QUARTERLY
REPORT Q1-17
Quarterly Report
For the Quarter ended 31 March 2017
Advanzia Bank S.A.
Simplicity, Transparency and Trust
Advanzia Bank S.A.
Registre de Commerce
Tel.: +352 263 875 1
9, rue Gabriel Lippmann
et des Sociétés Luxembourg:
Fax: +352 263 875 699
Parc d’Activité Syrdall 2
B109476
E-mail: [email protected]
L-5365 Munsbach (Luxembourg)
www.advanzia.com
www.gebuhrenfrei.com
BIC (SWIFT): ADVZLULL
www.advanziakonto.com
www.cartezero.fr
www.free.at
Jeppe Hein, Path of Silence, 2016
Kistefos Museum, Norway
@ Courtesy of the Kistefos Museum. Photo: Kistefos Museum / Hege E. Johnsen
Polished stainless steel, giant stones from the forests of the Kistefos, Norwegian slates, Siberian maple, Norwegian moss and flora.
Jeppe Hein’s art puts people at the center. His artistic expression is located at the intersection of conceptual art, architecture and technology. Yet
it is the meeting between man and art, or man in the encounter with himself that Hein is most occupying of.
Jeppe Hein was born in Denmark in 1974 and lives and works in Berlin. He is represented by a number of key public and private collections,
including museums such as the Tate Gallery, London UK, MNAM-Centre Pompidou, Paris, France and MOCA, Museum of Contemporary Art, Los
Angeles, USA.
Advanzia Bank S.A. Quarterly Report Q1-17
2
The Advanzia strategy is to create long-term value by resolutely increasing the number of customers and
the loan balance. The plan requires substantial investments in customer acquisition. This will in the shortterm yield a lower growth in profits, since it takes 2 to 3 quarters before new clients start to make a
positive contribution and up to three years before total investments are recouped.
Highlights: For the Quarter ended 31 March 2017







Gross credit card loan balance of MEUR 974, growth +4% QoQ and +21% YoY
633 000 performing active clients, growth +3% QoQ and +19% YoY
1 034 000 cards in force1 , growth +4% QoQ and +18% YoY
Loan loss rate of 4.5% declined by 0.1%-points QoQ and 0.2%-points YoY
Customer acquisition cost of MEUR 5.2, +1% QoQ and +7% YoY
After-tax profit of MEUR 9.2, +23% YoY
Annualized return on equity of 35.2% vs. 34.6 % in Q1-16
Advanzia continues to grow and has during the quarter surpassed the milestone of 1 million cards in
force. The Bank recorded an increase of 4% in gross loan balance and increase of 3% in number of active
clients compared to Q4-16. The progression of the loan balance is a consequence of continuing
investments in customer acquisition. During the quarter, Advanzia has registered 42 700 new active
cards, which slightly exceeds the increase in the previous quarter. The total number of performing active
cards by the end of the quarter amounts to 633 000. The loan loss rate continued to improve during the
quarter. Net profit in the quarter amounted to MEUR 9.2, a 23% increase compared to the same period
of previous year.
Credit card loan balance
40
MEUR, YoY
Net interest income
MEUR, YoY
35
30
20%
22%
21%
21%
25
21%
20%
20%
20%
26,8 32,4
28,7 34,4
30,0 35,8
30,6 36,9
20
15
701
842
Q2
2015-2016
745
905
Q3
2016-2017
772
940
805
974
Q4
Q1
Gross loan balance (% growth, YoY)
10
5
Q2
2015-16
Q3
2016-17
Q4
Q1
Net interest margin (% growth, YoY)
Figure 1: YoY growth – loan balance and net interest margin.
Growth metrics
CAGR (2010 - LTM*)
YTD 2017 vs. YTD 2016
Active credit card Loans and advances to
clients
credit card clients
21%
19%
Profit after tax
25%
21%
36%
23%
* Last twelve months
Figure 2: CAGR and YTD growth.
