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Nordea Bank Abp Spółka Akcyjna
Oddział w Polsce [Branch in Poland]
FINANCIAL STATEMENTS
FOR THE PERIOD
FROM 01/01/2023 TO 31/12/2023
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Nordea Bank ABP S.A.
Financial Statements for the period from 01/01/2023 to 31/12/2023
The Notes are an integral part of the Financial Statements. 2
Contents
Statement of comprehensive income .......................................................................................................................... 3
Assets .......................................................................................................................................................................... 4
Equity and liabilities..................................................................................................................................................... 4
Cash flow statement .................................................................................................................................................... 5
Notes to the Financial Statements ............................................................................................................................... 6
Note 1 - General information about the branch ........................................................................................................... 6
Note 2 - Basis for the preparation of financial statements ........................................................................................... 6
Note 3 - Description of significant accounting policies applied .................................................................................... 9
Note 4 - Revenue from sale of services ...................................................................................................................... 14
Note 5 - Costs of wages and salaries, including surcharges and other employee benefits .......................................... 15
Note 6 - Third-party IT services .................................................................................................................................. 15
Note 7 - Other administrative expenses ..................................................................................................................... 16
Note 8 – Depreciation ................................................................................................................................................ 16
Note 9 - Other operating expenses and other operating income ............................................................................... 16
Note 10 - Costs of operation and maintenance of the premises ................................................................................. 17
Note 11 - Financial income and expenses .................................................................................................................. 17
Note 12 - Income tax .................................................................................................................................................. 18
Note 13 - Property, plant, and equipment, including right of use assets under lease Property, plant, and equipment
from 01/01/2023 to 31/12/2023................................................................................................................................ 21
Note 14 - Intangible assets ......................................................................................................................................... 23
Note 15 - Deferred tax assets and deferred tax liabilities ........................................................................................... 24
Note 16 - Long-term investments ............................................................................................................................... 25
Note 17 - Trade receivables, uninvoiced receivables and other receivables ............................................................... 26
Note 18 - Cash and cash equivalents .......................................................................................................................... 26
Note 19 - Long-term liabilities due to settlements with Branch’s Head Office ........................................................... 26
Note 20 - Liabilities due to loans, borrowings and other debt instruments ................................................................ 27
Note 21 - Contingent liabilities ................................................................................................................................... 27
Note 22 - Provisions ................................................................................................................................................... 28
Note 23 - Trade liabilities and other liabilities 31/12/2023 ........................................................................................ 28
Note 24 - Lease .......................................................................................................................................................... 29
Note 25 -Transactions with affiliates ......................................................................................................................... 31
Note 26 - Financial instruments, fair value, and other disclosures ............................................................................. 33
Note 27 - Financial risk management ......................................................................................................................... 34
Note 28 - Employment ............................................................................................................................................... 37
Note 29 - Fee for the entity authorised to audit financial statements ........................................................................ 37
Note 30 - Impact of the COVID-19 pandemic and Russia’s aggression against Ukraine on the company’s financial
position...................................................................................................................................................................... 38
Note 31 - Events after the end of the reporting period .............................................................................................. 38
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Nordea Bank ABP S.A.
Financial Statements for the period from 01/01/2023 to 31/12/2023
The Notes are an integral part of the Financial Statements. 3
Statement of comprehensive income
Note
01/01/2023 - 31/12/2023
01/01/2022 - 31/12/2022
Revenues, of which:
1,280,302
1,022,280
Revenue from sale of services
4
1,259,897
1,016,420
Other operating income
9
4,063
3,704
Finance revenue
11
16,342
2,156
Expenses, of which:
(1,189,166)
(972,659)
Costs of salaries with overheads and other employee benefits
5
(1,024,155)
(811,708)
Depreciation/amortisation
8
(63,117)
(63,467)
Outsourced IT services
6
(26,628)
(29,273)
Consulting services
(71)
(368)
Other administrative expenses
7
(32,663)
(28,915)
Business travel expenses
(10,884)
(7,219)
Costs of operation and maintenance of the premises
10
(29,633)
(23,856)
Other operating expenses
9
(1,527)
(923)
Financial costs
11
(488)
(6,930)
Profit before tax
91,136
49,621
Income tax
12
(19,995)
(11,610)
Net profit for the reporting period
71,141
38,011
Other comprehensive income
650
106
Items which will be recognised in the profit and loss account
0
0
Items which will not be recognised in the profit and loss account
650
106
Other comprehensive net income for the reporting period
0
0
Total comprehensive income for the reporting period
71,791
38,117
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Nordea Bank ABP S.A.
