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
Half-yearly financial report
Unique data record identifier
8550
Attachments
Submission date and time
09.02.2021 08:00:00
Content of announcement in Estonian
Title
LHV Groupi 2020. aasta IV kvartali ja 12 kuu auditeerimata majandustulemused
Message
2020. aasta IV kvartalis teenis AS LHV Group konsolideeritult 18 miljonit eurot puhaskasumit: pank teenis sellest 13 miljoni eurot, seejuures 1,6 miljonit eurot puhaskasumit Ühendkuningriigi filiaaliga seotud klientide teenindamisest. Varahalduse puhaskasum oli teenitud edukustasu toel 7,1 miljonit eurot. LHV Groupi aktsionäridele kuuluva omakapitali tulumaksueelne tootlus oli neljandas kvartalis 36,1%. Grupi IV kvartali tulemusi mõjutasid tulemuslikule igapäevategevusele lisaks ka ühekordsed sündmused: Danske laenuportfelli ülevõtmine ja pensionifondide edukustasu. LHV Groupi puhaskasum oli 2020. aasta IV kvartalis 7,3 miljoni euro võrra suurem kui III kvartalis ja 11,6 miljoni euro võrra suurem kui aasta varem. LHV Groupi varade maht kasvas kvartali lõpuks 4,97 miljardi euroni. Grupi konsolideeritud laenuportfell kasvas kvartaliga 353 miljoni euro võrra 2,21 miljardi euroni (+19%; +52 miljonit eurot III kvartalis) ning hoiused 904 miljoni euro võrra 4,12 miljardi euroni (+28%; +129 miljonit eurot III kvartalis). Seejuures kasvasid finantsvahendajatega seotud hoiused 457 miljoni euro võrra ja tavaklientide hoiused 464 miljoni euro võrra, jätkuvalt vähendati hoiuseplatvormiga seotud hoiuseid. LHV juhitud fondide maht kasvas IV kvartalis 41 miljoni euro võrra 1,54 miljardi euroni (+3%; +56 miljonit III kvartalis). Laenude allahindlusi tehti IV kvartalis 2,2 miljoni euro ulatuses. AS-i LHV Group 2020. aasta konsolideeritud puhaskasumiks kujunes 39,8 miljonit eurot, mida oli 12,8 miljonit eurot (+47%) rohkem kui 2019. aastal. LHV Groupi aktsionäridele kuuluva omakapitali tulumaksueelne tootlus oli 2020. aastal 20,5% ja puhaskasumil põhineva omakapitali tootlus 17,3%. LHV kasum edestas finantsplaani 7,2 miljoni euro võrra, mis tulenes suuresti pensionifondide edukustasust. Pank teenis aastaga 34,6 miljonit eurot puhaskasumit (5,3 miljonit eurot Ühendkuningriigi filiaaliga seotud klientide teenindamisest) ja varahaldus 8,3 miljonit eurot. LHV Groupi varade maht kasvas aastaga 1,94 miljardi euro võrra (+64%). Konsolideeritud laenuportfell kasvas aastaga 522 miljoni euro võrra (+31%) ja hoiused 1419 miljoni euro võrra (+53%). LHV juhitud fondide maht kasvas aastaga 163 miljoni euro võrra (+12%).? Kasumiaruanne, tuhandetes eurodes IV kv 2020 IV kv 2019 12 kuud 2020 12 kuud 2019 ------------------------------------------------------------------------------- Neto intressitulu 19 893 13 270 68 492 47 388 ------------------------------------------------------------------------------- Neto teenustasutulu 14 183 6 427 33 351 25 677 ------------------------------------------------------------------------------- Neto finantstulud 1 316 170 1 584 670 ------------------------------------------------------------------------------- Muud tegevustulud 57 58 120 84 ------------------------------------------------------------------------------- Tulud kokku 35 449 19 925 103 547 73 818 ------------------------------------------------------------------------------- Personalikulu -6 368 -5 236 -23 914 -19 266 ------------------------------------------------------------------------------- Kontorikulud -239 -277 -798 -959 ------------------------------------------------------------------------------- IT kulud -964 -861 -3 343 -2 771 ------------------------------------------------------------------------------- Turunduskulud -475 -443 -1 822 -2 089 ------------------------------------------------------------------------------- Muud tegevuskulud -3 381 -4 543 -14 098 -14 182 ------------------------------------------------------------------------------- Kulud kokku -11 427 -11 361 -43 975 -39 266 ------------------------------------------------------------------------------- Ärikasum 24 023 8 564 59 572 34 552 ------------------------------------------------------------------------------- Kasum enne allahindlusi 24 023 8 564 59 572 34 552 ------------------------------------------------------------------------------- Laenude allahindlus -2 243 -1 546 -10 898 -3 209 ------------------------------------------------------------------------------- Tulumaksukulu -3 741 -586 -8 827 -4 250 ------------------------------------------------------------------------------- Puhaskasum 18 039 6 432 39 847 27 092 ------------------------------------------------------------------------------- Vähemusosaluse osa 200 713 1 897 2 296 ------------------------------------------------------------------------------- Emaettevõtte aktsionäride osa kasumist 17 840 5 719 37 950 24 797 Bilanss, tuhandetes eurodes dets.20 sept.20 dets.19 --------------------------------------------------------------------- Raha ja raha ekvivalendid 2 393 537 1 753 730 1 271 153 --------------------------------------------------------------------- Finantsvarad 330 055 430 661 40 962 --------------------------------------------------------------------- Laenud klientidele 2 225 681 1 870 335 1 693 138 --------------------------------------------------------------------- Laenude allahindlus -16 858 -14 512 -6 104 --------------------------------------------------------------------- Nõuded klientide vastu 9 388 2 443 3 551 --------------------------------------------------------------------- Muud varad 29 604 29 216 29 212 --------------------------------------------------------------------- Varad kokku 4 971 407 4 071 872 3 031 912 --------------------------------------------------------------------- Nõudmiseni hoiused 3 635 166 2 756 352 2 189 478 --------------------------------------------------------------------- Tähtajalised hoiused 484 604 459 132 511 437 --------------------------------------------------------------------- Saadud laenud 468 585 471 554 25 647 --------------------------------------------------------------------- Võlgnevused klientidele 4 588 355 3 687 038 2 726 562 --------------------------------------------------------------------- Muud kohustused 27 776 35 252 24 321 --------------------------------------------------------------------- Allutatud laenud 110 000 125 000 75 000 --------------------------------------------------------------------- Kohustused kokku 4 726 131 3 847 290 2 825 883 --------------------------------------------------------------------- Omakapital 245 276 224 582 206 028 --------------------------------------------------------------------- sh vähemusosaluse osa 8 483 5 921 5 218 --------------------------------------------------------------------- Kohustused ja omakapital kokku 4 971 407 4 071 872 3 031 912 ? Vaatamata kestvale tervisekriisile, saavutas LHV Group 2020. aasta viimases kvartalis kõigi näitajate lõikes head tulemused. Ajakiri The Banker tunnustas LHV-d Eesti parima panga tiitliga, samuti tunnistas Eesti Keskkonnajuhtimise Assotsiatsioon LHV Tallinna kontori aasta parimaks roheliseks kontoriks. Kvartali jooksul sai LHV juurde üle 23 000 uue pangakliendi - aasta jooksul suurenes LHV Panga klientide arv 28% ehk ligi 57 000 võrra. Tavaklientide aktiivsus oli seejuures rekordiline. Klientide aktiivsust kasvatasid pensionireformiga kaasnenud muudatused. Kvartali olulisematest sündmustest klientide jaoks tõi LHV turule Google Pay maksevõimaluse, samuti laenutoote korteriühistutele. LHV Pank otsustas vähendada välisaktsiate teenustasusid ning see hinnakirja muudatus jõustus aastavahetusel koos pensioni investeerimiskonto turuletoomisega. Maksevahendajast klientidele lansseeriti novembris kaudse liikme teenus. Oktoobris viidi lõpule Danske ettevõtete ja avaliku sektoriga seotud krediidiportfelli soetamine, mille tulemusena kasvas LHV laenuportfell 254 miljoni euro võrra ja ületas 2 miljardi euro piiri. IV kvartalis kasvasid nii ettevõtete kui ka jaelaenud. Tervisekriis IV kvartalis krediidiportfellile tugevat mõju ei avaldanud ja selle kvaliteet püsib hea, maksepuhkused lõppevad plaanipäraselt - aasta lõpuks oli maksepuhkusel veel 1170 klienti laenude kogumahuga 155 miljonit eurot. Tehtud laenuallahindlused on peamiselt mudelipõhised, üksikute kriisist enammõjutatud laenuklientide krediidireiting on halvenenud, samas kui maksetähtaja ületanud laenude osakaal püsib madalana. Kvartali jooksul teatas LHV plaanist luua eraldi pank asukohaga Ühendkuningriigis, et senisest enam eristada panga tegevusi Eestis ja Ühendkuningriigis. Selle plaani eelduseks on regulatiivne heakskiit. Seoses sellega on tänaseks viidud läbi muudatused AS-i LHV Pank ja AS-i LHV Finance juhtkonnas. Erki Kilu asus juhtima uut ettevõtet LHV UK Limited, tema asemel on AS-i LHV Pank juhatuse esimees Kadri Kiisel. AS-i LHV Finance uus juht on Mari- Liis Stalde. LHV Varahalduse tegevust on mõjutanud aktsiaturgude tugev kvartal ning 1. jaanuaril jõustunud pensionireform. II samba aktiivsete klientide arv kasvas kvartaliga 4000 inimese võrra, samal ajal III samba klientide arv mitmekordistus, kuigi mahu kasv jäi tagasihoidlikuks. 