In accordance with the provisions of Notice No. 05/2019 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 financial statements for the period ended 31 December 2022 were approved at the Board of Directors meeting held on 16 March 2023.

Individual Balance Sheets

	Notes	31.12.2022	31.12.2021
Assets
Cash and deposits at central banks	4	214,230,500	344,971,397
Loans and advances to credit institutions repayable on demand	5	46,169,024	51,143,348
Financial assets at fair value through profit or loss	6	260,385,874	268,230,596
Financial assets at fair value through other comprehensive income	7	54,236,351	3,014,167
Financial assets at amortised cost
Debt instruments	8	306,297,438	369,305,246
Loans and advances to customers	9	453,601,310	440,985,217
Other loans and advances to central banks and credit institutions	10	30,547,298	33,814,994
Property, plant and equipment	11	103,859,695	87,882,647
Intangible assets	12	13,022,100	15,476,651
Non-current assets held for sale	13	0	0
Current tax assets	14	2,546,736	2,462,185
Deferred tax assets	14	3,750,143	3,417,453
Other assets	15	95,631,885	93,313,647
TOTAL ASSETS		1,584,278,354	1,714,017,548
Liabilities and Equity
Deposits from central banks and other credit institutions	16	7,321,923	83,714,792
Deposits from customers and other deposits	17	1,364,668,411	1,422,950,424
Financial liabilities at fair value through profit or loss	6	2,030,008	1,412
Provisions	18	2,926,832	3,560,689
Deferred tax liabilities	14	152,875	30,261
Other liabilities	19	17,469,183	17,776,674
TOTAL LIABILITIES		1,394,569,232	1,528,034,252
Share capital	20	142,324,747	142,324,747
Share premium	20	70,707,406	70,707,406
Treasury stock	20	(841,657)	(841,657)
Revaluation reserves	21	284,357	56,645
Other reserves and retained earnings	21	(26,263,845)	(29,692,213)
Individual net profit/(loss) for the period		3,498,114	3,428,368
TOTAL EQUITY		189,709,122	185,983,296
TOTAL LIABILITIES AND EQUITY		1,584,278,354	1,714,017,548

Individual Income Statement

	Notes	31.12.2022	31.12.2021
Interest and similar income	22	95,773,570	89,219,004
Interest and similar expense	22	(63,319,084)	(69,194,709)
Net interest income		32,454,486	20,024,295
Fees and commissions income	23	27,291,483	21,190,482
Fees and commissions expense	23	(6,877,822)	(4,882,041)
Profit/(loss) from fees and commissions		20,413,661	16,308,441
Profit/(loss) from financial assets and liabilities at fair value through profit or loss	24	(3,093,397)	3,945,382
Profit/(loss) from investments at amortised cost	25	134,431	4,254,411
Profit/(loss) from foreign exchange differences	26	22,451,332	18,853,715
Profit/(loss) from the sale of other assets	27	(883,728)	4,603,592
Other operating income/(expense)	34	(7,506,367)	(8,758,842)
Profit/(loss) from financial operations		11,102,271	22,898,258
Operating income		63,970,418	59,230,994
Staff costs	28	(26,994,278)	(26,783,597)
Supplies and services	29	(18,433,543)	(18,450,955)
Depreciation and amortisation for the period	11 12 30	(10,139,056)	(11,038,885)
Provisions and impairment of other assets net of reversals	13 15 18 31	6,830,761	(10,817,104)
Impairment of other financial assets	5 32	3,838	13,283
Impairment of other financial assets at amortised cost	8 9 10 33	(11,341,301)	11,036,040
Impairment of financial assets at fair value through other comprehensive income	21	(731,416)	261,314
Profit/(loss) before tax from continuing operations		3,165,423	3,451,090
Income tax
Deferred tax	14	332,691	(22,722)
Profit/(loss) after tax from continuing operations		3,498,114	3,428,368
INDIVIDUAL NET PROFIT/(LOSS) FOR THE PERIOD		3,498,114	3,428,368
Average number of ordinary shares issued	35	53,821,603	53,821,603
Basic earnings per share (in AOA)	35	0.06	0.06
Diluted earnings per share (in AOA	35	0.06	0.06

