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3 February 2010
Ringkjøbing Landbobank's announcement of the annual accounts for 2009
The bank's pre-tax profit for 2009 was DKK 305 million, equivalent to a 17%
return on equity at the beginning of the year. Given the costs paid for bank
package I, the result is considered to be highly
satisfactory.
--------------------------------------------------------------------------------
| Core earnings | | | 200 | 200 | 200 | 200 | 200 | 2002 | 2001 | 2000 |
| (million DKK) | 200 | 200 | 7 | 6 | 5 | 4 | 3 | | | |
| | 9 | 8 | | | | | | | | |
--------------------------------------------------------------------------------
| Core income | 753 | 735 | 696 | 609 | 511 | 417 | 368 | 328 | 275 | 242 |
--------------------------------------------------------------------------------
| Total costs | -23 | -23 | -23 | -20 | -19 | -18 | -16 | -155 | -133 | -109 |
| etc. | 8 | 9 | 4 | 8 | 0 | 4 | 3 | | | |
--------------------------------------------------------------------------------
| Core earnings | 515 | 496 | 462 | 401 | 321 | 233 | 205 | 173 | 142 | 133 |
| before | | | | | | | | | | |
| write-downs | | | | | | | | | | |
--------------------------------------------------------------------------------
| Write-downs | -15 | -77 | +11 | +69 | +5 | +4 | -10 | +6 | +6 | 0 |
| on loans | 9 | | | | | | | | | |
--------------------------------------------------------------------------------
| Core earnings | 356 | 419 | 473 | 470 | 326 | 237 | 195 | 179 | 148 | 133 |
--------------------------------------------------------------------------------
| Result for | +56 | -73 | -18 | +10 | +35 | +51 | +10 | +30 | +7 | +7 |
| portfolio | | | | 3 | | | 6 | | | |
--------------------------------------------------------------------------------
| Profit before | 412 | 346 | 455 | 573 | 361 | 288 | 301 | 209 | 155 | 140 |
| bank package | | | | | | | | | | |
| I etc. | | | | | | | | | | |
--------------------------------------------------------------------------------
| Costs bank | -10 | -28 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| package I | 7 | | | | | | | | | |
| etc. | | | | | | | | | | |
--------------------------------------------------------------------------------
| Profit before | 305 | 318 | 455 | 573 | 361 | 288 | 301 | 209 | 155 | 140 |
| tax | | | | | | | | | | |
--------------------------------------------------------------------------------
The core earnings before write-downs were DKK 515 million against last year's
DKK 496 million, an increase of 4%. Write-downs totalled DKK 159 million, after
which the bank's core earnings are DKK 356 million, which is in the middle of
the range reported at the beginning of the year. The result corrected for bank
package I increases from DKK 346 million to DKK 412 million, an increase of 19%.
Only three quarters with costs for bank package I now remain.
The annual accounts - highlights
Pre-tax profit of DKK 305 million equates to 17% return on equity at beginning
of year
19% increase in profit before bank package I
Highly satisfactory level for write-downs of DKK 159 million - equivalent to
1.0%
Fall in costs gives a 2% improvement in the rate of costs to 31.6
Required solvency computed under the minimum statutory requirement and reported
at 8%
Increase in solvency ratio to 20.2, equivalent to 253% cover
Core capital ratio increased to 16.6 without participation in bank package II
Core earnings in the range DKK 200-400 million are expected for 2010
Please do not hesitate to contact the bank's management if you have any
questions.
Yours sincerely,
Ringkjøbing Landbobank
Bent Naur John Fisker
Management Report
Core income
Core earnings were 2% higher in 2009, increasing from DKK 735 million to DKK 753
million.
Net interest income increased by 7% from DKK 558 million to DKK 597 million,
which is attributable to an increasing interest margin and an improved
optimisation of liquidity with fewer funds tied up in the Central Bank of
Denmark.
Fees, commissions and foreign exchange income amounted to net DKK 133 million in
2009 against net DKK 141 million in 2008, a fall of 5%. This development is
attributable primarily to a lower
volume of securities trading and lower
earnings from the bank's asset management activities.
Ordinary earnings from sector shares amounted to DKK 8 million in 2009 against
DKK 9 million last year. The earnings derive from DLR Kredit, BankInvest
Holding, Sparinvest Holding, Egnsinvest Holding, Letpension, PBS Holding,
Multidata Holding, Værdipapircentralen, PRAS and Bankdata, and are typically an
expression of the change in value in the companies.
Costs and depreciations
Total costs including depreciations on tangible assets amounted to DKK 238
million against last year's DKK 239 million, a fall of 0.2%.
The rate of costs was 0.8 of a percentage point lower in 2009 relative to last
year, equivalent to an improvement of 2%, and was computed at 31.6 for 2009,
which is still the lowest in Denmark. A low rate of costs is particularly
important in weak economic periods as it provides a high level of robustness in
the bank's results, which is also reflected in the calculation of the solvency
requirement of the bank.
Write-downs on loans
The write-downs on loans was negative by net DKK 159 million in 2009 against the
preceding year, where the item was negative by DKK 77 million. The net
write-downs for the year are equivalent to 1.0% of the average total loans,
write-downs, guarantees and provisions. The bank's customers appear to be coping
better with the recession than the average in Denmark, and the current level of
write-downs is considered highly satisfactory.
The bank's total account for write-downs and provisions amounted to DKK 467
million at the end of the year, equivalent to 3.1% of total loans and guarantees
at the end of the year. The actual write-downs on loans during this year remain
low at net DKK 48 million - compared with a net increase of DKK 111 million in
the account for write-downs and provisions during the year.
The portfolio of loans with suspended calculation of interest amounts to DKK 63
million, equivalent to 0.42% of the bank's total loans and guarantees at the end
of the year. The corresponding figure in 2008 in the account for write-downs was
DKK 356 million, equivalent to 2.2%, and loans with suspended calculation of
interest of 0.13%.
The bank's loans portfolio is generally strong. Given that the Danish economy
was in recession in 2009 and many assets fell in value while unemployment rose
quickly, the bank is satisfied with the conservative credit policy on the basis
of which it has always operated. The bank's losses are expected to continue to
lie at a relatively high level in the year to come as a natural component in the
economic cycle. The bank's assessment is, however, that its credit policy, the
diversified loans portfolio and the geographic location in central and western
Jutland will benefit the bank relative to the general trend for the entire
banking sector.
--------------------------------------------------------------------------------
| Core earnings | 200 | | 200 | 200 | 200 | 200 | 200 | 200 | 200 | 2000 |
| (million DKK) | 9 | 200 | 7 | 6 | 5 | 4 | 3 | 2 | 1 | |
| | | 8 | | | | | | | | |
--------------------------------------------------------------------------------
| Total core | 753 | 735 | 696 | 609 | 511 | 417 | 368 | 328 | 275 | 242 |
| income | | | | | | | | | | |
--------------------------------------------------------------------------------
| Total costs | -23 | -23 | -23 | -20 | -19 | -18 | -16 | -15 | -13 | -109 |
| etc. | 8 | 9 | 4 | 8 | 0 | 4 | 3 | 5 | 3 | |
--------------------------------------------------------------------------------
| Core earnings | 515 | 496 | 462 | 401 | 321 | 233 | 205 | 173 | 142 | 133 |
| before | | | | | | | | | | |
| write-downs | | | | | | | | | | |
--------------------------------------------------------------------------------
| Write-downs on | -15 | -77 | +11 | +69 | +5 | +4 | -10 | +6 | +6 | 0 |
| loans | 9 | | | | | | | | | |
--------------------------------------------------------------------------------
| Core earnings | 356 | 419 | 473 | 470 | 326 | 237 | 195 | 179 | 148 | 133 |
--------------------------------------------------------------------------------
| Result for | +56 | -73 | -18 | +10 | +35 | +51 | +10 | +30 | +7 | +7 |
| portfolio | | | | 3 | | | 6 | | | |
--------------------------------------------------------------------------------
| Profit before | 412 | 346 | 455 | 573 | 361 | 288 | 301 | 209 | 155 | 140 |
| bank package I | | | | | | | | | | |
| etc. | | | | | | | | | | |
--------------------------------------------------------------------------------
| Costs bank | -10 | -28 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| package I etc. | 7 | | | | | | | | | |
--------------------------------------------------------------------------------
| Profit before | 305 | 318 | 455 | 573 | 361 | 288 | 301 | 209 | 155 | 140 |
| tax | | | | | | | | | | |
--------------------------------------------------------------------------------
The core earnings before write-downs were DKK 515 million in 2009 against DKK
496 million in 2008, an increase of 4%. Write-downs totalled net DKK 159
million, after which the bank's core
earnings are DKK 356 million, which is the
middle of the range of DKK 250-450 million reported at the beginning of the
year.
