Ringkjoebing Landbobank A/S
Ringkjoebing Landbobank A/S
- ISIN: DK0060032068
- Land: .
Nachricht vom 01.02.2012 | 08:30
Ringkjoebing Landbobank's announcement of the annual accounts for 2011
Ringkjoebing Landbobank A/S / Annual Financial Report
01.02.2012 08:30
Dissemination of a UK Regulatory Announcement, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
The bank's profit increased by 12% from DKK 338 million to DKK 380 million in
2011.
The result is equivalent to a return on equity of 17%, which is considered
highly satisfactory in light of the present economic situation in society.
(million DKK) 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Core income 767 758 753 735 696 609 511 417 368 328
Total costs etc. -248 -240 -238 -239 -234 -208 -190 -184 -163 -155
Core earnings before 519 518 515 496 462 401 321 233 205 173
write-downs
Write-downs on loans -129 -138 -159 -77 +11 +69 +5 +4 -10 +6
Core earnings 390 380 356 419 473 470 326 237 195 179
Result for portfolio +1 +38 +56 -73 -18 +103 +35 +51 +106 +30
Bank package I and -11 -80 -107 -28 0 0 0 0 0 0
Deposit Guarantee
Fund
Profit before tax 380 338 305 318 455 573 361 288 301 209
The core earnings increased by 3% to DKK 390 million, which is at the top of
the upwardly adjusted DKK 350-400 million range.
Annual report - highlights:
-- Increase of 12% in pre-tax profit from DKK 338 million to DKK 380 million
-- The profit is equivalent to a return on equity of 17% after payment of
dividend
-- The rate of costs was computed at 32.4%, still the lowest in the country
-- Substantial increase in deposits of 9% and a fall of 3% in loans, so that
they now are in balance
-- Capital adequacy ratio of 21.4, equivalent to cover of 268%
-- Core capital ratio of 19.8%
-- The bank's market value is DKK 3.3 billion
-- Highly satisfactory increase in customers in both branch network and
Private Banking
-- Payment of dividend of DKK 13 per share, equivalent to DKK 66 million
-- Recommendation to the general meeting that 100,000 bought back shares be
cancelled
-- Proposal for a new buy-up programme for 100,000 shares, equivalent to
approx. DKK 66 million
-- Expectations of core earnings for 2012 in the DKK 300-400 million range
-- The CEO Bent Naur will retire at the end of April 2012
Please do not hesitate to contact the bank's management if you have any
questions.
Yours sincerely,
Ringkjoebing Landbobank
Bent Naur John Fisker
Management Report
Changes in management
Bent Naur has decided to retire at the end of April 2012 on the occasion of his
sixty-fifth birthday. Bent Naur has been CEO of the bank since 1987.
The board of directors has appointed John Bull Fisker as the new CEO as of 1
May 2012. John Bull Fisker is 47 years old and has been an employee of the bank
since 1995. John Bull Fisker has been a member of the board of management since
1999.
Joern Nielsen has been appointed assistant manager of the bank as of 1 March
2012. Joern Nielsen is 39 years old and has been an employee of the bank since
1993. Joern Nielsen was appointed credit controller in 1998 and credit manager
in 2009.
Core income
Net interest income was DKK 607 million in 2011, an increase of 4% compared to
last year. An upward trend was seen during the year in the net interest
income, which derives from the increasing deposit figures and a increasing
interest margin. Like the rest of the financial sector, the bank increased the
interest margin in 2011. The very low interest level is pulling in the opposite
direction as it results in a lower return on the bank's portfolio of securities
and cash resources.
(Million 4th 3rd 2nd 1st 4th 3rd 2nd 1st
DKK) qtr. qtr. qtr. qtr. qtr. qtr. qtr. qtr.
2011 2011 2011 2011 2011 2011 2011 2011
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net 163 154 150 140 139 144 150 150
interes
t income
Fees, commissions and foreign exchange earnings amounted to net DKK 152 million
in 2011 against net DKK 167 million in 2010, a fall of 9%. The year was
characterised by low trading and conversion activity within securities trading
and asset management, and the larger volumes therefore did not result in a
corresponding increase in income. The activity on the housing market was also
low, with fewer transactions and conversions.
The total core income was 1% higher in 2011, with an increase from DKK 758
million in 2010 to DKK 767 million in 2011.
Costs and depreciations
Total costs including depreciations on tangible assets amounted to DKK 248
million in 2011, 4% higher than last year.
The rate of costs was computed at 32.4%, still the lowest in the country. A low
rate of costs is especially important in periods of difficult economic
conditions as the bank's results are thus very robust, which is also reflected
in the computation of the bank's individual solvency requirement.
Write-downs on loans
Write-downs on loans showed a fall of 7% to net DKK 129 million in 2011 against
DKK 138 million last year. The write-downs are equivalent to 0.9% of the total
average of loans, write-downs, guarantees and provisions. The bank's customers
appear to be coping better with the weak economic conditions than the average
in Denmark. The present level of write-downs is considered satisfactory.
