Notes 5-YE A R F I N A NC I AL H I GHL I GH T S Der er kun én vej frem 2009 DKK000 2008 DKK000 2007 DKK000 2006 DKK000 2005 DKK000 I NC har S T A Bank Siden 2001 O M E Max T E M E N T levet fter en brandingstrategi, hvor e at hele banken skal fremtræde som en unik helhed, 259,374 241,490 Net interest and fee income målet er, 1,371 11,768 Other operating income hvor især rådgivning og samarbejdsform i forhold til kunderne 183,744 195,072 Staff costs and administrative expenses, etc. skiller sig ud fra konkurrenterne på en etc. 110,906 192,534 Write-downs on loans and advances, positiv måde. Vi ønsker at skabe en Other af nærvær, etik og aura operating expenses*) troværdighed baseret på videre- 25,681 6,679 de bedste traditioner in associates Profit/loss from investments fra bankens mere end 100-årige førelse af -4,639 -3,710 and group sdsdsdsdsdsdsd. enterprises -64,225 -144,737 Profit/loss excl. value adjustments and tax 20,397 -28,023 Exchange adjustments -43,828 -172,760 Profit/loss before tax -33,677 -121,078 Profit/loss for the year 224,702 680 185,524 -6,520 27 -4,267 42,084 15,799 57,883 44,733 224,565 297 173,024 -14,347 0 -3,361 62,824 49,036 111,860 89,246 181,084 4,322 136,670 5,032 20 292 43,976 30,639 74,615 54,631 *) Incl. guarantee commission of DKK 25,073k for Bank Aid Package I (2008: DKK 6,679k) B AL A NC E S H E E T A T 3 1 D EC E M B E R Indførelsen af et banebrydende aktionen mellem kunde og bank fore- 4,454,083 4,215,583 4,957,773 3,671,654 2,351,321 Loans and advances café-koncept, 1,106,035 1,827,178 3,134,935 2,815,988 indgår medar- som foreløbig er går gennem de ansatte, 2,088,674 Guarantees i mplemen eret 3,899,503 2,858,701 3,228,357 ledere som en yderst aktiv t i én afdeling, men bejdere og 2,377,654 2,121,227 Deposits Equity at year-end Total assets Custody account volume Business volume 356,956 489,498 480,541 342,447 som i 2005 bliver 323,125 i yder igere udrullet l del af brandet. Mødet mellem kunden 7,047,732 6,987,945 6,938,978 5,048,160 det tidspunkt, 3,417,830 to afdelinger, har i 2004 været stærkt og medarbejderen er 1,930,919 1,920,393 5,724,303 5,697,840 3,308,242 medvirkende til en øget synliggørelse hvor Max Bank har størst chance for at 11,390,540 10,821,855 17,045,368 14,563,136 9,869,464 af Max Bank i markedet. vise, at vi er unikke. Det er her, vi skal Men café-konceptet er kun toppen bevise, at vi er kundens økonomiske R A T I O S 15.7 11.1 14.5 15.6 Capital adequacy ratio in af isbjerget. Allerede i begyndelsen af ven, der udviser en oprigtig 13.2 interesse 9.3 5.5 8.1 10.3 og muligheder. 8.4 Core capital ratio in 1990erne begyndte Max Bank at skille for kundens økonomi Return of equity before tax -12.9 -40.8 11.9 27.2 23.3 sig ud fra mængden gennem en meget Herigennem fremstår ban kens brandi. Return on equity after tax -9.9 -28.6 9.2 21.7 17.1 stærk kundefokus båret af kort DKK 0.56 sagsbe- I 1.32 Bank forudsætter og 1.53 Max DKK 1.72 Operating income over operating expenses DKK 0.86 DKK DKK forven- handling og ditto beslutningsveje. 4.8 ter 4.6 vi derfor, at 3.0 medarbejderne ikke 2.2 2.8 Interest rate risk Currency position 2.9 1.1 1.3 Vi udviklede også 3.6 eget kun- vores alene kan stå inde for værdi rundlaget, g 6.2 Currency risk 0.0 0.0 0.0 0.0 demagasin vel nok 0.0 den første som men også udlever det i forhold til kun- Loans and advances plus write-downs bank af vores størrelse. agasinet er M derne, hinanden og omverdenen i øv- thereon relative to deposits 122.7 155.7 155.7 157.8 115.2 udkommet 50 gange, og er bankens rigt. 10.1 På den baggrund har alle 6.9 ledere Loans and advances relative to equity 13.8 11.8 7.6 vigtigste budskabsbringer til efterhån- og 35.0 medarbejdere med undekontakt Loan growth for the year 5.7 -15.0 56.2 k 24.9 Excess liquidity cover in relation den op imod 15.000 aktionærer. 