FINANCIAL STATEMENTS

AND NOTES TO THE FINANCIAL STATEMENTS

The individual financial statements of Banco Millennium Atlântico, S.A., presented herein relate to the period ended 31 December 2024.

In accordance with the provisions of Notice 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 are expressed in thousands of kwanzas (thousands of AOA) rounded to the nearest thousand.

The financial statements for the period ended 31 December 2024 were approved at the Board of Directors meeting held on 10 February 2025.

Individual Balance Sheets

	Notes	31.12.2024	31.12.2023
Assets
Cash and deposits at central banks	4	325,319,262	356,926,890
Loans and advances to credit institutions repayable on demand	5	38,614,876	94,147,108
Financial assets at fair value through profit or loss	6	384,043,138	299,015,502
Financial assets at fair value through other comprehensive income	7	25,379,483	53,107,016
Financial assets at amortised cost
Debt securities	8	361,187,099	467,315,333
Loans and advances to Customers	9	485,435,095	479,108,472
Other loans and advances to central banks and credit institutions	10	97,484,363	81,193,455
Property, plant and equipment	11	96,006,718	92,372,476
Intangible assets	12	15,403,233	10,658,318
Non-current assets held for sale	13	-	716,352
Current tax assets	14	2,604,027	2,464,674
Deferred tax assets	14	4,559,386	3,657,438
Other assets	15	165,610,447	147,016,525
Total Assets		2,001,647,127	2,087,699,559
Liabilities and Equity
Deposits from central banks and other credit institutions	16	41,995,949	1,323,068
Deposits from Customers and other loans	17	1,700,859,305	1,849,007,508
Provisions	18	1,568,260	3,613,319
Deferred tax liabilities	14	5,462,501	7,230,139
Other liabilities	19	20,672,186	14,566,717
Total Liabilities		1,770,558,201	1,875,740,751
Share capital	20	142,324,747	142,324,747
Share premiums	20	70,707,406	70,707,406
Treasury shares	20	(841,657)	(841,657)
Revaluation reserves	21	14,910,638	13,427,848
Other reserves and retained earnings	21	(12,830,731)	(22,765,732)
Individual net profit/(loss) for the period		16,818,523	9,106,196
Total Equity		231,088,926	211,958,808
Total Liabilities and Equity		2,001,647,127	2,087,699,559

Individual Income Statement

	Notes	31.12.2024	31.12.2023
Interest and similar income	22	113,371,508	89,197,498
Interest and similar expenses	22	(88,824,299)	(73,014,331)
Net interest income		24,547,209	16,183,167
Fees and commissions income	23	37,041,369	28,417,107
Fees and commissions expense	23	(11,484,126)	(6,814,391)
Profit/(loss) from fees and commissions		25,557,243	21,602,716
Profit/(loss) from financial assets and liabilities at fair value through profit or loss	24	29,981,226	38,504,385
Profit/(loss) from financial assets not measured at fair value through profit or loss	25	(79,529)	417,836
Profit/(loss) from foreign exchange differences	26	28,806,178	32,490,097
Profit/(loss) from the sale of other assets	27	286,463	(16,002,681)
Other operating income	34	(7,391,943)	(9,558,600)
Profit/(loss) from financial operations		51,602,395	45,851,037
Operating income		101,706,847	83,636,920
Staff costs	28	(30,121,382)	(28,495,834)
Supplies and services	29	(22,285,367)	(19,109,419)
Depreciation and amortisation for the period	11 12 30	(9,799,676)	(9,580,382)
Provisions and impairment of other assets net of reversals	13 15 18 31	(5,680,218)	(7,744,577)
Impairment of other financial assets	5 32	10,090	(6,364)
Impairment of other financial assets at amortised cost	8 9 10 33	(18,084,201)	(9,762,011)
Impairment of financial assets at fair value through other comprehensive income	21	170,482	260,568
Profit/(loss) before tax from continuing operations		15,916,575	9,198,901
Income tax
Deferred tax	14	901,948	(92,705)
Current tax	14	-	-
Profit/(loss) after tax from continuing operations		16,818,523	9,106,196
Individual net profit/(loss) for the period		16,818,523	9,106,196
Basic earnings per share (in thousands of AOA)	35	0.32	0.17
Diluted earnings per share (in thousands of AOA)	35	0.32	0.17