The bank's total account for write-downs and provisions amounted to DKK 650
million at the end of the year, equivalent to 4.5% of total loans and
guarantees. Actual write-downs on loans (including interest on the account for
write-downs) continue to be low at a mere DKK 43 million, such that the account
for write-downs and provisions increased by net DKK 85 million during the year.
The portfolio of loans with zeroed interest amounts to DKK 61 million,
equivalent to 0.43% of the bank's total loans and guarantees at the end of the
year. This is at the same level as last year.
Given the low growth in the Danish economy also in 2011, which is expected to
continue in 2012, the bank is satisfied with the conservative credit policy on
the basis of which the bank has always operated. As a natural part of the
economic cycle, the bank's losses are expected to remain at a relatively high
level in 2012, but with a continued slightly downward trend relative to the
previous three years. It is also still the bank's judgment that the credit
policy, the diversified loans portfolio and the bank's location in Central and
West Jutland will have a positive effect on the bank compared to the general
level of losses in the banking sector as a whole.
Core earnings
(Million DKK) 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total core income 767 758 753 735 696 609 511 417 368 328
Total costs etc. -248 -240 -238 -239 -234 -208 -190 -184 -163 -155
Core earnings before 519 518 515 496 462 401 321 233 205 173
write-downs
Write-downs on loans -129 -138 -159 -77 +11 +69 +5 +4 -10 +6
Core earnings 390 380 356 419 473 470 326 237 195 179
Core earnings were DKK 390 million against last year's DKK 380 million, an
increase of 3%. Income in 2011 proved to be so stable that the expectations for
core earnings were adjusted upward to the DKK 350-400 million range in October
2011, and the final result is at the top of this range.
Result for the portfolio
The result for the portfolio for 2011 was positive by DKK 1.5 million,
including funding costs for the portfolio.
The bank's holding of shares etc. at the end of the year amounted to DKK 249
million, DKK 12 million of which was in listed shares etc. while DKK 237
million was in sector shares etc. The bond portfolio amounted to DKK 2,756
million, and the great majority of the portfolio consists of AAA-rated Danish
mortgage credit bonds and bonds guaranteed by the Danish government, or
short-term bank bonds.
The total interest rate risk, computed as the impact on the result of a one
percentage point change in the interest level, was 0.7% of the bank's Tier 1
capital after deduction at the end of the year.
The bank's total market risk within exposure to interest rate risk, exposure in
listed shares etc. and foreign exchange exposure remains at a low level. The
bank's risk of losses calculated on the basis of a value-at-risk model
(computed with a 10-day horizon and 99% probability) was as follows in 2011:
Risk in DKK million Risk relative to equity
end of year in %
Highest risk of loss: 21.1 0.85%
Lowest risk of loss: 1.7 0.07%
Average risk of loss: 8.4 0.34%
The bank's policy remains to keep the market risk at a low level.
Result after tax
The result after tax was DKK 286 million for the year against DKK 257 million
last year.
The result after tax is equivalent to a return on equity of 13% after payment
of dividend.
Balance sheet
The bank's balance sheet total at the end of the year stood at DKK 17,549
million against last year's DKK 18,247 million. Deposits increased by 9% from
DKK 11,662 million to DKK 12,755 million. The bank's loans decreased by 3% to
DKK 12,747 million. The underlying growth in new customers from the branch
network and within the niches Private Banking and wind turbine financing
remains good. However, the changed consumption pattern with a higher savings
ratio and the general trend that many customers are deleveraging are generally
resulting in greater repayments on the bank's existing loans portfolio than
previously, and the entire growth in 2011 was therefore used to neutralise
these repayments.
The bank's portfolio of guarantees at the end of the year was DKK 1,052 million
against DKK 1,049 million in 2010.
Liquidity
The bank's liquidity is good, and since the banks loans and deposits are at the
same level, we made early repayments in the second half-year of 2011 of
long-term loans to the equivalent of DKK 1,063 million to optimise the bank's
liquidity. The excess solvency compared to the statutory requirements was 141%.
The bank's short-term funding with term to maturity of less than 12 months
amounts to only DKK 390 million, balanced by DKK 4.1 billion in short-term
money market placing, primarily in Danish banks and liquid securities.The bank
is thus not dependent on the short-term money market.
The bank's loans portfolio is more than fully financed by deposits and the
bank's equity. In addition, part of the German loans portfolio for wind
turbines was refinanced back-to-back with KFW Bankengruppe, and the DKK 808
million in question can thus be disregarded in terms of liquidity. The bank
requires no financing for the coming year to meet the minimum requirement that
it must always be able to manage for up to 12 months without access to the
financial markets.
The deposit guarantee scheme
Ringkjoebing Landbobank has a liability to the mandatory deposit guarantee
scheme in Denmark for rescuing Danish banks. The bank's share of these losses
is 0.6%. Amagerbanken, Fjordbank Mors and Max Bank went bankrupt in 2011, and
based on the latest available dividend rates, this cost the bank DKK 11.2
million.