Result for portfolio
The result for the portfolio for 2009 was plus DKK 56 million, including funding
costs for the portfolio. The result comprised a profit on interest-bearing debts
and debt of DKK 50 million including
funding costs, and a profit of DKK 6
million including funding costs on listed shares etc. All securities are
included at market value.
The bank's holding of shares etc. at the end of the year amounted to DKK 257
million, DKK 28 million of which was in listed shares etc. while DKK 229 million
was in sector shares etc. The bond portfolio at the end of the year amounted to
DKK 1,679 million, and by far the greater part of the portfolio consists of
triple A-rated Danish mortgage credit bonds.
The total interest rate risk at the end of the year, computed as the impact on
the result of a one
percentage point change in the interest level, was 0.6% of
the bank's core capital after deductions.
The bank's total market risk within exposure to interest rate risk, exposure to
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 2009:
% risk relative to equity
Risk in DKK end of year
Highest risk of loss: 26.9 million 1.31%
Lowest risk of loss: 5.5 million 0.27%
Average risk of loss: 17.5 million 0.85%
The bank's policy continues to be to keep the market risk at a low level.
Profit after tax
The profit after tax was DKK 232 million in 2009 against DKK 240 million in the
preceding year, a fall of 3%. Tax of DKK 73 million was calculated, giving an
effective tax rate of 23.9%. The profit
after tax is equivalent to a 13% return
on equity at the beginning of the year.
The balance sheet
The bank's balance sheet at the end of the year amounted to DKK 17,928 million
against last year's DKK 18,002 million. Deposits increased by 23%, from DKK
9,073 million to DKK 11,187 million. The bank's loans were reduced by 6%, from
DKK 13,897 million to DKK 13,047 million. The reduction in loans was primarily
attributable to a reduction in major wholesale loans. There is still an
underlying growth in numbers of new customers from the branch network.
The bank's portfolio of guarantees at the end of 2009 was DKK 1,486 million
against DKK 2,386 million in 2008. The decrease is attributable primarily to
winding-up of foreign loans provided against guarantees.
Liquidity
The bank's liquidity is good, and the excess cover relative to the statutory
requirement is 205.6%. The bank's short-term funding with a term to maturity of
less than 12 months amounts to only DKK 1.1 billion, corresponding to DKK 4.1
billion in short-term money market placings in the Central Bank of Denmark,
Danish banks and liquid securities. The bank also had undrawn confirmed credit
facilities in foreign banks with a term to maturity of over 12 months to the
equivalent of a total of DKK 0.8 billion as backup facilities. The bank is thus
not dependent on the short-term money market.
In autumn 2009, the bank had early redeemed the greater part of funding which
was due in 2010, and the due dates for the bank's long-term funding are from the
second quarter of 2011 to the first quarter of 2023. Under bank package I, the
bank can buy a three-year state guarantee on issued bonds against payment of a
0.95% premium to the state. In December 2009 the bank was granted a framework of
DKK 5.0 billion in connection therewith, which can be used in the context of the
bank's EMTN programme if it is deemed to be advantageous for the bank to do so.
Rating
Ringkjøbing Landbobank was rated for the first time by the international credit
rating bureau Moody's Investors Service in May 2007. Since the start, the bank's
ratings have been:
Financial strength C+
Short-term liquidity P-1
Long-term liquidity A1
The ratings were most recently confirmed in September 2009 with negative
outlook. The bank has been very satisfied with the maintenance of the ratings,
notwithstanding the gloomy outlook for the Danish economy. Ringkjøbing
Landbobank is thus the only Danish bank which was not downgraded in 2009.
Bank package I
Together with the rest of the financial sector in Denmark, Ringkjøbing
Landbobank is participating in bank package I, which runs until 30 September
2010, and which provides an unconditional guarantee by the Danish state for
Danish banks' deposits and senior debts. The guarantee premium in 2009 was DKK
56 million. The premium for the remaining period in 2010 will be DKK 44 million.
DKK 51 million was booked in 2009 as losses on financial institutions.
Bank package II
Given the bank's high level of capitalisation - a core capital ratio of 16.6 -
the bank decided in the
second quarter of 2009 not to apply for an injection of
state hybrid core capital.
Before making this decision, the bank carried out a large number of stress tests
on its results and capitalisation under a range of economic scenarios. These
tests demonstrated a high degree of robustness in the bank's core income which,
in combination with a low expenditure, provides a high level of ability to
absorb losses on customers. The bank's business model in combination with its
very high capitalisation means that none of the tests which were carried out has
demonstrated that we need bank package II.
This conclusion was supported by the Central Bank of Denmarks' stress tests of
June 2009 on the 14 biggest banks in Denmark. If the bank's result and solvency
are tested up to the end of 2011 with the worst of the scenarios (long, deep
recession), Ringkjøbing Landbobank will still be well consolidated at the end of
2011 without bank package II.
The Central Bank of Denmark's latest update of their stress tests on the 14
largest Danish banks is from January 2010. If the worst case stress loss
scenarios for 2010 and 2011 are applied, Ringkjøbing Landbobank will still be
well consolidated, and the core capital ratio without allocation of dividend
will at the end of 2011 be at the same level as at the end of 2009.
Capital
The bank's equity at the beginning of 2009 was DKK 1,785 million. To this must
be added the proceeds from the sale of own shares and the profit for the year,
after which the equity at the end of 2009 was DKK 2,056 million.
The solvency ratio was computed at 20.2 and the core capital ratio at 16.6 at
the end of 2009.
Solvency coverage 2009 2008 2007 2006 2005
Core capital ratio excl. hybrid core capital 15.1 11.6 10.0 9.2 10.1
Core capital ratio 16.6 13.0 11.2 10.4 11.6
Solvency ratio 20.2 16.3 13.0 12.3 11.6
Individual solvency requirement 8.0 8.0 8.0 8.0 8.0
Solvency coverage 253% 204% 163% 154% 145%
Since 2007, the Danish financial sector has been subject to a requirement that a
bank's solvency ratio must be at least 8%, and that this solvency ratio must at
a minimum fulfil the required individual solvency, which can be higher than the
8%, as calculated internally by the bank. If the calculated required individual
solvency is less than 8%, a bank may never, however, be permitted to use any
such calculated lower figure. The calculated individual solvency requirement by
Ringkjøbing Landbobank is below 8% because of the bank's robust business model,
and it is thus reported at 8%.
Given the bank's expected result for 2010 and the subdued growth in
risk-weighted assets, both the core capital ratios and the solvency ratio are
expected to be at least at the same level at the end of 2010. The above
percentages mean that both the bank's current capitalisation and that expected
in 2010 make the bank one of the best capitalised banks in Denmark. This should
also be seen in light of the fact that the bank computes its risk-weighted
assets under the standardised approach, and that, unlike the situation with the
advanced methods, the bank cannot make extraordinary reductions in weightings,
however this also ensures that the capital weightings do not rise in periods
with a
worsening in economic conditions.
There is a further requirement in connection with bank package I that the bank
does not pay dividends to its shareholders or buy back shares for a period of
two years. This means that a proposal for payment of a dividend cannot be made
until the 2011 general meeting.
