2014 - Banque Havilland
Transcription
2014 - Banque Havilland
• • • • • • Consolidated Annual Report I 2014 Consolidat ed A nn ua l R eport 2 014 1 List of contents Consolidated Management Report 3 Audit report 6 Consolidated Balance Sheet 9 Consolidated off Balance Sheet 11 Consolidated Profit and Loss Account 13 Notes to the consolidated Annual Accounts 15 2 • • • • • • Consolidated Annual Report I 2014 Consolidated Management Report last financial year has been a transition year for the Banque Havilland banking activity of La Française Bank by Banque Havilland S.A. (the “Bank”). Group (the “Group”), which was marked The total assets of the Group has increased by the continued disposal of non-banking from EUR 825.0m to EUR 1.3bn following the activities, predominantly the historic real acquisition of BHLI and BHBA. The Group estate exposure of the Luxembourg head has continued its strategy to maintain a very office and insurance businesses. This was prudent asset profile with the loan to deposit combined with the geographical expansion ratio remaining below 25% and the low ratio of the banking network of the Group and of loans to total assets of 16% (EUR 202.3m). strong organic growth in the UK Branch. The balance of the assets are kept with On September 30, 2014, the Group acquired a majority stake from Banque Pasche (Geneva) S.A. in their Liechtenstein subsidiary, which has been subsequently central banks, in money market operations and in a high grade investment portfolio. The tangible assets decreased from EUR 121.5m to EUR 11.0m following the sale of K2. renamed Banque Havilland (Liechtenstein) In the context of the acquisitions the sole AG (“BHLI”). On November 18, 2014, the shareholder took the decision to increase Group also acquired the entire share capital its subscribed capital from EUR 100m to of Pasche Bank & Trust Limited in Nassau, EUR 130m to maintain the conservative and Bahamas from Banque Pasche (Geneva) S.A. robust balance sheet ratios. Our solvency with effective date October 31, 2014. The ratio remains strong with 25% as per entity in the Bahamas has been renamed December 31, 2014. Banque Havilland (Bahamas) Ltd (“BHBA”). The Group delivered a solid performance this Kaytwo S.à r.l. (“K2”), a property company year, with a profit of EUR 2.8m compared to holding the Luxembourg head office, has been EUR 1m, and this despite the challenging sold in January 2014. In addition, the operating economic environment where geopolitical income has been positively influenced by risks continue to create uncertainties and Consolidated Annual Report I 2014 The the acquisition of the Luxembourg private • • • • • • Consolidated Management Report 3 the macro-economic outlook throughout Europe remains challenging. The Group maintained an aggressive investment schedule to further serve our clients needs as well as to face the challenges of the new regulatory backdrop encompassing EMIR (European Market Infrastructure Regulation), FATCA (Foreign Account Tax Banque Havilland (Liechtenstein) AG On September 30, 2014, the Group acquired 52.5 % of the shares in BHLI from Banque Pasche S.A.. The core competencies of Banque Havilland (Liechtenstein) AG include traditional private banking, asset management and depositary bank services. Compliance Act) and Basel III/ CRD IV. Banque Havill and (Monaco) S.A.M. Banque Havill and S.A. The financial year 2014 has been another successful year for the head office in Banque Havilland (Monaco) S.A.M. successfully integrated the acquisition of a portfolio of private clients in December 2013. Luxembourg. The balance sheet increased from EUR 627.1m to EUR 956.9m following the acquisition of the private banking business of La Française Bank combined Bl ackfish Capital Management Limited with central treasury management from the Blackfish new subsidiaries. The Bank has prepared (“BCM”), a UK based regulated investment itself to serve the broader network and has management company acquired in 2010. The subsequently strengthened its workforce in activities of BCM are in the process of being Luxembourg across all departments. transferred to Banque Havilland UK Branch. Capital Management Limited Banque Havilland (UK) branch continued its Blackfish Capital Holdings Limited private banks under the UK government’s Blackfish Capital Holdings Limited (“BCH”), investment visa regime. a Guernsey company investment acquired in management 2010, remained dormant throughout 2014. Banque Havill and (Bahama s) Ltd. BHBA was acquired as per October 31, 2014 to extend the geographic reach but also strengthening our access to the strategic K aupthing Life & Pension Luxembourg S.A. growth markets of Latin America and the In Middle East. Luxembourg S.A. (“KLP”) entered into an 2014, Kaupthing Life & Pension Consolidated Annual Report I 2014 uncertainty created demand for London • • • • • • strong organic growth as the geopolitical 4 agreement to transfer the existing business of new subsidiaries which have been to a professional insurance partner. This acquired throughout the year 2014. The agreement is expected to be closed during Group continues to look for strategic bolt- the first half of 2015. on acquisitions to accelerate its expansion plans, based on the opportunities arising from competitors strategic decision to leave the sector and refocus on their home Outlook for 2015 markets. Despite the opportunistic outlook The global economy continued to show for further growth, it is always against the resilience continued backdrop of maintaining the banks top tier marcoeconomic headwinds in 2014, aided liquidity and solvency ratios. On behalf of by the continued accommodative monetary the Group’s Executive Committee and the policy by the vast majority of central banks. shareholder, we would like to express our At the same time, a sharp fall in commodity deepest thanks to the clients and employees prices in the latter half of the year contributed of Banque Havilland Group. in the face of to muted inflation expectations and to an increase in volatility, adversely influencing client confidence and activity levels. Client Activities of the Bank in the field of research and development: Not applicable. risk appetite remained subdued. For 2015, Acquisition of the Bank’s own shares: Not the Group will continue with the integration applicable. Luxembourg, 31st March 2015 Peter LangJean-François Willems • • • • • • Consolidated Annual Report I 2014 Deputy CEOCEO 5 Audit report To the Board of Banque Havilland S.A. Report on the consolidated Responsibility of the “Réviseur a nnua l account s d’entreprises agréé” audited consolidated the annual accompanying accounts of Banque Havilland S.A., which comprise the consolidated balance sheet as at 31 December 2014, the consolidated profit and loss account for the year then ended and a summary of significant accounting policies and other explanatory information. Board of Directors’ responsibility for the consolidated annual accounts The Board of Directors is responsible for Our responsibility is to express an opinion on these consolidated annual accounts based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier”. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the consolidated annual accounts are free from material misstatement. the preparation and fair presentation of An audit involves performing procedures these consolidated annual accounts in to obtain audit evidence about the amounts accordance with Luxembourg legal and and regulatory requirements relating to the annual preparation of the consolidated annual selected depend on the judgment of the accounts, and for such internal control “Réviseur d’entreprises agréé”, including as the Board of Directors determines is the assessment of the risks of material necessary to enable the preparation of the misstatement of the consolidated annual consolidated annual accounts that are free accounts, whether due to fraud or error. from material misstatement, whether due In making those risk assessments, the to fraud or error. “Réviseur d’entreprises agréé” considers disclosures in accounts. the consolidated The procedures internal control relevant to the entity’s Consolidated Annual Report I 2014 have • • • • • • We 6 preparation and fair presentation of the Opinion consolidated annual accounts in order In our opinion, the consolidated annual to are accounts give a true and fair view of the appropriate in the circumstances, but not consolidated financial position of Banque for the purpose of expressing an opinion Havilland S.A. as of 31 December 2014, and on the effectiveness of the entity’s internal of the consolidated results of its operations control. An audit also includes evaluating for the year then ended in accordance the appropriateness of accounting policies with Luxembourg legal and regulatory used and the reasonableness of accounting requirements relating to the preparation of estimates made by the Board of Directors, as the consolidated annual accounts. design audit procedures that well as evaluating the overall presentation of the consolidated annual accounts. We believe that the audit evidence we have Rep ort on other lega l a nd obtained is sufficient and appropriate to regul atory requirement s provide a basis for our audit opinion. The consolidated management report, which is the responsibility of the Board of annual accounts. 400, Route d’Esch B.P. 1443 L-1014 Luxembourg Telephone +352 494848-1 Facsimile +352 494848-2900 www.pwc.lu [email protected] Luxembourg, 31st March 2015 Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°00123693) R.C.S. Luxembourg B 65 477 Capital social EUR 516 950 TVA LU17564447 PricewaterhouseCoopers, Société coopérative Represented by Paul Neyens • • • • • • PricewaterhouseCoopers Société à responsabilité limitée Réviseur d’Entreprises Consolidated Annual Report I 2014 Directors, is consistent with the consolidated 7 8 • • • • • • Consolidated Annual Report I 2014 Banque Havilland S.A. CONSOLIDATED BALANCE SHEET AS AT DECEMBER 31, 2014 (EXPRESSED IN EURO) Assets Notes 31/12/2014 31/12/2013 4.1,7.1 95 527 254 5 482 960 209 441 092 45 681 659 149 602 067 4 750 001 255 122 751 154 352 068 202 288 741 69 009 797 25 098 241 529 838 543 26 807 172 363 582 105 554 936 784 390 389 277 2.4.2, 4.5,7.1, 7.3 44 239 435 13 518 477 2.3.1, 4.6 4 678 106 2 474 636 2.2, 4.7 13 598 659 - 2.3.2, 4.6 10 992 618 121 510 436 4.8 71 160 110 65 254 293 4 272 413 3 085 102 1 256 816 871 825 077 046 Cash in hand, balances with central banks and post 4.2, 7.1, 7.3 repayable on demand other loans and advances Loans and advances to customers 2.4.3, 4.3, 7.1, 7.3 Debt securities and other fixed-income securities 2.4.1, 4.4, 7.1, 7.3 Issued by public bodies Issued by other borrowers Shares and other variable-yield transferable securities Intangible assets Goodwill of first consolidation Tangible assets Other assets Prepayments and accrued income TOTAL ASSETS 4.9 The accompanying notes form an integral part of these consolidated annual accounts. Consolidated Annual Report I 2014 Loans and advances to credit institutions • • • • • • office banks 9 Banque Havilland S.A. CONSOLIDATED BALANCE SHEET AS AT DECEMBER 31, 2014 (EXPRESSED IN EURO) Liabilities 31/12/2014 31/12/2013 3 749 627 107 804 633 1 537 647 209 535 143 111 554 260 211 072 790 774 322 806 91 974 114 372 624 912 26 196 863 866 296 920 398 821 775 90 840 615 82 142 463 4 705 657 1 902 403 2 744 875 5 038 011 2 079 014 5 974 195 7 782 886 8 053 209 2.5 16 088 653 12 429 001 Subscribed capital 5.4, 5.6 130 000 000 100 000 000 Share premium accounts 5.4, 5.6 1 260 709 1 260 709 Reserves 5.5, 5.6 1 525 658 1 511 079 (87 328) (5 991) Amounts owed to credit institutions Notes 5.1, 7.1 repayable on demand with agreed maturity dates or periods of notice Amounts owed to customers other debts 5.2, 7.1 repayable on demand with agreed maturity dates or periods of notice Other liabilities 5.3 Accruals and deferred income other provisions Fund for general banking risks Reevaluation reserves 5.6 Consolidation reserves 2.2, 5.6, 5.7 2 580 440 2 580 440 Minority interests 5.6 16 140 467 - Profit brought forward 5.6 5 350 537 4 318 137 Profit for the financial year 5.6 2 777 397 991 031 TOTAL LIABILITIES 5.8 1 256 816 871 825 077 046 • • • • • • provisions for taxation Consolidated Annual Report I 2014 Provisions 10 The accompanying notes form an integral part of these consolidated annual accounts. Banque Havilland S.A. CONSOLIDATED OFF BALANCE SHEET FOR THE YEAR ENDED DECEMBER 31, 2014 (EXPRESSED IN EURO) Off Balance sheet items Contingent liabilities NOTES 31/12/2014 31/12/2013 6.1, 7.1, 7.3 5 374 162 4 623 659 5 374 162 4 623 659 130 718 130 718 of which: Guarantees and assets pledged as collateral security Fiduciary transactions • • • • • • Consolidated Annual Report I 2014 The accompanying notes form an integral part of these consolidated annual accounts. 