Dividend and share buy-back programme
The bank's board of directors will recommend to the general meeting that
dividend of DKK 13 per share, equivalent to DKK 66 million, be paid for the
2011 financial year. Dividend of DKK 12 was paid in 2010. In addition, 100,000
shares at a value of DKK 61 million were bought up during 2011, and a
recommendation will be made to the general meeting to cancel these shares to
reduce the number of shares in the bank from 5,040,000 to 4,940,000.
A proposal will also be made that a new buy-back programme be established for
2012 under which up to 100,000 shares can be bought up for the purpose of
cancelling them at a future general meeting. At the current price this
authorisation will reduce equity by DKK 64 million.
Capital
The bank's equity at the beginning of 2011 was DKK 2,312 million, to which must
be added the profit for the period, and from which must be deducted dividend
paid and the value of the bought-back own shares, after which the equity at the
end of the year was DKK 2,483 million, an increase of 7%.
The bank's capital adequacy ratio (Tier 2) was computed at 21.4% at the end of
2011. The core capital ratio (Tier 1) was computed at 19.8%.
Solvency coverage 2011 2010 2009 2008 2007
------------------------------------------------------------------
------------------------------------------------------------------
Core capital ratio excl. hybrid core 18.3 17.1 15.1 11.6 10.0
Core capital ratio 19.8 18.6 16.6 13.0 11.2
Solvency ratio 21.4 22.4 20.2 16.3 13.0
Individual solvency requirement 8.0 8.0 8.0 8.0 8.0
Solvency coverage 268% 280% 253% 204% 163%
The individual solvency requirement for Ringkjoebing Landbobank is calculated at
7,0% because of the bank's robust business model, and the ratio was thus
reported at 8%.
Encouraging increase in customer numbers
The bank implemented several outreach initiatives towards new customers just
under two years ago. The basis was the fact that the bank has both the
liquidity and the capital to support growth, that we felt comfortable about the
bank's credit facilities, and that our cost structure is suitable for the
future. The biggest challenge in times of low growth in society is thus
creating growth in the bank's top line.
The bank's outreach initiatives will be intensified in 2012, among other things
by investing in spreading the bank's Private Banking platform even further.
A highly positive increase in customers is currently being seen in the branch
network and within the Private Banking segment, with transfer of deposits,
pension and securities customers. The growth in lending has been swallowed up
by repayments on the loans portfolio. In the bank's judgment, we are, however,
currently enhancing the foundation for future earnings.
Accounting policies and key figures
The accounting policies applied are unchanged relative to the audited annual
report presented for 2010.
Expectations for earnings in 2012
The bank's core earnings for 2011 were DKK 390 million, which is at the top of
the upwardly adjusted DKK 350-400 million range.
Ringkjoebing Landbobank has a market share of about 50% in that part of western
Jutland in which its old branches are located. The bank also has
well-established branches in Herning, Holstebro and Viborg which are still
operating positively. The bank's plan is to retain and develop this section of
the customer portfolio with good and competitive products, focusing on employee
skills and advising customers of the options in a changeable financial world.
Additional customers are expected to be gained in 2012 for the bank's branches
in central and western Jutland as a result of the long-term recruitment
initiatives and the consolidation in the sector.
The activities in the bank's Distance Customer department and niche concepts,
including the branch in Holte, are together also expected to continue to
develop positively in the forthcoming year despite large repayments on the
loans portfolio. The focus will be on servicing of the bank's current customers
and further developing of the portfolio within wind turbine financing, medical
practitioners and affluent customers.
The expectations for the core earnings for 2012 are in the DKK 300-400 million
range. To this must be added the result of the bank's trading portfolio and
possible expenses for the deposit guarantee scheme.
