We build business networks and relationships ... - skupina kd group

(productivity) rose 21 percent in 2007, totalling EUR
1.8 million as at 31 December 2007.
The bank made significant progress in terms of
achieving return on equity in 2007. The return on
equity of 18.8 percent was more than double that
achieved the previous year.
The bank generated gross profit (pre-tax
profit) of EUR 9.1 million in 2007. Thus the
bank exceeded 2006 gross profit and planned
profit for 2007 by 158 percent and 184 percent,
respectively. Net profit from ordinary operations was
more than EUR 7 million.
To increase the efficiency of operations by
strengthening the commercial banking function
in the area of corporate customers, by enhancing
marketing and sales in retail banking, by increasing
cooperation with customers engaged in agriculture
and food processing and by increasing the number of
customers in securities operations;
To begin introducing transactions with derivatives
and obtain a license to perform transactions relating
to the sale of insurance products.
Seaway Group
In 2007, the bank successfully carried out two
186
capital increases by issuing new shares, resulting in
EUR 36 million in fresh capital. The basic ownership
structure remained unchanged following both capital
increases. This was necessary for the continued
successful operation of the bank given the ambitious
objectives set for 2007 and to achieve the strategic
objectives set out by the bank until 2009. With
the aforementioned capital increases and given
technical and substantive factors, the bank was able
to meet capital requirements at the end of 2007 in
accordance with Basel II capital standards.
Challenges in 2008:
To increase total assets by 16 percent to EUR
864 million;
To achieve a market share of 2 percent;
To generate pre-tax profit of EUR 12.1 million;
To provide appropriate risk management and
the prescribed liquidity level and maintain capital
adequacy at a minimum of 10 percent;
In 2007, Seaway Group continued its creative path
in both its areas of operations: the development of
new sailboats and motorboats for series shipbuilders
and the development and building of its own brand
boats - Shipman carbon-fibre sailboats and Skagen
motor boats. Unfortunately, 2007 was marked by a
fire in which Seaway lost three Shipman sailboats
and its entire workshop for the manufacture of
carbon-fibre boats, including all equipment.
Two-thirds of the year was characterised by
tremendous efforts to re-establish the company’s
work and business processes. This was also
reflected in the company’s operating results: while
income rose by 25 percent, profit and EBITDA
remained at the previous year’s level.
Operations in 2007
The company designed and developed two
motor boats, Windy 44 and 48 for the Norwegian
shipyard Windy.