FINANCIAL REVIEW IFRS net income Net interest income
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- Bennett Holmes
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1 Presenting first quarter 2005 Earnings, the Chairman and CEO of Banco Comercial Português, Paulo Teixeira Pinto, commented on the developments as follows: The presentation of first quarter 2005 earnings has a special relevance to the Bank, as it is the first time we report under IFRS and disclose the impact of the new accounting standards on earnings, shareholders equity and regulatory capital. This is also the appropriate occasion to comment on the Bank s financial and economic performance as well as its strategic guidelines. Concerning the strategic guidelines I would like to reiterate our key objectives, as publicly announced shortly after the AGM: In the short term, to achieve the profitability and growth targets set in the Millennium Programme for the period (the review of the progress made so far shows that we are well on track to capture the gains, and we are confident that overall targets will be reached); In the medium term, to build a truly Multi-Domestic Bank, through profitable growth and the capture of synergies in the three core domestic markets, Portugal, Poland and Greece; and in the long term, to preserve the strategic independence of the Bank, by exceeding the expectations of shareholders value creation. Introducing the adoption of IFRS, Paulo Teixeira Pinto highlighted the positive impact on recurrent earnings, mainly as result of a decrease in pension charges. As for the impact on Shareholders Equity, it should be analysed in two different components: (a) A positive impact on Banking assets and liabilities (i.e. excluding Pensions liabilities), as the positive adjustments (preference shares and differed tax assets) more than compensate for the negative ones (fair value of investments, credit impairment and interim dividends). (b) The increase of Pension liabilities (with health benefits, early retirement, and death before retirement) has a negative impact. In the framework of a conversion to IFRS, these impacts are expected and should be seen on a long-term perspective, given the very nature of these liabilities. The Bank has proven capacity to accommodate these adjustments without significant effect on creation of value to shareholders. Finally, the impact on own funds, which will be amortised during over set periods (upfront, in 3, 5 and 7 years, depending on the nature of the adjustment) according to Bank of Portugal regulations. As a result the impact of transition adjustments as of 31 March 2005 amount to 20 basis points, and the Bank estimates that the Core Tier I ratio will higher by year-end, as a result of the strong earnings generation capacity, and continuing divestment of the non-core operations. The Bank has more than adequate capacity to generate earnings and release sufficient capital to absorb the IFRS adjustments (which in fact account for only 25% of the retained earnings of the amortization period), allowing it to grow in credit, and still accumulate capital. Commenting on the 1 st quarter earnings, Mr. Teixeira Pinto mentioned that net income increased 20.7% versus the previous year (on a comparable IFRS basis), with intermediation margin up by 15%, commissions by 6.7%, and operating costs decreasing by 6.5%. We also saw a significant improvement in credit impairment charges (-60.7%), compensating for the reduction of equity accounted earnings of stakes, which had since been divested, and for the increase in corporate taxes. Mortgage lending continues to post attractive growth rates, and clients deposits grew by a solid 13.7%. A special word to mention that the contribution from international operations continues to increase, as a result of solid activity growth and improvement in revenues. He concluded by saying: It was a good quarter, and one that encourages us to look for further improvements in the coming quarters. 3/22
2 SIGNIFICANT EVENTS The most significant developments in the activity of Millennium bcp in the first quarter of 2005 were the furthering of the Re-foundation Programme, reflected in the implementation of a new organisational model, and the restructuring of Millennium bcp, through the conclusion of the sale of non-core shareholdings. The following events are worth mentioning: The Annual General Meeting of Shareholders gathered shareholders representing 69.15% of the Bank s share capital. Among the motions approved, the elections of the Corporate Boards for the period and of the Senior Board for the period are noteworthy; Presentation and implementation of a new organisational model for the Group. The executive coordination of the Group is now structured in eight units: six business units (Retail Banking, Corporate Retail and Corporate Banking, Private Banking and Asset Management, Investment Banking, European Banking and Overseas Banking), and two support units (Banking Services and Corporate