11 12 • • • • • • Consolidated Annual Report I 2014 Banque Havilland S.A. CONSOLIDATED Profit and loss account for the year ended December 31, 2014 (expressed in euro) Notes 2014 2013 Interest payable and similar charges 13 405 455 7 225 767 (1 333 466) 9 610 191 6 731 508 (6 504 310) Net interest income 12 071 988 3 105 881 1 042 583 9 966 874 (2 843 378) 4 457 920 (753 490) 7 123 496 3 704 430 Interest receivable and similar income 8.1 of which: arising from debt securities and other fixed-income securities Income from transferable securities Income from shares and other variable-yield securities Commission receivable 8.1 Commission payable Net commission income Net profit on financial operations 8.1 5 946 598 4 734 343 Other operating income 8.2 13 488 189 16 893 523 38 631 313 28 438 760 9.1, 9.2 (11 461 721) (9 129 511) 9.3 (9 340 181) (1 136 995) (378 176) (8 050 150) (7 647 853) (671 009) (246 157) (8 914 564) (19 511 871) (18 044 075) (3 877 361) (3 006 182) (12 371 163) (10 032 044) (387 085) (550 317) Total operating income of which: - wages and salaries - social security costs of which: social security costs relating to pensions Other administrative expenses Value adjustments in respect of tangible and intangible assets Other operating charges Value adjustments in respect of loans and advances and provisions for contingent liabilities and for commitments 8.3 8.4 The accompanying notes form an integral part of these consolidated annual accounts. • • • • • • Staff costs Consolidated Annual Report I 2014 General administrative expenses 13 Banque Havilland S.A. CONSOLIDATED Profit and loss account for the year ended December 31, 2014 (expressed in euro) Notes 2014 2013 442 398 275 725 - 4 571 000 2 926 231 1 652 867 (76 013) (64 200) Profit after tax 2 850 218 1 588 667 Other taxes not shown under the preceding items (508 610) (597 636) Profit for the financial year 2 341 608 991 031 Thereof minority interests (435 789) - Profit for the financial year attributable to the Group 2 777 397 991 031 Value re-adjustments in respect of loans and advances and provisions for contingent liabilities and for commitments 8.4 Transfer to and income from the fund for general banking risks Profit before tax Taxes on profit on ordinary activities 8.5 • • • • • • Consolidated Annual Report I 2014 The accompanying notes form an integral part of these consolidated annual accounts. 14 Banque Havilland S.A. Notes to the consolidated annual accounts as at December 31, 2014 1G ener a l Banque Havilland S.A. (the “Bank”) was incorporated in the Grand-Duchy of Luxembourg on July 10, 2009 as a limited liability company (“Société Anonyme”). The Ministry of Finance granted the company a banking licence on June 25, 2009. The Bank was created through a non cash contribution of assets and liabilities from a former bank. This non cash contribution was calculated as the lower of net book value or fair value as at the date of the contribution. As a consequence, the Bank is now carrying all former assets and liabilities and reflects the historical cost and accumulated depreciation. The Bank is registered at the Luxembourg “Registre du Commerce et des Sociétés” under the number B0147.029. The head office is located 35a, Avenue J.F. Kennedy, L-1855 Luxembourg. The share capital of the Bank prepares is expressed in Euro (EUR) and the accounting records are prepared and maintained in this currency. The Bank’s accounting year is private banking. The Bank and the subsidiaries described in note 3 are referred to as the “Group”. • • • • • • The Bank is permitted to carry out all banking activities. Its principal activity is Consolidated Annual Report I 2014 defined as the calendar year. 15 Banque Havilland S.A. Notes to the consolidated annual accounts as at December 31, 2014 (CONTINUED) 2Summ a ry of s ig n i f ic an t acco un ti ng polic ies The Group prepares its consolidated accounts using the historical cost principle, in accordance with the laws and regulations in force in the Grand Duchy of Luxembourg and on the basis of accounting principles generally accepted by the banking sector in the Grand Duchy of Luxembourg. The accounting policies and the valuation principles are determined and applied by the Board of Directors, apart from those which are defined by law and by the Commission de Surveillance du Secteur Financier. 2.1 Consolidation method The Group has adopted the full consolidation method for its subsidiaries (direct or indirect holding of more than 50%). 2.2Differences on first consolidation parent company’s investment in the consolidated subsidiaries and its share of the net assets of these companies as at the date of acquisition of its investment. Positive differences on first consolidation are disclosed on the asset side of the balance sheet (as goodwill of first consolidation) and amortized over 5 years on a linear basis. Negative differences on first consolidation are shown on the liabilities side of the consolidated balance sheet. Consolidated Annual Report I 2014 Differences on first consolidation represent the difference between the cost of the • • • • • • 16 Banque Havilland S.A. Notes to the consolidated annual accounts as at December 31, 2014 (CONTINUED) 2.3Fixed assets 2.3.1Intangible assets Intangible assets are included at purchase price less accumulated depreciation. Intangible assets consist of software amortized over 4 years on a linear basis. Formation expenses and costs in relation to capital increases are directly expensed when incurred. Other intangible assets consist of leasehold right and are not amortized. Goodwill arising from purchase of assets is amortised over 4 years on a linear basis. 2.3.2Tangible assets Tangible assets are included at purchase price less accumulated depreciation. Tangible assets are depreciated over their expected useful life. Rates Method Office equipment, fixtures & fittings 25.0% linear Company cars 25.0% linear Building 25.0% linear Fixtures and fittings costing less than EUR 867 or whose expected useful life does not exceed one year are charged directly to profit and loss account for the year. is made when the Board of Directors considers the depreciation as durable. The value • • • • • • 2.3.3Shares in affiliated undertakings Consolidated Annual Report I 2014 The rates and methods of depreciation are as follows: adjustment is not maintained if the reasons for which it was recorded no longer exist. 