Annual unaudited financial statements of. NLB and NLB Group. for 2008

Transcription

1 Annual unaudited financial statements of NLB and NLB Group for 2008

2 Publication of the unaudited annual financial statements of NLB and NLB Group for 2008 In accordance with the Financial Instruments Market Act (ZTFI, Official Gazette of the RS, no. 67/07) and the Rules of Ljubljanska borza vrednostnih papirjev d.d., Ljubljana (the Ljubljana Stock Exchange), Nova Ljubljanska banka d.d., Ljubljana, hereby publishes the unaudited annual financial statements for 2008 with important notes. According to Article 136 of the ZTFI the information contained in the publication will also be published on the NLB s website as of 27/02/2009 until further notice. The financial statements have been compiled in line with the International Financial Reporting Standards as adopted by the European Union and the Bank of Slovenia s regulations. Three Slovene banks were merged with NLB in As 30/06/2007 was set as the merger s accounting date, comparable data in financial statements of NLB have been adjusted as if the banks have already been a part of NLB in the second half of It bears no effect on financial statements of the NLB Group as the banks had already been members of the NLB Group before the merger. Important notes to the unaudited annual non-consolidated financial statements of NLB for 2008 Operations of NLB in 2008 were marked by the merger of three banks of the Group (NLB Banka Domžale, NLB Banka Zasavje and NLB Koroška banka) with NLB on 01/05/2008 and the financial crisis, which worsened in the second half of 2008 and changed the trends in the Bank s business. Profit before tax for 2008 amounts to EUR 56.0 million, falling by 63.9% from the respective figure in Net interest and non-interest income totals EUR million exceeding that made in 2007 by 12.7%. As at the end of 2008, NLB s total assets amounted to EUR 14.5 billion which represents a 4.0% increase over Loans to non-banking sector amounted to EUR 9,719.4 million which is 8.9% more than the scope of such loans recorded in the previous year. The Bank s investment activity was financed primarily from the liabilities to non-banking sector, which amounted to EUR 7,071.4 million at the end of As at the end of 2008 the NLB s capital totalled EUR 1,197.8 million. Share book value rose by 20.0% to EUR compared to last year and is calculated as the value of total equity divided by the total number of shares at the end of the year, less own shares, namely 8,871,028 no-par value shares. In 2008, net earnings per share totalled EUR 5.9. The estimated capital adequacy ratio of the NLB as at 31/12/2008 was 11.8%. Pursuant to the third paragraph of Article 230 of the Companies Act, the Supervisory Board of NLB adopted a resolution on 16/02/2009 that 50% of net profit is, upon the compilation of financial statements of NLB for the year 2008, allocated to other reserves from profit, while the remaining net profit is posted to net distributable profit. Important notes to the unaudited annual consolidated financial statements of NLB Group for 2008 Banks and companies included using the method of full consolidation: - Banks in Slovenia: Nova Ljubljanska banka d.d., Ljubljana - Banks abroad: LHB Internationale Handelsbank AG Group, Frankfurt; NLB Tutunska banka a.d. Group, Skopje; NLB Montenegrobanka a.d., Podgorica; NLB Razvojna banka a.d., Banja Luka; NLB Tuzlanska banka d.d., Tuzla; NLB banka a.d. Group, Belgrade; NLB West East Bank a.d., Sofia and NLB Prishtina d.d., Prishtina - Financial institutions and companies in Slovenia: NLB Leasing d.o.o. Group, Ljubljana; NLB Leasing Maribor d.o.o., Maribor; NLB Leasing Koper d.o.o., Koper; NLB Skladi d.o.o.,