Since the end of 2010, Advanzia has delivered a CAGR of 36% in net profit, 25% in loan balance and 21%
in number of active credit card clients.
1
Cards in force: The number of issued cards including active and inactive cards.
Advanzia Bank S.A. Quarterly Report Q1-17
3
Loan balance development
Credit card loan balance
MEUR, QoQ
701
39
668
38
5,0%
772
41
745
40
805
43
842
44
940
49
905
47
974
52
7,5%
6,3%
4,5%
3,7%
4,3%
630
662
705
732
763
798
858
890
922
Q1-15
Q2-15
Q3-15
Q4-15
Q1-16
Q2-16
Q3-16
Q4-16
Q1-17
4,0%
Net loan balance
Value adjustment
3,8%
3,7%
Gross loan balance (% growth)
Figure 3: Loan balance development.
In line with new active cards, Advanzia increased its total gross loan balance by 4% QoQ and 21% YoY.
The impaired loan balance followed a similar development, demonstrating an effective risk
management.
Active clients/credit cards
Number of active credit card clients
in 000's, QoQ
69
72
74
67
4,2%
4,1%
4,1%
4,2%
82
78
5,5%
464
483
504
525
2,0%
534
Q1-15
Q2-15
Q3-15
Q4-15
Q1-16
Non-delinquent
active clients
87
92
96
3,2%
3,2%
6,1%
564
598
614
633
Q2-16
Q3-16
Q4-16
Q1-17
Delinquent active clients
(excl. monitoring)
Total active clients
(growth %, excl. monitoring)
Figure 4: Credit card clients.
Key figures (000's)
Actual
Q1-17
42,7
34,2
Actual
2,8
Q1-17
5,6
42,7
633,1
34,2
591,3
2,8
22,7
5,6
19,1
633,1
591,3
Figure
22,7
19,1
Actual
Q4-16
QoQ
growth
Actual
Q1-16
YoY
growth
Actual
YTD-17
Actual
YTD-16
YTD
growth
35,8
-4%
41,3
Actual
QoQ
Actual
1,7
62%
2,8
Q4-16
growth
Q1-16
4,7
20%
4,3
42,2
1%
48,4
614,3
3%
533,9
35,8
-4%
41,3
577,7
2%
509,7
1,7
62%
2,8
21,1
8%
18,4
4,7
20%
4,3
15,5
23%
5,8
614,3
3%
533,9
577,7
2%
509,7
Client/card
statistics.
21,1
8%
18,4
15,5
23%
5,8
-17%
YoY
0%
growth
30%
-12%
19%
-17%
16%
0%
23%
30%
232%
19%
16%
23%
232%
34,2
Actual
2,8
YTD-17
5,6
42,7
633,1
34,2
591,3
2,8
22,7
5,6
19,1
633,1
591,3
22,7
19,1
41,3
Actual
2,8
YTD-16
4,3
48,4
533,9
41,3
509,7
2,8
18,4
4,3
5,8
533,9
509,7
18,4
5,8
-12%
-17%
YTD
0%
growth
30%
-12%
19%
-17%
16%
0%
23%
30%
232%
19%
16%
23%
232%
The
number
of performing active clients reached 633
QoQ and
New active
cards
42,2 100, a
1%growth
48,4 of 3%-12%
42,719% YoY.
48,4
Germany/Luxembourg
France
Key figures (000's)
Austria
New delinquent
active cardsactive clients (total, after churn)
Non
Germany/Luxembourg
France
Austria
Non delinquent active clients (total, after churn)
Germany/Luxembourg
France
Austria
5:
Total number of performing active clients in Germany shows a growth of 2% QoQ and 16% YoY. Total
intake in Germany compared to previous year is influenced by the insolvency filing of a large B2B partner
as well as the loss of a B2C partner during the second half of 2016. The Bank is on a good track to
establish new partnerships in order to further increase the growth path in terms of new active clients.