Individual Statements of Comprehensive Income

	Notes	31.12.2022	31.12.2021
Individual net profit/(loss) for the period		3,498,114	3,428,368
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	1,081,743	(493,377)
Transfer to profit or loss for impairment recorded in the period	21	(731,416)	261,314
Tax impact	21	(122,615)	81,222
		227,712	(150,842)
INDIVIDUAL COMPREHENSIVE INCOME FOR THE PERIOD		3,725,826	3,277,526

Individual Statement of Changes in Equity

	Share capital	Share premiums	Treasury shares	Revaluation reserves	Other reserves and retained earnings	Individual net profit/(loss) for the period	Total equity
BALANCE AS AT 31-12-2020 (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 reserves and retained earnings	0	0	0	0	0	(7,778,900)	(7,778,900)	7,778,900	0
Changes in fair value, net of tax	0	0	0	(150,841)	0	0	0	0	(150,841)
Individual net profit/(loss) for the period	0	0	0	0	0	0	0	3,428,368	3,428,368
BALANCE AS AT 31-12-2021	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
Appropriation of net profit for the period
Transfer to legal reserve	0	0	0	0	342,837	0	342,837	(342,837)	0
Transfer to reserves and retained earnings	0	0	0	0	0	3,085,531	3,085,531	(3,085,531)	0
Changes in fair value, net of tax	0	0	0	227,712	0	0	0	0	227,712
Individual net profit/(loss) for the period	0	0	0	0	0	0	0	3,498,114	3,498,114
BALANCE AS AT 31-12-2022	142,324,747	70,707,406	(841,657)	284,357	20,188,362	(46,452,206)	(26,263,845)	3,498,114	189,709,122

Individual Cash Flow Statement

for the periods ended at 31 December 2022 and 2021

Thousands of AOA

	Notes	31.12.2021	31.12.2020
Cash flows from operating activities
Interest, commissions and other similar income received		126,892,721	78,799,894
Interest, commissions and other similar expense paid		(69,906,922)	(73,392,177)
Payments to employees and suppliers		(47,989,301)	(49,536,943)
Cash flows before changes in operationg assets and liabilities		8,996,498	(44,129,226)
(Increases)/decreases in operating assets and liabilities:
Financial assets at fair value through profit or loss		4,491,755	(1,985,218)
Financial assets at fair value through other comprehensive income		(48,609,618)	33,086,440
Financial assets at amortised cost
Debt securities		66,178,292	54,559,351
Loans and advances to customers		(41,849,352)	28,699,129
Other loans and advances to credit institutions		3,635,368	49,851,664
Deposits from central banks and other credit institutions		(76,317,615)	69,595,434
Non-current assets held for sale		219,729	16,245,523
Deposits from customers and other loans		(52,751,427)	(134,605,916)
Other operating assets and liabilities		7,832,916	11,961,342
Net cash from operating activities before income tax		(128,173,455)	83,278,523
Income tax paid		248,140	(66,273)
Net cash from operating activities		(127,925,315)	83,212,250
Cash flows from investing activities
Acquisitions of property, plant and equipment and intangible assets, net of disposals		(8,475,639)	(11,812,240)
Net cash from investment activities		(8,475,639)	(11,812,240)
Cash flows from financing activities
Payments relating to lease liabilities		(1,576,290)	(3,787,403)
Net cash from financing activities		(1,576,290)	(3,787,403)
Changes in cash and cash equivalents		(137,977,243)	67,612,607
Cash and cash equivalents at the beginning of the period		396,125,751	332,517,495
Effects of exchange rate changes on cash and cash equivalents		2,258,184	(4,004,351)
Cash and cash equivalents at the end of the period		260,406,692	396,125,751
Cash and cash equivalents (excluding impairment losses) include:
Cash	4	27,181,063	21,102,512
Cash and deposits at central banks	4	187,049,438	323,868,885
Loans and advances to credit institutions repayable on demand	5	46,176,191	51,154,354
		260,406,692	396,125,751