Annual report and consolidated financial statements for 2012

Transcription

Annual report and
consolidated financial
statements for 2012 for
FOREX BANK AB
Org.nr 516406-0104
FOREX Annual report 2012
1
2
FOREX Bank Annual report 2012
CONTENTS
Contents
3
Note 23 Other shares and participations56
Statutory administration report4
Note 24 Intangible assets57
Consolidated income statement11
Note 25 Property, plant and eguipment59
Consolidated statement of comprehensive income11
Note 26 Receivables from and liabilities to
Consolidated balance sheet12
Consolidated statement of changes in equity13
Note 27 Other assets 63
Consolidated cash flow statement14
Note 28 Prepaid expenses and accrued income64
Parent company income statement15
Note 29 Deposits from the general public64
Parent company statement of
Note 30 Liabilities to Group companies64
comprehensive income
Group companies63
15
Note 31 Other creditors65
Parent company balance sheet15
Note 32 Accrued expenses and prepaid income 66
Parent company statement of changes in equity18
Note 33 Provisions66
Parent company cash flow statement19
Note 34 Untaxed reserves67
Notees to the financial statements20
Note 35 Contingent liabilities67
Note 1 Disciosures about Group
Note 36 Commitments67
and Parent Company20
Note 37 Related parties 68
Note 2 Accounting principles20
Note 38 Geographic distribution of income 68
Note 3 Financial risks31
Note 39 Financial assets and liabilities69
Note 4 Net interest income/expense35
Note 40 Cash flow statement .76
Note 5 Dividends received36
Note 41 Important estimates and assessments77
Note 6 Commission income37
Note 42 Capital adequacy .77
Note 7 Commission expenses37
38
Signatures of the board of directors80
Note 9 Other operating expenses39
Audit report81
Note 10 General administrative expenses40
Governance83
Note 11 Other operating expenses47
List of branches84
Note 8 Net income from financial transactions
Note 12 Loan losses, net47
Note 13 Impairment of financial assets48
Note 14 Reversal of impairment
of financial assets48
Note 15 Appropriations48
Note 16 Taxes49
Note 17 Treasury bills eligible as collateral52
Note 18 Loans to the credit institutions52
Note 19 Loans to teh general public 53
Note 20 Bonds and other interest-bearing
securities53
Note 21 Shares and participations in
Group companies54
Note 22 Participations in associated companies55
3
STATUTORY ADMINISTRATION REPORT
The Board of Directors and Managing Director of FOREX
Bank AB (FOREX) hereby submit the annual report and
consolidated financial statements for the 2012 financial
year.
Ownership
FOREX Bank AB, CIN 516406-0104, is one of the family
Friberg’s wholly owned joint-stock banks.
Organization and business
activities
FOREX is the Parent Company of a Group that is comprised of its bank branches in Finland, Denmark and Norway as well as the wholly owned subsidiary, X-change in
Sweden AB (X-change).
The Group conducts banking business consisting primarily of loans to and deposits from the general public, remittance services and supplying means of payment in local
and foreign currencies.
During the year the sub-subsidiary, X-change Valuta Specialisten Europe AB, merged with the subsidiary, X-change
in Sweden AB. In addition, during the year the subsidiary,
Forex Sweden International Ltd, was liquidated and the
subsidiary, Svensk Valutahantering AB, was divested.
On September 5, the associated company, Panaxia AB
(publ) (Panaxia), listed as NGM Equity, filed for bankruptcy. FOREX owned 27.7 percent of the company at the
time of bankruptcy.
Significant events during the year
The year to a large extent has been affected by the
developments within the associated company, Panaxia.
During the spring of 2011 the Board of Directors of FOREX Decided to invest in Panaxia by participating in a
new share issue where FOREX subscribed for SEK 38 million, corresponding to 24.7 percent of the company. The
purpose of the investment was, together with Sparbanken
1826, to participate in an industrial change in the cash
management market while at the same time giving a third
party continued possibilities for working in this market.
The Board of Directors of FOREX considered it important
for strategic reasons to secure value transports as well as
the handling of cash through its own Cash Center, which
was established on Panaxia’s premises.
The operations in Panaxia generated a loss during the
4
first six months of 2012, which was compounded by
large impairment losses on old, past-due receivables of
low quality. Since the Board of Directors of FOREX was
committed to keeping Panaxia operational, a new share
issue was prepared that was guaranteed by the two primary owners, FOREX and Sparbanken 1826, with SEK
75 million each. Before the new share issue could be
executed, Panaxia’s bank credit was withdrawn, forcing
Panaxia into bankruptcy.
Panaxia’s losses during the first half of the 2012 burdened Group earnings by SEK 40 million in the form of
a negative share in profits from associated companies.
Panaxia’s bankruptcy has resulted in an additional expense for the Group totaling SEK 134 million since the
daily receipts that were submitted to Panaxia for counting
were lost. As a result, FOREX prepared an action plan
with the aim of strengthening the internal control in the
company. The action plan since then has been reported
regularly to Finansinspektionen.
ANoteher effect of Panaxia’s bankruptcy was that the
FOREX Cash Center, which was located adjacent to
Panaxia’s premises, terminated delivery of foreign currency to the Group’s branches in Sweden. Following
the bankruptcy, Cash Center is exclusively focusing until
further Noteice on delivering currency to external customers. The Group’s branches once again purchase currency from external parties. The idea of delivering currency
to the entire Group via an in-house Cash Center lives on,
however, and will continue to be evaluated.
Despite the course of events in Panaxia, 2012 was a
year of expansion for the Group. The major banks’ unwillingness to handle cash has increased interest in the
FOREX Bank’s operations. The Bank’s opening hours and
wide presence via an extensive network of branches are
a competitive advantage.
The number of branches increased during the year by 18
and at year-end the operations included 127 (109) bank
branches. During the year 16 branches were acquired
from Western Union. One of these branches was closed.
Of the existing branches that were acquired, one is in
Sweden, one is in Finland and thirteen are in Norway.
These branches primarily performed remittance services
during the year, but in the future they will provide the
other services offered by FOREX. Six new branches were
also opened during the year and three branches were
closed.
The reorganization of the subsidiary, X-change, continued
in 2012. During the year three X-change branches were
changed into FOREX branches and two X-change branches were closed. In the future, only branches that are
located at major travel hubs will be operated as X-change
branches.
As of January 1, 2012, the subsidiary, X-change, will act
as an agent for FOREX with regard to all products and
services offered to customers.
Efforts to outsource the banking platform and operations
of IT-related activities continued during the year. The operation of IT-related activities was taken over in 2011 by a
third party. Efforts to outsource the banking platform are
in an intensive phase and it is estimated that they will be
concluded during 2013.
25 percent. General administrative expenses increased
7 percent to SEK 851 million (796) due to more branches and therefore also more employees, continued large
investments in skills development and continued development within IT. Depreciation, amortization and impairment Decreased by 23 percent to SEK 29 million (37) due
to the recovery during the year of a previously reported
impairment loss of SEK 15 million on property. Other
operating expenses increased from SEK 98 million to SEK
283 million. The most important explanation is the loss of
counted daily receipts in conjunction with the bankruptcy
of Panaxia. ANoteher explanation is increased marketing
activities.
Changes in management
Loan losses were SEK 74 million (60). Verified loan losses
amounted to 1 percent (1) of loans granted.
The Group’s CFO and Deputy Managing Director left FOREX in conjunction with the Panaxia bankruptcy. Thomas
Högväg was named Deputy Managing Director in 2013.
Group position
Group results
For the financial year, the Group reported an operating
profit of SEK 47 million (231) and profit after tax of SEK
8 million (165). The primary explanation for why the
operating profit is much lower in 2012 than the previous
year is related to the counted daily receipts (SEK 134 million) in conjunction with the bankruptcy of the associated
company, Panaxia.
Operating income consists mainly of net income from
financial transactions (currency exchange for the most
part) but also net interest income/expense and net commissions. Operating income during the year totaled SEK
1,284 million (1,223), which is an increase of 5 percent
compared to the previous year. Net interest income/expense increased during the year by 34 percent to SEK
149 million (111) due to a combination of growth in
the volume of granted loans and an increased interest
margin. Net commission increased by 9 percent to SEK
199 million (183). The single largest explanatory factor
behind the improved net commission is that the number of
foreign transfers increased sharply during the year. This
is partly a consequence of the acquisition during the year
of all of Western Union’s Nordic branches and partly due
to the fact that the effects from the change that was made
in December 2011 to a new supplier of international remittance services began to be felt during the year. Net
income from financial transactions increased during the
year by 1 percent to SEK 924 million (916).
Consolidated operating expenses during the year totaled
SEK 1,163 million (932), which represents an increase of
Total assets were SEK 7,240 million (6,574). The increase
is due primarily to the continued sharp increase during
the period in the volume of both loans to the general public and deposits from the general public. Loans to the
general public increased by 35 percent to SEK 3,464 million (2,564). Deposits from the general public increased
from SEK 5,513 million to SEK 6,150 million, which is an
increase of 12 percent.
Cash equivalents in the form of cash, loans to credit institutions, treasury bills eligible as collateral, bonds and
other debt securities with a maturity of up to 3 months
totaled SEK 3,071 million (2,657).
The Group’s equity at year-end was SEK 804 million
(813). The equity ratio was 11.0 percent (12.4) and the
capital adequacy ratio was 1.45 (1.72).
Parent Company results
For the financial year, the Parent Company reported an
operating profit of SEK 68 million (203) and profit after
tax of SEK 72 million (145). The lower operating profit is
explained by the loss of counted daily receipts in conjunction with the bankruptcy of Panaxia AB (SEK 118 million)
and an impairment loss on the shares in the associated
company, Panaxia (SEK 43 million).
Operating income consists mainly of net income from financial transactions (currency exchange for the most part)
but also net interest income/expense and net commissions.
Operating income during the year totaled SEK 1,282 million (1,098), which is an increase of 17 percent yearon-year. Net interest income/expense increased during
5
the year by 35 percent to SEK 148 million (110) due to
growth in the volume of granted loans in conjunction with
an increased interest margin. Dividends received during
the year totaled SEK 89 million (-). This amount is comprised of dividends received and Group contributions from
the subsidiary, X-change. Net commissions Decreased by
37 percent to SEK 103 million (163). The Decrease is due
primarily to the fact that the Parent Company paid commissions during the year to the subsidiary, X-change, for
its services as an agent for FOREX. Commission income
from international transfers also increased sharply during
the year due to the larger number of transfers resulting
partly from the acquisition during the year of all of Western Union’s Nordic branches and partly to the fact that
the effects of the change in December 2011 to a new
supplier of international remittance services began to be
felt during the year. Net income from financial transactions increased during the year by 15 percent to SEK 926
million (804) primarily as a result of the inflow of income
during the year from currency sales in the subsidiary, Xchange, via an agent agreement.
The Parent Company’s operating expenses during the
year totaled SEK 1,085 million (836), which represents
an increase of 30 percent. General administrative expenses increased 11 percent to SEK 796 million (718) due
to more branches and therefore also more employees,
continued large investments in skills development and
continued development within IT. Depreciation, amortization and impairment Decreased by 14 percent to SEK 27
million (32) primarily due to the recovery during the year
of a previously reported impairment loss of SEK 15 million on property. Other depreciation and amortization for
the year increased as a result of increased investments in
the branch network. Other operating expenses increased
from SEK 86 million to SEK 261 million. The explanation is the loss of counted daily receipts in conjunction
with the bankruptcy of Panaxia. ANoteher explanation is
increased marketing activities.
Loan losses were SEK 74 million (60). Verified loan losses
amounted to 1 percent (1) of loans granted.
The operating profit was also burdened by impairment
losses on financial assets of SEK 55 million. These consist
of an impairment loss on the shares of the associated company, Panaxia (SEK 43 million), and an impairment loss
on shares in subsidiaries (SEK 12 million).
Parent Company’s position
Total assets were SEK 7,201 million (6,477). The increase
is due primarily to the continued sharp increase during
6
the period in the volume of both loans to the general public and deposits from the general public. Loans to the
general public increased by 35 percent to SEK 3,464 million (2,564). Deposits from the general public increased
from SEK 5,513 million to SEK 6,150 million, which is an
increase of 12 percent.
Cash equivalents in the form of cash, loans to credit institutions, treasury bills eligible as collateral, bonds and
other debt securities with a maturity of up to 3 months
totaled SEK 2,995 million (2,515).
The Parent Company’s equity at year-end was SEK 733
million (679). The equity ratio was 10.2 percent (10.5)
and the capital adequacy ratio was 1.70 (1.88).
Future development
The Bank continues to develop its operations in accordance with the current business plan with the establishment
of new branches. Decisions have been made to open a
total of seven new branches in 2013. Four of these will
be in Sweden, two in Denmark and one in Finland. The
goal is to maintain the high market share in Sweden and
enhance the Bank’s presence in locations where there
is large demand for the Bank’s products. Efforts will be
made to increase the market share in Finland, Denmark
and Norway.
Deliveries of currency to the Group’s branches in Sweden have been made via the Bank’s own Cash Center
since 2011. This service was terminated in 2012 due to
Panaxia’s bankruptcy. These operations will most likely be
resumed in 2013 with the Bank’s new transporter. Consequently, the work to sign contracts for the delivery of
currency with suppliers outside of Sweden will continue
in 2013.
Considerable resources were committed for a long period
of time to the prevention of money laundering. This work
will continue with the same high level of priority.
A strategic Decision was made in 2012 to also establish
banking operations in the Bank’s branches. To date, the
operations in Finland, Denmark and Norway only included currency exchange and remittance services. The first
phase of this project will be to supplement the operations
in Finland with the Pay and Save products. The goal is
to be able to offer customers these two products in 2013
and gradually broaden the selection of products. These
products will also be offered in the Danish and Norwegian markets in the future.
Events after the closing date
IFollowing the bankruptcy of Panaxia, the cooperation in
Sweden with the transporter, Panaxia, was terminated.
An agreement with a new supplier was signed in 2012.
In 2013 an agreement with the same supplier was signed
for the operations in Norway.
In conjunction with an investigation into the separation
funds in Panaxia’s bankruptcy, and to avoid extended
legal proceedings, FOREX accepted a settlement in 2013
in which it received SEK 15 million.
Business risks
The Bank is exposed on a daily basis to different types
of risks associated with the business, such as credit risks,
liquidity risks, market risks (interest rate risks and currency
risks) and operational risks. A more detailed description
of these risks is provided in Notee 3.
7
Key figures
Group
Key figures
2012
2011
2010
2009
2008
Loans to the general public
3 463 807
2 563 679
1 733 854
1 105 027
679 436
Change during the year, %
35%
48%
57%
63%
20%
6 150 033
5 512 865
3 853 991
2 983 081
3 014 890
12%
43%
29%
-1%
63%
11,1%
12,4%
14,3%
12,5%
9,6%
1,42
1,72
1,67
1,28
1,04
2,16%
1,93%
1,62%
1,40%
0,72%
5,9%
30,6%
58,2%
35,7%
-12,3%
Cost/income ratio before loan losses
0,9
0,8
0,7
0,8
1,0
Cost/income ratio after loan losses
1,0
0,8
0,7
0,9
1,1
Percentage doubtful debts
4,4%
4,5%
4,3%
6,0%
2,2%
Loan loss ratio
2,7%
3,3%
0,4%
10,6%
2,0%
1 088
915
893
863
810
127
109
113
114
121
Volume
Deposits from the general public
Change during the year, %
Equity
Equity ratio
Taxed equity as a % of total assets
Capital adequacy ratio1)
Own funds/Capital adequacy requirement
Net profit
Investment margin
Net interest income/expense as a % of
average total assets
Return on equity
Operating profit as a % of average
equity
Total expenses excluding loan losses
in relation to operating income
Total expenses including loan losses
in relation to operating income
Doubtful debts and loan losses
Net doubtful debts as a % of total
loans granted to the general public Loan losses as a % of the opening balance
for loans to the general public
Other information
Average number of employees
Number of branches
8
Income statements and balance sheets
Group
SEK thousand
2012
2011
2010
2009
2008
148 831
110 684
70 092
52 700
22 954
1
1
563
-
39
Commissions, net
199 237
183 292
198 339
155 637
140 552
Net income from financial transactions
924 436
915 614
924 825
809 350
581 978
Income statement
Net interest income/expense
Dividends received
Other operating income
11 129
13 058
8 266
5 237
1 056
1 283 634
1 222 649
1 202 085
1 022 924
746 579
General administrative expenses
-850 688
-796 287
-739 994
-632 541
-648 378
Other operating expenses
-311 824
-135 743
-117 538
-165 022
-134 476
-73 731
-59 830
-4 890
-76 870
-11 221
-1 236 243
-991 860
-862 422
-874 433
-794 075
Operating profit (loss)
47 391
230 789
339 663
148 491
-47 496
Share in profits, associated companies
-39 661
-3 432
-
-
-
712
-62 641
-84 733
-41 376
-3 265
8 442
164 716
254 930
107 115
-50 761
Cash
378 819
402 441
351 919
403 275
470 886
Treasury bills eligible as collateral
999 226
-
-
-
-
Total income
1)
Credit losses and impairment of financial assets
Total expenses
Tax
Net profit (loss) for the year
Balance sheet
Loans to credit institutions
Interest-bearing securities
Shares and participations
942 470
526 027
654 199
1 843 310
1 668 948
3 463 807
2 563 679
1 733 854
1 105 027
679 436
750 813
2 574 288
1 690 869
-
498 284
1 255
40 985
1 471
1 500
4 980
Intangible assets
138 394
127 874
132 835
139 020
144 540
Property, plant and equipment
240 653
157 845
155 004
152 672
198 537
Other assets
324 158
180 691
159 192
119 202
101 468
7 239 595
6 573 830
4 879 343
3 764 006
3 767 079
-
-
-
71 145
89 182
6 150 033
5 512 865
3 853 991
2 983 081
3 014 890
283 976
246 364
326 996
236 644
301 938
TOTAL ASSETS
Liabilities to credit institutions
Other liabilities
Provisions
Total liabilities and provisions
Equity
TOTAL LIABILITIES, PROVISIONS
AND EQUITY
1)
1 861
1 712
2 168
2 000
-
6 435 870
5 760 941
4 183 155
3 292 870
3 406 010
803 725
812 889
696 188
471 136
361 069
7 239 595
6 573 830
4 879 343
3 764 006
3 767 079
Including depreciation/amortization and impairment of property, plant and equipment and intangible assets
9
Proposal for appropriation of the Parent
Company’s profit
The following earnings are at the disposal of the Annual
General Meeting:
– accumulated profit
– profit for the year
589 335 766
72 132 364
661 468 130 kr
The Board proposes that the earnings be carried forward.
For further information on the profit and financial position
of the Parent Company and the Group, please refer to
the accompanying income statement, balance sheet and
Notees to the financial statements.