Main and key figures
2011 2010 2009 2008 2007
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Main figures for the bank (million DKK)
Total core income 767 758 753 735 696
Total costs and depreciations -248 -240 -238 -239 -234
Core earnings before write-downs on 519 518 515 496 462
loans
Write-downs on loans etc. -129 -138 -159 -77 +11
Core earnings 390 380 356 419 473
Result for portfolio +1 +38 +56 -73 -18
Costs bank package I and Deposit -11 -80 -107 -28 0
Guarantee Fund
Profit before tax 380 338 305 318 455
Profit after tax 286 257 232 240 348
Shareholders' equity 2,483 2,312 2,056 1,785 1,779
Total capital base 2,818 2,943 2,747 2,458 2,110
Deposits 12,755 11,662 11,187 9,073 9,162
Loans 12,747 13,151 13,047 13,897 14,135
Balance sheet total 17,549 18,247 17,928 18,002 19,634
Guarantees 1,052 1,042 1,486 2,386 4,804
Key figures for the bank (per cent)
Pre-tax return on equity, beginning of 16.9 16.5 17.1 19.6 29.3
year
Return on equity after tax, beginning of 12.7 12.5 13.0 14.7 22.4
year
Rate of costs 32.4 31.6 31.6 32.4 33.7
Core capital ratio 19.8 18.6 16.6 13.0 11.2
Solvency ratio 21.4 22.4 20.2 16.3 13.0
Key figures per 5 DKK share (DKK)
Core earnings 79 75 71 83 94
Profit before tax 77 67 60 63 90
Profit after tax 58 51 46 48 69
Net asset value 489 459 408 354 353
Price, end of period 579 725 609 310 858
Dividend 13 12 0 0 30
--------------------------------------------------------------------------------
Profit and loss account
-----------------------------------------------
Note 1.1 - 31.12 1.1 - 31.12
2011 2010
DKK 1,000 DKK 1,000
---------------------------------
--------------------------------------------------------------------------------
1 Interest receivable 858,257 836,339
2 Interest payable 245,291 241,954
Net income from interest 612,966 594,385
3 Dividend on capital shares etc. 1,111 1,219
4 Income from fees and commissions 158,303 170,389
4 Fees and commissions paid 24,312 25,996
Net income from interest and fees 748,068 739,997
5 Value adjustments +16,386 +52,159
Other operating income 4,535 3,893
6,7 Staff and administration costs 244,068 236,374
Amortisation, depreciation and 4,375 3,219
write-downs on
intangible and tangible assets
Other operating costs
Miscellaneous other operating costs 381 195
Costs bank package I and Deposit 11,178 46,590
Guarantee Fund
Write-downs on loans and debtors etc.
11 Write-downs on loans and debtors -128,799 -138,217
Write-downs on national bank package I 0 -33,152
etc.
Result of capital shares in associated +11 +14
companies
Profit before tax 380,199 338,316
8 Tax 94,128 81,443
Profit after tax 286,071 256,873
Other comprehensive income 0 0
Comprehensive income after tax 286,071 256.873
--------------------------------------------------------------------------------
Proposed distribution of profit
--------------------------------------------------------------------------------
Total available 286,071 256,873
Dividend 65,520 60,480
Other purposes 500 500
Transferred to reserve for net revaluation under the intrinsic +11 +14
value method
Appropriation to own funds 220,040 195,879
Total distribution 286,071 256,873
--------------------------------------------------------------------------------
Core earnings
--------------------------------------------------------------------------------
1.1 - 31.12 1.1 - 31.12
2011 2010
DKK 1,000 DKK 1,000
--------------------------------------------------------------------------------
Net income from interest 606,576 583,398
Net income from fees and provisions excl. 115,200 118,145
commission
Income from sector shares 4,437 3,931
Foreign exchange income 17,914 22,440
Other operating income etc. 4,535 3,893
Total core income excl. trade income 748,662 731,807
Trade income 18,791 26,248
Total core income 767,453 758,055
Staff and administration costs 244,068 236,374
Amortisation, depreciation and write-downs on 4,375 3,219
intangible and tangible assets
Other operating costs 381 195
Total costs etc. 248,824 239,788
Core earnings before write-downs on loans 518,629 518,267
Write-downs on loans and debtors -128,799 -138,217
Core earnings 389,830 380,050
Result for portfolio +1,547 +38,008
Costs bank package I and Deposit Guarantee -11,178 -79,742
Fund
Profit before tax 380,199 338,316
Tax 94,128 81,443
Profit for after tax 286,071 256,873
--------------------------------------------------------------------------------
Balance sheet
Note End Dec. End Dec.
2011 2010
DKK 1,000 DKK 1,000
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Assets
Cash in hand and claims at call on central 33,935 59,597
banks
9 Claims on credit institutions and central
banks
Claims at notice on central banks 186,989 1,329,844
Money market operations and bilateral 536,453 1,063,528
loans
- term to maturity under 1 year
Bilateral loans - term to maturity over 1 590,876 261,335
year
10,11,12 Loans and other debtors at amortised cost 12,746,560 13,151,216
price
Loans and other debtors at amortised cost 11,938,197 12,326,328
price
Wind turbine loans with direct funding 808,363 824,888
13 Bonds at current value 2,755,912 1,546,282
14 Shares etc. 249,054 257,253
Capital shares in associated companies 538 527
Land and buildings total 74,722 75,662
Investment properties 6,681 7,261
Domicile properties 68,041 68,401
Other tangible assets 4,893 4,430
Actual tax assets 12,255 20,827
Temporary assets 1,382 150
Other assets 348,567 469,600
Periodic-defined items 6,887 6,953
Total assets 17,549,023 18,247,204
--------------------------------------------------------------------------------
Balance sheet
Note End Dec. End Dec.
