Sparekassen Vendsyssel Østergade 15 Dk

Transcription

Annual report
2009
Sparekassen Vendsyssel ▪ Østergade 15 ▪ Dk-9760 Vrå
Tel. +45 82 22 90 00 ▪ Fax. +45 98 98 25 51 ▪ CVR. nr. 64806815 ▪ [email protected] ▪ www.sparv.dk
indholdsfortegnelse
Management’s review ............................................................................................................................................................... page 3
2009 – A satisfactory year after all ........................................................................................................... page 4
Profit for the year .......................................................................................................................................... page 5
Bank Rescue Package .................................................................................................................................... page 6
Sparekassen Vendsyssel’s balance sheet .................................................................................................. page 6
Capital adequacy............................................................................................................................................
page 7
Bank Rescue Package II ................................................................................................................................ page 7
Liquidity ..........................................................................................................................................................
page 7
Consolidated financial statements ............................................................................................................. page 8
Audit committee ........................................................................................................................................... page 8
Corporate Governance .................................................................................................................................. page 8
Events after the end of the financial year ................................................................................................
page 8
Outlook for 2010 .......................................................................................................................................... page 8
Risks .................................................................................................................................................................. page 8
Corporate Social Responsibility (CSR))......................................................................................................
page 9
Statement by the management on the Annual Report .................................................................................................. page 10
Independent auditors’ report ................................................................................................................................................ page 11
Income statement for 2009 .................................................................................................................................................... page12
Balance sheet as at 31 December 2009 Asets................................................................................................................... page 13
Balance sheet as at 31 December 2009 Liabilities and equity.............................................................................. page 14
Statement of changes in equity for 2009 .........................................................................................................................
page 15
Note 1 – Accounting policies...................................................................................................................................................
page 16
Note 2 - Finansielle risici og politikker og mål for styringenen af finansielle risici ............................................... page 21
Note 3 – Financial highlights for the past five years ...................................................................................................... page 27
Notes 4 -32 .................................................................................................................................................................................. page 29
Other managerial posts held by the management ........................................................................................................ page 51
Sparekassen Vendsyssel’s Board of Representatives ...................................................................................................... page 52
Sparekassen Vendsyssel’s Board of Directors, Board of Executives and .................................................................
page54
Sparekassen Vendsyssel’s branches .................................................................................................................................... page 55
2
7.000.000
Management Review
6.000.000
5.000.000
Management Review
Main activities
Sparekassen Vendsyssel was established in 2001 as the
result of a merger between Vrå Sparekasse and JelstrupLyngby Sparekasse. Hellevad-Ørum Sparekasse merged
with Sparekassen Vendsyssel on 1 January 2005. In 2006,
first Brovst Sparekasse and then Jerslev Sparekasse became
part of Sparekassen Vendsyssel. Most recently, Ulsted
Sparekasse merged with Sparekassen Vendsyssel in 2008.
The Bank has 263 dedicated and competent employees
(full-time equivalent: 250), including specialists in all
major business areas.
Again in 2009, the Bank saw an increase in the number
of new customers, exceeding the budget for the year. In
total, the Bank has approximately 7,500 new customers
of whom approximately 3,000 come from the acquisition
of four branches of the former EBH Bank in Skovsgård,
Tranum, Halvrimmen and Brovst. The Bank already had
branches in Skovsgård and Halvrimmen and therefore, the
branches were merged shortly after the acquisition. The
acquired branch in Brovst will be merged with the existing
branch in Brovst on 8 March 2010.
The approximately 3,800 customers taken over by the
Bank in the branches acquired from EBH Bank were
transferred manually to Sparekassen Vendsyssel. With the
exception of a part of the branch in Brovst, this process has
almost been completed and added 3,000 new customers
to the Bank as at 31 December 2009. The remaining approximately 800 customers are expected to be transferred
to the Bank in the first quarter of 2010. At the end of 2009,
these approximately 800 customers had deposits of DKK
33.6m, loans of DKK 47.4m and guarantees of DKK 42.0m.
These amounts were not recognised in the Bank’s financial
statements for 2009, as the customers had not signed a
legally binding agreement on such transfer at the end of
2009.
At the end of 2009, the Bank had approximately 53,000
customers, including more than 23,400 guarantors, who
have contributed total guarantee capital of DKK 704.2m
– an important part of the Bank’s foundation. This support
has helped make Sparekassen Vendsyssel one of Denmark’s
largest guarantor savings banks. The total business volume
with customers in the form of loans, deposits, guarantees
and guarantee capital is DKK 15.9bn, to which should be
added management of custody accounts for DKK 2.3bn.
4.000.000
DKK 1.000 kr.
1500
3.000.000
2.000.000
1200
1.000.000
0
900
2
600
% 200
300
180
160
0
2005
2006
2007
2008
140
2009
100
Guarantee capital
Other equity
80
60
The Bank’s total equity was DKK 1.3bn at the end of 2009,
DKK 704.2m of which was guarantee capital.
The object of Sparekassen Vendsyssel is to offer all common financial products to private and business customers.
Sparekassen Vendsyssel is primarily active in Vendsyssel
Beløb i 1.000 kr.
(Northern
Jutland) with a total of 26 branches, 25 of which
500.000
are located in Vendsyssel and one in Copenhagen.
400.000
Mission
of Sparekassen Vendsyssel
For many years, Sparekassen Vendsyssel has been true
to its mission: ”from our base in Vendsyssel we wish to
300.000
meet the need for capital intermediation vis-à-vis both
private customers and small and medium-sized business
customers.
200.000 Our customers should see us as a provider of
optimum solutions to their overall financing needs, including competitive solutions and products within mortgage
100.000
credit,
insurance, pensions and investment.”
Thanks to the Bank’s large equity, sound core earnings and
competent
0 employees, it remains strongly positioned de2007
2006
2008
2009
spite the global financial crisis and the economic recession.
Netto rente- og gebyrindtægter
Sparekassen Vendsyssel
is – and will continue to be – an
independent Netto
localrenteindtægter
savings bank.
Unusual circumstances
In 2009. Sparekassen Vendsyssel applied for and was
granted hybrid core capital from the Danish government
(Bank Rescue Package II) totalling DKK 235m. The interest
has been fixed at a nominal 9.58 per cent including a risk
surcharge of 0.75 per cent and is, accordingly, one of the
lowest rates of interest granted for all loans under Bank
Rescue Package II. The loan was disbursed to the Bank
3
40
20
0
20
8.000.000
7.000.000
6.000.000
5.000.000
4.000.000
3.000.000
2.000.000
1.000.000
0
20
Management Review
at the end of September 2009 and recognised as hybrid
subordinate loan capital under subordinated debt. Before
Bank Rescue Package II, the Bank’s capital adequacy and
liquidity situation were in every possible way very satisfactory, but in the period up to the application deadline
of 30 June 2009, the crisis in society seemed to deepen
further and the financial markets kept being uncertain. The
Bank therefore decided to apply for a government capital
contribution by way of hybrid core capital. The cost of
Bank Rescue Package II is seen as insurance premium to
be prepared for further sector consolidation, should it be
required once again.
banks in general and, hence, also for Sparekassen Vendsyssel. Despite this, the Bank presents a satisfactory profit
of DKK 30.7m before tax. The profit for 2009 is in line
with 2008 which was also very much influenced by the
international financial crisis. Operating profit totals DKK
235.3m. The most recent expectations for operating profit
were DKK 210 – 230m. The expected profit was announced
in connection with the publication of the interim report for
2009.
The profit for the year was not affected by unusual
circumstances other than the ones mentioned above.
Net income from interest and
charges
The Bank’s results may be specified as follows:
Beløb i 1.000 kr
2009
2008
458.836
359.507
-87
1.233
216.127
198.019
7.273
7.721
235.349
155.000
Market value adjustment
16.277
-78.657
Impairment og loans and receivables, ect.
-11.315
-1.215
Other expenses excl. Bankpakke I
176
192
- Payment to the Private Contingency Association
159.748
32.049
Impariment og loans and receivable, ect.
80.387
42.887
Expenses fraom Bankpakke I
30.189
8.605
Hensættelse til tab på garanti
vedr Bankpakke I
19.455
6.993
Profik before Tax
30.743
27.289
9.098
5.097
21.645
22.192
Other operetion income
Staffe costs and administrative
expenses
Operating profits
Uncertainty connected with recognition and
measurement
Uncertainty connected with recognition and measurement
is mainly linked to impairment losses on loans. The Bank
constantly seeks to improve its methods for recognition
and measurement thereof, but the management assesses uncertainty to be at a level that is insignificant to the
Annual Report. Reference is made to Note 1 on accounting
policies for further information.
2009 A satisfactory year after all
Development in activities and financial affairs
2009 was a year of very difficult market conditions for
4
Tax
Next profit of the year
The financial problems that started in 2008 can now be
seen in the economic situation, resulting in difficult market
conditions. Unemployment and the number of bankruptcies are rising, spurring a falling level of activity in society in
general. Therefore, the willingness to invest and, hence, the
demand for loans and credits fell throughout 2009. The
crisis has implications for a wide range of sectors, but the
Management Review
agricultural sector in particular finds it difficult to generate
an income and has therefore contributed to increasing
impairment losses on loans etc.
Private customers experience falling prices on realestate.
This affects private consumption which is therefore lower
than in previous years, resulting in falling demand for
housing and car financing etc. In 2010 when the Danish
tax reform takes effect, this is expected to have a positive
impact on private consumption and therefore stabilise the
demand for loans.
Business as well as private customers show a general increase in savings, which is also the main cause of a significant increase in the Bank’s deposits in 2009.
However, despite the macroeconomic challenges, the
considerable influx of new customers and the purchase
of four branches of EBH Bank meant that the Bank’s total
DKK 1.000 kr.
7.000.000
6.000.000
5.000.000
4.000.000
3.000.000
2.000.000
1.000.000
0
2005
2006
2007
2008
2009
Loans
Deposits
loans in 2009 increased by DKK 270m, corresponding to
an increase of 4.7 per cent as compared to 2008. At the
end of the year, the Bank’s total loans are DKK 6.0bn.
One of the Bank’s focus points for the past years was to
create a better balance between deposits and loans, a
strategy that has now been successful. Combined with the
positive capital mix and liquidity situation, this means that
the future strategy for controlled growth in loans in the
Bank’s natural area of activity can continue in the years to
come.
Profit for the year
Satisfactory development in core earnings
In 2009, the Bank realised a very satisfactory development
in net interest and fee income. With an increase of DKK
99.3m to DKK 458.8m, they exceed the budget expectations.
Net interest income rose in 2009 by 33.5 per cent to DKK
333.4m against DKK 249.7m in 2008. Net fee
income increased by DKK 15.5m, corresponding to 14.6 per
cent. These increases primarily resulted from a substantially lower funding rate, a general expansion of the interest
rate differential and rising sales of the Bank’s products and
services.
It is particularly satisfactory to see such an impressive
increase in a market where the demand for services has
generally been falling. The Bank’s considerable influx of
new customers and continued positive sales to existing
customers compensated for the general fall in demand.
In 2009, staff costs and administrative expenses are close
to the budget. The increase from 2008 to 2009 totals DKK
18.1m, corresponding to 9.1 per cent, primarily due to the
regulation of wages provided for by collective agreements,
the general price development and wages to former
employees taken over together with the four branches.
Depreciation and amortisation of and impairment losses
on intangible assets and property, plant and equipment
fell from DKK 7.7m in 2008 to DKK 7.3m in 2009. This
development was partly caused by the reclassification of
several business premises to investment properties in connection with the construction of new business premises
in the subsidiaries which means that depreciation must
no longer be provided for the premises. This item was also
positively influenced by reversed depreciation of DKK 0.7m
on divested business premises.
In 2009, the financial markets regained some of the lost
level from 2008. The Bank has positive market value
adjustments for shares as well as bonds in 2009. Of the
total market value adjustments of DKK 16.3m, a total of
DKK 10.7m relate to the bond portfolio and DKK 7.2m to
the shareholding. Adjustments of investment properties to
fair value resulted in negative market value adjustments
totalling DKK 5.2m. Other market value adjustments,
including for currency positions, total DKK 3.6m.
At the end of the year, the Bank’s shareholding totals DKK
299.5m of which DKK 45.5m are listed shares and DKK
254.0m are sector shares etc. At the end of the year, the
bond portfolio totals DKK 2.0bn of which DKK 1.2bn are
measured at amortised cost. These bonds must be held to
maturity and must not be adjusted in the income state-
5
Management Review
ment but must be amortised over their term.
Impairment losses on loans etc. are severely affected by
the financial crisis and the negative economic conditions,
rising from DKK 39.0m in 2008 to DKK 179.2m in 2009.
Of the total impairment losses on loans etc., a total of DKK
19.5m can be attributed to the joint guarantee under Bank
Rescue Package I.
Participation in Bank Rescue Package I also means that
the Bank shares the joint obligation to cover any losses
in failing banks wound up by the government winding-up
company, Finansiel Stabilitet A/S. The Bank’s share of this
obligation is approximately 0.41 per cent. The maximum
cost is approximately DKK 83m for the full period. Accordingly, total commission and guarantee costs cannot
exceed DKK 145.3m of which DKK 41.5m are only relevant
if the total loss for the financial sector exceeds DKK 25bn.
The Bank does not expect that these DKK 41.5m will be
required.
The monthly commission of DKK 2.6m therefore totals
DKK 30.2m of the total amount recognised under ”Other
operating costs”. The operating item ”Impairment losses
on loans etc.” was affected by provisions for losses on
guarantees of DKK 19.5m. The Bank’s financial statements
for 2009 were affected by total costs for Bank Rescue
Package I of DKK 49.6m.
Impairment losses for the year correspond to 1.89 per cent
of total loans and guarantees. The Bank’s accumulated
impairment losses and provisions total DKK 308.7m, corresponding to 3.2 per cent of the total loans and guarantees.