Services); Conclusion of the sale to the Fortis Group of 51% of the share capital and management control of Millenniumbcp Fortis - Grupo Segurador, SGPS, S.A., a joint-venture which holds 100% of the share capital of the insurance companies Ocidental, Ocidental Vida and Médis, focusing on bancassurance, and of the pension fund manager Pensõesgere; Conclusion of the sale to the Caixa Geral de Depósitos Group of 100% of the share capital of the insurance companies Império Bonança and Seguro Directo, and of Impergesto and Servicomercial, under the terms of the agreement established with Caixa Geral de Depósitos in April 2004; Standard & Poor's ( S&P ) revised its outlook for Millennium bcp to positive from stable. S&P also affirmed its A- long-term and A-2 short-term counterparty credit ratings on the Bank; Moody s upgraded the Polish Bank Millennium s long-term deposit rating to A2 with a stable outlook from A3. Moody s also changed to positive from stable the Bank s D- financial strength rating outlook, reflecting its progress following comprehensive restructuring. Bank Millennium s P-1 short-term deposit rating remained unchanged; Launching of Millennium bcp s International Business Platform (PIN), a banking service targeting companies with international operations, or willing to internationalise their businesses. This initiative aims to strengthen the Bank s relationships with the most dynamic segments among Portuguese companies, as well as making Millennium bcp s experience and knowledge of international markets available to customers; Euromoney awarded Millennium bcp investimento the European Real Toll Road Deal of the Year 2004 to the project of concession, construction and operation of Portugal s Central Coast Motorway, which was granted to Brisal by the Portuguese State. Millennium bcp investimento acted as financial advisor to Brisal and was responsible for the financial structuring and set-up of the concession and for the organisation and leadership of the syndicate of lead arrangers; Signing of a protocol with the Portuguese Society of Authors (SPA), granting the status of Bank of the Portuguese Authors to Millennium bcp, which will be the institutional patron of SPA from 2005 to 2007; An Encontro Millennium bcp was held in Setúbal, gathering regional Clients, staff and local personalities to analyse the social and economic development of this region, and to 4/22
3 present the Group s presence in the district, under a partnership with Universidade Católica Portuguesa; Inauguration of the Central Services Meetings, gathering central services employees, members of the Board of Directors, and specialists from several areas; A conference named Poland meets Portugal New prospects for business - was held in Cascais at the beginning of March. To boost economic relations between Poland and Portugal, to attract investors attention and to promote both countries SMEs in international markets were the main goals of this event. This initiative was part of Millennium bcp s International Business Platform (PIN) activities. 5/22
4 FINANCIAL REVIEW From January 1, 2005 European all listed companies are required to report according to the IFRS. Banco Comercial Português s consolidated financial reports for the first quarter of 2005 were prepared according to the new standards. BCP s financial statements were prepared in compliance with Regulation (EC) 1606/2002, from July 19 th, and in accordance with the reporting statements defined by the Bank of Portugal (Notice nº 1/2005), following the adoption by the Portuguese legal system of the European Commission Directive 2003/51/EC from July 18 th, of the European Parliament and Council. For the purpose of information comparability, BCP s consolidated financial reports for the first quarter of 2004 were adjusted to reflect IFRS. A separate section examines the main impact of the adoption of IFRS on equity at December 31, 2004 and net income for the year ended in December 31, Millennium bcp s consolidated net income amounted to Euro million in the first quarter of 2005, up 20.7% from Euro million in the first three months of The strong performance of net income reflects the achievement of the goals set by the Millennium Programme to reinforce the Bank s focus on its core business, increase in net interest income and net commissions, as well as a steady control of operating costs. Return on equity stood at 21.6%, while return on assets was 0.8%. Net interest income increased 12.9% to Euro million from January 2005 to March 2005, compared to Euro million in the same period of 2004, despite the continuation of low market interest rates and strong competition in the Portuguese financial sector. This favourable evolution was determined simultaneously by an increase in the net interest margin to 2.34% in the first three months of 2005 (2.22% in the first quarter of 2004) and by higher business volumes, in particular increased mortgage loans (+21.3%, excluding securitization) and higher customer deposits (+13.7%). The strong performances of the Retail business in Portugal and the European banking business stand out, boosted by a traditional supply of banking products and services, in particular, mortgage and consumer loans, and savings plans and innovative investments solutions. Dividends totalled Euro 10.4 million in the first quarter of 2005, compared to Euro 3.0 million in the same period of /22
