Market announcement
AS LHV Group
LEI code
529900JG015JC10LED24
Size of the entity
Large group
Economic activities
Financial and Insurance Activities
Industry sector(s)
Credit institution
Country of registered office
Estonia
General information
Categories
Other corporate action
Unique data record identifier
7753
Attachments
Submission date and time
04.02.2020 08:00:00
Content of announcement in Estonian
Title
LHV Groupi 2019. aasta IV kvartali ja 12 kuu auditeerimata majandustulemused
Message
2019. aasta IV kvartalis teenis AS LHV Group konsolideeritult 6,4 miljonit eurot puhaskasumit: pank teenis 5,7 miljonit eurot puhaskasumit ning varahaldus 0,9 miljonit eurot. LHV Groupi aktsionäridele kuuluva omakapitali tulumaksueelne tootlus oli neljandas kvartalis 12,8%. LHV Groupi konsolideeritud puhaskasum oli 2019. aasta IV kvartalis 1,6 miljoni euro võrra väiksem kui III kvartalis ja 0,3 miljonit eurot väiksem kui samal perioodil aasta varem. Laenude allahindluseid tehti IV kvartalis 1,5 miljonit eurot. LHV Groupi varade maht ületas esmakordselt 3 miljardi euro piiri. Grupi konsolideeritud laenuportfell kasvas neljandas kvartalis 465 miljoni euro võrra (+37%; +104 miljonit eurot III kvartalis) 1687 miljoni euroni. Seejuures tulenes 393 miljonit eurot kasvust Danske Eesti eraklientide laenuportfellide ülevõtmisest. Konsolideeritud hoiused kasvasid aasta viimases kvartalis 166 miljoni euro võrra (+7%; +451 miljonit eurot III kvartalis) 2701 miljoni euroni. Seejuures kasvasid tavaklientide hoiused 218 miljoni euro võrra, samas kui maksevahendajatega seotud hoiused vähenesid 43 miljoni euro võrra. LHV poolt juhitud fondide maht kasvas kvartaliga 46 miljoni euro võrra (+3%; +34 miljonit eurot III kvartalis), ulatudes 1374 miljoni euroni. AS-i LHV Group 2019. aasta konsolideeritud puhaskasum oli 27,1 miljonit eurot ehk 0,1 miljonit eurot vähem kui 2018. aastal (-0%). Pank teenis kasumit 22,1 miljonit eurot, varahaldus 6,1 miljonit eurot. Võrdlust eelmise aastaga mõjutasid 2018. aastal Leedu äriüksuse müügist saadud ühekordne tulu, samuti 2019. aastal Danske tehinguga seotud kulud ning pensionifondide valitsemistasu langus. LHV aktsionäridele kuuluva omakapitali tulumaksueelne tootlus 2019. aastal oli 16,2% ja puhaskasumil põhineva omakapitali tootlus 14,0%. Juulikuist finantsplaani edestasime 1,5 miljoni euro võrra. LHV Groupi varade maht kasvas aastaga 1,35 miljardi euro võrra (+81%). Konsolideeritud laenuportfell kasvas aastaga 768 miljoni euro võrra (+84%) ja hoiused 1279 miljoni euro võrra (+90%). LHV juhitud fondide maht kasvas aastaga 160 miljoni euro võrra (+13%). Madis Toomsalu, LHV Groupi juhataja kommentaar tulemustele: "Lõpetasime 2019. aasta tugeva kvartaliga ja meie äri kasvab. Kvartaliga suurenes panga klientide arv ligi 13 100 võrra 202 000 kliendini. Lisaks ärimahtude tugevale kasvule jõudsid rekordini mitmesugused aktiivsuse näitajad, sh palgalaekumised, varadega klientide ja maksete arv, kaartide kasutamine, kaardimaksete vastuvõtmine ning uute investeerimislepingute arv. LHV neljanda kvartali kasumiks kujunes 6,4 miljonit eurot. Kvartali kasumit mõjutasid negatiivselt Danske eralaenude portfelli soetamisega kaasnenud allahindlused ning ühekordsed tehingukulud riigilõivude ja notaritasude näol. Danske portfelliga seotud intressitulud lisandusid novembri viimasest nädalast. Positiivselt mõjutasid kvartali kasumit institutsionaalse panganduse tulud. Eduka aasta kokkuvõttes saame tõdeda, et 2019. aastal kasvasid LHV ärimahud pea kaks korda. Groupi varade maht kasvas 3 miljardi euroni ning meie panga turuosa on suurenenud kümnendikuni, millega oleme igapäevapanganduses Eesti suuruselt kolmas pank. Enam kui 41 000 uut pangaklienti, tunnustus parima teeninduse eest ja LHV valimine Eesti parimaks pangaks mitme maineka majanduasjakirja poolt tõestavad, et meie pingutusi on märgatud. Lõppenud aasta olulisimaks sündmuseks oli Danske eraisikute laenuportfelli ostmine IV kvartalis. Tähtsaid kliente puudutanud tegevusi oli teisigi sularahaautomaatide võrgustiku laiendamisest kuni oluliste arendusteni LHV mobiiliäpis. Mobiilirakenduses on tänaseks lisaks kliendiks saamisele võimalik investeerida väärtpaberitesse, taotleda laenu, sõlmida laenulepinguid ning tellida pangakaarte. Ühendkuningriigis olime naelamaksete süsteemidega tehniliselt liitunud küll juba eelmise aasta keskpaigast, aga sisuliselt saime reaalajas maksed klientidele avada käesoleva aasta alguses. Juba varem toiminud reaalajas euromaksetega koos muudab see LHV Connecti üheks finantstehnoloogia ettevõtetele atraktiivseimaks rakendusliideseks. Aasta lõpuks pakume panganduse infrastruktuuri ja teenuseid enam kui sajale maksevahendajast kliendile. Teiste hulgas TransferWise, Coinbase, Paysafe ja Trustly. LHV pensionifondide maht kasvas aasta lõpuks pea 1,4 miljardi euroni. Pensionifondide aastat iseloomustasid muudatused regulatsioonides. Septembris jõustusid madalamad fikseeritud haldustasud, kuid fondide tugeva tootluse korral on võimalus teenida edukustasu. 