2011 2010
DKK 1,000 DKK 1,000
--------------------------------------------------------------------------------
Liabilities and equity
15 Debt to credit institutions and central banks
Debt to central banks 0 0
Money market operations and bilateral credits 285,028 636,326
- term to maturity under 1 year
Bilateral credits - term to maturity over 1 year 148,684 1,170,976
Bilateral credits from KfW Bankengruppe 808,363 824,888
16 Deposits and other debts 12,755,415 11,661,654
17 Issued bonds at amortised cost price 338,958 337,617
Other liabilities 301,813 592,871
Periodic-defined items 183 282
Total debt 14,638,444 15,224,614
Provisions for pensions and similar liabilities 5,146 5,858
Provisions for deferred tax 4,789 3,929
11 Provisions for losses on guarantees 5,038 1,383
Other provisions for liabilities 0 2,077
Total provisions for liabilities 14,973 13,247
Subordinated loan capital 198,014 488,882
Hybrid core capital 214,472 208,117
18 Total subordinated debt 412,486 696,999
19 Share capital 25,200 25,200
Reserve for net revaluation under the intrinsic 187 176
value method
Proposed dividend etc. 66,020 60,980
Profit carried forward 2,391,713 2,225,988
Total shareholders' equity 2,483,120 2,312,344
Total liabilities and equity 17,549,023 18,247,204
--------------------------------------------------------------------------------
21 Contingent liabilities etc.
22 Capital adequacy computation
23 Miscellaneous comments
--------------------------------------------------------------------------------
Statement of shareholders' equity
2010 Share Reserve for net Propos Profit Total
DKK 1,000 capita revaluation under ed carried share-hol
l the intrinsic value divide forward ders'
method nd equity
etc.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders' equity 25,200 162 0 2,030,411 2,055,773
at
the end of the
previous
financial year
Dividend etc. paid 0
Dividend received on 0
own shares
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders' equity 25,200 162 0 2,030,411 2,055,773
after allocation of
dividend etc.
Purchase and sale of -3,595 -3,595
own shares
Other shareholders' 3,293 3,293
equity items
Profit for the 14 60,980 195,879 256,873
financial year
--------------------------------------------------------------------------------
Shareholders' equity 25,200 176 60,980 2,225,988 2,312,344
on the balance
sheet date
--------------------------------------------------------------------------------
2011 Share Reserve for net Propose Profit Total
DKK 1,000 capita revaluation under d carried share-hol
l the intrinsic value dividen forward ders'
method d etc. equity
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders' 25,200 176 60,980 2,225,988 2,312,344
equity at
the end of the
previous financial
year
Dividend etc. paid -60,980 -60,980
Dividend received 168 168
on own shares
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders' 25,200 176 0 2,226,156 2,251,532
equity after
allocation of
dividend etc.
Purchase and sale -58.391 -58,391
of own shares
Other shareholders' 3,908 3,908
equity items
Profit for the 11 66,020 220,040 286,071
financial year
--------------------------------------------------------------------------------
Shareholders' 25,200 187 66,020 2,391,713 2,483,120
equity on the
balance sheet date
--------------------------------------------------------------------------------
Notes
Note 1.1 - 31.12 1.1 - 31.12
2011 2010
DKK 1,000 DKK 1,000
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
1 Interest receivable
Claims on credit institutions and central banks 38,712 37,150
Loans and other debtors 775,891 748,211
Loans - interest concerning the written-down part -35,740 -29,221
of loans
Bonds 58,993 47,905
Total derivatives financial instruments, 20,069 31,080
of which
Currency contracts 9,205 13,537
Interest-rate contracts 10,864 17,543
Other interest receivable 332 1,214
Total interest receivable 858,257 836,339
2 Interest payable
Credit institutions and central banks 44,311 45,468
Deposits and other debts 169,174 146,978
Issued bonds 12,887 21,252
Subordinated debt 18,605 28,049
Other interest payable 314 207
Total interest payable 245,291 241,954
3 Dividend from shares etc.
Shares 1,111 1,219
Total dividend from shares etc. 1,111 1,219
4 Gross income from fees and commissions
Securities trading 24,117 34,812
Asset management 53,997 56,624
Payment handling 19,679 19,170
Loan fees 7,817 9,985
Guarantee commissions 34,898 31,270
Other fees and commissions 17,795 18,528
Total gross income from fees and commissions 158,303 170,389
Net income from fees and commissions
Securities trading 18,791 26,248
Asset management 49,887 52,068
Payment handling 17,618 16,816
Loan fees 6,052 7,728
Guarantee commissions 34,898 31,270
Other fees and commissions 6,745 10,263
Total net income from fees and commissions 133,991 144,393
Foreign exchange income 17,914 22,440
Total net income from fees, commissions and 151,905 166,833
foreign exchange income
--------------------------------------------------------------------------------
Notes
Note 1.1 - 1.1 -
31.12 2011 31.12 2010
DKK 1,000 DKK 1,000
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
5 Value adjustments
Loans and other debtors at current value 6,746 4,336
Bonds 2,619 34,044
Shares etc. -4,956 2,702
Shares in sector companies etc. 3,680 2,853
Investment properties -579 0
Foreign exchange income 17,914 22,440
Total derivatives financial instruments, -10,050 -11,334
of which
Interest-rate contracts -10,050 -11,333
Share contracts 0 -1
Issued bonds -744 -965
Other liabilities 1,756 -1,917
Total value adjustments 16,386 52,159
6 Staff and administration costs
Salaries and payments to the board of managers, board
of directors and shareholders' committee
Board of managers 7,237 6,946
Reversed provision for pensions 0 -919
Board of directors 1,049 828
Shareholders' committee 336 331
Total 8,622 7,186
Staff costs
Salaries 111,030 109,878
Pensions 11,522 11,320
Social security expenses 900 790
Costs depending on number of staff 14,719 11,962
Total 138,171 133,950
Other administration costs 97,275 95,238
Total staff and administration costs 244,068 236,374
7 Number of employees
Average number of employees during the financial year 252 254
converted into full-time employees
8 Tax
Tax calculated on the years profit 93,159 83,055
Adjustment of deferred tax 860 -1,159
Adjustment of tax calculated for previous years 109 -453
Total tax 94,128 81,443
Effective tax rate (percent):
The current tax rate of the bank 25.0 25.0
Adjustment of tax for non-liable income and -0.5 -0.8
non-deductible costs
Adjustment of tax calculated for previous years 0.0 -0.1
Total effective tax rate 24.5 24.1
--------------------------------------------------------------------------------
Notes
Note End Dec. End Dec.