17 Holdings are recorded at purchase price. If the valuation is lower than the purchase price, value adjustments are booked to account for the unrealised loss. This adjustment Banque Havilland S.A. Notes to the consolidated annual accounts as at December 31, 2014 (CONTINUED) 2.4 Current assets 2.4.1Debt securities and other fixed-income securities Holdings are recorded at purchase price. Value adjustments are made for securities in the structural portfolio for which the valuation is lower than the purchase price. The valuation is the market value on the balance sheet date or the estimated realisable value or the quotation which best represents the inherent value of the securities held. 2.4.2Shares and other variable-yield securities Shares and other variable-yield securities are recorded at purchase price. If the valuation is lower than the purchase price, value adjustments are booked to account for the unrealised loss. 2.4.3Loans and advances Loans and advances are disclosed at their nominal value. Accrued interests are 2.4.4Value adjustments in respect of current assets The policy of the Group is to establish specific provisions to cover the risk of loss and of the non-recovery of debtors. Value adjustments are deducted from the relevant current assets. • • • • • • of the balance sheet. Consolidated Annual Report I 2014 recorded under the heading “Prepayments and accrued income” on the asset side 18 Banque Havilland S.A. Notes to the consolidated annual accounts as at December 31, 2014 (CONTINUED) 2.4.5Provision for assets at risk A tax free lump-sum provision is accounted for based on the Group’s assets at risk. These assets are determined in accordance with the regulatory provisions governing the computation of the capital adequacy ratio. The lump-sum provision is split between the relevant assets at risk in accordance with the provisions of the Luxembourg Monetary Institute circular letter dated December 16, 1997. The portion related to the assets at risk is deducted from these assets. 2.5Fund for General Banking risks The Group has established a fund for general banking risks to cover the particular risks associated with banking. Transfers to this fund are booked from income after tax, but before determination of net income. This fund is not subject to any quantitative limit. 2.6Purchase price of fungible assets 2.7.1Foreign currency conversion The share capital of the Group is expressed in Euro (“EUR”) and the accounting records are maintained in that currency. Shares in affiliated undertakings included in fixed assets as well as intangible and tangible assets are converted at the historic rate. All other assets and liabilities denominated in a currency other than EUR are converted into EUR at the rate of exchange ruling at the balance sheet date. • • • • • • 2.7Valuation of foreign currency balances and transactions Consolidated Annual Report I 2014 The Group values fungible assets by the weighted average price method. 19 Banque Havilland S.A. Notes to the consolidated annual accounts as at December 31, 2014 (CONTINUED) Income and charges in foreign currencies are converted into EUR at the rate of exchange ruling on the date of the transaction. Foreign currency differences arising from these valuation principles are taken to the profit and loss account. The financial statements of subsidiaries whose operating currency is not the EUR are converted using the closing rate method. Under this method, all assets, liabilities and result brought forward, both monetary and non-monetary, are converted using the spot exchange rate at the balance sheet date. Income and expense items are converted at the average rate for the year. 2.7.2Valuation of transactions not subject to currency risk Swap transactions not linked to balance sheet items The spot result realised in cash terms is offset by the result arising from the revaluation of the forward leg. The premium/discount is spread prorata temporis. certain to arise in the same currency. A provision is created for any excess losses; any excess profits are deferred. 2.7.3Valuation of transactions subject to currency risk Over-the-counter speculative forward transactions Provision is made for unrealised losses on forward transactions, which do not represent the hedging of a spot position. Unrealised gains are not accounted for. The Bank only enters into financial instruments for hedging purposes. • • • • • • Future profits that are certain to arise are deducted from future losses that are Consolidated Annual Report I 2014 Over-the-counter closed forward transactions 20 Banque Havilland S.A. Notes to the consolidated annual accounts as at December 31, 2014 (CONTINUED) 3Sc op e of c ons ol i d ation Name of the company Registered office Proportion of the capital held by the parent company 31/12/2014 31/12/2013 Monaco 100.0% 100.0% (1) Luxembourg 0.0% 100.0% Kaupthing Life and Pension S.A. Luxembourg 100.0% 100.0% Blackfish Capital Management Limited United Kingdom 100.0% 100.0% Blackfish Capital Holdings Limited United Kingdom 100.0% 100.0% Liechtenstein 52.5% 0.0% Bahamas 100.0% 0.0% Parent company Banque Havilland S.A. Luxembourg Kaytwo S.à r.l. Banque Havilland (Liechtenstein) AG Banque Havilland (Bahamas) Ltd. (3) (1) sold in January 2014 (2) acquired with effect September 30, 2014 (3) acquired with effect October 31, 2014 (2) • • • • • • Banque Havilland (Monaco) S.A.M. Consolidated Annual Report I 2014 Full consolidation 21 Banque Havilland S.A. Notes to the consolidated annual accounts as at December 31, 2014 (CONTINUED) 4Deta iled dis c lo s ur e s r e l ati ng to as s e t h ea ding s 4.1 Cash in hand, balances with central banks and post office banks In accordance with the requirements of the European Central Bank, the Central Bank of Luxembourg implemented effective January 1, 1999, a system of mandatory minimum reserves which applies to all Luxembourg credit institutions. The reserve balance as at December 31, 2014 held by the Group with the Central Bank of Luxembourg amounted to EUR 15 089 695 (2013: EUR 3 734 274). The Group has an overnight deposit at the Central Bank of Luxembourg of EUR 55 000 000 as at 31 December 2014 (2013: 0). The reserve balance as at December 31, 2014 held by the Group with the Banque de France amounted to EUR 1 351 609 (2013: EUR 1 193 519). The resere balance as at December 31, 2014 held by the Group with the Swiss national bank amounted to EUR 19 996 484 (2013: EUR 0). institutions (2013: EUR 0). 4.3Loans and advances to customers As at December 31, 2014, loans and advances to related parties amount to EUR 36 835 537 (2013: EUR 0). • • • • • • As at December 31, 2014, the Group has no amount owed to affiliated credit Consolidated Annual Report I 2014 4.2Loans and advances to credit institutions 22 Banque Havilland S.A. Notes to the consolidated annual accounts as at December 31, 2014 (CONTINUED) 4.4Debt securities and other fixed-income transferable securities This heading includes debt securities, whether quoted on a recognised market or not, issued by public bodies, credit institutions or other issuers and which are not included under another balance sheet heading. Quoted and non-quoted securities are analysed as follows: Securities quoted on a recognised market Securities not quoted on a recognised market Total 2014 EUR 2013 EUR 537 849 322 385 445 944 17 087 462 4 943 333 554 936 784 390 389 277 All the debt securities and other fixed-income securities held are included in the structural portfolio. The Group uses the European Central Bank Monetary Policy This heading includes shares, holdings in investment funds and other variable-yield securities whether quoted on a recognised market or not which are not included in fixed asset investments. Quoted and non-quoted shares and other variable-yield securities are analysed as follows: Securities quoted on a recognised market Securities not quoted on a recognised market Total 2014 EUR 2013 EUR 44 230 791 13 515 291 8 644 3 186 44 239 435 13 518 477 • • • • • • 4.5Shares and other variable-yield transferable securities Consolidated Annual Report I 2014 Operations to finance a part of its eligible securities portfolio. 