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Microsoft word - avalik vahearuanne iiikv 2013 en.doc


CONTENTS:

2. STATEMENT OF THE MANAGEMENT BOARD 3. MANAGEMENT REPORT 3.1. DESCRIPTION OF AS EESTI KREDIIDIPANK GROUP 3.2. SIGNIFICANT EVENTS 3.3. CAPITAL ADEQUACY OF AS EESTI KREDIIDIPANK GROUP 3.4. RATIOS OF AS EESTI KREDIIDIPANK GROUP 3.5. PENDING COURT CASES 4.1. BALANCE SHEET OF AS EESTI KREDIIDIPANK GROUP 4.2. INCOME STATEMENT OF AS EESTI KREDIIDIPANK GROUP 4.3. CASH FLOW STATEMENT OF AS EESTI KREDIIDIPANK GROUP 4.4. STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY OF AS EESTI 1. GENERAL INFORMATION
The Commercial Register of the Register Department of the Harju County Court 2. STATEMENT OF THE MANAGEMENT BOARD
The Management Board of Eesti Krediidipank is of the opinion that information in this interim report, consisting of the management report and financial reports, is in conformity with requirements to interim reports and gives a true and fair view of the financial condition and results of operations of Eesti Krediidipank Group, all presented data and information is true and comprehensive. Current interim report is not audited. The General Meeting of Shareholders approved the Annual Report 2012 on April 9, 2013. 3. MANAGEMENT REPORT
3.1. DESCRIPTION OF AS EESTI KREDIIDIPANK GROUP

Pursuant to Estonian Credit Institutions Act the consolidation group of a credit institution comprises the parent company and subsidiaries thereof which are credit institutions, financial institutions or ancillary undertakings. During the reporting period the Krediidipank Group comprised AS Eesti Krediidipank, Krediidipanga Liisingu AS, AS Martinoza, Äigrumäe Kinnisvara OÜ and OÜ Murru-Murikatsi Põllumajandussaadused as well as AS Krediidipank Finants that was registered on October 3, 2013. All companies are registered in the Commercial Register of the Republic of Estonia, the parent company is AS Eesti Krediidipank. In consolidation, the balances and income statements of aforementioned Group companies are consolidated line by line, by eliminating all intra-group receivables and liabilities, transactions and profits/losses. The consolidation group for the purposes of the Credit Institutions Act and consolidation within the Group, according to IFRS, have no distinctions. 3.2. SIGNIFICANT EVENTS
New head of Tartu branch. Since January 2 Krediidipank's Tartu branch is headed by Valeri Roos,
who has graduated from finance and banking faculty of Tartu University and has 16-year working
experience in banking sector.
Krediidipank's strategy change on Latvian market. Bank's management decided to reduce the
number of services offered by Latvian branch – corporate loans and private deposits remain as
priority services.
Shareholders approved the Annual Report 2012. On April 9 the Ordinary General Meeting of
Krediidipank shareholders took place and the Annual Report 2012 was approved there. The
meeting of shareholders decided to retain the profit and approved AS Deloitte Audit Eesti as
auditor of financial year 2013.
One member changed in the Supervisory Board of Krediidipank. On the Extraordinary General
Meeting of Krediidipank Shareholders, held on May 21, shareholders elected Arthur Klaos to
replace the resigned Supervisory Board member Alexander Evnevich. Andrus Kluge, Ain Soidla,
Timur Dyakov and Boris Belyaev continue as Supervisory Board members.
The Rein Otsason Foundation awarded 2000€ scholarships. On May 24, for the seventh time
already, the Rein Otsason Foundation awarded three scholarships of 2000€ to young Estonian
researchers. The scholarship laureates were Aleksei Fimaier, Anne Põder and Eneli Kindsiko.
Traditional fall deposit campaign. From September 2 Krediidipank offers term deposit under
favourable conditions. Bank pays increased interests – 2% - till the end of 2013 for all deposit
agreements that have been concluded under campaign terms.
Internet bank underwent renewal. More than 22 thousand Krediidipank’s internet and mobile
banking customers received modernised and more user-friendly Internet bank at their disposal.

3.3. CAPITAL ADEQUACY OF AS EESTI KREDIIDIPANK GROUP

AS Eesti Krediidipank and AS Eesti Krediidipank Group have the minimum capital adequacy
standard 10%.
In calculations of capital adequacy Eesti Krediidipank follows the standard method of calculating
credit risk capital requirement and uses the basic indicator approach to operational risk.
In thousands of euros
1.3 Retained earnings/accumulated loss (+/-) 1.4 Unrealised profit of investment property 1.7 Profit/loss for the reporting period (+/-) 2.2. Subordinated liabilities over limitations 2.3. Unrealised profit of investment property 5. Own funds for capital adequacy assessment 6. Total credit risk and counterpart credit risk 6.1 Central governments and central banks 6.2 Credit institutions, investment associations and local governments 6.4 Retail claims and receivables secured by immovable 7. Capital requirement for covering trading portfolio risk (held till maturity) 8. Capital requirement for covering foreign exchange risk 9. Capital requirement for covering operation risk (basic indicator approach) Capital adequacy
Tier 1 capital ratio
Tier 2 capital ratio
1.4 RATIOS OF AS EESTI KREDIIDIPANK GROUP

The ratios of Q3 have been calculated on the basis of Q3 indicators, i.e. the indicators of income
statement date from July 2013 till September 2013 and the indicators of balance sheet are arithmetic
means of the indicators of the end dates of last month of Q2 2013 and each month of Q3 2013.
The ratios of 6 months are calculated on the basis of 9 moths indicators, i.e. the indicators of income
statement date from January 2013 till September 2013 and the indicators of balance sheet are
arithmetic means of the indicators of the end dates of the same period.
The table presents ratios on yearly basis.