For both France and Austria, the QoQ growth in active cards of 8% and 23%, has been satisfactory.
Additional initiatives will be evaluated to increase growth further, especially in Austria where the
development is promising.
Advanzia Bank S.A. Quarterly Report Q1-17
4
Professional Card Services (PCS)
Actual
Q1-17
19
205
1.303
5,8
Key Figures, PCS clients
Number of banks
New active cards
Total cards (open)
(opened)
Turnover (in MEUR)
Actual
Q4-16
18
139
1.131
5,2
QoQ
growth
6%
47%
15%
12%
Actual
Q1-16
9
69
687
2,5
YoY
growth
111%
197%
90%
133%
Actual
YTD-17
19
205
1.303
5,8
Actual
YTD-16
9
69
687
2,5
YTD
growth
111%
197%
90%
133%
Figure 6: Professional Card Services.
A new partner bank joined the Professional Card Services (PCS) programme during Q1-17. Advanzia has
Total cards banks,
(open)
at the end of the period, 19 partner
an increase of 10 banks compared to a year ago. Turnover
has increased by 12% compared to the previous quarter. Advanzia is actively working with several new
prospects and continues to develop the offering.
Deposit accounts
The Bank offered a standard rate of 0.50% effective p.a. in the entire first quarter a rate somewhat
below the highest offerings in the market. As a result total deposits decreased to MEUR 1 041 and the
number of active depositors is 30 400 per Q1 2017.
Deposit balance
Number of active depositors
MEUR, QoQ
in 000's, QoQ
25
26
26
27
28
28
30
31
6,6%
4,8%
690
3,4%
2,7%
0,5% 0,5%
1.031
30
2,9%
-0,2%
725
6,0% 5,1%
741
6,8%
2,2%
-0,5%
Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17
Depositors
Depositors (% growth)
791
862
1.102 1.041
850 21,3%
8,9%
6,9%
-1,4%
-5,5%
Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17
Deposits
Deposits (% growth)
Figure 7: Depositors and deposit balance.
Board, management and staff
As of 31 March 2017, Advanzia employed 135 full-time equivalent employees, up from 125
in the end of the previous quarter. The Bank continued to increase its workforce in view of its growthoriented plans. On 1 April 2017 Roland Ludwig joined Advanzia as Deputy Chief Executive Officer.
Advanzia Bank S.A. Quarterly Report Q1-17
5
Financial statements
Below are the unaudited accounts for Advanzia as at end of the first quarter of 2017. All amounts are in
millions of euro (MEUR). Advanzia follows IFRS accounting principles and the figures are presented so
that they reflect Advanzia’s actual business activities and operations.
Actual
Q1-17
200,7
53,9
974,2
(52,3)
921,9
Assets (MEUR)
Cash, balances with central banks
Loans and advances to credit institutions
Loans and advances to credit card clients
Value adjustment (losses)
Net loans and advances to credit card clients
Investments
Tangible and intangible assets
Other assets
Total assets
Liabilities and equity (MEUR)