23 Banque Havilland S.A. Notes to the consolidated annual accounts as at December 31, 2014 (CONTINUED) All shares and other variable-yield securities held are included in the structural portfolio. As at December 31, 2014, the Group holds shares and other variable-yield transferable securities amounting to EUR 30 766 627 for hedging purposes in the frame of contracts for differences (CFD) with clients. 4.6 Movements on fixed assets Fixed Assets (in EUR) 1. Intangible assets Software Goodwill Other intangible assets 2. Tangible assets Gross value at the beginning of the financial Year Additions Reductions 752 844 788 120 5 676 885 2 081 158 3 595 727 - (800 000) (800 000) 149 658 369 16 755 208 12 455 966 103 030 137 099 373 158 657 121 8 998 6 841 662 1 494 Gross value at the end of the financial year Cumulative value adjustment (*) Net book value AS at 31/12/2014 Net book value AS at 31/12/2013 637 002 515 120 (9 197 531) (8 105 958) (1 091 573) - 4 678 817 3 166 694 2 474 1 022 651 800 (137 819 420) 28 594 157 17 601 539) 10 992 618 121 510 436 1 842 125 155 642 14 757 441 (672 197) (47 850) (137 099 373) 13 625 894 (13 326 419) 210 822 (110 834) 14 757 441 (4 164 286) 299 475 99 988 10 593 155 608 711 40 836 120 860 889 23 432 093 (138 619 420) 42 469 794 15 670 724 123 985 072 13 875 8 923 4 258 694 106 044 942 120 636 909 727 000 of which: Company cars Building TOTAL (*) (26 799 070) including lump sum provision 4.7Goodwill of first consolidation Goodwill has a total value of EUR 13 598 659 (2013: EUR 0) and consists of positive differences arising from first consolidation of new subsidiaries included in the consolidation perimeter in 2014. • • • • • • fixtures and fittings Consolidated Annual Report I 2014 Office equipment, 24 Banque Havilland S.A. Notes to the consolidated annual accounts as at December 31, 2014 (CONTINUED) 4.8Other assets This heading consists of the following: 2014 EUR (*) 2013 EUR (*) 63 373 353 61 356 798 Tax advances 1 425 994 7 466 Guarantee called 1 105 684 1 037 532 783 749 842 119 3 338 068 - 60 231 52 597 1 073 031 1 957 781 71 160 110 65 254 293 Investment for the benefit of life insurance policyholders who bear the investment risk Management and performance fees receivable Margin calls on contracts for differences with clients Invoices issued Other receivables Total 4.9Assets denominated in foreign currencies Assets denominated in currencies other than EUR have a total value of EUR 544 063 596 (2013: EUR 306 012 729) as at December 31, 2014. The gap between non EUR denominated assets and non EUR denominated liabilities is covered by exchange rates derivatives instruments. Consolidated Annual Report I 2014 Including lump-sum provision • • • • • • (*) 25 Banque Havilland S.A. Notes to the consolidated annual accounts as at December 31, 2014 (CONTINUED) 5Deta iled dis c lo s ur e s r e l ati ng to lia bilit y h ea di ng s 5.1Amounts owed to credit institutions As at December 31, 2014, the Group has no amount owed to affiliated credit institutions (2013: EUR 0). 5.2Amounts owed to customers As at December 31, 2014, amounts owed to related parties amount to EUR 54 409 967 (2013: EUR 51 895 981). 5.3Other liabilities 2014 EUR (*) 2013 EUR (*) 63 373 353 61 356 798 Invoice payable 2 506 308 2 253 584 Guarantee payable 1 244 782 1 244 777 16 758 134 15 849 196 474 869 - Technical provisions for life insurance policies where the investment is borne by the policyholders Payable on sales of securities Business introducers commissions payables Consolidated Annual Report I 2014 This heading consists of the following: • • • • • • 26 Banque Havilland S.A. Notes to the consolidated annual accounts as at December 31, 2014 (CONTINUED) Issued cheques 2 349 311 - Other payable 3 250 430 775 724 883 428 662 384 90 840 615 82 142 463 Preferential creditors Total 5.4Subscribed capital and share premium As at December 31, 2014, the subscribed and fully paid share capital of the Group is EUR 130 000 000 made up of 130 000 shares with a nominal value of EUR 1 000 each. 5.5Legal reserve In accordance with article 72 of the Luxembourg company law, an amount of 5% of net profits should be allocated to a non distributable legal reserve, until this reserve reaches 10% of the subscribed capital. As a result, the annual general meeting of the Group held on April 22, 2014 has allocated an amount of EUR 14 579 to the legal • • • • • • Consolidated Annual Report I 2014 reserve, in respect of the 2013 financial year. 27 Banque Havilland S.A. Notes to the consolidated annual accounts as at December 31, 2014 (CONTINUED) 5.6 Changes in shareholders’ equity The movements of shareholders’ equity of Banque Havilland S.A. may be summarised as follows: Subscribed capital EUR Share Premium EUR Legal Reserve EUR Realuation Reserve EUR Consolidation Reserve EUR Minority Interests EUR Profit brought forward EUR Current year profit EUR Total own funds EUR 100 000 000 1 260 709 1 511 079 (5 991) 2 580 440 - 4 318 137 991 031 110 655 405 - - 14 579 - - - - (14 579) - Balance at legal reserve Capital increase Profit brought forward Current year variation Current year profit Balance at December 31, 2014 30 000 000 30 000 000 - - - - - - - (81 337) - - - - 130 000 000 1 260 709 1 525 658 (87 328) - - 976 452 (976 452) - - 16 140 467 55 948 - 16 115 078 - - 2 777 397 2 777 397 2 580 440 16 140 467 5 350 537 2 777 397 159 547 880 - The appropriation of the 2013 result was approved by the Annual Meeting of Shareholders on April 22, 2014. During the year 2014, the Bank carried out a EUR 30 000 000 capital increase, corresponding to the issue of 30 000 new shares with a nominal value of EUR 1 000 each; this capital increase was approved by the Extraordinary General Meeting dated November 28, 2014. Consolidated Annual Report I 2014 Transfer to • • • • • • December 31, 2013 28 Banque Havilland S.A. Notes to the consolidated annual accounts as at December 31, 2014 (CONTINUED) 5.7 Consolidation reserves Consolidated reserves are made up of differences on first consolidation of affiliated subsidiaries. Movements as of December 31, 2014 are detailed as follow: ENTITIES (in EUR) 2013 Additions Reductions 2014 2 046 129 - - 2 046 129 98 754 - - 98 754 Blackfish Capital Holdings Limited (295 809) - - (295 809) Banque Havilland (Monaco) S.A.M. 731 366 - - 731 366 2 580 440 - - 2 580 440 Kaupthing Life and Pension S.A. Blackfish Capital Management Limited Total 5.8Liabilities denominated in foreign currencies Liabilities denominated in currencies other than EUR have a total value of EUR 527 819 293 (2013: EUR 294 931 260) as at December 31, 2014. The majority • • • • • • is covered by exchange rates derivative instruments. Consolidated Annual Report I 2014 of the gap between non EUR denominated assets and non EUR denominated liabilities 29 Banque Havilland S.A. Notes to the consolidated annual accounts as at December 31, 2014 (CONTINUED) 6Inf orm at ion r e l ati ng to off- b al anc e sh eet it em s 6.1 Contingent liabilities Contingent liabilities consist of guarantees and other direct substitutes for loans. 