06
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 2020.
In accordance with the provisions of Notice No. 5/2019 of 30 August, from Banco Nacional de Angola, the individual financial statements of Banco Millennium Atlântico, S.A., (Bank or ATLANTICO) are prepared on a going concern basis and in accordance with the International Financial Reporting Standards (IAS/IFRS).
The Bank’s financial statements for the period ended 31 December 2020 were approved by the Board of Directors on 27 April 2021.
Thousands of AOA
| Notes | 31.12.2019 | 31.12.2020 | |
|---|---|---|---|
| Assets | |||
| Cash and deposits at central banks | 4 | 190,988,448 | 222,111,313 |
| Loans and advances to credit institutions repayable on demand | 5 | 24,428,190 | 110,381,892 |
| Financial assets and liabilities at fair value through profit and loss | 6 | 69,425,364 | 216,926,542 |
| Financial assets and liabilities at fair value through other comprehensive income | 7 | 34,178,458 | 5,760,534 |
| Financial assets at amortised cost | |||
| Debt instruments | 8 | 529,302,406 | 410,080,698 |
| Loans and advances to customers | 9 | 442,701,013 | 454,270,709 |
| Loans and advances to central banks and other credit institutions repayable on demand | 10 | 17,012,282 | 83,591,141 |
| Property, plant and equipment | 11 | 61,282,073 | 68,688,180 |
| Intangible assets | 12 | 35,981,690 | 39,040,538 |
| Non-current assets held for sale | 13 | 88,628,779 | 7,279,640 |
| Current tax assets | 14 | 2,056,239 | 2,418,635 |
| Deferred tax assets | 14 | 2,288,990 | 3,440,174 |
| Other assets | 15 | 103,205,141 | 126,000,008 |
| Total Assets | 1,601,479,073 | 1,749,990,004 | |
| Liabilities and equity | |||
| Deposits from central banks and other credit institutions | 16 | 176,493,638 | 14,098,064 |
| Deposits from Customers and other deposits | 17 | 1,234,985,588 | 1,523,970,797 |
| Financial liabilities and liabilities at fair value through profit and loss | 6 | 207,095 | 3,978,187 |
| Provisions | 18 | 8,382,018 | 3,932,532 |
| Deferred tax liabilities | 14 | 68,602 | 111,483 |
| Other liabilities | 19 | 18,024,543 | 24,942,140 |
| Total Liabilities | 1,438,161,484 | 1,571,033,203 | |
| 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 | 75,017,467 |
| Revaluation reserves | 21 | 160,631 | 207,486 |
| Profit/(loss) for the period | 30,464,862 | 15,592,358 | |
| Total equity | 163,317,589 | 178,956,801 | |
| Total liabilities and equity | 1,601,479,073 | 1,749,990,004 |
Thousands of AOA
| Notes | 31.12.2019 | 31.12.2020 | |
|---|---|---|---|
| Interest and similar income | 22 | 119,613,445 | 105,884,041 |
| Interest and similar expense | 22 | (53,255,332) | (61,838,894) |
| Net interest income | 66,358,113 | 44,045,147 | |
| Fees and commissions income | 23 | 16,813,068 | 15,228,788 |
| Fees and commissions expense | 23 | (1,786,607) | (3,447,768) |
| Profit/(loss) from fees and commissions | 15,026,461 | 11,781,020 | |
| Net gains/(losses) arising from financial assets and liabilities through profit or loss | 24 | (287,653) | (5,505,166) |
| Net gains/(losses) arising from investments at amortised cost | 25 | 1,053,520 | 12,528,340 |
| Net gains/(losses) arising from foreign exchange differences | 26 | 3,124,635 | (8,036,553) |
| Net gains/(losses) arising from the disposal of other assets | 27 | 25,719,887 | 60,265,290 |
| Other operating income | 34 | (8,395,016) | (6,688,779) |
| Net gains/(losses) arising from financial operations | 21,215,373 | 52,563,132 | |
| Operating income | 102,599,947 | 108,389,299 | |
| Staff costs | 28 | (21,146,974) | (23,317,752) |
| Supplies and services | 29 | (12,855,806) | (17,048,086) |
| Depreciation and amortisation for the period | 11 12 30 | (6,424,570) | (8,418,211) |
| Provisions and impairment of other assets net of reversals | 13 15 18 31 | (2,764,676) | (10,691,874) |
| Provisions and impairment of other financial assets net of reversals | 5 32 | - | (24,290) |
| Impairment for financial assets at amortised cost | 8 9 10 33 | (28,870,784) | (34,519,058) |
| Impairment for financial assets through other comprehensive income | 21 | 175,354 | 71,145 |
| Profit/(loss) before tax from continuing operations | 30,712,491 | 14,441,173 | |
| Income tax | |||
| Current tax | 14 | - | - |