Individual Statements of Comprehensive Income

	Notes	31.12.2024	31.12.2023
Individual net profit/(loss) for the period		16,818,523	9,106,196
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	7 21	(3,320,711)	5,614,155
Reclassification of revaluation reserves to	21	3,543	-
Impairment recognised in the period	21	(170,402)	260,568
Tax impact	14	2,209,268	(2,056,153)
		(1,278,302)	3,818,570
Items that will not be subsequently reclassified to profit or loss
Revaluation reserves of other property, plant and equipment
Gross amount	11 21	3,435,952	13,000,000
Tax impact	14	(912,501)	(4,550,000)
Other reserves resulting from valuation at fair value
Gross amount	7 21	595,335	1,346,032
Tax impact	14	471,111	(471,111)
		3,589,897	9,324,921
Profit/(loss) not included in the individual income statements		2,311,595	13,143,491
Individual comprehensive income for the period		19,130,118	22,249,687

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 December 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
Appropriation of net profit for the period
Transfer to legal reserve	-	-	-	-	349,811	-	349,811	(349,811)	-
Transfer to reserve and retained earnings	-	-	-	-	-	3,148,303	3,148,303	(3,148,303)	-
Other comprehensive income for the period	-	-	-	13,143,491	-	-	-	-	13,143,491
Individual net profit/(loss) for the period	-	-	-	-	-	-	-	9,106,196	9,106,196
Balance as at 31 December 2023	142,324,747	70,707,406	(841,657)	13,427,848	20,538,173	(43,303,903)	(22,765,732)	9,106,196	211,958,808
Appropriation of net profit for the period
Transfer to legal reserve	-	-	-	-	910,620	-	910,620	(910,620)	-
Transfer to reserve and retained earnings	-	-	-	-	-	8,195,576	8,195,576	(8,195,576)	-
Other comprehensive income for the period	-	-	-	2,311,595	-	-	-	-	2,311,595
Individual net profit/(loss) for the period	-	-	-	-	-	-	-	16,818,523	16,818,523
Balance as at 31 December 2024	142,324,747	70,707,406	(841,657)	14,910,638	21,448,793	(34,279,524)	(12,830,731)	16,818,523	231,088,926

Individual Cash Flow Statement

Individual cash flow statement for the periods ended 31 December 2024 and 2023

Thousands of AOA

	Notes	31.12.2024	31.12.2023
Cash flows from operating activities
Interest, commissions and other similar income received		126,952,687	76,867,325
Interest, commissions and other similar expense paid		(96,897,020)	(77,817,508)
Payments to employees and suppliers		(52,476,382)	(45,725,655)
Cash flows before changes in operationg assets and liabilities		(22,420,715)	(46,675,838)
(Increases)/decreases in operating assets and liabilities:
Financial assets at fair value through profit or loss		(50,188,374)	-
Financial assets at fair value through other comprehensive income		24,148,778	9,658,027
Financial assets at amortised cost
Debt securities		129,674,173	(9,201,959)
Loans and advances to Customers		4,299,438	59,979,514
Other loans and advances to credit institutions		(14,430,194)	(50,459,542)
Deposits from central banks and other credit institutions		40,559,738	(1,939,791)
Non-current assets held for sale		-	116,444
Deposits from Customers and other loans		(213,471,104)	172,116,492
Other operating assets and liabilities		5,156,623	(32,539,805)
Net cash from operating activities before income tax		(96,671,637)	101,053,543
Income tax paid		(139,353)	(10,643)
Net cash from operating activities		(96,810,990)	101,042,900
Cash flows from investing activities
Acquisitions of property, plant and equipment and intangible assets, net of disposals		(15,540,516)	(8,524,572)
Net cash from investment activities		(15,540,516)	(8,524,572)
Cash flows from financing activities
Payments relating to lease liabilities		(994,204)	(3,479,142)
Net cash from financing activities		(994,204)	(3,479,142)
Changes in cash and cash equivalents		(113,345,710)	89,039,186
Cash and cash equivalents at the beginning of the period		451,087,530	260,406,692
Effects of exchange rate changes on cash and cash equivalents		26,195,760	101,641,652
Changes in cash and cash equivalents		-	-
Cash and cash equivalents at the end of the period		363,937,580	451,087,530
Cash and cash equivalents (excluding impairment losses) include:
Cash	4	26,686,634	21,401,309
Cash and deposits at central banks	4	298,632,628	335,525,581
Loans and advances to credit institutions repayable on demand	5	38,618,318	94,160,640
		363,937,580	451,087,530

The following notes form an integral part of these financial statements.

NOTES TO THE FINANCIAL STATEMENTS

Introduction

Notes to the Financial Statements

1. Introduction

FINANCIAL STATEMENTS

AND NOTES TO THE FINANCIAL STATEMENTS