The Bank’s portfolio of loans is generally strong, but as
a consequence of the changed economic conditions,
the Bank has reassessed the commitments of selected
customers in line with the changed risks. This resulted in
the preparation of action plans in collaboration with the
individual customers, the purpose being to prevent or limit
a possible loss.
Despite a prudent credit policy and a reasonably limited
market area, defined as Vendsyssel, it must be expected
that, due to the anticipated development in economic
conditions, losses will be comparatively high in the coming
year as well.
Bank Rescue Package I
Together with most other Danish banks, Sparekassen
Vendsyssel joined the two-year government guarantee
scheme that came into force on 1 October 2008.
The scheme is managed by the Private Contingency
Association, and the Bank’s monthly commission payment
to the scheme totals DKK 2.6m until 30 September 2010
when the scheme expires. The Bank will then have paid
DKK 62.4m to the scheme.
6
Profit before tax totals DKK 30.7m against DKK 27.3m in
2008.
The Bank’s balance sheet etc.
In 2009, the Bank’s balance sheet increased by DKK 1.1bn,
corresponding to 14.4, per cent as compared to the end of
2008, and now totals DKK 9.1bn.
The primary explanation for the growing balance sheet
is a major increase in deposits (excl. pools) of as much as
DKK 1.3bn or 27.1 per cent to a total of DKK 6.0bn. Loans
rose by a mere DKK 275.2m or 4.8 per cent to DKK 6.0bn.
Liquidity from the increase in deposits is widely placed in
short-dated bonds and the total bond portfolio therefore
increased by approximately DKK 886m.
Subordinated debt rose from DKK 84.9m in 2008 to DKK
321.3m in 2009. The rise was caused by the taking up of
a government capital contribution of DKK 235m and the
issue of employee bonds.
Total equity fell from DKK 1.33bn in 2008 to DKK 1.28bn
in 2009. The fall is attributable to the guarantee capital
where guarantee capital in the amount of DKK 237.5m
was paid in 2009, and new issues were effected in the
amount of DKK 168m, resulting in a negative impact on
the guarantee capital of DKK 69.5m.
Management Review
At the end of 2009, the guarantee capital comprises:
1000 kr.
%
Hellevad-Ørum Sparekasse's fund
19.003
2,7
Brovst Sparekasse's fund
39.925
5,7
Jerslev Sparekasse's fund
62.029
8,8
Ulsted Sparekasse's fund
60.000
8,5
The Private Contingency Association
38.528
5,5
219.485
31,2
23,422 other guarantors with a
maximum of DKK 0.250m each
484.728
68,8
Total guarantee capital, 31/122009
704.213
100,0
At the end of 2009, the Bank’s total guarantee capital comprises DKK 704.2m divided among approximately 23,400
guarantors. According to the Bank’s articles of association,
a guarantor’s guarantee capital may not exceed DKK
250,000. Funds from merged savings banks and the Danish
government are excluded from this rule. The monthly
payment to the Private Contingency Association relating to
Bank Rescue Package I is settled with guarantee capital.
Capital adequacy
The Bank’s weighted items are calculated on the basis of
the standard method for credit and market risks and the
basic indicator method for operational risks. The Bank
finds that there is currently no need to use more advanced
methods to determine the Bank’s solvency. The Bank will
regularly assess the need and strive to gradually introduce
more advanced models in risk management.
The capital base totals DKK 1.5bn which with risk-weighted
items totalling DKK 8.4bn, gives a solvency ratio of 18.0 per
cent. The core capital rate is 17.4 per cent.
In addition to calculating the actual solvency rate, the Bank
must determine its individual solvency requirement. The
assumptions underlying this calculation and a description
of the method can be found in a separate statement
published on the Bank’s website on www.sparv.dk.
The Bank’s solvency ratio must always exceed the individual solvency requirement, however always at least 8 per
cent. Sparekassen Vendsyssel’s individual solvency requirement is determined at 8.0 per cent. The Bank’s solvency
equity therefore totals as much as 10 percentage points.
Accordingly, the actual capital base exceeds the capital
requirement by more than DKK 840.9m. The Bank is
therefore well capitalised at the end of 2009.
Under the Executive Order on Capital Adequacy, banks
must publish various information on risk exposure etc.
Sparekassen Vendsyssel has chosen to publish this
information on its website,www.sparv.dk. For further
information, see this website.
Bank Rescue Package II
In 2009, the Bank applied for and subsequently received
DKK 235m as hybrid core capital. The interest rate is
determined at 9.58 per cent, incl. a risk surcharge of 0.75
per cent.
In 2009, the Bank concluded an agreement with the Danish government through Finansiel Stabilitet A/S, ensuring
that the Bank can execute funding with a state guarantee
of up to a total of DKK 2bn and a term of up to three years.
Liquidity
The Bank’s liquidity is good and at the end of 2009, the
liquidity reserve exceeded the statutory requirement by
178.4 per cent.
In 2008, the Bank was granted a credit line of DKK 550m
at Danmarks Nationalbank based on excess solvency. This
credit line is expected to lapse on 30 September 2010
upon the expiry of Bank Rescue Package I. The liquidity
reserve excl. this credit line is approximately 127 per cent.
It is the policy of the Bank to hold liquidity reserves that
exceed the requirement in Section 152(1)(ii) of the Danish
Financial Business Act (lov om finansiel virksomhed) by at
least 40 per cent.
Moreover, it is the overall objective of the Bank that loans
to customers should be financed via deposits, incl. pools,
and the Bank’s guarantee capital. At the end of 2009, deposits and guarantee capital in relation to loans was 112.5
per cent. The Bank’s objective has therefore been met.
The Bank regularly stress tests its liquidity and aims to
7
Management Review
maintain sufficient liquidity reserves to be resilient to a
tough stress scenario in which a large share of its financing
cannot be refinanced.
It is estimated that the expiry of Bank Rescue Package I
may lead to a generally lower supply of liquidity. The Bank
took this into account when it set up the credit limit of
DKK 2bn mentioned above.
Consolidated financial
statements
Sparekassen Vendsyssel prepared its first consolidated
financial statements in 2008. Besides the parent company
Sparekassen Vendsyssel, the Group comprises the fully
owned subsidiary Ejendomsselskabet Vendsyssel ApS, the
fully owned company Holdingsselskabet af 9. maj 1983
A/S and the fully owned company Ulsted Invest A/S. These
three companies own and operate some of the Bank’s
business premises and investment properties.
Audit committee
As provided by Danish legislation, Sparekassen Vendsyssel has appointed an audit committee. The committee
comprises four Board members.
The chairman of the audit committee, Søren Vad Sørensen, is the independent and qualified member. Based on
Søren Vad Sørensen’s business experience and training
as state-authorised public accountant, the Bank’s Board
of Directors assessed that he has the required qualifications, cf. Danish Executive Order on Audit Committees in
Undertakings and Groups Subject to Supervision by the
Danish Financial Supervisory Authority (Bekendtgørelse
om revisionsudvalg i virksomheder samt koncerner, der er
underlagt tilsyn af Finanstilsynet).
The committee’s tasks include:
Supervision of the financial reporting process
Supervision of whether the Bank’s internal control system,
internal audit and risk management systems are efficient
Supervision of the statutory audit of the Annual Report
etc. Supervision and control of the auditor’s independence.
The committee meets upon the request of one of its members and a meeting is expected to be held four times a
year. Furthermore, the committee meets upon the request
of the internal or external auditor.
8
Corporate Governance
Sparekassen Vendsyssel has considered the Danish Bankers
Association’s recommendations for good corporate governance and external audit relating to parts of the Corporate
Governance recommendations.
Our attitude to both sets of recommendations is generally
positive, as Sparekassen Vendsyssel and our stakeholders
(employees, customers, suppliers and the local community) and their interaction form the basis of the Bank’s
continued positive development. As a local bank, we focus
particularly on personal customer contact and as our
business depends on our ability to live up to the customers’ trust and security, it is important that we consider
our stakeholders’ requests.
We comply with most of the recommendations, and
Sparekassen Vendsyssel’s reasoning for not complying with
certain recommendations is explained in detail in accordance with a ”comply or explain” principle.
We comply with the Danish Bankers’ Association’s
recommendations in accordance with the ”comply or
explain” principle, and we have explained the individual
items for which we have chosen not to comply with the
recommendations. For the Board of Directors’ general view
on corporate governance, see www.sparv.dk.
Events after the end of the
financial year
No events have occurred from the balance sheet date up
to this date that materially influence the assessment of the
Annual Report for 2009.
Outlook for 2010
The current financial situation makes it more difficult than
usual to estimate the results for the coming financial year.
The increase in the number of bankruptcies means that
more people now find themselves without a job. Furthermore, the number of forced property sales is high, and
private consumption has fallen. On the other hand, it is
positive that many people with variable interest mortgage
loans can look forward to a significant lowering of interest
rates. Also, the tax reform with its inherent tax reliefs
holds prospect of increased financial latitude. Despite this,
there is still great uncertainty in relation to the financial
development.
The positive development in the Bank’s influx of customers
is expected to continue in 2010 with a subsequent increase
Management Review
in income. Costs are expected to increase moderately. The
Bank’s management expects operating profit to be DKK
230 – 250m.
Risks
Under the capital adequacy rules, banks must publish
certain risk information (the so-called Pillar III information). The present Annual Report contains some of this
information (Note 2) whereas all information is published
in a risk report on the Bank’s website www.sparv.dk.
As a bank, Sparekassen Vendsyssel has various types of
risks such as credit, market, liquidity and operational risks.
Credit risk can be defined as the risk that amounts owed
by customers are deemed to be irrecoverable due to the
customers’ inability or unwillingness to pay at the agreed
time.
Particular risks
The Bank’s management finds that the Bank is not exposed
to particular business or financial risks.
The primary business and financial risk types related to
the operation of the Bank comprise credit risk on lending,
market risk on the security portfolio and operational risks.
Reference is made to Note 2 for a more detailed description of the various types of risks and their management.
Corporate Social
Responsibility (CSR)
Pursuant to Section 135 of the Danish Executive Order
on Financial Reports for Credit Institutions Listed on the
Stock Exchange (Bekendtgørelse om finansielle rapporter
for kreditinstitutter, der er børsnoterede), the Annual
Report for 2009 must include a report on corporate social
responsibility.
For market risks, changes in the Bank’s assets and liabilities
and equity due to changed market conditions are assessed.
In terms of liquidity risks, the Bank’s ability to live up to its
payment obligations under the Bank’s liquidity resources
are assessed. Operational risks comprise the risk that the
Bank may suffer financial losses due to errors in internal
procedures and systems and human errors in connection
with external events. They can be either direct or indirect
losses.
In the risk areas mentioned above, the Bank’s overall policy
is to take on only such risks that comply with the business
procedures underlying the Bank’s operations and which the
Bank has resources to manage.
The Bank regularly develops its tools for identification and
management of the risks affecting the Bank’s operations.
Supervision and management of the Bank’s risks are
effected in the Bank’s staff function under the framework
provided by the Board of Directors. Supervision results
are reported to the Bank’s Executive Board and Board of
Directors.
Although Sparekassen Vendsyssel is not listed on the stock
exchange, we still focus on the executive order.
The reporting must be made in accordance with the
”comply or explain” principle. Sparekassen Vendsyssel has
followed the debate on corporate social responsibility with
great interest and we regularly consider the areas comprised by the executive order. The Bank’s management has
not yet prepared an actual report on the Bank’s CSR but
with its considerable anchoring in and support from the local community, the Bank has on several occasions and for
many decades shown great corporate social responsibility.
The Bank has launched many initiatives that naturally fall
under CSR. Accordingly, the Bank assumes a corporate
social responsibility in some areas of the local community
and in many ways complies with the ethical business
behaviour that is implied by CSR activities.
In 2010, the Bank expects to prepare a report on the Bank’s
corporate social responsibility which will subsequently be
published on the Bank’s website www.sparv.dk.
9
Statement by the management on the Annual Report
The Board of Directors and the Executive Board have on
this day considered and adopted the Annual Report of
Sparekassen Vendsyssel for 2009.
The Annual Report has been prepared in accordance with
the Danish Financial Business Act and the Executive Order
on Financial Reports for Credit Institutions etc. (bekendtgørelse om finansielle rapporter for kreditinstitutter m.fl).
In our opinion, the accounting policies applied are appro-
priate and the Annual Report presents fairly Sparekassen
Vendsyssel’s assets and liabilities and equity and financial
position and the results of the Bank’s and the Group’s
operations in the 2009 financial year.
The management’s review furthermore presents fairly the
development in the Bank’s and the Group’s activities and
financial affairs and a description of material risks and
uncertainties that may affect the Bank and the Group.
Årsrapporten
indstilles
til repræsentantskabets
We
recommend
the Annual
Report for adoptiongodkendelse
by the Board of Representatives
Vrå, den 3. marts 2010
Vrå, 10. march 2008
Direktionen:
Board af Executives:
______________________
________________________
_______________________
Vagn Hansen
John Olsson
Karsten Olsen
Administrerende direktør
Sparekassedirektør
Sparekassedirektør
Bestyrelsen:
______________________
________________________
_______________________
Svend Westergaard
Peter Have
Arne Andersen
_______________________
_______________________
______________________
Regnar Bering
Aage Hjelm Christensen
Louis Holt Christensen
_______________________
_______________________
_______________________
Poul Dahlgaard
Birte Dyrberg
Poul Hansen
_______________________
________________________
_______________________
Evald Haven
Peter Larsen
Mogens Nedergaard
________________________
Dorte Folden Skole
________________________
Helle S. Sørensen
________________________
Søren Vad Sørensen
________________________
Mona Lykke Thomsen
10
________________________
Hans Henrik Toft Sørensen
Independent auditors’ report
We have audited the financial statements of the parent
and the Group and the management’s review of Sparekassen Vendsyssel for the financial year 1 January – 31
December 2009.
