6.0
Financial Statements and Notes
The individual financial statements of Banco Millennium Atlântico, S.A. presented relate to the period ended as at 31 December 2018.
In accordance with the provisions of Notice No. 6/2016 of 22 June, from Angola Central Bank, the financial statements of Banco Millennium Atlântico, S.A., (Bank or ATLANTICO) are prepared in accordance with the International Financial Reporting Standards (“IFRS”).
The Bank’s financial statements for the period ended on 31 December 2018 were approved by the Board of Directors on 10 April 2019.
thousands of AOA
Notes | 2018 | 2017 (*) | |
---|---|---|---|
Assets | |||
Cash and deposits at central banks | 4 | 159,372,252 | 133,610,160 |
Loans and advances to credit institutions repayable on demand | 5 | 26,739,729 | 4,510,199 |
Financial assets at fair value through profit and loss | 6 | 26,620,444 | 3,716,472 |
Financial assets at fair value through other comprehensive income | 7 | 198,119,726 | - |
Financial assets available for sale | 7 | - | 98,155,111 |
Financial assets at amortised cost | |||
Debt instruments | 8 | 274,968,716 | - |
Loans and advances to customers | 9 | 420,264,577 | 395,712,862 |
Loans and advances to credit institutions | 10 | 13,312,565 | 31,234,743 |
Held-to-maturity investments | 8 | - | 219,034,443 |
Other tangible assets | 11 | 65,709,104 | 62,746,419 |
Intangible assets | 12 | 32,625,573 | 30,204,743 |
Non-current assets held for sale | 13 | 65,790,661 | 43,544,500 |
Current tax assets | 1,014,785 | 1,584,392 | |
Deferred tax assets | 14 | 2,536,619 | 157,246 |
Other assets | 15 | 71,697,218 | 45,450,053 |
Total assets | 1,358,771,969 | 1,069,661,343 | |
Liabilities and equity | |||
Resources from central banks and other credit institutions | 16 | 160,054,580 | 117,181,364 |
Resources from clients and other loans | 17 | 1,042,924,548 | 801,365,710 |
Financial liabilities at fair value through profit and loss | 6 | 50,510 | - |
Provisions | 18 | 5,161,101 | 2,454,201 |
Current tax liabilities | 14 | - | 2,178,122 |
Deferred tax liabilities | 14 | 862,012 | 746,113 |
Other liabilities | 19 | 14,679,727 | 17,196,793 |
Total liabilities | 1,223,732,478 | 941,122,303 | |
Share capital | 20 | 53,821,603 | 53,821,603 |
Share premium | 20 | 34,810,069 | 34,810,069 |
Own shares | 20 | (492,182) | (492,182) |
Other reserves and retained earnings | 21 | 17,327,517 | 14,829,558 |
Revaluation reserves | 21 | 2,347,396 | 1,741,492 |
Net income | 27,225,088 | 23,828,500 | |
Total equity attributable to Bank's shareholders | 135,039,491 | 128,539,040 | |
Total liabilities and equity | 1,358,771,969 | 1,069,661,343 |
thousands of AOA
Notes | 2018 | 2017 | |
---|---|---|---|
Interest and similar income | 22 | 118,452,965 | 93,261,325 |
Interest and similar expense | 22 | (51,223,346) | (25,915,585) |
Net interest income | 67,229,619 | 67,345,740 | |
Gains from fees and commissions income | 23 | 21,250,115 | 13,947,733 |
Losses from fees and commissions income | 23 | (610,385) | (288,880) |
Net gains / (losses) from fees and comissions income | 20,639,730 | 13,658,853 | |
Net gains / (losses) from other financial assets and liabilities at fair value through profit and loss | 24 | (1,134,897) | 410,851 |
Net gains from financial operations | 25 | 2,729,250 | 527,659 |
Net gains / (losses) from foreign exchange | 26 | 13,456,258 | 3,597,421 |
Net gains / (losses) from financial operations | 15,050,611 | 4,535,931 | |
Total operating income | 102,919,960 | 85,540,524 | |
Staff costs | 27 | (22,481,591) | (19,802,642) |
General and administrative costs | 28 | (16,946,248) | (15,380,777) |
Amortizations and depreciations | 11 12 | (4,608,577) | (4,358,686) |
Profit / (loss) from the sale of other assets | 29 | 2,770,784 | - |
Provisions net of reversals | 13 15 18 | (9,106,581) | (1,436,630) |
Impairment for loans and advances to customers net of reversals and recoveries | 8 9 | (24,537,890) | (17,005,808) |
Impairment for financial assets through other comprehensive income | 21 | (210,720) | - |
Other operating income | 30 | (1,492,901) | (1,710,925) |
Profit / (loss) before tax from continuing operations | 26,306,236 | 25,845,056 | |
Income tax | 918,852 | (2,016,556) | |
Current | 14 | 131,263 | (1,916,955) |
Deferred | 14 | 787,589 | (99,601) |
Profit / (loss) after tax from continuing operations | |||
Net profit / (loss) | 27,225,088 | 23,828,500 | |
Weighted average number of ordinary shares issued | 53,821,603 | 53,821,603 | |
Basic earnings per share (in kwanzas) | 31 | 0.510 | 0.450 |
Diluted earnings per share (in kwanzas) | 31 | 0.510 | 0.440 |
thousands of AOA
Notes | 2018 | 2017 | |
---|---|---|---|
Net profit / (loss) for the period | 27,225,088 | 23,828,500 | |
Items that may be reclassified into the income statement | |||
Debt instruments at fair value through other comprehensive income | |||
Profit / (losses) for the period | 21 | 2,352,363 | 1,660,450 |