10
CONSOLIDATED INCOME STATEMENT
SEK thousand
Note
2012
2011
Interest income
325 645
261 380
Interest expenses
-176 814
-150 696
4
148 831
110 684
Dividends received
5
1
1
Commission income
6
228 318
202 179
Commission expenses
7
-29 081
-18 887
8
924 436
915 614
9
11 129
13 058
Total operating income
Depreciation/amortization and impairment
of PP&E and intangible assets
1 283 634
1 222 649
10
-850 688
-796 287
24,25
-28 723
-37 480
11
-283 101
-98 263
-1 162 512
-932 030
Total expenses before loan losses
Net profit (loss) before loan losses
121 122
290 619
Loan losses, net
12
-73 531
-59 580
Impairment of financial assets
13
-200
-250
47 391
230 789
Share in profits, associated companies
22
-39 661
-3 432
Tax
16
712
-62 641
8 442
164 716
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
SEK thousand
Note
2012
2011
8 442
164 716
131
103
-1 237
-118
-1 106
-15
7 336
164 701
Other comprehensive income
Available-for-sale financial assets
Exchange rate differences
Other comprehensive income, net after tax
Total comprehensive income
11
CONSOLIDATED BALANCE SHEET
SEK thousand
Note
31 Dec 2012
31 Dec 2011
Assets
Cash
378 819
402 441
17
999 226
-
18
942 470
526 027
19
3 463 807
2 563 679
Bonds and other interest-bearing securities
20
750 813
2 574 288
Participations in associated companies
22
-
39 661
Other shares and participations
23
1 255
1 324
Intangible assets
24
125 923
125 941
12 471
1 933
- Goodwill
- Other intangible assets
PP&E
25
- Equipment
34 809
16 224
128 227
76 947
- Buildings
77 617
64 674
Current tax assets
15 399
12 217
- Capitalized reconstruction costs
Deferred tax assets
16
1 909
5 476
Other assets
27
200 608
67 066
Prepaid expenses and accrued income
28
106 242
95 932
7 239 595
6 573 830
TOTAL ASSETS
Liabilities, provisions and equity
Liabilities and provisions
29
6 150 033
5 512 865
Deferred tax liabilities
16
21 623
28 001
Other liabilities
31
211 870
178 173
Accrued expenses and prepaid income
32
50 483
40 190
Provisions
33
1 861
1 712
6 435 870
5 760 941
60 000
60 000
3 206
5 350
740 519
747 539
803 725
812 889
7 239 595
6 573 830
Equity
Share capital
Reserves
Earned profits including net profit (loss) for the year
Total equity
TOTAL LIABILITIES, PROVISIONS AND EQUITY
12
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
SEK thousand
Opening balance, Jan 1, 2011
Share capital
1)
60 000
Reserves
2)
Accrued earnings
Total equity
5 362
630 826
696 188
164 716
164 716
103
-118
Total other comprehensive income
-15
Transfer within equity
3
Dividends
Closing balance, Dec 31, 2011
60 000
5 350
103
-118
-
-15
-3
-
-48 000
-48 000
747 539
812 889
8 442
8 442
131
131
-1 237
-1 237
-1 106
-
-1 106
-1 038
1 038
-
-16 500
-16 500
3 206
740 519
803 725
Reserv för
verkligt värde
Reserv för omräkningsdifferenser
Reservfond
Totalt
reserver
-68
-6 570
12 000
5 362
Dividends
1)
60 000
Specification share capital
Number of shares
Class A shares
600 000
Class B shares
5 400 000
Total number of shares
6 000 000
Quotient value
10 kr
All shares have been paid in full
2)
Specification Reserves
Opening balance, 1 Jan 2011
103
103
103
-118
-118
-118
-
-15
3
35
-6 685
3
12 000
5 350
131
-1 237
131
-1 237
166
-8 960
131
-1 237
-
-1 038
-1 106
-1 038
12 000
3 206
13
CONSOLIDATED CASH FLOW STATEMENT
SEK thousand
Note
2012
2011
47 391
230 789
- Depreciation/amortization and impairment (+)
28 723
37 480
- Loan losses (+)
37 901
43 310
123 184
117 513
6 283
763
40
Operating profit (loss) (+)
Adjustments for non-cash items
- Interest Note paid (+)
- Capital gains/losses on intangible
assets and PP&E (+)
- Other non-cash items (+/-)
349
-206
-9 040
-133 397
234 791
296 252
Increase/Decrease in loans to the general public (-/+)
-938 039
-873 135
Increase/Decrease in bonds and other interest-bearing securities (-/+)
845 554
-538 735
Increase/Decrease in deposits from the general public (+/-)
505 298
1 533 326
-93 361
-27 135
554 243
390 573
Acquisition of participations in associated companies (-)
-
-43 093
Sale of intangible assets (+)
-
1 455
Taxes paid (-)
Cash flow from operating activities before changes
in working capital
Cash flow from changes in working capital
Increase/Decrease in other assets and liabilities (+/-)
Cash flow from operating activities
Investing activities
Acquisition of intangible assets (-)
Sale of PP&E (+)
Acquisition of PP&E (-)
Cash flow from investing activities
-15 170
-301
-
1 822
-114 486
-38 401
-129 656
-78 518
Financing activities
Dividends paid (-)
-16 500
-48 000
Cash flow from financing activities
-16 500
-48 000
Cash flow for the year
408 087
264 055
2 657 202
2 396 257
6 039
-3 110
3 071 328
2 657 202
Cash
378 819
402 441
Treasury bills eligible as collateral – payable on demand
999 226
-
Loans to credit institutions – payable on demand
942 470
526 027
Bonds and other interest-bearing securities - payable on demand
750 813
1 728 734
3 071 328
2 657 202
Cash equivalents at the beginning of the year
Exchange rate differences on cash equivalents
Cash equivalents at year-end
Cash and cash equivalents is comprised of the following items:
14
PARENT COMPANY INCOME STATEMENT
SEK thousand
Note
2012
2011
Interest income
324 624
260 253
Interest expenses
-176 795
-150 557
147 829
109 696
4
Dividends received
5
88 601
1
Commission income
6
223 619
183 305
Commission expenses
7
-120 449
-20 393
8
926 461
804 164
9
15 979
21 511
1 282 040
1 098 284
-796 203
-718 025
24,25
-27 197
-31 801
11
-261 636
-86 144
-1 085 036
-835 970
197 004
262 314
Total operating income
Depreciation/amortization and impairment
of PP&E and intangible
assets
10
Total expenses before loan losses
Net profit (loss) before loan losses
Loan losses, net
12
-73 531
-59 580
13
-55 293
-250
Reversal of impairment of financial assets
14
-
250
68 180
202 734
Appropriations
15
9 479
-2 883
Tax
16
-5 527
-54 989
72 132
144 862
2012
2011
72 132
144 862
131
-68
-1 175
103
Other comprehensive income, net after tax
-1 044
-372
Total comprehensive income
71 088
144 490
PARENT COMPANY STATEMENT OF
COMPREHENSIVE INCOME
SEK thousand
15
PARENT COMPANY BALANCE SHEET
SEK thousand
Note
31 Dec 2012
31 Dec 2011
341 148
359 289
Assets
Cash
17
999 226
-
18
903 513
426 978
19
3 463 807
2 563 679
20
750 813
2 574 288
Shares and participations in Group companies
21
159 864
171 915
Participations in associated companies
22
-
43 093
23
1 255
1 324
Intangible assets
24
12 471
1 933
- Other intangible assets
PP&E
25
- Equipment
- Capitalized reconstruction costs
- Buildings
Receivables from Group companies
26
Current tax assets
33 875
13 294
126 098
73 038
77 617
64 674
38 994
29 841
14 056
10 304
Deferred tax assets
16
1 909
5 476
Other assets
27
173 326
46 537
Prepaid expenses and accrued income
28
102 753
91 672
7 200 725
6 477 335
TOTAL ASSETS
Liabilities, provisions and equity
Liabilities and provisions
29
6 150 033
5 512 865
Liabilities to Group companies
30
-
58
1 061
-
Other liabilities
16
199 990
171 054
Accrued expenses and prepaid income
31
48 734
37 709
Provisions
32
1 861
1 712
33
6 401 679
5 723 398
Untaxed reserves
34
65 578
75 057
Share capital
60 000
60 000
Statutory reserve
12 000
12 000
589 336
462 018
Equity
Restricted equity
Non-restricted equity
Profit (loss) brought forward
Total equity
TOTAL LIABILITIES, PROVISIONS AND EQUITY
16
72 132
144 862
733 468
678 880
7 200 725
6 477 335
CONT. PARENT COMPANY BALANCE SHEET
SEK thousand
Note
31 Dec 2012
31 Dec 2011
Memorandum items
Contingent liabilities
35
3 084
3 737
Commitments
36
101 670
121 360
17
PARENT COMPANY STATEMENT OF
CHANGES IN EQUITY
SEK thousand
Opening balance, Jan 1, 2011
Restricted equity
Non-restricted equity
Share
capital1)
Statutory
reserve
Profit/loss
carryforward
Profit/loss
carryforward
Total
equity
60 000
12 000
225 656
284 734
582 390
284 734
-284 734
-
144 862
144 862
Appropriation of profits
103
103
-475
-475
-372
Dividends
-
-48 000
60 000
12 000
Appropriation of profits
-372
-48 000
462 018
144 862
144 862
-144 862
-
72 132
72 132
678 880
131
-1 175
-1 044
Dividends
1)
60 000
12 000
Number of shares
Class A shares
600 000
Class B shares
5 400 000
Total number of shares
6 000 000
All shares have been paid in full
18
-1 175
-
-16 500
Specification share capital
Quotient value
131
10 kr
589 336
-1 044
-16 500
72 132
733 468
PARENT COMPANY CASH FLOW STATEMENT
SEK thousand
Note
2012
2011
68 180
202 734
- Depreciation/amortization and impairment (+)
27 197
31 801
- Loan losses (+)
37 901
43 310
- Impairment of financial assets (+)
55 293
250
123 184
117 513
5 167
-1 914
-18 600
-
40
Operating activities
Operating profit (loss) (+)
Adjustments for non-cash items
- Interest Note paid (+)
- Capital gains/losses on intangible assets and PP&E (+/-)
- Dividends Note paid (-)
- Other non-cash items (+/-)
149
-665
- 8 410
-117 205
290 061
275 824
Increase/Decrease in loans to the general public (-/+)
-938 039
-873 135
Increase/Decrease in bonds and other interest-bearing securities (-/+)
845 554
-538 736
Increase/Decrease in deposits from the general public (+/-)
505 298
1 533 326
Taxes paid (-)
Cash flow from operating activities before changes in working capital
Cash flow from changes in working capital
Increase/Decrease in other assets and liabilities (+/-)
Cash flow from operating activities
-82 019
-9 301
620 855
387 978
35
-
Investing activities
Sale of shares in Group companies (+)
Acquisition of shares in Group companies (-)
-
-50
Acquisition of shares in associated companies (-)
-
-43 093
Sale of intangible assets (+)
-
1 455
Acquisition of intangible assets (-)
Sale of PP&E (+)
Acquisition of PP&E (-)
Cash flow from investing activities
-15 170
-301
-
1 822
-115 621
-38 918
-130 756
-79 085
Financing activities
Dividends paid (-)
Cash flow from financing activities
Cash flow for the year
Cash equivalents at the beginning of the year
Exchange rate differences on cash equivalents
-16 500
-48 000
-16 500
-48 000
473 599
260 893
2 515 001
2 254 718
6 100
-610
2 994 700
2 515 001
Cash
341 148
359 289
Treasury bills eligible as collateral – payable on demand
999 226
-
Loans to credit institutions – payable on demand
903 513
426 978
Bonds and other interest-bearing securities - payable on demand
750 813
1 728 734
2 994 700
2 515 001
Cash and cash equivalents is comprised of the following items:
19
NOTES TO THE FINANCIAL STATEMENTS
Note 1 Disclosures about the
Group and Parent Company
The annual report as at December 31, 2012, refers to
the Group where FOREX Bank AB, a joint-stock bank,
is the Parent Company, with registered office in Stockholm. The head office’s address is Kornhamnstorg 4,
111 27 Stockholm.
A list of all wholly-owned subsidiaries is provided in
Note 21.
On March 19, 2013, the Board of Directors approved
this annual report for FOREX Bank AB and the annual
report will be brought forth for adoption at the Bank’s
Annual General Meeting.
Note 2 Accounting principles
(a) Accordance with norms and
legislation
The consolidated financial statements have been prepared in accordance with International Financial Reporting
Standards (IFRS) as issued by the International Accounting
Standards Board (IASB) along with interpretations issued
by the International Financial Reporting Interpretations
Committee (IFRIC) as adopted by the EU. Additions to
these standards have also been provided by the Annual
Accounts Act for Credit Institutions and Securities Companies, the Swedish Financial Supervisory Authority’s regulations and guidelines (FFFS 2008:25) on annual reports
issued by credit institutions and securities companies, and
the Swedish Financial Reporting Board’s Supplementary
Accounting Rules for Groups, RFR 1, as well as their interpretations, UFR.
The Parent Company applies the same accounting principles as the Group, except for situations where the Annual Accounts Act for Credit Institutions and Securities
Companies limits the ability to apply IFRS to legal entities.
Additionally, consideration has been given to the relationship between accounting and taxation. More information
is provided in section (v) Parent Company Accounting
Principles, below.
Unless otherwise stated, the accounting principles (discussed below) were consistently applied to each period
presented in the financial statements.
New and revised accounting standards and interpretations that are obligatory for accounting
periods as of January 1, 2012
20
(a) New and changed standards applied
by the Group
None of the IFRS or IFRIC interpretations that are obligatory for the first time for the financial year starting January
1, 2012, have had a significant effect on the Group
(b) New standards, amendments and interpretations of existing standards that the
Group has not applied in advance.
A number of new standards and amendments to the interpretations and existing standards enter into force for
financial years commencing after January 1, 2012. None
of these are expected to have a significant effect on the
Group’s financial statements with the exception of those
listed below:
•• I IAS 1 “Presentation of financial statements” has
introduced amendments with regard to other comprehensive income. The most significant change in the
modified IAS 1 is the requirement that the items reported under “other comprehensive income” be presented
in two groups. This breakdown is based on whether
or not the items may be reclassified to profit and loss
(reclassification adjustments). The amendment does not
address the issue of which items should be included in
“other comprehensive income”. The Group intends to
apply the amendments in IAS 1 to the financial year
commencing January 1, 2013.
•• IFRS 10 “Consolidated financial statements” uses
already existing principles when it identifies control
as the Deciding factor for determining if a company
should be included in the consolidated accounts. The
standard provides additional guidance to assist in the
determination of control when this is hard to assess.
The Group intends to apply IFRS 10 to the financial
year starting January 1, 2013, and has not yet evaluated the full effect on the financial statements.
•• IFRS 12 “Disclosures of interests in other entities”
covers disclosure requirements for subsidiaries, joint
arrangements, associated companies and unconsolidated structured entities. The Group intends to apply
IFRS 12 to the financial year starting January 1, 2013,
and has not yet evaluated the full effect on the financial
statements.
•• IFRS 13 “Fair value measurement” aims to make fair
value measurements more consistent and less complex
by providing an exact definition and a shared framework in IFRS for fair value measurements and related
disclosures. The standard provides guidance for fair
value measurements of all types of assets and liabilities, both financial and non-financial. The requirements
do not expand the scope for when fair value should
be applied but rather provide guidance regarding how
it should be applied in situations where IFRS already
requires or permits a fair value measurement.
•• IAS 19 “Employee benefits” was amended in June
2011. Employment costs from previous years will be
reported immediately. Interest expenses and expected
return on plan assets will be replaced by a net interest
rate that is calculated using the discount rate, based on
the net surplus or net deficit in the defined-benefit plan.
The Group has not yet evaluated the full effect on the
financial statements.
None of the other IFRS or IFRIC interpretations that have
not yet entered into force are expected to have a significant effect on the Group.
(b)Functional currency and reporting
currency
The Parent Company’s functional currency is SEK, which is
also the reporting currency for both the Parent Company
and the Group. Accordingly, the financial statements are
presented in SEK. Unless otherwise stated, all amounts
have been rounded to the nearest thousand.
(c) Valuation principles used when
preparing the company’s financial
statements
Assets and liabilities are reported at historical cost. Financial assets and liabilities are reported at amortized
cost, with the exception of certain financial assets and
liabilities that are valued at fair value. Financial assets
and liabilities reported at fair value consist of derivative
instruments, financial instruments classified as financial
assets valued at fair value in the income statement, financial liabilities valued at fair value in the income statement
or available-for-sale financial assets.
(d)Assessments and estimates used to
prepare the financial statements
In order to prepare the financial statements in accordance
with IFRS, it is necessary for the Bank’s management
team to make assessments and estimates, as well as assumptions, that affect how the accounting principles are
applied and the reported amounts for assets, liabilities,
income and expenses. The estimates and assumptions
are based on historical experiences and several other
factors that are deemed to be reasonable under the current circumstances. The outcome of these estimates and
assumptions is then used when determining the carrying
amounts of assets and liabilities when such amounts are
not otherwise clearly provided by other sources. The
actual results may deviate from these estimates and assessments.
These estimates and assumptions are regularly reviewed.
Changes to estimates are reported in the period the
change was made if the change only affects that period.
Otherwise, it is reported in the current period and future
periods, if the change affects the current period as well
as future periods.
Assessments made by the management team when applying IFRS that have a significant impact on the financial
statements, and estimates that were made that could result
in significant adjustment to the next year’s financial statements, are described in more detail in Note 41.
(e)Changes in accounting principles
During the year, no changes were made to accounting
principles that affect the Group’s or Parent Company’s
(f)Consolidation principles
The consolidated financial statements include the Parent
Company and its branches, subsidiaries and associated
companies.
(i) Branches
The Bank’s business activities in other Nordic countries
are conducted through bank branches of Forex Bank AB.
The business activities of the branches are consolidated
as part of the Parent Company’s business and the Parent
Company’s financial statements in the same way as foreign subsidiaries are consolidated as part of the Group’s
(ii) Subsidiaries
Subsidiaries refer to the companies in which FOREX Bank
has a controlling influence. A controlling influence means
that ownership directly or indirectly exceeds 50 percent
or that there are other conditions entitling the Parent Company to formulate a company’s financial or operating
strategies in order to reap financial benefits.
Subsidiaries are reported in accordance with the purchase accounting method. Consolidated cost is determined
21
through an acquisition analysis in conjunction with the
business acquisition. The analysis is used to determine
the identifiable assets that have been acquired, as well
as the liabilities and contingent liabilities that have been
assumed. The cost of acquisition of the subsidiary’s shares and its business is determined by the fair value as
at the transfer date for the assets, assumed/newly arisen
liabilities and newly issued equity instruments that were
given as consideration in exchange for the acquired net
assets. Any transaction costs that are directly related to
the acquisition are directly reported in the income statement. In business acquisitions where the acquisition cost
exceeds the net value of the acquired assets and assumed
liabilities/contingent liabilities, the difference is shown as
goodwill. If the difference is negative, this difference is
reported directly in the income statement.
The financial reports of subsidiaries are included in the
consolidated financial statements as of the acquisition
date and until such time as the controlling influence no
longer exists.
