Börsiteade
AS LHV Group
LEI kood
529900JG015JC10LED24
Emitendi suuruskategooria
Suur kontsern
Majandustegevusalad
Finants- ja kindlustustegevus
Sektor(id)
Krediidiasutus
Emitendi registreeritud asukoht
Eesti
Üldandmed
Kategooriad
Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Teate ID
7081
Manused
Esitamise kuupäev ja aeg
29.01.2019 08:00:00
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Pealkiri
LHV Groupi 2018. aasta IV kvartali ja 12 kuu auditeerimata majandustulemused
Teade
2018. aasta viimase kvartaliga teenis AS LHV Group konsolideeritult 6,7 miljonit eurot puhaskasumit: panga puhaskasum oli 5,3 miljonit eurot ning varahalduse kasum oli 1,9 miljonit eurot. LHV Groupi aktsionäridele kuuluva omakapitali tulumaksueelne tootlus oli neljandas kvartalis 17,5%. LHV Groupi konsolideeritud puhaskasum oli 2018. aasta IV kvartalis 0,6 miljoni euro võrra suurem kui III kvartalis ja 0,1 miljonit eurot väiksem kui aasta tagasi. Laenude allahindluseid tehti IV kvartalis 0,5 miljonit eurot ning avansilist tulumaksu tasuti 0,5 miljonit eurot. Grupi konsolideeritud laenuportfell kasvas neljandas kvartalis 107 miljoni euro võrra (+13%; +35 miljonit eurot III kvartalis) 919 miljoni euroni. Konsolideeritud hoiused kahanesid 215 miljonit eurot (-13%; +95 miljonit eurot III kvartalis) 1422 miljoni euroni. Seejuures kahanesid maksevahendajatega seotud hoiused kvartaliga 318 miljoni euro võrra. Ülejäänud klientide hoiused kasvasid aga jõudsalt 114 miljonit eurot. LHV poolt juhitud fondide maht kasvas kvartaliga 11 miljoni euro võrra (+1%; +37 miljonit eurot III kvartalis), ulatudes 1214 miljoni euroni. AS-i LHV Group 2018. aasta konsolideeritud puhaskasum oli 27,2 miljonit eurot ehk 5,0 miljonit eurot rohkem kui 2017. aastal (+23%). Pank teenis kasumit 18,4 miljonit eurot, varahaldus 6,8 miljonit eurot ja Leedu äriüksuse müük kasvatas kasumit 3 miljoni euro võrra. LHV aktsionäridele kuuluva omakapitali tulumaksueelne tootlus 2018. aastal oli 20,9% ja puhaskasumil põhineva omakapitali tootlus 18,4%. LHV Groupi laenuportfell kasvas aastaga 187 miljoni euro võrra (+26%) ja hoiused vähenesid 115 miljoni euro võrra (-7%). LHV juhitud fondide maht kasvas aastaga 112 miljoni euro võrra (+10%). LHV Groupi juhataja Madis Toomsalu sõnul jäi LHV-l selja taha tugev kvartal: "Kogu möödunud aasta jooksul kasvas meie äri jõuliselt. LHV Panga klientide arv suurenes viimases kvartalis 7500 võrra ning aasta peale tuli juurde ligi 28 000 klienti. Eriti hea meel on meil tugeva laenukasvu üle, mis paisutas meie laenuportfelli aasta algusega võrreldes enam kui veerandi võrra. Jõudsime rekordini erinevate aktiivsusnäitajate poolest: rohkem kui kunagi varem on meil kliente, kelle palk laekub LHV panka, kes hoiavad siin varasid; varasemast rohkem tehakse makseid, kasutatakse meie pangakaarte, on sõlmitud investeerimislepinguid. Pangateenuste aktiivsem kasutamine väljendub hästi ka tavaklientide hoiuste kiires kasvus - aastaga kasvasid need 310 miljonit eurot. Kvartali ühe olulisema sündmusena kinnitas Moody's LHV Pangale investeerimisjärgu krediidireitingu tasemel Baa1 stabiilse väljavaatega. Reiting tagab väljaspool Eestit asuvatele garantiisaajatele LHV Panga garantiide aktsepteeritavuse. Lisaks hõlbustab see korrespondentsuhete loomist. Laenudest kasvasid enim ettevõtete laenud. Kuigi lõppenud aasta tulemusi on mõjutanud ühe kliendiga seotud laenude allahindlused, ei iseloomusta see kuidagi ärikeskkonda ega meie laenuportfelli, mis püsib tugevana. Detsembris sõlmisime lepingu Versobanki laenuportfelli ostmiseks. Laenuportfellist tulenevad nõuded Eesti ettevõtetest klientide vastu on summas ligikaudu 17 miljonit eurot ja Eesti residentidest eraklientide vastu summas ligikaudu 3 miljonit eurot. 2018. aasta lõpuks ületas LHV Varahalduse poolt juhitud investeerimisfondide koondmaht 1,2 miljardi euro piiri. LHV pensionifondide investeerimisstrateegia on olnud konkurentidest selgelt erinev ning meie aktiivselt juhitud pensionifondidel õnnestus turgudel keerulisel 2018. aastal vara säilitada, nii et LHV pensionifondide tootlused kuulusid järjekordselt turu parimate sekka. II samba aktiivsete klientide arv kasvas kvartaliga ligi 600 kliendi võrra 178 tuhandeni. 