5 CONSOLIDATED AVERAGE BALANCES (Values in euro million, except yields, according to IFRS) Average Balance 31 Mar Mar. 04 Interest Yield % Average Balance Interest Yield % Interest earning assets Deposits in banks (1) 6, , Securities 4, , Loans and advances to customers 50, , , , Fixed assets 1,016 1,181 Other non interest earning assets 9,367 18,218 Total assets 72,220 77,101 Interest bearing liabilities Amounts owed to credit instit. (1) 9, , Amounts owed to customers 34, , Debt securities 17, , Subordinated debt 3, , , , Non interest bearing liabilities 3,987 12,707 Total liabilities 67,979 74,359 Shareholders equity and minority int. 4,241 2,742 Liabilities, sh. equity and minority int. 72,220 77,101 Net interest income Net interest margin (2) (1) Includes interest related to off-balance sheet operations. (2) Net interest income as a percentage of average interest earning assets. Net commissions rose 6.7% to Euro million in the first three months of 2005, compared to Euro million in the first quarter of Continuous innovation at Millennium bcp s value proposition led to new business opportunities resulting in higher income, in particular commissions related to cards (+10.4%) and to securities operations (+5.5%). Net trading income stood at Euro 54.0 million in the first three months of 2005, compared to Euro 68.2 million in the same period of 2004, reflecting smaller gains in trading activities and in foreign exchange markets. Other net operating income amounted to Euro 26.5 million in the first quarter of 2005, down from Euro 48.0 million in the same period of Group equity accounted earnings were Euro 9.2 million in the first quarter of 2005, a reduction from the previous year related to the smaller contribution of companies sold, namely, in the insurance business. 7/22
6 OTHER INCOME (values in euro million, according to IFRS) 1Q05 1Q04 Net commissions Cards % Asset management and securities % Other % % Net trading income % Other net operating income % Other income / Net operating revenues (1) 41.1% 46.9% (1) Calculated according to rule 16/2004 from the Bank of Portugal. Operating costs (staff costs, other administrative costs and depreciation) decreased from Euro million in the first quarter of 2004 to Euro million in the same period of 2005, driven by strict cost control measures implemented within the framework of the improved efficiency program. The reductions in the costs of retail banking in Portugal, especially staff costs, should be emphasised. Consolidated cost to income showed an improvement from 70.8% in the first quarter of 2004 to 65.1% in the same period of Staff costs diminished to Euro million in the first quarter of 2005, showing a 6.2% reduction from Euro million in the same period of the previous year and benefiting from the reduction in the Group s domestic headcount throughout Other administrative costs amounted to Euro million in the first three months of 2005, compared to Euro million in 2004, determined by cost rationalisation of domestic administrative costs. Much of the reduction in costs came from areas such as advertising, maintenance, communications, rents and office supplies. Depreciation showed a 12.1% reduction, totalling Euro 36.8 million in the first quarter of 2005 (Euro 41.8 million in the first three months of 2004), reflecting the selective investment policy pursued by the Group. 8/22
7 OPERATING COSTS (values in euro million, according to IFRS) 1Q05 1Q04 Staff costs % Of which: activity in Portugal % Other administrative costs % Of which: activity in Portugal % Depreciation % Of which: activity in Portugal % Total operating costs % Of which: activity in Portugal % Operating costs / Total income (1) 61.6% 66.3% (1) Domestic activity; Calculated according to rule 16/2004 from the Bank of Portugal. Impairments for loan losses (net of recoveries) diminished significantly from Euro 42.2 million in the first three months of 2004 to Euro 16.6 million in the same period of This performance was due both to reduced impairment charges (-19%) and to higher recoveries of past due loans (+13%) from the first quarter of The steady decrease trend in new net entries seen over the last quarters, consequence of continuous improvement assessment and management of risk, allowed an increase in the credit activity with a release in provisions, which resulted in a smaller provisioning effort. The favourable evolution of provision charges had a positive impact on net income, in line with the strategic goals set on the Investors Day in June Provision coverage for non-performing loans stood at 201.1% (133.3% at 31 March 2004). Total loans (including securitised loans) reached Euro 54,165.7 million at March 31, 2005, up 1.9% from Euro 53,153.9 million at the end of March 2004, resulting from higher mortgage loans, up 17.9% from a year earlier. The performance of loans to companies reflects a careful selection of credit operations, as regards to risk and to profitability improvement. The good performance of the Retail banking in Portugal and the European banking business should be emphasised. 9/22