The financial statements of the parent and the Group
comprise accounting policies, income statement, balance
sheet, statement of changes in equity and notes for both
the Group and the parent company. The financial statements of the parent and the Group have been prepared in
accordance with the Danish Financial Business Act and the
Danish Executive Order on Financial Reports for Credit Institutions and Investment Companies etc. (bekendtgørelse
om finansielle rapporter for kreditinstitutter og fondsmæglerselskaber m.fl.).
Management’s responsibility for the financial statements of the parent and the Group and the management’s review
The management is responsible for the preparation and
fair presentation of the financial statements of the parent
and the Group in accordance with the Danish Financial
Business Act and the Danish Executive Order on Financial
Reports for Credit Institutions and Investment Companies
etc. and a management’s review containing a fair presentation in accordance with the Danish Financial Business Act.
This responsibility includes: designing, implementing and
maintaining internal controls relevant to the preparation
and fair presentation of the financial statements of the
parent and the Group and a management’s review that are
free from material misstatement, whether due to fraud or
error, selecting and applying appropriate accounting policies and making accounting estimates that are reasonable
in the circumstances.
The auditors’ responsibility and basis of opinion
Our responsibility is to express an opinion on the financial
statements of the parent and the Group and the management’s review based on our audit. We conducted our audit
in accordance with Danish Auditing Standards. Those
standards require that we comply with ethical require-
ments and plan and perform the audit to obtain reasonable assurance that the financial statements of the parent
and the Group and the management’s review are free from
material misstatement.
An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the
financial statements of the parent and the Group and the
management’s review. The procedures selected depend on
the auditor’s judgement, including the assessment of the
risks of material misstatement of the financial statements
of the parent and the Group, whether due to fraud or error.
In making those risk assessments, the auditor considers
internal controls relevant to the enterprise’s preparation
and fair presentation of the financial statements of the
parent and the Group and the management’s review in
order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the enterprise’s internal
controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness
of accounting estimates made by the management as
well as evaluating the overall presentation of the financial
statements of the parent and the Group.
In our opinion, the audit evidence obtained is sufficient and
provides an appropriate basis for our opinion.
Our audit has not resulted in any qualifications.
Opinion
In our opinion, the financial statements of the parent
and the Group present fairly the Group’s and the parent
company’s assets, liabilities and equity and financial
position as at 31 December 2009 and the results of the
Group’s and parent company’s operations for the financial
year 1 January – 31 December 2009 in accordance with the
Danish Financial Business Act.
Furthermore, in our opinion, the management’s review
comprises a fair presentation in accordance with the Danish Financial Business Act.
Frederikshavn, 3. march 2010
Aalborg, 3. march 2010
Peter Have Jensen
State-Authorised Public Accountant
Henning Kjeldsen
11
Income statement
Note
Koncern
2009
2008
2009
2008
4.
Interest receivable
545.688
525.146
544.546
524.629
5.
Interest payable
212.297
275.410
213.428
276.416
333.391
249.736
331.118
248.213
3.748
3.562
3.748
3.562
127.398
111.906
127.398
111.906
5.701
5.697
5.702
5.698
458.836
359.507
456.562
357.983
16.277
-78.657
16.277
-78.657
-87
1.233
2.690
4.106
216.127
198.019
214.709
198.301
7.273
7.721
19.314
8.393
30.366
8.797
30.366
8.797
179.203
39.042
179.203
39.042
Net interest income
Dividend on shares etc.
6.
Fees and commissions received
Fees and commissions paid
Net income from interest and fees
7.
Market value adjustments
Other operating income
8.
Staff costs and administrative expenses
Amortisation, depreciation and impairment of
property, plant and equipment and intangible
assets
Other operating costs
9.
Impairment loss on loans etc.
10.
Profit on investments in associates and group
enterprises
-11.315
-1.215
-847
-1.513
Profit on ordinary activities before tax
30.742
27.289
31.090
27.386
9.098
5.097
9.446
5.194
21.644
22.192
21.644
22.192
11.
Tax
Net profit for the year
12
Balance sheet
Note
Aktiver
12.
9.13.
Koncern
2009
2008
2009
2008
Cash in hand and demand deposits with central
banks
57.035
48.904
57.035
48.904
Receivables from credit institutions and central
banks
327.296
422.629
327.296
422.629
39.282
33.861
39.282
33.861
5.970.423
5.700.624
5.929.516
5.656.467
818.166
623.315
818.166
623.315
1.188.639
496.915
1.188.639
496.915
299.494
283.469
299.494
283.469
33.925
34.030
33.925
34.030
6.011
7.478
0
0
Loans and other receivables at fair value
9,13. Loans and other receivables at amortised cost
14.
Bonds at fair value
14.
Bonds at amortised cost
15.
Shares etc.
16.
Investments in associates
16.
Investments in group enterprises
17.
Pooled assets
55.964
48.625
55.964
48.625
Intangible assets
18.894
4.189
18.894
4.189
109.714
114.077
185.272
183.059
Investment properties
31.417
23.393
70.465
92.375
Business premises
78.297
90.684
114.807
90.684
28.046
23.391
28.046
23.391
4.902
11.292
4.902
11.292
0
0
0
0
Temporarily acquired assets
15.758
5.527
15.758
5.527
Other assets
84.329
60.607
86.207
63.414
Total assets
9.057.878
7.918.933
9.088.396
7.939.087
18.
Land and buildings total
Of which
19.
Other property, plant and equipment
Current tax assets
20.
Deferred tax assets
13
Balance sheet – Liabilities and equity
Note
Liabilities and equity
Concern
2009
2008
2009
2008
1.106.381
1.313.981
1.130.950
1.313.981
5.985.968
4.710.136
5.985.746
4.728.076
55.964
48.625
55.964
48.625
Bonds issued at amortised cost
150.086
300.049
150.086
300.049
Temporarily acquired liabilities
0
4.653
0
4.653
112.342
99.965
114.299
98.302
4.081
3.548
4.081
3.548
7.414.821
6.480.957
7.441.126
6.497.234
2.402
212
6.616
4.089
Debt
21.
Amounts owed to credit institutions and
central banks
22.
Deposits and other debt
Pooled deposits
23.
Other liabilities and equity
Deferred income
Total debt
Provisions
24.
Provisions for deferred tax
9.
Provision for losses on guarantees
36.714
22.285
36.714
22.285
Total provisions
39.116
22.497
43.330
26.374
321.252
84.934
321.252
84.934
704.213
773.715
704.213
773.715
400
400
400
400
Statutory reserves
4.744
3.634
2.488
1.402
Retained earnings
573.331
552.796
575.587
555.028
Total equity
1.282.688
1.330.545
1.282.688
1.330.545
Total liabilities and equity
9.057.878
7.918.933
9.088.396
7.939.087
25.
Subordinated debt
Equity
Share capital/guarantee capital
Revaluation reserves
26.
14
Statement of changes in equity
Note
2009
2008
Concern
2009
2008
Equity
Guarantee capital
Guarantee capital, beginning of year
773.715
983.698
773.715
983.698
Additions during the year
169.237
272.042
169.237
272.042
Disposals during the year
238.739
482.025
238.739
482.025
Guarantee capital, end of year
704.213
773.715
704.213
773.715
400
1.214
400
1.214
Reversals relating to merger
0
814
0
814
Total revaluation reserves
400
400
400
400
Statutory reserves, beginning of year
3.634
2.733
1.402
842
Transferred from this year's earnings
1.110
1.362
1.085
872
0
-461
0
-312
4.744
3.634
2.488
1.402
Other reserves, beginning of year
0
20
0
20
Reversals relating to merger
0
20
0
20
Other reserves, end of year
0
0
0
0
552.796
590.281
555.028
592.172
20.535
20.830
20.559
21.320
Reversals of reserves relating to merger
0
834
0
834
Reversals of reserves
0
851
0
702
Transferred to Ulsted Sparekasse's Fond
0
60.000
0
60.000
573.331
552.795
575.587
555.028
1.282.688
1.330.545
1.282.688
1.330.545
Revaluation reserves, beginning of year
Statutory reserves
Other adjustments
Statutory reserves, end of year
Other reserves
Retained earnings
Retained earnings, beginning of year
Retained earnings
Retained earnings, end of year
Total equity
15
Note 1 – Accounting policies on the date of transaction and such recognition stops
when the right to receive/give cash flows from the financial
asset or liability has expired or if it has been assigned
and the Bank has materially assigned all risks and returns
related to the right of ownership.
On initial recognition, assets and liabilities are measured at
fair value. However, on initial recognition, property, plant
and equipment are measured at cost. Subsequently, assets
and liabilities are measured as described for each item
below.
Accounting policies
The Annual Report has been prepared in accordance with
the Danish Financial Business Act and the Danish Executive
Order on Financial Reports for Credit Institutions and
Investment Companies etc. The Annual Report is presented
in DKK thousands.
The accounting policies applied are consistent with those
of last year.
Recognition and measurement
Assets are recognised in the balance sheet if, as a result
of a previous event, it is probable that future economic
benefits will flow to the Bank and the value of such assets
can be measured reliably.
Liabilities are recognised in the balance sheet when the
Bank, as a result of a previous event, has incurred legal
or constructive liabilities and it is probable that future
economic benefits will flow from the Bank and the value of
such liabilities can be measured reliably.
Certain financial assets and liabilities are measured at
amortised cost, applying a constant effective rate of
interest to maturity. Amortised cost is computed as
original cost less any principal repayments and less/plus
accumulated amortisation of the difference between cost
and nominal value. The Bank does not apply the new rules
on reclassification of certain financial assets from fair value
to amortised cost. Hence, all financial assets measured at
amortised cost were originally acquired for the purpose of
keeping the relevant asset to maturity.
Purchase and sale of financial instruments are recognised
16
On recognition and measurement, account is taken of
foreseeable risks and losses arising before the time at
which the Annual Report is presented and proving or
disproving matters arising on or before the balance sheet
date.
Income is recognised in the income statement as earned,
while costs are recognised in the form of the amounts
which pertain to the financial year. Increases in the value
of business premises are, however, recognised directly in
equity.
Accounting estimates
The calculation of the carrying amount of certain assets
and liabilities is related to an estimate of how future
events affect the value of these assets and liabilities.
Such estimates are made by the Bank’s management in
accordance with the accounting policies and on the basis
of historical experience as well as assumptions that are
deemed to be proper and realistic by the management.
The areas that involve a higher degree of assessment or
complexity or areas in which assumptions and estimates
are material to the Annual Report are:
Impairment loss on loans and receivables where signifi-
cant estimates are involved in the quantification of the
risk that all future payments are not received. Furthermore, it should be noted that Group impairment losses
are still subject to some uncertainty, as the Bank has
only a limited historic data basis on which to base the
calculations.
Provisions for losses on guarantees for which significant
estimates are related to the quantification of the risk
that payments under the guarantee will be made.
Listed financial instruments that may be priced in lowsale markets, hence involving some uncertainty in the
use of stock exchange prices when measuring at fair
Note 1 – Accounting policies
value.
Unlisted financial instruments for which significant esti-
mates are related to the measurement of fair value.
The values of properties are assessed on the basis of the
provisions in the Danish Executive Order on the Presentation of Financial Statements but the individual factors
in the calculation are based on an estimate.
Measurement of goodwill
The management finds that no other uncertainty exists in
relation to recognition and measurement.
Determination of fair values
The fair value is the amount for which an asset could be
exchanged or a liability settled, between knowledgeable,
willing and mutually independent parties in an arm’s
length transaction.
Foreign currency translation
Foreign currency transactions are translated using the rate
of exchange at the date of transaction. Gains and losses
that arise between the rate on the date of transaction
and on the date of payment are recognised in the income
statement under market value adjustments. Balance sheet
items are recognised at the rate in effect at the balance
sheet date. Differences that arise between the rate in
effect on the balance sheet date and the rate at the date
of the transaction are recognised in the income statement
under market value adjustments.
Consolidation
Consolidation is made for Sparekassen Vendsyssel and its
subsidiaries Ejendomsselskabet Vendsyssel ApS, Holdingselskabet af 9. maj 1983 A/S and Ulsted Invest A/S. These
companies are fully consolidated on preparation of the
consolidated financial statements.
Consolidation principles
The consolidated financial statements are prepared on
the basis of the Annual Reports of Sparekassen Vendsyssel
and its subsidiaries and by adding up items of a uniform
nature. On consolidation, intercompany income and costs,
internal accounts and profits and losses on transactions
between group enterprises are eliminated. The financial
statements used for consolidation are prepared in accordance with the Bank’s (parent company’s) accounting
policies.
Investments in subsidiaries are eliminated at the pro rata
share of the subsidiary’s net assets at the time of acquisition, stated at fair value.
Income statement
Interest, fees and commission
Interest income and expenses are recognised in the
income statement in the period to which they relate.
Interest income from loans written down for impairment
is recognised in the income statement under ”impairment
loss on loans etc.” Establishment fees relating to loans are
recognised as an integrated share of the effective rate of
interest on the loan. Establishment fees are accrued over
the term of the loan. The accrued amount is recognised in
interest income. Other fees are recognised in the income
statement at the date of the transaction.
Fees for the distribution of mortgage loans from Totalkredit are recognised in accordance with the set-off model.
According to the set-off model, such fees are recognised
at the time of taking up the loan, and fees for services
provided regularly to the borrower are recognised as and
when the Bank provides such services, thus earning the
right to the fee. Totalkredit may only set off realised losses
in future regular commission income for the first eight
years of the mortgage loan. Any set-off is recognised at the
time of the onerous event.
Staff costs comprise wages and salaries as well as social
security costs, pensions etc. Sparekassen Vendsyssel has
entered into defined contribution pension plans with most
of its employees. These plans involve fixed contributions to
an external pension company.
Tax
Tax for the year, comprising current tax for the year and
changes in deferred tax, is recognised in the income
statement for the portion attributable to the profit or loss
for the year, and charged directly against equity for the
portion attributable to entries taken directly to equity.
The current tax payable or receivable is recognised in the
balance sheet and has been calculated as the tax payable
on the year’s taxable income, adjusted for tax paid on
account.