(iii) Associated companies
Associated companies are all companies in which the
Group has a significant but not controlling influence,
which as a rule applies to shareholdings that include between 20 percent and 50 percent of the votes. Holdings
in associated companies are reported using the equity
method and are measured initially at cost. The Group’s
reported value of holdings in associated companies includes goodwill that is identified at the acquisition, net after
any impairment losses.
When the Group’s participation in an associated
company’s losses totals or exceeds its holding in the associated company, the Group does not report additional
losses if the Group has not undertaken any commitments
or made payments on behalf of the associated company.
(iv) Transactions to be eliminated on consolidation
Intra-Group receivables, liabilities, revenues or expenses
attributable to intra-Group transactions between Group
companies are fully eliminated when the consolidated
financial statements are prepared. This also applies to
the same types of transactions between the Parent Company in Sweden and the foreign branches, as well as
such transactions between branches, when preparing the
Parent Company’s annual report.
22
(g)Foreign currency
(i) Transactions in foreign currency
Transactions in foreign currency are translated to the functional currency using the exchange rate on the transaction date. Functional currency is the currency primarily
used where the company or its branches conduct their
operations. Monetary assets and liabilities in foreign
currency are translated to the functional currency using
the exchange rate on the balance sheet date. Exchange
differences that arise upon translation are reported in the
income statement. Non-monetary assets and liabilities
that are reported at historical cost are translated using
the exchange rate on the transaction date. Non-monetary
assets and liabilities that are reported at fair value are
translated to the functional currency using the prevailing
exchange rate at the point in time when valuation to fair
value is made.
(ii) Financial statements concerning foreign operations
The assets and liabilities of foreign operations, including
goodwill and other Group surplus values, are translated
into SEK using the exchange rate on the closing date. The
income and expenses of foreign operations is translated
to SEK using the average exchange rate. Translation differences that arise from currency translations of foreign
operations are reported as part of other comprehensive
income.
(iii) Net investments in foreign operations
Translation differences that arise in conjunction with the
translation of a net investment in foreign operations are
reported directly under other comprehensive income.
When an investment in foreign operations is divested, the
Group recognizes the accumulated translation differences
after the deduction of any currency hedging.
Accumulated translation differences are presented in a
separate equity category that comprises translation differences as of January 1, 2006. Accumulated translation
differences from periods prior to January 1, 2006, are
allocated to other equity categories and are not reported
separately. For information on the reconciliation of the
change in translation differences that is reported as part
of equity, please see the Consolidated Statement of Changes in Equity.
(h)Interest income, interest expenses and
dividends
interest income. These types of fees primarily consist of
the fees associated with setting up new loans.
Interest income on receivables and interest expense on
liabilities are calculated and reported using the effective
interest method. The effective rate is the interest rate that
renders the present value of all future cash receipts and
disbursements during the anticipated remaining fixed interest term equal to the carrying amount of the receivable
or liability. Interest income and interest expense includes
the accrued amounts of any fees that have been received
that have been included in the effective interest rate, transaction expenses and any discounts, premiums and any
differences between the original value of the receivable/
liability and the amount that is settled on the due date.
(ii) Commissions and fees that are earned
through rendering a particular service
These types of fees and commissions consist of administration fees, charge/credit card fees in instances when the
service is performed over a period of time that does not
extend past the quarterly closing, payment for remittance
services, money transfers and commissions for counting
daily receipts, etc. These commissions and fees are typically related to a completed transaction and they are
immediately recognized as income.
Interest expenses include the direct transaction costs associated with entering into new loan agreements.
(j) Commission expenses
The interest income and interest expenses that are presented in the income statement consist of:
-- Interest on financial assets and liabilities valued at
amortized cost using the effective interest method,
including interest on doubtful debts
-- Interest on financial assets that are classified as available-for-sale
-- Dividends from shares and participations are recognized
when the right to receive payment has been established.
(i) Income from commissions and fees
Income from commissions and fees is recognized when
(i) the amount of income can be measured reliably, (ii) it
is probable that the future economic benefits that are attributable to the transaction will flow to the company, (iii)
the percentage of completion as of the closing date can
be measured reliably and (iv) the fees that have arisen
and the fees that remain in order to complete the service
assignment can be measured reliably. Income is valued at
the fair value of the amount that has been received or that
is expected to be received.
The Bank receives fees and commissions for services
rendered. The following two methods are used when recognizing revenue:
These are expenses associated with services that have
been received, to the extent that they are not considered interest. For example, they consist of the expenses
associated with clearing and bankgiro, charge/credit
cards, payment to loan brokers and fees to UC (credit
information agency). Transaction costs that are taken into
consideration when calculating the effective interest rate
are not reported here.
(k) Net income from financial
transactions
The item, Net income from financial transactions, includes
the realized and unrealized changes in value that have
arisen when conducting financial transactions, primarily
trade in foreign currency. Net income from financial transactions consists of:
- Realized and unrealized changes in the fair value of the
assets and liabilities that are held for trading purposes
- Capital gains/losses from the disposal of financial assets
and liabilities that are held for trading purposes
- Capital gains/losses from available-for-sale financial
assets
- Changes in exchange rates
(l) Financial instruments
(ii) Commissions and fees that are calculated
using the effective interest rate
Commissions and fees that are an integrated portion of
the effective interest rate are not recognized as income
from commissions. This type of income is recognized by
adjusting the effective interest rate on the profit/loss item,
FFinancial instruments that are reported in the balance
sheet and classified as financial assets include: cash,
treasury bills eligible as collateral, loans granted to credit
institutions, loans granted to the general public, bonds
and other interest-bearing securities, other shares and
participations and other assets. Financial liabilities inclu-
23
de deposits from the general public and other liabilities.
(i) Items reported in or removed from the balance sheet
A financial asset or liability is reported in the balance
sheet as soon as the Bank has committed to the terms of
the contract.
A financial asset is removed from the balance sheet when
the rights stated in the contract have been realized, have
fallen due, or when the company has lost control over
them. The same applies to parts of a financial asset. A
financial liability is removed from the balance sheet once
the obligation under the contract has been fulfilled or otherwise expired. The same applies to parts of a financial
liability.
Financial assets and liabilities are offset and reported at
net amounts in the balance sheet only when there is a
legal right to offset the sum and there is an intention to
regulate the items with a net sum or at the same time
realize the asset and regulate the debt.
The acquisition and sale of financial assets are recorded
on the trade date, i.e., when the company commits to
acquiring or disposing of the asset. Loan commitments are
not reported in the balance sheet. Loan receivables are
reported in the balance sheet when the loan amount has
been paid out to the borrower.
(ii) Classification and valuation
Financial instruments are initially reported at the
instrument’s fair value plus transaction costs except for
instruments that belong to the category financial assets
reported at fair value through the income statement. Such
instruments are reported at fair value, excluding transaction costs. A financial instrument is classified the first time
it is reported partly based on the purpose for which the
instrument was acquired, and partly based on the options
available in IAS 39.
Financial assets valued at fair value via the income statement
This category consists of two sub-categories: financial
assets held for trading purposes and other financial assets that the company has initially chosen to put in this
category. Financial instruments in this category are adjusted to fair value on a continual basis, with changes
in value reported in the income statement. For financial
instruments held for trading purposes, both realized and
unrealized changes in value are reported in the income
24
statement item, Net income from financial transactions.
Items in the balance sheet that are financial assets valued
at fair value via the income statement, and which are
held for trading purposes, are cash and derivatives with
a positive value that are part of other assets. At the end
of the financial year, there were no other financial assets
that the company initially chose to value at fair value via
the income statement.
Loan receivables and accounts receivable
Loan receivables and accounts receivable are financial
assets that are not derivatives, and which have fixed or
determinable payments and are not quoted in an active
market. These assets are valued at cost. Accounts receivable and loan receivables are reported at net realizable
value, i.e. after the allowance for doubtful accounts.
Items in the balance sheet that are classified as loan receivables and accounts receivable are: loans granted to
credit institutions, loans granted to the general public and
other assets, except derivatives with a positive value.
Held-to-maturity investments
Held-to-maturity investments are financial assets consisting
of interest-bearing securities with fixed or determinable
payments and fixed maturity that the company intends
and is able to hold to maturity. Assets in this category are
valued at amortized cost.
Items in the balance sheet classified at held-to-maturity
investments are: treasury bills eligible as collateral, bonds
and other interest-bearing securities.
Available-for-sale assets are financial assets that are not
classified in any other category and financial assets that
the company has initially chosen to classify in this category. Holdings of shares and participations that are not
reported as subsidiaries or associated companies are
reported here. Assets in this category are adjusted to fair
value on a continual basis. Changes in value are reported
directly against equity, except for changes in value that
are the result of impairment (see accounting principles) or
exchange rate differences for monetary items, which are
reported in the income statement. In accordance with the
effective interest method, the interest on interest-bearing
instruments is reported in the income statement. The same
applies to dividends on shares. For these instruments,
any transaction costs are initially included in the cost of
acquisition. They are thereafter included in the fair value
reserve when regular adjustments to fair value are made.
This is done until the time when the instrument falls due or
is disposed of. Upon disposal of the asset, the accumulated profit/loss is reported in the income statement (which
was previously reported as part of equity).
counts. Objective evidence consists partly of observable
events that have occurred that have a negative impact on
the possibility to recover the asset’s cost and partly of a
significant or long-term Decline in the fair value of an investment classified as an available-for-sale financial asset.
Items in the balance sheet classified as available-for-sale
financial assets are other shares and participations.
The Bank evaluates whether there is a need to record an
impairment loss and if the loan loss should be reported
on an individual basis for all significant loans. For loans
where impairment is assessed on an individual basis and
where it has not been possible to identify any write-down
requirement, these are included in future assessments
along with other loans that have similar credit risk characteristics in order to determine whether a write-down
requirement exists at the Group level.
Financial liabilities valued at fair value via the
income statement
This category consists of two sub-categories: financial
liabilities that are held for trading purposes and financial liabilities that are classified in this category when
reported for the first time (Fair Value Option). Financial
instruments in this category are adjusted to fair value on
a continual basis, with changes in value reported in the
income statement. The first sub-category includes derivatives with a negative fair value. For financial instruments
held for trading purposes, both realized and unrealized
changes in value are reported in the income statement
item, Net income from financial transactions.
Items in the balance sheet classified as financial liabilities
valued at fair value via the income statement are derivatives with a negative value that are included as part of
other liabilities.
Other financial liabilities
The category, other financial liabilities, includes financial
liabilities that have not been classified in any other category, such as deposits and other liabilities. Liabilities in
this category are valued at amortized cost.
Items in the balance sheet that are classified as other
financial liabilities are deposits from the general public
and other liabilities, except derivatives with a negative
value.
(m) Loan losses and impairment of
financial instruments
(i) Test of impairment for financial assets
At each reporting occasion, the Bank assesses whether
there is any objective evidence to suggest that a financial
asset or group of assets needs to be written down as the
result of one or more events (loss events) having occurred
after the asset was reported for the first time and that such
loss events have an impact on the estimated future cash
flows generated by the asset or group of assets. If there is
objective evidence suggesting that the asset has become
impaired, the Bank then considers these as doubtful ac-
For loans where it has been assessed that the individual
amount is not significant, the Bank groups such loans and
tests for impairment at the Group level, without making
any individual assessments. The method used by the Bank
for such write downs is to categorize loans at each closing by type of demand based on late payments. The
write-down is then based on the change for each type of
demand. Loans that have been submitted to a collection
agency are valued by an external party.
As objective evidence of whether a write-down requirement exists, the Bank calculates migration between the
different categories. Other items considered as objective
evidence are information about significant financial difficulties that the Bank has become aware of through its
analysis of financial statements, tax filings or other means
of continually assessing the customer’s creditworthiness,
which are included as an integrated part of the Bank’s
systems and routines for managing credit risk. Concessions given to the Bank’s borrowers due to a borrower’s
financial difficulties may also be considered as objective
evidence of a doubtful account.
For its customers’ utilized credit facilities, the Bank makes calculations at each closing to ensure that there is
an impairment allowance equal to two percent of utilized
credit facilities. For utilized credit facilities that have been
submitted to a collection agency, valuation is performed
by an external party. Valuation is performed by sorting
into subclasses based on when credit facilities fall due (by
year). Credit facilities for each year of maturity are then
assigned a write-down level that is a percentage of the
total value of the credit facilities for each class.
Impairment (loan loss) is calculated as the difference between the discounted present value of future cash flows,
which is discounted using the loan’s original effective interest rate, and its carrying amount. The impairment loss is
reported as a loan loss in the income statement.
25
For doubtful loan receivables, when the carrying amount
after any impairment losses is estimated as the total
discounted value of future cash flows, the change in the
written-down amount is reported as interest to the extent
that the increase is not based on a new assessment of
the expected future cash flows. However, when there is
a change in the assessment of the expected future cash
flows from a doubtful loan receivable between two assessment occasions, the difference is reported as a loan
loss or recovery.
the value from which subsequent revaluations are made,
which are reported directly against equity. Impairment
losses on interest-bearing instruments, classified as available-for-sale financial assets, are reversed via the income
statement if the fair value increases and the increase can
objectively be attributed to an event that occurred after
the asset was written down.
For loans where the original loan conditions have been
renegotiated as a result of the borrower’s financial difficulties, a loan loss is reported if the discounted present
value of the future cash flows, in accordance with the
renegotiated loan conditions, discounted by the loan’s
original effective rate of interest, is lower than the loan’s
carrying amount. If, after restructuring, it is expected that
the loan will be paid back in accordance with the renegotiated terms, the loan is then no longer classified as a
doubtful account.
Loan receivables classified as doubtful accounts are removed from the balance sheet when the loan loss is determined with certainty, i.e. when the receiver has submitted an
estimate of the dividends in bankruptcy, the composition
proposal has been accepted, or the receivable has otherwise been relinquished.
The carrying amount after impairment losses on assets belonging to the category held-to-maturity, as well as loan/
accounts receivable that are reported at amortized cost,
the present value of future cash flows is discounted using
the effective rate of interest that applied when the asset
was reported for the first time. Short-term assets are not
discounted. Impairment losses are recorded in the income
statement.
(ii)Reversal of impairment losses
An impairment loss is reversed if there is evidence that
a write-down requirement no longer exists and there has
been a change in the assumptions that formed the basis
for calculating the written-down amount. Impairment of a
loan receivable is reversed if the borrower is expected
to make the contractual payments in accordance with
the original or restructured loan conditions. Reversal of
impairment losses on loan receivables (loan losses) are
reported as a Decrease in loan losses and these are specified in a note to the financial statements.
For held-to-maturity investments along with loan receivables and accounts receivable reported at amortized cost,
a reversal of impairment loss is made if a subsequent
increase in the recoverable amount can objectively be
attributed to an event that occurred after the write-down
was performed.
Impairment losses on equity instruments that are classified
as available-for-sale financial assets, which were previously reported in the income statement, are not reversed
via the income statement. The written-down amount is
26
(iii) Write-offs on loan receivables
Once a loan receivable has been written off, it is no
longer reported in the balance sheet. Recovery of any
previously reported write-offs is reported as a Decrease in
loan losses in the income statement item: Loan losses, net.
(n)Property, plant and equipment
(i) Owned assets
Property, plant and equipment are reported as assets in
the balance sheet if it is probable that future economic
benefits will flow to the Bank and if the asset’s acquisition
cost can be measured reliably.
Property, plant and equipment, as well as reconstructions
and extensive renovations to owned or leased facilities,
are reported by the Group at cost less accumulated depreciation and any impairment losses. Cost includes the
purchase price and any costs directly attributable to the
asset in order to bring it to working condition for its intended use. Examples of what are included as directly
attributable costs are delivery, handling and installation.
The carrying amount of an item of property, plant and
equipment is removed from the balance sheet when it is
disposed of or when no additional future economic benefits are expected from its use or the disposal/sale of the
asset. Any profit or loss from the sale or disposal of an
asset is calculated as the difference between the asset’s
sales price and its carrying amount less any direct sales
costs. The profit or loss is reported as part of other operating income/operating expenses.
(ii)Leased assets
IAS 17 is applied to leased assets. The Group reports all
of its leasing agreements in accordance with the rules on
operating leases. For operating leases, the leasing fees
are expensed over the term of the lease based on usage,
which may differ from what has actually been paid as
leasing fees during the year.
(iii)Additional expenses
Additional expenses are included in the carrying amount
only if it is probable that the future economic benefits that
are attributable to the asset will flow to the company and
the cost of the asset can be measured reliably. All other
additional expenses are expensed in the period in which
they arise. Repairs are expensed as incurred.
(iv)Amortization principles
Depreciation is made on a straight-line basis and is determined based on the cost of the asset, where applicable
after impairment reductions, and useful lives.
Expected useful life for different types of assets;
-Equipment
5 years
-
Capitalized reconstruction costs
5 - 10 years (based on the duration of
the rental agreement)
-Buildings
50 years
No depreciation is made on land.
(o) Intangible assets
(i)Goodwill
Goodwill represents the difference between the acquisition value of the acquired business and the fair value of
the acquired assets, assumed liabilities and contingent
liabilities.
Goodwill is shown at cost less any accumulated impairment losses. Goodwill is allocated among cash-generating
units and it is not amortized. Instead, it is tested annually
for impairment. Cash-generating unit refers to X-change in
Sweden AB. In business acquisitions where the acquisition
cost is less than the net value of the acquired assets and
assumed liabilities/contingent liabilities, the difference is
taken up directly in the income statement.
(ii)Other intangible assets
Other intangible assets consist of rental agreements.
These are reported at cost less accumulated amortization
and impairment losses.
(iii)Amortization principles
Amortization is calculated on a straight-line basis over the
useful life of the intangible asset, provided the duration
of such useful life can be assessed. Goodwill and other
intangible assets with an uncertain useful life are assessed annually to see if there has been any impairment or
as soon as there is any indication that the value of the
asset has diminished. Amortization of intangible assets
begins as soon as the asset is available for use. The estimated useful life for each type of intangible asset is shown
below:
- rental agreements 5 years (based on the duration
of the rental agreement)
(p) Impairment of property, plant and
equipment and intangible assets
(i) Test of impairment
The carrying amounts of the company’s assets are tested
at each closing of the books in order to determine whether
there are any indications of a write-down requirement. If
there is any indication of a write-down requirement, the
asset’s recoverable amount is calculated in accordance
with IAS 36 (see below). For goodwill and other intangible assets that have an indeterminate useful life, the
recoverable amount is calculated on a yearly basis.
Impairment loss is recorded whenever the carrying
amount for an asset or cash generating unit (group of
units) exceeds the recoverable amount. Impairment losses
are recorded in the income statement. Any impairment
loss on assets that belong to a cash generating unit (or
group of units) are allocated first to goodwill. Then, a
proportional write-down is made on the other assets belonging to the cash generating unit (group of units).