The bank's share capital on 31 December 2009 was DKK 25.2 million in 5,040,000
nom. five kroner shares.
New business model opens the way for more new customers
The bank expects that the financial crisis will occasion changes in the
financial sector's current business model. The future will be predominantly
characterised by a lower level of risk, higher reserves and lower gearing of the
equity in the financial sector. Ringkjøbing Landbobank's balance sheet and cost
structure are pre-adapted to such a new world, and the adaptations which will be
made in the years to come will naturally provide the bank with a number of
openings on the market.
On this basis and the fact that the bank has both the liquidity and the capital
to support growth, the bank commenced several initiatives in the second half of
2009 to attract new customers. There is already a positive inflow of new private
customers and within the private banking segment with transfers of pensions and
securities customers. The marketing initiatives will be strengthened in 2010.
Accounting policies and key figures
The accounting policies are unchanged from those used in the latest audited
annual report.
Expectations for earnings in 2010
The bank's core earnings for 2009 were DKK 356 million, which is in the middle
of the range of DKK 250-450 million reported at the beginning of the year.
Ringkøbing Landbobank has a market share of about 50% in that part of West
Jutland in which its old branches are located. The bank also has
well-established branches in Herning, Holstebro and Viborg which continue to
progress well. 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 on the possibilities in a changeable financial
world. A continuing intake of new customers to the bank's branches in central
and western Jutland is expected in 2010 because of the long-term promotional
activities, the financial unrest and the consolidation in the sector.
The activities in the bank's distance customer department and niche concepts are
together expected to be at the same level, with focus on servicing the bank's
current customers and further developing the portfolio within wind turbine
financing, medical practitioners and affluent private customers.
The core income on this basis is expected to be at the same level in 2010. Costs
including depreciations on tangible assets are also expected to be the same in
2010, so that the core earnings before write-downs will be at the same level in
2010.
It is, however, difficult to predict the extent of the write-downs which will be
required in 2010 because of the uncertainty in the economy. The expectations for
the total core earnings are therefore broadly defined and thus expected to be in
the range DKK 200-400 million relative to the realised core
earnings of DKK 356
million in 2009. To this must be added the result of the trading portfolio and
the costs of the national bank package I.
Financial calendar 2010
The financial calendar for the forthcoming publications is as follows:
24 February 2010 General meeting
21 April 2010 Quarterly report - 1st quarter 2010
11 August 2010 Interim report 2010
27 October 2010 Quarterly report - 3rd quarter 2010
Main and key figures for the bank
--------------------------------------------------------------------------------
| | 2009 | 2008 | 2007 | 2006 | 2005 |
--------------------------------------------------------------------------------
| Main figures for the bank | | | | | |
| (million DKK) | | | | | |
--------------------------------------------------------------------------------
| Total core income | 753 | 735 | 696 | 609 | 511 |
--------------------------------------------------------------------------------
| Total costs and | -238 | -239 | -234 | -208 | -190 |
| depreciations | | | | | |
--------------------------------------------------------------------------------
| Core earnings before | 515 | 496 | 462 | 401 | 321 |
| write-downs on loans | | | | | |
--------------------------------------------------------------------------------
| Write-downs on loans etc. | -159 | -77 | +11 | +69 | +5 |
--------------------------------------------------------------------------------
| Core earnings | 356 | 419 | 473 | 470 | 326 |
--------------------------------------------------------------------------------
| Result for portfolio | +56 | -73 | -18 | +103 | 35 |
--------------------------------------------------------------------------------
| Profit before national bank | 412 | 346 | 455 | 573 | 361 |
| package I etc. | | | | | |
--------------------------------------------------------------------------------
| Costs national bank package | -107 | -28 | 0 | 0 | 0 |
| I etc. | | | | | |
--------------------------------------------------------------------------------
| Profit before tax | 305 | 318 | 455 | 573 | 361 |
--------------------------------------------------------------------------------
| Profit after tax | 232 | 240 | 348 | 432 | 265 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Shareholders' equity | 2,056 | 1,785 | 1,779 | 1,711 | 1,515 |
--------------------------------------------------------------------------------
| Total capital base | 2,747 | 2,458 | 2,110 | 2,025 | 1,538 |
--------------------------------------------------------------------------------
| Deposits | 11,187 | 9,073 | 9,162 | 7,046 | 6,292 |
--------------------------------------------------------------------------------
| Loans | 13,047 | 13,897 | 14,135 | 12,760 | 10,023 |
--------------------------------------------------------------------------------
| Balance sheet total | 17,928 | 18,002 | 19,634 | 17,269 | 13,361 |
--------------------------------------------------------------------------------
| Guarantees | 1,486 | 2,386 | 4,804 | 4,804 | 5,142 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Key figures for the bank | | | | | |
| (per cent) | | | | | |
--------------------------------------------------------------------------------
| Pre-tax return on equity, | 17.1 | 19.6 | 29.3 | 41.8 | 29.2 |
| beginning of year | | | | | |
--------------------------------------------------------------------------------
| Return on equity after tax, | 13.0 | 14.7 | 22.4 | 31.5 | 21.3 |
| beginning of year | | | | | |
--------------------------------------------------------------------------------
| Rate of costs | 31.6 | 32.4 | 33.7 | 34.2 | 37.2 |
--------------------------------------------------------------------------------
| Core capital ratio | 16.6 | 13.0 | 11.2 | 10.4 | 11.6 |
--------------------------------------------------------------------------------
| Solvency ratio | 20.2 | 16.3 | 13.0 | 12.3 | 11.6 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Key figures per 5 DKK share | | | | | |
| (DKK) | | | | | |
--------------------------------------------------------------------------------
| Core earnings | 71 | 83 | 94 | 89 | 62 |
--------------------------------------------------------------------------------
| Profit before tax | 60 | 63 | 90 | 109 | 68 |
--------------------------------------------------------------------------------
| Profit after tax | 46 | 48 | 69 | 82 | 50 |
--------------------------------------------------------------------------------
| Net asset value | 408 | 354 | 353 | 324 | 287 |
--------------------------------------------------------------------------------
| Price, end of period | 609 | 310 | 858 | 1,080 | 750 |
--------------------------------------------------------------------------------
| Dividend | 0 | 0 | 30 | 30 | 28 |
--------------------------------------------------------------------------------
Profit and loss account
--------------------------------------------------------------------------------
| Note | 1.1 - 31.12 | 1.1 - 31.12 |
| | 2009 | 2008 |
| | DKK | DKK 1,000 |
| | 1,000 | |
--------------------------------------------------------------------------------
| 1 | Interest receivable | 993,756 | 1,221,165 |
--------------------------------------------------------------------------------
| 2 | Interest payable | 377,728 | 669,149 |
--------------------------------------------------------------------------------
| | Net income from interest | 616,028 | 552,016 |
--------------------------------------------------------------------------------
| | Interest-like commission income | 9,266 | 20,690 |
--------------------------------------------------------------------------------
| 3 | Dividend on capital shares etc. | 3,243 | 1,491 |
--------------------------------------------------------------------------------
| 4 | Income from fees and commissions | 140,362 | 155,428 |
--------------------------------------------------------------------------------
| 4 | Fees and commissions paid | 23,823 | 28,464 |
--------------------------------------------------------------------------------
| | Net income from interest and fees | 745,076 | 701,161 |
--------------------------------------------------------------------------------
| 5 | Value adjustments | +58,130 | -43,577 |
--------------------------------------------------------------------------------
| | Other operating income | 5,351 | 4,863 |
--------------------------------------------------------------------------------
| 6,7 | Staff and administration costs | 235,604 | 236,056 |
--------------------------------------------------------------------------------
| | Amortisation, depreciation and | 2,424 | 2,420 |
| | write-downs on | | |
| | intangible and | | |
| | tangible assets | | |
--------------------------------------------------------------------------------
| | Other operating costs | | |
--------------------------------------------------------------------------------
| | Miscellaneous other operating costs | 56 | 86 |
--------------------------------------------------------------------------------
| | Guarantee commission, national bank | 55,785 | 16,148 |
| | package I | | |
--------------------------------------------------------------------------------
| | Write-downs | | |
--------------------------------------------------------------------------------
| 11 | Write-downs on loans and debtors etc. | -158,600 | -77,223 |