2019. aastal me seda ei teeninud, aga meie ootus investeeringute tootluse osas on kasvanud ning usume edukustasu saavutamist üle pikaajalise perioodi. Jaanuari lõpus Riigikogu poolt heaks kiidetud pensionireformi valguses on turuosalised muutmas oma investeerimisstrateegiaid ja vähendamas ebalikviidsemate Eesti investeeringute tegemist. LHV-s proovime leida kuldset keskteed, et jätkata kõrgema eeldatava tootlusega Eesti investeeringute tegemist samas vajalikku likviidsust tagades. Ärimahtude kasvu möödunud aastal finantseerisime kapitali kaasamiste abil. Kokku kaasasime aasta jooksul kolme erineva instrumendi kaudu kapitali 65 miljonit eurot. Investorite usaldust märgib kõikide emissioonide edukas tulemus ja ülemärkimine. Kindlasti aitasid need tehingud kaasa ka LHV investorite arvu suurenemisele, aasta lõpu seisuga oli LHVsse investeerinud ligi 7000 aktsionäri ja 3000 võlakirjainvestorit. Juulikuist finantsplaani edestasime 1,5 miljoni euro võrra peamiselt planeeritust madalamate allahindluste, Danske tehinguga seotud madalamate kulude ning klientide väärtpaberite emissioonide korraldamisega seotud kõrgemate tulude tõttu." Kasumiaruanne, tuhandetes eurodes IV kv 2019 III kv 2019 12 kuud 2019 12 kuud 2018 ------------------------------------------------------------------------------- Neto intressitulu 13 270 11 546 47 388 38 151 ------------------------------------------------------------------------------- Neto teenustasutulu 6 427 6 412 25 677 25 045 ------------------------------------------------------------------------------- Neto finantstulud 170 119 670 443 ------------------------------------------------------------------------------- Muud tegevustulud 58 33 84 862 ------------------------------------------------------------------------------- Tulud kokku 19 925 18 111 73 818 64 501 ------------------------------------------------------------------------------- Personalikulu -5 236 -4 593 -19 266 -15 756 ------------------------------------------------------------------------------- Kontorikulud -277 -229 -959 -1 830 ------------------------------------------------------------------------------- IT kulud -861 -641 -2 771 -2 322 ------------------------------------------------------------------------------- Turunduskulud -443 -471 -2 089 -2 023 ------------------------------------------------------------------------------- Muud tegevuskulud -4 543 -3 465 -14 182 -10 212 ------------------------------------------------------------------------------- Kulud kokku -11 361 -9 399 -39 266 -32 143 ------------------------------------------------------------------------------- Ärikasum 8 564 8 711 34 552 32 358 ------------------------------------------------------------------------------- Kasum enne allahindlusi 8 564 8 711 34 552 32 358 ------------------------------------------------------------------------------- Laenude allahindlus -1 546 -15 -3 209 -4 879 ------------------------------------------------------------------------------- Tulumaksukulu -586 -701 -4 250 -3 614 ------------------------------------------------------------------------------- Aruandeperioodi puhaskasum jätkuvatelt tegevustelt 6 432 7 995 27 092 23 865 ------------------------------------------------------------------------------- Kasum/-kahjum lõpetatud tegevustelt 0 0 0 3 324 ------------------------------------------------------------------------------- Puhaskasum 6 432 7 995 27 092 27 189 ------------------------------------------------------------------------------- Vähemusosaluse osa 713 706 2 296 1 953 ------------------------------------------------------------------------------- Emaettevõtte aktsionäride osa kasumist 5 719 7 289 24 797 25 236 ------------------------------------------------------------------------------- Bilanss, tuhandetes eurodes dets.19 sept.19 dets.18 --------------------------------------------------------------------- Raha ja raha ekvivalendid 1 271 153 1 468 510 682 658 --------------------------------------------------------------------- Finantsvarad 40 962 124 035 47 153 --------------------------------------------------------------------- Laenud klientidele 1 693 138 1 233 626 929 037 --------------------------------------------------------------------- Laenude allahindlus -6 104 -11 561 -10 276 --------------------------------------------------------------------- Nõuded klientide vastu 3 551 33 491 3 721 --------------------------------------------------------------------- Muud varad 29 212 28 700 24 807 --------------------------------------------------------------------- Varad kokku 3 031 912 2 876 800 1 677 100 --------------------------------------------------------------------- Nõudmiseni hoiused 2 189 478 2 005 227 1 304 265 --------------------------------------------------------------------- Tähtajalised hoiused 511 437 529 442 117 933 --------------------------------------------------------------------- Saadud laenud 25 647 28 640 21 584 --------------------------------------------------------------------- Võlgnevused klientidele 2 726 562 2 563 309 1 443 782 --------------------------------------------------------------------- Muud kohustused 24 321 39 524 24 655 --------------------------------------------------------------------- Allutatud laenud 75 000 75 000 50 900 --------------------------------------------------------------------- Kohustused kokku 2 825 883 2 677 833 1 519 337 --------------------------------------------------------------------- Omakapital 206 028 198 967 157 763 --------------------------------------------------------------------- sh vähemusosaluse osa 5 218 4 505 4 123 --------------------------------------------------------------------- Kohustused ja omakapital kokku 3 031 912 2 876 800 1 677 100 --------------------------------------------------------------------- AS-i LHV Group aruanded on saadaval aadressil: https://investor.lhv.ee/et/aruanded. LHV korraldab majandustulemuste tutvustamiseks investorkohtumise, mis leiab aset 4. veebruaril algusega kell 18.00 LHV Tallinna kliendikontoris (Tartu mnt 2, I korrus). Osalemiseks palume registreeruda aadressil https://fp.lhv.ee/academy/598. Investorkohtumisest tehakse reaalajas videoülekanne LHV Facebooki lehel www.facebook.com/LHVPank (http://www.facebook.com/LHVPank). LHV Group on suurim kodumaine finantskontsern ja kapitali pakkuja Eestis. LHV Groupi peamised tütarettevõtted on LHV Pank ja LHV Varahaldus. LHV-s töötab üle 430 inimese. LHV pangateenuseid kasutab üle 202 000 kliendi ja LHV hallatavatel pensionifondidel on ligi 177 000 aktiivset klienti. Priit Rum LHV kommunikatsioonijuht Telefon: 502 0786 E-post: [email protected] (mailto:[email protected])
Content of announcement in English
Title
LHV Group unaudited financial results for Q4 and the 12 months of 2019
Message
In Q4 2019, AS LHV Group earned a consolidated net profit of EUR 6.4 million: the bank earned a net profit of EUR 5.7 million and AS LHV Varahaldus earned a net profit of EUR 0.9 million. The pre-tax rate of return on equity capital owned by the shareholders of LHV Group was 12.8% in Q4. The consolidated net profit of LHV Group in Q4 2019 was EUR 1.6 million lower compared to Q3 and EUR 0.3 million lower compared to the same period a year earlier. Loan discounts were made in the amount of EUR 1.5 million in Q4. The volume of LHV Group's assets exceeded the EUR 3 billion threshold for the first time. In Q4, the Group's consolidated loan portfolio increased by EUR 465 million (+37%; +EUR 104 million in Q3), to EUR 1,687 million. A total of EUR 393 million of that growth was due to the take-over of Danske Banks's Estonian private client loan portfolio. In Q4, the Group's consolidated deposits increased by EUR 166 million (+7%; +EUR 451 million in Q3), to EUR 2,701 million. At the same time, deposits by regular clients increased by EUR 218 million, while deposits associated with payment intermediaries decreased by EUR 43 million. The volume of funds managed by LHV increased by EUR 46 million during the quarter (+3%; +34 million in Q3), to EUR 1,374 billion. The consolidated net profit of AS LHV Group in 2019 was EUR 27.1 million, i.e. EUR 0.1 million less than in 2018 (-0%). LHV Pank earned a profit of EUR 22.1 million, and AS LHV Varahaldus earned a profit of EUR 6.1 million. The comparison with the previous year was affected by the one-off revenue from the sale of the Lithuanian business unit in 2018, as well as the costs associated with the Danske transaction in 2019 and the decline in the management fee for pension funds. In 2019 the pre-tax return on the equity owned by LHV Group shareholders was 16.2%, while the return on equity based on net profit was 14.0%. We exceeded the financial plan from July by EUR 1.5 million. The volume of LHV Group's assets grew by EUR 1.35 billion (+81%). The consolidated loan portfolio of LHV Group increased by EUR 768 million year on year (+84%) and deposits increased by EUR 1,279 million (+90%). The volume of the funds managed by LHV grew by EUR 160 million (+13%) year on year. Comment by Madis Toomsalu, CEO of LHV Group, on the results: "We ended 2019 with a strong quarter and our business is growing. During Q4, the number of the bank's clients increased by nearly 13,100, to 202,000 clients. In addition