Deferred tax is recognised on all temporary differences
between the value of assets and liabilities for accounting
17
purposes and tax purposes. Deferred tax assets are recognised in the balance sheet at the value at which the assets
are expected to be realisable, either by set-off against
deferred tax liabilities or as net assets.
Sparekassen Vendsyssel is jointly taxed with Ejendomsselskabet Vendsyssel ApS and Ulsted Invest A/S. The current
tax is distributed on the jointly taxed companies in relation
to their taxable income (full distribution with reimbursement concerning tax losses).
Corporation tax is paid at a rate of 25 per cent.
Balance sheet
Receivables from and amounts owed to credit institutions and central banks
Receivables from credit institutions and central banks
comprise receivables from other credit institutions and
central banks. Amounts owed to credit institutions and
central banks comprise loans from other credit institutions.
Receivables are measured at fair value. Debt is measured
at amortised cost.
Loans
On initial recognition, listed loans and loans included in
trading portfolios are measured at fair value. Other loans
are measured at amortised cost, usually equalling nominal
value less establishment fees and less impairment for
expected but not yet realised losses.
Loans and receivables to business customers are reviewed
on an annual basis, as such loans are considered significant. Furthermore, loans and receivables are reviewed
regularly to regularly identify loans with an objective
indication of impairment.
Write-downs for impairment on loans are made individually as well as for groups of commitments. Write-downs
for impairment are effected where there is an objective
indication of impairment. Expected future payments from
borrowers with financial problems are stated based on the
most probable outcome, including the value of any security provided. Expected payments are set out in payment
series and discounted to present value. For fixed-interest
receivables, the originally determined rate of interest is
used, and for variable-interest receivables, the current
rate of interest is used. The impairment loss comprises the
difference between the carrying amount before the writedown and the present value of expected future payments
18
on the loan, including the realisable value of any security
provided.
For individual write-downs for impairment, an objective
indication of impairment is deemed to be present e.g.:
When the borrower has significant financial problems
such as negative equity, negative earnings.
In the event of the borrower’s breach of contract, e.g. in
the form of failure to pay interest and instalments.
The Bank grants the borrower more lenient terms that
would not have been considered had it not been due to
the borrower’s financial problems.
The borrower is likely to go bankrupt or be subject to
other types of financial reconstruction
For loans and receivables that have not been written down
for impairment individually, a group assessment is made
to establish whether an objective indication of impairment
has occurred for the group.
The group assessment is made on groups of loans and
receivables with similar characteristics in relation to credit
risk. The 11 relevant groups comprise one group of public
authorities, one group of private customers and nine
groups of business customers, divided into sector groups.
The group assessment is made using a segmentation
model developed by The Association of Local Banks,
Savings Banks and Cooperative Banks in Denmark, which
association is responsible for ongoing maintenance and
development. The segmentation model determines the
relationship in the individual groups between realised
losses and a number of significant explanatory macroeconomic variables via a linear regression analysis. The explanatory macroeconomic variables include unemployment,
housing prices, interest rates, number of bankruptcies/
forced property sales etc.
Fundamentally, the macroeconomic segmentation
model is computed on the basis of loss data for the entire
banking sector. Sparekassen Vendsyssel therefore assessed
whether the model estimates reflect the credit risk for the
Bank’s own loan portfolio. Sparekassen Vendsyssel finds
that the model estimates are appropriate for the Bank’s
circumstances.
The model estimates provide the background for the calculation of group write-downs for impairment. Each group of
loans and receivables generates an estimate expressing the
percentage impairment related to a certain group of loans
and receivables at the balance sheet date. A comparison of
the existing loss risk to the original loss risk of the individual loan and the loss risk of the loan at the beginning of
the relevant financial period generates the contribution
of the individual loan to the group write-down for impairment. The impairment loss is computed as the difference
between the carrying amount and the discounted value of
expected future payments.
means that investments are measured at their pro rata
share of the enterprises’ carrying amount plus the carrying
amount of goodwill. For group enterprises, a deduction or
premium is included for unrealised intercompany profits
and losses. Goodwill is the positive difference between the
cost of acquired investments and Sparekassen Vendsyssel’s
share of the fair value of identifiable assets and liabilities
at the time of acquisition. Goodwill is tested on an annual
basis for impairment and written down to a lower value, if
appropriate.
Total impairment losses during the year and reversal of
previous impairment losses are recognised in the income
statement.
The pro rata share of the enterprises’ profits or losses after
tax less any impairment losses for goodwill is recognised in
the income statement.
Bonds
Bonds traded in active markets are measured at fair value.
The fair value is stated using the closing price for the
market in question at the balance sheet date. Redeemed
bonds are measured at present value.
Net revaluation of ”Investments in group enterprises” is
transferred to statutory reserves to the extent that the
carrying amount exceeds cost. Impairment losses are
recognised under and deducted from any positive statutory reserves, provided that there is a reserve against which
they can be offset.
Bonds held to maturity are measured at amortised cost.
This means that the difference between cost and the redemption price of the asset is accrued over the remaining
term. This difference and the current addition of interest
are recognised in the income statement as a constant
effective rate of interest over the term. Market fluctuations in the price of such bonds are thus not recognised in
market value adjustments.
Shares
Shares traded in active markets are measured at fair
value. The fair value is stated using the closing price at the
balance sheet date.
Unlisted shares are valued at fair value. The determination of fair value is based on available transactions in
investments in the relevant enterprise or a value in use
based on an assessment of expected future earnings or,
alternatively, equity value. Where no reliable fair value can
be identified, valuation is alternatively effected at cost less
any impairment loss.
Investments in associates and group enterprises
An associate is an enterprise in which Sparekassen Vendsyssel can exercise significant influence but not control.
A group enterprise is an enterprise in which Sparekassen
Vendsyssel can exercise control.
Investments in associates and group enterprises are recognised and measured according to the equity method. This
Intangible assets
Goodwill is measured at cost less accumulated amortisation and impairment losses. Goodwill is assessed every
time the accounts are closed and written down in the
event of impairment.
Property, plant and equipment
On initial recognition, property, plant and equipment are
measured at cost. Cost includes the acquisition price, costs
directly related to the acquisition, and expenses of making
ready the asset until the time it is ready to be put into
operation.
Properties
The Group’s properties are divided into investment properties and properties used by Sparekassen Vendsyssel itself
for administration or branches or otherwise used by staff.
After initial recognition, business premises are assessed
according to their revaluation value, which is the fair value
at the time of revaluation less depreciation and impairment loss. This means that a calculation is made for each
property where elements such as estimated rent per sq.m.,
fixed expenses for real property tax, insurance, administration, maintenance etc. are included. The calculated annual
return on the relevant property is discounted at a rate of
interest corresponding to the return requirement for the
relevant property. When determining the return requirement, the location of the property is decisive. Revaluation
19
is made so frequently that there are no material differences in relation to fair value.
The basis of depreciation for the Bank’s business premises
is the revalued amount less expected scrap value. Business
premises are subject to straight-line depreciation over an
expected useful life of 50 years. However, special fixtures
in the business premises are depreciated over a useful life
of 15 years.
Increases in the revalued amounts of business premises are
recognised under revaluation reserves under equity. Any
decrease in value is recognised in the income statement
with the exception of reversals of previous revaluations.
Investment properties include properties not classified as
the Bank’s business premises. A calculation is made for
each investment property in accordance with the same
model as for business premises. Changes in fair value
for investment properties are recognised in the income
statement. No depreciation is made for land.
Other property, plant and equipment are measured at cost
less accumulated depreciation and impairment losses.
Straight-line depreciation is provided over an expected
useful life of 3-20 years.
Hybrid core capital
Hybrid core capital is measured at amortised cost. Costs,
including front-end fee, which are directly related to taking
up the hybrid core capital, are deducted from the initial fair
value and amortised over the remaining term of the hybrid
capital. The management finds that the hybrid core capital
will be repaid within five years of the date of payment,
and the step-up clause relating to the adjustment of any
unpaid debt will therefore not be included in the measurement.
Provisions
Provisions, guarantees and other liabilities that are
uncertain in respect of size or settlement date are recognised as provisions when it is probable that such liabilities
will result in a drain on Sparekassen Vendsyssel’s financial
resources and they can be measured reliably. The liability
is stated at the present value of the costs that are required
to meet it.
Financial derivatives
Financial derivatives are measured at fair value, which is
generally based on listed market prices. If the instruments
are not listed, fair value is calculated according to generally
accepted principles founded on market-based parameters.
Financial derivatives are recognised under other assets or
liabilities and equity, respectively.
Assets in temporary possession
Assets held for sale comprise non-current assets or groups
of assets etc. to be divested in a transaction within 12
months, the value of which is primarily recovered through
this transaction. Assets are measured at the lower of cost
or fair value less selling costs, and any impairment loss is
recognised in the income statement. No further depreciation takes place for assets classified as ”held for sale”. Assets
held for sale are shown on a separate line in the balance
sheet, and any related liabilities are also stated.
Lease commitments
Payments relating to operating leases and other leases are
recognised in the income statement over the term of the
contract.
Issued bonds
Issued bonds are measured at amortised cost. Costs incurred in connection with the issue are charged to the income
statement as the loan is repaid, so that the effective rate
of interest for the issued bonds is maintained throughout
the term.
Financial highlights
Financial highlights are presented in accordance with the
requirement in the Danish Executive Order on the Presentation of Financial Statements.
Other financial liabilities
Other financial liabilities are measured at amortised cost,
which usually corresponds to nominal value.
20
Deferred income
Deferred income includes income received before the
balance sheet date but relating to subsequent financial
periods. The amount comprises only prepaid guarantee
commission.
Note 2 – Financial risks and policies and objectives relating to the management of financial risks
Financial risks and policies and
objectives relating to the management of financial risks
The Bank is exposed to various types of risk. The primary
risk types are credit risk on lending and market risk:
interest rate risk, currency risk, share risk, liquidity risk and
property risk.
The following describes the Bank’s credit risks, the various
market risks and operational risks.
Credit risk
Credit risk is the risk that the Bank will suffer a loss due to
other parties being unable to meet their obligations.
The Bank’s Board of Directors has laid down the framework
for the Bank’s total credit risk, partly in instructions to the
Board of Executives and partly in a general credit policy.
The Board of Executives has allocated credit lines to
relevant persons.
Credit risk of non-financial counterparties
The operational responsibility for the management of
the Bank’s credit risk on non-financial counterparties is
handled by the Bank’s credit unit. The credit exposure is
supervised in the credit unit and by the Executive Board.
The Board of Directors receives regular reports on risks and
the distribution on sectors and segments.
Credit policy
A specific credit policy has been prepared and adopted by
the Bank’s Board of Directors.
The aim of the credit policy is to strike a balance between
earnings and risk. The primary customer groups are
private individuals, agricultural customers and small and
medium-sized enterprises in a market area where the Bank
is represented by a branch. Customers with a geographical
location outside the Bank’s primary area are assumed to
have some other relation to the Bank or its employees.
Credit is granted on the basis of a thorough financial
insight into the customer’s affairs.
In Sparekassen Vendsyssel, we do not use credit score
models.
Follow-up and management
A central credit unit regularly monitors developments in
the credit quality of exposures. This unit regularly carries
out systematic control of the Bank’s entire portfolio of
exposures.
For exposures that develop negatively, the customer
manager prepares a separate action plan, possibly in collaboration with the credit unit.
Weak exposures
Individual impairment losses on exposures are made when
it is probable based on objective criteria that the customer
will not in full or in part be able to repay loans or credits.
The internal risk management and reporting uses a wider
definition of risk than impairment losses. For a further
definition, see “Internal risk” below.
Risk spreading
The distribution of the Bank’s loan and guarantee portfolio
on business sectors can be seen in the list on the next
page.
The largest individual industry group is loans and guarantee commitments to agriculture, the fishing industry and
forestry.
The Bank’s primary market area is characterised by the
fact that agriculture in particular is a dominant business
and therefore, it is also natural that the Bank’s loans and
guarantee commitments for this industry form a material
share of the overall balance sheet.
In connection with its co-ownership of the mortgage credit
institution DLR Kredit A/S, the Bank is further exposed
to the sector. As at 31 December 2009, the Bank’s share-
21
2009
Relative distribution of loans, receivables and guarantees
2008
%
mio. kr.
%
mio. kr.
2,2
205,9
1,4
122,4
Agriculture, hunting and forestry
17,3
1.585,9
14,1
1.228,8
Fishing industry
0,6
53,3
0,6
48,0
Manufacturing, raw material extraction, power plants, gas and water
works etc.
5,9
546,3
3,8
334,1
Building and construction
6,1
561,2
3,9
338,8
Commerce, restaurants and hotels
6,8
622,7
6,2
542,2
Transport, postal service and telephony
1,8
168,5
1,7
152,1
Credit, finance and insurance
2,5
231,9
1,7
145,7
10,2
940,1
13,3
1.155,7
5,3
482,7
11,0
962,2
Total trade and industry
56,5
5.192,7
56,3
4.907,7
Private business
41,3
3.785,4
42,3
3.688,1
100,0
9.184,0
100,0
8.718,2
Public authorities
Trade and industry, including:
Property administration and sale, business service
Other trade and industry
Total
In 2009, the new sectoral codes from Statistics Denmark were used. Therefore, the distribution for 2009 is not comparable with 2008.
holding in DLR Kredit A/S total DKK 153.1m.
Loans and guarantee commitments for property administration also comprise a significant share of total loans and
guarantees. This was, among other things, distributed on a
considerable number of limited partnerships which focused
on financing of a solid and return-generating asset as well
as some wealthy limited partners who are liable for the
Bank’s loans and guarantee commitments.
Major exposures
The Executive Board as well as the Board of Directors
particularly focus on the development in the number and
amounts of the Bank’s largest exposures.