Amounts owed to credit institutions
Amounts owed to customers
Other liabilities, accruals, provisions
Subordinated loan (AT1)
Sum liabilities
Subscribed capital
Reserves
Profit (loss) brought forward
Profit for the financial year (net of interim dividend)
Sum equity
Total liabilities and equity
Actual
Q4-16
238,1
97,5
939,8
(49,4)
890,4
QoQ
growth
-16%
-45%
4%
6%
4%
Actual
Q1-16
39,9
169,9
805,3
(42,5)
762,8
YoY
growth
403%
-68%
21%
23%
21%
Actual
YTD-17
200,7
53,9
974,2
(52,3)
921,9
Actual
YTD-16
39,9
169,9
805,3
(42,5)
762,8
YTD
growth
403%
-68%
21%
23%
21%
5,9
3,1
5,8
2,4
2%
31%
0,9
3,2
1,8
-100%
85%
79%
5,9
3,1
0,9
3,2
1,8
-100%
85%
79%
1.185,5
1.234,2
-4%
978,4
21%
1.185,5
978,4
21%
Actual
Q1-17
0,0
1.041,0
26,6
9,3
1.076,9
Actual
Q4-16
0,1
1.102,1
23,2
9,4
1.134,8
Actual
YTD-17
0,0
1.041,0
26,6
9,3
1.076,9
Actual
YTD-16
0,0
861,9
22,1
9,1
893,1
QoQ
growth
-100%
-6%
15%
-1%
-5%
Actual
Q1-16
0,0
861,9
22,1
9,1
893,1
YoY
growth
-100%
21%
20%
3%
21%
YTD
growth
-100%
21%
20%
3%
21%
27,4
14,2
57,7
9,2
108,6
27,4
13,1
38,4
20,5
99,4
0%
9%
50%
-55%
9%
26,4
13,1
38,4
7,5
85,3
4%
9%
50%
23%
27%
27,4
14,2
57,7
9,2
108,6
26,4
13,1
38,4
7,5
85,3
4%
9%
50%
23%
27%
1.185,5
1.234,2
-4%
978,4
21%
1.185,5
978,4
21%
Actual
Q1-17
38,7
(0,2)
(1,5)
(0,2)
36,9
Actual
Q4-16
38,2
(0,2)
(2,0)
(0,2)
35,8
QoQ
growth
1%
1%
-26%
-4%
3%
Actual
Q1-16
32,7
(0,0)
(1,9)
(0,1)
30,6
YoY
growth
18%
744%
-24%
29%
20%
Actual
YTD-17
38,7
(0,2)
(1,5)
(0,2)
36,9
Actual
YTD-16
32,7
(0,0)
(1,9)
(0,1)
30,6
YTD
growth
18%
744%
-24%
29%
20%
Commission receivable
Commission payable
Other financial items/operating income
Total income
3,6
(2,3)
(0,7)
37,5
2,7
(2,6)
0,9
36,8
35%
-12%
-176%
2%
2,5
(2,2)
0,5
31,4
42%
2%
-237%
20%
3,6
(2,3)
(0,7)
37,5
2,5
(2,2)
0,5
31,4
42%
2%
-237%
20%
Card acquisition costs
Card operating costs
Staff costs
Other administrative expenses
Depreciation, tangible + intangible assets
Sum operating expenses
(5,2)
(3,2)
(3,6)
(1,5)
(0,5)
(14,0)
(5,1)
(3,3)
(3,2)
(1,3)
(0,5)
(13,5)
1%
-4%
11%
16%
2%
4%
(4,8)
(2,8)
(2,6)
(0,8)
(0,3)
(11,3)
7%
17%
36%
84%
59%
23%
(5,2)
(3,2)
(3,6)
(1,5)
(0,5)
(14,0)
(4,8)
(2,8)
(2,6)
(0,8)
(0,3)
(11,3)
7%
17%
36%
84%
59%
23%
Value adjustments
Write-offs
Total loan losses
(3,0)
(8,0)
(11,0)
(2,5)
(7,0)
(9,5)
19%
15%
16%
(1,9)
(7,6)
(9,5)
55%
6%
15%
(3,0)
(8,0)
(11,0)
(1,9)
(7,6)
(9,5)
55%
6%
15%
12,6
(3,4)
13,9
1,5
-9%
-324%
10,6
(3,1)
19%
10%
12,6
(3,4)
10,6
(3,1)
19%
10%
9,2
15,4
-40%
7,5
23%
9,2
7,5
23%
Income statement (MEUR)
Interest receivable, credit cards
Interest receivable and similar income, others
Interest payable and similar expenses
Interest payable, other
Net interest income
Profit (loss) on ordinary activities before taxes
Income tax and net worth tax
Profit (loss) for the period
Figure 8: Unaudited accounts as at 31 March 2017.