Financial Statements for the period from 01/01/2023 to 31/12/2023
The Notes are an integral part of the Financial Statements. 4
Statement of financial position
Assets
Note
31/12/2023
31/12/2022
Fixed assets
298,782
333,574
Assets from the right of use of assets under lease
13
198,891
223,110
Property, plant, and equipment
13
75,757
81,623
Intangible assets
14
14
18
Deferred tax assets
15
21,476
25,549
Long-term investments
16
2,644
3,274
Operating assets
271,352
267,463
Trade receivables, non-invoiced receivables, and other
receivables
17
155,726
156,124
Short-term prepayments
991
1,475
Cash and cash equivalents
18
114,635
109,864
Total assets
570,134
601,037
Statement of financial position
Equity and liabilities
Note
31/12/2023
31/12/2022
Long-term liabilities
321,246
388,115
Long-term liabilities due to settlements with the Branch Head
Office
19
110,477
142,167
Long-term lease liabilities
24
168,112
211,346
Other long-term liabilities
23
461
146
Long-term provisions
22
42,196
34,456
Short-term liabilities
248,888
212,922
Short-term lease liabilities
24
45,281
46,886
Trade liabilities
23
695
542
Other short-term liabilities
23
200,357
163,267
Short-term provisions
22
2,555
2,227
Total liabilities and equity
570,134
601,037
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Nordea Bank ABP S.A.
Financial Statements for the period from 01/01/2023 to 31/12/2023
The Notes are an integral part of the Financial Statements. 5
Cash flow statement
Note
31/12/2023
31/12/2022
Cash flow from operating activities
166,195
81,613
Net profit for the reporting year
71,791
38,117
Adjustments:
94,404
43,496
Depreciation of property, plant, and equipment, including rights to
use of assets under lease
13
63,117
63,464
Depreciation of intangible assets
14
4
3
Foreign exchange gain/loss
(11,093)
6,449
Loss on investing activities
267
91
Change in trade and other receivables
17
399
(57,332)
Change in accruals, prepayments, and deferred income
484
487
Change in trade and other liabilities
23
37,558
34,566
Change in deferred tax assets
15
4,073
(3,807)
Income tax payments
(12,779)
(21,779)
Current tax liability
12
9,484
15,442
Change in provisions
22
8,067
7,874
Interest received
(5,249)
(2,156)
Interest paid
488
481
Other adjustments
(417)
(287)
Cash flow from investing activities
(11,997)
(10,835)
Disposal of property, plant, and equipment
1,444
2,169
Purchase of property, plant, and equipment
13
(13,441)
(13,004)
Cash flows from financial activities
(149,427)
(93,559)
Interest received
5,249
2,156
Loans and borrowings incurred (+)/repaid (-)
20
(57)
(30)
Expenses for repayment of interest on loans, borrowings, and leasing
(488)
(481)
Funds transferred to Head Office from the settlement of result of
previous years
19
(103,482)
(41,432)
Payment of lease liabilities
24
(50,649)
(53,772)
Total net cash flows
4,771
(22,781)
Balance sheet change in cash, of which:
4,771
(22,781)
Change in cash due to foreign exchange differences
35
3
Cash at the beginning of the period
109,864
132,645
Cash at the end of the period
114,635
109,864
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Nordea Bank ABP S.A.