The recoverable amount on other assets is either the fair
value less selling expenses or the value-in-use (whichever
is higher). In calculating the fair value, future expected
cash flows are discounted by a factor that takes into
consideration the risk-free interest rate along with the risk
associated with that particular asset. The recoverable
amount for the cash generating unit is calculated for essentially independent assets belonging to the unit that do
not generate an expected future cash flow of their own.
At each closing an assessment is made to determine if a
previously reported impairment loss is no longer justified.
If there is an indication that an asset increased in value,
the impairment loss is reversed.
Note 41 contains the assessments made with regard to
the recoverable amounts for property, plant and equipment and intangible assets.
27
(q)Employee benefits
(s)Provisions
(i) Post-employment benefits
The Bank’s pension plans for employees are covered by
regular premium payments.
A provision is reported in the balance sheet when the
Group has an existing legal or informal obligation resulting from an event that has occurred, and when it is probable that there will be an outflow of financial resources
in order to settle the obligation, and when the amount can
be reliably estimated. When the effect of the timing of the
payment is significant, provisions are then calculated by
discounting the expected future cash flow using a discount
rate before tax that reflects the actual market assessments
of the time value of money and, when appropriate, the
risks associated with the obligation as well.
In accordance with IAS 19, under a defined contribution
plan, the company pays fixed contributions into a fund
(separate legal entity) but has no legal or informal obligation to make further payments if the fund (separate legal
entity) does not have sufficient assets to pay all of the
employees’ entitlements to post-employment benefits related to the employees’ service during the current period or
previous periods.
The Bank’s obligations related to fees for defined contribution pension plans are recognized in the income statement during the same period in which the employee has
rendered services to the Bank. Premiums are paid based
on actual salaries. The year’s expenses for these types of
insurance premiums are specified in Note 10.
The Bank does not have any defined benefit pension
plans.
(iv) Pay related to notice of termination
Costs related to payment in conjunction with termination
of employment are reported as a provision only if the
company is demonstrably committed and lacking any
realistic possibilities to withdraw such notice and when
there is a formal, detailed plan to terminate employment
before it would otherwise expire. When payment is made
as an offer to encourage voluntary termination, a cost is
recognized if it is likely that the offer will be accepted and
if the number of employees likely to accept the offer can
be reliably estimated.
(iii) Short-term payments
When short-term payments are made to employees, they
are calculated without being discounted and recognized
as an expense as soon as the associated services have
been delivered.
(r)General administrative expenses
General administrative expenses are comprised of personnel costs, which includes salaries and fees, pension
expenses, employer’s contributions and other social security contributions. This is also where the expenses for
the following items are reported: facilities, education, IT,
telecommunications, travel and entertainment, audit services, other external services and other external expenses.
28
(t)Taxes
Income taxes are comprised of current tax and deferred
tax. Income taxes are reported in the income statement,
except when the underlying transaction is reported directly to equity, in which case the associated tax effect is
also reported to equity.
Current tax is tax that must be paid or that will be received for the current year, using the tax rates that have
been Decided or announced at year-end. Current tax also
includes adjustments to taxes paid in prior periods.
Deferred tax is calculated using the balance sheet approach. This involves determining the tax base of assets
and liabilities in order to calculate temporary differences.
The following temporary differences are not taken into
account: for temporary differences arising from the initial
recognition of goodwill, initial recognition of assets and
liabilities that are not business acquisitions and which, at
the time of the transaction, affect neither the accounting
nor the taxable profit. Neither are temporary differences
recognized that are related to participations in subsidiaries/associated companies that are not expected to
reverse in the foreseeable future.
Valuation of deferred tax is based on how the carrying
amounts of assets or liabilities are expected to be realized
or regulated. Deferred tax is calculated using the tax rates
and tax regulations that have been Decided or announced at year-end.
Deferred tax assets are recognized for deductible temporary differences, loss or credit carryforwards to the extent that it is probable they can be utilized. The carrying
amount of deferred tax assets is reduced when it is no
longer probable that they can be utilized.
Tax on profit for the year includes current tax, deferred tax
and tax related to prior years.
(u)Cash flows
The Group’s cash flows are reported in accordance with
the indirect method. The indirect method means that
the profit (loss) from operating activities is adjusted for:
transactions that are not associated with payments made
or received, accrued or prepaid items that are related
to prior or future periods and any income or expenses
that are associated with the cash flows for investing or
financing activities.
Cash equivalents is comprised of the following: cash, lending to credit institutions and short-term investments that
mature in three months or less from the acquisition date
and that can easily be converted to cash and where there
is little risk of value fluctuations. The balance sheet items
that may be classified at belonging to cash equivalents
are: cash, loans to credit institutions, treasury bills eligible
as collateral, bonds and other interest-bearing securities.
(v)Parent Company accounting principles
The Parent Company’s annual report is prepared in
accordance with the Annual Accounts Act for Credit
Institutions and Securities Companies (1995:1559) and
Finansinspektionen’s regulations and general guidelines
regarding annual reports issued by credit institutions
and securities companies (FFFS 2008:25 and updated
via FFFS 2011:54) and the Swedish Financial Reporting
Board’s recommendation RFR 2.2, Accounting for Legal
Entities. As a result of RFR 2, the Parent Company, as
the legal entity, must apply all of the EU-approved IFRS
and IFRIC statements to its annual accounts to the extent
that this is possible within the framework of ÅRKL and
taking into account the correlation between accounting
and taxation.
Differences between the accounting principles used by the
Group and those used by the Parent Company are specified below. The accounting principles described have
been consistently applied to all periods that are reported
in the Parent Company’s financial statements.
(i) Group contributions
The Parent Company applies RFR 2 for the accounting of
Group contributions. This means that Group contributions
paid by the Parent Company to subsidiaries are reported
in the Parent Company as an increase in participations in
subsidiaries. The tax effect of Group contributions paid
are reported in accordance with IAS 12 in the income
statement. In the disclosures in the note, the tax effect of
the Group contribution is reported in its own line, “Group
contributions paid to subsidiaries”, in the account of the
difference between reported and estimated tax expense
based on current tax rates.
In cases where the Parent Company receives Group contributions from subsidiaries, the Parent Company reports
the Group contribution received in accordance with the
principles for customary dividends from subsidiaries, i.e.
as financial income. Tax on the Group contribution received is reported in the income statement in accordance
with the rules set out in IAS 12.
(ii) Subsidiaries
Participations in subsidiaries are reported by the Parent
Company at cost less any impairment losses. The cost of
acquisition of the subsidiary’s shares and its business is
determined by the fair value as of the transfer date for the
assets, assumed/newly arisen liabilities and newly issued
equity instruments that were given as consideration in
exchange for the acquired net assets plus any transaction
costs that are directly related to the acquisition.
Dividends received are reported as revenue when the
right to accept the dividend is adopted at the subsidiary’s
Annual General Meeting.
When there is an indication that participations in subsidiaries depreciated in value, the recoverable amount is
calculated. If the recoverable amount is lower than the
reported amount, an impairment loss is recorded. The
impairment loss is reported in the row “Impairment loss
on financial assets”.
(iii) Associated companies
Andelar i intresseföretag redovisas i Parent Company till
Participations in associated companies are reported by
the Parent Company at cost less any impairment losses.
Dividends received are reported as income only if they
derive from earnings accrued after the acquisition.
When there is an indication that participations in associated companies depreciated in value, the recoverable
amount is calculated. If the recoverable amount is lower
than the reported amount, an impairment loss is recorded.
The impairment loss is reported in the row “Impairment
loss on financial assets”.
.(iv) Taxes
The Parent Company reports untaxed reserves including
deferred tax liability, when such exists. In the consolidated financial statements, untaxed reserves are classified
as either deferred tax liability or equity.
(v) Additional depreciation
The Parent Company reports additional depreciation, as
29
allowed by Swedish legislation, as appropriations in the
income statement. Additional depreciation is included in
the balance sheet as part of untaxed reserves.
(vi) Intangible assets
Goodwill arising from the purchase of the net assets of a
business that is reported in the financial statements of the
Parent Company or its branches is amortized over a period ranging between 5 and 10 years. Such amortization
is then taken up in the consolidated financial statements..
30
Note 3 Financial risks
There are various types of risks associated with the Bank’s
business, such as credit risks, liquidity risks, market risks
and operational risks. In order to limit and control risktaking in the organization, the Bank’s Board of Directors,
which has the ultimate responsibility for the Bank’s internal controls, has established policies about the types of
risks the Bank is willing to take along with how such risks
should be managed.
The Bank’s Board of Directors has the overall responsibility for the Bank’s risk management practices. The Board
of Directors has distributed the responsibility for managing risks to different functions in policy documents. Such
functions are then required to regularly provide reports to
the Board of Directors.
The Bank has a separate function for independent risk
control. The function is responsible for supporting and
developing the bank’s organization such that it actively
takes responsibility for risks. The independent risk control
function reports to the Board of Directors and Managing
Director on the Bank’s overall risk situation, along with the
outcome of risks that have a predetermined risk tolerance.
The Bank’s policy is to identify, measure, manage, control
and report on all of its risks. The risks are continually monitored through regular controls to ensure that they remain
within the established limits and that procedures are followed. Risk management policies, processes and systems
are regularly reviewed in order to ensure that they are
correct and appropriate, that they reflect the existing
market conditions and cover all of the products and services that are offered by the Bank. The Bank creates the
prerequisites for good risk control through training and
clear processes, where every employee understands his/
her role and responsibilities.
Credit risk
Credit risk is the risk that losses will occur as the result
of counterparties not being able to fulfill their contractual
obligations. Credit risk from counterparties arises in conjunction with granting loans to the general public and
when making cash investments. Risks associated with payment commitments arise in conjunction with the purchase
and sale of notes as well as accounts receivable. Special
limits have been established for these risks. The Board
of Directors has the overall responsibility for the Bank’s
credit risk exposure. The Board of Directors has a special
policy that distributes responsibility for management of
this risk to the Credit Committee. This committee provides
regular reports to the Board.
Before granting any loans to the general public, a creditworthiness rating is made using scoring models (advanced statistical models). The Bank regularly evaluates
and changes its scoring models in order to reflect the
creditworthiness of borrowers as accurately as possible.
The Bank’s granting of credit to customers consists entirely
of loans to the general public in the form of unsecured
loans and credit facilities. The maximum amount is limited to SEK 400 thousand per borrower. At year-end, the
average credit amount per loan was SEK 54 thousand
(58). Of the total amount of loans granted to the general
public, SEK 96 million (66) had a 100 percent risk weight
as per the capital adequacy rules. The remaining portion
had a risk weight of 75 percent. The higher risk weight
relates to the carrying amount of loans that are more than
90 days past due. The gross amount of such items is SEK
226 million (155).
Loans to the general public are only granted to persons
residing in Sweden. There is no significant concentration
risk related to geographic distribution or age of loans.
The Bank’s routines for monitoring payments that have
fallen due and receivables that have not yet been settled
is aimed at minimizing loan losses by, at an early stage,
identifying any problems that the borrower is having with
making payment and then ensuring that claims are quickly
administered. All loans that are more than 90 days overdue are submitted to a collection agency at which point
all credit granted to the borrower is then cancelled. Collection activities are conducted in cooperation with other
market participants. All credit is assessed using the UC’s
most recent scoring model. This is supplemented with a
“living allowance” calculation and the Bank’s own credit
rules. As of December 31, 2012, the total volume of household credit was SEK 3,463,807 thousand (2,563,679).
The volume of loan receivables fallen due, but not yet
written off, is provided in the following table:
Group och Parent Company
SEK thousand
2012
2011
Loan receivables
1-30 days
190 860
117 019
31-60 days
25 881
18 357
61-90 days
10 788
13 513
90+ days
79 866
53 088
307 395
201 977
Total
In addition to the Bank’s loans to the general public, it
is also exposed to credit risk for its account balances at
other banks and for its cash investments. This pertains to
the following balance sheet items: Treasury bills eligible
31
Liquidity risk
as collateral and Bonds and other interest-bearing securities. The Board has established limits for these types of
investments and the term may not exceed one year. The
distribution of the Bank’s investments and account balances at various types of banks is provided in the table
below (SEK thousands):
Liquidity risk is the risk that the bank will not be able to
meet its payment obligations when payment falls due
without the costs associated with obtaining the means
of payment increasing significantly. It is also possible to
define liquidity risk as the risk of incurring a loss or worsened earnings potential as a result of the Bank not being
able to meet its payment obligations on time. The bank’s
liquidity situation is exposed to variations in the lending
and depositing patterns of the general public, along with
the bank’s other risks, primarily credit and reputation
risks. Liquidity risks also arise due to differences in the
maturities of assets and liabilities.
Group
SEK thousand
Rating
1
2012
2011
Govern-
Credit in-
Govern-
Credit in-
ment
stitutions
ment
stitutions
999 502
-
287
-
AA- through AA+
-
10 715
-
479 436
A- through A+
- 1 682 292
- 2 620 592
under A-
-
-
-
-
999 502
1 693 007
287
3 100 028
AAA
Total investments
and account balances
The Bank’s risk management practices focus on achieving
a spread on the maturity dates and the degree of liquidity
in its holdings. This means that investments are only made
in liquid securities, i.e. securities that are traded on an
active market or in short-term deposits at other credit institutions. Liquidity is continually monitored.
Parent Company
SEK thousand
Rating
1
AAA
2012
2011
Govern-
Credit in-
Govern-
Credit in-
ment
stitutions
ment
stitutions
999 502
-
287
-
AA- through AA+
-
10 715
-
479 339
A- through A+
- 1 643 335
under ATotal investments
and account balances
- 2 521 640
-
-
-
-
999 502
1 654 050
287
3 000 979
1) The rating level is provided in the S&P scale regardless of which
institution affixed the rating. In cases where institutions have affixed
different rating levels, the lowest one is used.
FOREX Bank fulfills the current requirements on liquidity
reserves and future requirements on LCR (Liquidity Coverage Ratio) and NSFR (Net Stable Funding Ratio). LCR,
FOREX’s short-term measure of liquidity, requires that the
Bank’s liquidity buffer exceeds its net outflow during 30
days of a stressed scenario. NSFR, the Bank’s long-term
measure of liquidity, requires that the Bank’s stable funding exceeds the Bank’s need for stable funding for a
period of one year.
The diagram shows how liquidity will be affected during a
stress scenario in the coming year. The following parameters, among others, have been taken into consideration:
•• 20% outflow of deposits, year 1
•• No access to the financial markets
•• FOREX Bank continues to operate in
accordance with its business plan
Deposits from the general public are entirely comprised of current accounts. The Bank’s loans to credit institutions,
treasury bills eligible as collateral and bonds and other interest-bearing securities mature within three months.
32
Market risk
Market risk is the risk of negative effects on the Bank’s
net interest income/expense, or on the financial value of
equity as a result of fluctuations in interest and exchange
rates.
(i) Interest rate risk
The Bank defines interest rate risk as the risk that the fair
value of future cash flows from a financial instrument will
vary due to changes in market rates of interest. The risk
arises when the fixed-interest terms on the bank’s assets
do not correspond to the fixed-interest terms on its liabilities. For the Bank, this primarily applies to the fixed
interest terms on its loans to, and deposits from the general public, as well as investments. When the difference
between the fixed-interest terms for assets in relation to the
fixed-interest terms for liabilities increases, the interest rate
risk also increases.
In accordance with the Bank’s risk policy, the organization’s
financial risks are controlled through the setting of limits
and policy documents. For interest rate risks, the total risk
may not exceed SEK 10 percent of own funds given a 1
percent change in the market rate of interest for all of the
maturity schedules.
The Bank’s deposits from/loans to the general public all
have variable interest rates, which reduces the interest
rate risk. The Bank’s interest rate risk is primarily attribuCurrency/2012
table to its fixed term investments (longer than one day),
for which the volume at year-end was SEK 1,300,039
thousand (2,538,288). At year-end, the total interest rate
risk for all of maturity schedules given a 2 percent change
in interest rates was SEK 3,116 thousand (2,101).
(ii) Currency risk
The Bank defines currency risk as the risk of incurring a
loss due to fluctuations in exchange rates.
The Bank is exposed to different types currency risks.
Primarily, this type of risk comes from the purchase and
sale of foreign currencies and the inventory of currencies
held by the Bank for these activities. The Bank also has
balances in currency accounts in other banks and certain
assets and liabilities in foreign currency associated with
the Bank’s branches in the Nordic countries. Forex Bank
uses derivative instruments to Decrease the currency risk.
Currency derivatives to hedge major exposures are used
in particular for currency positions in the Bank’s five largest currencies based on the Bank’s reporting currency,
SEK: EUR, USD, DKK, NOK and GBP.
The Bank’s calculation shows that the currency risk on average during the year is around 5 percent of the net position. The risk is calculated as the maximum outcome of
currency changes (99 percent confidence interval) during
a 10-day period using historical values for 13 years. The
exposure (stated in thousands) is as follows:
Total gross
currency position
Less currency derivatives
Net currency position
Max currency risk 5%
EUR
141 856
-119 684
22 172
1 109
DKK
80 754
-62 685
18 069
903
NOK
60 865
-20 473
40 392
2 020
USD 1)
31 505
-31 505
-
-
GBP
15 649
-11 383
4 266
213
Other
70 417
-25 181
45 236
2 262
401 046
-270 911
130 135
6 507
Total gross
currency position
Less currency derivatives
Net currency position
Max currency risk 5%
EUR
135 286
-114 016
21 270
1 063
DKK
67 013
-58 357
8 656
433
NOK
82 854
-14 718
68 136
3 407
USD 1)
57 195
-43 320
13 875
694
GBP
19 478
-11 537
7 941
397
Other
97 693
-
97 693
4 885
459 519
-241 948
217 571
10 879
Summa
Currency/2011
Summa
1) As at December 31, 2012, there were currency derivatives in USD that at that point in time exceeded the gross currency position in USD. The reason for this was that currency positions in currencies other than USD that price-wise follow
USD were also hedged through currency derivatives in USD. Thus, there was a net currency position of 0 on 12-31-2012.
The portion of currency derivatives in excess of the total gross currency position in USD in the above table was placed
under currency derivatives for other currencies.
33
The Group’s income statement includes exchange rate differences of SEK 18,422 thousand (10,475) in Net income
from financial transactions. The corresponding amount
reported by the Parent Company was SEK 19,292 thousand (9,774).
Operational risks
Operational risk is the risk of incurring losses due to inappropriate or deficient internal processes, human error,
faulty systems, irregularities or external events. Such risk
arises if the bank’s internal processes and/or systems do
not support the organization, are faulty, or result in incorrect Decisions, downtime, etc. that have a negative impact on the bank’s income statement and balance sheet.
According to the Bank’s policy, the following are required
in order to manage operational risks:
•• clear policies and instructions about the Bank’s various
types of risks that are updated annually
•• well-documented processes, reporting lines and control
systems for the Bank, in general
•• well adapted internal controls
•• clearly defined responsibilities and authorities
•• a well-documented and communicated continuity plan
•• a well-documented and communicated emergency
plan for crisis situations
•• systems that are adapted to the organization’s needs
•• a well-documented process for managing operational
risk
•• information security and physical security in order to
protect the assets of the Bank and its customers
Operational risk is a significant type of risk due to the
rather large scope of the Bank’s cash management activities, among other reasons. The Bank therefore places
a great deal of emphasis on how these types of risk are
managed.