2019. aastal mõjutab varahalduse tegevust detsembris muudetud Investeerimisfondide seadus, millega vähendatatakse märkimisväärselt fondide fikseeritud tasusid ja luuakse edukustasu võimalus. Oluliselt vähenevad investeerimispiirangud, mis lubab fondidel investeerida eeldatava kõrgema tootlusega börsivälistesse ettevõtesse. Muudatused rakenduvad 2019. aasta septembris. Novembris viisime läbi LHV Groupi allutatud võlakirjade emissiooni mahuga 20 miljonit eurot. Huvi oli suur, kokku märgiti LHV allutatud võlakirju ligi 1700 investori poolt üle 51 miljoni euro. Võlakirjad on osa meie 45 miljoni euro suurusest võlakirjaprogrammist, millega tagame LHV kasvueesmärkide täitmist. LHV tugevale kvartalile aitas kaasa see, et on püsinud hea majanduskeskkond. Pikaajalises vaates teeb meile suurimat muret erinev arengukiirus Euroopa erinevates regioonides ning stagnatsiooni tekitav ülereguleerimine. Järgmisele paarile aastale mõeldes on peamiseks stsenaariumiks siiski euroala majanduse kasvamine paari protsendi võrra aastas. LHV kasvutrende on toetamas ka Eesti majanduskeskkond. Majanduskasv on olnud hea, siseriiklikke riske maandavad tasakaalus eelarve, avaliku sektori madal võlatase ning positiivne välistasakaal. Ootame majanduskasvu aeglast kasvamist, samas on muutunud ümberkaudsete majanduste prognoosimine järjest keerulisemaks. Siseriiklike riskidena tuleb arvestada pingelise olukorraga tööjõuturul, ebastabiilse maksukeskkonnaga ning kasvavate riskidega ehitus- ja kaubandussektoris. Krediiditurg on püsinud siiski tugevana. Kodumajapidamiste finantstervis on pigem tugev, hoiuste ja laenude suhe paranemas. Tähtajaks tasumata laenude osatähtsus on turul langenud alla 1%, olles suures osas allahindlustega kaetud." Kasumiaruanne, EURt IV kv 2018 III kv 2018 12 kuud 2018 12 kuud 2017 ------------------------------------------------------------------------------- Neto intressitulu 10 289 9 454 38 151 30 361 ------------------------------------------------------------------------------- Neto teenustasutulu 6 094 6 147 25 045 20 989 ------------------------------------------------------------------------------- Neto finantstulud 104 90 443 979 ------------------------------------------------------------------------------- Muud tegevustulud 108 770 862 -146 ------------------------------------------------------------------------------- Tulud kokku 16 595 16 461 64 501 52 183 ------------------------------------------------------------------------------- Personalikulu -4 293 -3 779 -15 756 -12 991 ------------------------------------------------------------------------------- Kontorikulud -536 -429 -1 830 -1 483 ------------------------------------------------------------------------------- IT kulud -735 -565 -2 322 -1 743 ------------------------------------------------------------------------------- Turunduskulud -599 -522 -2 023 -3 656 ------------------------------------------------------------------------------- Muud tegevuskulud -2 621 -2 636 -10 212 -7 525 ------------------------------------------------------------------------------- Kulud kokku -8 783 -7 931 -32 143 -27 398 ------------------------------------------------------------------------------- Ärikasum 7 811 8 530 32 358 24 785 ------------------------------------------------------------------------------- Kasum enne allahindlusi 7 811 8 530 32 358 24 785 ------------------------------------------------------------------------------- Laenude allahindlus -543 -1 859 -4 879 -3 584 ------------------------------------------------------------------------------- Tulumaksukulu -544 -501 -3 614 -951 ------------------------------------------------------------------------------- Aruandeperioodi puhaskasum jätkuvatelt tegevustelt 6 725 6 170 23 865 20 250 ------------------------------------------------------------------------------- Kasum/-kahjum lõpetatud tegevustelt 0 0 3 324 1 927 ------------------------------------------------------------------------------- Puhaskasum 6 725 6 170 27 189 22 177 ------------------------------------------------------------------------------- Vähemusosaluse osa 676 455 1 953 2 574 ------------------------------------------------------------------------------- Emaettevõtte aktsionäride osa kasumist 6 049 5 715 25 236 19 603 ------------------------------------------------------------------------------- Bilanss, EURt dets.18 sept.18 dets.17 --------------------------------------------------------------------- Raha ja raha ekvivalendid 682 658 965 494 961 212 --------------------------------------------------------------------- Finantsvarad 47 153 48 829 56 634 --------------------------------------------------------------------- Laenud klientidele 929 037 822 696 740 169 --------------------------------------------------------------------- Laenude allahindlus -10 276 -10 745 -8 125 --------------------------------------------------------------------- Nõuded klientide vastu 3 721 7 372 9 802 --------------------------------------------------------------------- Muud varad 24 807 23 776 13 165 --------------------------------------------------------------------- Varad kokku 1 677 100 1 857 421 1 772 856 --------------------------------------------------------------------- Nõudmiseni hoiused 1 304 265 1 513 113 1 409 662 --------------------------------------------------------------------- Tähtajalised hoiused 117 933 124 476 127 267 --------------------------------------------------------------------- Saadud laenud 21 584 12 289 6 000 --------------------------------------------------------------------- Võlgnevused klientidele 1 443 782 1 649 877 1 542 929 --------------------------------------------------------------------- Muud kohustused 24 655 26 024 71 073 --------------------------------------------------------------------- Allutatud laenud 50 900 30 900 30 900 --------------------------------------------------------------------- Kohustused kokku 1 519 337 1 314 279 1 644 902 --------------------------------------------------------------------- Omakapital 157 763 150 620 127 955 --------------------------------------------------------------------- sh vähemusosaluse osa 4 123 3 447 7 894 --------------------------------------------------------------------- Kohustused ja omakapital kokku 1 677 100 1 435 184 1 772 856 --------------------------------------------------------------------- AS-i LHV Group aruanded on saadaval aadressil: https://investor.lhv.ee/et/aruanded (https://www.globenewswire.com/Tracker?data=380gxBXGOzPeJeZvZAw- a5dUD47LCOJP8FsayFWzBa1_fkfAxWLgB5JYnxdluwFZEupeXGsVw28eVIi7w2nIP2m- LX89IgquF7C3EDl1XkkqPGYRq6siRMhESnV-SBpm). LHV korraldab kvartali tulemuste tutvustamiseks investorkohtumise, mis leiab aset 29. jaanuaril algusega kell 18.00 LHV Tallinna kliendikontoris (Tartu mnt 2, I korrus). Osalemiseks palume registreeruda aadressil https://fp.lhv.ee/academy/533. 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 rohkem kui 390 inimest ja LHV pangateenuseid kasutab üle 161 000 kliendi. LHV hallatavatel pensionifondidel on 178 000 aktiivset klienti. Priit Rum LHV kommunikatsioonijuht Telefon: 502 0786 E-post: [email protected] (mailto:[email protected]) Manused * LHV Group 2018-Q4 Investoresitlus EST (https://ml- eu.globenewswire.com/Resource/Download/61005063-499b-4f95-9bdf-36a19aeb7a57) * LHV Group vahearuanne 2018-Q4 (https://ml- eu.globenewswire.com/Resource/Download/9dde78d5-30ca-4ad8-b84f-ceb2b6d9b3bf) * Faktiraamat EST 2018-Q4 (https://ml- eu.globenewswire.com/Resource/Download/ef2b013b-d0bd-49ca-9d68-37380938b8af)
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LHV Group unaudited results for Q4 and 12 months of 2018
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In the last quarter of 2018, AS LHV Group earnt a consolidated net profit of EUR 6.7 million: the bank's net profit was EUR 5.3 million and profit from asset management EUR 1.9 million. Pre-tax return on equity, owned by the shareholders of LHV Group was 17.5% in Q4. The consolidated net profit of LHV Group in Q4 2018 was EUR 0.6 million higher compared to Q3 and EUR 0.1 million lower compared to year on year. Impairment of loans in Q4 amounted to EUR 0.5 million and advance corporation tax was paid in the amount of EUR 0.5 million. In Q4, the Group's consolidated loan portfolio increased by EUR 107 million (+13%; +35 million in Q3), to EUR 919 million. Consolidated deposits decreased by EUR 215 million (-13%; +95 million in Q3), to EUR 1,422 million. At the same time, the deposits related to payment intermediaries decreased by EUR 318 million over the quarter. The deposits of the rest of the clients, however, showed a strong growth of EUR 114 million. The volume of funds managed by LHV increased by EUR 11 million during the quarter (+1%; +37 million in Q3), to EUR 1,214 million. The consolidated net profit of AS LHV Group in 2018 was EUR 27.2 million, i.e. EUR 5.0 million more than in 2017 (+23%). The bank earnt a profit of EUR 18.4 million, asset management EUR 6.8 million and the sale of the Lithuanian business unit increased the profit by EUR 3 million. Pre-tax return on equity, owned by the shareholders of LHV Group was 20.9% and the return on equity based on net profit 18.4% in 2018. The loan portfolio of LHV Group increased by EUR 187 million year on year (+26%) and deposits decreased by EUR 115 million (-7%). The volume of funds managed by LHV grew by EUR 112 million (+10%) year on year. According to Madis Toomsalu, CEO of LHV Group, LHV had a strong quarter: "Our business demonstrated strong growth throughout the last year. The number of LHV bank customers increased by 7,500 in the last quarter totalling 28,000 new customers for the entire year. We are especially pleased about the loan growth that expanded our loan portfolio by more than a quarter compared to the beginning of the year. We reached a record level by activity indicators: we have more customers than ever before whose salary is received in LHV bank, who keep their assets here; more payments are made than before, more