3 Ljubljana; NLB Propria d.o.o., Ljubljana; Prospera plus d.o.o., Ljubljana and FIN-DO d.o.o., Domžale - Financial institutions and companies abroad: NLB InterFinanz AG Group, Zürich; NLB Lizing d.o.o.e.l., Skopje; NLB Factoring a.s., Ostrava; NLB Factor s.r.o., Bratislava; CBS Invest d.o.o., Sarajevo; Nov penziski fond a.d., Skopje; NLB Nova penzija a.d., Belgrade; NLB Srbija d.o.o., Belgrade and Plan a.d., Banja Luka Banks and companies included using the equity method: - Banks in Slovenia: Banka Celje d.d., Celje - Banks abroad: Adria Bank AG, Vienna - Financial institutions and companies in Slovenia: Bankart d.o.o., Ljubljana; Skupna pokojninska družba d.d., Ljubljana; ICJ d.o.o., Domžale; NLB Vita d.d., Ljubljana and Prvi Faktor d.o.o. Group, Ljubljana - Financial institutions and companies abroad: Tekig Invest a.d., Belgrade Operations of the NLB Group in 2008 were marked by the distress on international financial and capital markets, which increased the perceived risk and resulted in a more conservative approach to the management of available resources. Hence after a period of high growth (notably in lending), last year was marked by lower growth, falling margins, increasingly tough competition on all markets and a bear market in securities. The Group continued in 2008 with its established policy of a more conservative approach to risk monitoring and increased the ratio of provisions to portfolio. In 2008, the pre-tax profit generated by NLB Group amounted to EUR 38.2 million and after-tax profit (excluding minority interest) to EUR 20.5 million. The latter was thus 84.4% lower than in 2007, but it should be noted that in that year with favourable conditions on international financial markets the Group earned EUR 54.2 million more from financial transactions. Nevertheless, the Group achieved high growth in net interest income and net fees and commissions, which are the main income generators in NLB Group, in 2008 and the Group at the same time increased the amount of provisions for credit risks. NLB was the main contributor to lower profits while the share of the banks from SE Europe in the Group s profit rose. The single most important activity of NLB Group remains banking with 82.9% of the Group s profit before tax generated by banks. Total assets of NLB Group as at the end of 2008 equalled EUR 18.9 billion, representing a 3.3% growth over the previous year. Loans to the non-banking sector stood at EUR 12,916.9 million rising by 8.2% from the end of 2007, while deposits of the non-banking sector were higher by 3.2% and totalled EUR 9,464.8 million. In total assets, banks accounted for 91.8%, factoring and forfeiting 4.0% and leasing 3.9%. As at 31/12/2008, the risk management capital was, pursuant to the Decision on the supervision of banks and savings banks on consolidated basis, estimated at EUR 1,906.7 million and capital adequacy was 11.3%.

4 BALANCE SHEET AS AT AMOUNT Item ITEM DESCRIPTION No Cash and cash balances with central banks Financial assets held for trading Financial assets designated at fair value through profit and loss Available-for-sale financial assets Derivatives - hedge accounting Loans and receivables loans and receivables to banks loans and receivables to non-bank customers Held-to-maturity investments Fair value changes of the hedged items in portfolio hedge of interest rate risk Accured interest income on financial assets Non-current assets and disposal groups classified as held for sale Assets pledged Property, plant and equipment Investment property Intangible assets Investments in subsidiaries, associates and joint ventures Tax assets current tax assets deferred tax assets Other assets TOTAL ASSETS (from 1 to 17) Deposits from central banks Financial liabilities held for trading Financial liabilities designated at fair value through profit and loss Derivatives - hedge accounting Financial liabilities measured at amortised cost deposits from banks deposits from non-bank customers loans and advances from banks loans and advances from non-bank customers debt instruments subordinated liabilities Financial liabilities associated to transferred assets Fair value changes of the hedged items in portfolio hedge of interest rate risk Accured interest expenses on financial liabilities Liabilities included in disposal groups classified as held for sale Provisions Tax liabilities current tax liabilities deferred tax liabilities Other liabilities TOTAL LIABILITIES (from 19 to 30) Basic equity Share premium Equity component of compound financial instruments Revaluation reserves (745) Reserves from profit (including retained earnings) reserves from profit retained earningas Treasury shares (2.048) (2.048) 38 Income from current year TOTAL EQUITY (from 32 to 38) TOTAL LIABILITIES AND EQUITY (31+39)

5 INCOME STATEMENT for the period from 1.1. to Ser. AMOUNT No. ITEM DESCRIPTION from 1.1. to from 1.1. to Interest income and similar income Interest expenses and similar expenses Interest net income (1-2) Dividend income Fee and commission income Fee and commission expenses Fee and commission net income (5-6) Realised gains and losses on financial assets and liabilities not measured at fair value through profit or loss Gains and losses on financial assets and liabilities held for trading (66.620) Gains losses on financial assets and liabilities designated at fair value through profit or loss Fair value adjustments in hedge accounting 73 (70) 12 Exchange differences (12.453) 13 Gains and losses on derecognition of assets other than held for sale (4.080) Other operating net income Administration costs Depreciation Provisions (10.957) Impairment Negative goodwill Share of the profit or loss from associates and joint ventures accounted for using the equity method Total profit or loss from non-current assets and disposal groups classified as held for sale (170) (449) TOTAL PROFIT OR LOSS BEFORE TAX FROM CONTINUING OPERATIONS 22 ( ) Tax expense (income) related to profit or loss from continuing operations TOTAL PROFIT OR LOSS AFTER TAX FROM CONTINUING 24 OPERATIONS (22-23) Total profit or loss after tax from discontinued operations NET PROFIT OR LOSS for the financial year ( ) Basic earnings per share Diluted earnings per share 6 17