162.6 202.3 85.2 67.9 i 2004 deltaget i et kursus- 69.0 og udvik- to statutory requirements for liquidity lingsforløb under overskriften Vækst The sum of large exposures 110.5 234.5 167.6 200.2 234.6 via venskab, som har haft til formål at God kundeoplevelse Impairment ratio for the year 1.9 3.1 -0.1 -0.2 0.1 sikre, at medarbejderne i deres adfærd Udgangspunktet for Max Banks bran- Share of receivables with a reduced interest rate 8.3 4.0 1.0 0.7 0.7 Accumulated impairment ratio dingstrategi er, at vi 5.9 på, at frem- 3.8 1.2 l 0.9 ever op til målsætningen, der 2.0 er sam- tror Earnings per share (denomination DKK 100) DKK i -81.3 DKK -292.5 DKK 108.1 i DKK 235.2 DKK 153.9 menfattet vores forpligtende værdio- tidens bankkunder langt større ud- Equity value per share (denomination DKK 100) DKK 807 DKK 899 DKK 1,231 DKK 1,171 DKK 994 rd brænder for det ypperste. strækning vil vælge og vurdere med Dividend per share (denomination DKK 100) DKK 0 DKK 0 DKK 15 DKK 15 DKK 15 hjertet. Derfor ønsker vi gennem Price/earnings per share for the year hyppige, personlige kontakter til hver Max Akademiet (denomination DKK 100) -4.4 -1.0 24.6 12.0 13.0 Price/equity value per share enkelt kunde at skabe så nære rela- Derudover har Max Bank i efter ret å (denomination DKK 100) 0.45 økonomisk 0.33 2.16 værdi og kultur på 2.02 2.41 tioner, at vi kan tale om et 2004 sat skole- venskab. skemaet med et nyt internt uddan- Interest on loans and advances written down for impairment in 2009 has been recorded at DKK 2,972k (2008: DKK nelsesprogram, der er blevet døbt Max 5,157k) under impairment losses on Da en and advances. del af inter- loans meget væsentlig Financial highlights have been prepared in accordance with the requirements of the Executive Order on Financial 40 Reports for Financial Credit Institutions and Investment Companies to this effect.
annual report 2009
F IVE - Y EAR F INANCIAL H I GH LI GH TS F INANCIAL CALENDAR
Financial calendar 2 3.03.10: Annual General Meeting 1 1.05.10: Quarterly report for Q1 2010 1 7.08.10: Interim report for the first half of 2010 0 9.11.10: Quarterly report for Q1-Q3 2010
F IV E- YEAR F INANCIAL H IGH LI GH T S 2009 DKK000 2008 DKK000 2007 DKK000 2006 DKK000 2005 DKK000 K ey fig ures Income statement Net interest and fee income 259,374 241,490 224,702 224,565 Other operating income 1,371 11,768 680 297 Staff costs
4 6 14 16 23 31 32 33 34 35 37 40 65 66 CONTENTS 2009 in headlines News about the Bank Investor Relations Corporate Governance & CSR Managements financial review for 2009 Endorsements Income statement and distribution of profit/loss Balance sheet at 31 D
Dear shareholder 2009 proved yet another difficult year for Max Bank. On top of the economic crisis, the national economy witnessed a recession of historical dimensions. In just one year, the Danish GNP dropped to a level corre- sponding to that of early 2005, and during that same period exports hav
red market area will still be serviced by the Banks Direct Centre at the head office. As to corporate custo- mers, the Bank will primarily operate east of the Great Belt. True to our overall branding, Max Bank still aspires to stand out in the crowd of competitors in a posi- tive way. So, our pivo
News about the Bank Customer and marketing strategy Due to the changed market situation attributable to the economic crisis and recession, Max Bank has made efforts to develop and adapt its strategies in 2009. When it comes to market area and branch structure, the previous vision of national expan
Max Banks branch network includes the following branches: ó The head office (Business Centre, Direct Centre and Investment Centre) ó Næstved City (retail customer branch) ó Næstved Stor-Center (retail customer branch) ó Herlufmagle (retail customer branch) ó Slagelse (Business Centre and reta