Advanzia Bank S.A. Quarterly Report Q1-17
6
Comments to the accounts
In Q1-17, the gross credit card loan balance grew by MEUR 34.4 reaching MEUR 974, which represents a
4% increase compared to Q4-16 and a 21% increase compared to Q1-16. The customer acquisition costs
were MEUR 5.2 in Q1-17 compared to MEUR 5.1 in Q4-16, an increase of 1%.
Overall liquidity decreased by MEUR 81 during the quarter as a result of net deposit outflows and an
increasing loan balance. This was deliberate to limit costs resulting from holding excessive liquidity and
consequently funding expenses were reduced by 26% QoQ.
Total income in Q1-17 increased by 20% compared to Q1-16, landing at MEUR 37.5 (2% higher QoQ).
This was mainly driven by higher interest income due to the larger credit card loan balance and lower
interest expense on deposits.
Operating expenses increased by 4% compared to the previous quarter, mainly because of higher staff
costs.
Loan losses ended at MEUR 11.0 which corresponds to a loan loss rate of 4.5%, a decline of 0.1%-points
QoQ and 0.2%-points YoY.
Advanzia’s profit after tax grew by 23% compared to Q1-16, ending at MEUR 9.2 for the quarter. The
drop in profit after tax compared to Q4-16 of 40% is due to end of year specific items in the previous
quarter of MEUR 5.4.
Income split and development
MEUR, QoQ
26,5
28,5
30,5
29,7
31,4
34,1
36,8
35,2
37,5
25,1
26,8
28,7
30,0
30,6
32,4
34,4
35,8
36,9
Q1-15
Q2-15
Q3-15
Q4-15
Q1-16
Q2-16
Q3-16
Q4-16
Q1-17
Net interest margin
Net commisions
Net other income
Total income
Profit development
MEUR, QoQ
15,4
15,0
12,0
6,8
26,5
8,2
8,7
28,5
30,5
29,7
-11,8
-12,7
-12,9
-7,9
-7,7
-9,0
-9,3
-8,4
9,2
8,7
8,6
31,4
34,1
35,2
36,8
37,5
-14,4
-15,9
-16,3
-11,9
-17,4
-9,5
-9,6
-10,3
Q1-16
Q2-16
Q3-16
7,5
-9,5
10,0
5,0
0,0
-5,0
-11,0
-10,0
Q1-15
Q2-15
Q3-15
Total income
Total loan losses
Q4-15
Q4-16
Q1-17
Total expenses & income taxes
Profit after tax
Figure 9: Income and profit development.
Note: Q4-15 and Q4-16 were positively impacted by end of year specific items of MEUR 4.8 and MEUR 5.4
respectively.
Advanzia Bank S.A. Quarterly Report Q1-17
7
Key performance indicators (KPIs)
Actual
Q1-17
17,8%
12,6%
4,5%
37,2%
23,4%
35,2%
14,7%
13,5%
185,0%
119,7%
Financial ratios
Yield, credit card loans, weighted (%)
Net interest margin, int. bearing assets, weighted (%)
Loan loss rate (12 months trailing, credit cards) (%)
Cost/Income (%)
Cost/Income (%) (excl. acquisition costs)
Return on equity (%), annualised
Capital adequacy ratio Tier 1 (%) (incl. interim profit)
Capital adequacy ratio Tier 1 (%) (excl. interim profit)
Liquidity coverage ratio (LCR) (min 100%)
Net stable funding ratio (NSFR) (min 100%)
Actual
Q4-16
17,7%
12,0%
4,5%
36,6%
22,6%
63,0%
13,8%
11,6%
387,9%
129,0%
QoQ
growth
0,0%-p
0,6%-p
-0,1%-p
0,6%-p
0,8%-p
-27,8%-p
1,0%-p
1,9%-p
-202,9%-p
-9,3%-p
Actual
Q1-16
18,1%
13,1%
4,7%
36,1%
20,7%
34,6%
13,5%
12,3%
113,7%
119,3%
YoY
growth
-0,4%-p
-0,6%-p
-0,2%-p
1,1%-p
2,7%-p
0,6%-p
1,3%-p
1,2%-p
71,3%-p
0,4%-p
Actual
YTD-17
17,8%
12,6%
4,5%
37,2%
23,4%
35,2%
14,7%
13,5%
185,0%
119,7%
Actual
YTD-16
18,1%
13,1%
4,7%
36,1%
20,7%
34,6%
13,5%
12,3%
113,7%
119,3%
YTD
growth
-0,4%-p
-0,6%-p
-0,2%-p
1,1%-p
2,7%-p
0,6%-p
1,3%-p
1,2%-p
71,3%-p
0,4%-p
Figure 10: Key performance indicators.