34
Note 4 Net interest income/expense
Group
SEK thousand
2012
2011
54 777
62 028
270 605
198 856
263
496
325 645
261 380
Interest income
Other
Total interest income
Interest expenses
105
-47
-141 252
-131 154
-35 457
-19 495
-176 814
-150 696
148 831
110 684
2012
2011
Interest margin
1,82
1,53
Investment margin
2,16
1,93
Other
Total interest expenses
Total net interest income/expense
%
35
Parent Company
SEK thousand
2012
2011
Interest income
53 767
60 889
270 605
198 856
Loans to Group companies
-
494
252
14
324 624
260 253
-105
47
-141 252
-131 154
-35 438
-19 356
-176 795
-150 557
147 829
109 696
Other
Total interest income
Interest expenses
Other
Total interest expenses
Total net interest income/expense
Deposits from the general public in the Group and Parent Company include fees for the deposit insurance and the
stabilization fund totaling SEK 9,381 thousand (5,607).
1)
%
2012
2011
Interest margin
1,82
1,57
Investment margin
2,16
1,95
Definitions
(i) Interest rate margin Total interest income as a percentage of average total assets less total interest expenses as
a percentage of average total assets, less average equity and untaxed reserves.
(ii) Investment margin Net interest income/expense as a percentage of average total assets
Note 5 Dividends received
Group
SEK thousand
2012
2011
1
1
Total dividends received
1
1
2012
2011
1
1
Shares and participations in Group companies
70 000
-
Group contribution
18 600
-
88 601
1
Parent Company
SEK thousand
Total dividends received
36
Note 6 Commission income
Group
SEK thousand
2012
2011
Commissions from remittance services
46 703
34 893
Commissions on loans granted
33 613
30 207
Commissions from deposit services
514
452
7 564
6 482
139 924
130 145
228 318
202 179
2012
2011
46 703
28 789
Commissions on loans granted
33 613
30 207
514
452
7 564
6 482
135 225
117 375
223 619
183 305
Fees from charge/credit cards
Other commissions
Total commission income
Parent Company
SEK thousand
Commissions from deposit services
Fees from charge/credit cards
Other commissions
Total commission income
Note 7 Commission expenses
Group
SEK thousand
2012
2011
-3 481
-3 259
-25 600
-15 628
-29 081
-18 887
SEK thousand
2012
2011
-3 420
-3 197
Other commissions
Total commission expenses
Parent Company
Commissions, subsidiary X-change in Sweden AB
-91 619
-2 071
Other commissions
-25 410
-15 125
-120 449
-20 393
Total commission expenses
37
Note 8 Net income from financial transactions
Group
SEK thousand
Other financial instruments
Changes in exchange rates
Total net income from financial transactions
Net profit/net loss by type
2012
2011
28
-
905 986
905 139
18 422
10 475
924 436
915 614
2012
2011
Via RR
Via RR
Financial assets, held for trading purposes
926 176
911 856
-3 501
4 858
28
-
1 481
-1 395
252
295
924 436
915 614
2012
2011
28
-
907 141
794 190
19 292
9 974
926 461
804 164
2012
2011
Via RR
Via RR
Financial assets, held for trading purposes
928 201
800 406
-3 501
4 858
28
-
1 481
-1 395
Financial liabilities, held for trading purposes
Parent Company
SEK thousand
Other financial instruments
Changes in exchange rates
Net profit/net loss by type
Financial liabilities, held for trading purposes
38
252
295
926 461
804 164
Note 9 Other operating income
Group
SEK thousand
Net profit (loss) on disposal of PP&E and immaterial assets
Insurance reimbursements
Total other operating income
2012
2011
-
2 614
7 375
4 640
3 754
5 804
11 129
13 058
Parent Company
SEK thousand
2012
2011
-
2 614
Management fee, subsidiaries
7 500
10 000
Insurance reimbursements
5 891
4 640
Net profit (loss) on disposal of PP&E
Total other operating income
2 588
4 257
15 979
21 511
39
Note 10 General administrative expenses
Group
SEK thousand
2012
2011
-376 758
-326 567
- social security contributions
-95 776
-86 266
- pension premium expenses
-30 057
-28 145
- other personnel costs
-24 979
-26 293
-527 570
-467 271
-100 281
-92 231
-22 064
-23 121
-3 776
-2 986
-151 508
-167 091
-45 489
-43 587
Total other administrative expenses
-323 118
-329 016
Total general administrative expenses
-850 688
-796 287
2012
2011
-349 798
-287 665
- social security contributions
-88 484
-75 745
- pension premium expenses
-28 978
-26 367
- other personnel costs
-24 246
-23 932
-491 506
-413 709
- rent and other facility expenses
-87 771
-76 546
- postage and telephone
-21 069
-21 456
-3 525
-2 686
-148 919
-163 701
Personnel costs
- salaries and fees
Total personnel costs
Other general administrative expenses
- rent and other facility expenses
- postage and telephone
- audit
- other external services
- other external expenses
Parent Company
SEK thousand
Personnel costs
- salaries and fees
Total personnel costs
Other general administrative expenses
- audit
- other external services
- other external expenses
-43 413
-39 927
Total other administrative expenses
-304 697
-304 316
Total general administrative expenses
-796 203
-718 025
40
Salaries, other remuneration and social security expenses
Group
SEK thousand
Salaries
Social security expenses
Total
2012
2011
Senior
executives
Other
employees
Senior
executives
Other
employees
-17 094
-359 664
-16 668
-309 899
-6 315
-89 461
-5 204
-81 062
-23 409
-449 125
-21 872
-390 961
Senior
executives
Other
employees
Senior
executives
Other
employees
-17 094
-332 704
-16 668
-270 997
Payroll tax!
Parent Company
SEK thousand
Salaries
Social security expenses
Total
2012
2011
-6 315
-82 169
-5 204
-70 541
-23 409
-414 873
-21 872
-341 538
Of the Group’s and Parent Company’s pension expenses, SEK 3,771 thousand (3,427) was for the Bank management team
consisting of 8 (7) individuals. No other outstanding pension obligations exist. All pension expenses are covered through
regular pensions payments.
Remuneration to senior executives
(i) Board of Directors
FRemuneration to the members of the Board is established
at the FOREX Bank Annual General Meeting. At year-end,
the Board of Directors had 7 members and it held 15
meetings. There are no fixed fees for participating in the
Board. Rather, compensation is based on the number of
meetings attended by each Board member. For other participation in committees, projects, etc., Board members
are compensated at an hourly rate.
executives consists of a base salary and pension. Senior
executives, excluding the Managing Director and CEO,
have a notice period of 6 months with full salary when the
Bank terminates the employment. The Managing Director
and CEO is entitled to full salary up until retirement if the
Bank terminates the employment. The Managing Director
and CEO is entitled to retire at 60.
Pension insurance premiums are paid for the Managing
Director and CEO and other senior executives in accordance with the pension plan in effect at the Bank. No
pension obligations exist.
(ii) Managing Director and other senior
executives
Remuneration to the Managing Director and Deputy
Managing Director is Decided by the Board of Directors.
Remuneration to the Managing Director and other senior
41
Remuneration and other benefits
Group and Parent Company 2012
SEK thousand
Basic
salary
Board
fee
Variable
pay
Other
benefits
Pension
expense
Other
pay
Total
701
-
-
-
-
701
Katja Elväng
265
-
-
-
-
265
Beth Friberg
234
-
-
-
-
234
Jörgen Holgersson
218
-
-
-
182
400
Ingrid Jonasson Blank
232
-
-
-
10
242
Olof Söderberg
217
-
-
-
9
226
Stefan Zadik
358
-
9
18
-
385
3 848
-
182
960
-
4 990
11 021
-
451
2 793
250
14 515
974
-
4
257
-
1 235
17 094
-
642
3 771
451
21 958
Chairman of the Board
Hans Hellquist
Board members
Managing Director and CEO
Magnus Cavalli-Björkman
Other senior executives
Parent company, 6 individuals
- of which Tom Friberg
Total Group and Parent
Company
42
Remuneration and other benefits
Group and Parent Company 2011
SEK thousand
Basic
salary
Board
fee
Variable
pay
Other
benefits
Pension
expense
Other
pay
Total
397
-
-
-
-
326
-
186
Hans Hellquist
Board members
Katja Elväng
186
Beth Friberg
343
-
-
Jörgen Holgersson
177
-
-
Ingrid Jonasson Blank
125
-
-
Olof Söderberg
135
-
-
Stefan Zadik
360
-
10
25
-
343
147-
324
7
132
-
135
395
Previous Board members
82
-
-
-
-
82
Marie-Louise Lind
Gunnel Engberg
493
-
-
-
-
493
Carl Johan Smith
37
37
Managing Director and CEO
4 621
-
81
874
-
5 576
9 712
-
246
2 553
-
12 511
1 309
-
2
189
-
1 500
16 668
-
337
3 452
154
20 611
Other senior executives
Parent company, 6 individuals
- of which Tom Friberg
Total Group and Parent
Company
Variable Remuneration
No variable remuneration was paid out in 2011 and
2012.
Information about remuneration in accordance
with FFFS 2011:1
Please see the company’s website www.forex.se
Loans to senior executives
As of December 31, 2010, outstanding loans to senior
executives were SEK 486 thousand (380). These loans
are in the form of unsecured credit and the loan conditions
are the same as what are typically used when granting
credit to the general public and other employees.
43
Average number of employees
2012
2011
Women
Men
Total
Women
Men
Total
Parent Company
Sweden
564
173
737
449
144
593
Finland branch
58
41
99
50
33
83
Denmark branch
41
21
62
35
26
61
Norway branch
Total Parent Company
X-change in Sweden AB, Sweden
Total average number of employees
in the Group
57
49
106
34
19
53
720
284
1 004
568
222
790
55
29
84
92
33
125
775
313
1 088
660
255
915
Gender distribution, management
Group and Parent Company
2012
2011
Women
Men
Total
Women
Men
Total
Directors
3
4
7
3
4
7
Other senior executives including the
Managing Director
2
6
8
2
5
7
Total
5
10
15
5
9
14
44
Fees and expense reimbursements to auditors
Group
2012
2011
PricewaterhouseCoopers AB
Audit engagements
2 955
2 427
Audit activities in addition to the audit assignment
821
559
Tax consultation
492
435
1 495
1 218
5 763
4 639
2012
2011
Other services
Total fees and expense reimbursements to auditors
Parent Company
Audit engagements
2 704
2 227
Audit activities in addition to the audit assignment
821
459
Tax consultation
492
435
1 362
1 218
5 379
4 339
Other services
Total fees and expense reimbursements to auditors
The audit engagement includes the audit of the annual
report, accounting records and the administration of the
Board of Directors and the Managing Director, as well
as other duties that the company’s auditor is obliged to
conduct and advice or other assistance resulting from observations made during the audit or performance of these
other duties. Any other services provided are included in
“other fees”.
The leasing periods vary from 2 to 10 years and most of
the leasing agreements may be extended at the end of
the lease term for a fee that is consistent with prevailing
market rates. Other operating leases are negligible.
Operating lease agreements
The total future minimum lease payments for operating
lease agreements that may not be cancelled are as follows:
The Group leases a number of branch facilities, offices,
warehouses and cars with operating lease agreements.
During the year, the Group’s leasing expenses for rented
facilities was SEK 81,453 thousand (72,700) and for cars
was SEK 1,627 thousand (633). In the Parent Company,
the corresponding expenses were SEK 70,277 thousand
(59,592) and SEK 1,627 thousand (633), respectively.
45
Group
2012
2011
Within 1 year
75 254
69 031
Between 1 and 5 years
85 272
98 940
4 552
5 990
165 078
173 961
2012
2011
Within 1 year
66 686
58 465
Between 1 and 5 years
75 919
84 942
4 552
5 990
147 157
149 397
More than 5 years
Total
Parent Company
More than 5 years
Total
46
Note 11 Other operating expenses
Group
SEK thousand
2012
2011
Insurance expenses
-1 921
-2 039
-25 395
-23 939
-107 501
-64 609
-6 283
-3 377
-142 001
-4 299
-283 101
-98 263
SEK thousand
2012
2011
Insurance expenses
-1 774
-1 804
Security expenses
Marketing expenses
Capital loss on disposal of PP&E and intangible assets
Total other operating expenses
Parent Company
Security expenses
-23 472
-20 137
-106 759
-59 368
-5 167
-700
-124 464
-4 135
-261 636
-86 144
2012
2011
-39 416
-27 256
-39 416
-27 256
3 786
10 986
-37 901
-43 310
Net expense for the year for loan receivables assessed as a Group
-34 115
-32 324
Net expense for the year for loan losses
-73 531
-59 580
Marketing expenses
Capital loss on disposal of PP&E and intangible assets
Total other operating expenses
Note 12 Loan losses, net
SEK thousand
Individually assessed loan receivables
Write-off for the year on verified loan losses
Net expense for the year for individually assessed loan receivables
Loan receivables assessed as a Group
Paid for prior years’ verified loan losses
Year’s provision for the allowance for loan losses
All loan losses are related to loan receivables and accounts receivable.
47
Note 13 Impairment of financial assets
Group
SEK thousand
2012
2011
-200
-250
-200
-250
2012
2011
Shares in the subsidiary, X-change in Sweden AB
-12 000
-
Shares in the associated company, Panaxia AB
-43 093
-
-200
-250
-55 293
-250
2012
2011
Forex Sweden International Ltd.
-
250
Total impairment of financial assets
-
250
2012
2011
Tenant-owner rights, Brf Gråbjörnen 11, Malmö
Parent Company
SEK thousand
Tenant-owner rights, Brf Gråbjörnen 11, Malmö
Note 14 Reversal of impairment of financial assets
Parent Company
SEK thousand
Receivables from Group companies
Note 15 Appropriations
Parent Company
SEK thousand
Reversal of tax allocation reserve
24 665
4 649
Excess depreciation/amortization
-15 186
-7 532
9 479
-2 883
Total appropriations
48
Note 16 Taxes
Reported in the income statement
Group
SEK thousand
2012
2011
-1 968
-62 608
39
-196
2 641
163
712
-62 641
2012
2011
-938
-55 008
39
-196
Current tax expense
Tax expense for the period
Other taxes
Deferred tax expense
Deferred tax
Total reported tax expense
Parent Company
SEK thousand
Current tax expense
Tax expense for the period
Other taxes
Deferred tax expense
Deferred tax
Total reported tax expense
-4 628
215
-5 527
-54 989
Reconciliation of effective tax
Group
SEK thousand
2012 (%)
Profit before tax
Tax according to the applicable tax rate
2012
2011 (%)
7 730
26,30%
2011
227 357
-2 033
26,30%
-59 795
Effect of foreign tax credit
8,03%
-621
-0,22%
504
Non-deductible expenses
12,52%
-967
0,69%
-1 564
Non-taxable income
-81,36%
6 289
-0,22%
490
Tax related to prior years
10,61%
-820
0,77%
-1 754
Temporary differences
53,91%
-4 168
-0,07%
163
Effect of modified tax rate
-42,02%
3 248
-
-
-0,50%
39
0,09%
-196
Other taxes
Standard interest on tax allocation reserve
Reported effective tax
3,30%
-255
0,21%
-489
-9,21%
712
27,55%
-62 641
49
Parent Company
SEK thousand
2012 (%)
2012
26,30%
-17 931
26,30%
-52 561
Effect of foreign tax credit
0,91%
-621
-0,25%
504
Non-deductible expenses
6,02%
-4 105
0,63%
-1 363
Profit before tax
Tax according to the applicable tax rate
Non-taxable income
2011 (%)
68 180
2011
199 851
-36,22%
24 698
-0,20%
397
Tax related to prior years
1,12%
-766
0,83%
-1 650
Temporary differences
6,11%
-4 168
-0,11%
215
Tax on untaxed reserves
3,67%
-2 493
-
-
Other taxes
-0,06%
Standard interest on tax allocation reserve
Reported effective tax
8,11%
39
0,10%
-196
-180
0,17%
-335
-5 527
27,52%
-54 989
Deferred tax assets
31 Dec 2012
31 Dec 2011
Carrying amount at the beginning of the period
5 476
5 345
Net change during the period
-3 567
131
Carrying amount at the end of the period
1 909
5 476
31 Dec 2012
31 Dec 2011
562
-
-
4 053
858
973
Reported deferred tax receivables
Deferred tax receivables are related to the following:
SEK thousand
Tax effect of temporary differences:
Tax loss
Impairment of building
Pension liability
Total deferred tax assets
50
489
450
1 909
5 476
Group
SEK thousand
31 Dec 2012
31 Dec 2011
28 001
29 147
-6 378
-1 146
21 623
28 001
31 Dec 2012
31 Dec 2011
-
263
1 061
4 794
Reported deferred tax liabilities
Deferred tax liabilities are related to the following:
SEK thousand
Cash
Intangible assets
Untaxed reserves
Total deferred tax liabilities
1 695
1 498
18 867
21 446
21 623
28 001
The Group’s provision for deferred tax liabilities relates to the tax effect on untaxed reserves in certain legal entities belonging
to the Group, the tax effect on consolidated acquisition values and the tax effect on different values in the accounts for and
taxation of property, plant and equipment. Deferred tax is reported at the rate of 22 percent (26.3).
Parent Company
SEK thousand
31 Dec 2012
31 Dec 2011
-
-
1 061
-
1 061
-
31 Dec 2012
31 Dec 2011
1 061
-
1 061
-
Reported deferred tax liabilities
Deferred tax liabilities are related to the following:
SEK thousand
Total deferred tax liabilities
51
Note 17 Treasury bills eligible as collateral
SEK thousand
Issued by the Swedish State
Total treasury bills eligible as
collateral
31 Dec 2012
31 Dec 2011
Cost
Carrying
amount
Cost
Carrying
amount
998 675
999 226
-
-
998 675
999 226
-
-
All holdings of treasury bills were acquired as hold-to-maturity investments and are therefore reported at amortized cost.
The carrying amount is a good approximation of the fair value since all holdings have a term of no more than three months.