8 LOANS TO CUSTOMERS* (values in euro million, according to IFRS) 31 Mar Mar. 04 Individuals Mortgage loans 18,736 15, % Consumer loans 4,748 4, % 23,484 20, % Companies Services 9,279 9, % Commerce 4,545 4, % Other 16,858 18, % 30,682 32, % Total loans 54,166 53, % * Includes securitised loans. Credit quality ratios improved from the same period of 2004 with non-performing loans, calculated according to the definition given by the Bank of Portugal in the circular letter 99/03 of 5 November 2003, representing 1.2% of total loans at 31 March 2005 (1.9% at 31 March 2004). Coverage by provisions improved from 133.3% at 31 March 2004 to 201.1% at the end of March Loans overdue by more than 90 days stood at Euro million at the March 31, 2005 from Euro million at the same date of 2004, with provision coverage of loans overdue by more than 90 days standing at 291.3% at 31 March 2005 (175.1% at the end of March 2004). LOANS OVERDUE BY MORE THAN 90 DAYS AND PROVISIONS AT 31 MARCH 2005 Loans overdue Loans overdue > Provisions for Provision (values in euro million, according to IFRS) by more than 90 days / loan losses coverage 90 days Total Loans Individuals Mortgage loans % 244.7% Consumer loans % 146.7% % 196.6% Companies Services % 510.6% Commerce % 294.3% Construction % 271.0% Other international activities % 486.0% Other % 312.3% , % 331.6% Total , % 291.3% Total customers funds increased 8.4%, from Euro 49,757.8 million at March 31, 2004 to Euro 53,942.4 million at the end of March The good performance of Retail banking in Portugal and of the Private Banking and Asset Management business areas led to this growth, driven by an increase in business activity resulting from the more flexible new products. The strong performance of deposits, which registered a 13.7% increase from the same period of the previous year should also be highlighted. 10/22
9 TOTAL CUSTOMERS FUNDS (values in euro million, according to IFRS) 31 Mar Mar. 04 Balance sheet customers funds Deposits 34,355 30, % Securities 5,401 5, % 39,756 35, % Off-balance sheet customers funds Assets under management 7,395 7, % Capitalisation insurance * 6,792 5, % 14,187 13, % Total 53,942 49, % * 2004 pro-forma, includes only capitalisation insurance from Millennium bcp Fortis Solvency indicators estimated for the first quarter of 2005 stood at very strong levels, despite the effects of the introduction of IFRS, supported by the strong results achieved by the Bank. At 31 March 2005, the consolidated solvency ratio stood at 13.8%, according to the rules of the Bank of Portugal (Tier I at 7.8%). SOLVENCY (BoP) * (values in euro million, according to IFRS) 31 Mar. 05 Tier One Capital Core 3,041 Preference shares 1,182 Total 4,223 Tier Two Capital Subordinated debt 3,418 Deductions (143) Total 3,275 Total Regulatory Capital 7,498 Risk Weighted Assets 54,430 Bank of Portugal ratios Tier I 7.8% Tier II 6.0% Total 13.8% * Estimated 11/22
10 SEGMENTAL REPORTING Millennium bcp offers a wide range of banking activities and financial services in Portugal and abroad. This section presents and discusses the performance of the Group s main business areas: retail banking in Portugal; private banking and asset management; companies and corporate banking; investment banking; European banking; and overseas banking. The figures reported for each segment result from combining subsidiaries and business units, which are normally analysed individually by the Group s management, excluding intra-group balances. Allocated capital and internal flows of funds that re-allocate capital and impact upon the profit and loss account of such entities are based on average figures. Balance sheet headings for each subsidiary / business unit were re-calculated, through capital allocation, according to regulatory solvency criteria. Each operation is balanced through internal transfers of funds, which does not impact consolidated figures. Each entity s net contribution is adjusted in order to reflect the impact of all these transfers, as well as of non-recurring transactions. Thus, net contributions presented reflect the individual results of business units and subsidiaries, independently from the percentage held by the Group, including the impacts of the transfers of funds and non-recurring transactions. The following information was prepared according to IFRS and to the new organizational model for Millennium bcp s business areas defined in March Values for the first quarter of 2004, for comparative purposes, were also prepared