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Financial Statements and Notes
The individual financial statements of Banco Millennium Atlântico, S.A. here presented relate to the period ended as at 31 December 2019.
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 15 April 2020.
thousands of AOA
| Notes | 31.12.2019 | 31.12.2018 | |
|---|---|---|---|
| Assets | |||
| Cash and deposits at central banks | 4 | 190,988,448 | 159,372,252 |
| Loans and advances to credit institutions repayable on demand | 5 | 24,428,190 | 26,739,729 |
| Financial assets and liabilities at fair value through profit and loss | 6 | 69,425,364 | 26,620,444 |
| Financial assets and liabilities at fair value through other comprehensive income | 7 | 34,178,458 | 198,119,726 |
| Financial assets at amortised cost | |||
| Debt instruments | 8 | 529,302,406 | 274,968,716 |
| Loans and advances to customers | 9 | 442,701,013 | 420,264,577 |
| Loans and advances to credit institutions repayable on demand | 10 | 17,012,282 | 13,312,565 |
| Other tangible assets | 11 | 61,282,073 | 65,709,104 |
| Property and equipment | 12 | 35,981,690 | 32,625,573 |
| Non-current assets held for sale | 13 | 88,628,779 | 65,790,661 |
| Current tax assets | 2,056,239 | 1,014,785 | |
| Deferred tax assets | 14 | 2,288,990 | 2,536,619 |
| Other assets | 15 | 103,205,141 | 71,697,218 |
| Total Assets | 1,601,479,073 | 1,358,771,969 | |
| Liabilities and equity | |||
| Deposits from central banks and other credit institutions | 16 | 176,493,638 | 160,054,580 |
| Deposits from Customers and other deposits | 17 | 1,234,985,588 | 1,042,924,548 |
| Financial liabilities and liabilities at fair value through profit and loss | 6 | 207,095 | 50,510 |
| Provisions | 18 | 8,382,018 | 5,161,101 |
| Current tax liabilities | 14 | - | - |
| Deferred tax liabilities | 14 | 68,602 | 862,012 |
| Other liabilities | 19 | 18,024,543 | 14,679,727 |
| Total Liabilities | 1,438,161,484 | 1,223,732,478 | |
| Share capital | 20 | 53,821,603 | 53,821,603 |
| Share premium | 20 | 34,810,069 | 34,810,069 |
| Treasury stock | 20 | (492,182) | (492,182) |
| Other reserves and retained earnings | 21 | 44,552,606 | 17,327,517 |
| Revaluation reserves | 21 | 160,631 | 2,347,396 |
| Profit/(loss) for the period | 30,464,862 | 27,225,088 | |
| Total equity attributable to the equity holders of the Bank | 163,317,589 | 135,039,491 | |
| Total liabilities and equity | 1,601,479,073 | 1,358,771,969 |
thousands of AOA
| Notes | 31.12.2019 | 31.12.2018 | |
|---|---|---|---|
| Interest and similar income | 22 | 119,613,445 | 118,452,965 |
| Interest and similar expense | 22 | (53,255,332) | (51,223,346) |
| Net interest income | 66,358,113 | 67,229,619 | |
| Fees and commissions income | 23 | 16,813,068 | 21,250,115 |
| Fees and commissions expense | 23 | (1,786,607) | (610,385) |
| Profit/(loss) from fees and commissions | 15,026,461 | 20,639,730 | |
| Net gains/(losses) arising from financial assets and liabilities through profit or loss | 24 | (287,653) | (1,134,897) |
| Net gains/(losses) arising from available for sale financial assets | 25 | 1,053,520 | 2,729,250 |
| Net gains/(losses) arising from foreign exchange differences | 26 | 3,124,635 | 13,456,258 |
| Net gains/(losses) arising from the disposal of other assets | 27 | 25,719,887 | 2,770,784 |
| Net gains/(losses) from financial operations | 29,610,389 | 17,821,395 | |
| Operating income | 110,994,963 | 105,690,744 | |
| Staff costs | 28 | (21,146,974) | (22,481,591) |
| Supplies and services | 29 | (12,855,806) | (16,946,248) |
| Depreciation and amortisation for the period | 11 12 | (6,424,570) | (4,608,577) |
| Provisions net of reversals | 13 15 18 | (2,764,676) | (9,106,581) |
| Impairment for financial assets at amortised cost | 8 9 | (28,870,784) | (24,537,890) |
| Impairment for financial assets through other comprehensive income | 21 | 175,354 | (210,720) |
| Other operating income | 30 | (8,395,016) | (1,492,901) |
| Profit/(loss) before tax from continuing operations | 30,712,491 | 26,306,236 | |
| Income tax | (247,629) | 918,852 | |
| Current | 14 | - | 131,263 |
| Deferred | 14 | (247,629) | 787,589 |
| Profit/(loss) after tax from continuing operations | |||
| Net profit/(loss) | 30,464,862 | 27,225,088 | |
| Weighted average number of ordinary shares issued | 31 | 53,821,603 | 53,821,603 |
| Basic earnings per share (in kwanzas) | 31 | 0.570 | 0.510 |
