SAMPO HOUSING LOAN BANK PLC IN JANUARY-JUNE 2007
Sampo Housing Loan Bank's profit for the period increased to EUR 5.1 million (3.5).
Result
The profit before taxes for the review period was EUR 6.9 million. The comparison period of 2006 recorded
a EUR 4.7 million profit. The result was improved by the increase in net interest income to EUR 8.2 million.
Balance sheet
The balance sheet decreased to EUR 2,343.7 million (2,422.4). The loan portfolio at the end of the review period was EUR 2,257.6 million (2,090.3). The company purchases mortgages from Sampo Bank to secure the covered bonds. During the review period purchases substituting repaid loans totalled EUR 500.1 million.
The carrying amount of the covered bonds was EUR 1,896.4 million and nominal values EUR 2,000 million.
Moody 's Investors Service Ltd has confirmed the bond an Aaa credit rating. The covered bonds were secured by mortgage totalling EUR 2,252,5 million. The mortgages covered the nominal value of the bonds by 112.6 per cent.
Capital adequacy
The capital adequacy ratio was 10,9 per cent, while the ratio was 11.8 per cent at 31 December 2006. Risk-weighted assets totalled EUR 1,174.1 million, while the amount was EUR 1,088.3 million at 31 December 2006. The Tier 1 does not include the profit accumulated during the annual period.
Administration
The Annual General Meeting on 28 March 2007 elected the following as members of the Board of Directors: Aki Palo, Kirsi Autiosalo and Jukka Huotari. Aki Palo serves as Chairman of the Board. Jari Raassina serves as the company's Managing Director.
Ernst & Young Oy, Authorised Public Accountants, with principal responsibility Kunto Pekkala, APA and Tomi Englund, APA were elected as auditors.
During the review period Sampo Housing Loan Bank had no employees. The company purchases administrative services from Sampo Bank.
Outlook
Market growth in mortgages is expected to continue also during the end of the year, which has positive effect on the operational precondition of Sampo Housing Loan Bank. The result is expected to remain good in 2007. The valid bond program makes it possible to issue a new covered bond as well.
Sampo Housing Loan Bank plc publishes one interim report during the financial year.
Helsinki, 9 August 2007
Sampo Housing Loan Bank plc
Board of Directors
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SAMPO HOUSING LOAN BANK PLC - FINANCIAL HIGHLIGHTS | |||
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1-6/2007 |
1-6/2006 |
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Total income |
1000 EUR |
9 434 |
6 210 |
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Total operating expenses |
1000 EUR |
-2 513 |
-1 533 |
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Profit before taxes |
1000 EUR |
6 921 |
4 677 |
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Cost to income ratio |
% |
26,6 |
24,7 |
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Total assets |
1000 EUR |
2 343 734 |
1 128 693 |
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Equity |
1000 EUR |
92 749 |
47 310 |
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Return on equity before taxes |
% |
15,4 |
20,5 |
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Capital adequacy |
% |
10,9 |
11,8 |
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SAMPO HOUSING LOAN BANK PLC - INCOME STATEMENT | |||
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1000 EUR |
1-6/2007 |
1-6/2006 |
Change |
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| |||
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Interest income |
50 445 |
19 320 |
31 124 |
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Interest expense |
-42 201 |
-14 402 |
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Net trading income |
417 |
1 172 |
417 |
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Fee income |
269 |
127 |
142 |
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Fee expenses |
-21 |
-7 |
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Net income from investments |
526 |
- |
- |
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Total operating income |
9 434 |
6 210 |
3 224 |
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| |||
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Other operating expenses |
-2 513 |
-1 533 |
-980 |
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Total operating expenses |
-2 513 |
-1 533 |
-980 |
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Profit before taxes |
6 921 |
4 677 |
2 244 |
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Taxes |
-1 799 |
-1 216 |
-1 799 |
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Profit for the period |
5 122 |
3 461 |
444 |
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SAMPO HOUSING LOAN BANK PLC - BALANCE SHEET | |||
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1000 EUR |
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Note |
6/2007 |
12/2006 |
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Assets |
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Trading portfolio assets |
|
6 310 |
5 428 |
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Loans and receivables |
1 |
2 283 298 |
2 134 197 |
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Investments |
2 |
- |
256 400 |
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Other assets |
|
54 126 |
26 331 |
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Deferred tax assets |
|
- |
11 |
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Total assets |
|
2 343 734 |
2 422 368 |
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Liabilities |
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Trading portfolio liabilities |
|
91 004 |
55 810 |
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Amounts owed to credit institutions |
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and customers |
|
161 500 |
82 000 |
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Debt securities in issue |
|
1 936 405 |
1 970 074 |
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Other liabilities |
|
61 468 |
226 185 |
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Tax liabilities |
|
609 |
703 |
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Total liabilities |
|
2 250 986 |
2 334 772 |
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Equity | |||
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Share capital |
|
41 050 |