2020. aasta tugevaima tootlusega pensionifondid olid LHV pensionifondid, kõige suurema tootluse teenisid alles märtsis alustanud LHV Pensionifondi Roheline kliendid. Kuivõrd fondide XL ja L tootlus ületas võrdlusindeksit, teenis varahaldus aasta eest 6,2 miljonit eurot edukustasu. Kvartali jooksul tõi LHV Varahaldus turule Eesti esimese rohelise III samba pensionifondi LHV Pensionifond Roheline Pluss. Jõustunud pensionireform mõjutab 2021. aastal fondide mahtu negatiivselt, kuid mahud küündivad eeldatavasti taas 2020. aasta lõpu tasemele 2023. aasta lõpuks. Detsembri lõpus andis finantsinspektsioon AS-ile LHV Kindlustus kindlustusandja tegevusloa kahjukindlustuse tegevustega tegelemiseks. Lähikuudel alustab LHV kindlustus kodukindlustuse ja Euronicsi kauplustes pikendatud garantii kindlustuse pakkumist. Aasta jooksul toob ettevõte turule ka liiklus-, kasko-, reisi- ja õnnetusjuhtumikindlustuse. LHV Groupi juhataja Madis Toomsalu kommentaar: "Käimasolevat tervisekriisi ning sellest tulenevat majanduslangust arvestades oli LHV jaoks hea aasta. Seejuures osutus kõige olulisemaks klientide võimekus olukorraga kohaneda. Proovisime siin ka oma panuse anda, pakkudes klientidele võimalikult paindlikke lahendusi, sh maksepuhkusi. Suurem osa kokkulepitud maksepuhkustest on tänaseks lõppenud. Teise olulise otsusena jätkasime majanduse finantseerimist ka kriisi taustal. Laenuportfellid kasvasid ka orgaaniliselt, kuid suurima panuse kasvu andis Danske ettevõtete ja avaliku sektoriga seotud krediidiportfelli soetamine. LHV edasise kasvu tagamiseks teatasime aasta lõpus panga loomise kavatsusest Ühendkuningriigis, et selgemalt eraldada senised äritegevused Eestis ja Ühendkuningriigis. Tegevusloa taotlemine võib aega võtta paar aastat ning eeldab kohaliku järelvalve luba. Olulise teemana tunnetasime, et LHV vastutus keskkonna ja ühiskonna heaolu tagamisel on kasvanud. Kui varasemalt oleme pööranud suurt rõhku juhtimise ning sotsiaalsete riskidega seotud mõjudele, siis viimastel aastatel oleme rõhutatult tegelenud ka keskkondlike riskidega. Lõppenud aastal võtsime vastu LHV jätkusuutlikkuse strateegia ning sellest lähtuvad eesmärgid. Majanduslikus mõttes süvenesid 2020. aastal trendid, mis olid alguse saanud juba varem. Riikide eelarvedefitsiidid kasvasid ning keskpangad olid valmis puudujääke finantseerima. Võeti omaks seisukoht, et piisava suuruse ja võimu, ajalooliselt usaldusväärse valuuta ning piiramatut rahaloomet tagavate keskpankadega majandusregioonid ei saa maksejõuetuks muutuda. Nii nagu varem murdusid piirid intressimäärade nullpunkti osas, kadusid nüüd takistused ka rahapakkumise osas. Mainitud meetmete headuse üle saab objektiivset hinnangut anda aastate pärast. Kui fiskaal- ja majanduskasvu probleeme on võimalik rahapakkumise kasvuga osaliselt paigata, siis vähem kindel on, kui suures ulatuses taoline paikamine suurendab ebavõrdsust, olgu siis erinevate võlatasemega riikide, investeerivate või kulutavate inimeste, või ka erinevate põlvkondade vahel." AS-i LHV Group aruanded on saadaval aadressil: https://investor.lhv.ee/aruanded. Uue finantsplaani 2021. aastaks ja viieaastase prognoosiga avalikustab LHV Group 16. veebruaril. Kvartali- ja 12 kuu tulemuste tutvustamiseks korraldab LHV Group veebiseminaride keskkonna Zoom kaudu investorkohtumise. Virtuaalne investorkohtumine toimub enne turu avanemist 9. veebruaril kell 9.00. Esitlus tehakse eesti keeles. Palume registreeruda aadressil https://lhvbank.zoom.us/webinar/register/WN_VfUNGlhaQcSWP2rkh-cThw. LHV Group on suurim kodumaine finantskontsern ja kapitali pakkuja Eestis. LHV Groupi peamised tütarettevõtted on LHV Pank, LHV Varahaldus ja LHV Kindlustus. LHV-s töötab üle 520 inimese. LHV pangateenuseid kasutab ligi 259 000 klienti ja LHV hallatavatel pensionifondidel on üle 180 000 aktiivse kliendi. LHV Ühendkuningriigi filiaal pakub panganduse taristut enam kui 140 rahvusvahelisele finantsteenuste ettevõttele, mille kaudu jõuavad LHV makseteenused klientideni üle terve maailma. 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 2020
Message