2011 2010 DKK
DKK 1,000 1,000
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
9 Claims on credit institutions and central banks
Claims at call 17,910 303,528
Up to and including 3 months 661,989 1,429,844
More than 3 months and up to and including 1 year 43,543 660,000
More than 1 year and up to and including 5 years 590,876 261,335
More than 5 years 0 0
Total claims on credit institutions and central 1,314,318 2,654,707
banks
10 Loans and other debtors at amortised cost price
At call 2,689,793 3,528,048
Up to and including 3 months 476,999 585,341
More than 3 months and up to and including 1 year 2,016,455 1,961,971
More than 1 year and up to and including 5 years 3,666,432 4,065,526
More than 5 years 3,896,881 3,010,330
Total loans and other debtors at amortised cost 12,746,560 13,151,216
price
11 Write-downs on loans and other debtors and
provisions for losses on guarantees
Individual write-downs
Cumulative individual write-downs on loans and 532,441 424,517
other debtors at the end of the previous
financial year
Write-downs/value adjustments during the year 205,130 289,432
Reverse entry - write-downs made in previous -110,870 -120,381
financial years
Booked losses covered by write-downs -49,349 -61,127
Cumulative individual write-downs on loans and 577,352 532,441
other debtors on the balance sheet date
Group write-downs
Cumulative group write-downs on loans and other 31,211 41,132
debtors at the end of the previous financial
year
Write-downs/value adjustments during the period 36,255 0
Reverse entry - write-downs made in previous 0 -9,921
financial years
Cumulative group write-downs on loans and other 67,466 31,211
debtors on the balance sheet date
Total cumulative write-downs on loans and other 644,818 563,652
debtors on the balance sheet date
Provisions for losses on guarantees
Cumulative individual provisions for losses on 1,383 1,376
guarantees at the end of the previous financial
year
Provisions/value adjustments during the period 4,605 1,000
Reverse entry - provisions made in previous -885 -993
financial years
Booked losses covered by write-downs -65 0
Cumulative individual provisions for losses on 5,038 1,383
guarantees on the balance sheet date
Total cumulative write-downs on loans and other 649,856 565,035
debtors and provisions for losses on guarantees
on the balance sheet date
--------------------------------------------------------------------------------
Notes
Note End Dec. End Dec. 2010
2011 DKK 1,000
DKK 1,000
--------------------------------------------------------------------------------
12 Suspended calculation of interest
Loans and other debtors with suspended 61,419 66,237
calculation of
interest on the balance sheet date
13 Bonds at current value
Listed on the stock exchange 2,755,912 1,546,282
Total bonds at current value 2,755,912 1,546,282
14 Shares etc,
Listed on NASDAQ OMX Copenhagen 12,033 25,267
Unlisted shares at current value 1,460 1,490
Sector shares at current value 214,583 209,086
Other holdings 20,978 21,410
Total shares etc. 249,054 257,253
15 Debt to credit institutions and central banks
Debt payable on demand 210,686 520,010
Up to and including 3 months 26,619 27,169
More than 3 months and up to and including 1 150,127 184,789
year
More than 1 year and up to and including 5 583,111 1,570,313
years
More than 5 years 271,532 329,909
Total debt to credit institutions and central 1,242,075 2,632,190
banks
The bank has undrawn long-term committed 174,342 770,896
revolving credit facilities equivalent to
16 Deposits and other debts
On demand 6,372,268 5,755,406
Deposits and other debts at notice:
Up to and including 3 months 2,166,283 2,058,207
More than 3 months and up to and including 1 1,175,194 832,457
year
More than 1 year and up to and including 5 1,561,041 1,600,801
years
More than 5 years 1,480,629 1,414,783
Total deposits and other debts 12,755,415 11,661,654
Distributed as follows:
On demand 5,822,693 5,582,938
At notice 146,889 131,139
Time deposits 3,740,496 2,925,948
Long term deposit agreements 1,805,129 1,860,570
Special types of deposits 1,240,208 1,161,059
12,755,415 11,661,654
--------------------------------------------------------------------------------
Notes
Note End Dec, End Dec,
2011 2010 DKK
DKK 1,000 1,000
--------------------------------------------------------------------------------
17 Issued bonds at amortised cost price
On demand 0 0
Up to and including 3 months 2,955 0
