RNS Number:8523V
Alpha Bank A.E.
26 February 2004
ALPHA BANK
BALANCE SHEET AS AT DECEMBER 31, 2003
(Amounts in thousands of Euro)
ASSETS
2003 2002
CASH AND BALANCES WITH CENTRAL BANKS
a. Cash 266,729 302,704
b. Cheques receivable 56,096 59,497
c. Deposits with Cental Banks 603,088 925,913 782,645 1,144,846
TREASURY BILLS AND OTHER SECURITIES
ELIGIBLE
FOR REFINANCING WITH THE CENTRAL BANK
a. Issued by the Greek State 253,520 1,968,425
b. Other 163,575 417,095 221,828 2,190,253
LOANS AND ADVANCES TO CREDIT
INSTITUTIONS
a. Repayable on demand 5,109 8,144
b. With agreed maturity 1,134,773 753,853
c. Reverse repos 5,546,446 6,686,328 3,538,093 4,300,090
LOANS AND ADVANCES TO CUSTOMERS
a. Maturing within one year 8,993,327 8,731,795
b. Maturing after one year 8,954,092 7,028,033
17,947,419 15,759,828
- Other receivables 34,597 22,100
17,982,016 15,781,928
Less : Allowances for credit losses 439,700 17,542,316 315,000 15,466,928
SECURITIES
Debt securities including fixed-income securities:
a. Issued by the Greek State 124,454 375,198
b. Other 1,051,600 1,143,163
1,176,054 1,518,361
Shares and other variable-yield 120,484 1,296,538 117,984 1,636,345
securities
INVESTMENTS
Investments in non-affiliates 111,329 137,927
Investments in affiliates 1,367,221 1,478,550 1,479,013 1,616,940
INTANGIBLE ASSETS
a. Formation and preliminary expenses 18,798
Less: Amortization 14,810 3,988 5,447
b. Other intangible assets 225,354
Less: Amortization 148,120 77,234 81,222 67,574 73,021
TANGIBLE ASSETS
a. Land 354,077 62,774
b. Buildings-Buildings installation 331,957
Less: Depreciation 140,573 191,384 125,405
c. Furniture and fixtures 57,227
Less: Depreciation 36,792 20,435 21,225
d. EDP equipment 235,554
Less: Depreciation 192,245 43,309 53,080
e. Other tangible assets 1,456
Less: Depreciation 830 626 610
f. Fixed assets under construction
and advances 305 610,136 803 263,897
OTHER ASSETS 429,864 356,008
PREPAYMENTS AND ACCRUED INCOME
a. Prepaid expenses 17,305 23,009
b. Accrued interest:
- State bonds 8,349
- Other bonds 20,330
- Loans and advances 46,574
- Other 31,119 106,372 123,677 192,408 215,417
TOTAL ASSETS 29,591,639 27,263,745
LIABILITIES
2003 2002
DUE TO CREDIT INSTITUTIONS
a. Repayable on demand 29,032 39,070
b. Time deposits 867,835 1,662,445
c. Repos 1,744,800 2,641,667 1,177,665 2,879,180
DUE TO CUSTOMERS
a. Deposits
- Repayable on demand 4,660,287 4,042,545
- Saving deposits 8,571,739 8,189,251
- Time deposits 3,580,909 3,265,922
16,812,935 15,497,718
b. Other liabilities
- Cheques and orders payable 151,164 186,044
- Repos 3,287,200 20,251,299 5,643,601 21,327,363
DEBT SECURITIES ISSUED 2,399,168
-
OTHER LIABILITIES
a. Dividends payable 117,502 74,069
b. Income tax and other taxes payable 117,082 92,810
c. Withholdings in favour of social security
funds
and other third parties 149,451 138,081
d. Other 266,387 650,422 237,498 542,458
ACCRUED EXPENSES AND DEFERRED INCOME
a. Deferred income 20,406 19,432
b. Accrued interest on time
deposits 16,813 12,555
c. Other accrued expenses of the year 65,498 102,717 54,911 86,898
PROVISIONS FOR LIABILITIES AND CHARGES
a. Provision for staff retirement
indemnities 7,810 12,500
b. Other 14,421 22,231 12,965 25,465
SUBORDINATED DEBT 1,249,910 800,000
CAPITAL AND RESERVES
Share capital