Note 18 Loans to credit institutions
Group
SEK thousand
31 Dec 2012
31 Dec 2011
860 496
420 548
81 974
105 479
942 470
526 027
31 Dec 2012
31 Dec 2011
821 539
321 540
81 974
105 438
903 513
426 978
- Swedish currency
- foreign currency
Total loans to credit institutions
Parent Company
SEK thousand
- Swedish currency
- foreign currency
Total loans to credit institutions
52
Note 19 Loans to the general public
SEK thousand
31 Dec 2012
31 Dec 2011
3 622 112
2 684 083
3 622 112
2 684 083
-158 305
-120 404
3 463 807
2 563 679
Outstanding receivables, gross
- Swedish currency
Total outstanding receivables, gross
Of which: doubtful
Impairment loss on loan receivables assessed as a Group
Carrying amount of loans to the general public, net
Change in impairment losses
SEK thousand
Opening balance, January 1
Impairment loss for the year, loan losses
Ending balance on December 31
2012
2011
Loan
receivables
assessed
as a Group
Total impairment
losses
Loan
receivables
assessed
as a Group
Total impairment
losses
-120 404
-120 404
-77 094
-77 094
-37 901
-37 901
-43 310
-43 310
-158 305
-158 305
-120 404
-120 404
Note 20 Bonds and other interest-bearing securities
SEK thousand
31 Dec
2012
31 Dec
2011
Fair value
Carrying
amount
Fair value
Carrying
amount
750 813
750 813
2 574 288
2 574 288
750 813
750 813
2 574 288
2 574 288
750 813
750 813
2 574 288
2 574 288
Issued by other borrowers
- other financial companies
Total bonds and other interestbearing securities
Of which: Listed securities on an exchange
Unlisted securities
All holdings of bonds and other interest-bearing securities were acquired as hold-to-maturity investments and are therefore reported at
amortized cost. The carrying amount is a good approximation of the fair value since all holdings have a term of no more than
three months.
53
Note 21 Shares and participations in Group companies
Shares and participations in Group companies at year-end are comprised of shares in X-change in Sweden AB, which
is an unlisted company. During the year, X-change Valutaspecialisten Europe AB merged with X-change in Sweden AB
and the subsidiary, Svensk Valutahantering AB, was divested.
SEK thousand
31 Dec 2012
31 Dec 2011
171 915
171 865
Accumulated cost
Acquisitions for the year
Sales for the year
Impairment losses for the year
Group companies 2012
-
50
-51
-
-12 000
-
159 864
171 915
Net profit
Equity
Share of
capital
Number of
shares
Carrying
amount
13 410
39 003
100%
10 574
159 864
SEK thousand
X-change in Sweden AB, 556413-1463,
Stockholm
Total shares in Group companies
In 2012 an impairment loss was recorded totaling SEK
12 million on the shares of the subsidiary, X-change in
Sweden AB. Since the acquisition of X-change in Sweden AB in 2007, the number of branches has gradually
Decreased from 20 at the time of acquisition to 10 at the
end of 2012. When calculating the recoverable amount
of the shares in X-change based on the expected number
54
159 864
of branches in the future and the estimated earnings over
the next 10 years, and when taking into consideration the
financial structure of the subsidiary, it was determined that
the recoverable amount was less than the carrying amount
of the shares. An impairment loss was therefore recorded
for the amount corresponding to the difference between
the recoverable amount and the carrying amount.
Group companies 2011
Net profit
Equity
Share of
capital
Number of
shares
Carrying
amount
X-change in Sweden AB, 5564131463, Stockholm
26 426
109 013
100%
10 574
171 864
- X-change ValutaSpecialisten Europe
AB,
-408
1 483
100%
1 000
-
8 081
45
100%
100
1
-
50
100%
1 000
SEK thousand
556448-0712, Stockholm
FOREX Sweden International
2527227, London
Ltd,
Svensk Valutahantering AB,
50
Total shares in Group companies
171 915
Note 22 Participations in associated companies
Group
SEK thousand
31 Dec 2012
31 Dec 2011
39 661
-
-
43 093
-39 661
-3 432
-
39 661
Accumulated cost
Share in profits
All shares and participations in associated companies consist of listed securities in Panaxia AB. Panaxia AB filed for bankruptcy
on September 5, 2012.
The Group’s share in net profit in associated companies and the Group’s share in income, assets (including goodwill) and
liabilities in 2011 was as follows:
Associated companies
SEK thousand
Panaxia AB, (publ), Stockholm
Total shares in associated
companies
Net
profit
Income
Assets
1)
1)
1)
-3 432
LiabiliShare Number
Carties of capi- of shares
rying
tal
amount
1)
30 707 206 433 171 292
27,74% 2 861 873
39 661
39 661
1) Based on amounts in Panaxia AB’s published quarterly report, January-September 2011.
The value of Forex Bank AB’s holdings in Panaxia AB at year-end, based on the closing price in 2011, was SEK 44,931
thousand (-).
55
Parent Company
SEK thousand
31 Dec 2012
31 Dec 2011
Accumulated cost
43 093
Impairment loss for the year
-
43 093
-43 093
-
-
43 093
All shares and participations in associated companies consist of listed securities in Panaxia AB. The company filed for bankruptcy on September 5, 2012, at which time the shares in the associated company Panaxia AB were written down to zero.
The Parent Company’s share in net profit of associated companies and the Group’s share in income, assets (including goodwill)
and liabilities in 2011 were as follows:
Associated companies
2011
Net
profit
Income
Assets
1)
1)
1)
SEK thousand
Panaxia AB, (publ), Stockholm
-
LiabiliShare Number
Carties of capi- of shares
rying
tal
amount
1)
30 707 206 433 171 292
27,74% 2 861 873
Total shares in Group
companies
1)
43 093
43 093
Based on amounts in Panaxia AB’s published quarterly report, January-September 2011.
Note 23 Other shares and participations
SEK thousand
31 Dec 2012
31 Dec 2011
- Listed securities, shares - USA
455
324
- Unlisted securities
800
1 000
1 255
1 324
Available-for-sale financial assets, listed below
Total available-for-sale financial assets
SEK thousand
Shares in Visa Inc
Tenant-owner rights in Brf Gråbjörnen11, Malmö
Total
56
31 Dec
2012
31 Dec
2011
Antal
Redovisat
värde
Antal
Redovisat
värde
461
455
461
324
800
1
1
1 255
1 000
1 471
Note 24 Intangible assets
Group
Acquired intangible assets
SEK thousand
Goodwill
Rights of
tenancy
Total
Accumulated cost
Opening balance 2011-01-01
125 956
38 439
164 395
-
301
301
Sales for the year
-
-1 324
-1 324
Disposals for the year
Exchange rate differences for the year
Closing balance 2011-12-31
-
-7 251
-7 251
-15
-14
-29
125 941
30 151
156 092
125 941
30 151
156 092
-
15 170
15 170
-
-4 298
-4 298
-18
-110
-128
125 923
40 913
166 836
Opening balance 01.01.11
-
-31 560
-31 560
Sales for the year
-
1 324
1 324
-
6 326
6 326
Depreciation for year
-
-4 324
-4 324
Accumulated depreciation
-
16
16
Closing balance 31.12.11
-
-28 218
-28 218
-
-28 218
-28 218
-
3 000
3 000
-
-3 316
-3 316
-
92
92
-
-28 442
-28 442
125 956
6 879
132 835
125 941
1 933
127 874
125 941
1 933
127 874
125 923
12 471
138 394
Carrying amounts
As of 2011-01-01
As of 2011-12-31
As of 2012-01-01
As of 2012-12-31
57
Parent Company
Acquired intangible assets
SEK thousand
Goodwill
Rights of
tenancy
Total
7 271
23 419
30 690
-
301
301
Sales for the year
-
-1 324
-1 324
Accumulated cost
Closing balance 31 Dec 2011
-
-481
-481
-27
-14
-41
7 244
21 901
29 145
7 244
21 901
29 145
-
15 170
15 170
-
-1 298
-1 298
-67
-110
-1 77
7 177
35 663
42 840
-7 271
-19 540
-26 811
Sales for the year
-
1 324
1 324
-
481
481
-
-2 249
-2 249
27
16
43
-7 244
-19 968
-27 212
-7 244
-19 968
-27 212
-
-3 316
-3 316
Opening balance 1 jan 2012
67
92
159
-7 177
-23 192
-30 369
Carrying amounts
As of 1 jan 2011
-
3 879
3 879
As of 31 Dec 2011
-
1 933
1 933
As of 1 jan 2012
-
1 933
1 933
As of 31 Dec 2012
-
12 471
12 471
58
Note 25 Property, plant and equipment
Group
SEK thousand
Equipment
Capitalized
reconstruction costs
Buildings
Total
74 215
134 784
89 559
298 558
4 867
33 534
-
38 401
-354
-
-450
-804
-4 230
-6 449
-
-10 679
Accumulated cost
Sales for the year
-57
-202
-
-259
74 441
161 667
89 109
325 217
74 441
161 667
89 109
325 217
30 414
84 072
-
114 486
-7 871
-12 041
-
-19 912
-176
-1 877
-
-2 053
96 808
231 821
89 109
417 738
-54 022
-66 451
-7 670
-128 143
Sales for the year
218
-
102
320
3 304
5 508
-
8 812
-7 772
-23 928
-1 456
-33 156
55
151
-
206
-58 217
-84 720
-9 024
-151 961
-58 217
-84 720
-9 024
-151 961
5 675
9 252
-
14 927
-9 476
-28 740
-2 468
-40 684
153
614
-
767
-61 865
-103 594
-11 492
-176 951
59
Cont. Property, plant and equipment
Group
SEK thousand
Equipment
Capitalized
Buildings
Total
Accumulated impairment losses
-
-
-15 411
-15 411
Closing balance
-
-
-15 411
-15 411
-
-
-15 411
-15 411
Reversal of impairment losses
-
-
15 411
15 411
-134
-
-
-134
-134
-
-
-134
20 193
68 333
66 478
155 004
16 224
76 947
64 674
157 845
31 Dec 2011
Carrying amounts
As of 1 jan 2011
As of 31 Dec 2011
As of 1 jan 2012
As of 31 Dec 2012
60
16 224
76 947
64 674
157 845
34 809
128 227
77 617
240 653
Parent Company
SEK thousand
Equipment
Capitalized
Buildings
Total
55 291
117 596
89 559
262 446
4 800
34 118
-
38 918
Accumulated cost
Sales for the year
-354
-
-450
-804
-786
-3 029
-
-3 815
-56
-202
-
-258
58 895
148 483
89 109
296 487
58 895
148 483
89 109
296 487
29 706
82 337
-
112 043
Taken over from Group companies
2 399
2 775
-
5 174
-4 200
-8 146
-
-12 346
-177
-1 877
-
-2 054
86 623
223 572
89 109
399 304
-40 720
-55 771
-7 670
-104 161
218
-
102
320
Ackumulerade avskrivningar
Sales for the year
652
2 466
-
3 118
-5 805
-22 290
-1 456
-29 551
54
150
-
204
-45 601
-75 445
-9 024
-130 070
-45 601
-75 445
-9 024
-130 070
-824
-772
-
-1 596
Taken over from Group companies
2 300
6 177
-
8 477
-8 642
-28 048
-2 468
-39 158
153
614
-
767
-52 614
-97 474
-11 492
-161 580
61
cont. Parent Company
SEK thousand
Equipment
Capitalized
Buildings
Total
-
-
-15 411
-15 411
-
-
-15 411
-15 411
Accumulated impairment losses
-
-
-15 411
-15 411
Reversal of impairment losses
-
-
15 411
15 411
-134
-
-
-134
-134
-
-
-134
14 571
61 825
66 478
142 874
13 294
73 038
64 674
151 006
13 294
73 038
64 674
151 006
33 875
126 098
77 617
237 590
Carrying amounts
As of 1 jan 2011
As of 31 Dec 2011
As of 1 jan 2012
As of 31 Dec 2012
62
Note 26 Receivables from and liabilities to Group companies
Parent Company
SEK thousand
X-change in Sweden AB
Total receivables from Group companies
31 Dec 2012
31 Dec 2011
38 994
29 841
38 994
29 841
31 Dec 2012
31 Dec 2011
Note 27 Other assets
Group
SEK thousand
Positive value on derivative instruments
Credit card receivables
Other assets
Total other assets
3 820
4 206
32 269
24 680
164 519
38 180
200 608
67 066
31 Dec 2012
31 Dec 2011
3 820
4 206
Parent Company
SEK thousand
Positive value on derivative instruments
Credit card receivables
Other assets
Total other assets
24 244
20 497
145 262
21 834
173 326
46 537
63
Note 28 Prepaid expenses and accrued income
Group
SEK thousand
Prepaid expenses
Accrued interest income
Other accrued interest
Total prepaid expenses and accrued income
31 Dec 2012
31 Dec 2011
79 149
79 325
8 686
5 944
18 407
10 663
106 242
95 932
31 Dec 2012
31 Dec 2011
76 852
75 153
8 686
5 944
17 215
10 575
102 753
91 672
31 Dec 2012
31 Dec 2011
Parent Company
SEK thousand
Prepaid expenses
Accrued interest income
Other accrued interest
Total prepaid expenses and accrued income
Note 29 Deposits from the general public
SEK thousand
General public
6 150 033
5 512 865
6 150 033
5 512 865
SEK thousand
31 Dec 2012
31 Dec 2011
Corporate sector
16 190
17 700
Household sector
6 133 843
5 495 165
6 150 033
5 512 865
Total deposits from the general public
Deposits per customer category
Total deposits from the general public
All deposits are in SEK. Of deposits from the household sector, 1,122 (1, 094) refer to deposits from sole proprietorships.
Note 30 Liabilities to Group companies
Parent Company
SEK thousand
31 Dec 2012
31 Dec 2011
X-change ValutaSpecialisten Europe AB
-
58
Total liabilities to Group companies
-
58
64
Note 31 Other creditors
Group
SEK thousand
Negative value on derivative instruments
Preliminary tax, interest
Employee withholding tax
Advance payments from customers
Accounts payable - trade
Income tax liability
Other liabilities
Total other liabilities
31 Dec 2012
31 Dec 2011
335
1 816
38 927
37 151
9 045
6 959
255
438
66 775
45 494
-
3 759
96 533
82 556
211 870
178 173
31 Dec 2012
31 Dec 2011
335
1 815
38 927
37 151
8 622
6 343
Parent Company
SEK thousand
Negative value on derivative instruments
Preliminary tax, interest
Employee withholding tax
Advance payments from customers
Accounts payable - trade
Income tax liability
Other liabilities
Total other liabilities
255
438
62 681
41 665
-
3 759
89 170
79 883
199 990
171 054
65
Note 32 Accrued expenses and prepaid income
Group
SEK thousand
31 Dec 2012
31 Dec 2011
Accrued personnel costs
28 347
24 468
Other accrued expenses
22 136
15 678
Prepaid income
Total accrued expenses and deferred income
-
44
50 483
40 190
Parent Company
SEK thousand
31 Dec 2012
31 Dec 2011
Accrued personnel costs
26 998
22 818
Other accrued expenses
21 736
14 847
-
44
48 734
37 709
Prepaid income
Total accrued expenses and deferred income
Note 33 Provisions
SEK thousand
Opening balance, January 1, 2011
Pension
provision
Restructuringexpenses
Total
provisions
1 168
1 000
2 168
544
-242
302
-
additional provision
Utilized during the year
-
-758
-758
1 712
-
1 712
149
-
149
-
-
-
Closing balance 31 December 2012
1 861
-
1 861
Pension provision
Restructuring
All of the Bank’s pension plans are defined contribution
plans. For certain management personnel, pensions
have been secured via endowment insurance. The
pension provision is comprised of the value of the
endowment insurance plus estimated payroll tax.
AThe provision for restructuring pertains to the costs associated with closing down operations in Great Britain. The
item consists of rent that the Bank is obligated by contract
to pay until the premises are transferred and other costs
that are directly related to the closing down of operations.
The premises were transferred in 2011 and no additional
costs are expected to arise in the future since the company was formally liquidated at the beginning of 2012.
Closing balance 31 December 2011
--additional provision
Utilized during the year
66
Note 34 Untaxed reserves
Parent Company
SEK thousand
31 Dec 2012
31 Dec 2011
17 403
9 871
Accumulated excess depreciation
Excess depreciation for the year
Ending balance 31 December
15 186
7 532
32 589
17 403
Tax allocation reserves
Tax Assessment 2007
-
7 674
Tax Assessment 2008
-
14 565
Tax Assessment 2009
989
3 415
Tax Assessment 2010
32 000
32 000
Ending balance 31 December
32 989
57 654
Total untaxed reserves
65 578
75 057
31 Dec 2012
31 Dec 2011
Warranties
- Warranty obligations – other
3 084
3 737
Total contingent liabilities
3 084
3 737
Note 35 Contingent liabilities
Group
SEK thousand (nominal amt)
Parent Company
SEK thousand (nominal amt)
31 Dec 2012
31 Dec 2011
Warranties
- Warranty obligations – other
3 084
3 737
Total contingent liabilities
3 084
3 737
31 Dec 2012
31 Dec 2011
101 670
121 360
101 670
121 360
Note 36 Commitments
SEK thousand (nom belopp)
Other commitments
- Credit and loan commitments
Total commitments
67
Note 37 Related parties
Related party relationships, Group
companies
AB SEK 859 thousand (142) for transport costs. The costs
for the comparable year only refer to the period starting
from the date of the acquisition of Panaxia AB, July 1,
2011, and onward.
PIn 2012 the Parent Company invoiced the subsidiary, Xchange in Sweden AB, for management fees totaling SEK
7,500 thousand (10,000), rent for premises totaling SEK
88 thousand (-) and SEK 684,030 thousand (147,442)
for delivered currency. During the period, the Parent
Company invoiced SEK 72 thousand (72) as reimbursement for a delivered POS system and was charged SEK
91,619 thousand (2,071) for cash and product service
commissions by the subsidiary, X-change in Sweden AB.
During the period the Parent Company received dividends
of SEK 70,000 thousand (-) and Group contributions of
SEK 18,600 thousand (-) from the subsidiary, X-change
in Sweden AB.
For other information, please refer to Note 26 and Note
30.
In 2011, the Parent Company invoiced interest of SEK
13 thousand to the now liquidated subsidiary, FOREX
Sweden International Ltd.
Transactions with the owners
During the period, the associated company, Panaxia AB,
including its subsidiaries, invoiced the Parent Company
SEK 10,847 thousand (5,839) and X-change in Sweden
Transactions with key management
personnel
For information about salaries, other remuneration and
pensions for key management personnel, please see note
10.
There have otherwise not been any transactions with key
management personnel.
During the year, dividends were paid to the owners in
the amount of SEK 16,500 thousand (48,000). Dividends
are reported as a liability as soon as the dividend has
been approved at the Bank’s Annual General Meeting.