41 050 |
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Reserves |
|
35 000 |
34 968 |
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Retained earnings |
|
16 699 |
11 577 |
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Total equity |
|
92 749 |
87 595 |
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| |||
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Total equity and liabilities |
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2 343 734 |
2 422 368 |
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Share |
Share premium |
Fair value |
Retained |
|
|
1 000 EUR |
capital |
account |
reserve |
earnings |
Total |
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Equity at 1 Jan. 2006 |
23 550 |
17 500 |
- |
2 799 |
43 849 |
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Profit for the period |
|
|
|
3 461 |
3 461 |
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Equity at 30 June 2006 |
23 550 |
17 500 |
0 |
6 260 |
47 310 |
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Equity at 1 July 2006 |
23 550 |
17 500 |
- |
6 260 |
47 310 |
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Financial assets available-for-sale |
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|
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- Change in fair value |
|
|
-32 |
|
-32 |
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Increase in share capital |
17 500 |
17 500 |
|
|
35 000 |
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Profit for the period |
|
|
|
5 317 |
5 317 |
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Equity at 31 Dec. 2006 |
41 050 |
35 000 |
-32 |
11 577 |
87 595 |
|
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|
|
|
|
|
|
Equity at 1 Jan. 2007 |
41 050 |
35 000 |
-32 |
11 577 |
87 595 |
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Financial assets available-for-sale |
|
|
|
|
|
|
- Recognised in p/l |
|
|
32 |
|
32 |
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Profit for the period |
|
|
|
5 122 |
5 122 |
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Equity at 30 June 2007 |
41 050 |
35 000 |
0 |
16 699 |
92 749 |
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SAMPO HOUSING LOAN BANK PLC - CASH FLOW STATEMENT | |||
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|
1000 EUR |
1-6/2007 |
1-6/2006 |
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|
| |||
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Cash and cash equivalent at the beginning of the period |
27 910 |
9 697 |
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Cash flows from/used in operating activities |
-20 184 |
12 274 |
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Cash flows from/used in financing activities |
1 621 |
-486 |
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Cash and cash equivalent at the end of the period |
9 347 |
21 485 |
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The cash flow statement reports cash flows during the period classified by operating, investing and financing activities. Cash flows are reported by using the indirect method. Cash flows from operating activities derive primarily from the principal revenue-producing activities. Financing activities include cash flows resulting from changes in equity and borrowings in order to conduct the business. Cash and cash equivalents consist of cash at bank and in hand, balances with central banks, loans and advances to credit institutions repayable on demand and short-term deposits (under 3 months). | |||
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NOTES |
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ACCOUNTIG POLICIES |
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The financial statements of Sampo Housing Loan Bank plc for 2006 are prepared in compliance
with International Financial Reporting Standards (IFRSs) as adopted by the EU.
The interim report has not been reviewed or audited. | |||
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In preparing the interim financial statements, substantially the same accounting policies and
methods of computation are applied as in the financial statements for 2006. The financial statements
for 2006 are available on Sampo Bank's web site http://www.sampobank.com. | |||
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The notes are in thousand of euros. | |||
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1 |
LOANS AND RECEIVABLES | ||
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|
6/2007 |
12/2006 | |
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Loans and advances to credit institutions |
|
| |
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By type of loan |
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| |
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Deposits |
25 657 |
43 883 | |
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Total |
25 657 |
43 883 | |
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Loans and advances to customers | |||
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By type of loan |
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| |
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Home loans |
2 022 979 |
1 859 333 | |
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Consumer loans |
150 832 |
148 709 | |
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Other consumer loans |
83 620 |
82 044 | |
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Other commercial loans |
210 |
228 | |
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Total |
2 257 641 |
2 090 314 | |
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Total loans and receivables |
2 283 298 |
2 134 197 | |
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2 |
INVESTMENTS | ||
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Treasury bills and other eligible bills |
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| |
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Issued by public bodies |
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| |
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Available-for-sale |
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| |
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Treasury bills |
- |
99 890 | |
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Government bonds |
- |
156 510 | |
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Total |
- |
256 400 | |