--------------------------------------------------------------------------------
| | Write-downs on national bank package | -51,173 | -12,016 |
| | I | | |
--------------------------------------------------------------------------------
| | Result of capital shares in | -59 | -5 |
| | associated companies | | |
--------------------------------------------------------------------------------
| | Profit before tax | 304,856 | 318,493 |
--------------------------------------------------------------------------------
| 8 | Tax | 72,775 | 78,495 |
--------------------------------------------------------------------------------
| | Profit after tax | 232,081 | 239,998 |
--------------------------------------------------------------------------------
Proposed distribution of profit
--------------------------------------------------------------------------------
| | Total available | 232,081 | 239,998 |
--------------------------------------------------------------------------------
| | Dividend | 0 | 0 |
--------------------------------------------------------------------------------
| | Other purposes | 0 | 0 |
--------------------------------------------------------------------------------
| | Transferred to reserve for net | -26 | -5 |
| | revaluation under the intrinsic value | | |
| | method | | |
--------------------------------------------------------------------------------
| | Appropriation to own funds | 232,107 | 240,003 |
--------------------------------------------------------------------------------
| | Total distribution | 232,081 | 239,998 |
--------------------------------------------------------------------------------
Core earnings
--------------------------------------------------------------------------------
| | 1.1 - 31.12 | 1.1 - 31.12 |
| | 2009 | 2008 |
| | DKK 1,000 | DKK 1,000 |
--------------------------------------------------------------------------------
| Net income from interest | 596,828 | 558,365 |
--------------------------------------------------------------------------------
| Interest-like commission income | 9,266 | 20,690 |
--------------------------------------------------------------------------------
| Net income from fees and provisions excl. | 97,751 | 101,678 |
| commission | | |
--------------------------------------------------------------------------------
| Income from sector shares | 8,448 | 9,074 |
--------------------------------------------------------------------------------
| Foreign exchange income | 16,515 | 13,670 |
--------------------------------------------------------------------------------
| Other operating income etc. | 5,351 | 6,513 |
--------------------------------------------------------------------------------
| Total core income excl. trade income | 734,159 | 709,990 |
--------------------------------------------------------------------------------
| Trade income | 18,788 | 25,286 |
--------------------------------------------------------------------------------
| Total core income | 752,947 | 735,276 |
--------------------------------------------------------------------------------
| Staff and administration costs | 235,604 | 236,056 |
--------------------------------------------------------------------------------
| Amortisation, depreciation and write-downs | 2,424 | 2,420 |
| on | | |
| intangible and tangible assets | | |
--------------------------------------------------------------------------------
| Other operating costs | 56 | 86 |
--------------------------------------------------------------------------------
| Total costs etc. | 238,084 | 238,562 |
--------------------------------------------------------------------------------
| Core earnings before write-downs on loans | 514,863 | 496,714 |
--------------------------------------------------------------------------------
| Write-downs on loans and debtors etc. | -158,600 | -77,223 |
--------------------------------------------------------------------------------
| Core earnings | 356,263 | 419,491 |
--------------------------------------------------------------------------------
| Result for portfolio | +55,551 | -72,834 |
--------------------------------------------------------------------------------
| Result before national bank package I etc. | 411,814 | 346,657 |
--------------------------------------------------------------------------------
| Costs national bank package I etc. | -106,958 | -28,164 |
--------------------------------------------------------------------------------
| Profit before tax | 304,856 | 318,493 |
--------------------------------------------------------------------------------
| Tax | 72,775 | 78,495 |
--------------------------------------------------------------------------------
| Profit for the financial year | 232,081 | 239,998 |
--------------------------------------------------------------------------------
Balance sheet
--------------------------------------------------------------------------------
| Note | End Dec. | End Dec. |
| | 2009 | 2008 |
| | DKK 1,000 | DKK 1,000 |
--------------------------------------------------------------------------------
| | Assets | | |
--------------------------------------------------------------------------------
| | Cash in hand and claims at call | 42,723 | 46,112 |
| | on central banks | | |
--------------------------------------------------------------------------------
| 9 | Claims on credit institutions and | | |
| | central banks | | |
--------------------------------------------------------------------------------
| 9 | Claims at notice on central banks | 649,846 | 1,121,767 |
--------------------------------------------------------------------------------
| 9 | Claims on credit institutions | | |
--------------------------------------------------------------------------------
| | Money market operations and | 1,751,361 | 756,510 |
| | bilateral loans | | |
| | - term to | | |
| | maturity under 1 year | | |
--------------------------------------------------------------------------------
| | Bilateral loans - term to | 90,792 | 163,570 |
| | maturity over 1 year | | |
--------------------------------------------------------------------------------
| 10,11, | Loans and other debtors at | 13,047,212 | 13,897,101 |
| 12 | amortised cost price | | |
--------------------------------------------------------------------------------
| 13 | Bonds at current value | 1,679,453 | 1,305,760 |
--------------------------------------------------------------------------------
| 14 | Shares etc. | 256,697 | 247,410 |
--------------------------------------------------------------------------------
| | Capital shares in associated | 513 | 571 |
| | companies | | |
--------------------------------------------------------------------------------
| | Land and buildings total | 76,589 | 74,098 |
--------------------------------------------------------------------------------
| | Investment properties | 7,261 | 7,261 |
--------------------------------------------------------------------------------
| | Domicile properties | 69,328 | 66,837 |
--------------------------------------------------------------------------------
| | Other tangible assets | 3,055 | 3,632 |
--------------------------------------------------------------------------------
| | Actual tax assets | 46,261 | 34,975 |
--------------------------------------------------------------------------------
| | Deferred tax assets | 0 | 27,713 |
--------------------------------------------------------------------------------
| | Temporary assets | 1,023 | 204 |
--------------------------------------------------------------------------------
| | Other assets | 275,171 | 312,080 |
--------------------------------------------------------------------------------
| | Periodic-defined items | 7,260 | 10,250 |
--------------------------------------------------------------------------------
| | Total assets | 17,927,956 | 18,001,753 |
--------------------------------------------------------------------------------
Balance sheet
--------------------------------------------------------------------------------
| Note | End Dec. | End Dec. |
| | 2009 | 2008 |
| | DKK 1,000 | DKK 1,000 |
--------------------------------------------------------------------------------
| | Liabilities and equity | | |
--------------------------------------------------------------------------------
| 15 | Debt to credit institutions and | | |
| | central banks | | |
--------------------------------------------------------------------------------
| 15 | Debt to central banks | 0 | 800,000 |
--------------------------------------------------------------------------------
| 15 | Debt to credit institutions | | |
--------------------------------------------------------------------------------
| | Money market operations and | 699,732 | 1,277,112 |
| | bilateral credits | | |
| | - term to | | |
| | maturity under 1 year | | |
--------------------------------------------------------------------------------
| | Bilateral credits - term to | 2,294,991 | 3,224,050 |
| | maturity over 1 year | | |
--------------------------------------------------------------------------------
| 16 | Deposits and other debts | 11,187,470 | 9,072,875 |
--------------------------------------------------------------------------------
| 17 | Issued bonds at amortised cost | 557,337 | 478,341 |
| | price | | |
--------------------------------------------------------------------------------
| | Other liabilities | 364,332 | 651,703 |
--------------------------------------------------------------------------------
| | Periodic-defined items | 689 | 802 |
--------------------------------------------------------------------------------
| | Total debt | 15,104,551 | 15,504,883 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Provisions for pensions and | 7,463 | 9,471 |
| | similar liabilities | | |
--------------------------------------------------------------------------------
| | Provisions for deferred tax | 5,088 | 0 |
--------------------------------------------------------------------------------
| 11 | Provisions for losses on | 1,376 | 1,669 |