taking into account these modifications. Retail Banking in Portugal Retail banking in Portugal is Millennium bcp s main segment, both in terms of business volumes and contribution to results, and comprises the Portuguese retail distribution network, which caters for affluent individuals, small business and mass-market segments. The network operates as a distribution and marketing channel, responding to the specific financial needs of the various market segments. The network performs a vital role in the Group s cross-selling strategy as it distributes financial products and services originating from most of Millennium bcp s other business segments. (values in euro million, according to IFRS) 1Q05 1Q04 Contribution (net) % Allocated capital % Return on allocated capital 28.4% 19.6% -- Risk weighted assets 16,498 15, % Cost-income ratio 62.6% 70.2% -- Loans to customers 21,562 19, % Total customers funds 30,100 28, % The net contribution of Retail Banking in Portugal to consolidated earnings amounted to 57.6 in the first quarter of 2005, up 49.5% from the same period of 2004, benefiting from an increase in the net interest income and in other operating income, and from the reduction in operating costs. This improvement led to an increase in the return on allocated capital and in 12/22
11 the efficiency ratio that stood at 28.4% and 62.6%, respectively, in the first quarter of 2005 (19.6% and 70.2% in the same period of 2004). The increase in the loan portfolio of Retail Banking in Portugal, from Euro 19,649 million at 31 March 2004 to Euro 21,562 million at 31 March 2005 (+9.7%), was mainly due to higher mortgage loans. Total customers funds increased 5.5%, benefiting from the positive performance in capitalization insurance. Private Banking and Asset Management The wealth management activities of Millennium bcp are carried out by the Private Banking network, dedicated to private clients with significant financial assets, by Banque Privée, by ActivoBank, and by subsidiaries which specialise in investment fund management. (values in euro million, according to IFRS) 1Q05 1Q04 Contribution (net) % Allocated capital % Return on allocated capital 26.3% 16.5% -- Risk weighted assets 4,426 5, % Cost-income ratio 45.0% 52.3% -- Loans to customers 4,852 5, % Assets under management 13,105 12, % The net contribution of this business segment amounted to Euro 15.2 million in the first three months of 2005, a 32.7% increase from Euro 11.5 million in the same period of This performance reflects higher other income and smaller operating costs and provisions, despite the reduction in net interest income. Loans to customers decreased from the same period of 2004, while assets under management stood at Euro 13,105 million (+4.4%). Companies and Corporate The Bank has a significant presence in the corporate and companies business areas. The companies retail network, dedicated to corporate clients with an annual turnover between Euro 7.5 million and Euro 100 million, and BCP s Corporate retail network, dedicated to corporate and institutional customers with an annual turnover in excess of Euro 100 million, carry out the commercial banking business of Millennium bcp. 13/22
12 (values in euro million, according to IFRS) 1Q05 1Q04 Contribution (net) % Allocated capital , % Return on allocated capital 18.7% 16.7% -- Risk weighted assets 19,598 20, % Cost-income ratio 22.7% 23.6% -- Loans to customers 13,870 14, % Total customers funds 4,773 3, % In the first quarter of 2005, this business area returned a net contribution of Euro 45.2 million, up 7.8% from the first three months of 2004, notwithstanding the reduction on the net interest income. This performance reflects a selective credit policy that resulted in a smaller provisioning effort, which contributed to an improvement in the return on allocated capital to 18.7% in the first quarter of 2005 (16.7% in the first three months of 2004). The cost-income ratio reached 22.7% in the first quarter of It should be emphasised the significant increase in total customers funds, that reached Euro 4,773 million (+31.6%) at March 31, 2005, in particular, customers deposits. Investment Banking The investment banking segment includes project finance, corporate finance, treasury, and trading activities, performed through Millennium bcp Investimento, the Group s specialist investment banking subsidiary. (values in euro million, according to IFRS) 1Q05 1Q04 Contribution (net) % Allocated capital % Return on allocated capital 70.7% 37.1% -- Risk weighted assets 2,456 2, % Cost-income ratio 27.4% 47.5% -- Loans to customers % Total customers funds % The net contribution of this business segment stood at Euro 21.7 million in the first quarter of 2005, up 102.5% from Euro 10.7 million in the same period of 2004, benefiting the return on allocated capital (70.7%). This performance reflects a significant increase in other income and in net interest income, a smaller provision cost and operating costs. The cost to income ratio improved significantly, from 47.5% in the first quarter of 2004 to 27.4% in the same period of European Banking European banking includes the activity developed in European markets carried out by Bank Millennium (Poland), by NovaBank (Greece and Turkey), and by Banque BCP (France and Luxembourg). 14/22