At the end of 2009, the Bank’s 20 biggest exposures
totalled DKK 1.5bn, corresponding to 99.9 per cent of the
core capital after deductions. Only one exposure exceeds
10 per cent of the Bank’s core capital.
Internal risk
According to the impairment rules stipulated in Sections
22
51-54 of the Danish Executive Order on Financial Reports
for Credit Institutions which state that write-downs for
impairment are only effected in the event of objective
indications of impairment, not all the Bank’s credit risks are
reflected in losses and impairment losses. Consequently,
the Bank prepares a separate statement of the internal
risk calculated on the basis of the size of the individual
exposure, the value of any security provided and a prudent
assessment of future ability to pay.
Furthermore, the Bank regularly assesses other weak
exposures which do not yet show any objective indications
of impairment. These assessments are based on a principle
of prudency.
The internal credit risk of impairment and weak exposures
is termed excess risk and corresponds to the amount
reserved for credit risk in the statement of the individual
solvency requirement.
At the end of 2009, the excess risk totals DKK 480.4m,
which amount comprises the outcome of a stress test of
the Bank’s total loans and guarantees
and a capital reserve for customers with financial prob-
lems. Furthermore, a total of DKK 47.6m has been recognised to meet the risk from the agriculture segment.
At the end of 2009, the corrective account was DKK
308.7m, which means that a total of DKK 789.1m has been
provided to cover the Bank’s credit risk. For the agriculture segment, the corrective account and the excess risk
totalled DKK 71.3m and 155.5m at the end of 2009, corresponding to 13.7 per cent of total loans and guarantees
to the segment.
2009 and national expectations for increasing pig and milk
prices, there is hope that developments will improve. This
has been relevant for mink skins and the pig quotation in
February 2010.
For private customers, individual write-downs for impairment have been effected if the customer has breached
the exposure. A current assessment of the value of the
provided security has been recognised in the calculation of
impairment losses.
Impairment losses
The assumptions underlying the calculations of impairment losses are described in “Accounting policies”, Note 1.
Group write-downs
Group write-downs for impairment of loan portfolios are
made when loan portfolios disclose objective impairment
indications. For the calculation of these group writedowns for impairment, a mathematical and statistical
model prepared by the Association of Local Banks, Savings
Banks and Cooperative Banks in Denmark is used.
The model has been verified as valid by the Danish Financial Supervisory Authority, and the Bank has assessed that
the model’s estimates fit its own circumstances.
Individual impairment losses
The Bank’s individual impairment losses rose drastically
in 2009. Particularly under agriculture, fishing industry
and forestry, considerable impairment losses have been
recognised. The development in the agricultural sector
means that is has been difficult to create profitability in a
farm unit and the land values have been under pressure.
However, with the considerable fall in interest rates in
The calculation of group write-downs for impairment
includes a number of objective factors such as unemployLoans and
guarantees
before
impairment
losses /
provisions
Individual
impairment
losses and
provisions
Group
impairment
losses
Impairment
losses and
provisions in
% of loans
and guarantees
205,9
0,0
0,0
0,00
1.657,2
70,7
0,5
4,30
53,3
0,0
0,0
0,00
Manufacturing, raw material extraction, power plants,
gas and water works etc.
557,8
9,8
1,7
2,06
587,8
21,9
4,7
4,53
647,8
21,5
3,6
3,88
182,6
14,0
0,2
7,76
275,9
43,8
0,1
15,93
Property administration and sale, business service
956,8
16,3
0,4
1,74
Other trade and industry
519,5
36,0
0,9
7,10
Private business
3.848,0
61,0
1,6
1,63
Total
9.492,6
295,0
13,7
3,25
Public authorities
Fishing industry
23
ment figures, development in housing prices, interest rate
development, forced property sales, bankruptcies, fuel
prices etc.
Resetting of interest rates
At the end of 2009, loans with reset interest rates were
recognised in the balance sheet at a total of DKK 43.7m.
At the end of 2008, the amount was DKK 23.7m. Writedowns for impairment are effected for all exposures for
which interest rates have been fully or partly reset. Such
write-downs total DKK 193.8m.
Loss development
In 2009, the Bank realised a loss of DKK 10.1m of which
DKK 8.9m had been written down for impairment.
Conclusion – credit risk
In 2009, the Bank saw a considerable increase in impairment losses and provisions that are primarily attributable
to the agricultural sector. As mentioned previously, the
reason is the very difficult situation for the agricultural
sector with challenges in terms of farm unit returns and
falling land prices. However, it should be noted that only
a very small part of the amount is actually lost and in the
event of an improvement in income, particularly in the
agricultural sector, it will be possible to reverse and, hence,
recognise as income, parts of the impairment losses.
Market risks
Market risk is the risk of changes in the market value of
assets and liabilities and equity as a result of changes in
market conditions. The Bank’s market risk includes interest
rate risk, share risk and currency risk. The Bank’s Board of
Directors lays down the overall political framework and
principles of the risk management. The Board of Directors
receives regular reports on the development in risks and
the use of the allocated risk framework.
Sparekassen Vendsyssel’s fundamental policy in relation to
market risk is that it never takes on market risks that may
affect its room for manoeuvre etc.
For each type of market risk, the Bank has laid down a
specific framework, and an element of risk assessment is
therefore to ensure a reasonable balance between risk and
return.
The Bank’s total market risk is managed on the basis of
instructions from the Board of Directors to the Board
24
of Executives. The Board of Directors regularly receives
reports on the Bank’s market risks.
Interest rate risk
The risk is determined as the loss in the event of an
increase in the interest rate level of one percentage point.
Most of the interest rate risk stems from the bond portfolio, primarily Danish bonds, fixed-rate debt and, to a
minor extent, fixed-interest deposits and loans.
The Bank’s total interest rate risk amounts to DKK 27.8m,
corresponding to 1.9 per cent of the core capital after deductions.In the determination of the total interest rate risk
for bonds of DKK 39.6m, DKK 27.7m is attributable to the
bond portfolio at amortised cost which does not directly
affect operations as market value adjustments.
On a daily basis, the Bank’s interest rate risk is managed by
the liquidity unit. The financial unit monthly reports on the
composition of the interest rate risk to the Bank’s Board of
Directors and Executive Board. In 2009, the average of the
total interest rate risk determined at the end of the month
was 3.1 per cent.
Risks on the property portfolio (indirect interest rate risk)
Sparekassen Vendsyssel’s property portfolio comprises
both business premises and investment properties. The
Bank does not engage in the sale of real property as part of
its day-to-day management.
The value of a property is, among other factors, affected by
the development in interest rates which means that there
is an interest rate risk on the Bank’s property portfolio. At
least once a year, the return on each property is calculated
with a view to correct valuation thereof. Alternatively, an
assessment is obtained from an individual external expert.
Currency risk
Sparekassen Vendsyssel does not accept major risks in
the currency market at its own expense. The Bank’s total
currency position amounts to DKK 68.7m, corresponding
to 4.7 per cent of the core capital after deductions. The
currency risk is primarily calculated on the basis of positions in EUR and NOK.
Share risk
Sparekassen Vendsyssel invests some of its assets in shares
which are generally subject to greater risk than bonds. The
Bank’s share portfolio consists of listed shares and investment funds with a total price of DKK 45.5m. In addition,
the Bank has unlisted shares in a number of sector companies (DLR Kredit, PRAS, Sparinvest Holding, Egnsinvest
Holding etc.) at a total of DKK 254.0. These unlisted shares
are regarded as being outside the trading portfolio.
In 2009, capital gains on shares totalled DKK 7.2m against
a capital loss of DKK 35.4m in 2008.
Liquidity risk
Sparekassen Vendsyssel finances its activities via deposits,
guarantee capital from customers and equity, and via the
money market
Money market funding is effected by raising traditional
loans in other credit institutions and by issuing bonds and
subordinated capital in both DKK and EUR.
The Bank’s liquidity reserves are managed by maintaining
sufficient cash and cash equivalents, liquid securities and
credit facilities. The liquidity reserve is determined with a
view to ensuring a stable and adequate liquidity level so
that the Bank can meet its payment obligations in due
time.
The Executive Board regularly receives reports on the
liquidity situation.
Operational risks
Sparekassen Vendsyssel wishes to limit operational risks,
taking into account the associated costs.
Internal procedures are based on written guidelines and
descriptions. Processes are optimised on a current basis,
and cross-organisational controls are carried out.
To counter operational risks, internal procedures are
regularly assessed by the Bank’s management, including
whether other risks, e.g. in relation to the IT system, may
have negative consequences for the Bank. Skandinavisk
Data Center A/S (SDC) is the Bank’s primary IT service
provider. The Bank’s IT contingency plan is assessed at
least once a year by the Board of Directors.
Sparekassen Vendsyssel has established a compliance
function that is to help ensure that the Bank always meets
external and internal requirements.
In December 2009, the Bank received a guarantee via Bank
Rescue Package II from Finansiel Stabilitet A/S. The Bank
was given an opportunity to take up loans with a term of
up to three years under this guarantee.
The Board of Directors has decided that the Bank is to hold
liquidity reserves that exceed the requirement in Section
152(1)(ii) of the Danish Financial Business Act by at least
40 per cent. At the end of 2009, the Bank’s excess liquidity
reserves were 178.4 per cent.
25
Note 3 - 5 years financial highlights
5 years financial highlights - income Statement (Sparekassen Vendsyssel)
2009
2008
2007
2006
2005
Net interest income
333.391
249.736
201.625
179.293
168.354
125.445
109.771
97.254
79.907
65.445
458.836
359.507
299.148
259.200
233.799
16.277
-78.657
8.672
64.140
32.211
-87
1.233
1.941
694
1.065
216.127
198.019
184.606
165.549
131.789
7.273
7.721
8.425
6.329
6.340
Other operating charges
30.366
8.797
819
375
348
30.189
8.605
0
0
0
179.203
39.042
-5.914
4.148
16.081
Profit on investments in associated and group
enterprises
-11.315
-1.215
1.562
14
208
Profit before tax
30.742
27.289
123.387
147.646
112.724
9.098
5.097
25.323
23.041
30.495
21.644
22.192
98.064
124.606
82.229
2009
2008
2007
Net interest income
331.118
248.213
200.011
125.444
109.771
97.521
Net income from interest and charges
456.562
357.984
297.532
16.277
-78.657
8.672
2.690
4.106
4.926
214.709
198.301
184.855
19.314
8.394
9.036
Other operating charges
30.366
8.797
819
30.189
8.605
0
179.203
39.042
-5.914
-847
-1.513
842
31.090
27.386
123.176
9.446
5.194
25.115
21.644
22.192
98.064
Net income from interest and charges
Staffe costs and administrative expenses
Tax
5 years financial highlights - income Statement (Concern)*
Staffe costs and administrative expenses
Profit on investments in associated and group enterprises
Profit before tax
Tax
* As 2008 was the first time that consolidated financial statements were prepared, comparative figures have only been
prepared back to 2007
26
Note 3 - 5 years finalcial highlights
5 years finalcial highlights - balance sheet (Sparekassen Vendsyssel)
2009
2008
2007
2006
2005
Balancesheet
9.057.878
7.918.933
6.979.625
5.384.963
4.247.705
Loans
6.009.705
5.734.486
5.252.572
3.872.138
2.808.873
Securities portfolio
2.306.299
1.403.698
1.239.819
1.174.789
1.157.684
property, plant and equipment
1.130.950
1.313.981
1.231.585
749.418
397.141
Deposits including pools
6.041.932
4.758.761
3.750.245
3.193.363
2.760.922
Equity
1.282.688
1.330.545
1.577.946
1.216.907
1.019.331
704.213
773.715
983.698
720.723
522.087
3.165.861
2.983.558
4.009.036
2.952.876
2.488.280
30.133
69.217
0
0
0
2009
2008
2007
Balancesheet
9.088.396
7.939.087
7.001.806
Loans
5.968.798
5.690.328
5.235.533
Securities portfolio
2.306.363
1.403.698
1.239.819
property, plant and equipment
1.130.950
1.313.981
1.231.585
Deposits including pools
6.041.710
4.776.701
3.765.768
Equity
1.282.688
1.330.545
1.577.946
704.213
773.715
983.698
3.165.861
2.974.806
4.000.286
30.133
69.217
0
- Guarantee capital
Guarantees
irrevocable credit commitments
5 years finalcial highlights - balance sheet (Concern)*
- Guarantee capital
Guarantees
27
Note 3 - Key figures
Financial ratios (Sparekassen Vendsyssel)
2009
2008
2007
2006
2005
Solvency ratio
pct.
18,0
16,9
17,6
16,8
17,6
Core capital percentage
pct.
17,4
16,1
16,7
17,1
17,8
Return on equity before tax
pct.
2,4
1,9
8,8
11,6
12,4
Return on equity after tax
pct.
1,7
1,5
7,0
11,2
9,0
Income per DKK 1 of expenditure
kr.
1,1
1,11
1,66
1,84
1,73
Interest rate risk
pct.
1,9
4,0
2,2
4,0
5,1
Foreign currency position
pct.
4,7
12,0
15,3
7,9
4,6
Currency risk
pct.
0,0
0,0
0,0
0,0
0,0
Loans and impairments thereon relative to
deposits
pct.
104,0
122,8
142,6
124,5
105,3
Excess cover in relation to statutory liquidity
limits
pct.
178,4
112,9
61,5
74,9
96,3
Total large commitments
pct.
17,7
15,8
15,9
22,2
21,2
Share of debtors with reduced interest.
pct.
2,5
1,0
0,9
0,6
0,6
accumulated impairment ratio
pct.
3,2
1,5
1,0
1,5
1,9
Impairment ratio for the year
pct.
1,9
0,4
-0,1
0,1
0,3
Increase in loans for the year
pct.
4,8
9,2
35,7
37,9
20,0
4,7
4,3
3,3
3,2
2,8
250
239,0
225,8
215,5
188,6
2009
2008
2007
Loans/equity
Number of employees in full-time terms
Key figure (Concernen)*
Solvency ratio
pct.