Financial Statements for the period from 01/01/2023 to 31/12/2023
The Notes are an integral part of the Financial Statements. 6
Notes to the Financial Statements
Note 1 - General information about the branch
Information about Nordea Bank ABP S.A. Oddział w Polsce [Branch in Poland]
Nordea Bank ABP S.A. Branch in Poland (hereinafter: the Branch) has its registered office in Poland: 93-281 Łódź,
Al. Śmigłego-Rydza 20, Tax ID NIP PL 105-000-11-72; Statistical No REGON 100926668, is registered with the District
Court for Łódź-Śródmieście in Łódź, 20
th
Division of the National Court Register, Entry No KRS 0000360398.
The Branch’s business activity consists of:
- other activities auxiliary to financial services, except insurance and pension funding;
- other monetary intermediation;
- activities of call centres;
- computer IT software activities and related activities;
- information service activities;
- accounting, bookkeeping and auditing activities; tax consultancy;
- other financial service activities, except insurance and pension funding not elsewhere classified;
- data processing, hosting, and related activities.
The Branch is a branch of a foreign bank: Nordea Bank Abp, with its registered office in Finland, FI-00020, in Helsinki at
Satamaradankatu 5.
The Financial Statements and annual reports of Nordea Bank Abp are available at
https://www.nordea.com/en/investors/reports-presentations.
The entity is exempt from preparing the Report on Activities in accordance with the Accounting Act.
Note 2 - Basis for the preparation of financial statements
2.1 Statement of compliance
Annual separate financial report of Nordea Bank Abp S.A. Branch in Poland for the period ending 31 December 2023 has
been prepared in accordance with the International Financial Reporting Standards, as approved by the European Union,
and other applicable laws.
The Financial Statements have been prepared on the assumption that the Branch will continue to operate for the
foreseeable future and on a substantially unchanged going concern basis.
The Financial Statements were approved by the Management of the Branch on 05/03/2024.
2.2 New and amended standards and interpretations applied
Amendments to the following standards that were effective have been applied in these Financial Statements in 2023:
a) IFRS 17 “Insurance Contracts” and amendments to IFRS 17
IFRS 17 “Insurance Contracts” was issued by the International Accounting Standards Board on 18 May 2017, while the
amendments to IFRS 17 were published on 25 June 2020.
IFRS 17 Insurance Contracts replaced previous IFRS 4, which allowed for a variety of accounting practices for insurance
contracts. The new standard fundamentally changes accounting for all entities that deal with insurance contracts and
investment contracts; however, the scope of the standard is not limited to insurance companies only, and contracts
entered into by entities other than insurance companies may also contain an element that meets the definition of an
insurance contract (as defined in IFRS 17). This change has no impact on the Branch’s Financial Statements.
b) Amendment to IFRS 17 “Insurance Contracts”
The amendment relates to the transitional requirements in connection with the first-time application of IFRS 17
“Insurance Contracts” and IFRS 9 “Financial Instruments”. The purpose of the amendment is to ensure the usefulness of
financial information for investors in the period of first application of the new standard by introducing certain
simplifications with regard to the presentation of comparative figures.
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Nordea Bank ABP S.A.
Financial Statements for the period from 01/01/2023 to 31/12/2023
The Notes are an integral part of the Financial Statements. 7
The amendment relates only to the application of new IFRS 17 and does not affect any other requirements in IFRS 17.
c) Amendments to IAS 1 “Presentation of Financial Statements” and the IFRS Board’s guidance on disclosure of
accounting policies in practice
The amendment to IAS 1 requires disclosure of material information about accounting policies, as defined in the
standard. The amendment clarifies that information on accounting policies is material if, in its absence, users of the
Financial Statements would not be able to understand other relevant information in the Financial Statements.