In Q4 2020, AS LHV Group earned a consolidated net profit of EUR 18 million: of that, the bank earned a net profit of EUR 13 million, while EUR 1.6 million in net profit was earned from servicing clients related to the United Kingdom branch. The net profit of Varahaldus, supported by the earned performance fee, was EUR 7.1 million. The pre-tax rate of return on equity capital owned by the shareholders of LHV Group was 36.1% in Q4. In addition to productive everyday activities, the Q4 results of the Group were also affected by one-off events: the acquisition of Danske's loan portfolio and the performance fee of pension funds. The net profit of LHV Group in Q4 2020 was EUR 7.3 million higher compared to Q3, and EUR 11.6 million higher, year-on- year. By the end of the quarter, LHV Group's volume of assets increased to EUR 4.97 billion. Within the quarter, the Group's consolidated loan portfolio grew by EUR 353 million to EUR 2.21 billion (+19%; + EUR 52 million in Q3) and deposits increased by EUR 904 million to EUR 4.12 billion (+28%; + EUR 129 million in Q3). At the same time, the deposits related to financial intermediaries increased by EUR 457 million and deposits of regular clients by EUR 464 million; deposits related to the deposit platform continued to be decreased. The volume of funds managed by LHV increased by EUR 41 million in Q4, to EUR 1.54 billion (+3%; + EUR 56 million in Q3). Loan discounts were made in the extent of EUR 2.2 million in Q4. The consolidated net profit of AS LHV Group in 2020 amounted to EUR 39.8 million, which was EUR 12.8 million (+47%) more than in 2019. In 2020, the pre- tax return on the equity owned by LHV Group shareholders was 20.5%, while the return on equity based on net profit was 17.3%. LHV's profit outperformed the financial plan by EUR 7.2 million, largely due to the performance fee of pension funds. Within the year, the bank earned EUR 34.6 million (EUR 5.3 million from servicing clients related to the United Kingdom branch) and Varahaldus earned EUR 8.3 million. The volume of LHV Group's assets grew by EUR 1.94 billion (+64%). The consolidated loan portfolio of LHV Group increased by EUR 522 million year-on- year (+31%) and deposits increased by EUR 1419 million (+53%). The volume of the funds managed by LHV grew by EUR 163 million (+12%) year-on-year. Income statement, EUR thousand Q4-2020 Q4-2019 12 months 2020 12 months 2019 ------------------------------------------------------------------------------- Net interest income 19 893 13 270 68 492 47 388 ------------------------------------------------------------------------------- Net fee and commission income 14 183 6 427 33 351 25 677 ------------------------------------------------------------------------------- Net gains from financial assets 1 316 170 1 584 670 ------------------------------------------------------------------------------- Other income 57 58 120 84 ------------------------------------------------------------------------------- Total revenue 35 449 19 925 103 547 73 818 ------------------------------------------------------------------------------- Staff costs -6 368 -5 236 -23 914 -19 266 ------------------------------------------------------------------------------- Office rent and expenses -239 -277 -798 -959 ------------------------------------------------------------------------------- IT expenses -964 -861 -3 343 -2 771 ------------------------------------------------------------------------------- Marketing expenses -475 -443 -1 822 -2 089 ------------------------------------------------------------------------------- Other operating expenses -3 381 -4 543 -14 098 -14 182 ------------------------------------------------------------------------------- Total operating expenses -11 427 -11 361 -43 975 -39 266 ------------------------------------------------------------------------------- EBIT 24 023 8 564 59 572 34 552 ------------------------------------------------------------------------------- Earnings before impairment losses 24 023 8 564 59 572 34 552 ------------------------------------------------------------------------------- Impairment losses on loans and advances -2 243 -1 546 -10 898 -3 209 ------------------------------------------------------------------------------- Income tax -3 741 -586 -8 827 -4 250 ------------------------------------------------------------------------------- Net profit 18 039 6 432 39 847 27 092 ------------------------------------------------------------------------------- Profit attributable to non- controlling interest 200 713 1 897 2 296 ------------------------------------------------------------------------------- Profit attributable to share holders of the parent 17 840 5 719 37 950 24 797 Balance sheet, EUR thousand Dec 2020 Sept 2020 Dec 2019 ---------------------------------------------------------------------------- Cash and cash equivalents 2 393 537 1 753 730 1 271 153 ---------------------------------------------------------------------------- Financial