6.2Deposit guarantee and investor compensation scheme The Bank is member of the “Association pour la Garantie des Dépôts, Luxembourg” (“A.G.D.L.”). The sole purpose of the AGDL is to establish a system of mutual guarantee for cash deposits and receivables from investment operations made by individuals and small companies with the members of the AGDL regardless of nationality or residence. The AGDL will reimburse the deposit holder the amount of his guaranteed cash deposits and to the investor the amount of his guaranteed receivable up to EUR 100 000 per from investment operations other than that relating to a cash deposit. As at December 31, 2014 a provision of EUR 125 000 has been made in respect of specific liabilities arising under this scheme (2013: EUR 62 500). Consolidated Annual Report I 2014 guaranteed cash deposit and up to EUR 20 000 per guaranteed receivable arising • • • • • • 30 Banque Havilland S.A. Notes to the consolidated annual accounts as at December 31, 2014 (CONTINUED) 6.3Open forward agreements at the balance sheet date The Group is engaged in forward foreign exchange transactions (swaps, outrights) in the normal course of its business. A significant portion of these transactions has been contracted to hedge the effects of fluctuations in exchange rates. 6.4Management and representative services supplied by the Group The Group’s services to third parties consist of: • Management and advice on asset management; • Safekeeping and administration of marketable securities; • Credit activities; • Insurance services; • • • • • • Consolidated Annual Report I 2014 • Fund administration. 31 Banque Havilland S.A. Notes to the consolidated annual accounts as at December 31, 2014 (CONTINUED) 7Inf orm at ion r e l ati ng to f i n anc i al in s t rum ent s 7.1Disclosures relating to primary financial instruments in relation to non trading activities The following tables provide an analysis of the carrying amount of primary financial assets and financial liabilities of the Group into relevant maturity groupings based on the remaining periods to repayment. As at December 31, 2014, primary financial assets and liabilities are analysed as Financial a ssets less than three months Between three months and one year Between one year and five years more than five years No Maturity TOTAL Cash, balances with central banks and post office banks 95 527 254 - - - - 95 527 254 Loans and advances to credit institutions 250 372 751 - 4 750 000 - - 255 122 751 Loans and advances to customers 61 959 409 29 363 041 103 939 844 7 026 447 - 202 288 741 Debt securities and other fixedincome securities 5 665 336 73 766 134 429 826 057 36 414 793 9 264 464 554 936 784 Shares and other variable-yield securities - - - - 44 239 435 44 239 435 413 524 750 103 129 175 538 515 901 43 441 240 Total 53 503 899 1 152 114 965 Consolidated Annual Report I 2014 follows (in EUR): • • • • • • 32 Banque Havilland S.A. Notes to the consolidated annual accounts as at December 31, 2014 (CONTINUED) Financial Liabilities less than three months Between three months and one year Between one year and five years more than five years TOTAL Amounts owed to central banks 80 000 000 - - - 80 000 000 Amounts owed to credit institutions 31 471 825 82 435 - - 31 554 260 840 630 604 25 496 641 169 675 - 866 296 920 4 609 541 - - 764 621 5 374 162 956 711 970 25 579 076 169 675 764 621 983 225 342 Amounts owed to customers Contingent liabilities Total The maturity mismatch between the assets and the liabilities of the Group are mainly related to the Group’s bond portfolio. This portfolio mainly comprises of floating rate notes indexed on the 3 or 6 months Libor A smaller portion relates to fixed-coupon bonds and structured-coupon bonds, which are interest sensitive. The duration of this fixed and structured-coupon portfolio is 3.23 years. About one third of the A positive shift of 200 bps of the interest rate curve would mean a decrease of about EUR 9 408 061 mio of the present value of our assets and liabilities. The portfolio is therefore slightly sensitive to the fluctuation of short term rates. These bonds are deemed sufficiently liquid should the Group decreases its ECB funding. • • • • • • MRO’s and LTRO’s (medium and long term refinancing operations). Consolidated Annual Report I 2014 funding of the portfolio is made through the ECB Monetary Policy Operations via 33 Banque Havilland S.A. Notes to the consolidated annual accounts as at December 31, 2014 (CONTINUED) As at December 31, 2013, primary financial assets and liabilities are analysed as less than three months Between three months and one year Between one year and five years more than five years No Maturity TOTAL 5 482 960 - - - - 5 482 960 Loans and advances to credit institutions 149 602 068 - - 4 750 000 - 154 352 068 Loans and advances to customers 21 881 232 18 254 518 28 874 047 - - 69 009 797 Debt securities and other fixedincome securities 14 226 396 54 448 280 286 169 112 27 959 599 7 585 890 390 389 277 Shares and other variable-yield securities - - - - 13 518 477 13 518 477 191 192 656 72 702 798 315 043 159 32 709 599 Cash, balances with central banks and post office banks Total 21 104 367 632 752 579 • • • • • • Financial a ssets Consolidated Annual Report I 2014 follows (in EUR): 34 Banque Havilland S.A. Notes to the consolidated annual accounts as at December 31, 2014 (CONTINUED) Financial Liabilities less than three months Between three months and one year Between one year and five years more than five years TOTAL 40 000 000 - 50 000 000 - 90 000 000 Amounts owed to credit institutions 121 072 790 - - - 121 072 790 Amounts owed to customers 391 617 811 6 203 964 1 000 000 - 398 821 775 3 432 008 427 030 - 764 