In addition, the Board’s guidance on applying the concept of materiality in practice were also revised to provide guidance
on the application of the concept of materiality to accounting policy disclosures. The amendments to the standard were
incorporated into the Branch’s Financial Statements.
d) Amendments to IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors”
In February 2021, the Board published an amendment to IAS 8 “Accounting Policies, Changes in Accounting Estimates
and Errors” regarding the definition of estimates. The amendment to IAS 8 clarifies how entities should distinguish
between changes in accounting policies and changes in accounting estimates. The amendments to the standard have no
impact on the Branch’s Financial Statements.
e) Amendments to IAS 12 “Income Taxes”
The amendments to the standard, published in 2021, clarify how to account for deferred tax on transactions such as
leases and decommissioning obligations. Prior to the amendments to the standard, there was ambiguity as to whether
the recognition of equal amounts of an asset and a liability for accounting purposes (e.g. the initial recognition of lease)
that has no impact on current taxable income triggers the recognition of deferred tax balances or whether what is known
as the initial recognition exemption, which states that deferred tax balances are not recognised if the recognition of an
asset or liability has no impact on accounting or taxable profit at the time of that recognition, applies. Revised IAS 12
addresses this issue by requiring the recognition of deferred tax in the above situation by additionally stating that the
initial recognition exemption does not apply if a company simultaneously recognises an asset and an equivalent liability,
and each creates temporary differences.
In May 2023, the Board published further amendments to IAS 12 “Income Taxes” in response to the global minimum
income tax Pillar Two regulations issued by the Organisation for Economic Co-operation and Development (OECD) in
connection with international tax reform. The amendment to IAS 12 provides a temporary exemption from the
requirement to recognise deferred tax arising from tax law enacted that implements the Pillar Two model rules.
Companies may apply the guidance of amended IAS 12 immediately, while certain disclosures are required for annual
periods beginning on or after 1 January 2023.
2.3 Published standards and interpretations that are not yet in force and have not been previously applied by the
Branch but may have an impact on the Financial Statements.
In these separate Financial Statements, the Branch has not decided to apply the following published standards,
interpretations, or amendments to existing standards before their effective date:
a) Amendment to IFRS 16 “Leases”
In September 2022, the Board amended IFRS 16 “Leases” by supplementing the requirements for the subsequent
measurement of lease obligations for sale and leaseback transactions where the criteria of IFRS 15 are met and the
transaction should be accounted for as sale. The amendment requires the seller lessee to subsequently measure lease
obligations arising from leasebacks in such a way that no gain or loss on retained right-of-use is recognised. The new
requirement is particularly relevant where leaseback includes variable lease payments that do not depend on an index
or rate, as these payments are excluded from “lease payments” under IFRS 16. The amended standard includes a new
example that illustrates the application of the new requirement in this regard. The amendment is effective from
1 January 2024. The Branch does not expect the standard to have a material impact on its Financial Statements.
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Nordea Bank ABP S.A.
Financial Statements for the period from 01/01/2023 to 31/12/2023
The Notes are an integral part of the Financial Statements. 8
b) Amendments to IAS 1 “Presentation of Financial Statements”
In 2020, the Board published amendments to IAS 1 that clarify the presentation of liabilities as long- and short-term
liabilities. In October 2022, the Board issued further amendments to IAS 1, which address the classification of liabilities
as long- and short-term liabilities, for which a company is required to meet certain contractual requirements known as
covenants. Revised IAS 1 states that liabilities are classified as either short- or long-term liabilities, depending on the
rights that exist at the end of the reporting period. Neither the company’s expectations nor events after the reporting
date (for example, waiver or breach of a covenant) affect the classification.
The amendments, as published, are effective for financial statements for periods beginning on or after 1 January 2024.
c) Amendments to IAS 7 “Statement of Cash Flows” and IFRS 7 “Financial Instruments: Disclosures” - disclosure of
supplier finance arrangements
In May 2023, the Board published amendments to IAS 7 “Statement of Cash Flows” and IFRS 7 “Financial Instruments:
Disclosures”. The amendments to the standards introduce disclosure requirements for vendor finance arrangements
(known as reverse factoring). The amendments require specific disclosures for such contracts to enable users of financial
statements to assess the impact of these contracts on liabilities and cash flows and a company’s exposure to liquidity
risk. These amendments are intended to increase the transparency of disclosures about liability financing arrangements,
but do not affect recognition and measurement principles. The new disclosure obligations will be effective for annual
reporting periods beginning on or after 1 January 2024.
