost. Fair value of debt securities is calculated allowing for change in the market interest rates and change in the credit margin. Financial derivatives related to the company`s debt securities issued are carried at fair value through profit or loss, and recognised gross per contract, as either asset or debt.
12 4th QUARTER 5 Financial assets and liabilities carried at amortised cost Financial instruments at fair value through profit and loss CLASSIFICATION OF FINANCIAL INSTRUMENTS Loans to and receivables from credit institutions 85 4 Loans to and receivables from customers Certificates and bonds 43 8 Financial derivatives Total assets Loans from credit institutions Debt securities issued Financial derivatives Total liability FAIR VALUE OF FINANCIAL INSTRUMENTS AT AMORTISED COST Fair value Book value Fair value Book value Loans to and receivables from customers Total assets Loans to and receivables from credit institutions Loans from credit institutions Debt securities issued Total liability FINANCIAL INSTRUMENTS AT AMORTISED COST Loans to and receivables from credit institutions Based on prices in an active market Observable market information Other than observable market information Level Level Level 3 Total Loans to and receivables from customers Total assets Loans from credit institutions Debt securities issued Total liability FINANCIAL INSTRUMENTS AT FAIR VALUE Observable market information Based on prices in an active market Level 3..5 Other than observable market information Level Level Total 3..4 Certificates and bonds Financial derivatives Total assets Financial derivatives Total liability
13 4th QUARTER 5 5 ISSUED COVERED BONDS Securities issued at variable rate terms are stated at amortised cost. Fair value hedging with value changes through profit and loss is used for the company's securities issued at fixed rate terms. COVERED BONDS (M) Currency Nominal value 3..5 NO49984 NO5498 NO57579 NO XS SEK NO35873 NO573 5 ISIN code Interest Issue Maturity M Nibor +.5 % M Nibor +.4 % M Nibor +.55 % fixed 4.75 % 5 7 3M Stibor +.75 % M Nibor +.49 % M Nibor +.5 % XS88457 SEK 7 3M Stibor +.7 % NO78 3M Nibor +.47 % XS EUR 5 fixed EUR.8 % XS EUR 3 M Euribor +. % NO999 3M Nibor +.45 % NO M Nibor +.37 % NO74 5 3M Nibor +.4 % NO7387 fixed.5 % 5 Total securities issued Accrued interest Financial derivatives to hedge securities (liabilities) COVER POOL (M) Pool of eligible loans ) Financial derivatives to hedge securities (assets) Total borrowings raised through the issue of securities Supplementary assets Total collateralised assets Collateralisation ) 47 million of total gross loans are not eligible for the cover pool as at % 3. % 3
14 4 4th QUARTER 5 TRANSACTIONS WITH RELATED PARTIES In order to conduct normal business, Møre Boligkreditt AS purchases services from Sparebanken Møre. There will also be transactions between the parties related to the acquisition of loan portfolio, and the fact that Sparebanken Møre provides loans and credits to the mortgage company. Loans from Sparebanken Møre are transferred at market value. If the purchased mortgage loans have fixed interest rates the price is adjusted for the value above / below par. Sparebanken Møre is responsible for ensuring that the loans to be transferred to Møre Boligkreditt AS are properly established and in accordance with the requirements specified in the agreement between the mortgage company and the Parent Bank. In case of a violation of these requirements, the Parent Bank will be liable for any losses that the mortgage company would experience as a result of the error. Sparebanken Møre and Møre Boligkreditt AS have formalised the settlement of interest for transaction days from date of transfer of loan portfolio to date of settlement of the consideration. If Møre Boligkreditt AS should have difficulty in obtaining financing, there is established a revolving guarantee from Sparebanken Møre where the purpose is to ensure timely payments to owners of bonds and derivative counterparties. of the extent of the activity and the loan portfolio acquired by Møre Boligkreditt AS, charges related to accounting, financial reporting, risk management, cash management, financing, governance and general legal services will incur. The pricing of the services provided to Møre Boligkreditt AS by Sparebanken Møre distinguishes between fixed and variable costs