| | guarantees | | |
--------------------------------------------------------------------------------
| | Provisions for national bank | 45,101 | 8,828 |
| | package I | | |
--------------------------------------------------------------------------------
| | Other provisions for liabilities | 13,210 | 1,128 |
--------------------------------------------------------------------------------
| | Total provisions for liabilities | 72,238 | 21,096 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Subordinated loan capital | 491,625 | 492,152 |
--------------------------------------------------------------------------------
| | Hybrid core capital | 203,769 | 198,832 |
--------------------------------------------------------------------------------
| 18 | Total subordinated debt | 695,394 | 690,984 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 19 | Share capital | 25,200 | 25,200 |
--------------------------------------------------------------------------------
| | Reserve for net revaluation under | 162 | 188 |
| | the intrinsic value method | | |
--------------------------------------------------------------------------------
| | Proposed dividend etc. | 0 | 0 |
--------------------------------------------------------------------------------
| | Profit carried forward | 2,030,411 | 1,759,402 |
--------------------------------------------------------------------------------
| | Total shareholders' equity | 2,055,773 | 1,784,790 |
--------------------------------------------------------------------------------
| | Total liabilities and equity | 17,927,956 | 18,001,753 |
--------------------------------------------------------------------------------
| 21 | Contingent liabilities etc. | | |
--------------------------------------------------------------------------------
| 22 | Capital adequacy computation | | |
--------------------------------------------------------------------------------
Statement of shareholders' equity
--------------------------------------------------------------------------------
| DKK 1,000 | Share | Provisi | Reserve | Propo-s | Profit | Total |
| | capit | ons for | for net | ed | carried | share-ho |
| | al | re-valu | revalua- | divi | forward | lders' |
| | | ation | tion | dend | | e |
| | | | under | etc. | | quity |
| | | | the | | | |
| | | | intrinsi | | | |
| | | | c value | | | |
| | | | method | | | |
--------------------------------------------------------------------------------
| Shareholders' | 25,20 | 0 | 188 | 0 | 1,759,4 | 1,784,79 |
| equity at | 0 | | | | 02 | 0 |
| the | | | | | | |
| end of the | | | | | | |
| previous | | | | | | |
| financial year | | | | | | |
--------------------------------------------------------------------------------
| Dividend etc. | | | | | | 0 |
| paid | | | | | | |
--------------------------------------------------------------------------------
| Dividend | | | | | | 0 |
| received on own | | | | | | |
| shares | | | | | | |
--------------------------------------------------------------------------------
| Shareholders' | 25,20 | 0 | 188 | 0 | 1,759,4 | 1,784,79 |
| equity after | 0 | | | | 02 | 0 |
| allocation of | | | | | | |
| dividend etc. | | | | | | |
--------------------------------------------------------------------------------
| Purchase and | | | | | 55,583 | 55,583 |
| sale of own | | | | | | |
| shares | | | | | | |
--------------------------------------------------------------------------------
| Tax calculated | | | | | 3,951 | 3,951 |
| on transactions | | | | | | |
| with own shares | | | | | | |
--------------------------------------------------------------------------------
| Adjustment of | | | | | -24,229 | -24,229 |
| deferred tax | | | | | | |
| concerning own | | | | | | |
| shares | | | | | | |
--------------------------------------------------------------------------------
| Other | | | | | 3,597 | 3,597 |
| shareholders' | | | | | | |
| equity items | | | | | | |
--------------------------------------------------------------------------------
| Profit for the | | | -26 | | 232,107 | 232,081 |
| financial year | | | | | | |
--------------------------------------------------------------------------------
| Shareholders' | 25,20 | 0 | 162 | 0 | 2,030,4 | 2,055,77 |
| equity on the | 0 | | | | 11 | 3 |
| balance sheet | | | | | | |
| date | | | | | | |
--------------------------------------------------------------------------------
Notes
--------------------------------------------------------------------------------
| Note | 1.1 - 31.12 | 1.1 - 31.12 |
| | 2009 | 2008 |
| | DKK | DKK 1,000 |
| | 1,000 | |
--------------------------------------------------------------------------------
| 1 | Interest receivable | | |
--------------------------------------------------------------------------------
| | Claims on credit institutions and | 63,512 | 122,162 |
| | central banks | | |
--------------------------------------------------------------------------------
| | Loans and other debtors | 865,961 | 1,061,077 |
--------------------------------------------------------------------------------
| | Loans - interest concerning the | -26,109 | -24,552 |
| | written-down part of loans | | |
--------------------------------------------------------------------------------
| | Bonds | 65,062 | 42,996 |
--------------------------------------------------------------------------------
| | Total derivatives financial | 24,338 | 19,168 |
| | instruments, | | |
--------------------------------------------------------------------------------
| | of which | | |
--------------------------------------------------------------------------------
| | Currency contracts | 24,759 | 18,601 |
--------------------------------------------------------------------------------
| | Interest-rate contracts | -421 | 567 |
--------------------------------------------------------------------------------
| | Other interest receivable | 992 | 314 |
--------------------------------------------------------------------------------
| | Total interest receivable | 993,756 | 1,221,165 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| 2 | Interest payable | | |
--------------------------------------------------------------------------------
| | Credit institutions and central | 94,946 | 261,630 |
| | banks | | |
--------------------------------------------------------------------------------
| | Deposits and other debts | 230,197 | 344,397 |
--------------------------------------------------------------------------------
| | Issued bonds | 21,525 | 33,185 |
--------------------------------------------------------------------------------
| | Subordinated debt | 30,743 | 29,585 |
--------------------------------------------------------------------------------
| | Other interest payable | 317 | 352 |
--------------------------------------------------------------------------------
| | Total interest payable | 377,728 | 669,149 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| 3 | Dividend on capital shares etc. | | |
--------------------------------------------------------------------------------
| | Shares | 3,243 | 1,491 |
--------------------------------------------------------------------------------
| | Total dividend on capital shares | 3,243 | 1,491 |
| | etc. | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 4 | Gross income from fees and | | |
| | commissions | | |
--------------------------------------------------------------------------------
| | Securities trading | 26,678 | 36,543 |
--------------------------------------------------------------------------------
| | Asset management | 40,943 | 48,343 |
--------------------------------------------------------------------------------
| | Payment handling | 16,419 | 16,946 |
--------------------------------------------------------------------------------
| | Loan fees | 9,854 | 8,740 |
--------------------------------------------------------------------------------
| | Guarantee commissions | 29,991 | 27,470 |
--------------------------------------------------------------------------------
| | Other fees and commissions | 16,477 | 17,386 |
--------------------------------------------------------------------------------
| | Total gross income from fees and | 140,362 | 155,428 |
| | commissions | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Net income from fees and commissions | | |
--------------------------------------------------------------------------------
| | Securities trading | 18,788 | 25,286 |
--------------------------------------------------------------------------------
| | Asset management | 36,983 | 44,122 |
--------------------------------------------------------------------------------
| | Payment handling | 14,868 | 14,876 |
--------------------------------------------------------------------------------
| | Loan fees | 7,401 | 6,431 |
--------------------------------------------------------------------------------
| | Guarantee commissions | 29,991 | 27,470 |
--------------------------------------------------------------------------------
| | Other fees and commissions | 8,508 | 8,779 |
--------------------------------------------------------------------------------
| | Total net income from fees and | 116,539 | 126,964 |
| | commissions | | |
--------------------------------------------------------------------------------
| | Foreign exchange income | 16,515 | 13,670 |
--------------------------------------------------------------------------------
| | Total net income from fees, | 133,054 | 140,634 |
| | commissions and foreign exchange | | |
| | income | | |
--------------------------------------------------------------------------------
Notes
--------------------------------------------------------------------------------
| Note | 1.1 - 31.12 | 1.1 - 31.12 |
| | 2009 | 2008 |
| | DKK | DKK 1,000 |
| | 1,000 | |
--------------------------------------------------------------------------------
| 5 | Value adjustments | | |
--------------------------------------------------------------------------------
| | Loans and other debtors at current | 8,665 | 9,397 |
| | value | | |