| Deferred tax | 14 | (247,629) | 1,151,185 |
| Profit/(loss) after tax from continuing operations | 30,464,862 | 15,592,358 | |
| Net profit/(loss) for the period | 30,464,862 | 15,592,358 | |
| Weighted average number of ordinary shares issued | 35 | 53,821,603 | 53,821,603 |
| Basic earnings per share (in Kwanzas) | 35 | 0.570 | 0.292 |
| Diluted earnings per share (in Kwanzas) | 35 | 0.570 | 0.292 |
Thousands of AOA
| Notes | 31.12.2019 | 31.12.2020 | |
|---|---|---|---|
| Net profit/(loss) for the period | 30,464,862 | 15,592,358 | |
| Other comprehensive income | |||
| Items that may be reclassified into the income statement | |||
| Debt instruments at fair value through other comprehensive income | |||
| Changes in fair value | 21 | (3,155,529) | 18,592 |
| Transfer to profit/(loss) for impairment recognised in the period | 21 | 175,354 | 71,145 |
| Tax impact | 21 | 793,410 | (42,881) |
| (2,186,765) | 46,855 | ||
| Total comprehensive income for the period | 28,278,097 | 15,639,213 |
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 as at 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 |
| Application of 2018 profits | ||||||||
| Reserves and retained earnings | - | - | - | - | 27,225,088 | 27,225,088 | (27,225,088) | - |
| 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 |
| Balance as at 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 |
| Application of 2019 profits | ||||||||
| Reserves and retained earnings | - | - | - | - | 30,464,862 | 30,464,862 | (30,464,862) | - |
| Fair value changes, net of taxes | - | - | - | 46,855 | - | 46,855 | - | 46,855 |
| Net profit/(losses) for the period | - | - | - | - | - | - | 15,592,358 | 15,592,358 |
| Balance as at 31 December 2020 | 53,821,603 | 34,810,069 | (492,182) | 207,486 | 75,017,467 | 75,224,953 | 15,592,358 | 178,956,801 |
Thousands of AOA
| Notes | 31.12.2019 | 31.12.2020 | |
|---|---|---|---|
| Cash flows arising from operating activities | |||
| Interest income received | 114,636,165 | 81,947,127 | |
| Interes expense paid | (49,129,904) | (60,686,737) | |
| Payments to employees and suppliers | (42,135,806) | (34,537,561) | |
| Cash flows before changes in operationg assets and liabilities | 23,370,455 | (13,277,171) | |
| Changes in operating assets and liabilities: | |||
| Financial assets at fair value through profit and loss | (39,805,512) | (7,895,034) | |
| Financial assets at fair value through other comprehensive income | (132,955,504) | 30,980,997 | |
| Financial assets at amortised cost | |||
| Debt securities | 33,065,947 | 104,973,017 | |
| Loans and advances to Customers | (22,910,209) | 5,040,431 | |
| Loans and advances to credit institutions repayable on demand | (3,655,819) | (67,013,004) | |
| Deposits from credit institutions | 19,274,779 | (161,908,219) | |
| Non-current assets held for sale | 1,184,489 | 6,611,730 | |
| Deposits from Customers | 184,271,473 | 266,893,443 | |
| Other operating assets and liabilities | (27,221,525) | (39,273,513) | |
| Net cash flows arising from operating activities, before income taxes | 34,618,574 | 125,132,677 | |
| Taxes on income paid | (585,409) | 788,789 | |
| Net cash flows arising from operating activities | 34,033,165 | 125,921,466 | |
| Cash flows arising from investing activities | |||
| Acquisition of financial investments | (3,283,932) | (4,970,210) | |
| Net cash flows arising from investing activities | (3,283,932) | (4,970,210) | |
| Cash flows arising from investing activities | |||
| Reimbursement of bonds and subordinated debt | (1,444,576) | (3,874,689) | |
| Net cash flows arising from financing investments | (1,444,576) | (3,874,689) | |
| Net changes in cash and cash equivalents | 29,304,657 | 117,076,567 | |
| Cash and cash equivalents at the beginning of the period | 186,111,981 | 215,416,638 | |
| Net changes in cash and cash equivalents | 29,304,657 | 117,076,567 | |
| Cash and cash equivalents at the end of the period | 215,416,638 | 332,493,205 | |
| Cash and cash equivalents includes: | |||
| Cash | 4 | 16,117,014 | 23,568,686 |
| Loans and advances to central banks | 4 | 174,871,434 | 198,542,627 |
| Loans and advances to credit institutions | 5 | 24,428,190 | 110,381,892 |
| Total | 215,416,638 | 332,493,205 |