LHV bankcards are used, more investment contracts have been concluded. Increased use of banking services is also well reflected in the fast growth of retail deposits - year on year growth was EUR 310 million. As one of the most important events of the quarter, Moody's assigned AS LHV Pank an investment-grade rating on the level of Baa1 with a stable outlook. The rating ensures the acceptance of LHV bank guarantees by beneficiaries outside Estonia. Furthermore, it facilitates the establishment of correspondent relationships. Among the loans, loans to businesses grew the most. Although, the results of the last year were affected by the impairment of loans related to one customer, it does not characterise the business environment or our loan portfolio in any way, which remains strong. In December, we signed a contract for purchasing the Versobank loan portfolio. The total sum of claims arising from the loan portfolio against Estonian corporate customers is nearly EUR 17 million and against Estonian private residents nearly EUR 3 million. By the end of 2018, the total volume of investment funds managed by LHV Varahaldus exceeded the threshold of EUR 1.2 billion. The investment strategy of LHV pension funds is clearly distinguished from competitors and our actively managed pension funds were able to preserve the assets in 2018, which was a complicated year on the markets, in a way that the rates of return of LHV pension funds were once again among the best. The number of active II pillar customers grew by nearly 600, to 178 thousand over the quarter. In 2019, the asset management activity will be influenced by the Investment Funds Act, amended in December, which notably reduces the fixed fees of the funds and creates a possibility for a success fee. There is a significant decrease in investment restrictions, allowing the funds to invest in OTC companies with a higher expected rate of return. The amendments will be introduced from September 2019. In November, we conducted a subordinated bond issue of LHV Group with an issue size of EUR 20 million. Interest was strong and altogether, nearly 1,700 investors subscribed to LHV's subordinated bonds in an amount exceeding EUR 51 million. The bonds form a part of our EUR 45 million bond programme, which will ensure the achievement of our growth targets. Also. the sustained healthy economic environment has contributed to the strong quarter of LHV. In terms of long-term outlook, our biggest concern is the variance of development speed in different European regions and overregulation causing stagnation. Thinking about the next few years, the main scenario is still the continued growth of the economy in the eurozone by a couple percent per year. LHV's growth trends are also supported by the Estonian business environment. Economic growth has been solid and the internal policy risks are managed by a balanced budget, low public sector debt and positive foreign balance. We are expecting slow economic growth, while forecasting the surrounding economies is becoming increasingly complicated. As national risks, we should consider the tense situation on the labour market, unstable tax environment and increasing risks in the building and trade sectors. The credit market has still remained solid. The financial health of households is rather on the strong side, the loan-to-deposit ratio is improving. The share of overdue loans on the market has fallen below 1%, being largely covered with allowances." Income statement, EUR t Q4-2018 Q3-2018 12 months 2018 12 months 2017 ------------------------------------------------------------------------------- Net interest income 10 289 9 454 38 151 30 361 ------------------------------------------------------------------------------- Net fee and commission income 6 094 6 147 25 045 20 989 ------------------------------------------------------------------------------- Net gains from financial assets 104 90 443 979 ------------------------------------------------------------------------------- Other income 108 770 862 -146 ------------------------------------------------------------------------------- Total revenue 16 595 16 461 64 501 52 183 ------------------------------------------------------------------------------- Staff costs -4 293 -3 779 -15 756 -12 991 ------------------------------------------------------------------------------- Office rent and expenses -536 -429 -1 830 -1 483 ------------------------------------------------------------------------------- IT expenses -735 -565 -2 322 -1 743 ------------------------------------------------------------------------------- Marketing expenses -599 -522 -2 023 -3 656 ------------------------------------------------------------------------------- Other