- Paid-up capital (195,835,935 shares of Euro 953,721 768,462
4.87 per share)
Share premium account 244,914 443,373
Reserves
a. Legal reserve 214,000 189,000
b. Extraordinary reserve 190,000 179,000
c. Tax-free reserves under special laws 290,497 399,169
d. Reserves from the revaluation of 105,102 105,102
securities
Land and buildingrevaluation surplus 371,711
-
Retained earnings 209,930 129,576
Goodwill to be netted off (305,650) 2,274,225 (611,301) 1,602,381
TOTAL LIABILITIES 29,591,639 27,263,745
OFF BALANCE SHEET ACCOUNTS
2003 2002
Contingent liabilities
- From guarantees in favour of 3,897,767 3,426,006
third parties
Repos 5,032,000 6,821,266
Other off Balance Sheet accounts
a. Beneficiaries of asset items 143,536 171,524
b.Bilateral agreements 8,598,585 9,756,304
c. Sundry off balance sheet
accounts (guarantees,
securities etc.) 20,449,476 20,052,967
d. Mutual funds' holders 4,414,911 33,606,508 2,917,405 32,898,200
TOTAL OFF BALANCE SHEET 42,536,275 43,145,472
ACCOUNTS
Notes :
1. The annual ordinary general shareholders' meeting of the Bank on May
8, 2003 approved, in accordance with Law 3091/2002, that the unamortized balance
of goodwill resulting from the merger with the former Ionian Bank in 2000 of
Euro 611.3 million be offset against reserves in two equal instalments in 2003
and 2004.
2. In accordance with Law 3229/2004 the net book values of land and
buildings were revalued to fair value. The resulted surplus of Euro 406.7
million after deducting the relevant tax, was reduced by an amount of Euro 28.1
million which represents the difference from the valuation of an investment to
market value. The remaining surplus was recorded to an account in equity
"Land and building revaluation surplus".
3. In accordance with the provisions of P.D. 299/2003, the Bank selected
fixed assets depreciation rates that reflect more satisfactorily the useful life
of the assets. Because of this change the depreciation expense is lower by Euro
9.1 million.
4. In 2003, former Alpha Romanian Holdings A.E. and Alpha Investments
A.E. have been merged with the Bank.
5. In 2003, the Bank's share capital increased by Euro 185.3 million as a
result of: a) the merger with the former Alpha Investments A.E. by Euro 184.8
million and b) the exercise of stock options by Euro 0.5 million.
6. According to an actuarial study of 2002, it was estimated that an
amount of about Euro 133.7 million (on an after tax basis), is required for the
Bank to fully cover its future obligations to the Auxiliary Pension Fund. The
Bank in order to keep this liability constant charged the results of 2003 with
the amount of Euro 55.3 million.
7. The additional taxes assessed relating to the financial years 2000 -
2002 were recorded against respective provisions that the Bank recorded in the
prior years.
8. The allowance for credit losses of Euro 439.7 million is considered
adequate.
9. No fixed assets have been pledged.
10. There are no pending legal cases or issues in progress, which may have a
material impact on the financial statements of the Bank.
11. The total employees of the Bank as at December 31, 2003 was 7,412
compared to 7,852 as at December 31, 2002.
12. The Bank is classified under the statistical code 651.9, according to
the 4-digit classification of the economic activity sector.
