Financial Statements and Notes to the Financial Statements
The individual financial statements of Banco Millennium Atlântico, S.A. here presented relate to the period ended as at 31 December 2021.
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., 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 2021 were approved by the Board of Directors on 31 March 2022.
Thousands of AOA
| Notes | 31.12.2021 | 31.12.2020 (restated) | 01.01.2020 (restated) | |
|---|---|---|---|---|
| Assets | ||||
| Cash and deposits at central banks | 4 | 344,971,397 | 222,111,313 | 190,988,448 |
| Loans and advances to credit institutions repayable on demand | 5 | 51,143,348 | 110,381,892 | 24,428,190 |
| Financial assets at fair value through profit or loss | 6 | 268,230,596 | 216,926,542 | 69,425,364 |
| Financial assets at fair value through other comprehensive income | 7 | 3,014,167 | 5,760,534 | 34,178,458 |
| Financial assets at amortised cost | ||||
| Debt instruments | 8 | 369,305,246 | 396,354,958 | 529,302,406 |
| Loans and advances to customers | 9 | 440,985,217 | 454,270,709 | 442,701,013 |
| Other loans and advances to central banks and credit institutions | 10 | 33,814,994 | 83,591,141 | 17,012,282 |
| Property, plant and equipment | 11 | 87,882,647 | 110,390,646 | 105,186,688 |
| Intangible assets | 12 | 15,476,651 | 14,295,527 | 11,691,206 |
| Non-current assets held for sale | 13 | - | 7,796,893 | 96,134,874 |
| Current tax assets | 14 | 2,462,185 | 2,418,635 | 2,056,239 |
| Deferred tax assets | 14 | 3,417,453 | 3,440,174 | 2,288,990 |
| Other assets | 15 | 93,313,647 | 126,000,008 | 103,205,141 |
| Total Assets | 1,714,017,548 | 1,753,738,972 | 1,628,599,299 | |
| Liabilities and Equity | ||||
| Deposits from central banks and other credit institutions | 16 | 83,714,792 | 14,098,064 | 176,493,638 |
| Deposits from customers and other deposits | 17 | 1,422,950,424 | 1,523,970,797 | 1,234,985,588 |
| Financial liabilities at fair value through profit or loss | 6 | 1,412 | 3,978,187 | 207,095 |
| Provisions | 18 | 3,560,689 | 3,932,532 | 8,382,018 |
| Deferred tax liabilities | 14 | 30,261 | 111,483 | 68,602 |
| Other liabilities | 19 | 17,776,674 | 24,942,140 | 18,024,543 |
| Total Liabilities | 1,528,034,252 | 1,571,033,203 | 1,438,161,484 | |
| Share capital | 20 | 142,324,747 | 142,324,747 | 142,324,747 |
| Share premium | 20 | 70,707,406 | 70,707,406 | 70,707,406 |
| Treasury stock | 20 | (841,657) | (841,657) | (841,657) |
| Revaluation reserves | 21 | 56,645 | 207,486 | 160,631 |
| Other reserves and retained earnings | 21 | (29,692,213) | (21,913,313) | (21,913,312) |
| Individual net profit/(loss) for the period | 3,428,368 | (7,778,900) | - | |
| Total Equity | 185,983,296 | 182,705,769 | 190,437,815 | |
| Total Liabilities and Equity | 1,714,017,548 | 1,753,738,972 | 1,628,599,299 |
Thousands of AOA
| Notes | 31.12.2021 | 31.12.2020 (restated) | |
|---|---|---|---|
| Interest and similar income | 22 | 89,219,004 | 105,884,041 |
| Interest and similar expense | 22 | (69,194,709) | (61,838,894) |
| Net interest income | 20,024,295 | 44,045,147 | |
| Fees and commissions income | 23 | 21,190,482 | 15,228,788 |
| Fees and commissions expense | 23 | (4,882,041) | (3,447,768) |
| Profit/(loss) from fees and commissions | 16,308,441 | 11,781,020 | |