13 (values in euro million, according to IFRS) 1Q05 1Q04 Contribution (net) 10.8 (4.4) -- Allocated capital % Return on allocated capital 7.5% -2.9% -- Risk weighted assets 4,781 4, % Cost-income ratio 82.8% 98.2% -- Loans to customers 4,150 3, % Total customers funds 6,896 6, % The improvement of the net contribution from the Group s banking operations in Europe reinforces the Bank s capacity to take advantage of distinctive product offerings in local markets. The net contribution rose to Euro 10.8 million, benefiting from higher net interest income and other income, and from smaller provisions costs. This performance was reflected in a higher return on allocated capital, which stood at 7.5% in the first quarter of The cost to income ratio improved significantly to 82.8% in the first quarter of Loans to customers and customers funds achieved significant growth rates from the same period of 2004, in particular mortgage loans and customers deposits. Overseas Banking The activity of Millennium bcp in markets outside Europe is carried out through markets with a special connection to Portugal, and includes Banco Comercial de Macau (China), Angola s branch, Banco Internacional de Moçambique (Mozambique), and bcpbank (USA and Canada). (values in euro million, according to IFRS) 1Q05 1Q04 Contribution (net) % Allocated capital % Return on allocated capital 24.7% 20.9% -- Risk weighted assets 1, % Cost-income ratio 70.2% 74.0% -- Loans to customers 1, % Total customers funds 1,835 1, % This business area represents a smaller proportion of the business volumes of the Group. However, it showed 27.2% increase in net contribution to Euro 5.4 million. This performance was mainly s attributable not only to higher net interest income and to other income, regardless of the increase in operating costs and the increase in the provisioning efforts. Business volumes showed a favourable evolution, reflecting a good fit of products to the client base. 15/22
14 IFRS TRANSICTION ADJUSTMENTS The application of IFRS, starting from January 1st, 2005, requires transition adjustments resulting from the change to the new accounting rules. Equity and net income for the year ended at December 31, 2004, previously released according to the local GAAP, were adjusted to comply with the IFRS. Net income 2004 (local GAAP) (Euro million) Total Earning Adjustments Recurrent Non Recurrent Net income 2004 (local GAAP) IFRS Adjustments Loan portfolio impairment Valuation of investments (42) -- (42) Effective interest rate (9) (9) -- Hedge accounting (77) -- (77) Intangible assets (9) (9) -- Bonus and variable remuneration (64) (24) (40) Preference shares Deferred tax assets Other adjustments (4) (4) -- Sale of insurance activity Sale of 4.08% stake in Sabadell Retirement pensions and other post retirement benefits (214) 19 (233) Total IFRS Adjustments Net income 2004 (IFRS) 606 Impact of IFRS on equity and reserves (Euro million) 31 Dec Jan.04 Shareholders' equity local GAAP 3,605 2,851 IFRS Adjustments Retirement pensions and other post retirement benefits (474) (260) Loan portfolio impairment (DCF) (141) (165) Valuation of Investments (277) (259) Effective interest rate (16) (6) Hedge accounting (41) 37 Intangible assets (53) (45) Consolidation of own shares (54) (54) Interim dividends (98) -- Bonus and variable remuneration (115) (66) Other adjustments (40) (26) Deferred tax assets Preference shares (395) (440) Shareholders' equity IFRS 3,210 2,411 16/22
15 In addition to the information released on Millennium bcp s 2004 annual report, the next section explains the impacts of the adjustments produced. Pension plans and other employees benefits The adoption of IFRS results in the recognition of the additional responsibilities from health benefits of retired and working personnel, benefits related with death before retirement and deferred restructuring costs arising from early retirements. The Group opted to recalculate the actuarial calculations from the date of the Pension Fund. This resulted in an increase of deferred actuarial differences and shareholders equity. In the future all actuarial gains and losses in excess of 10% of the value of liabilities (the corridor) will be amortized for the remaining average working life of the employees of 20 years (previously: 10 years). On an ongoing basis the extended amortisation period of the actuarial losses will lead to a decrease in annual charges to the profit and loss account. Variable compensation Bonuses and other variable compensation are recognised as a cost of the year to which they relate (previously: recognised in the year of payment). Costs associated with employees stock option plans are recognised over the