More than 3 months and up to and including 1 year 0 0
More than 1 year and up to and including 5 years 336,003 337,617
More than 5 years 0 0
Total issued bonds at amortised cost price 338,958 337,617
Distributed as follows: 220,000 220,000
Issues in Danish kroner
Nom, 220 million DKK
Issues in Norwegian kroner
Nom, 100 million NOK 95,880 95,340
Regulation at amortised cost price and adjustment 9,241 8,440
to
current value of issues
Other issues 13,837 13,837
338,958 337,617
18 Subordinated debt
Subordinated loan capital:
3.995% bond loan, nom, DKK 300 million, 0 300,000
expiry 9.2.2014 (early redemption)
Floating rate loan, principal EUR 27 million, 200,723 201,269
expiry
30.6.2021
Hybrid core capital:
4.795% bond loan, nom, DKK 200 million, 200,000 200,000
indefinite term
Regulation at amortised cost price and adjustment 11,763 5,424
to current value of subordinated loan capital and
hybrid core capital
Own holding of subordinated loan capital 0 -9,694
Total subordinated debt 412,486 696,999
19 Share capital
Number of shares at DKK 5 each:
Beginning of period 5,040,000 5,040,000
End of period 5,040,000 5,040,000
Reserved for subsequent cancellation 100,000 0
Total share capital 25,200 25,200
20 Own capital shares
Own capital shares included in the balance sheet 0 0
at
The market value is 58,395 6,900
Number of own shares:
Beginning of year 9,517 8,572
Net purchases and sales of own shares during the 91,338 945
year
End of year 100,855 9,517
Nominal value of holding of own shares, end of 504 48
year
Own shares' proportion of share capital, end of 2.0 0.2
year (%)
--------------------------------------------------------------------------------
Notes
Note End Dec, End Dec,
2011 2010 DKK
DKK 1,000 1,000
--------------------------------------------------------------------------------
21 Contingent liabilities etc,
Contingent liabilities
Finance guarantees 653,353 668,504
Guarantees for foreign loans 5,576 8,602
Guarantees against losses on mortgage credit loans 50,138 44,098
Guarantees against losses Totalkredit 118,540 112,585
Registration and conversion guarantees 55,361 82,614
Sector guarantees 39,413 37,290
Other contingent liabilities 129,841 88,290
Total contingent liabilities 1,052,222 1,041,983
First mortgage loans were provided for German wind 808,363 824,888
turbine projects. The loans are funded directly
by KfW Bankengruppe, to which security in the
associated loans has been provided. Each
reduction of the first mortgage loans is deducted
directly from the funding at the KfW
Bankengruppe.
As security for clearing and any debt, the bank 269,005 468,198
has pledged bonds from its total holding to the
Central Bank of Denmark to a total market price
of
22 Capital adequacy computation
Computed pursuant to the Executive order on
Capital Adequacy issued by the Danish Financial
Supervisory Authority.
Weighted items with credit and counterpart risks 11,041,407 11,110,261
Market risk 750,457 714,897
Operational risk 1,396,138 1,322,788
Total risk weighted items 13,188,002 13,147,946
Share capital 25,200 25,200
Reserve for net revaluation under the intrinsic 187 176
value method
Profit carried forward 2,457,733 2,286,968
Core capital 2,483,120 2,312,344
Proposed dividend etc. -66,020 -60,980
Deduction from / addition to the core capital -187 -176
Core capital after deductions 2,416,913 2,251,188
Hybrid core capital 200,000 200,000
Core capital after deductions incl. hybrid core 2,616,913 2,451,188
capital
Subordinated loan capital 200,723 491,575
Deduction from / addition to the capital base 187 176
Capital base after deductions 2,817,823 2,942,939
Core capital ratio excl. hybrid core capital (per 18.3 17.1
cent)
Core capital ratio (per cent) 19.8 18.6
Solvency ratio (per cent) 21.4 22.4
Capital base requirements under Section 124 (2,1) 1,055,040 1,051,836
of the Danish Financial Business Act
--------------------------------------------------------------------------------
Notes
Note
--------------------------------------------------------------------------------
23 Miscellaneous comments on:
Main and key figures for the bank and key figures per DKK 5 share - page 7
- Total capital base is computed as the banks capital base after
deduction, cf. note 22.
- Return on equity at the beginning of the year before and after
tax are computed after allocation of dividend etc., net.
- Key figures per DKK 5 share are calculated on the basis of
respectively 2011: 4,940,000 shares, 2007-2010: 5,040,000 shares.