to the strong growth of business volumes, activity indicators for several areas reached record levels, including salary receipts, the number of customers with assets and payments, the use of cards, the acceptance of card payments and the number of new investment contracts. LHV earned a profit of EUR 6.4 million in Q4. Profit for the quarter was negatively impacted by the discounts that accompanied the acquisition of Danske's private loan portfolio and one-time transaction costs in the form of state and notary fees. Interest income associated with Danske's portfolio was added from the last week of November. Profits for the quarter were positively influenced by income from institutional banking. In summarising the successful year, we can say that LHV's business volumes nearly doubled in 2019. The volume of the Group's assets grew to EUR 3 billion and our bank's market share increased by one-tenth, making us the third largest bank in Estonia in daily banking. More than 41,000 new bank clients, recognition of the best service and the selection of LHV as Estonia's best bank by several prestigious financial magazines, prove that our efforts have been noticed. The most important event of the past year was the purchasing of Danske's private client portfolio in Q4. There were other important activities affecting customers, from the expansion of the ATM network to significant developments in LHV's mobile app. In addition to becoming a client, you can also invest in securities, apply for a loan, sign loan agreements and order bank cards via the mobile app. In the United Kingdom we technically joined the pound payment system in the middle of last year, but we were able to open real-time payments to clients in the beginning of this year. Along with the previously implemented real-time euro payments, this makes LHV Connect one of the most attractive application programming interfaces for financial technology companies. By the end of the year, we were providing banking infrastructure and services to more than 100 clients who are payment intermediaries. Including, among others, TransferWise, Coinbase, Paysafe, and Trustly. The volume of LHV's pension funds grew to almost EUR 1.4 billion by the end of the year. The year for pension funds was characterised by changes to regulations. In September, lower fixed management fees entered into force, although in the case of a strong return, it is possible to earn a success fee. Although we failed to do so in 2019, our expectation regarding the rate of return for investments has grown and we believe that we will earn the success fee over the long term. In light of the pension reform approved by the Riigikogu at the end of January, market participants are changing their investment strategies and reducing the amount of illiquid investments in Estonia. At LHV, we are trying to find the middle ground, to continue making Estonian investments with higher expected returns while ensuring the necessary liquidity. We financed the growth of business volumes last year by raising capital. In total, we raised EUR 65 million in capital through three different instruments over the course of the year. Investor confidence is marked by the successful performance and oversubscription of all issues. These transactions certainly contributed to the increase in the number of LHV investors as well, with approximately 7,000 shareholders and 3,000 bond investors having invested in LHV as at the end of the year. We outperformed our July financial plan by EUR 1.5 million, mainly due to lower- than-planned discounts, lower costs for the Danske transaction, and higher revenues associated with organising the issuing of clients' securities." Income statement, EUR thousand Q4-2019 Q3-2019 12 months 2019 12 months 2018 ------------------------------------------------------------------------------- Net interest income 13 270 11 546 47 388 38 151 ------------------------------------------------------------------------------- Net fee and commission income 6 427 6 412 25 677 25 045 ------------------------------------------------------------------------------- Net gains from financial assets 170 119 670 443 ------------------------------------------------------------------------------- Other income 58 33 84 862 ------------------------------------------------------------------------------- Total revenue 19 925 18 111 73 818 64 501 ------------------------------------------------------------------------------- Staff costs -5 236 -4 593 -19 266 -15 756 ------------------------------------------------------------------------------- Office rent and expenses -277 -229 -959 -1 830 ------------------------------------------------------------------------------- IT expenses -861 -641 -2 771 -2 