Note 38 Geographic distribution of income
Group
Sweden
Other countries
SEK thousand
2012
2011
2012
2011
325 231
260 404
414
976
1
1
-
-
Commission income
180 459
165 717
47 859
36 462
750 465
737 094
173 971
175 088
9 658
11 231
1 471
1 827
1 265 814
1 174 447
223 715
214 353
Interest income
Dividends received
Geographic distribution of total income
Parent Company
Sweden
Other countries
SEK thousand
2012
2011
2012
2011
324 210
259 277
414
976
88 601
1
-
-
Commission income
175 760
146 794
47 859
36 511
752 490
629 429
173 971
174 735
14 508
19 684
1 471
1 827
1 355 569
1 055 185
223 715
214 049
Interest income
Dividends received
Geographic distribution of total income
68
Note 39 Financial assets and liabilities
Group
31 Dec 2012
Financial assets valued
Loan recei-
I Held-to-
Available-
at fair value via
vables and
maturity in-
for-sale
accounts
vestmentsl
financial
the income statement
receivable
assets
Financial
liabilities
valued at
fair value
via the
income
statement
Financial
Held for
Holdings
assets as-
trading
for trading
sessed as
purposes
purposes
Other
Total
Fair
financial
carrying
value
liabilities
amount
belonging
to this
category
Cash
378 819
Treasury bills eligible as
999 226
378 819
378 819
999 226
999 226
942 470
942 470
collateral
942 470
3 463 807
Bonds and other
interest-bearing securities
3 463 807 3 463 807
750 813
750 813
Other assets
3 820
750 813
1 255
1 255
196 788
200 608
200 608
106 242
106 242
106 242
6 843 240
6 843 240
Prepaid expenses and
accrued income
Total financial assets
-
382 639
4 709 307
1 750 039
1 255
-
Other liabilities
335
Accrued expenses and
prepaid income
Total financial liabilities
-
6 150 033 6 150 033 6 150 033
-
-
-
-
-
335
211 535
211 870
211 870
50 483
50 483
50 484
6 412 051
6 412 386
6 412 387
69
31 Dec 2011
Loan recei-
I Held-to-
Available-
at fair value via
vables and
maturity
for-sale
accounts investmentsl
financial
receivable
assets
Financial
liabilities
valued at
fair value
via the
income
statement
Financial
Held for
Holdings
assets as-
trading
for trading
sessed as
purposes
purposes
Other
Total
Fair
financial
carrying
value
liabilities
amount
belonging
to this
category
Cash
402 441
526 027
2 563 679
402 441
402 441
526 027
526 027
2 563 679 2 563 679
Bonds and other
2 574 288
2 574 288
1 324
Other assets
4 206
2 574 288
1 324
1 324
62 860
67 066
67 066
95 932
95 932
95 932
6 230 757
6 230 757
accrued income
-
406 647
3 248 498
2 574 288
1 324
-
Other liabilities
1 816
176 357
40 190
40 190
40 190
1 816
5 729 412
5 731 228
5 731 228
prepaid income
70
-
5 512 865 5 512 865 5 512 865
-
-
-
-
-
178 173
178 173
Parent Company
31 Dec 2012
Loan recei-
I Held-to-
Available-
at fair value via
vables and
maturity in-
for-sale
accounts
vestmentsl
financial
receivable
assets
Financial
liabilities
valued at
fair value
via the
income
statement
Financial
Held for
Holdings
assets as-
trading
for trading
sessed as
purposes
purposes
Other
Total
Fair
financial
carrying
value
liabilities
amount
belonging
to this
category
Cash
341 148
Treasury bills eligible as
999 226
341 148
341 148
999 226
999 226
903 513
903 513
collateral
903 513
3 463 807
Bonds and other
3 463 807 3 463 807
750 813
1 255
Other assets
3 820
208 500
344 968
4678 573
750 813
750 813
1 255
1 255
212 320
212 320
accrued income
102 753
-
1 750 039
1 255
-
102 753
102 753
6 774 835
6 774 835
6 150 033 6 150 033 6 150 033
Other liabilities
335
199 655
48 734
48 734
48 734
335
6 398 422
6 398 757
6 398 757
prepaid income
-
-
-
-
-
-
199 990
199 990
71
31 Dec 2011
Loan recei-
I Held-to-
Available-
at fair value via
vables and
maturity in-
for-sale
accounts
vestmentsl
financial
receivable
assets
Financial
liabilities
valued at
fair value
via the
income
statement
Financial
Held for
Holdings
assets as-
trading
for trading
sessed as
purposes
purposes
Other
Total
Fair
financial
carrying
value
liabilities
amount
belonging
to this
category
Cash
359 289
426 978
2 563 679
359 289
359 289
426 978
426 978
2 563 679 2 563 679
Bonds and other
2 574 288
2 574 288 2 574 288
1 324
Other assets
4 206
72 172
363 495
3 154 501
1 324
1 324
76 378
76 378
91 672
accrued income
-
2 574 288
1 324
-
91 672
6 093 608
1 816
169 296
37 709
37 709
37 709
1 816
5 719 870
5 721 686
5 721 686
prepaid income
72
91 672
6 093 608
5 512 865 5 512 865 5 512 865
Other liabilities
-
-
-
-
-
-
171 112
171 112
Calculation of fair value
The following is a summary of the methods and assumptions that were primarily used in order to establish the fair
value for the financial instruments reported in the table
above.
Financial instruments quoted in an active
market
For financial instruments quoted in an active market, fair
value is assessed based on the asset’s quoted bid price
on the closing date, excluding any transaction expenses
(such as courtage) at the time of acquisition. A financial
instrument is considered as being quoted in an active
market if the listed price can easily be obtained from a
stock market, trader, broker, trade association, company
that provides current price information or supervisory authority and if these prices represent actual and regularly
occurring market transactions with commercial terms. Any
future transaction expenses associated with a sale have
not been considered. For financial liabilities, fair value is
based on the quoted ask price. Such instruments are included in the balance sheet item, Shares and participations,
as well as in the item, Bonds and other interest-bearing
securities. The majority of the company’s financial instrument have been affixed a fair value using prices quoted
in an active market.
sheet. This requires disclosures on fair value measurement
at each of the following levels in the fair value hierarchy:
•• Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1)
•• Other observable input on assets or liabilities are quoted prices included in level 1, either directly (i.e. as
quotations) or indirectly (i.e. derived from quotations)
(level 2)
•• Input on assets or liabilities that is not based on observable market data (i.e. non-observable data) (level 3)
Financial instruments that are not quoted in an
active market
The fair value of loan receivables has been calculated by
discounting the value of expected future cash flows. The
current lending rate is used as the discount rate.
For accounts receivable and accounts payable with
a remaining useful life that is less than six months, it is
assumed that the carrying amount also reflects the fair
value. Customer and accounts payable with maturities in
excess of six months are discounted in conjunction with
establishing fair value.
The fair value of borrowings is calculated using current
market rates of interest, holding constant the original credit spread, unless there is clear proof that a change in the
Bank’s credit rating has resulted in an observable change
in the Bank’s credit spread.
Cash is valued using the closing day rates provided by
the Swedish Central Bank (Sveriges Riksbank).
The revised IFRS 7 is applied as of January 1, 2009, for
financial instruments measured at fair value in the balance
73
The following table shows the Bank’s assets and liabilities valued at fair value as of December 31, 2012.
Group
SEK thousand
Description
Carrying
amount
Fair value valuation at the end of
the period based on:
31 Dec 2012
Level 1
378 819
378 819
Level 2
Level 3
Financial assets valued at fair value via the
income statement
- Cash and bank balances held for trading
purposes
- Derivatives held for trading purposes
3 820
3 820
- Shares and participations
Total
1 255
455
800
383 894
379 274
4 620
-
Group
SEK thousand
Description
Carrying
amount
31 Dec 2011
Level 1
402 441
402 441
Level 2
Level 3
Financial assets valued at fair value via the
income statement
purposes
4 206
4 206
Total
74
1 324
324
1 000
407 971
402 765
5 206
-
Parent Company
SEK thousand
Description
Carrying
amoun
31 Dec 2012
Level 1
341 148
341 148
Level 2
Level 3
Financial assets valued at fair value via the income
statement
purposes
3 820
Total
3 820
1 255
455
800
346 223
341 603
4 620
-
Parent Company
SEK thousand
Description
Carrying
amount
31 Dec 2011
Level 1
359 289
359 289
Level 2
Level 3
Financial assets valued at fair value via the income
statement
purposes
4 206
4 206
Total
1 324
324
1 000
364 819
359 613
5 206
-
75
Note 40 Cash flow statement
Group
Cash and cash equivalents
SEK thousand
31 Dec 2012
31 Dec 2011
Cash
378 819
402 441
999 226
-
942 470
526 027
750 813
1 728 734
3 071 328
2 657 202
Cash and cash equivalents is comprised of the
following items:
Interest paid and dividends received that are included in cash flow from operating activities
SEK thousand
2012
2011
1
1
322 903
259 432
-44 944
-25 148
31 Dec 2012
31 Dec 2011
Cash
341 148
359 289
999 226
-
903 513
426 978
750 813
1 728 734
2 994 700
2 515 001
Dividends received
Interest received
Interest paid
Parent Company
Cash and cash equivalents
SEK thousand
Cash and cash equivalents is comprised of the
following items:
Interest paid and dividends received that are included in cash flow from operating activities
SEK thousand
Dividends received
Interest received
Interest paid
76
2012
2011
1
1
321 883
252 218
-44 924
-25 009
Note 41 Important estimates and
assessments
Amortization of loan losses is typically based on an individual assessment of each claim. For receivables from the
general public, a loss reserve has been calculated based
on the entire group of such receivables, since the portfolio
is comprised of a homogenous group. The method used
by the Bank for such write downs is to categorize loans by
type of demand at each closing. The write-down is then
based on the change for each type of demand. Loans that
have been submitted to a collection agency are valued
by an external party. After a comprehensive assessment
of the entire loan portfolio, the Bank believes that the carrying amount for doubtful debts and the verified losses
together provide an accurately valued loan portfolio.
X-change in Sweden AB was acquired on 15 April 2007.
The acquisition was of strategic importance to FOREX
Bank AB. This enabled the Group to widen the scope of
its network of branches at the same time as its fundamental business activities were achieving higher volumes.
The Group benefits from economies of scale for currency
purchases and logistics. It also has a wider recruiting
base, more efficient marketing, joint training activities,
higher efficiency in the overall network of branches and a
broader sales channel for FOREX Bank AB’s products. The
carrying amount for goodwill was tested on the balance
sheet date by calculating its recoverable amount. The budgeted cash flow for 2013 was used for the calculation.
For subsequent years, the calculation is based on the assumption that there will be 7 X-change branches left from
2014 onward. This calculation applied a discount rate of
14 percent and an assessed rate of negative growth of up
to 1 percent. Based on this calculation, it was determined
that the carrying amount for goodwill is justified.
On September 5, 2012, Panaxia AB and its subsidiaries filed for bankruptcy. At the time of bankruptcy, client
funds that were received but not yet re-reported were
in Panaxia’s possession for counting, in transit and in
bank accounts. These funds were not fully covered by
the bankruptcy estate. Therefore, a receivable arose in
the FOREX Bank Group to the bankruptcy estate for SEK
176 million. Part of this receivable was held in Panaxia’s
bookkeeping account with Sparbanken 1826. There is
currently a consensus that the FOREX Bank Group and the
other creditors in bankruptcy have a right of separation to
the client funds in the bankruptcy estate and Sparbanken
1826. FOREX Bank believes that it has a right of separation to its share, which corresponds to around SEK 42
million. The bankruptcy trustee has confirmed the right of
separation and supports this decision with a legal opinion
from Professor Mikael Möller in which he takes the position that a right of separation exists since the real separation principle is met. The trustee in Panaxia’s bankruptcy
announced on March 1, 2013, that payment will occur in
the near future for an amount corresponding to 25 percent
of the Bank’s claim on Panaxia, less any liabilities. Given
this background, the Bank believes that the correct way
to handle this matter in the annual accounts for 2012 is
to reduce the previously reported loss of SEK 176 million
by the Bank’s share of the remaining separation funds totaling SEK 42 million. Therefore, a reported loss remains
in the FOREX Bank Group’s accounts for 2012 of SEK
134 million. It is the Bank’s assessment that there are no
grounds for recovering additional losses from Panaxia’s
bankruptcy estate.
In conjunction with the Bank’s plans to relocate the Bank’s
head office within Stockholm, an external evaluation of
the property Cerberus 2, Kornhamnstorg 4 was obtained.
This evaluation states that the market price is SEK 80 million. During the holding period, extensive renovations
were made to the property and depreciation, amortization and impairment losses were recorded. In conjunction
with the 2012 annual accounts and the forthcoming sale
of the property, the carrying value of the property was
adjusted. The net difference in profit from the reversal of
previously reported impairment losses and adjustments to
depreciation in accordance with the original plan is SEK
14 million. Carrying value on the property at the end of
2012 was SEK 78 million
Note 42 Capital adequacy
FOREX Bank aims to have good capital adequacy that
exceeds statutory requirements by a comfortable margin.
FOREX Bank’s own funds consist entirely of core capital.
The Bank’s risk and capital management is governed by
policies that are annually adopted by the Board of Directors and contain guidelines for FOREX Bank’s risk profile
- Methods for identifying and valuing risks in
FOREX Bank’s procurement of capital
- FOREX Bank’s risk management
- FOREX Bank’s risk reporting
Capital planning is an integrated part of efforts associated
with the Bank’s annual business plan. The plan is monitored on an ongoing basis. An internal capital adequacy
assessment process (ICAAP) is carried out each year when
the business plan is updated in order to ensure that the
77
risks have been correctly considered and that they reflect
FOREX Bank’s actual capital requirements. ICAAP also
takes into consideration all risk assessments conducted
during the year that were compiled in a comprehensive
risk map for the Group. The capital need is calculated
for the risks in the risk map and for stress tests. During
the year assessments are also regularly made regarding
whether changes to products, processes, etc., need additional capital under Pillar II.
The Bank’s statutory minimum capital requirements as per
Pillar I of the capital adequacy rules are shown in the
table below. For more information about Pillar III, please
see the Bank’s website: www.forex.se.
Group
Capital adequacy on 31 December
As per the Capital Adequacy and Large Exposures Act (2006:1371)
Volume
SEK thousand
2012
2011
Risk-weighted amount
Risk
2012
2011
weight
Percen-
Capital requirements
2012
2011
-
-
tage
Credit risk as per the standardized approach
Exposure with
government risk
-
-
1 120 905
1 000 640
0%
Exposure towards credit
institutions
1 699 812
2 111 783
20%
339 962
422 357
8%
27 197
33 789
Household exposure
3 367 808
2 497 747
75%
2 525 856
1 873 310
8%
202 068
149 865
Non-regulated items
95 999
65 932
100%
95 999
65 932
8%
7 680
5 275
821 297
776 486
0%/100%
442 478
374 045
8%
Other
35 398
29 924
272 343
218 852
8%
12 425
17 406
15%
172 383
148 579
457 151
384 837
Equity as per the annual
accounts
803 725
812 889
Less intangible assets
-138 394
-127 874
-1 909
-5 476
Total Credit risk
Currency risk
Operational risk: basic indicator
approach
7 105 821 6 452 588
155 316
217 571
3 404 295 2 735 644
Income indicator
1 149 218
Total capital requirement
990 529
Own funds
Less deferred tax assets
Less the Board’s proposed appropriation of profits
Total tier 1 capital
Total own funds
Capital adequacy ratio
78
-
-16 500
663 422
663 039
-
-
663 422
663 039
1,45
1,72
Parent Company Capital adequacy on 31 December
As per the Capital Adequacy and Large Exposures Act (2006:1371)
Volume
SEK thousand
2012
2011
Risk-weighted amount
Risk
2012
2011
weight
Procent-
Capital requirements
2012
2011
-
-
sats
Credit risk as per the standardized approach
Exposure with
government risk
1 109 339
1 000 640
0%
Exposure towards credit
institutions
1 660 855
2 012 735
20%
332 171
402 547
8%
26 574
32 204
Household exposure
3 367 808
2 497 747
75%
2 525 856
1 873 310
8%
202 068
149 865
Non-regulated items
95 999
65 932
100%
95 999
65 932
8%
7 680
5 275
958 873
904 980
0%/100%
617 725
545 691
8%
3 571 751
2 887 480
Other
Total Credit risk
Currency risk
Operational risk: basic indicator
approach
-
7 192 874 6 482 034
132 747
184 881
-
49 418
43 655
285 740
230 998
8%
10 620
14 790
15%
157 236
131 284
453 596
377 073
Income indicator
1 048 242
875 225
733 468
678 880
Equity as per the annual
accounts
51 150
55 317
Untaxed reserves, 78.0/73.7%
thereof
-12 471
-1 933
-1 909
-5 476
Own funds
Less deferred tax assets
Less the Board’s proposed appropriation of profits
Total tier 1 capital
Tier 2 capital
Total own funds
Capital adequacy ratio
-
-16 500
770 238
710 288
-
-
770 238
710 288
1,70
1,88
79
SIGNATURES OF THE BOARD OF DIRECTORS
Stockholm den 21 februari 2012
Hans HellquistKatja ElvängBeth Friberg
Jörgen Holgersson Ingrid Jonasson Blank Olof Söderberg
Stefan Zadik
Employee representative
Managing Director
We hereby declare that, to the best of our knowledge, the annual report was prepared in accordance with generally
accepted accounting standards. The information submitted corresponds to the actual business conditions and no significant items have been omitted that could alter the true and fair picture of the Group and Parent Company that is given
in the annual report.
As stated above, the annual report was approved for issue by the Board of Directors on 19.03.13. The Group’s and
the Bank’s income statement and balance sheet will be brought forth for adoption at the Annual General Meeting.
Our audit report was submitted on 20.03.13.
Peter Nilsson
Certified Public Accountant
Chief Auditor
80
REVISIONSBERÄTTELSE
To the AGM of FOREX Bank AB
CIN: 516406-0104
Report on the annual report and
consolidated financial statements
We audited the annual report and consolidated financial
statements for FOREX Bank AB for 2012.
Responsibility of the Board of Directors
and the Managing Director for the annual
report and the consolidated financial
statements
The Board of Directors and the Managing Director are
responsible for preparing an annual report that presents
a true and fair view in accordance with the Annual Accounts Act for Credit Institutions and Securities Companies
and consolidated financial statements that present a true
and fair view in accordance with the IFRS international
financial reporting standards, as adopted by the EU, and
the Annual Accounts Act for Credit Institutions and Securities Companies, and for the internal control that the
Board of Directors and the Managing Director deem to be
necessary to prepare an annual report and consolidated
financial statements that are free from material misstatement, whether such are the result of falsifications or errors.
Responsibility of the auditors
Our responsibility is to express, based on our audit, an
opinion on the annual report and consolidated financial
statements. We conducted our audit in accordance with
the International Standards on Auditing and generally accepted auditing standards in Sweden. These standards
require that we apply professional moral requirements
and plan and carry out the audit in such a manner as to
ensure with reasonable certainty that the annual report
and consolidated financial statements are free of material
misstatement.
An audit entails obtaining through different measures audit evidence regarding amounts and other information in
the annual report and consolidated financial statements.
The auditor selects which measures shall be carried out,
in part by assessing the risks for material misstatements in
the annual report and consolidated financial statements,
whether such are the result of falsifications or errors.
When conducting this risk assessment, the auditor takes
into consideration the parts of the internal control that
are relevant for how the company prepares its annual
report and consolidated financial statements to present a
true and fair view with the aim of designing audit measures that are appropriate to the circumstances, but not
for the aim of making a statement on the effectiveness of
the company’s internal control. An audit also includes an
evaluation of the appropriateness of the accounting principles that were used and the fairness of the Board’s and
the Managing Director’s estimates in the annual accounts,
as well as an evaluation of the overall presentation of the
annual report and the consolidated financial statements.
We believe that the obtained audit evidence is sufficient
and appropriate to serve as a basis for our statements.