The KPIs are in line with expectations and the development of the business. The gross yield on credit
cards remains stable at around 18%. Advanzia managed to reduce its loan loss rate by 0.2%-points YoY.
The cost-income ratio excluding acquisition cost was 23.4% in Q1-17. Advanzia maintains an ample
solvency and liquidity, having a capital adequacy ratio (incl. interim profits) of 14.7% and a liquidity
coverage ratio of 185% in Q1-17.
Solvency & liquidity
in %, QoQ
Profitability
in %, QoQ
415%
18,2% 18,1% 18,0% 18,0% 18,1% 17,9% 17,8% 17,7% 17,8%
13,6% 13,7% 13,9% 13,8% 13,2% 13,7% 13,2%
163% 206% 230%
351% 304% 388%
114%
185%
12,0% 12,6%
5,0% 4,8% 4,8% 4,7% 4,7% 4,7% 4,6% 4,5% 4,5%
12,4%
14,7%
14,5% 13,4% 15,0% 13,5% 14,5%
13,0% 13,8%
Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17
Yield on credit card loans
Net interest margin
Loan loss rate
(all interest bearing assets)
Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17
Return on equity
Cost/income ratio
63,0%
59,0%
43,5%
Liquidity coverage ratio
in %, QoQ
in %, annualised,QoQ
39,0%
Capital adequacy ratio (incl. interim profit)
47,0%
38,8%
34,6%
37,9%
35,2%
Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17
Return on equity (average)
33,9% 32,6%
30,5%
37,7% 36,1% 36,0% 36,1% 36,6% 37,2%
22,6% 23,4%
20,4% 20,9% 19,2% 21,9% 20,7% 20,5% 22,0%
Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17
Cost-income ratio
Cost/Income (excl. acquisition costs)
Figure 11: Key performance indicators.
Advanzia Bank S.A. Quarterly Report Q1-17
8
Selected market performance indicators
Germany/Luxembourg (MEUR)
Gross loan balance
Interest receivable, credit cards
Loan losses
France (MEUR)
Gross loan balance
Interest receivable, credit cards
Loan losses
Austria (MEUR)
Gross loan balance
Interest receivable, credit cards
Loan losses
Actual
Q1-17
924,4
37,0
(9,7)
Actual
Q4-16
QoQ
growth
Actual
Q1-16
YoY
growth
Actual
YTD-17
Actual
YTD-16
YTD
growth
895,0
36,7
(8,6)
3%
1%
13%
781,5
31,9
(8,6)
18%
16%
13%
924,4
37,0
(9,7)
781,5
31,9
(8,6)
18%
16%
13%
Actual
Q1-17
31,1
1,1
(0,8)
Actual
Q4-16
30,8
1,0
(0,7)
QoQ
growth
1%
7%
15%
Actual
Q1-16
21,9
0,8
(0,9)
YoY
growth
42%
41%
-8%
Actual
YTD-17
31,1
1,1
(0,8)
Actual
YTD-16
21,9
0,8
(0,9)
YTD
growth
42%
41%
-8%
Actual
Q1-17
18,7
0,6
(0,5)
Actual
Q4-16
QoQ
growth
Actual
Q1-16
YoY
growth
Actual
YTD-17
Actual
YTD-16
YTD
growth
13,9
0,5
(0,2)
35%
35%
151%
1,9
0,0
(0,1)
-
18,7
0,6
(0,5)
1,9
0,0
(0,1)
-
Figure 12: Market performance indicators.