As at the date of this Financial Statements, the improvements have not yet been approved by the European Union.
d) Amendments to IAS 21 “The Effects of Changes in Foreign Exchange Rates”
In August 2023, the Board issued amendments to IAS 21 “The Effects of Changes in Foreign Exchange Rates”. The
amendments are intended to make it easier for companies to determine whether a currency is convertible into another
currency and to estimate the spot exchange rate when a currency is not convertible. In addition, the amendments to the
standard introduce additional disclosures when currencies are not convertible on how to determine the alternative
exchange rate.
The amendments, as published, are effective for financial statements for periods beginning on or after 1 January 2025.
As at the date of this Financial Statements, the improvements have not yet been approved by the European Union.
e) IFRS 14 “Regulatory Deferral Accounts”
This standard allows entities that prepare financial statements in accordance with IFRS for the first time (as at 01 January
2016) to recognise amounts resulting from rate-regulated activities in accordance with the accounting principles applied
so far. To improve comparability with companies that already apply IFRS and do not present such amounts, according to
IFRS 14 published, the amounts resulting from rate-regulated activities should be presented in a separate item in the
statement of financial position, profit and loss account as well as statement of other comprehensive income.
By the decision of the European Union, IFRS 14 will not be approved.
f) Amendments to IFRS 10 and IAS 28 regarding the sale or contribution of assets between the investor and its affiliates
or joint ventures
The amendments solve the problem of the current inconsistency between IFRS 10 and IAS 28. The accounting treatment
depends on whether non-monetary assets sold or contributed to an associate or joint venture are “business”.
If the non-monetary assets constitute “business”, the investor reports the full profit or loss on the transaction. If, on the
other hand, the assets do not meet the definition of business, the investor recognises a gain or loss from only to the
extent of the portion representing the interests of other investors.
The amendments were published on 11 September 2014. At the preparation date of these Financial Statements,
approval of this amendment is deferred by the European Union.
2.4 Basis for measurement
The Financial Statements were prepared on the basis of the historical cost principle.
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Nordea Bank ABP S.A.
Financial Statements for the period from 01/01/2023 to 31/12/2023
The Notes are an integral part of the Financial Statements. 9
2.5 Functional and presentation currency
The figures in the Financial Statements were presented in Polish zloty (PLN), rounded up to full thousands. PLN is the
functional currency of the Branch.
2.6 Comparative data
The comparative figures include data for the period 01/01/2022 to 31/12/2022.
Note 3 - Description of significant accounting policies applied
The accounting principles below have been applied to all reporting periods presented in the Financial Statements.
Foreign currency transactions
Transactions expressed in foreign currencies are recognised in the functional currency of the Branch and converted at
the average exchange rate of the NBP published on the day preceding the transaction date, except for the situations
described below in the Lease Contracts section.
Non-monetary items measured at historical cost in a foreign currency are converted by the Branch using the exchange
rate, as published before the transaction date. Exchange rate differences are recognised in the profit or loss for the
current period.
Financial instruments
Classification
As at the balance sheet date, the Branch did not have any financial instruments classified as financial liabilities measured
at fair value through profit or loss. The Branch’s only financial assets measured at fair value are cash measured at fair
value through profit or loss.
Measurement
At initial recognition, a financial asset or financial liability is measured at fair value, increased or reduced, in the case of
a financial asset or liability that is not classified as measured at fair value through profit or loss, by transaction costs that
can be directly assigned to acquisition or issue of a financial asset or financial liability.
The exceptions are trade receivables that do not have a significant financing component: the Branch recognises them in
the transaction price.
After the initial recognition, the Branch measures financial assets and financial liabilities according to the category to
which they are classified.
Measurement at amortised cost is made using the effective interest rate method to the gross carrying amount of the
financial asset, taking into account impairment.
After initial recognition, other financial liabilities are measured at amortised cost using the effective interest rate
method. Other liabilities include loans, borrowings, overdraft facilities, trade payables and other liabilities.
Subsidies
Government subsidies are initially recognised as deferred income at fair value, if there is sufficient certainty that they
will be obtained and that the conditions related to them will be met; then, they are recognised in profit or loss of the
current period and presented in other operating revenue.