for the mortgage company. Fixed costs are defined as costs the mortgage company must bear regardless of the activity related to the issuance of covered bonds, the acquisition of portfolio, etc. Variable costs are defined as costs related to the size of the portfolio acquired from Sparebanken Møre and the work that must be exercised by the Bank's employees to deliver satisfactory services given the number of customers in the portfolio. Sparebanken Møre bills the mortgage company based on actual salary costs, including social security contribution, pension costs and other social costs. Parts of the mortgage company's expenses related to services provided by Sparebanken Møre relates to the size of the portfolio acquired from Sparebanken Møre. Management fee is calculated and billed monthly, in which the month's average portfolio size form the basis of billing. The interest rate of the mortgage company's deposit and credit limit in Sparebanken Møre is based on 3 months NIBOR + a premium. Møre Boligkreditt AS is billed for costs related to the lease of premises at Sparebanken Møre. It is assumed that regardless of operations, a certain area of the bank attributable to the mortgage company is utilised during the year. Regardless The most important transactions are as follows: (M) Income statement Interest and credit commision income from Sparebanken Møre related to deposits Interest and credit commision income paid to Sparebanken Møre related to loan/credit facility Interest paid to Sparebanken Møre related to bonded debt Management fee paid to Sparebanken Møre Statement of financial position Deposits in Sparebanken Møre Covered bonds Loan/credit facility in Sparebanken Møre Accumulated transferred loan portfolio from Sparebanken Møre
15 4th QUARTER 5 7 EQUITY AND RELATED CAPITAL (M) IRB approach (Basel II) Core capital Expected losses exceeding actual losses, IRB portfolios corporate Supplementary capital Net equity and subordinated loan capital AS Capital requirement by exposure classes Exposure classes SA - credit risk 8 Secured by mortgages on immovable property 44 Covered bonds 3 Other items Institutions (banks etc) Total capital requirements - credit risk, The Standardised Approach Exposure classes IRB - credit risk Retail - Secured by real estate Retail - Other 7 7 Specialised lending Other corporate lending SME IRB-F capital requirements 8 7 Total capital requirements - credit risk Exposure classes SA - market risk Credit value adjustment risk (CVA) 33 Total capital requirement less transitional rules Additional capital requirements from transitional rules ) 45 Total capital requirements Risk-weighted assets less transitional rules Additional RWA from transitional rules ) Total risk-weighted assets Capital adequacy ratio Core capital ratio Core Tier capital ratio Operational Risk (Basic Indicator Approach) Risk-weighted assets (calculation basis for capital adequacy ratio) Minimum requirement common equity Tier capital (4.5 %) ) Transitional rules require that RWA can not be less than 8 per cent of the corresponding Basel I requirement. Capital adequacy as a percentage of the weighted asset calculation basis incl. transitional rules Møre Boligkreditt's capital requirements at 3st December 5 are based on IRB-Foundation for corporate commitments and IRB-Retail for retail commitments. 5
16 4th QUARTER 5 Profit performance QUARTERLY PROFIT (M) Q4 5 Q3 5 Q 5 Q 5 Q4 4 Net interest income Total other operating income Total operating costs Profit before impairment on loans and taxes Pre tax profit Taxes Profit after tax Q4 5 Q3 5 Q 5 Q 5 Q4 4 Impairment on loans AS A PERCENTAGE OF AVERAGE ASSETS Net interest income Total other operating income Total operating costs Profit before impairment on loans and taxes Impairment on loans..... Pre tax profit Taxes Profit after tax Average total assets (M) ACCUMULATED PROFIT FOR THE YEAR (M) Net interest income Total other operating income Total operating costs Profit before impairment on loans and taxes AS A PERCENTAGE OF AVERAGE ASSETS 5 4 Net interest income.3.93 Total other operating income Total operating costs Profit before impairment on loans and taxes.4.9 Impairment on loans.. Pre tax profit.45.9 Taxes.39.4 Profit after tax Impairment on loans Pre tax profit Taxes Profit after tax Average total assets (M)
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