Core earnings - pages 1 and 3
-- The comparative figures for the years 2002-2005 have not been adjusted
for
the change made in 2007 from actual banking operations to core earnings
.
Write-downs - pages 1 and 2
-- All calculations etc. concerning write-downs were made exclusive of
amounts
under the national bank package I etc.
--------------------------------------------------------------------------------
Danish Financial Supervisory Authority key figures
for Danish banks
2011 2010 2009 2008 2007
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Solvency ratio % 21.4 22.4 20.2 16.3 13.0
Core capital ratio % 19.8 18.6 16.6 13.0 11.2
Pre-tax return on equity % 15.9 15.5 15.9 17.9 26.1
Return on equity after tax % 11.9 11.8 12.1 13.5 20.0
Income/cost ratio DKK 1.98 1.74 1.61 1.93 3.04
Interest rate risk % 0.7 0.1 0.6 1.2 1.0
Foreign exchange position % 0.9 0.5 3.4 5.6 2.1
Foreign exchange risk % 0.0 0.0 0.1 0.0 0.0
Excess cover relative to statutory % 140.5 231.8 205.6 139.1 161.4
liquidity
requirements
Loans and write-downs thereon % 105.0 117.6 120.8 157.1 157.4
relative to
Deposits
Loans relative to shareholders' 5.1 5.7 6.3 7.8 7.9
equity
Growth in loans for the year % -3.1 0.8 -6.1 -1.7 10.8
Total large exposures % 41.7 10.2 0.0 12.1 38.3
Cumulative write-down percentage % 4.5 3.8 3.1 2.1 1.5
Write-down percentage for the year % 0.89 0.94 1.16 0.48 -0.06
Proportion of debtors at reduced % 0.4 0.4 0.4 0.1 0.1
interest
Result for the year after tax per DKK 1,146.6 1,019.3 921.0 933.8 1,324.4
share * / ***
Book value per share * / ** DKK 10,055 9,193 8,172 7,382 7,053
Dividend per share * DKK 262 240 0 0 600
Price/result for the year per 10.1 14.3 13.2 6.6 13.0
share * / ***
Price/book value per share * / ** 1.15 1.58 1.49 0.84 2.43
--------------------------------------------------------------------------------
* Calculated on the basis of a denomination of DKK 100 per share.
** Calculated on the basis of number of shares outstanding at the end of
the year.
*** Calculated on the basis of the average number of shares.
--------------------------------------------------------------------------------
-
Click on, or paste the following link into your web browser, to view the
associated documents
https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=3
76231
News Source: NASDAQ OMX
01.02.2012 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------------
Language: English
Company: Ringkjoebing Landbobank A/S
Dänemark
Phone:
Fax:
E-mail:
Internet:
ISIN: DK0060032068
Category Code: ACS
LSE Ticker: 0FTC
Sequence Number: 976
Time of Receipt: Feb 01, 2012 08:30:06
End of Announcement DGAP News-Service
---------------------------------------------------------------------------
Interaktiv
Weitere News
-
07.05.12 12:15
Ringkjoebing Landbobank and EDC join forces, M ... -
01.05.12 14:07
Report on transactions with Ringkjoebing Landb ... -
25.04.12 08:30
Ringkjoebing Landbobank's quarterly report, 1s ... -
01.03.12 08:19
Minutes of the annual General Meeting on 29 Fe ... -
01.02.12 13:57
Annual general meeting Ringkjoebing Landbobank A/S
Anleihe im Fokus
8,25% Maritim-Offshore-Anleihe
Die besicherte Maritim-Offshore-Anleihe (WKN A1MLY9 / ISIN DE000A1MLY97) mit einem Volumen von bis zu € 25 Mio. und einem Zinssatz von 8,25% kann ab dem 21. Mai 2012 gezeichnet werden.
Die Laufzeit der Anleihe beträgt 2,5 Jahre, der Kupon wird halbjährlich bezahlt.
GBC-Fokusbox
HELMA Eigenheimbau: Rekordwerte
Im abgelaufenen Geschäftsjahr legte HELMA Eigenheimbau AG bei der Umsatz– und Ergebnisdynamik deutlich zu und erreichte damit neue Rekordwerte. Auf Basis unseres DCF-Modells haben wir einen 2012er fairen Unternehmenswert von 19 € je Aktie ermittelt. Unser Rating lautet „KAUFEN“.
News im Fokus
Commerzbank-Hauptversammlung 2012: Die Abstimmungsergebnisse im Überblick
23. Mai 2012, 22:08
Aktueller Webcast
Der AKTIONÄR News
24. Mai 10:51 Börsenwelt Presseschau II: Greenland Minerals und Facebook unter der ...
24. Mai 10:33 DAX gibt Gewinne ab, enttäuschender ifo-Index, Griechenland vor ...
24. Mai 10:00 Samsung Electronics: Vorbestellungen für neues Super-Smartphone ...
24. Mai 09:28 EADS: Megaauftrag vor der Tür?
24. Mai 09:19 Börsenwelt Presseschau I: Aurubis und Leoni unter der Lupe