News about the Bank As regards retail customers, our objective is to create growth via the current positions whilst focusing on professional development, networks and the Banks many first-rate ambas- sadors among the existing customers. As to corporate customers, our ob- jective is also to creat
Strategic alliances and external cooperative partners Max Bank has entered into strategic alliances with a number of external part- ners. These alliances and business cooperations are aimed at enlarging the Banks range of services offered to the customers without having to establish the functions it
News about the Bank The credit situation by year-end 2009 In 2009, Max Bank was once again more selective than previously in gran- ting credits. Moreover, Max Bank has made ongoing efforts to bring down the portion of large exposures and achieve more sector risk diversifica- tion. The diversificatio
As part of the arrangement with Det Private Beredskab, the participating banks have committed themselves to refraining from paying dividend to their shareholders for the financial ye- ars 2008 and 2009, just as the banks are subject to a number of other re- strictions. How depositors of larger d
News about the Bank In 2009, Max Bank experienced a positive development in terms of credibility, respect and justice in rela- tion to the employees. We also score top marks when it comes to pride and community, and can take delight in a relatively modest staff turnover and a low sickness absence
Klassifikation erhverv Customers with loans and advances broken down by risk classes Klassifikation private Classification of private customers 50 45 40 35 30 25 20 Klassifikation erhverv Classification of corporate customers 2008 2009 2008 2008 2009 2008 2008 2009 2008 2008 2009 2008 15 10 2008 200
Investor Relations Max Bank attaches considerable importance to communication to and dialogue with its shareholders, investors and other stake- holders. Our basic perception of Investor Relations is to display a considerable degree of openness to instil the greatest possible security with the enterp
ot everything that N can be counted counts, and not everything that counts, can be counted. Albert Einstein 15
Corporate Governance & CSR Since 2002, Max Bank has recognised the concept of corporate governance in relation to the recommendations from the Corporate Governance Committee. Below, Max Banks approach to these rules is reviewed in summary. At the Banks homepage we have given a more detailed explanat
Meeting for a period of three years at a time, in that two members are up for election every year. The Supervisory Board also includes three employee representatives who are all up for elec- tion every four years. Until 26 March 2014, the Supervi- sory Board is authorised in one or more rounds t
Supervisory Board of Max Bank Supervisory Board Chairman Hans Fossing Nielsen, 64 Engineer Executive Officer of H.F. Nielsen Næstved ApS Executive Officer of H.F.N. Holding ApS Executive Officer of Grimstrup Holding ApS Supervisory Board Chairman of Nauca A/S Supervisory Board Chairman of Administra
Steen Sørensen has a background in the financial sector (Nordea). He quit his managerial position in the credit department in Vor- dingborg in 1988 and assumed the position of principal at the Vordingborg Business College. When this business college mer- ged with Næstved Business College, he became
riendship is unnecessary, F like philosophy like art... It has no survival value; rather it is one of those things, that give value to survival. C.S. Lewis, British novelist 20
21
he ability to learn faster T than your competitors may be the only sustainable competitive advantage. Arie de Geus, Dutch writer 22
Managements financial review for 2009 Object The object of Max Bank is to carry on banking activities as well as other ac- tivities permitted under the Danish Financial Business Act. The primary activity of the Bank is to offer ban- king products to private and corpo- rate customers. The Bank has ap