Transfer to profit / (loss) for impairment recognised in the period | 21 | (210,720) | - |
Deferred taxes | 21 | (116,139) | (499,977) |
2,025,504 | 1,160,473 | ||
Total comprehensive income for the period | 29,250,592 | 24,988,973 |
thousands of AOA
Share capital | Share premiums | Own shares | Reserves and retained earnings | Net profit/(losses) for the period | Total equity | |||
---|---|---|---|---|---|---|---|---|
Fair values reserves | Other reseves and retained earnings | Total | ||||||
Balance on 31 December 2016 | 53,821,603 | 34,810,069 | (492,182) | 581,019 | 9,738,854 | 10,319,873 | 17,038,342 | 115,497,705 |
Fair value changes, net of taxes | - | - | - | 1,160,473 | - | 1,160,473 | - | 1,160,473 |
Net profit / (losses) for the period | - | - | - | - | - | - | 23,828,500 | 23,828,500 |
Total comprehensive income for the period | - | - | - | 1,160,473 | - | 1,160,473 | 23,828,500 | 24,988,973 |
Results application | ||||||||
Reserves and retained earnings | - | - | - | - | 4,980,667 | 4,980,667 | (4,980,667) | - |
Dividends | - | - | - | - | - | - | - | - |
Dividends for shareholders | - | - | - | - | - | - | (11,947,638) | (11,947,638) |
Dividends for own shares | - | - | - | - | 110,037 | 110,037 | (110,037) | - |
Balance on 31 December 2017 | 53,821,603 | 34,810,069 | (492,182) | 1,741,492 | 14,829,558 | 16,571,050 | 23,828,500 | 128,539,040 |
Transition adjustments to IFRS 9 | - | - | - | (1,419,600) | (2,442,065) | (3,861,665) | - | (3,861,665) |
Balance on 1 January 2018 | 53,821,603 | 34,810,069 | (492,182) | 321,892 | 12,387,493 | 12,709,385 | 23,828,500 | 124,677,375 |
Fair value changes, net of taxes | - | - | - | 2,025,504 | - | 2,025,504 | - | 2,025,504 |
Net profit / (losses) for the period | - | - | - | - | - | - | 27,225,088 | 27,225,088 |
Total comprehensive income for the period | - | - | - | 2,025,504 | - | 2,025,504 | 27,225,088 | 29,250,592 |
Results application | ||||||||
Reserves and retained earnings | - | - | - | - | 4,765,700 | 4,765,700 | (4,765,700) | - |
Dividends | - | - | - | - | - | - | - | - |
Dividends for shareholders | - | - | - | - | - | - | (18,888,476) | (18,888,476) |
Dividends for own shares | - | - | - | - | 174,324 | 174,324 | (174,324) | - |
Balance on 31 December 2018 | 53,821,603 | 34,810,069 | (492,182) | 2,347,396 | 17,327,517 | 19,674,913 | 27,225,088 | 135,039,491 |
thousands of AOA
Notes | 2018 | 2017 | |
---|---|---|---|
Cash flows arising from operating activities | |||
Interest income received | 172,516,228 | 105,514,486 | |
Interes expense paid | (56,185,755) | (23,535,505) | |
Payments to employees and suppliers | (38,407,323) | (38,572,393) | |
Cash flows befores changes in operationg assets and liabilities | 77,923,150 | 43,406,588 | |
Changes in operating assets and liabilities: | |||
Financial assets at fair value through profit and loss | (8,973,995) | 6,322,185 | |
Financial assets at fair value through other comprehensive income | (96,163,581) | - | |
Financial assets available for sale | - | 17,103,349 | |
Financial assets at amortised cost | |||
Debt securities | (55,272,137) | - | |
Loans and advances to customers | (89,358,490) | (68,998,814) | |
Loans and advances to credit institutions repayable on demand | 17,932,364 | (14,530,557) | |
Held-to-maturity investments | - | (8,965,884) | |
Deposits from credit institutions | 41,053,783 | 56,534,366 | |
Non-current assets held for sale | (21,354,788) | (41,693,208) | |
Deposits from customers | 246,712,642 | 57,395,933 | |
Other operating assets and liabilities | (37,432,434) | 40,273,625 | |
Net cash flows arising from operating activities, before income taxes | 75,066,514 | 86,847,583 | |
Taxes on income paid | (1,393,336) | (621,347) | |
Net cash flows arising from operating activities | 73,673,178 | 86,226,236 | |
Cash flows arising from investing activities | |||
Dividends received | 73,812 | - | |
Acquisition of financial investments | (6,866,892) | (9,470,221) | |
Net cash flows arising from investing activities | (6,793,080) | (9,470,221) | |
Cash flows arising from investing activities | |||
Reimbursement of bonds and subordinated debt | - | (4,149,083) | |
Dividends from ordinary shares paid | (18,888,476) | (15,390,888) | |
Net cash flows arising from financing investments | (18,888,476) | (19,539,971) | |
Net changes in cash and cash equivalents | 47,991,622 | 57,216,044 | |
Cash and cash equivalents at the beginning of the period | 138,120,359 | 80,904,315 | |
Net changes in cash and cash equivalents | 47,991,622 | 57,216,044 | |
Cash and cash equivalents at the end of the period | 186,111,981 | 138,120,359 | |
Cash and cash equivalents includes: | |||
Cash | 4 | 11,206,639 | 11,654,182 |
Loans and advances to central banks | 4 | 148,165,613 | 121,955,978 |
Loans and advances to credit institutions | 5 | 26,739,729 | 4,510,199 |
Total | 186,111,981 | 138,120,359 |