BANCO ESPIRITO SANTO The financial statements of Banco Espírito Santo, S.A. ("BES") as at the date 31 December 2014 are disclosed on the date hereof.
For the reasons then disclosed in a release (http://www.bes.pt/Comunicados/20150807%20FR56735_uk.pdf ), the Individual Balance Sheet and the Notes as at 4 August 2014 could only be presented on 7 August 2015. In order to prepare then the financial statements concerning the entirety of the period of 2014, it was necessary to take into consideration and reflect all subsequent developments, arising not only from BES activity but also from changes in the legal framework and the clarifications and resolutions approved by Banco de Portugal during the year of 2014 and onwards.
Although the financial statements concerning the year of 2014 still have an important informative angle over the management of BES and its financial situation, the legal framework of the approval and control of the financial statements have very specific features in an institution subject to resolution.
It should also be highlighted that the management report and the remaining disclosed documents, including the Audit Report and the Statutory Audit Report, and the Report and Opinion of the Audit Commission, concern the entirety of the year 2014, which cover two distinct periods: the period which preceded the application of the resolution tool and the period in which BES' activity was carried out within the framework of said resolution tool. In particular, the disclosed financial statements integrate the accounting reflection of the transfer of assets, liabilities, off-balance sheet items and assets under
management, transferred to Novo Banco, the adjustments resulting from the independent evaluation and the adjustments made by BES' Board of Directors.
Lastly, it should also be highlighted that the financial statements have been approved in the Board of Directors' meeting held on 18 December 2015, and therefore do not take into consideration the events occurred after this date, in particular the resolutions approved yesterday by the Board of Directors of Banco de Portugal (which release may be consulted, in Portuguese language, in http://www.bportugal.pt/pt- PT/OBancoeoEurosistema/ComunicadoseNotasdeInformacao/Paginas/combp2015122 9-2.aspx).
(TEUR)
Cash and deposits at central banks - 916 143
Deposits with banks
Financial assets held for trading
13 20 863 147 211
14 - 1 102 113
Financial assets at FV - 2 937 434
Financial assets AFS
Loans and advances to banks Loans and advances to customers
15 8 505 5 949 475
16 50 076 9 583 337
17 104 294 35 872 194
Held-to-maturity investments - 1 152 456
Hedging derivatives - 325 021
Non current assets held for sale - 1 356 013
Other tangible assets Intangible assets Investments in associates
18 10 327 135
19 22 109 777
20 11 350 2 617 839
Current income tax assets - 14 727
Deferred income tax assets - 1 003 735
Other assets
21 1 485 2 752 951
Amounts owed to central banks - 9 305 318
Financial liabilities held for trading Deposits from banks
Due to customers
14 10 418 999 839
22 26 5 470 806
23 696 277 33 446 504
Debt securities - 8 245 875
Financial liabilities associated with transferred assets - 635 609
Hedging derivatives - 86 419
Provisions
24 1 126 851 505 472
Current income tax liabilities 1 6 721
Deferred income tax liabilities - 55 417
Other subordinated loans Other liabilities
25 934 258 1 034 748
26 107 949 673 149
Share capital Capital surplus
Other capital instruments Treasury Stock
Other reserves and retained earnings
27 6 084 696 5 040 124
27 1 038 923 1 059 700
27 191 571 191 734
27 ( 801) ( 801)
28 ( 796 573) ( 126 505)
Net profit for the period (9 196 991) ( 462 568)
(1) For the purposes of comparison, the information in Note 31 shall be taken into account, which includes
the balance sheet as at 4 August 2014, after the application of the resolution tool to BES by Banco de Portugal
Francisco Boavida Salavessa
E-mail: investor.relations@bes.pt
Lisbon, 30 December 2015
BANCO ESPÍRITO SANTO, S.A.Banco Espirito Santo SA issued this content on 2015-12-30 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 2015-12-30 21:21:25 UTC
Original Document: http://www.bes.pt/Comunicados/20151230 FR58219_uk.pdf