--------------------------------------------------------------------------------
| | Bonds | 39,402 | -43,230 |
--------------------------------------------------------------------------------
| | Shares etc. | 7,159 | -43,176 |
--------------------------------------------------------------------------------
| | Shares in sector companies | 5,246 | 8,142 |
--------------------------------------------------------------------------------
| | Shares in Totalkredit | 0 | 33,225 |
--------------------------------------------------------------------------------
| | Investment properties | 0 | 1,650 |
--------------------------------------------------------------------------------
| | Foreign exchange income | 16,515 | 13,670 |
--------------------------------------------------------------------------------
| | Total derivatives financial | -5,758 | 19,678 |
| | instruments, | | |
--------------------------------------------------------------------------------
| | of which | | |
--------------------------------------------------------------------------------
| | Interest-rate contracts | -5,656 | 19,649 |
--------------------------------------------------------------------------------
| | Share contracts | -102 | 29 |
--------------------------------------------------------------------------------
| | Issued bonds | 5,937 | -13,398 |
--------------------------------------------------------------------------------
| | Other liabilities | -19,036 | -29,535 |
--------------------------------------------------------------------------------
| | Total value adjustments | 58,130 | -43,577 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 6 | Staff and administration costs | | |
--------------------------------------------------------------------------------
| | Salaries and payments to the board | | |
| | of managers, board of directors and | | |
| | shareholders' committee | | |
--------------------------------------------------------------------------------
| | Board of managers | 5,873 | 5,631 |
--------------------------------------------------------------------------------
| | Board of directors | 847 | 814 |
--------------------------------------------------------------------------------
| | Shareholders' committee | 307 | 292 |
--------------------------------------------------------------------------------
| | Total | 7,027 | 6,737 |
--------------------------------------------------------------------------------
| | Staff costs | | |
--------------------------------------------------------------------------------
| | Salaries | 110,783 | 107,593 |
--------------------------------------------------------------------------------
| | Pensions | 11,111 | 10,663 |
--------------------------------------------------------------------------------
| | Social security expenses | 12,660 | 12,300 |
--------------------------------------------------------------------------------
| | Total | 134,554 | 130,556 |
--------------------------------------------------------------------------------
| | Other administration costs | 94,023 | 98,763 |
--------------------------------------------------------------------------------
| | Total staff and administration costs | 235,604 | 236,056 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| 7 | Number of employees | | |
--------------------------------------------------------------------------------
| | Average number of employees during | 262.0 | 274.4 |
| | the financial year converted into | | |
| | full-time employees | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 8 | Tax | | |
--------------------------------------------------------------------------------
| | Tax calculated on the years profit | 64,201 | 84,680 |
--------------------------------------------------------------------------------
| | Adjustment of deferred tax | 8,572 | -6,103 |
--------------------------------------------------------------------------------
| | Adjustment of tax calculated for | 2 | -82 |
| | previous years | | |
--------------------------------------------------------------------------------
| | Total tax | 72,775 | 78,495 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| | Effective tax rate (percent): | | |
--------------------------------------------------------------------------------
| | The current tax rate of the bank | 25.0 | 25.0 |
--------------------------------------------------------------------------------
| | Adjustment of tax for non-liable | -1.1 | -0.4 |
| | income and | | |
| | non-deductible costs | | |
--------------------------------------------------------------------------------
| | Adjustment of tax calculated for | 0.0 | 0.0 |
| | previous years | | |
--------------------------------------------------------------------------------
| | Total effective tax rate | 23.9 | 24.6 |
--------------------------------------------------------------------------------
Notes
--------------------------------------------------------------------------------
| Note | | End Dec. | End Dec. 2008 |
| | | 2009 | DKK 1,000 |
| | | DKK | |
| | | 1,000 | |
--------------------------------------------------------------------------------
| 9 | Claims on credit institutions and | | |
| | central banks | | |
--------------------------------------------------------------------------------
| | Claims at call | 306,531 | 1,348,577 |
--------------------------------------------------------------------------------
| | Up to and including 3 months | 1,298,234 | 444,147 |
--------------------------------------------------------------------------------
| | More than 3 months and up to and | 796,442 | 85,553 |
| | including 1 year | | |
--------------------------------------------------------------------------------
| | More than 1 year and up to and | 54,324 | 126,672 |
| | including 5 years | | |
--------------------------------------------------------------------------------
| | More than 5 years | 36,468 | 36,898 |
--------------------------------------------------------------------------------
| | Total claims on credit institutions | 2,491,999 | 2,041,847 |
| | and central banks | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 10 | Loans and other debtors at amortised | | |
| | cost price | | |
--------------------------------------------------------------------------------
| | At call | 2,851,137 | 3,861,170 |
--------------------------------------------------------------------------------
| | Up to and including 3 months | 862,975 | 712,129 |
--------------------------------------------------------------------------------
| | More than 3 months and up to and | 2,066,758 | 2,533,169 |
| | including 1 year | | |
--------------------------------------------------------------------------------
| | More than 1 year and up to and | 4,155,151 | 3,501,623 |
| | including 5 years | | |
--------------------------------------------------------------------------------
| | More than 5 years | 3,111,191 | 3,289,010 |
--------------------------------------------------------------------------------
| | Total loans and other debtors at | 13,047,212 | 13,897,101 |
| | amortised cost price | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 11 | Write-downs on loans and other | | |
| | debtors and provisions for losses on | | |
| | guarantees | | |
--------------------------------------------------------------------------------
| | Cumulative individual write-downs on | 336,820 | 273,138 |
| | loans and other debtors at the end | | |
| | of the previous financial year | | |
--------------------------------------------------------------------------------
| | Write-downs/value adjustments during | 195,056 | 190,236 |
| | the year | | |
--------------------------------------------------------------------------------
| | Reverse entry - write-downs made in | -53,832 | -116,390 |
| | previous financial years | | |
--------------------------------------------------------------------------------
| | Booked losses covered by write-downs | -53,527 | -10,164 |
--------------------------------------------------------------------------------
| | Cumulative individual write-downs on | 424,517 | 336,820 |
| | loans and other debtors on the | | |
| | balance sheet date | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Group write-downs | | |
--------------------------------------------------------------------------------
| | Cumulative group write-downs on | 17,594 | 8,656 |
| | loans and other debtors at the end | | |
| | of the previous financial year | | |
--------------------------------------------------------------------------------
| | Write-downs/value adjustments during | 35,167 | 13,286 |
| | the period | | |
--------------------------------------------------------------------------------
| | Reverse entry - write-downs made in | -11,629 | -4,348 |
| | previous financial years | | |
--------------------------------------------------------------------------------
| | Cumulative group write-downs on | 41,132 | 17,594 |
| | loans and other debtors on the | | |
| | balance sheet date | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Total cumulative write-downs on | 465,649 | 354,414 |
| | loans and other debtors on the | | |
| | balance sheet date | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| | Provisions for losses on guarantees | | |
--------------------------------------------------------------------------------
| | Cumulative individual provisions for | 1,669 | 7,303 |
| | losses on guarantees at the end of | | |
| | the previous financial year | | |
--------------------------------------------------------------------------------
| | Provisions/value adjustments during | 3,822 | 573 |
| | the period | | |
--------------------------------------------------------------------------------
| | Reverse entry - provisions made in | -4,115 | -6,207 |
| | previous financial years | | |
--------------------------------------------------------------------------------
| | Cumulative individual provisions for | 1,376 | 1,669 |
| | losses on guarantees on the balance | | |
| | sheet date | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Total cumulative write-downs on | 467,025 | 356,083 |