Growth in core earnings by 63 In 2009, Max Banks costs went down by approx DKK 11m, or 6, to DKK 184m, which is primarily attributable to the staff reduction implemented in October 2008. The average staff num- ber converted into full-time employees dropped from 203 in 2008 to 179 in 2009. Comparin
to raise government-backed loans and thus to ensure adequate liquidity should the need arise. back at least five years. Fortunately, we have witnessed the first signs of having reached rock-bottom of the Danish economy. However, the econo- mic situation remains very unstable. This entails that the M
aggling over H every ounce in purchasing, may not reduce ones cost of capital. Tao Zhu Gong 500 BC 26
Klassifikation private 50 45 40 Klass Overblik Total return on a share in Max Bank A/S 35 30 25 20 15 2009 72 12 2008 60 -472 2007 532 -33 2006 564 162 2005 402 92 Price at 31 December Capital gain Dividend 2008 2008 2008 2009 2008 2009 2008 2009 2009 2008 2009 2008 2 Value of subsc
Development mDKK 300 mDKK 300 250 250 200 200 150 150 100 100 50 50 0 0 fee income ó Net interest and ó 2005 ó 2006 ó 2007 2005 mDKK ó 2006 ó 2007 ó 2008 ó 2009 ó 2008 ó 2009 300 ó 2005 ó 2005 mDKK ó 2006 ó 2007 ó 2006 ó 2007 ó 2008 ó 2009 ó 2008 ó 2009 300 250 250 200 200 150 150 100 100 50 50 0 Ne
mDKK mDKK mDKK 100 100 mDKK 100 100 Core earnings ó 2005 ó 2006 ó 2007 ó 2005 ó 2006 ó 2007 ó ó 2005 2008 ó 2009 2005 ó ó 2006 ó 2007 ó ó 2008 ó 2009 2006 ó 2007 ó ó 2008 ó 2009 2008 ó 2009 mDKK mDKK mDKK 6,000 6,000 mDKK 6,000 6,000 5,400 5,400 5,400 5,400 4,800 4,800 4,800 4,800 4,200 4,200 4,200
30
Endorsements MANAGEMENT We have today considered and approved the annual report of Max Bank A/S for the financial year 1 January to 31 December 2009. The annual report has been presented in accordance with the Danish Financial Business Act. Further, the annual report has been pre- pared in accordanc
Income statement and distribution of profit Der er kun én vej frem Note Siden 2009 DKK000 2008 DKK000 Income Max Bank 2001 har statement levet fter en brandingstrategi, hvor e målet er, at hele banken skal fremtræde som en unik helhed, 378,761 1 Interest income hvor især rådgi
Balance sheet at 31 December Note Assets 2009 DKK000 2008 DKK000 Cash holdings and demand deposits with central banks 476,621 504,072 10 Receivables from credit institutions and central banks 176,384 156,535 11 Loans, advances and other receivables at amortised cost
Equity statement Statement of changes in Equity for 2009 (DKK000) Proposed Share Revaluation Statutory Retained dividend for the Share capital premium reserves Siden 2001 har Max Bank levet fter en brandingstrategi, hvor reserves earnings financial year Total e Der er ku
Cash flow statement Note 2009 DKK000 2008 DKK000 -172,760 192,534 6,954 11,812 36,024 3,710 51,682 129,957 542,702 -369,656 500,000 169,935 -66,672 776,309 -4,210 10,884 -7,583 -909 -932,900 0 -6,210 280 -3,178 Pre-tax profit for the year -43,828 Impairment losses relatin
Der er kun én vej frem Siden 2001 har Max Bank levet fter en brandingstrategi, hvor e målet er, at hele banken skal fremtræde som en unik helhed, hvor især rådgivning og samarbejdsform i forhold til kunderne skiller sig ud fra konkurrenterne på en positiv måde. Vi ønsker at skabe en aura af nærvær,
Accounting policies The financial statements have/annual report has been presented in accordance with the Danish Financial Business Act, including the Executive Order on Finan- cial Reports for Credit Institutions and In- vestment Companies, etc. (the Executive Order on Financial Reports). Further
Der er kun én vej frem Pension plans The item is measured at amortised The Bank has entered into defined con- cost. Siden 2001 har Max Bank levet fter en brandingstrategi, hvor e tribution plans with its employees. In the målet contribution plans, fixed contri- fremtræde som en unik helhed, defin