operating expenses -2 621 -2 636 -10 212 -7 525 ------------------------------------------------------------------------------- Total operating expenses -8 783 -7 931 -32 143 -27 398 ------------------------------------------------------------------------------- EBIT 7 811 8 530 32 358 24 785 ------------------------------------------------------------------------------- Earnings before impairment losses 7 811 8 530 32 358 24 785 ------------------------------------------------------------------------------- Impairment losses on loans and advances -543 -1 859 -4 879 -3 584 ------------------------------------------------------------------------------- Income tax -544 -501 -3 614 -951 ------------------------------------------------------------------------------- Net profit for the reporting period from continued operations 6 725 6 170 23 865 20 250 ------------------------------------------------------------------------------- Profit/-loss from discontinued operations 0 0 3 324 1 927 ------------------------------------------------------------------------------- Net profit 6 725 6 170 27 189 22 177 ------------------------------------------------------------------------------- Profit attributable to non- controlling interest 676 455 1 953 2 574 ------------------------------------------------------------------------------- Profit attributable to share holders of the parent 6 049 5 715 25 236 19 603 ------------------------------------------------------------------------------- Balance sheet, EURt Dec 2018 Sept 2018 Dec 2017 ---------------------------------------------------------------------------- Cash and cash equivalents 682 658 965 494 961 212 ---------------------------------------------------------------------------- Financial assets 47 153 48 829 56 634 ---------------------------------------------------------------------------- Loans granted 929 037 822 696 740 169 ---------------------------------------------------------------------------- Loan impairments -10 276 -10 745 -8 125 ---------------------------------------------------------------------------- Receivables from customers 3 721 7 372 9 802 ---------------------------------------------------------------------------- Other assets 24 807 23 776 13 165 ---------------------------------------------------------------------------- Total assets 1 677 100 1 857 421 1 772 856 ---------------------------------------------------------------------------- Demand deposits 1 304 265 1 513 113 1 409 662 ---------------------------------------------------------------------------- Term deposits 117 933 124 476 127 267 ---------------------------------------------------------------------------- Loans received 21 584 12 289 6 000 ---------------------------------------------------------------------------- Loans received and deposits from customers 1 443 782 1 649 877 1 542 929 ---------------------------------------------------------------------------- Other liabilities 24 655 26 024 71 073 ---------------------------------------------------------------------------- Subordinated loans 50 900 30 900 30 900 ---------------------------------------------------------------------------- Total liabilities 1 519 337 1 314 279 1 644 902 ---------------------------------------------------------------------------- Equity 157 763 150 620 127 955 ---------------------------------------------------------------------------- Minority interest 4 123 3 447 7 894 ---------------------------------------------------------------------------- Total liabilities and equity 1 677 100 1 435 184 1 772 856 ---------------------------------------------------------------------------- AS LHV Group reports are available at https://investor.lhv.ee/en/reports/. LHV organises an investor meeting for introducing the quarterly results, to be held on 29 January at 18.00 in LHV Tallinn office (Tartu mnt 2, I floor). The presentation will be made in Estonian. To participate, please register at https://fp.lhv.ee/academy/533. A real-time video broadcast is made of the investor meeting 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 390 people, and more than 161,000 customers use LHV's banking services. Pension funds managed by LHV have 178,000 active clients. Priit Rum Communication Manager Phone: +372 502 0786 Email: [email protected] (mailto:[email protected]) Attachments * Factbook ENG 2018-Q4 (https://ml- eu.globenewswire.com/Resource/Download/09682cb5-468f-4206-94c0-d3928d303f76) * LHV Group Interim Report 2018-Q4 (https://ml- eu.globenewswire.com/Resource/Download/a8ee613e-9c93-4c59-adb8-d9ceb8fde7f1) * LHV Group 2018-Q4 Investor presentation EN (https://ml- eu.globenewswire.com/Resource/Download/28470f79-2885-4f3a-b621-1701ed0cb324)