18,0
16,9
17,5
Core capital percentage
pct.
17,4
16,1
16,7
Return on equity before tax
pct.
2,4
1,9
8,9
Return on equity after tax
pct.
1,7
1,5
7,1
Income per DKK 1 of expenditure
kr.
1,1
1,11
1,66
Interest rate risk
pct.
1,9
4,0
2,2
Foreign currency position
pct.
4,7
12,0
15,3
Currency risk
pct.
0,0
0,0
0,0
Excess cover in relation to statutory liquidity
limits
pct.
103,3
122,8
142,6
Total large commitments
pct.
177,8
112,5
61,2
Share of debtors with reduced interest.
pct.
17,7
15,8
15,9
accumulated impairment ratio
pct.
2,5
1,0
0,9
Impairment ratio for the year
pct.
3,3
1,5
1,0
Increase in loans for the year
pct.
1,9
0,4
-0,1
Loans/equity
pct.
4,9
8,7
35,2
4,7
4,3
3,3
250,0
239,0
225,8
28
Notes
Note
4.
Concern
2009
2008
2009
2008
15.467
11.208
15.467
11.208
465.738
460.868
464.597
460.351
64.172
53.066
64.172
53.066
311
4
310
4
545.688
525.146
544.546
524.629
Interest receivable
Credit institutions and central banks
Loans and other receivables
Bonds
Other interest receivable
Total interest receivable
Note
5.
Concern
2009
2008
2009
2008
29.490
74.484
30.658
74.484
136.080
149.512
136.030
150.492
Bonds issued
9.424
8.983
9.424
8.983
Subordinated debt
9.135
4.834
9.135
4.834
Guarantee capital
28.138
37.517
28.138
37.517
Other interest payable
30
80
43
106
Total interest payable
212.297
275.410
213.428
276.416
Interest payable
Credit institutions and central banks
Deposits and other debt
Note
6.
Concern
2009
2008
2009
2008
Securities trading and custody accounts
17.211
19.576
17.211
19.576
Payment services
2.297
2.162
2.297
2.162
Loan fees
13.386
7.617
13.386
7.617
Guarantee commission
35.621
35.350
35.621
35.350
Other fees and commissions
58.883
47.201
58.883
47.201
127.398
111.906
127.398
111.906
Fees and commission received
Gebyrer og provisionsindtægter i alt
29
Notes
Note
7.
2009
2008
2009
2008
Other loans and receivables at fair value
5.555
-24.586
5.555
-24.586
Bonds
5.439
-16.750
5.439
-16.750
7.217
-35.389
7.217
-35.389
-5.200
0
-5.200
0
3.530
-1.932
3.530
-1.932
-264
0
-264
0
Other assets
11.927
-17.474
11.927
-17.474
Other assets
-11.927
17.474
-11.927
17.474
Total market value adjustments
16.277
-78.657
16.277
-78.657
Market value adjustments
Shares etc.
Foreign currency
Pooled assets
Currency, interest, share, raw material and
other contracts and financial derivatives
Note
8.
Concern
Concern
2009
2008
2009
2008
Board of Executives
7.439
7.167
7.439
7.167
Board of Directors
1.582
1.312
1.630
1.312
Total
9.021
8.479
9.069
8.479
104.731
96.773
104.731
96.821
Pensions
12.591
11.401
12.591
11.400
Social security
12.218
11.201
12.218
11.202
129.540
119.375
129.540
119.423
77.566
70.165
76.100
70.399
216.127
198.019
214.709
198.301
250
239
250
239
1.944
1.272
2.013
1.346
470
387
470
387
Salaries of Board of Directors, Board of
Executives and Board of Representatives
Staff costs
Wages and salaries
Total staff costs
Other administrative expenses
Total staff costs and administrative
expenses
Number of employees at year-end in fulltime terms
Audit fees
Total fees paid to auditors appointed by AGM
of which for services other than auditing
30
Notes
Note
9.
Concern
2009
2008
2009
2008
Impairment of loans, individual assessment,
beginning of year
105.437
91.846
105.437
91.846
New impairment during the year
173.829
41.727
173.829
41.727
12.021
17.810
12.021
17.810
8.941
10.326
8.941
10.326
258.304
105.437
258.304
105.437
Impairment, group assessment, beginning
of year
3.728
1.951
3.728
1.951
New provisions during the year
11.374
2.792
11.374
2.792
1.376
1.015
1.376
1.015
13.726
3.728
13.726
3.728
272.030
109.165
272.030
109.165
Individual provisions, beginning of year
22.285
4.784
22.285
4.784
New provisions during the year
28.852
20.371
28.852
20.371
Reversal of provisions from previous years
14.423
2.870
14.423
2.870
0
0
0
0
Individual provision for losses on guarantees, end of year
36.714
22.285
36.714
22.285
Total provisions for losses on guarantees
36.714
22.285
36.714
22.285
308.744
131.450
308.744
131.450
Impairment
Impairment of loans, individual assessment
Reversal of impairment from previous years
Final loss
Impairment of loans, individual assessment, year-end
Impairment of loans, group assessment
Final loss
Total provisions for losses on guarantees,
individual assessment, year-end
Total impairment losses on loans
Individual provisions for losses on guarantees
Final loss
Total impairment/provisions
31
Notes
Note
9.
Concern
2009
2008
2009
2008
-185.203
-44.520
-185.203
-44.520
-1.141
-1.289
-1.141
-1.289
13.397
18.826
13.397
18.826
8.478
5.442
8.478
5.442
8.025
4.019
8.025
4.019
-305
0
-305
0
-164.774
-21.542
-164.774
-21.542
-28.852
-20.371
-28.852
-20.371
Reversed write-downs on guarantees issued
this year
14.423
2.870
14.423
2.870
The result’s influence on losses in guarantees issued
-14.429
-17.501
-14.429
-17.501
Operational influence on write-downs on
loans issued et cetera
-179.203
-39.042
-179.203
-39.042
Operational influence
Impairment losses during the year
Impairments losses not previously registered
This year’s reversed write-downs
Incurred in previously written off debt
receivables
-Interest recievable from impairments
of this interests on written down debt
receivables
The result’s influence on write-downs on
loans granted
Allocated for losses on guarantees issued
this year
Note
10.
2009
2008
2009
2008
-847
-1.513
-847
-1.513
Profit on investments in group enterprises
-10.468
298
0
0
Total profit on investments in group enterprises and associates
-11.315
-1.215
-847
-1.513
Profit on investments in associates and group
enterprises
Profit on investments in associates
32
Concern
Notes
Note
11.
Concern
2009
2008
2009
2008
Estimated tax on year's income
6.959
851
6.970
785
Deferred tax
2.190
4.355
2.527
4.518
-51
-109
-51
-109
9.098
5.097
9.446
5.194
25,0
25,0
25,0
25,0
9,2
1,2
0,7
1,2
-10,0
-8,2
-9,9
-7,9
5,6
1,1
14,8
1,1
Adjustment of previous years' tax
-0,2
-0,4
-0,2
-0,4
Effective tax rate
29,6
18,7
30,4
19,0
Tax
Adjustment of tax for previous years
Total tax
Current tax rate
Profit/loss on investments
Non-taxable income and non-deductible
expenses
Other permanent differences
With reference to the terms of participating in Bank Rescue Package II, it should be noted that in the interim
statement of taxable income for 2009, remuneration of the Executive Board of DKK 6,406,355 has been
deducted for tax purposes, as only 50 per cent of the Executive Board’s remuneration and pension has been
deducted for the period after payment of the hybrid core capital on 24 September 2009.
Note
12
Concern
2009
2008
2009
2008
0
0
0
0
On demand with credit institutions
327.296
422.629
327.296
422.629
Receivables from credit institutions and
central banks in total
327.296
422.629
327.296
422.629
Up to 3 months
327.296
422.629
327.296
422.629
3 to 12 months
0
0
0
0
1 to 5 years
0
0
0
0
Over 5 years
0
0
0
0
Total receivables from credit institutions
0
0
0
0
327.296
422.629
327.296
422.629
Receivables from credit institutions and
central banks
At notice with central banks
Distribution On demand
I alt
33
Notes
Note
13.
Concern
2009
2008
2009
2008
On demand
280.113
290.097
239.206
290.097
Up to 3 months
756.597
715.190
756.597
671.032
3 to 12 months
1.340.249
976.163
1.340.249
976.163
1 to 5 years
2.015.502
1.886.681
2.015.502
1.886.681
Over 5 years
1.617.244
1.866.355
1.617.244
1.866.355
6.009.705
5.734.486
5.968.798
5.690.328
600
600
600
600
48.625
63.917
48.625
63.917
0
0
0
0
19.106
12.285
19.106
12.285
Loans and other receivables
Total loans and other receivables
Executive Board, Board of Directors and
Board of Representatives
Amount of loans, security, sureties or guarantees and related collateral
Loans
Executive Board
Board of Directors
Collateral
Executive Board
Board of Directors
Interest rates on loans to Executive Board are
5.75 - 6.75 %. Interest rates on loans
to Board of Directors is 5.30 - 12.75 %. Loans
to members of the Board of Directors elected
by employees are granted on general interest
rate terms for staff.
Interest rates 2008 year end
Executive Board
Board of Directors
34
7,5 - 7,85
3,35 - 10,75
Notes
Note
Concern
2009
2008
2009
2008
%
%
%
%
2,2
1,4
2,3
1,4
17,3
14,1
17,4
14,2
Fishing industry
0,6
0,6
0,6
0,6
Manufacturing, raw material extraction,
power plants, gas works etc.
5,9
3,8
6,0
3,9
6,1
3,9
6,1
3,9
6,8
6,2
6,8
6,3
1,8
1,7
1,8
1,8
2,5
1,7
2,5
1,7
10,2
13,3
9,8
12,4
5,3
11,0
5,3
11,1
Total trade and industry
56,5
56,3
56,3
55,9
Private business
41,3
42,3
41,4
42,7
100,0
100,0
100,0
100,0
482.549
258.757
482.549
258.757
232.131
111.658
232.131
111.658
250.418
147.099
250.418
147.099
43.709
24.611
43.709
24.611
Distribution of loans, receivables and
guarantees
Public authorities
Trade and industry:
Property administration and sale, business
service
Other business
Total
Loans with an objective indication of
impairment, included in the balance sheet
after impairment with a carrying amount
not exceeding nil.
Loans and receivables before impairment
Impairment
Recognised in the balance sheet
Reduced Interest
Loans and other receivables with reduced
interest.
35
Notes
Note
14.
Concern
2009
2008
2009
2008
818.166
623.315
818.166
623.315
1.188.639
496.915
1.188.639
496.915
10.247
-9.465
10.247
-9.465
Fair value of bonds measured at amortised
cost
1.198.886
487.450
1.198.886
487.450
Total value of bonds at fair value
2.017.052
1.110.765
2.017.052
1.110.765
0
0
0
0
1.965.019
1.036.068
1.965.019
1.036.068
6.776
6.490
6.776
6.490
45.257
68.207
45.257
68.207
2.017.052
1.110.765
2.017.052
1.110.765
Bonds
Bonds at fair value
Bonds at amortised cost
Difference between bonds at amortised cost
and fair value
Bonds at fair value
Mortgage bonds
Mortgage bonds issued by others
Government bonds
Other bonds
Bonds at fair value in total
Note
15.
2009
2008
2009
2008
27.997
45.453
27.997
45.453
0
6.636
0
6.636
271.474
229.288
271.474
229.288
23
2.092
23
2.092
299.494
283.469
299.494
283.469
Shares etc.
Shares/mutual funds listed on Copenhagen
Stock Exchange
Shares/mutual funds listed on other exchanges
Unlisted shares at fair value
Unlisted shares at cost
Total shares etc.
36
Concern
Notes
Note
Investments in associates
16.
Business
premises
Equity
Ownership
Profit
HSV Finans (properties)
Hjørring
8.297
50,00%
-2.381
Spar Pantebrevsinvest A/S (property financing)*
Aalborg
18.175
25,00%
1.797
Forsikringsselskabet Vendsyssel A/S (insurance)
Pr. 31/12-2007
Hjørring
67.516
25,53%
-4.784
Amanah Kredit A/S (Property financing)
Aalborg
21.338
25,00%
907
Business
premises
Equity
Ownership
Profit
Ejendomsselskabet Vendsyssel ApS (properties)
Hjørring
71
100
-10.225
Holdingselskabet af 9. maj 1983 A/S (properties)
Hjørring
2.256
100
1.018
Ulsted Invest A/S (Properties)
Aalborg
3.683
100
-1.261
* Including goodwill DKK 640.000. Impairment
test is performed.
The impairment test dit not lead to write-down.
Investments in group enterprises
Associated
enterprises
Group
enterprises
2009
2008
2009
2008
113.811
124.262
60.270
45.409
Loans
14.192
48.871
203
2.633
guaranties
10.990
29.452
8.434
8.572
Loans and commitments
Related parties
The Bank has granted credit facilities to associates and group enterprises in 2009. Rent agreements have been
concluded with group enterprises on market conditions which are in force until 2019.
All transactions with related parties are made on market terms.
37
Notes
Note
17.
2009
2008
2009
2008
Shares
33.707
23.580
33.707
23.580
Bonds
17.727
23.281
17.727
23.281
Uninvested
4.530
1.764
4.530
1.764
55.964
48.625
55.964
48.625
Assets in investment pools
Assets in investment pools in total
Note
18.
Concern
Concern
2009
2008
2009
2008
Fair value at beginning of year
23.393
17.546
92.375
59.561
Additions during the year, including improvements
13.249
6.007
27.061
32.974
0
0
0
0
25
160
43.771
160
Depreciation due to revaluation
-5.200
0
-5.200
0
Fair value at year-end
31.417
23.393
70.465
92.375
90.684
95.153
90.684
95.817
664
3.659
49.214
3.659
11.941
6.994
11.941
7.658
1.110
1.134
1.325
1.134
Increase due to revaluations
0
0
0
0
Depreciation due to revaluation
0
0
11.825
0
78.297
90.684
114.807
90.684
109.714
114.077
185.272
183.059
Land and buildings
Investment properties
Possitive changes in value recognized in the
income statement
Domicile properties
Valued amount, beginning of year
Additions during the year, including improvements
Depreciation
Land and buildings in total
An independent valuation expert participated in
the valuation of renovated properties put into
use as owner-occupied properties at the end of
2009.