6 CASH FLOW STATEMENT for the period from 1.1. to in thousand of EUR AMOUNT Designation ITEM DESCRIPTION CURRENT PREVIOUS FINANCIAL PRECEDING YEAR YEAR A. CASH FLOWS FROM OPERATING ACTIVITIES a) Interest received Interest paid ( ) ( ) Dividends received Fee and commissions receipts Fee and commissions paid (25.892) (28.337) Realised gains on financial assets and liabilities not measured at fair value through profit or loss Realised losses on financial assets and liabilities not measured at fair value through profit or loss (119) (281) Net gains / losses from financial instrumen held for trading (23.887) Cash payments to employees and suppliers ( ) ( ) Other cash receipts from operating activities Other cash payments from operating activities (4.908) (9.353) Cash flow from operating activities before changes in operating assets and liabilities b) (Increases) / decreases in operating assets (excl.cash & cash equivalents) ( ) ( ) Net (increase) / decrease in balances with central banks (5.129) (26.549) Net (increase) / decrease in financial assets hled for trading (86.127) Net (increase) / decrease in financial assets designated at fair value through profit or loss 0 (170) Net (increase) / decrease in financial assets available for sale (20.590) ( ) Net (increase) / decrease in loans and receivables ( ) ( ) Net (increase) / decrease in asset-derivatives - hedge accounting 0 0 Net (increase) / decrease in non-current assets held for sale Net (increase) / decrease in other assets c) (Increases) / decreases in operating liabilities Net increase / (decrease) in financial liabilities to central bank (170) Net increase / (decrease) in financial liabilities held for trading 0 0 Net increase / (decrease) in financial liabilities designated at fair value through profit or loss 0 0 Net increase / (decrease) in deposits, loans and receivables measured at amortised cost (32.357) Net increase / (decrease) in debt instruments in issue measured at amortised cost (5.337) Net increase / (decrease) in liability-derivatives - hedge accounting 0 0 Net increase / (decrease) in liabilities associated with non-current assets held for sale 0 0 Net increase / (decrease) in other liabilities (25.056) 308 č) Cash flow from operating activities (a+b+c) ( ) (77.606) d) Income taxes (paid) refunded (6.054) (54.783) e) Net cash flow from operating activities (č+d) ( ) ( ) B. CASHFLOWS FORM INVESTING ACTIVITIES a) Receipts from investing activities Receipts from the sale of tangible assets and investment properties Receipts from the sale of intangible fixed assets 0 0 Receipts from the disposal of subsidiaries, associates and joint ventures 0 0 Receipts from non-current assets or liabilities held for sale Receipts from the sale of financial assets held to maturity Other receipts from investing activities 0 0 b) Cash payments on investing activities ( ) ( ) (Cash payments to acquire tangible assets and investment properties) (19.161) (12.523) (Cash payments to acquire intangible fixed assets) (19.019) (19.834) (Cash payments for the investment in subsidiaries, associates and joint ventures) ( ) ( ) (Cash outflow to non-current assets or liabilities held for sale) 0 0 (Cash payments to acquire held to maturity investments) ( ) ( ) (Other cash payments related to investing activities) 0 0 c) Net cash flow from investing activities (a-b) ( ) ( ) C. CASH FLOWS FROM FINANCING ACTIVITIES a) Cash proceeds from financing activities Cash proceeds from subordinated liabilities issued Cash proceeds from issuing shares and other equity instruments Cash proceeds from the sale of treasury shares 0 0 Other cash proceeds related to financial activities 0 0 b) Cash payments on financing activities (86.998) ( ) (Dividends paid) (47.464) (43.787) (Cash repayments of subordinated liabilities) (39.389) (90.000) (Cash payments to acquire treasury shares) 0 0 (Other cash payments related to financial activities) (145) (16) c) Net cash flow from financing activities (a-b) D. Effects of change in exchange rates on cash equivalents (335) (3.022) E. Net increase in cash and cash equivalents (Ae+Bc+Cc) ( ) ( ) F. Opening balance of cash and cash equivalents F1 Cash and cash equivalents of merged banks at date of the merger G. Closing balance of cash and cash equivalents (D+E+F)