| | loans and other debtors and | | |
| | provisions for losses on guarantees | | |
| | on the balance sheet date | | |
--------------------------------------------------------------------------------
Notes
--------------------------------------------------------------------------------
| Note | | End Dec. | End Dec. 2008 |
| | | 2009 | DKK 1,000 |
| | | DKK 1,000 | |
--------------------------------------------------------------------------------
| 12 | Suspended calculation of interest | | |
--------------------------------------------------------------------------------
| | Loans and other debtors with | 62,649 | 22,110 |
| | suspended calculation of interest | | |
| | on the balance sheet date | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 13 | Bonds at current value | | |
--------------------------------------------------------------------------------
| | Listed on the stock exchange | 1,679,453 | 1,305,760 |
--------------------------------------------------------------------------------
| | Total bonds at current value | 1,679,453 | 1,305,760 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 14 | Shares etc. | | |
--------------------------------------------------------------------------------
| | Listed on NASDAQ OMX Copenhagen | 25,428 | 23,078 |
--------------------------------------------------------------------------------
| | Listed on other stock exchanges | 0 | 6 |
--------------------------------------------------------------------------------
| | Unlisted shares at current value | 2,591 | 9,741 |
--------------------------------------------------------------------------------
| | Sector shares at current value | 204,527 | 196,497 |
--------------------------------------------------------------------------------
| | Other holdings | 24,151 | 18,088 |
--------------------------------------------------------------------------------
| | Total shares etc. | 256,697 | 247,410 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| 15 | Debt to credit institutions and | | |
| | central banks | | |
--------------------------------------------------------------------------------
| | Debt payable on demand | 407,506 | 1,266,005 |
--------------------------------------------------------------------------------
| | Up to and including 3 months | 240,334 | 305,944 |
--------------------------------------------------------------------------------
| | More than 3 months and up to and | 51,892 | 505,163 |
| | including 1 year | | |
--------------------------------------------------------------------------------
| | More than 1 year and up to and | 1,974,750 | 2,850,267 |
| | including 5 years | | |
--------------------------------------------------------------------------------
| | More than 5 years | 320,241 | 373,783 |
--------------------------------------------------------------------------------
| | Total debt to credit institutions | 2,994,723 | 5,301,162 |
| | and central banks | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | The bank has undrawn long-term | 1,069,735 | 1,370,554 |
| | committed revolving credit | | |
| | facilities equivalent to: | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | The bank also has an undrawn loan | 800,000 | 800,000 |
| | facility with the Central Bank of | | |
| | Denmark on the basis of statutory | | |
| | excess solvency which expires on 30 | | |
| | September 2010 of | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 16 | Deposits and other debts | | |
--------------------------------------------------------------------------------
| | On demand | 5,318,439 | 4,067,100 |
--------------------------------------------------------------------------------
| | Deposits and other debts at notice: | | |
--------------------------------------------------------------------------------
| | Up to and including 3 months | 2,019,860 | 1,968,029 |
--------------------------------------------------------------------------------
| | More than 3 months and up to and | 1,141,367 | 586,356 |
| | including 1 year | | |
--------------------------------------------------------------------------------
| | More than 1 year and up to and | 1,251,393 | 1,055,126 |
| | including 5 years | | |
--------------------------------------------------------------------------------
| | More than 5 years | 1,456,411 | 1,396,264 |
--------------------------------------------------------------------------------
| | Total deposits and other debts | 11,187,470 | 9,072,875 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Distributed as follows: | | |
--------------------------------------------------------------------------------
| | On demand | 4,870,100 | 3,796,184 |
--------------------------------------------------------------------------------
| | At notice | 88,810 | 52,190 |
--------------------------------------------------------------------------------
| | Time deposits | 3,174,223 | 2,495,579 |
--------------------------------------------------------------------------------
| | Long term deposit agreements | 1,801,769 | 1,561,675 |
--------------------------------------------------------------------------------
| | Special types of deposits | 1,252,568 | 1,167,247 |
--------------------------------------------------------------------------------
| | | 11,187,470 | 9,072,875 |
--------------------------------------------------------------------------------
Notes
--------------------------------------------------------------------------------
| Note | | End Dec. | End Dec. 2008 |
| | | 2009 | DKK 1,000 |
| | | DKK | |
| | | 1,000 | |
--------------------------------------------------------------------------------
| 17 | Issued bonds at amortised cost price | | |
--------------------------------------------------------------------------------
| | On demand | 0 | 0 |
--------------------------------------------------------------------------------
| | Up to and including 3 months | 0 | 0 |
--------------------------------------------------------------------------------
| | More than 3 months and up to and | 446,461 | 0 |
| | including 1 year | | |
--------------------------------------------------------------------------------
| | More than 1 year and up to and | 11,264 | 386,363 |
| | including 5 years | | |
--------------------------------------------------------------------------------
| | More than 5 years | 99,612 | 91,978 |
--------------------------------------------------------------------------------
| | Total issued bonds at amortised cost | 557,337 | 478,341 |
| | price | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Distributed as follows: | | |
--------------------------------------------------------------------------------
| | Issues in Norwegian kroner | | |
--------------------------------------------------------------------------------
| | Nom. 500 million NOK | 447,100 | 378,600 |
--------------------------------------------------------------------------------
| | Nom. 100 million NOK | 89,420 | 75,720 |
--------------------------------------------------------------------------------
| | Regulation at amortised cost price | 6,980 | 12,756 |
| | and adjustment to | | |
| | current value of | | |
| | issues in Norwegian kroner | | |
--------------------------------------------------------------------------------
| | Other issues | 13,837 | 11,265 |
--------------------------------------------------------------------------------
| | | 557,337 | 478,341 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 18 | Subordinated debt | | |
--------------------------------------------------------------------------------
| | Subordinated loan capital: | | |
--------------------------------------------------------------------------------
| | 3.995% bond loan, nom. DKK 300 | 300,000 | 300,000 |
| | million, | | |
| | expiry 9.2.2014 | | |
--------------------------------------------------------------------------------
| | Floating rate loan, principal EUR 27 | 200,921 | 201,166 |
| | million, expiry | | |
| | 30.6.2021 | | |
--------------------------------------------------------------------------------
| | Hybrid core capital: | | |
--------------------------------------------------------------------------------
| | 4.795% bond loan, nom. DKK 200 | 200,000 | 200,000 |
| | million, | | |
| | indefinite term | | |
--------------------------------------------------------------------------------
| | Regulation at amortised cost price | 4,631 | -10,182 |
| | and adjustment to current value of | | |
| | subordinated loan capital and hybrid | | |
| | core capital | | |
--------------------------------------------------------------------------------
| | Own holding of subordinated loan | -10,158 | 0 |
| | capital | | |
--------------------------------------------------------------------------------
| | Total subordinated debt | 695,394 | 690,984 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 19 | Share capital | | |
--------------------------------------------------------------------------------
| | Number of shares at DKK 5 each: | | |
--------------------------------------------------------------------------------
| | Beginning of period | 5,040,000 | 5,240,000 |
--------------------------------------------------------------------------------
| | Cancelled during the period | 0 | -200,000 |
--------------------------------------------------------------------------------
| | End of period | 5,040,000 | 5,040,000 |
--------------------------------------------------------------------------------
| | Total share capital | 25,200 | 25,200 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 20 | Own capital shares | | |
--------------------------------------------------------------------------------
| | Own capital shares included in the | 0 | 0 |
| | balance sheet at | | |
--------------------------------------------------------------------------------
| | The market value is | 5,220 | 63,343 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Number of own shares: | | |
--------------------------------------------------------------------------------