621 4 623 659 556 122 609 6 630 994 51 000 000 764 621 614 518 224 Amounts owed to central banks Contingent liabilities Total 7.2Disclosures relating to derivative financial instruments The following tables provide an analysis of the derivative financial assets and liabilities of the Group into relevant maturity groupings based on the remaining periods to Financial assets (notional amounts) less than three months Between three months and one year Between one year and five years TOTAL Positive fair value 3 135 020 38 466 034 - - 3 135 020 38 466 034 42 158 567 139 41 601 054 - - 41 601 054 609 297 Instruments linked to exchange rates - forward currency contracts - currency swap contracts Total • • • • • • and liabilities are analysed as follows (in EUR): Consolidated Annual Report I 2014 repayment. As at December 31, 2014, over-the-counter derivative financial assets 35 Banque Havilland S.A. Notes to the consolidated annual accounts as at December 31, 2014 (CONTINUED) Financial liabilities (notional amounts) less than three months Between three months and one year Between one year and five years TOTAL negative fair value 4 458 448 40 745 013 3 323 254 - - 7 781 702 40 745 013 160 034 467 960 45 203 461 3 323 254 - 48 526 715 627 994 Instruments linked to exchange rates - forward currency contracts - currency swap contracts Total As at December 31, 2013, over-the-counter derivative financial assets and liabilities are analysed as follows (in EUR): Financial assets less than three months Between three months and one year Between one year and five years TOTAL Positive fair value 12 411 985 41 292 081 - - 12 411 985 41 292 081 48 948 398 792 Total 53 704 066 - - 53 704 066 447 740 Financial liabilities less than three months Between three months and one year Between one year and five years TOTAL negative fair value 26 667 628 62 093 221 - - 26 667 628 62 093 221 115 507 776 741 88 760 849 - - 88 760 849 892 248 (notional amounts) Instruments linked to - currency swap contracts (notional amounts) Instruments linked to exchange rates - forward currency contracts - currency swap contracts Total • • • • • • - forward currency contracts Consolidated Annual Report I 2014 exchange rates 36 Banque Havilland S.A. Notes to the consolidated annual accounts as at December 31, 2014 (CONTINUED) 7.3Disclosures relating to credit risk The Group is exposed to credit risk mainly through its lending, investing and hedging activities and in cases where the Group acts as an intermediary on behalf of customers and issues guarantees. The Group’s primary exposure to credit risk arises from its loans and advances and debt securities. The credit exposure in this regard is represented by the carrying amounts of the assets in the balance sheet. The Group is also exposed to off-balance sheet credit risk through guarantees issued and instruments linked to exchange, interest and other market rates (forward transactions, swap and option contracts). The credit exposure in respect of instruments linked to exchange, interest and other market rates are equal to the equivalent at risk according to the initial risk approach. 2013 gross risk exposure Loans and advances to credit institutions 255 122 751 154 352 068 Loans and advances to customers 202 288 741 69 009 797 Debt securities and other fixed-income securities 554 936 784 390 389 277 44 239 435 13 518 477 Contingent liabilities 5 374 162 4 623 659 Instruments linked to exchange rates 2 427 992 2 849 298 1 064 389 865 634 742 576 Shares and other variable-yield securities TOTAL • • • • • • 2014 gross risk exposure Consolidated Annual Report I 2014 The credit risk exposure can be analysed as follows (in EUR): 37 Banque Havilland S.A. Notes to the consolidated annual accounts as at December 31, 2014 (CONTINUED) Loans and advances to customers are usually secured by cash, listed investments, third party guarantees and mortgage on real estate property. Credit risk concentrations on total on and off-balance sheet are analysed as follows: 2014 eur 2013 eur Corporates 313 819 612 96 832 907 Credit institutions 658 505 488 468 980 066 Individuals 66 065 667 40 456 269 Public sector 25 999 098 28 473 334 1 064 389 865 634 742 576 Total Credit institutions, corporates, individuals and public sector are almost all from OECD countries. A cash management system enables the Group to achieve a daily automatic “vostro-nostro” reconciliation of its main correspondent accounts. The Group is able to identify possible cash flow errors, to determine adjusted opening balances and generate an accurate liquidity gap to better channel shortterm liquidity needs. The Asset and Liability Committee (“ALCO”) receives a daily report on the overall liquidity situation of the Group, the upcoming liquidity risks and the cash buffer. • • • • • • Liquidity Risk Consolidated Annual Report I 2014 7.4Information on the management of other risks 38 Banque Havilland S.A. Notes to the consolidated annual accounts as at December 31, 2014 (CONTINUED) Interest Rate Risk The Group monitors its interest rate risk by analysing the different maturity gaps in the balance sheet. The Group is not exposed to interest rate risks due to the nature of its business. Less than 10% of the assets are fixed rate denominated. Stress tests are performed quarterly by analysing parallel curve shifts. Exchange Rate Risk The Group’s main exposure to foreign exchange risk (“FX”) arises from USD, CHF, DKK, GBP, SEK, NOK and ISK. A foreign exchange position system provides an overall view of the currency risk and related profit or loss impact by business line, turnover and margins. The implementation of a Value at Risk (“VaR”) model gives a view of the potential loss of the overnight position. Market Risk The Group’s Market Risk is managed in both a qualitative and a quantitative manner. The profit and loss of the Group’s investment and FX book is reported daily by the Treasury to the ALCO members. An in-depth analysis of the Group’s investment portfolio is performed twice a month in terms of geographic segmentation, sector segmentation, type of products, last important news on the issuer, yield analysis, rating agency’s views, liquidity, issuer’s healthiness, etc. The FX overnight’s risk is computed daily through a 99% Expected Shortfall (Student Copula with Gamma • • • • • • report received from the Treasury department. Consolidated Annual Report I 2014 The ALCO members monitor and control the exchange rate risk through the daily 39 Banque Havilland S.A. Notes to the consolidated annual accounts as at December 31, 2014 (CONTINUED) margin). These documents are sent to the ALCO. All the investment’s decisions are subject to the ALCO approval and need to be compliant with the Investment Guidelines as agreed by the Board of Directors. The monitoring and control of CFD positions is operationalized, among others, through the production of two daily reports: a CFD control report and a CFD statement report. The details for each position, corresponding margin call, profit and loss, computed VaR are indicated in these documents. In case of any breach the Relationship Manager of the client and the credit department are immediately informed. The Credit Department with the support of the Relation Manager has to solve the breach wether by margin calling the client, either by closing the CFD’s contract. The Treasury of the Group can hedge the client’s CFDs either by backing the CFD on the market with a CFD provider, either by taking positions on the underlying. In any • • • • • • Consolidated Annual Report I 2014 case, the Group’s book has to be delta neutral. 