| Diluted earnings per share (in kwanzas) | 31 | 0.570 | 0.510 |
thousands of AOA
| Notes | 31.12.2019 | 31.12.2018 | |
|---|---|---|---|
| Net profit/(loss) for the period | 30,464,862 | 27,225,088 | |
| Items that may be reclassified into the income statement | |||
| Debt instruments at fair value through other comprehensive income | |||
| Profit/(losses) for the period | 21 | (3,155,529) | 2,352,363 |
| Transfer to profit/(loss) for impairment recognised in the period | 21 | 175,354 | (210,720) |
| Deferred taxes | 21 | 793,410 | (116,139) |
| (2,186,765) | 2,025,504 | ||
| Total comprehensive income for the period | 28,278,097 | 29,250,592 |
thousands of AOA
| Share capital | Share premiums | Treasury stock | 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 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 |
| Application of 2017 profits | ||||||||
| Reserves and retained earnings | - | - | - | - | 4,765,700 | 4,765,700 | (4,765,700) | - |
| Distribution of profits | - | - | - | - | - | - | - | - |
| Dividends for Shareholders | - | - | - | - | - | - | (18,888,476) | (18,888,476) |
| Dividends for treasury stock | - | - | - | - | 174,325 | 174,325 | (174,325) | - |
| Balance on 31 December 2018 | 53,821,603 | 34,810,069 | (492,182) | 2,347,396 | 17,327,517 | 19,674,914 | 27,225,088 | 135,039,491 |
| Fair value changes, net of taxes | - | - | - | (2,186,765) | - | (2,186,765) | - | (2,186,765) |
| Net profit/(losses) for the period | - | - | - | - | - | - | 30,464,862 | 30,464,862 |
| Total comprehensive income for the period | - | - | - | (2,186,765) | - | (2,186,765) | 30,464,862 | 28,278,097 |
| Application of 2018 profits | ||||||||
| Reserves and retained earnings | - | - | - | - | 27,225,088 | 27,225,088 | (27,225,088) | - |
| Balance on 31 December 2019 | 53,821,603 | 34,810,069 | (492,182) | 160,631 | 44,552,606 | 44,713,237 | 30,464,862 | 163,317,589 |
thousands of AOA
| Notes | 31.12.2019 | 31.12.2018 | |
|---|---|---|---|
| Cash flows arising from operating activities | |||
| Interest income received | 114,636,165 | 172,516,228 | |
| Interes expense paid | (49,129,904) | (56,185,755) | |
| Payments to employees and suppliers | (42,135,806) | (38,407,323) | |
| Cash flows before changes in operationg assets and liabilities | 23,370,455 | 77,923,150 | |
| Changes in operating assets and liabilities: | |||
| Financial assets at fair value through profit and loss | (39,805,512) | (8,973,995) | |
| Financial assets at fair value through other comprehensive income | (132,955,504) | (96,163,581) | |
| Financial assets at amortised cost | |||
| Debt securities | 33,065,947 | (55,272,137) | |
| Loans and advances to Customers | (22,910,209) | (89,358,490) | |
| Loans and advances to credit institutions repayable on demand | (3,655,819) | 17,932,364 | |
| Deposits from credit institutions | 19,274,779 | 41,053,783 | |
| Non-current assets held for sale | 1,184,489 | (21,354,788) | |
| Deposits from Customers | 184,271,473 | 246,712,642 | |
| Other operating assets and liabilities | (27,221,525) | (37,432,434) | |
| Net cash flows arising from operating activities, before income taxes | 34,618,574 | 75,066,514 | |
| Taxes on income paid | (585,409) | (1,393,336) | |
| Net cash flows arising from operating activities | 34,033,165 | 73,673,178 | |
| Cash flows arising from investing activities | |||
| Dividends received | - | 73,812 | |
| Acquisition of financial investments | (3,283,932) | (6,866,892) | |
| Net cash flows arising from investing activities | (3,283,932) | (6,793,080) | |
| Cash flows arising from investing activities | |||
| Reimbursement of bonds and subordinated debt | (1,444,576) | - | |
| Dividends from ordinary shares paid | - | (18,888,476) | |
| Net cash flows arising from financing investments | (1,444,576) | (18,888,476) | |
| Net changes in cash and cash equivalents | 29,304,657 | 47,991,622 | |
| Cash and cash equivalents at the beginning of the period | 186,111,981 | 138,120,359 | |
| Net changes in cash and cash equivalents | 29,304,657 | 47,991,622 | |
| Cash and cash equivalents at the end of the period | 215,416,638 | 186,111,981 | |
| Cash and cash equivalents includes: | |||
| Cash | 4 | 16,117,014 | 11,206,639 |
| Loans and advances to central banks | 4 | 174,871,434 | 148,165,613 |
| Loans and advances to credit institutions | 5 | 24,428,190 | 26,739,729 |
| Total | 215,416,638 | 186,111,981 |