period between the grant date and the date of exercise of the option. The impact for the Bank is not material. Fair value of financial assets The financial investments in companies that the Bank does not control nor have significant influence on are classified as available for sale and valued at fair value (either market prices or independent valuation for non-listed holdings). The differences arising from fair value were charged against reserves. A negative impact was recorded on EDP, ONI, INTESA and Friends Provident investments and a positive impact on Eureko and Sabadell investments. Credit impairment The method used by the Bank to assess the economic risk of its credit portfolio is not materially different from that of IAS 39. However, the introduction of the discounted cash flow (DCF) method to determine the present value of future cash flows resulted in an increase of the impairment charge against transition reserves. Effective interest rate / Accrual of commissions The calculation of the effective interest rate should include the contractual interest rate as well as eligible costs and income related with the underlying operations. The impacts are relatively small and relate to investment banking lending operations, mortgage and current accounts fees. Derecognition of assets and consolidation of SPEs Under IFRS the Bank consolidates Special Purpose Entities (SPE) on which it exercises control or has maintained substantially the risks and rewards. This resulted in an increase of Assets and Liabilities. Consolidation of own shares In case of credit impairment collateralized with BCP shares, such shares were considered as treasury stock and deducted from equity at transition date. Gains on sale of financial investments Gains / losses on sale of subsidiaries are recognized as profit of the year (previously: booked on reserves up to the value of goodwill). In 2004 the Bank sold 100% of non-bancassurance 17/22
16 activities and 51% of bancassurance and 4.08% of Banco Sabadell, which generated positive adjustments in results. Deferred Taxes Deferred tax assets are recognised as an asset, based on reasonable expectation of taxable future profits (previously: deferred taxes were not recognised). On an ongoing basis income taxes will include the amortization of deferred tax assets. Hedge accounting Hedge accounting is only applicable if the hedge is expected to be highly effective at inception and throughout the life of the underlying financial instrument. Hedge effectiveness has to be measured on an ongoing basis. The non-effective part is recorded in Net Income. The impact in Net Income for 2004 was mainly related to the application of fair value of financial instruments, which were not classified as fair value hedges. From January 1, 2005 the Bank has adopted prospectively the fair value hedge requirements, therefore no material impact is expected in Net Income on an ongoing basis. Interim Dividends The interim dividends are deducted from equity in the year in which they are declared. Preference shares Preference shares with no mandatory repayment clause (either cash or in other financial assets), and for which dividends are set discretionarily and are non-cumulative, are classified as capital. This item has a positive impact in Shareholders equity and Net Income. 18/22
17 ECONOMIC ENVIRONMENT The worldwide economic activity should have expanded at a strong pace in the first quarter of 2005, albeit at a lower pace than that seen in 2004, influenced by the maintenance of supportive economic policies, low real interest rates, the strengthening of corporate profitability and the impressive growth of some emergent economies, which together with the U.S.A. and the new European Union Members are currently the most dynamic areas. In the euro area, the appreciation of the euro, the high oil price and the slow improvement of labour market conditions were, however reflected in a slight slowdown of economic activity. The moderation of worldwide economic growth is the reflection of a slightly more sustainable growth pattern, but risk and uncertainty factors persist, associated to the external and budget deficits of the U.S.A. and other industrialised countries, as well as to the high oil and commodities prices. The performance of international financial markets reflected the fluctuations of oil prices, the increase of reference interest rates in the U.S.A., the moderation of economic growth expectations for 2005, as well as the improvement of corporate profitability. Short term money market interest rates in the U.S.A. increased by around 50 basis points in the first quarter of 2005, in line with the increases in the Fed funds interest rate. This was in contrast with the interest rates in the euro area and in Japan, which stood relatively stable when compared with December of The yields of long-term public debt bonds in the euro area decreased to 3.5% up to the beginning of March of 2005, with the differential against the U.S.A. Treasury