38
Notes
Note
19.
Concern
2009
2008
2009
2008
Cost, beginning of year
60.716
54.451
60.716
54.451
Additions and improvements during the year
12.284
6.265
12.284
6.265
8.057
0
8.057
0
64.943
60.716
64.943
60.716
37.325
30.737
37.325
30.737
7.021
6.588
7.021
6.588
0
0
0
0
Depreciation at year-end
7.451
0
7.451
0
Depreciation, year-end
36.897
37.325
36.897
37.325
28.046
23.391
28.046
23.391
Cost, year-end
Depreciation at beginning of year
Depreciation and impairment during the year
Reversed depreciation relating to disposal
Note
20.
Concern
2009
2008
2009
2008
Beginning of year
0
4.143
0
4.514
Changes during the year
0
-4.143
0
-4.514
Total deferred tax assets
0
0
0
0
Deferred tax assets
39
Notes
Note
21.
Concern
2009
2008
2009
2008
161.813
375.867
161.813
375.867
Up to 3 months
398.830
440.000
398.830
440.000
3 to 12 months
200.000
200.000
200.000
200.000
1 to 5 years
297.660
298.024
297.660
298.024
Over 5 years
48.078
0
72.648
0
1.106.381
1.313.891
1.130.950
1.313.891
Amounts owed to credit institutions and
central banks
On demand
Total amounts owed to credit institutions
and central banks
Note
22.
Concern
2009
2008
2009
2008
2.612.238
2.161.251
2.612.059
2.179.144
650.225
483.277
650.182
483.277
1.808.530
1.342.374
1.808.530
1.342.374
914.975
723.234
914.975
723.234
5.985.968
4.710.136
5.985.746
4.728.029
On demand
2.612.238
2.161.251
2.612.059
2.179.144
Up to 3 months
1.653.030
1.176.286
1.652.987
1.176.286
3 to 12 months
780.023
667.259
780.023
667.259
1 to 5 years
263.557
218.012
263.557
218.012
Over 5 years
677.120
487.328
677.120
487.328
5.985.968
4.710.136
5.985.746
4.728.029
Deposits etc.
On demand
On notice
Time deposits
Special deposit types
Total deposits etc.
Maturity distribution
Deposits etc. in total
40
Notes
Note
23.
Concern
2009
2008
2009
2008
Nom. DKK t.kr. 150.000 - 6,39% maturing
11.08.2009
0
149.963
0
149.963
10.12.2011
150.000
150.000
150.000
150.000
Nom. DKK t.kr. 42 - 5,58% maturing
01.01.2012
42
42
42
42
Nom. DKK t.kr. 44 - 5,75% maturing
01.01.2013
44
44
44
44
150.086
300.049
150.086
300.049
On demand
0
0
0
0
Up to 3 months
0
0
0
0
3 to 12 months
0
149.963
0
149.963
150.086
150.086
150.086
150.086
0
0
0
0
150.086
300.049
150.086
300.049
Bonds issued at amortised cost
Bond issued total year end
Life to maturity distribution
Between 1 and 5 years
Over 5 år
Bond issued total
Note
24.
Concern
2009
2008
2009
2008
At beginning of year
212
0
4.089
4.084
Changes during year
2.190
212
2.527
5
2.402
212
6.616
4.089
2.879
2.488
7.093
6.364
-4.969
-5.494
-4.969
-5.494
Other
4.492
3.219
4.492
3.219
Total deferred tax assets
2.402
212
6.616
4.089
Provisions for deferred tax
Provisions for deferred tax in total
Comprising:
Property, plant and equipment
Fees and commissions
41
Notes
Note
25.
Concern
2009
2008
2009
2008
02.01.2012
1.691
1.691
1.691
1.691
02.01.2013
4.145
4.171
4.145
4.171
Nom. DKK t.kr. 4.566 - 4,99% maturing02.01.2014
4.566
4.566
4.566
4.566
02.01.2015
2.572
0
2.572
0
Nom. EUR 10 mio. - 2,096% maturing
31.03.2012 / 31.03.2015 *
74.415
74.506
74.415
7.506
235.000
0
235.000
0
Subordinated debt
Nom. DKK 235 mio governant hybrid core
capital 9,58 % maturing 24.09.2014**
Establishment costs incidental to government hybrid core capital amortised over the
expected term.
Subordinated debt in total
-1.137
-1.137
321.252
84.934
321.252
84.934
Expenses related to new loans
1.219
0
1.219
0
Interest payable
9.135
3.220
9.135
3.220
10.354
3.220
10.354
3.220
320.829
84.934
320.829
84.934
* Loan is issued in March 2007 and matures
april 2015, but can be paid back after 5 years
(31. March 2012)
** The loan was obtained in September 2009
with an indefinite term but is expected to
be repaid after a term of five years. It cannot
be required that the loan be converted to
guarantee capital.
Costs related to subordinated debt
Total costs related to subordinated debt
Value included in statement of capital
42
Notes
Note
26.
Concern
2009
2008
2009
2008
Core capital
1.282.288
1.330.145
1.282.288
1.330.131
Deductions
-19.534
-24.701
-19.534
-24.702
1.262.754
1.305.444
1.262.754
1.305.429
Hybrid core capital
233.863
0
233.863
0
Other deductions
-36.348
0
-36.348
0
1.460.269
1.305.444
1.460.269
1.305.429
86.966
84.934
86.966
84.934
400
400
400
400
1.547.635
1.390.778
1.547.635
1.390.763
-36.348
-19.872
-36.348
-19.873
1.511.288
1.370.906
1.511.288
1.370.890
8.372.896
8.090.361
8.401.332
8.100.306
Total core capital in percent of risk weighted
items
17,4
16,1
17,4
16,1
Solvency ratio
18,0
16,9
18,0
16,9
669.832
647.229
672.107
648.024
Core capital, base capital, solvency ratio
Core capital after deductions
Core capital incl. hybrid core capital after
primary deductions
Subordinated debt
Capitalbase before deduction
Deductions
Total base capital after deductions
Total risk weighted items
Minimum base capital required by Section
124 of the Danish Financial Business Act
43
Notes
Note
27.
2009
2008
2009
2008
EUR
19.853
156.236
19.853
156.236
SEK
3.206
219
3.206
219
GBP
563
35
563
35
NOK
33.569
3.723
33.569
3.723
USD
10.856
1.594
10.856
1.594
627
-12.360
627
-12.360
Total
68.673
149.447
68.673
149.447
Total assets in foreign currency
68.673
156.717
68.673
156.717
0
7.270
0
7.270
68.673
156.717
68.673
156.717
4,7
12,0
4,7
12,0
Currency risk
Other currencies
Total liabilities in foreign currency
Foreign exchange indicator 1 (currency
position)
Foreign exchange indicator 1 in % of net
core capital
44
Concern
Noter
Note
28.
Concern
2009
2008
2009
2008
1.509.957
1.726.054
1.509.957
1.726.054
Guarantees regarding losses on mortgage
lending
485.508
456.944
477.039
456.944
Deed registration and re-financing guarantees
717.948
262.194
717.947
253.442
Other guarantees
460.918
538.366
460.918
538.366
Total guarantees
3.174.331
2.983.558
3.165.861
2.974.806
30.133
69.217
30.133
69.217
The Bank has concluded rent contracts with
real property landlords in several of the
Bank’s branches. The rent obligation until
valid notice of termination is:
52.605
10.871
20.631
9.910
Remainder of payment for assets held under
operating leases:
2.753
0
2.753
0
Contingent liabilities
Financial guarantees
Other irrevocable commitments
The Bank has signed an agreement with the data centre SDC A/S on the delivery of IT services. Withdrawal
from this agreement during the notice period is a maximum of DKK 85.1m, corresponding to the normal payment to SDC A/S for 36 months.
Note
29.
Concern
2009
2008
2009
2008
Shares
138.423
105.105
138.423
105.105
Bonds
234.149
206.849
234.149
206.849
Total
372.572
311.954
372.572
311.954
74.688
0
145.038
36.203
Pledging for collateral
As collateral for a loan of DKR 270 millions in
the Danish National Bank bonds and shares
have been deposited with the following
market value
Carrying amount of properties provided as
security for mortgage credit loans
Sparekassen Vendsyssel guarantees for payments incidental to mortgage credit loans in subsidiaries totalling
DKK 4.4m.
45
Notes
Notes
2009
30.
Concern
2008
2009
2008
Financiel derivatives
Financial derivatives in Sparekassen Vendsyssel comprise solely unsettled security transactions for the Bank’s
own portfolio (unsettled spot transactions) and swap transactions with customers where the market risk
is 100 per cent covered via another credit institution. The Bank’s risk on the concluded swap transactions is
therefore limited to the credit risk.
Unsettled spot transactions
Nominal value
Shares, purchase
9.374
4.680
9.374
4.680
Shares, sale
9.374
4.680
9.374
4.680
125.172
0
125.172
0
86
0
86
0
144.006
9.360
144.006
9.360
Shares, purchase
69
61
69
61
Shares, sale
24
5
24
5
Bonds, purchase
0
0
0
0
Bonds, sale
0
0
0
0
93
66
93
66
Shares, purchase
24
5
24
5
Shares, sale
69
61
69
61
298
0
298
0
0
0
0
0
391
66
391
66
45
56
45
56
-45
-56
-45
-56
-298
0
-298
0
0
0
0
0
-298
0
-298
0
Bonds, purchase
Bonds, sale
Total nominal value
Positive market value
Total positive market value
Negative market value
Bonds, purchase
Bonds, sale
Total negative market value
Net market value
Shares, purchase
Shares, sale
Bonds, purchase
Bonds, sale
Total net market value
46
Notes
Notes
Concern
2009
2008
2009
2008
1.010.497
515.577
1.010.497
515.577
Positive market value
29.308
21.539
29.308
21.539
Negative market value
29.308
21.539
29.308
21.539
0
0
0
0
Up to one year
135.481
9.283
135.481
9.283
From one year to 3.6 years
723.204
373.052
723.204
373.052
More than 3.6 years
277.070
133.242
277.070
133.242
1.135.755
515.577
1.135.755
515.577
506
310
506
310
19.898
15.758
19.898
15.758
8.904
5.471
8.904
5.471
29.308
21.539
29.308
21.539
804
310
804
310
19.898
15.758
19.898
15.758
8.904
5.471
8.904
5.471
29.606
21.539
29.606
21.539
-298
0
-298
0
0
0
0
0
More than 3.6 years
0
0
0
0
-298
0
-298
0
Interest rate contracts – swaps
Nominal value
Net market value
Unsettled spot transactions, bonds and
interest rate contracts – swaps
Nominal value distributed by modified
duration
Total nominal value
Positive market value distributed by
modified duration
Up to one year
More than 3.6 years
Total positive market value
Negative market value distributed by
modified duration
Up to one year
More than 3.6 years
Total negative market value
Net market value
Up to one year
Total net market value
47
Notes
Note
31.
Concern
2009
2008
2009
2008
536.403
307.327
536.403
307.327
781
81
781
81
From six months to nine months
434.206
46
434.206
46
From nine months to one year
286.403
176.443
286.403
176.443
From one year to two years
205.066
27.364
205.066
27.364
From two years to 3.6 years
464.072
24.513
464.072
24.513
More than 3.6 years
402.977
815.463
402.977
815.463
2.329.908
1.351.237
2.329.908
1.351.237
1.505.095
535.238
1.505.095
535.238
From three months to six months
74.670
326.153
74.670
326.153
175.852
24.139
175.852
24.139
0
94.671
0
94.671
177.850
107.829
177.850
107.829
19.167
1.944
19.167
1.944
278.596
428
278.596
428
2.231.230
1.090.402
2.231.230
1.090.402
-1.416
-634
-1.416
-634
-286
-1.347
-286
-1.347
2.393
-153
2.393
-153
2.553
798
2.553
798
492
-640
492
-640
11.876
623
11.876
623
More than 3.6 years
12.183
53.900
12.183
53.900
Total interest rate risk distributed by
modified duration
27.795
52.547
27.795
52.547
Interest rate risk
Long positions with interest rate risk
distributed by modified duration
Up to three months
Total long positions with interest rate risk
Short positions with interest rate risk
distributed by modified duration
Up to three months
More than 3.6 years
Total short positions with interest rate
risk
Interest rate risk distributed by modified
duration
Up to three months
48
Notes
Note
Concern
2009
2008
2009
2008
DKK
2.315.195
1.273.978
2.315.195
1.273.978
EUR
14.713
74.318
14.713
74.318
0
2.941
0
2.941
2.329.908
1.351.237
2.329.908
1.351.237
DKK
2.231.230
1.090.402
2.231.230
1.090.402
EUR
0
0
0
0
Other currencies
0
0
0
0
2.231.230
1.090.402
2.231.230
1.090.402
DKK
27.776
47.876
27.776
47.876
EUR
19
4.667
19
4.667
0
4
0
4
27.795
52.543
27.795
52.543
Long positions with interest rate risk
distributed by currency
Other currencies
Total long positions with interest rate risk
Short positions with interest rate risk
distributed by currency
Total short positions with interest rate
risk
Interest rate risk distributed by currency
Other currencies
Total interest rate risk distributed by
currencies
49
Noter
Sensitivity towards marketrisks
32.
Note 2 describes the risks that the Bank is exposed to in detail. The diagram below shows the amounts that
the Bank’s results and equity are expected to be affected by under market conditions that may very well
become relevant. However, the interest rate risk in Sparekassen Vendsyssel is atypical compared to the normal
view on the ratio, cf. the detailed explanation below.