assets 330 055 430 661 40 962 ---------------------------------------------------------------------------- Loans granted 2 225 681 1 870 335 1 693 138 ---------------------------------------------------------------------------- Loan impairments -16 858 -14 512 -6 104 ---------------------------------------------------------------------------- Receivables from customers 9 388 2 443 3 551 ---------------------------------------------------------------------------- Other assets 29 604 29 216 29 212 ---------------------------------------------------------------------------- Total assets 4 971 407 4 071 872 3 031 912 ---------------------------------------------------------------------------- Demand deposits 3 635 166 2 756 352 2 189 478 ---------------------------------------------------------------------------- Term deposits 484 604 459 132 511 437 ---------------------------------------------------------------------------- Loans received 468 585 471 554 25 647 ---------------------------------------------------------------------------- Loans received and deposits from customers 4 588 355 3 687 038 2 726 562 ---------------------------------------------------------------------------- Other liabilities 27 776 35 252 24 321 ---------------------------------------------------------------------------- Subordinated loans 110 000 125 000 75 000 ---------------------------------------------------------------------------- Total liabilities 4 726 131 3 847 290 2 825 883 ---------------------------------------------------------------------------- Equity 245 276 224 582 206 028 ---------------------------------------------------------------------------- Minority interest 8 483 5 921 5 218 ---------------------------------------------------------------------------- Total liabilities and equity 4 971 407 4 071 872 3 031 912 Despite the ongoing health crisis, LHV Group achieved good results in terms of all indicators in the last quarter of 2020. The Banker magazine recognised LHV with the title of the best bank in Estonia; also, the Estonian Association for Environmental Management recognised LHV's Tallinn office as the best Green Office of the year. During the quarter, LHV gained over 23,000 new bank clients - within the year, the number of LHV Pank clients increased by 28%, i.e., by almost 57,000. The activity of regular clients was also unprecedented. In Q4, the activity of clients was increased due to changes accompanying the pension reform. Among more important events for clients, LHV introduced the Google Pay payment opportunity and a loan product for apartment associations to the market. LHV Pank decided to decrease the service fees for foreign shares, and this amendment to the price list entered into force at the turn of the year, together with introducing the pension investment account to the market. In November, the indirect member service was launched for payment intermediaries. In October, the acquisition of Danske's credit portfolio related to companies and the public sector was finished; as a result, LHV's loan portfolio increased by EUR 254 million and surpassed the EUR 2 billion mark. Both corporate and retail loans grew in Q4. The health crisis did not have a strong effect on the credit portfolio in Q4, and its quality remains good; grace periods are ending as planned - by the end of the year, 1170 clients with a total loan volume of EUR 155 million were still in the grace period. The loan discounts made are mainly model-based; the credit rating of a few loan customers most affected by the crisis has worsened, while the proportion of nonperforming loans remains low. During the quarter, LHV announced the plan to create a separate bank located in the United Kingdom, to distinguish the bank's activities in Estonia and the United Kingdom more than before. Regulatory approval is a prerequisite of this plan. In relation to this, changes in the management of AS LHV Pank and AS LHV Finance have been conducted by today. Erki Kilu took command of the new company LHV UK Limited; he is replaced by Chairman of the Management Board of AS LHV Pank Kadri Kiisel. The new Head of AS LHV Finance is Mari-Liis Stalde. The activity of LHV Varahaldus has been most affected by the strong quarter of stock markets and the pension reform that entered into force on 1 January. The number of active clients of the II pillar grew by 4000 people within the quarter, while the number of III pillar clients multiplied; the growth of volume however remained modest. Pension