bond yields increasing. After three consecutive years of depreciation, the US dollar appreciated against the euro in the first quarter of 2005, in line with expectations of more aggressive increases in the Fed Funds interest rates by the Federal Reserve, with the increase of long term bond yields differential and the compromise of a greater budgetary rigour in the U.S.A.. Stock market quotes in the main international markets increased moderately in the first quarter of 2005, standing on the increasing trend seen since August of 2004, benefiting from a general improvement in profitability of quoted companies. The Portuguese economy should have grown moderately in the first quarter of 2005, after the GDP slowdown of the second half of There was a continued dynamism of domestic demand, benefiting from supportive monetary conditions, the increase of real disposable income and from the improvement of confidence indicators seen since December of 2004, while net foreign demand should have continued to negatively influence GDP growth, due to a more intense growth of imports than of exports. The performance divergence between the manufacturing sector and the service sector persists: the latter posts a relatively dynamic growth, in line with the growth of private consumption; on the other hand manufacturing production decreased again in the last semester of 2004 and probably in the first quarter of This was influenced by the moderation of economic growth in Europe, the weak competitiveness of most traditional Portuguese manufacturing sectors and the trend towards production outplacement, associated with the intensification of competition in export markets and for the attraction of low-cost production location steaming from the enlargement of the European Union and the deepening of trade agreements with China. In the banking sector, credit granted to the non-monetary sector excluding Public Administration increased 6.3% in January of 2005, decelerating slightly vis-à-vis June of 2004 (+6.6%). Loans extended to companies increased 2.6% (2.8% in June of 2004) and loans granted to individuals were up by 9.2% (10.2% in June of 2004), reflecting the growth of 10.6% of mortgage loans and an increase of 4.3% of consumer loans. 19/22
18 SHARE PRICE INDICATORS 1Q05 1Q04 Shares outstanding period end (thousands) 3,257,401 3,257,401 Shares outstanding average (thousands) 3,257,401 3,257,401 Closing price period end (euros) Book value per share (euros) Earnings per share basic (euros)* Earnings per share diluted (euros)* Return on equity (ROE) 21.6% 16.0% * Values annualised CONTACTS Corporate Communication and Institutional Relations Department Paulo Fidalgo Tel.: comunicar@millenniumbcp.pt Investor Relations Department Miguel Magalhães Duarte Tel.: investors@millenniumbcp.pt DISCLAIMER This document may include certain sections or statements, in particular relating to the Banco Comercial Português ( BCP ) Group, that are neither reported financial results nor other historical information. These statements, which may include, without limitation, targets, forecasts, projections, statements regarding the possible development or possible assumed future results of operations and any statement preceded by, followed by or that includes the words believes, expects, aims, intends, may, expect, estimate, project, anticipate, should, intend, plan, probability, risk, Value-at- Risk ( VaR ), target, goal, objective, will, endeavour, outlook, optimistic, prospects or similar expressions or negatives or combinations thereof are or may constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, regulations and case law, or other applicable laws and regulations. By their nature, forward-looking statements are inherently predictive, speculative and are subject to risk and uncertainty. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by forward-looking statements. These factors include, but are not limited to, changes in economic condition in individual countries in which the BCP Group conducts its business and internationally, fiscal or other policies adopted by various governments and regulatory authorities of Portugal and other jurisdictions, levels of competition from other banks and financial services companies as well as movements in securities markets, currency exchange rates and interest rates, monetary policies, inability to hedge certain risks economically; the adequacy of loss reserves; acquisitions or restructurings; technological changes; changes in consumer spending and saving habits, changes in financial position or credit worthiness of our customers, obligors and counterparties, and the success of the Group in managing the risk involved in the foregoing. BCP does not undertake to update or to release publicly any revision to any forward-looking statements included in this document, whether to reflect events, circumstances or unanticipated events occurring after the date hereof, or otherwise. 20/22
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