Investments in group enterprises and associates An associate is an enterprise over which the Group may exercise signi icant, f but not controlling influence. A group company is an enterprise over which the Group may exercise controlling influ- ence. Investments in group enterprise Shares in the subs
Notes 5-YE A R F I N A NC I AL H I GHL I GH T S Der er kun én vej frem 2009 DKK000 2008 DKK000 2007 DKK000 2006 DKK000 2005 DKK000 I NC har S T A Bank Siden 2001 O M E Max T E M E N T levet fter en brandingstrategi, hvor e at hele banken skal fremtræde som en unik helhed, 259,
Notes Note 1 Interest inc ome Receivables from credit institutions and central banks Loans, advances and other receivables Bonds Total derivative financial instruments Of these Foreign exchange contracts Interest rate contracts
Notes Der er kun én vej frem Note 2009 DKK000 2008 DKK000 5 S taf f c Max Bank levet fter en e xp enses Siden 2001 har osts and administrative brandingstrategi, hvor e er, at hele banken skal fremtræde som en unik helhed, Remuneration of Supervisory and Executive Boards
Notes Note 9 In c ome ta x Estimated tax on jointly taxed income for the year Deferred tax Adjustment of prior years estimated tax 2009 DKK000 2008 DKK000 -7,133 -3,501 483 -48,871 -2,560 -251 -51,682 25,0 -4.9 29.9 -10,151 Total income tax
Notes Der er kun én vej frem Note 2009 DKK000 2008 DKK000 11 2001 har advances and other receivables at amortised cost Siden Loans, Max Bank levet fter en brandingstrategi, hvor e er, at hele banken skal fremtræde sector and industry Loans, advances and guarantee debtors by som en
Notes Note 2009 DKK000 2008 DKK000 13 HE L D -T O - M A T U R I TY A S S E T S 230,187 231,183 Amortised cost at year-end, bonds reclassified 223,210 224,466 Fair value at year-end, bonds reclassified Fair value adjustment through profit and loss -5,413 up
Notes Der er kun én vej frem Note 1 7 2001 erred ta x assets and fter en brandingstrategi, hvor Siden D e f har Max Bank levet tax l iabi lities e er, at hele banken skal year målet Deferred tax at beginning of fremtræde som en unik helhed, Change in deferred tax 2009 D
Notes Note 2 1 Provisions f or p ensions and simi lar obl igations Defined benefit plans 2009 DKK000 2008 DKK000 13,410 11,840 11,840 13,410 Total The obligation provided for is settled on a current basis through the payment of monthly pensions.
Notes Der er kun én vej frem Note 2009 DKK000 2008 DKK000 2 3 2001 har Max Bank lities Siden Contingent l iabi levet fter en brandingstrategi, hvor e er, at hele etc. målet Guarantees banken skal fremtræde som en unik helhed, 311,420 Financial guarantees hvor især rådgiv
Notes Note 2 5 D erivative f inan cia l instruments . Derivatives financial instruments By time-to-maturity 3 mon but 1 yr but 5 yr Nominal Market value, net DKK000 Foreign exchange contracts Fwd contracts/futures, purchased 166,739 Fwd contracts/futures,
Notes Der er kun én vej frem Note 2001 har Max Bank levet fter en brandingstrategi, hvor Siden Derivatives e 2009 målet er, at hele banken skal fremtræde som en unik helhed, Average market value *) . 2008 Average market value *) Negative hvor især rådgivning og samar
Notes Note 2009 DKK000 2008 DKK000 2 6 Foreign e x c h ange e x posure By primary currency 453 USD 222 GBP 1,890 SEK 478 NOK 2,773 CHF 179 CAD 146 JPY 11,602 EUR 1,110,131 Total assets deno
Notes Der er kun én vej frem Note 2009 DKK000 2008 DKK000 2 8 E xe har Max Bank ervisory oards Siden 2001 c utive and S u p levet fter B en brandingstrategi, hvor e er, at of loans, charges, recourse or non-recourse guarantees as helhed, målet Size hele banken skal fremtræde som
Notes Note 2009 DKK000 2008 DKK000 3 2 D isc losures on p oo led p ension s ch emes The Bank does not have any pooled pension schemes. 3 3 S S E T S A CQU I R E D A N D S OL D A S P ART O F GENUINE SA L E A A N D R EP U RCHA S E T R A N S ACT I O N S