7 STATEMENT OF CHANGES IN EQUITY CAPITAL FOR THE REPORTING PERIOD from to Equity component Revaluation Retained Treasury Income Item Basic Share of compound reserves Reserves earnings shares from Total Code ITEM DESCRIPTION equity premium financial from or loss (capital current equity instruments profit deduction year item) OPENING BALANCE FOR THE REPORTING PERIOD (2.048) Net gains/losses in revaluation reserves from financial assets available for sale Net gains/losses in revaluation reserves from hedging of cashflows (4.067) (4.067) 4 Net gains/losses in revaluation reserves from property, plant, equipment and intangible assets 0 5 Net gains/losses in revaluation reserves from other assets 0 6 Total gains/losses after tax recognition directly in equity - revaluation reserves (from 2 to 5) (1.063) (1.063) 7 Net profit or loss for the financial year (from income statement) Net profit or loss for the financial year recognised in equity (6+7) (1.063) New share capital subscribed (paid) Repayment of equity 0 11 Net purchase/sale of treasury shares 0 12 Appropriation of (accounting for) dividends/rewards in form of shares 0 13 Appropriation of (accounting for) dividends (47.469) (47.469) 14 Transfer of net profit to reserves from profit (24.594) 0 15 Covering of the loss brought forward 0 16 Other* (2.587) (21.445) CLOSING BALANCE FOR THE REPORTING PERIOD (745) (2.048) BALANCE SHEET AVAILABLE PROFIT for financial year *Other relates to allocation of non-distributed profits.

8 STATEMENT OF CHANGES IN EQUITY CAPITAL FOR THE REPORTING PERIOD from to Equity component Revaluation Retained Treasury Income Item Basic Share of compound reserves Reserves earnings shares from Total Code ITEM DESCRIPTION equity premium financial from or loss (capital current equity instruments profit deduction year item) OPENING BALANCE FOR THE REPORTING PERIOD (3.346) Net gains/losses in revaluation reserves from financial assets available for sale Net gains/losses in revaluation reserves from hedging of cashflows Net gains/losses in revaluation reserves from property, plant, equipment and intangible assets 0 5 Net gains/losses in revaluation reserves from other assets 0 6 Total gains/losses after tax recognition directly in equity - revaluation reserves (from 2 to 5) Net profit or loss for the financial year (from income statement) Net profit or loss for the financial year recognised in equity (6+7) New share capital subscribed (paid) Repayment of equity 0 11 Net purchase/sale of treasury shares 0 12 Appropriation of (accounting for) dividends/rewards in form of shares 0 13 Appropriation of (accounting for) dividends (31.574) (31.574) 14 Transfer of net profit to reserves from profit (59.425) 0 15 Covering of the loss brought forward 0 16 Other* ( ) (7.893) Merger of slovenian banks CLOSING BALANCE FOR THE REPORTING PERIOD (2.048) BALANCE SHEET AVAILABLE PROFIT for financial year *Other relates to allocation of non-distributed profits in the amount of Euro 151,579 thousand, additional decrease of the Bank`s tax liability regarding adoption of IFRS in Slovenian banks in the amount of Euro 2,774 thousand and renumeration to members of the Supervisory Board in the amount of Euro 148 thousand.

9 CONSOLIDATED BALANCE SHEET AS AT Item ITEM DESCRIPTION AMOUNT No Cash and cash balances with central banks Financial assets held for trading Financial assets designated at fair value through profit and loss Available-for-sale financial assets Derivatives - hedge accounting Loans and receivables loans and receivables to banks loans and receivables to non-bank customers Held-to-maturity investments Fair value changes of the hedged items in portfolio hedge of interest rate risk Non-current assets and disposal groups classified as held for sale Assets pledged Tangible assets Investment property Intangible assets Investments in subsidiaries, associates and joint ventures Tax assets current tax assets deferred tax assets Other assets TOTAL ASSETS (from 1 to 16) Deposits from central banks Financial liabilities held for trading Financial liabilities designated at fair value through profit and loss Derivatives - hedge accounting Financial liabilities measured at amortised cost deposits from banks deposits from non-bank customers loans and advances from banks loans and advances from non-bank customers debt instruments subordinated liabilities Financial liabilities associated to transferred assets Fair value changes of the hedged items in portfolio hedge of interest rate risk Liabilities included in disposal groups classified as held for sale Provisions Tax liabilities current tax liabilities deferred tax liabilities Other liabilities TOTAL LIABILITIES (from 18 to 28) Basic equity Share premium Equity component of compound financial instruments Revaluation reserves (28.793) Reserves from profit (including retained earnings) Treasury shares (2.048) 0 36 Income from current year (4.075) TOTAL EQUITY (from 30 to 36) Minority TOTAL MINORITY AND EQUITY (37+38) TOTAL LIABILITIES, MINORITY AND EQUITY ( )