| Net gains/(losses) arising from financial assets and liabilities at fair value through profit or loss | 24 | 3,945,382 | (5,505,166) |
| Net gains/(losses) arising from investments at amortised cost | 25 | 4,254,411 | 12,528,340 |
| Net gains/(losses) arising from foreign exchange differences | 26 | 18,853,715 | (8,036,553) |
| Net gains/(losses) arising from the sale of other assets | 27 | 4,603,592 | 53,288,581 |
| Other operating income/(expense) | 34 | (8,758,842) | (6,888,508) |
| Net gains/(losses) arising from financial operations | 22,898,258 | 45,386,694 | |
| Operating income | 59,230,994 | 101,212,861 | |
| Staff costs | 28 | (26,783,597) | (23,317,752) |
| Supplies and services | 29 | (18,450,955) | (17,048,086) |
| Depreciation and amortisation for the period | 11 12 30 | (11,038,885) | (10,887,291) |
| Provisions and impairment of other assets | 13 15 18 31 | (10,817,104) | (10,691,874) |
| Impairment of other financial assets | 5 32 | 13,283 | (24,290) |
| Impairment of other financial assets at amortised cost | 8 9 10 33 | 11,036,040 | (48,244,798) |
| Impairment of financial assets at fair value through other comprehensive income | 21 | 261,314 | 71,145 |
| Profit/(loss) before tax from continuing operations | 3,451,090 | (8,930,085) | |
| Income tax | |||
| Deferred tax | 14 | (22,722) | 1,151,185 |
| Profit/(loss) after tax from continuing operations | 3,428,368 | (7,778,900) | |
| Individual net profit/(loss) for the period | 3,428,368 | (7,778,900) | |
| Average number of ordinary shares issued | 35 | 53,821,603 | 53,821,603 |
| Basic earnings per share (in kwanzas) | 35 | 0.06 | (0.14) |
| Diluted earnings per share (in kwanzas) | 35 | 0.06 | (0.14) |
Thousands of AOA
| Notes | 31.12.2021 | 31.12.2020 (restated) | |
|---|---|---|---|
| Individual net profit/(loss) for the period | 3,428,368 | (7,778,900) | |
| Other comprehensive income | |||
| Items that will be subsequently reclassified to profit or loss | |||
| Debt instruments at fair value through other comprehensive income | |||
| Changes in fair value | 21 | (493,377) | 18,592 |
| Transfer to profit or loss for impairment recorded in the period | 21 | 261,314 | 71,145 |
| Tax impact | 21 | 81,222 | (42,881) |
| (150,841) | 46,855 | ||
| Individual comprehensive income for the period | 3,277,527 | (7,732,045) |
Thousands of AOA
| Share capital | Share premiums | Treasury stock | Revaluation reserves | Other reserves and retained earnings | Individual net profit/(loss) for the period | Total equity | |||
|---|---|---|---|---|---|---|---|---|---|
| Legal reserve | Other reseves and retained earnings | Total | |||||||
| Balance as at 31 December 2019 | 53,821,603 | 34,810,069 | (492,182) | 160,631 | 18,568,356 | 25,984,249 | 44,552,605 | 30,464,862 | 163,317,589 |
| Changes in accounting policies | |||||||||
| Impacts of IAS 29 adoption | 88,503,144 | 35,897,337 | (349,475) | - | - | (79,237,606) | (79,237,606) | (17,693,173) | 27,120,227 |
| Appropriation of net profit for the period | |||||||||
| Transfer to legal reserve | - | - | - | - | 1,277,169 | - | 1,277,169 | (1,277,169) | - |
| Transfer to reserves and retained earnings | - | - | - | - | - | 11,494,520 | 11,494,520 | (11,494,520) | - |
| Balances as at 1 January 2020 (restated) | 142,324,747 | 70,707,406 | (841,657) | 160,631 | 19,845,525 | (41,758,837) | (21,913,312) | - | 190,437,815 |