Interest rate risk
At the end of 2009, the Bank’s interest rate risk is calculated at DKK 27.795m, corresponding to 1.9 per cent of
the core capital. The majority of the total interest rate risk relates to bonds classified as “held to maturity” and
must therefore not be value adjusted over the income statement.
The fair value of the bonds will change if the interest rate changes, but only in the event that the bonds are
sold, will the capital loss/gain be recognised. It seems unlikely that it will become necessary to sell these
bonds, as they form the basis of the Bank’s liquidity reserves from time to time. The interest rate risk, excl. of the held-to-maturity portfolio, comprises 0.003 per cent of the core capital.
Diffrence in
profit
Difference in
equity
-44
-44
44
44
29.949
29.949
-29.949
-29.949
6.867
6.867
-6.867
-6.867
Interest rate risk
An interest rate increase of 1 percentage point
An interest rate fall of 1 percentage point
Share risk
An increase in the value of the shares of 10 per cent
A fall in the value of the shares of 10 per cent
Currency risk
An increase in the value of currencies against DKK of 10 per cent
A fall in the value of currencies against DKK of 10 per cent
50
Managerial posts
Other managerial posts – Board of Executives
Adm. CEO Vagn Hansen Board of Executives:
Spar Pantebrevsinvest A/S
HN Invest Tyskland 1 A/S
Skandinavisk Data Center A/S
Ulsted Invest A/S
Amanah Kredit A/S
Holdingselskabet af 9. maj 1983 A/S
EgnsInvest Holding A/S (Formand)
EgnsInvest Management A/S (Formand)
EgnsInvest Capital fondmæglerselskab A/S (Formand)
Other managerial posts – Board of Directors
Chairman
Svend Westergaard
Board of Executives:
HSV Finans A/S
VHH Holding A/S
Ulsted Invest A/S
Arne Andersen
Board of Directors:
Arne Andersen Vrå A/S (1 datterselskab)
ABH Byg A/S
Kimbo, Tyrkiet A/S
Ventisol A/S
Arne Andersen Vrå A/S (2 datterselskaber)
A.A. Vrå A/S
Kimbo, Tyrkiet A/S
Ventisol A/S
Ulsted El-forretning A/S
Board of Directors:
Express Shipping A/S
Plast Express A/S
Ulsted El-forretning A/S
Birte Dyrberg
Board of Directors:
Advokatfirmaet Dyrberg & Partnere A/S
Ulsted Invest A/S
Poul Dahlgaard
Forsikringsselskabet Vendsyssel A/S
Forsikringsselskabet Vendsyssel A/S
Mål 2 lånefonden
Ulsted Invest A/S
Nordjysk Lånefond A/S
Advokatfirmaet Dyrberg og Partnere A/S
51
Sparekassen Vendsyssel’s Board of Representatives
Other managerial posts – Board of Directors
Poul D. Hansen
Boards of Directors:
Ulsted Invest A/S
Søren Vad Sørensen
Boards of Executives:
KIRK Aviation A/S
KIRK Shipping A/S
Boards of Directors:
KIRK Aviation A/S
KIRK Shipping A/S
Freja Polaris A/S
Freja Sirius A/S
Kello A/S
Holdingselskabet af 26. Maj 2008 A/S
Kello Retail A/S
Catering officer
Farmer
Development consultant
Lecturer
Case officer
Master carpenter
Leather dealer
Cooperative store manager
Solicitor
Former mayor
Former child-minder
Major
Former senior clerk
Butcher‘s assistant
Haulage contractor
Master carpenter
Administrative manager
Driver
Clerk
Former stationer
Canteen manager
Electrician
Chairman
Former chief executive Salvage-corps rescuer
Company executive
Teacher
Assistant nurse
Former financial adviser
IT assistant
Farmer
Master carpenter
Principal officer
Janitor
Agnethe Kjær Jakobsen
Ulsted
Anders Vestergaard Andersen
Andy Jensen
Langholt
Anna Marie Burholt
Ravnstrup
Anne-Marie Schøn
Arne Andersen
Arne Jensen
Bent Boelskifte
Hørby
Birte Dyrberg
Birthe Andersen
Birthe P. Poulsen
Bjarke Steen Larsen
Hellum
Bodil Jensen
Ulsted
Bøje Sørensen
Carl Lauritzen
Lønstrup
Carsten B. Christensen
Carsten Sand Nielsen
Chr. Engberg Christensen
Øland
Dorte Folden Skole
Arentsminde
Ejner Toft Elsa Toftelund
Erik Pedersen
Vennebjerg
Ernst Enevold Nielsen
Hou
Evald Haven
Finn M. Sørensen
Frank Bræmer
Frede Krogsgaard
Gerda K. Nielsen
Grete Larsen
Hanne Jensen
Halvrimmen
Hans Abildgaard
Hørby
Hans J. Jensen
Poulstrup
Hans Jørgen Jensen
Hans Ole Pedersen
Ulsted
9370 Hals
9740 Jerslev J.
9310 Vodskov
9320 Hjallerup
9300 Sæby
9000 Aalborg
9760 Vrå
9300 Sæby
9800 Hjørring
9480 Løkken
9760 Vrå
9740 Jerslev J.
9370 Hals
9800 Hjørring
9800 Hjørring
9460 Brovst
9300 Sæby
9460 Brovst
9460 Brovst
9760 Vrå
9300 Sæby
9800 Hjørring
9370 Hals
9700 Brønderslev
9800 Hjørring
9760 Vrå
9340 Aså
9460 Brovst
9800 Hjørring
9460 Brovst
9300 Sæby
9760 Vrå
9800 Hjørring
9370 Hals
Teacher
Hans Peter Johansen
9760 Vrå
52
Sparekassen Vendsyssel’s
Tekster
Board
der knytter
of Representatives
sig til siden
Builder
Slaughterhouse worker
Farmer
Farmer
Assisting spouse
Head of station
Company executive
Farmer
Vice mayor
Lawyer
Master carpenter
Electrician
Farmer
Product manager
Car dealer
Teacher
Head of department
Taxicab owner
Detective inspector
Pre-school class teacher
Electrician
Social and health care help
Farmer
Sexton
Paint dealer
Chef
Electronics mechanic
Financial consultant
Grocer
Farmer
Vice principal
State-authorised estate agent
Plumber
Electrician
Farmer
Consultant doctor
Consultant engineer
Wildlife consultant
Farmer
Farmer
Manufacturer
Construction worker
Farmer
Electrician
Guide dog instructor
Controller
Master builder
Manufacturer
Master builder
Hans Torp Andersen
Halvrimmen
Hans-Herman G. Jensen
Hørby
Henrik Erlandsen
Henrik Vadsholt
Ulsted
Inge Lis Saksager
Årup
Jacob Pedersen
Jan Holmsgaard
Jan Ulrich
Jens Broen
Jens Christian Christensen
Jens Jørgen Nielsen
Halvrimmen
Jens Koldkjær
Jens Kristian Risager
Hæstrup
Jens Mathiasen
Hundelev
Jens Ole Jensen
Hou
Jette Skiveren
Klokkerholm
Johannes Hovaldt
Klokkerholm
Kai Melgaard
Kaj Rafn
Karin Thomsen
Hundelev
Karsten Høgh
Kirsten Qvist
Ulsted
Kristian Bastholm Jensen
Lars Kirkedal
Jelstrup
Lars Villadsen
Lene Kongerslev
Horne
Malene S. Lagergaard
Martin Kærsgaard
Klokkerholm
Mogens Nedergaard
Mona Lykke Thomsen
Sterup
Morten Hove
Hørmested
Niels Erik Johansen
Poulstrup
Niels Erik Pedersen
Nr. Harritslev
Niels Ole Nielsen
Ulsted
Ole Ingvardsen
Serritslev
Ole Møgelmose
Peter Have
Peter Larsen
Ulsted
Peter Lunde Jensen
Øland
Peter Mølbjerg
Klokkerholm
Pia Bak Andersen
Poul Dahlgaard
Poul D. Hansen
Klokkerholm
Preben Christensen
Sven Jensen
Svend A. Jørgensen
Svend Westergaard
Hundelev
Svend Aa. Sørensen
9460 Brovst
9300 Sæby
9352 Dybvad
9370 Hals
9760 Vrå
9850 Hirtshals
9800 Hjørring
9700 Brønderslev
9800 Hjørring
9300 Sæby
9460 Brovst
9362 Gandrup
9800 Hjørring
9480 Løkken
9370 Hals
9320 Hjallerup
9320 Hjallerup
9760 Vrå
9800 Hjørring
9480 Løkken
9460 Brovst
9370 Hals
9760 Vrå
9480 Løkken
9300 Sæby
9850 Hirtshals
9850 Hirtshals
9382 Tylstrup
9320 Hjallerup
9740 Jerslev J.
9740 Jerslev J.
9870 Sindal
9760 Vrå
9800 Hjørring
9370 Hals
9700 Brønderslev
9850 Hirtshals
9760 Vrå
9370 Hals
9460 Brovst
9320 Hjallerup
9750 Østervrå
9460 Brovst
9320 Hjallerup
9850 Hirtshals
9362 Gandrup
9760 Vrå
9480 Løkken
9760 Vrå
53
The Bank’s Board of Representatives, Board of Directors, Executive Board and auditors
Production supervisor
Timber dealer
Company executive
Contractor
Engineer
Self-employed
Fisherman
Master carpenter
Clothes dealer
Cooperative store manager
Electrician
Søren Batsberg
Ulsted
Søren G. Sørensen
Sterup
Søren Grøn
Slettestrand
Søren Ulrik Sørensen
Thomas Østergaard R. Pedersen
Tina Mølbjerg Pape
Torsten Christensen
Kjul
Vang Lundegaard
Hørby
Viggo Krath Christensen
Vilfred Lynglund
Ulsted
Manufacturer
Wildlife consultant Master carpenter
Bank janitor
Electrician
Electronics mechanic
Farmer
Solicitor
Electrician
Ex-chief executive Farmer
Farmer
Clerk
Insurance Chief
Customer manager
Vice Principal
Økonomidirektør
Svend Westergaard
Peter Have Arne Andersen Regnar Bering
Aage H. Christensen
Louis Holt Christensen Poul Dahlgaard
Birte Dyrberg Poul Hansen
Evald Haven Peter Larsen
Mogens Nedergaard
Dorte Folden Skole
Helle S. Sørensen Hans Henrik Toft Sørensen
Mona L. Thomsen
Søren Vad
CEO Bank manager
Bank manager
Vagn Hansen
John Olsson
Karsten Olsen
Board af directors
Hundelev (chairman)
Vrå (vice-chairman)
Aalborg
Hundelev (employee elected)
Ulsted
Hirtshals
Brovst
Hjørring
Klokkerholm
Brønderslev
Ulsted
Jerslev J
Arentsminde
Hjørring (employee elected)
Hundelev (employee elected)
Sterup
Silkeborg
Board of Executives
Auditors
BDO Scanrevision
Statsautoriseret revisionsaktieselskab
Peter Have Jensen
Deloitte
Statsautoriseret revisionsaktieselskab
Henning Kjeldsen
54
9370 Hals
9740 Jerslev J.
9690 Fjerritslev
9760 Vrå
9460 Brovst
9800 Hjørring
9850 Hirtshals
9300 Sæby
9800 Hjørring
9760 Vrå
9370 Hals
Sections of Sparekassen Vendsyssel
Hovedkontor
Østergade 15
9760 Vrå
Tlf. 8222 9000
E-mail: [email protected]
Brovst
Stationsvej 8
9460 Brovst
Tlf. 9823 1322
Brønderslev
Albani Plads 1
9700 Brønderslev
Tlf. 9882 4811
E-Mail: [email protected]
Hou
Brogade 20, Hou
9370 Hals
Tlf. 98 25 3411
Sindal
Nørre Torv 11
9870 Sindal
Tlf. 9623 2700
Hundelev
Vennebjergvej 7, Hundelev
9800 Hjørring
Tlf. 9899 9066
Hørby
Hjørringvej 105, Hørby
9300 Sæby
Tlf. 9846 6233
Fjerritslev
Søndergade 13
9690 Fjerritslev
Tlf. 9650 0270
Jerslev
Voldgade 11
9740 Jerslev J
Tlf. 9883 1411
Klokkerholm
Borgergade 19, Klokkerholm
9320 Hjallerup
Tlf. 9828 4400
København
Gammel Strand 42,1
1202 København K
Tlf. 3319 3850
Skagen
Sct. Laurentii Vej 33
9990 Skagen
Tlf. 9845 4900
Skovsgård
Hovedgaden 19, Skovsgård
9460 Brovst
Tlf. 9823 2333
Sæby
Grønnegade 4
9300 Sæby
Tlf. 9846 4733
Frederikshavn
Parallelvej 23
9900 Frederikshavn
Tlf. 8222 9900
Frederikshavn Vestby
Maigårdsvej 2F
9900 Frederikshavn
Tlf. 8222 9330
Halvrimmen
Aalborgvej 8, Halvrimmen
9460 Brovst
Tlf. 9823 8166
Hirtshals
Jyllandsgade 14
9850 Hirtshals
Tlf. 9894 5766
Lønstrup
Strandvejen 62, Lønstrup
9800 Hjørring
Tlf. 9896 0266
Hjørring
Brinck Seidelins gade 10
9800 Hjørring
Tlf. 9891 0166
Serritslev
Syrenvej 21, Serritslev
9700 Brønderslev
Tlf. 9883 7355
Tranum
Tranhøj 3, Tranum
9460 Brovst
Tlf. 98 23 5144
Ulsted
Jyllensgade 14, Ulsted
9370 Hals
Tlf. 9825 4111
Aabybro
Østergade 27
9440 Aabybro
tlf. 9696 5400
Poulstrup
Hovedgaden 73, Poulstrup
9760 Vrå
Tlf. 9898 8100
55

Sparekassen Vendsyssel Østergade 15 Dk

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