10 CONSOLIDATED INCOME STATEMENT for the period from to Item ITEM DESCRIPTION AMOUNT No. from 1.1. to from 1.1. to Interest income and similar income Interest expenses and similar expenses Interest net income (1-2) Dividend income Fee and commission income Fee and commission expenses Fee and commission net income (5-6) Realised gains and losses from financial assets and liabilities not measured at fair value through profit or loss Gains and losses on financial assets and liabilities held for trading (64.021) Gains losses on financial assets and liabilities designated at fair value through profit or loss (42) Fair value adjustments in hedge accounting 914 (70) 12 Exchange differences (10.099) 13 Gains and losses on derecognition of assets other than held for sale (4.210) Other operating net income Administration costs Depreciation Provisions (7.610) Impairment Negative goodwill Share of the profit or loss from associates and joint ventures accounted for using the equity method Total profit or loss from non-current assets and disposal groups classified as held for sale 427 (1.801) 22 TOTAL PROFIT OR LOSS BEFORE TAX FROM CONTINUING OPERATIONS ( ) Tax expense (income) related to profit or loss from continuing operations TOTAL PROFIT OR LOSS AFTER TAX FROM CONTINUING OPERATIONS (22-23) Total profit or loss after tax from discontinued operations NET PROFIT OR LOSS for the financial year ( ) a) Equity holders of the company b) Minority interest Basic earnings per share Diluted earnings per share 2 17

11 CONSOLIDATED CASH FLOW STATEMENT for period from to AMOUNT Designation ITEM DESCRIPTION CURRENT FINANCIAL PREVIOUS FINANCIAL YEAR YEAR A. CASH FLOWS FROM OPERATING ACTIVITIES a) Interest received Interest paid ( ) ( ) Dividends received Fee and commissions receipts Fee and commissions paid (38.337) (38.199) Realised gains on financial assets and liabilities not measured at fair value through profit or loss Realised losses on financial assets and liabilities not measured at fair value through profit or loss (196) (130) Net gains / losses from financial instrument held for trading (15.774) Cash payments to employees and suppliers ( ) ( ) Other cash receipts from operating activities Other cash payments from operating activities (11.312) (17.825) Paid income tax (21.558) (71.081) Cash flow from operating activities before changes in operating assets and liabilities b) (Increases) / decreases in operating assets (excl.cash & cash equivalents) ( ) ( ) Net (increase) / decrease in balances with central banks ( ) Net (increase) / decrease in financial assets hled for trading (90.404) Net (increase) / decrease in financial assets designated at fair value through profit or loss (1.500) (170) Net (increase) / decrease in financial assets available for sale (2.101) ( ) Net (increase) / decrease in loans and receivables ( ) ( ) Net (increase) / decrease in asset-derivatives - hedge accounting 0 0 Net (increase) / decrease in non-current assets held for sale 31 (1.275) Net (increase) / decrease in other assets c) (Increases) / decreases in operating liabilities Net increase / (decrease) in financial liabilities to central bank (170) Net increase / (decrease) in financial liabilities held for trading 0 0 Net increase / (decrease) in financial liabilities designated at fair value through profit or loss 0 0 Net increase / (decrease) in deposits, loans and receivables measured at amortised cost Net increase / (decrease) in debt instruments in issue measured at amortised cost Net increase / (decrease) in liability-derivatives - hedge accounting 0 0 Net increase / (decrease) in liabilities associated with non-current assets held for sale 0 0 Net increase / (decrease) in other liabilities (29.674) (4.738) č) Cash flow from operating activities (a+b+c) ( ) ( ) B. CASH FLOWS FORM INVESTING ACTIVITIES a) Receipts from investing activities Receipts from the sale of tangible assets and investment properties Receipts from the sale of intangible fixed assets Receipts from the disposal of subsidiaries, associates and joint ventures 0 0 Receipts from non-current assets or liabilities held for sale Receipts from the sale of financial assets held to maturity Other receipts from investing activities 0 0 b) Cash payments on investing activities ( ) ( ) (Cash payments to acquire tangible assets and investment properties) (88.864) (84.657) (Cash payments to acquire intangible fixed assets) (20.907) (22.406) (Cash payments for the investment in subsidiaries, associates and joint ventures) (28.871) ( ) (Cash outflow to non-current assets or liabilities held for sale) 0 0 (Cash payments to acquire held to maturity investments) ( ) ( ) (Other cash payments related to investing activities) 0 0 c) Net cash flow from investing activities (a-b) ( ) ( ) C. CASH FLOWS FROM FINANCING ACTIVITIES a) Cash proceeds from financing activities Cash proceeds from subordinated liabilities issued Cash proceeds from issuing shares and other equity instruments Cash proceeds from the sale of treasury shares 0 0 Other cash proceeds related to financial activities b) Cash payments on financing activities (67.388) ( ) (Dividends paid) (50.243) (40.642) (Cash repayments of subordinated liabilities) (17.000) (90.000) (Cash payments to acquire treasury shares) 0 0 (Other cash payments related to financial activities) (145) (16) c) Net cash flow from financing activities (a-b) D. Effects of change in exchange rates on cash equivalents (984) (10.367) E. Net increase in cash and cash equivalents (Ae+Bc+Cc) 0 0 F. Opening balance of cash and cash equivalents G. Closing balance of cash and cash equivalents (D+E+F)