40 Banque Havilland S.A. Notes to the consolidated annual accounts as at December 31, 2014 (CONTINUED) 8Inf orm at ion on th e p rof i t an d lo s s a cc ou nt 8.1Geographical analysis income Interest receivable and similar income, commission receivable and net profit on financial operations mainly originate from Western Europe. 8.2Other operating income 2014 eur 2013 eur Provisions reversed 18 833 250 381 Rental income 18 000 7 809 379 10 164 023 8 121 839 Fee re-invoicing 240 595 165 335 Gain on sale of fixed assets 710 175 49 991 Gain on deals/claims settled 1 113 362 289 157 Gain on sale of building held as fixed assets 1 083 483 - 139 718 207 441 13 488 189 16 893 523 Income on insurance activities Other TOTAL Consolidated Annual Report I 2014 Other operating income are analysed as follows: • • • • • • 41 Banque Havilland S.A. Notes to the consolidated annual accounts as at December 31, 2014 (CONTINUED) 8.3Other operating charges 2013 eur 85 556 139 195 Administrative fees reinvoiced 266 640 664 268 Restructuring costs 250 000 800 000 10 138 463 8 302 952 62 500 62 500 1 089 770 - 478 234 63 129 12 371 163 10 032 044 Impairment of loans to customers Expenses on insurance activities AGDL provision VAT expenses Other TOTAL • • • • • • 2014 eur Consolidated Annual Report I 2014 Other operating charges are analysed as follows: 42 Banque Havilland S.A. Notes to the consolidated annual accounts as at December 31, 2014 (CONTINUED) 8.4Net value adjustments in respect of loans and advances and provision for contingent liabilities and for commitments This heading is analysed as follows: 2014 eur 2013 eur - (116 742) 387 085 (398 785) (43 613) 550 317 (158 983) - - - (55 313) 274 592 Specific value adjustments on loans and advances to credit institutions Additions Reversals Specific value adjustments on loans to customers Additions Reversals Loan to customers fully impaired Reversal of value adjustment on loan to customers fully impaired Reversals total As at December 31, 2014, the lump sum provision amounts to EUR 2 491 893 (2013: EUR 2 491 893). 8.5Tax information The Parent company is liable to taxes on income and net assets in line with the Luxembourg legislation. • • • • • • Additions Consolidated Annual Report I 2014 Lump sum provision 43 Banque Havilland S.A. Notes to the consolidated annual accounts as at December 31, 2014 (CONTINUED) 9Ot h er inf orm ation 9.1Information relating to number of personnel employed and management The average number of persons employed during the financial year was as follows: 2014 2013 8 5 Employees 76 67 total 84 72 Management 9.2Administrative, managerial and supervisory bodies Remuneration paid to the various bodies of the Group during the financial year was Supervisory body total 2013 EUR 1 421 586 854 294 248 750 257 539 1 670 336 1 111 833 • • • • • • Management 2014 EUR Consolidated Annual Report I 2014 as follows: 44 Banque Havilland S.A. Notes to the consolidated annual accounts as at December 31, 2014 (CONTINUED) There are no loans and advances granted to members of the Management and the Board of Directors as at December 31, 2014 (2013: EUR 0). As at December 31, 2014, no guarantee has been issued in favour of member of the Management and the Board of Directors. It was decided at the Annual General Meeting held on April 22, 2014 that four Board members received emoluments in respect of their duties for a total gross amount of EUR 211 250 related to the fiscal year ended December 31, 2014 (2013: EUR 195 000). 9.3Fees billed by PricewaterhouseCoopers, Société coopérative, Luxembourg and other member firms Fees billed (excluding VAT) to the Group by PricewaterhouseCoopers, Société cooperative, Luxembourg and other member firms of the PricewaterhouseCoopers 2013 eur 377 770 348 460 - 3 418 All other Fees 256 671 41 820 total 634 441 393 698 Audit Fees Tax Fees Such fees are presented under other administrative expenses in the consolidated profit and loss account. Other fees are mainly related to due diligence work performed on acquisitions. • • • • • • 2014 eur Consolidated Annual Report I 2014 network during the year are as follows: 45 Banque Havilland S.A. Notes to the consolidated annual accounts as at December 31, 2014 (CONTINUED) 9.4Subsequent event Kaupthing Life & Pension S.A. has entered into an agreement with another Luxembourg Life insurance company to transfer the current insurance business (policies and staff) to it . Such transfer will only occur with the approval of the relevant • • • • • • Consolidated Annual Report I 2014 regulators. If approved the transfer is expected to take place in 2015. 46 BANQUE HAVILLAND S.A. 35a, avenue J.F. Kennedy T.V.A. LU23366742 • L-1855 Luxembourg • t. +352 463 131 • f. +352 463 132 • R.C.S. Luxembourg B 147029 BANQUE HAVILLAND S.A. (UK branch) 5 Savile Row • London • W1S 3PB • United Kingdom Registration N° BR014651 • V.A.T. N° GB167 1621 10 • t. +44 20 7087 7999 • f. +44 20 7087 7995 • Company BANQUE HAVILLAND (Monaco) S.A.M. Société Anonyme Monégasque au capital de 20.000.000 euros Le Monte Carlo Palace 3-7, Boulevard des Moulins R.C.I. 08s04856 • T.V.A. FR 00 00008050 6 • • MC-98000 Monaco • t. +377 999 995 00 • f. +377 999 995 01 f. +423 239 33 00 • Handelsregister Banque Havilland (Liechtenstein) AG Austrasse 61 • LI - 9490 Vaduz • Liechtenstein Nr. FL-1.542.492-8 • MWST. Nr. 53652 • t. +423 239 33 33 • Consolidated Annual Report I 2014 Supervised by the Financial Conduct Authority and Prudential Regulation Authority in UK and regulated by the Commission de Surveillance du Secteur Financier in Luxembourg Unit 1 Western New Providence • Mt. Pleasant Village, Western Road • P.O. Box AP-59241 t. +242 702 2900 • f. +242 362 6186 • Company Registration N° 39 268 w. banquehavilland.com • Nassau • Bahamas • • • • • • Banque Havilland (Bahamas) ltd. 123_1 47