| Changes in fair value, net of tax | - | - | - | 46,855 | - | - | - | - | 46,855 |
| Individual net profit/(loss) for the period | - | - | - | - | - | - | - | (7,778,900) | (7,778,900) |
| Balances as at 31 December 2020 (Restated) | 142,324,747 | 70,707,406 | (841,657) | 207,486 | 19,845,525 | (41,758,837) | (21,913,313) | (7,778,900) | 182,705,769 |
| Appropriation of net profit for the period | - | - | - | - | - | - | - | - | - |
| Transfer to legal reserve | - | - | - | - | - | - | - | - | - |
| Transfer to reserves and retained earnings | - | - | - | - | - | (7,778,900) | (7,778,900) | 7,778,900 | - |
| Changes in fair value, net of tax | - | - | - | (150,841) | - | - | - | - | (150,841) |
| Individual net profit/(loss) for the period | - | - | - | - | - | - | - | 3,428,368 | 3,428,368 |
| Balances as at 31 December 2021 | 142,324,747 | 70,707,406 | (841,657) | 56,645 | 19,845,525 | (49,537,737) | (29,692,213) | 3,428,368 | 185,983,296 |
Thousands of AOA
| Notes | 31.12.2021 | 31.12.2020 | |
|---|---|---|---|
| Cash flows from operating activities | |||
| Interest, commissions and other similar income received | 78,799,894 | 81,947,127 | |
| Interest, commissions and other similar expense paid | (73,392,177) | (60,686,737) | |
| Payments to employees and suppliers | (49,536,943) | (34,513,271) | |
| Cash flows before changes in operationg assets and liabilities | (44,129,226) | (13,252,881) | |
| (Increases)/decreases in operating assets and liabilities: | |||
| Financial assets at fair value through profit or loss | (1,985,218) | (7,895,034) | |
| Financial assets at fair value through other comprehensive income | 33,086,440 | 40,178,091 | |
| Financial assets at amortised cost | |||
| Debt securities | 54,559,351 | 104,973,017 | |
| Loans and advances to customers | 28,699,129 | 5,040,431 | |
| Other loans and advances to credit institutions | 49,851,664 | (67,013,004) | |
| Deposits from central banks and other credit institutions | 69,595,434 | (161,908,219) | |
| Non-current assets held for sale | 16,245,523 | 6,611,730 | |
| Deposits from customers and other loans | (134,605,916) | 266,893,443 | |
| Other operating assets and liabilities | 11,961,342 | (39,273,513) | |
| Net cash from operating activities before income taxes | 83,278,523 | 134,354,061 | |
| Income tax paid | (66,273) | 788,789 | |
| Net cash from operating activities | 83,212,250 | 135,142,850 | |
| Cash flows from investing activities | |||
| Acquisitions of property, plant and equipment and intangible assets, net of disposals | (11,812,240) | (14,167,304) | |
| Net cash from investing activities | (11,812,240) | (14,167,304) | |
| Cash flows from financing activities | |||
| Lease liability payments | (3,787,403) | (3,874,689) | |
| Net cash from financing activities | (3,787,403) | (3,874,689) | |
| Changes in cash and cash equivalents | 67,612,607 | 117,100,857 | |
| Cash and cash equivalents at the beginning of the period | 332,517,495 | 215,416,638 | |
| Effects of exchange rate changes on cash and cash equivalents | (4,004,351) | - | |
| Cash and cash equivalents at the end of the period | 396,125,751 | 332,517,495 | |
| Cash and cash equivalents comprises: | |||
| Cash | 4 | 21,102,512 | 23,568,686 |
| Deposits at central banks | 4 | 323,868,885 | 198,542,627 |
| Deposits in other credit institutions | 5 | 51,154,354 | 110,406,182 |
| 396,125,751 | 332,517,495 |