Germany/Luxembourg is growing satisfactorily. Austria, launched at the end of 2015, follows a similar
successful pattern to the first year in Germany/Luxembourg. It is, however, too early to draw any final
conclusions with regards to Austria. France remains weak but is expected to deliver better results with
time. Advanzia is actively testing and implementing various initiatives such as new marketing channels,
B2B partners and the portfolio acquisition mentioned below to achieve better results.
Advanzia Bank S.A. Quarterly Report Q1-17
9
Outlook
For all markets the current economic environment is stable and their outlook is favourable. Advanzia will
continue its momentum in Germany and Austria, but remains prudent about the development in France.
In line with the strategy, the Bank’s gross loan balance is growing quickly, while profit growth is more
subdued due to high acquisition investments and other general investments needed to realise the Bank’s
growth potential.
In April, the Bank closed its first acquisition by purchasing a revolving portfolio of approximately
MEUR 60 in France. Besides building scale, the acquisition will accelerate the Bank’s learning curve of the
French market. The Bank continues to be on the lookout for attractive acquisition opportunities both in
existing and potential new markets.
The Bank’s financial situation is expected to remain solid, with prudently managed operating costs and
loan losses, all contributing to continued strong financial performance.
Munsbach, Luxembourg
11.05.2017
Roland Ludwig
Deputy Chief Executive Officer
Marc Hentgen
Chief Executive Officer
Advanzia Bank S.A. Quarterly Report Q1-17
10
Appendix: Shareholder overview
The table below shows the shareholding in Advanzia Bank S.A at balance sheet date. Share classes A, B
and C are voting shares. There were no movements or changes in the distribution of shares during the
quarter.
Shareholder
Class A
Class B
Kistefos AS
Skips AS Tudor
Vistatech limited
Sundt AS
Atlas Gobi S.à R.L.
Belair AS
Recap
Dr. Thomas Schlieper
Topfin Holding SA
Dr. Hans Konrad Zuest
Marc Hentgen
Eva Stumpfegger
EK Kapital AS
SIPP C N Storvik
Enzian AS
SIPP J A Storvik
Mats Mitsell
630
12 694
55
8 366
8 515
46
36
19
16
6
30 383
550
6 950
5 513
4 302
3 266
333
200
166
21 280
Sum
Class C
125 579
16 321
981
10 214
794
199
604
2 000
1 294
341
220
158 547
Total Shares % shareholding
126 759
16 321
13 675
10 269
9 160
8 714
7 600
5 549
4 321
3 282
2 000
1 300
341
333
220
200
166
210 210
60,3%
7,8%
6,5%
4,9%
4,4%
4,1%
3,6%
2,6%
2,1%
1,6%
1,0%
0,6%
0,2%
0,2%
0,1%
0,1%
0,1%
100%
Figure 13: Shareholder overview.
Advanzia Bank S.A. Quarterly Report Q1-17
11
Tony Cragg, I’m Alive, 2001
Kistefos Museum, Norway
@ Courtesy of the Kistefos Museum. Photo: Frédéric Boudin
I’m Alive was created in 2001 by the British artist Tony Cragg (b. 1949). The sculpture with the telling title, I’m
Alive, at first glance looks like a powerful creature that meanders forward. The surface is glossy, which
underlines the impression that it is almost bursting with energy. The performance is intensified by all that moves
around the sculpture – on the ground, in the sky and in the air – get caught up in a shiny surface that helps create
exciting new experiences. The artist gives the impression of vitality in every centimetre!
Advanzia Bank S.A. Quarterly
Report Q1-17
12