| | Beginning of year | 204,333 | 196,531 |
--------------------------------------------------------------------------------
| | Net purchases and sales, including | -195,761 | +7,802 |
| | cancellation, of own shares during | | |
| | the year | | |
--------------------------------------------------------------------------------
| | End of year | 8,572 | 204,333 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Nominal value of holding of own | 43 | 1,022 |
| | shares, end of year | | |
--------------------------------------------------------------------------------
| | Own shares' proportion of share | 0.2 | 4.1 |
| | capital, end of year (%) | | |
--------------------------------------------------------------------------------
Notes
--------------------------------------------------------------------------------
| Note | | End Dec. | End Dec. 2008 |
| | | 2009 | DKK 1,000 |
| | | DKK | |
| | | 1,000 | |
--------------------------------------------------------------------------------
| 21 | Contingent liabilities etc. | | |
--------------------------------------------------------------------------------
| | Contingent liabilities | | |
--------------------------------------------------------------------------------
| | Finance guarantees | 1,009,540 | 732,598 |
--------------------------------------------------------------------------------
| | Guarantees for foreign loans | 29,613 | 1,089,343 |
--------------------------------------------------------------------------------
| | Guarantees against losses on | 48,774 | 48,710 |
| | mortgage credit loans | | |
--------------------------------------------------------------------------------
| | Guarantees against losses | 116,327 | 116,182 |
| | Totalkredit | | |
--------------------------------------------------------------------------------
| | Registration and conversion | 74,389 | 134,160 |
| | guarantees | | |
--------------------------------------------------------------------------------
| | Guarantees on national bank package | 109,886 | 163,422 |
| | I | | |
--------------------------------------------------------------------------------
| | Other contingent liabilities | 97,147 | 101,798 |
--------------------------------------------------------------------------------
| | Total contingent liabilities | 1,485,676 | 2,386,213 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Binding agreements | | |
--------------------------------------------------------------------------------
| | Irrevocable credit commitments | 0 | 0 |
--------------------------------------------------------------------------------
| | Other | 0 | 0 |
--------------------------------------------------------------------------------
| | Total binding agreements | 0 | 0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | As security for clearing etc., the | 292,858 | 1,170,161 |
| | bank has pledged bonds from its | | |
| | total bond 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 | 11,378,127 | 13,013,636 |
| | counterpart risks | | |
--------------------------------------------------------------------------------
| | Market risk | 914,819 | 838,422 |
--------------------------------------------------------------------------------
| | Operational risk | 1,322,788 | 1,251,250 |
--------------------------------------------------------------------------------
| | Total risk weighted items | 13,615,734 | 15,103,308 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Share capital | 25,200 | 25,200 |
--------------------------------------------------------------------------------
| | Reserve for net revaluation under | 162 | 188 |
| | the intrinsic value method | | |
--------------------------------------------------------------------------------
| | Profit carried forward | 2,030,411 | 1,759,402 |
--------------------------------------------------------------------------------
| | Core capital | 2,055,773 | 1,784,790 |
--------------------------------------------------------------------------------
| | Proposed dividend etc. | 0 | 0 |
--------------------------------------------------------------------------------
| | Addition to / deduction from the | -162 | -27,901 |
| | core capital | | |
--------------------------------------------------------------------------------
| | Core capital after deductions | 2,055,611 | 1,756,889 |
--------------------------------------------------------------------------------
| | Hybrid core capital | 200,000 | 200,000 |
--------------------------------------------------------------------------------
| | Core capital after deductions incl. | 2,255,611 | 1,956,889 |
| | hybrid core capital | | |
--------------------------------------------------------------------------------
| | Subordinated loan capital | 490,921 | 501,166 |
--------------------------------------------------------------------------------
| | Addition to / deduction from the | 162 | 188 |
| | capital base | | |
--------------------------------------------------------------------------------
| | Capital base after deductions | 2,746,694 | 2,458,243 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Core capital ratio excl. hybrid core | 15.1 | 11.6 |
| | capital (per cent) | | |
--------------------------------------------------------------------------------
| | Core capital ratio (per cent) | 16.6 | 13.0 |
--------------------------------------------------------------------------------
| | Solvency ratio under Section 124 of | 20.2 | 16.3 |
| | the Danish Financial Business Act | | |
| | (per cent) | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Capital base requirements under | 1,089,259 | 1,208,265 |
| | Section 124 (2,1) of the Danish | | |
| | Financial Business Act | | |
--------------------------------------------------------------------------------
| | Minimum capital requirements under | 37,208 | 37,253 |
| | Section 124 (2,2) 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 8 |
| | 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 both for 2008 computed after allocation of dividend etc., net. |
| | Key figures per DKK 5 share are calculated on the basis of |
| | respectively 2009: 5,040,000 shares, 2008: 5,040,000 shares, 2007: |
| | 5,040,000 shares, 2006: 5,280,000 shares and 2005: 5,280,000 shares. |
| | Core earnings - pages 1 and 3 |
| | The comparative figures for the years 2000-2005 have not been |
| | adjusted for the change made 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
--------------------------------------------------------------------------------
| | 2009 | 2008 | 2007 | 2006 | 2005 |
--------------------------------------------------------------------------------
| Solvency ratio | % | 20.2 | 16.3 | 13.0 | 12.3 | 11.6 |
--------------------------------------------------------------------------------
| Core capital ratio | % | 16.6 | 13.0 | 11.2 | 10.4 | 11.6 |
--------------------------------------------------------------------------------
| Pre-tax return on equity | % | 15.9 | 17.9 | 26.1 | 35.6 | 25.0 |
--------------------------------------------------------------------------------
| Return on equity after | % | 12.1 | 13.5 | 20.0 | 26.8 | 18.3 |
| tax | | | | | | |
--------------------------------------------------------------------------------
| Income/cost ratio | DKK | 1.61 | 1.93 | 3.04 | 5.11 | 2.95 |
--------------------------------------------------------------------------------
| Interest rate risk | % | 0.6 | 1.2 | 1.0 | 1.6 | 1.7 |
--------------------------------------------------------------------------------
| Foreign exchange | % | 3.4 | 5.6 | 2.1 | 4.1 | 1.7 |
| position | | | | | | |
--------------------------------------------------------------------------------
| Foreign exchange risk | % | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 |
--------------------------------------------------------------------------------
| Excess cover relative to | % | 205.6 | 139.1 | 161.4 | 134.3 | 88.5 |
| statutory liquidity | | | | | | |
| requirements | | | | | | |
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| Loans and write-downs | % | 120.8 | 157.1 | 157.4 | 185.2 | 164.9 |
| thereon relative to | | | | | | |
| deposits | | | | | | |
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| Loans relative to | | 6.3 | 7.8 | 7.9 | 7.5 | 6.6 |
| shareholders' equity | | | | | | |
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| Growth in loans for the | % | -6.1 | -1.7 | 10.8 | 27.3 | 39.0 |
| year | | | | | | |
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| Total large exposures | % | 0.0 | 12.1 | 38.3 | 116.1 | 73.3 |
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| Cumulative write-down | % | 3.1 | 2.1 | 1.5 | 1.7 | 2.3 |
| percentage | | | | | | |
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| Write-down percentage | % | 1.16 | 0.48 | -0.06 | -0.39 | -0.03 |
| for the year | | | | | | |
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| Proportion of debtors at | % | 0.4 | 0.1 | 0.1 | 0.1 | 0.2 |
| reduced interest | | | | | | |
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| Result for the year | DKK | 921.0 | 933.8 | 1,324. | 1,637. | 1,002. |
| after tax per share * / | | | | 4 | 8 | 3 |
| *** | | | | | | |
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| Book value per share * / | DKK | 8,172 | 7,382 | 7,053 | 6,631 | 5,862 |
| ** | | | | | | |
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| Dividend per share * | DKK | 0 | 0 | 600 | 600 | 550 |
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| Price/result for the | | 13.2 | 6.6 | 13.0 | 13.2 | 15.0 |
| year per share * / *** | | | | | | |
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| Price/book value per | | 1.49 | 0.84 | 2.43 | 3.26 | 2.56 |
| share * / ** | | | | | | |
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| * 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. |
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Ringkjøbing Landbobank's announcement of the annual accounts for 2009
| Source: Ringkjøbing Landbobank A/S
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