12 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for period from to Equity Treasury component shares Income Item Basic Share of compound Revaluation Reserves Retained (capital from Minority Total Code ITEM DESCRIPTION equity premium financial reserves from earnings deduction current interest equity & instruments profit or loss item) year minority OPENING BALANCE FOR THE REPORTING PERIOD Net gains/losses in revaluation reserves from financial assets available for sale (39.213) 428 (38.785) 3 Net gains/losses in revaluation reserves from hedging of cashflows (4.067) (4.067) 4 Net gains/losses in revaluation reserves from property, plant, equipment and intangible assets 0 5 Net gains/losses in revaluation reserves from other assets 0 6 Net gains/losses in revaluation reserves from foreign exchange differences Total gains/losses after tax recognition directly in equity - revaluation reserves (from 2 to 6) (42.335) (41.907) 8 Net profit or loss for the financial year (from income statement) Net profit or loss for the financial year recognised in equity (7+8) (42.335) (19.072) 10 New share capital subscribed (paid) Repayment of equity 0 12 Net purchase/sale of treasury shares 0 13 Appropriation of (accounting for) dividends/rewards in form of shares 0 14 Appropriation of (accounting for) dividends (47.469) (2.414) (49.883) 15 Transfer of net profit to reserves from profit (24.594) 0 16 Covering of the loss brought forward 0 17 Other* (2.048) (14.791) (20.495) (17.941) 18 CLOSING BALANCE FOR THE REPORTING PERIOD (28.793) (2.048) (4.075) * Other relates to allocation of non-distributed profits, transactions with minority interests and exchange differences.

13 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for period from to Equity Treasury component shares Income Item Basic Share of compound Revaluation Reserves Retained (capital from Minority Total Code ITEM DESCRIPTION equity premium financial reserves from earnings deduction current interest equity & instruments profit or loss item) year minority OPENING BALANCE FOR THE REPORTING PERIOD Net gains/losses in revaluation reserves from financial assets available for sale (1.735) Net gains/losses in revaluation reserves from hedging of cashflows Net gains/losses in revaluation reserves from property, plant, equipment and intangible assets 0 5 Net gains/losses in revaluation reserves from other assets 0 6 Net gains/losses in revaluation reserves from foreign exchange differences Total gains/losses after tax recognition directly in equity - revaluation reserves (from 2 to 6) (1.735) Net profit or loss for the financial year (from income statement) Net profit or loss for the financial year recognised in equity (7+8) New share capital subscribed (paid) Repayment of equity 0 12 Net purchase/sale of treasury shares 0 13 Appropriation of (accounting for) dividends/rewards in form of shares 0 14 Appropriation of (accounting for) dividends (31.430) (9.212) (40.642) 15 Transfer of net profit to reserves from profit (59.425) 0 16 Covering of the loss brought forward 0 17 Other* ( ) (58.977) (30.382) (42.553) 18 CLOSING BALANCE FOR THE REPORTING PERIOD * Other relates to allocation of non-distributed profits, transactions with minority interests, additional decrease of the tax liability, exchange differences and other changes.