Statements
It is our opinion that the annual report was prepared in
accordance with the Annual Accounts Act for Credit Institutions and Securities Companies and presents a true and
fair view of the Parent Company’s financial position as at
December 31, 2012, and of its financial results and cash
flow for the year in accordance with the Annual Accounts
Act for Credit Institutions and Securities Companies, and
that the consolidated financial statements were prepared
in accordance with the Annual Accounts Act for Credit
Institutions and Securities Companies and presents in all
material respects a true and fair view of the Group’s financial position as at December 31, 2012, and its results and
cash flow in accordance with the international accounting
standards as adopted by the EU and in accordance with
the Annual Accounts Act for Credit Institutions and Securities Companies. The statutory administration report is
consistent with the other parts of the annual report and the
consolidated financial statements.
We thereby recommend to the Annual General Meeting
to adopt the income statements and balance sheets of the
Parent Company and of the Group.
Report on other requirements in accordance with laws and other regulations
In addition to our audit of the annual report and consolidated financial statements, we also audited the proposed
appropriations of the company’s profit and the administration of the Board of Directors and the Managing Director
of FOREX Bank AB for 2012.
81
Responsibility of the Managing Director
Statements
The Board of Directors is responsible for the proposed
appropriations of the company’s profits, and the Board of
Directors and the Managing Director are responsible for
the administration of the company in accordance with the
Swedish Companies Act.
We recommend to the Annual General Meeting to appropriate the profit in accordance with the proposal in the
statutory administration report and to grant the members
of the Board of Directors and the Managing Director
discharge from liability for the financial year.
Responsibility of the auditors
Stockholm, 20.03.13
Our responsibility is to express an opinion with reasonable certainty on the proposed appropriations of the
company’s profit and the administration of the company
based on our audit. We conducted the audit in accordance with generally accepted auditing practices in Sweden.
As a basis for our opinion on the Board of Director’s proposed appropriations of the company’s profit, we audited
the Board’s explanatory statement and a selection of the
documents underlying this statement in order to be able
to assess if the proposal is in line with the Swedish Companies Act.
As the basis of our statement regarding discharge from
liability, in addition to our audit of the annual report and
the consolidated financial statements, we also examined
significant decisions, actions taken and circumstances of
the company in order to be able to determine the possible liability to the company of any Board member or the
Managing Director.
We also examined whether any Board member or the
Managing Director has, in any other way, acted in contravention of the Swedish Companies Act, the Banking
and Financing Act, the Annual Accounts Act for Credit
Institutions and Securities Companies, or the Articles of
Association.
We believe that the obtained audit evidence is sufficient
and appropriate to serve as a basis for our statements.
82
Peter Nilsson
Certified Public Accountant
GOVERNANCE
FOREX Bank AB is a private company and as such, it is
not required to apply the Swedish Code of Corporate Governance. Given the Bank’s profile as a public company
and the fact that, to a great extent, its activities are based
on the instilled confidence of the general public and other
stakeholders in the society, the Bank has designed routines for governance and control of the organization using
the Swedish Code of Corporate Governance as its model,
where applicable.
The governance of the Bank occurs via a number of
bodies.
Annual General Meeting
The Annual General Meeting of FOREX Bank is responsible for appointing the Board of Directors that will serve
until the next Annual General Meeting. The Annual General Meeting also appoints the auditors and term that auditors will serve. Furthermore, the Annual General Meeting
is responsible for granting discharge from liability to the
Board of Directors and Managing Director for the financial year, as well as deciding on the appropriation of
profits.
Directors
The size of the Board of Directors and its composition must
be appropriate to the Bank and meet the requirements for
its future development. Information about the composition
of the Board of Directors is provided in the annual report.
For the 2012 financial year, there were seven regular
Board members and two deputy Board members. Three
of the Board members are women.
responsible for ensuring that the business is organized
such that its risks are identified and managed in a satisfactory manner and that the organization’s controls for
reporting and financial monitoring are also adequate.
During the year, the Board dealt with such issues as the
Bank’s strategies, business plan, policies, instructions, the
annual review and audit of rules and regulations, budget, major investments and acquisitions, interim/annual
reports and the Group’s risks and risk-taking.
Audit, Risk and Compliance Committee
The Board has appointed a special committee for Audit,
Risk and Compliance. The chair of the committee is Katja
Elväng and its members are Jörgen Holgersson and Beth
Friberg. On behalf of the Board, this committee is responsible for preparing and conducting in-depth analyses of
items having to do with audit, risk and compliance.
Internal audit unit
IThe internal audit unit has been assigned by the Board of
Directors the task of auditing the Bank’s internal controls.
The internal audit review includes ensuring that the scope
of the business and its direction is in accordance with
internal regulations. The audit also involves an evaluation
of the Bank’s organization and its work processes.
Disclosures on remuneration, other benefits and pensions
for the Board of Directors and the Managing Director are
provided in Note 10 as well as in disclosures published
on FOREX Bank’s website.
The Chairman of the Board organizes and heads the work
done by the Board. The Chairman is also responsible for
making sure that the Board has access to necessary information, for sending out notices of Board meetings and for
preparing for the Board meetings, in consultation with the
Managing Director.
The Board is responsible for appointing/dismissing the
Managing Director, who is also the CEO, as well as the
Deputy Managing Director (in consultation with the Managing Director). The Board of Directors held 15 meetings
in 2012.
Each year, the Board establishes a formal work plan to
regulate the Board’s role and how it will work, as well
as issuing any specific instructions to the Board’s committees. The Board has overall responsibility for the Group’s
business activities and it decides on the direction of the
business, strategies and goals. Furthermore, the Board is
83
LIST OF BRANCHES
Forex Bank AB
Sweden
Arlanda, Sky City
Box 170
190 46 Arlanda
08-797 92 90
Arlanda, Terminal 2
Box 56
190 45 Arlanda
08-59 36 22 71
Arlanda Terminal 5 Nord
Box 244
190 47
Arlanda
08-59 36 22 20
Borås
Österlånggatan 48 A
503 35
Borås
033-41 41 00
Eskilstuna
Kriebsensgatan 8
632 20
Eskilstuna
016-51 90 90
Gävle
Drottninggatan 27
803 11
Gävle
026-10 73 00
Gothenburg, Kungsbacka
Kungsmässan
434 38
Kungsbacka
0300-316 90
Gothenburg, Avenyn
Avenyn 22
411 36
Göteborg
031-18 57 60
Gothenburg, Angered
Angereds Centrum
424 65 Angered
031-332 45 00
Gothenburg, Central Station
Central Station
411 03
Göteborg
031-15 65 16
Gothenburg, Frölunda torg
Frölunda Torg, Västra Frölunda
421 44
Göteborg
031-47 26 70
Gothenburg, Kungsportsplatsen Östra Larmgatan 17
411 07
Göteborg
031-13 60 74
Gothenburg, Nordstan
Postg 26-32
411 06
Göteborg
031-15 75 30
Gothenburg, Partille
Gamla Kronv. 7
433 33
Partille
031-44 26 88
Halmstad
Storgatan 2
302 43
Halmstad
035-17 50 40
Helsingborg, Järnvägsgatan
Järnvägsgatan 13
252 24
Helsingborg
042-18 71 90
Helsingborg, Knutpunkten level1 Kungstorget 8, Box 45
252 78
Helsingborg
042-24 47 00
Helsingborg, Väla Centrum
Väla Centrum
260 35
Ödåkra
042-20 25 80
Jönköping
Västra Storgatan 6
553 15
Jönköping
036-15 02 80
Kallax
Flygstationsvägen 4
972 54
Luleå
0920-22 49 00
Kalmar
Fiskaregatan 6
392 32
Kalmar
0480- 49 35 50
Karlstad
Drottninggatan 27
652 25
Karlstad
054-18 02 06
Kristianstad
Östra Storgatan 51
291 31
Kristianstad
044-20 94 90
Kungsbacka
Kungsmässan
434 38 Kungsbacka
0300-316 90
Kungälv
Västra Gatan 67
442 31 Kungälv
0303-21 11 30
Landvetter Transit Hall
Box 2096
438 13
Göteborg
031-94 18 68
Landvetter International Hall
Box 2016
438 11 Landvetter
031-94 65 41
Linköping
Storgatan 32
582 23
Linköping
013-12 95 61
Luleå
Storgatan 46
972 31
Luleå
0920-130 23
Lund, Bangatan
Bangatan 8
222 21
Lund
046-32 34 10
Lund, Botulfsplatsen
Västra Mårtensgatan 6
223 51
Lund
046-14 07 80
Malmö/Arlöv Toftanäs
Terminalgatan 10
232 91
Malmö/Arlöv
040-43 09 70
Malmö, Central Station
Centralstationen, Lokgatan 1
211 20
Malmö
040-30 40 31
Malmö, Gustav Adolfs Torg 47
Gustav Adolfs Torg 47
211 39 Malmö
040-23 23 20
Malmö, Hamngatan 2
Hamngatan 2
211 22
040-12 25 55
84
Malmö
Malmö, Mobila Shopping CenterStadiongatan 3B
214 32
Malmö
040-890 60
Malmö, Point Hylle
Hyllie Stationstorg 5
215 32
Malmö
040-66 14 31 0
Malmö, Triangeln
Rådmansgatan 13
211 46 Malmö
040-611 94 34
Norrköping
Drottninggatan 46
602 24
Norrköping
011-16 80 32
Skavsta
Flplterminalen, Box 44
611 22
Nyköping
0155-28 39 99
Stockholm, Central Station
Centralstation
111 20
Stockholm
08-411 67 34
Stockholm, Cityterminalen
Klarabergsviadukten 72
111 64
Stockholm
08-21 42 80
Stockholm, Farsta Centrum
Farstagången 14
123 47
Farsta
08-724 08 00
Stockholm, Flemmingatan
Flemminggatan 83
112 33 Stockholm
08-650 44 30
Stockholm, Forum Nacka
Forumvägen 12
131 53
Nacka
08-716 56 56
Stockholm, Gallerian
Hamngatan 37
111 53
Stockholm
08-679 60 00
Stockholm, Gamla Stan
Kornhamnstorg 4
111 27
Stockholm
08-20 00 09
Stockholm, Götgatan
Götgatan 94
118 62 Stockholm
08-642 81 60
Stockholm, Jakobsberg
Tornérplatsen 30
177 30
08-580 367 00
Stockholm, Klarabergsgatan
Klarabergsgatan 60
111 21 Stockholm
08-20 25 25
Stockholm, Kungsgatan Kungsgatan 2
111 43 Stockholm
08-611 51 10
Stockholm, Liljeholmen
Liljeholmstorgets Galleria
117 63 Stockholm
08-645 11 47
Stockholm, NK
NK 202
111 77
Stockholm
08-762 83 40
Stockholm, Ringvägen
Ringvägen 100
118 60
Stockholm
08-644 22 50
Stockholm, Sickla Köpkvarter
Siroccogatan 4
131 34
Nacka
08-640 42 50
Stockholm, Skärholmen
Storholmsgatan 4
127 48 Skärholmen
08-587 607 00
Stockholm, Sollentuna Sollentunavägen 163-165
191 47 Sollentuna
08-35 15 05
Stockholm, Sveavägen
Sveavägen 24
111 57 Stockholm
08-411 76 60
Stockholm, Södertälje
Storgatan 17
151 72 Södertälje
08-550 377 40
Stockholm, Tensta
Tenstagången 19
163 64 Spånga
08-21 04 42
Stockholm, Täby Centrum
Västantorget 261 B
183 11
Täby
08-758 02 50
Stockholm, Vasagatan
Vasagatan 16
111 20
Stockholm
08-10 49 90
Stockholm, Vällingby Centrum
Solursgången 6
162 65
Vällingby
08-37 12 83
Sundsvall
Köpmangatan 1
852 31
Sundsvall
060-15 12 20
Trelleborg
C B Friisgatan 1
231 42
Trelleborg
0410-453 20
Umeå
Renmarkstorget 7
903 26
Umeå
090-71 44 00
Uppsala, Gränby Centrum
Marknadsgatan 1
750 22 Uppsala
018-24 70 70
Uppsala, Kungsgatan
Kungsgatan 59
753 21 Uppsala
018-10 30 00
Västerås, Smedjegatan Smedjegatan 2
722 13
Västerås
021-18 16 00
Västerås, Stora gatan
Stora gatan 18
722 12
Västerås
021-18 00 80
Växjö
Västergatan 8
352 30
Växjö
0470-455 00
Ystad, Catamaranterminalen
Hamntorget 2
271 39
Ystad
0411-141 73
Järfälla
85
Örebro, Drottninggatan
Drottninggatan 38
702 22
Örebro
019-10 60 62
Örebro, Marieberg
Säljarevägen 1
702 36
Örebro
019-22 53 90
Östersund
Prästgatan 51
831 34
Östersund
063-10 13 50
Finland
Esbo
Sampotorget, Hagalund FI-02100 Esbo
+358 020 75 12 570
Helsinki, Stockmanns
Alexandersgatan 52B
FI-00100 Helsinki
+358 020 75 12 550
Helsinki, Railway Station
Järnvägsstationen, Pl 118
FI-00101 Helsinki
+358 020 75 12 510
Helsinki, Mikaelsgatan
Mikaelsgatan 11
FI-00100 Helsingfors
+358 20 751 2580
Helsinki, Östra Centrum
Kauppakeskus Itäkeskus
FI-00930 Helsinki
+358 020 75 12 540
Jyväskylä
Kauppakatu 27
FI-401 00 Jyväskyla
+358 020 75 12 670
Tammerfors, Rautatienkatu
Rautatienkatu 14B
FI-33100 Tammerfors
+358 20 751 2640
Tammerfors, Stockmanns
Stockmanns, plan 2
FI-33100 Tammerfors
+358 020 75 12 620
Uleåborg Kauppurienkatu 13
FI-90100 Uleåborg
+358 020 75 12 680
Vanda
Stockmanns varuhus, plan 2
FI-015 10 Vanda
+358 020 75 12 530
Åbo
Eriksgatan 13
FI-20110 Åbo
+358 020 75 12 650
Denmark
Aalborg
Ved Stranden 22
DK-9000 Aalborg
+45 98 18 97 00
Frederiksberg
Falconer Allé 12b
DK-2000 Frederiksberg
+45 33 22 73 00
Helsingør
Jernbanevej 4
DK-3000 Helsingør
+45 49 14 49 00
Copenhagen, Amagerbrogade Amagerbrogade 55
DK-2300 København S
+45 32 96 27 73
Copenhagen, Hovedbanegården
Hovedbanegården, butik 18 DK-1570 København V
+45 33 11 22 20
Copenhagen, Hovedbanegårdsp.
Hovedbanegårdsp., butik 51
DK-1570 København V
+45 33 11 22 25
Copenhagen, Nørreport
Nørre Voldgade 90
DK-1358 København K
+45 33 32 81 00
Copenhagen, Østerbrogade
Østerbrogade 19, DK-2100 København
+45 33 91 20 00
Odense
Banegårdscentret
DK-5000 Odense C
+45 66 11 66 18
Århus
Banegårdsplatsen 20
DK-8000 Århus C
+45 86 80 03 40
Norway
Bergen, Olav Kyrresgate
Olav Kyrresgate 39
N-5014 Bergen
+47 55 32 76 14
Bergen, Strømgaten
Strömgaten 4
N-5015 Bergen
+47 55 59 25 30
Drammen
Blichsgate 4
N-3044 Drammen
+47 32 21 97 50
Fredrikstad (WU)
Storgaten 10
N-1607 Fredrikstad
+47 69 30 75 23
Kristiansand
Vestre Strandgate 32
N-4311 Kristiansand
+47 38 02 77 85
Lillestrom
Lillest. St., Jonas Lies gt 4
N-2000 Lillestrom
+47 63 84 88 00
Oslo, Brugata
Brugata 8
N-0186 Oslo
+47 22 17 64 00
Oslo, Ruseløkkveien (WU)
Ruselökkveien 1
N-0162 Oslo
+47 23 11 52 30
86
Oslo, Egertorget
Øvre Slottsgate 12
N-0157 Oslo
+47 22 42 10 02
Oslo, Fridtjof Nansens Square
Fridtjof Nansens Square 6
N-0186 Oslo
+47 22 41 30 60
Oslo, Karl Johansgate
Karl Johansgate 2
N-0154 Oslo
+47 23 10 37 20
Oslo, Scweigaards Gt
Scweigaards Gt 6, Galleriet
N-0186 Oslo
+47 22 17 30 11
Oslo Central Station - Airport Express T
Jernbanetorget 1
N-0157 Oslo
+47 22 17 22 66
Oslo Central Station - Central Hall
Jernbanetorget 1
N-0157 Oslo
+47 22 17 60 80
Oslo, Smalgangen
Smalgangen 10
N-0188 Olso
+47 22 17 41 80
Olso, Stovner
Stovner Senter 3
N-0186 Oslo
+47 22 10 08 00
Oslo, Trygve Liew Plass (WU)
Trygve Lies Plass 1
N-0186 Oslo
+47 22 30 20 23
Stavanger, Jernbaneveien
Jernbaneveien 3
N-4005 Stavanger
+47 51 84 26 50
Stavanger, Klubbgaten
Klubbgaten 1
N-4013 Stavanger
+47 51 86 33 23
Trondheim, Dronningensgate (WU)
Dronningensgate 15
N-7407 Trondheim
+47 73 50 15 40
Trondheim, Central Station
Sentralstasjon, Fosenkaia 1
N-7010 Trondheim
+47 73 52 22 20
X-change in Sweden AB
Sweden
Arlanda, Arrival
Terminal 2 (arrivals)
190 45 Arlanda
08-797 95 53
Arlanda, Departure
Terminal 5 (departures)
190 45 Arlanda
08-797 85 57
Arlanda, Departure (new office)
Terminal 5 (departure info)
190 45 Arlanda
08-797 95 56
Gothenburg, Central Station
Drottningtorget 1
411 03 Göteborg
031- 15 15 13
Gothenburg, Kungsportsplatsen
Kungsportsplatsen 1
411 10 Göteborg
031-10 11 11
Landvetter
Landvetter Utrikeshallen
438 80 Landvetter
031- 303 04 30
Malmö, Triangeln
Davidshallsgatan 27 A
211 45 Malmö
040-661 14 30
Stockholm, Central Station
Centalstationen,Centralplan 15
111 20 Stockholm
08-54 52 30 30
Stockholm, Kungsgatan
Kungsgatan 30
111 35 Stockholm
08-506 107 00
Södertälje
Södertälje Centralstation
151 32 Södertälje
08-550 600 30
87
88

Annual report and consolidated financial statements for 2012

Transcription

Similar documents

PRICELIST

PFC_Qualify_Brochure_English Website - Revised - NEW

Head Automatica K HORSE

medical tourism in poland - Medical Tourism Conference

cirque deluxe - Pim Pim Ace Management

KVD Kvarndammen

Suretech Solutions - Enterprise Ireland

2014 - Bankgirot

Auto Repair Shop Owners: 5 Tips to Get Your Loan Approved