322 ------------------------------------------------------------------------------- Marketing expenses -443 -471 -2 089 -2 023 ------------------------------------------------------------------------------- Other operating expenses -4 543 -3 465 -14 182 -10 212 ------------------------------------------------------------------------------- Total operating expenses -11 361 -9 399 -39 266 -32 143 ------------------------------------------------------------------------------- EBIT 8 564 8 711 34 552 32 358 ------------------------------------------------------------------------------- Earnings before impairment losses 8 564 8 711 34 552 32 358 ------------------------------------------------------------------------------- Impairment losses on loans and advances -1 546 -15 -3 209 -4 879 ------------------------------------------------------------------------------- Income tax -586 -701 -4 250 -3 614 ------------------------------------------------------------------------------- Net profit for the reporting period from continued operations 6 432 7 995 27 092 23 865 ------------------------------------------------------------------------------- Profit/-loss from discontinued operations 0 0 0 3 324 ------------------------------------------------------------------------------- Net profit 6 432 7 995 27 092 27 189 ------------------------------------------------------------------------------- Profit attributable to non- controlling interest 713 706 2 296 1 953 ------------------------------------------------------------------------------- Profit attributable to share holders of the parent 5 719 7 289 24 797 25 236 ------------------------------------------------------------------------------- ? Balance sheet, EUR thousand Dec 2019 Sept 2019 Dec 2018 ---------------------------------------------------------------------------- Cash and cash equivalents 1 271 153 1 468 510 682 658 ---------------------------------------------------------------------------- Financial assets 40 962 124 035 47 153 ---------------------------------------------------------------------------- Loans granted 1 693 138 1 233 626 929 037 ---------------------------------------------------------------------------- Loan impairments -6 104 -11 561 -10 276 ---------------------------------------------------------------------------- Receivables from customers 3 551 33 491 3 721 ---------------------------------------------------------------------------- Other assets 29 212 28 700 24 807 ---------------------------------------------------------------------------- Total assets 3 031 912 2 876 800 1 677 100 ---------------------------------------------------------------------------- Demand deposits 2 189 478 2 005 227 1 304 265 ---------------------------------------------------------------------------- Term deposits 511 437 529 442 117 933 ---------------------------------------------------------------------------- Loans received 25 647 28 640 21 584 ---------------------------------------------------------------------------- Loans received and deposits from customers 2 726 562 2 563 309 1 443 782 ---------------------------------------------------------------------------- Other liabilities 24 321 39 524 24 655 ---------------------------------------------------------------------------- Subordinated loans 75 000 75 000 50 900 ---------------------------------------------------------------------------- Total liabilities 2 825 883 2 677 833 1 519 337 ---------------------------------------------------------------------------- Equity 206 028 198 967 157 763 ---------------------------------------------------------------------------- Minority interest 5 218 4 505 4 123 ---------------------------------------------------------------------------- Total liabilities and equity 3 031 912 2 876 800 1 677 100 ---------------------------------------------------------------------------- AS LHV Group reports are available at https://investor.lhv.ee/en/reports/. LHV is organising an investor meeting, to introduce the financial results, on 4 February, at 18.00 in LHV's Tallinn Office (Tartu mnt 2, Ground Floor). The meeting will be carried out in Estonian. To participate, please register at the addresshttps://fp.lhv.ee/academy/598. A real-time video broadcast of the investor meeting will take place on LHV's Facebook page www.facebook.com/LHVPank (http://www.facebook.com/LHVPank). LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group's key subsidiaries are LHV Pank and LHV Varahaldus. LHV employs over 430 people. LHV's banking services are used by 202,000 clients, and pension funds managed by LHV have 177,000 active clients. Priit Rum Communication Manager Phone: +372 502 0786 Email: [email protected] (mailto:[email protected])