funds with the strongest rate of return in 2020 were LHV pension funds; the highest rate of return was achieved by clients of LHV Pensionifond Roheline that only started out in March. Whereas the rate of return of funds XL and L exceeded the reference index, Varahaldus earned a performance fee in the amount of EUR 6.2 million for the year. During the quarter, LHV Varahaldus introduced the first green III pillar pension fund in Estonia, LHV Pensionifond Roheline Pluss, to the market. The pension reform that entered into force will negatively affect the volume of funds in 2021, but the volumes will presumably reach the end of 2020 levels by the end of 2023. At the end of December, the Financial Supervision Authority granted AS LHV Kindlustus an activity licence for an insurance provider to engage in non-life insurance activities. In the coming months, LHV Kindlustus will start offering home insurance, and the extended warranty insurance at Euronics stores. During the year, the company will also introduce motor third party liability insurance, comprehensive insurance, travel insurance and accident insurance to the market. Comment by Madis Toomsalu, CEO of LHV Group: "Considering the ongoing health crisis and the accompanying economic downturn, it was a good year for LHV. The ability of clients to adapt to the situation turned out to be most important. We also tried to contribute here, offering as flexible solutions as possible to clients, including grace periods. The majority of agreed grace periods have ended by today. As the second important decision, we continued financing the economy, even in the background of the crisis. Loan portfolios also grew organically, but the largest contribution was made by the acquisition of Danske's corporate and public credit portfolio. To ensures LHV's further growth, at the end of the year, we announced our intention to establish a bank in the United Kingdom to separate our current business activities in Estonia and in the United Kingdom more clearly. Applying for the activity licence may take a couple of years and it requires the permission of local supervisory authorities. As an important topic, we sensed that LHV's responsibility in ensuring the well-being of the environment and society has increased. Whereas in the past, we have placed great emphasis on effects related to overall management and social risks, in recent years, we have also greatly addressed environmental risks. Last year, we adopted LHV's strategy on sustainability and the goals derived from this strategy. In economic terms, the trends that had already emerged earlier, deepened in 2020. National budget deficits increased and central banks showed a willingness to finance such deficits. The view was taken that economic regions with sufficient size and power, a historically sound currency, and central banks ensuring unlimited monetary creation, could not become insolvent. Just as boundaries of zero interest rates were smashed in the past, now the obstacles to monetary expansion have also disappeared. An objective assessment on the quality of these measures can only be made in the years to come. While the issues of fiscal and financial growth can be partially mended with money supply, it is less certain to what extent such mending will increase inequality, whether between countries with different levels of debt, between people investing or spending, or between different generations." AS LHV Group reports are available at: https://investor.lhv.ee/aruanded. LHV will disclose the new financial plan for 2021, with a five-year forecast, on 16 February. In order to introduce the quarterly and 12-month results, LHV Group will be organising an investor meeting via the Zoom webinar environment. The virtual investor meeting will take place on 9 February at 9:00 before the market opens. The presentation will be in Estonian. We kindly ask you to register at the address https://lhvbank.zoom.us/webinar/register/WN_VfUNGlhaQcSWP2rkh-cThw. LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group's key subsidiaries are LHV Pank, LHV Varahaldus, and LHV Kindlustus. LHV employs over 520 people. LHV's banking services are used by 259,000 clients, and pension funds managed by LHV have more than 180,000 active clients. LHV's UK branch offers banking infrastructure to 140 international financial services companies, via which LHV's payment services reach clients around the world. Priit Rum LHV Communication Manager Phone: +372 502 0786 Email: [email protected] (mailto:[email protected])