PROFIT AND LOSS ACCOUNT
(1.1 - 31.12.2003)
2003 2002
Interest and similar income
- Interest on fixed-income securities 106,304 235,702
- Other interest and similar income 1,125,057 1,231,361 1,002,353 1,238,055
Less :
Interest expense and similar charges 464,217 590,525
767,144 647,530
Plus :
Dividend income
a. Dividend income from trading 5,950 2,663
portfolio
b. Dividend income from investments in 18,273 24,223 20,475 23,138
affiliates
Commission income 257,484 255,758
Less :
Commission expense 31,009 226,475 23,014 232,744
Plus :
Net trading income 113,807 76,215
Plus :
Other operating income 8,025 9,329
Gross operating results 1,139,674 988,956
Less :
General administrative expenses
a. Staff costs
- Salaries 192,199 194,287
- Contributions to social security 111,605 99,717
funds
- Other staff costs 19,476 323,280 23,296 317,300
b. Other administrative expenses
- General expenses 196,039 182,309
- Non-income taxes 24,753 220,792 23,107 205,416
Less :
Depreciation and amortization expenses 80,250 83,605
Revaluation differences of receivables
and provisions for contingent
liabilities
- General provision for credit risk 166,181 139,084
- Provision for staff retirement
indemnities 487 4,901
- Other provisions 14,555 181,223 106 144,091
Total operating results 334,129 238,544
Extraordinary income 4,255 3,236
Extraordinary charges (2,617) (1,595)
Extraordinary results 20,643 3,406
Net profit for the year (before taxes) 356,410 243,591
APPROPRIATION ACCOUNT
2003 2002
Net profit for the year 356,410 243,591
Retained earnings 137,884 62,179
Treasury shares' reserve 250
-
494,544 305,770
Less :
Income tax and other taxes 96,042 74,448
Profit for appropriation 398,502 231,322
Appropriated as under:
Legal reserve 25,000 15,853
Dividend for the year (195,835,935 shares of Euro 117,502 74,069
0.60 per share)
Special and extraordinary reserves:
- Extraordinary reserve 12,846 5,853
- Tax-free reserves under special laws 29,868 42,714 2,041 7,894
Directors' fees 360 360
Bonus to staff 2,996
-
Extra allowance to staff due to Euro introduction 3,570
-
Retained earnings at 31.12.2003 209,930 129,576
398,502 231,322
Athens, February 24,2004
The Chairman of the The Executive Director The Executive General Chief Group
Board of Directors And General Manager Manager And Chief Financial Reporting
And Managing Director Financial Officer
YANNIS S. DEMETRIOS P. MARINOS S. GEORGE N.
COSTOPOULOS MANTZOUNIS YANNOPOULOS KONTOS
Independent Auditors' Report
(Translated from the original in Greek)
To the Shareholders of ALPHA BANK
We have audited, the above financial statements of Alpha Bank for the year ended
31 December 2003 and the relevant notes thereon. Our audit, included the
activities of the Bank's branches, and was performed in accordance with the
article 37 of Codified Law 2190/1920 relating to Anonymes Eteries and included
the audit procedures we considered appropriate taking into account the auditing
standards adopted by the Institute of Certified Auditors Accountants. The books
and records maintained by the Bank were placed at our disposal and we were
provided with the necessary information and explanations for the purpose of our
audit. The Bank has properly applied the Banking Industry Chart of Accounts. The
accounting policies have been consistently applied except for the matter
described in note 2 to the financial statements. We verified that the contents
of the Board of Directors Report to be submitted to the Annual General Meeting
of the Shareholders agrees with the related financial statements. The notes to
the financial statements contain the information required under paragraph 1 of
article 43a and article 129 of Codified Law 2190/1920. In our opinion, the above
financial statements, which are derived from the Bank's books and records,
together with the notes thereon, after taking into consideration the matters
described in notes 2 and 6 to the financial statements, present fairly the banks
financial position as of 31 December 2003 and its results for the year then
ended, in accordance with the applicable provisions and generally accepted
accounting principles in Greece and have been applied on a consistent basis
except for the matter described in note 2 above.
Athens, 25 February 2004
KPMG Kyriacou Certified Auditors AE
Nick Vouniseas Yiangos Charalambous
Certified Auditor Accountant Certified Auditor Accountant
AM SOEL 18701 AM SOEL 12501
This information is provided by RNS
The company news service from the London Stock Exchange
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