Return on equity ROE
net interest income/interest-bearing assets interest income/interest-bearing assets -- interest expense/interest-bearing liabilities
3.5 PENDING COURT CASES
Bank’s shareholder and supervisory authority have disputed in Harju County Court several
decisions made in the general meeting of shareholders. The disputed decisions are in conformity
with legislation and articles of association; estimated outcome of the proceedings is positive to the
bank.
The main pending court cases are bank’s claims against different persons that have not fulfilled
their obligations and negotiations with whom have not succeeded in satisfactory to both parties
agreements.
There are no cases in courts or arbitration bodies that could result in causing damage to AS Eesti
Krediidipank Group.

4. FINANCIAL REPORTS
4.1. BALANCE SHEET OF AS EESTI KREDIIDIPANK GROUP
In thousands of euros
1. Cash and receivables from credit institutions 2. Financial assets measured at fair value 3. Deposits and other financial liabilities 6. Profit/loss for the financial year (+/-) Total liabilities and shareholders’ equity 4.2. INCOME STATEMENT OF AS EESTI KREDIIDIPANK GROUP

In thousands of euros
1. Financial and operating income and expenses 1.1.1 From cash and deposits with central banks 1.1.3 From financial assets at fair value with changes through profit and loss 1.1.4 From available for sale financial assets 1.1.5 From loans (incl. financial lease) 1.1.6 From financial investments held to maturity 1.2.2 From financial liabilities recorded based on the amortised acquisition cost method 1.5 Net profit/loss from financial assets and liabilities not recorded at fair value (+/-) 1.6 Net profit/loss from financial assets and liabilities held for trading (+/-) 1.7. Net foreign exchange gains/losses (+/-) 1.8 Profit/loss from assets not held for trading (+/-) 2.2 Administrative and general expenses 5. Profit/loss from continued operations, before income tax (+/-) 6. Income tax expense on continued operations (-) 7. Net profit/loss from continued and discontinued operations (+/-) 2.1. Difference of unrealised foreign exchange rate generated by recalculation of financial indicators of foreign business unit 2.2. Revaluation of available for sale financial assets Total comprehensive income/expense of the Group 4.3. CASH FLOW STATEMENT OF AS EESTI KREDIIDIPANK GROUP

In thousands of euros
- change in assets related to operating activities - change in liabilities related to operating activities d) Net change in cash and cash equivalents cash and cash equivalents at the beginning of the period cash and cash equivalents at the end of the period Demand deposits and short-term deposits with credit institutions 4.4 STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY OF AS EESTI
KREDIIDIPANK GROUP
Shareholders' equity balance 31.12.2012 25 001 Difference of unrealised foreign exchange rate generated by recalculation of financial indicators of foreign business unit Shareholders' equity balance 30.09.2013 25 001 Shareholders' equity balance 31.12.2011 25 001 Difference of unrealised foreign exchange rate generated by recalculation of financial indicators of foreign business unit Shareholders' equity balance 30.09.2012 25 001 5. NOTES TO THE INTERIM REPORT
Note 1. Accounting policies used

The accounting policies, used in current interim report are in conformity with the accounting
policies, used in the Annual Report 2012.
The balance sheet and income statement reflect the assets, liabilities, shareholders’ equity, income
and expenses in conformity with the procedure provided by the European Parliament and the
Council of Europe, based on International Accounting Standards ratified by the European
Commission.
Note 2. Provision for loan loss allowances of AS Eesti Krediidipank Group
In thousands of euros
Balance of allowance made for uncollectible loans and claims at the beginning of the period Loans written off from the balance sheet during the period Balance of allowance made for uncollectible loans and claims at the end of the period
Note 3. Receivables due for payment of AS Eesti Krediidipank Group
In thousands of euros
Note 4. Related parties of AS Eesti Krediidipank Group
For the purposes of this Note, the following shall be considered related parties:
- credit institution with qualifying holding and credit institutions of its group;
- members of the Management Board and Supervisory Board of the Group, the head of internal audit
(hereinafter the directors) and entities controlled by them;
-
those who have same economic interests as directors and entities related to them.
Loans issued to related parties do note differ in terms of interest rate from these given to other customers.
Transactions with related parties are based on the price list and/or are carried out at market value.
In thousands of euros
Credit institution with qualifying holding and credit institutions
of its group

Deposits with credit institution with qualifying holding 30.09 Deposits of credit institution with qualifying holding 30.09 Interest income calculated during the period Interest expenses calculated during the period Directors and persons and companies related to them
Interest income calculated during the period Interest expenses calculated during the period Management Board and Supervisory Board remuneration

Source: http://www.krediidipank.ee/bank/finance/reports_2013/vahearuanne2013-IIIkv_inglise.pdf

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