Notes Note Der er kun én vej frem 36 Fair va Max Bank levet efter en brandingstrategi, hvor Siden 2001 har l ue o f f inanc ia l instruments målet er, at hele banken skal fremtræde som en unik helhed, The carrying amounts of financial assets and liabilities essentially correspond to fair val
Notes Note Max Bank regularly develops its tools for risk identification and risk management, and it makes targeted efforts to develop and adjust its organisation to ensure, among other things, optimum management of business risks. 2009, in order to ensure better risk management, Max Bank appo
Notes Note Der er kun én vej frem Also, the Max Bank levet fter en brandingstrategi, hvor Siden 2001 har Banks credit policy is not to engage in the financing of illegal and clearly unethical projects, untransparent e projects, projects of an invidious nature or som based on helhed, målet er, at
Notes Note stry, Real estate, real estate dealing and rental, relates to the real estate sector. This industry accounts for 23.6 of the Banks total loans and advances. Classification of risks of Max Banks customers with loans exceeding DKK 5,000 are rated in five risk classes for private custom
Notes Note Der er kun én vej frem Overall, a shift Bank the weaker risk classes still seems to take place Siden 2001 har Max towards levet fter en brandingstrategi, hvor for private as well as corporate customers. e This hele banken the continued negative economic developments. målet er, at tren
Notes Note Interest income from loans and advances written down 2009 DKK000 2.972 2008 DKK000 5.157 Default on Impaired claims* claims DKK000 DKK000 Public authorities 0 0 Agriculture and fisheries 0 2,156 Manufacturing, mining, publi
Notes Note Der er kun én vej frem 2001 har Max Bank levet fter en brandingstrategi, hvor Siden Credit exposures by exposure category e at hele banken skal fremtræde som en unik helhed, Unweighted målet er, exposure*) hvor især rådgivning og samarbejdsform i forhold til kunderne
Notes Note M arket risk Market risk is the risk that the market price of a financial instrument will change due to changes in market conditi- ons. Market risk is the risk of loss resulting from: ó Changes in market rate ó Foreign currency fluctuations ó Share price changes The Banks e
Notes Note Der er kun én vej frem Exposure Max Bank levet fter the trading portfolio Siden 2001 har on shares etc not included in en brandingstrategi, hvor e at hele banken skal fremtræde som en unik a helhed, sector companies. The object of these sec- Together with other banks, Max Bank has
Notes Note Max Bank has sound cash resources which are attributable to good and long-term liquidity planning. Already at the beginning of 2007 before the outbreak of the liquidity crisis, the Bank secured new solid cash reserves. Despite the global financial crisis and the periodic freezing of
Notes Note Der er kun én vej frem The har Max and maturity fter en brandingstrategi, hvor 2001 composition Bank levet structure for the Banks total subordinated debt are as follows: e målet er, at hele banken skal fremtræde som en unik helhed, Repayment Possible early repayment Capital type h
Our branches Head office Femøvej 3 4700 Næstved Telephone +45 55 78 01 11 Email: postmaxbank.dk Company Registration No. (CVR-nr.) 4017 2319 Corporate Director Claus Hansen Investment Manager Flemming Jørgensen Branch Manager Direct Centre Carsten Lund City Department Grønnegade 20 4700 Næstved Tele
Board Management Auditing T he S u p ervisory board Der er kun én vej frem Siden 2001 har Max Bank levet fter en brandingstrategi, hvor e målet er, at hele banken skal fremtræde som en unik helhed, hvor især rådgivning og samarbejdsform i forhold til kunderne skiller sig ud fra konkurrenterne på
0 0 1 3 7 . 0.1.2.0 Max Bank A/S Head office: Femøvej 3 DK-4700 Næstved Tel. +45 55 78 01 11 Fax +45 55 78 01 22 postmaxbank.dk www.maxbank.dk Central Business Registration No: 4017 2319