In the case of uncertainty as to meeting the terms of the contract, the subsidy is presented in regulatory liabilities item.
Hedge accounting
The Branch does not apply hedge accounting.
Operating segments
The Branch operates in one operating segment.
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Nordea Bank ABP S.A.
Financial Statements for the period from 01/01/2023 to 31/12/2023
The Notes are an integral part of the Financial Statements. 10
Impairment of financial assets
Financial assets measured at amortised cost are evaluated by the Branch at each balance sheet date whether there is
any objective evidence that any financial asset (or a group of financial assets) has lost value. Cash in foreign currencies
is measured at the exchange rate of the National Bank of Poland at the balance sheet date.
Property, plant, and equipment
Items of property, plant, and equipment and intangible assets are initially measured at purchase cost or production cost.
After the initial recognition of property, plant, and equipment and intangible assets, the Branch presents them at the
purchase price less accumulated depreciation and accumulated impairment write-offs. Fixed assets with a low unit value
(less than PLN 4,500) are charged to expense in the month they are commissioned. For intangible assets, the limit is
PLN 1,500.
This item also includes right of use assets according to IFRS 16: see “Lease contracts” below for details.
Depreciation/amortisation
The value of depreciation write-offs is determined based on the purchase price of a given asset less its residual value.
Depreciation write-offs are made according to the straight-line method for the useful life of the property, plant, and
equipment or intangible assets and are presented in the profit and loss account.
The land is not depreciated. The estimated useful lives are as follows:
- investments in third-party fixed assets, according to the contract term
- plant and machinery 3–5 years
- equipment 5–10 years
- means of transport 5 years
- computer software 5 years
- licenses 1–5 years
-
right of use assets, according to the contract term.
The residual value is subject to an annual estimation.
For tax accounting purposes, depreciation rates resulting from current legislation are adopted.
Cash and cash equivalents
For the purpose of the cash flow statement, cash and cash equivalents include items payable within three months of the
acquisition date, including: unrestricted cash on hand and cash at bank.
The Branch offsets the bank balance of the Company Social Benefit Fund against the liabilities of this Fund: the surplus
is presented as cash or as other short-term liabilities. This approach, consistent with common practice, is applied because
the Branch does not control the Fund.
The Branch has funds in a restricted-availability VAT account.
Impairment write-off on assets other than financial assets
The carrying amounts of the Branch’s assets are reviewed as at the balance sheet date to determine whether there is
any reason for an impairment loss. If there is such a reason, the Branch estimates the recoverable amount of individual
assets. The write-down of receivables is calculated on a simplified basis, according to IFRS 9, at an amount equal to the
expected loss in value over their lifetime.
An impairment write-off is recognised if the book value of the asset or its cash-generating unit exceeds its estimated
recoverable amount. The impairment write-off is recognised in the profit and loss account.
Calculation of recoverable amount
The recoverable amount for assets other than financial assets is the greater of selling value less costs to sell and value in
use. To determine the value in use, the estimated future cash flows are discounted to their present value by a pre-tax
discount rate, which reflects the current market expectations as to the money value and the asset-specific risk. For assets
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Nordea Bank ABP S.A.
Financial Statements for the period from 01/01/2023 to 31/12/2023
The Notes are an integral part of the Financial Statements. 11
that do not generate independent cash inflows, the recoverable amount is determined for a given cash-generating unit
to which these assets belong.
Reversal of impairment write-offs
An impairment write-off in relation to goodwill is not reversed. An impairment write-off on other assets is reversed if
there has been a change in the estimates used for determining the recoverable amount.
An impairment write-off may be reversed only to the level at which the carrying amount of the asset does not exceed
its book value, which would be established reduced by depreciation amount if the impairment write-off was not
recognised.
Lease contracts
Liabilities show the remaining lease payments to be made and use the marginal interest rate at the date of first
application of IFRS 16 to discount.
As required by the standard, this choice has been applied consistently to all leases in which the Company is a lessee
except for short-term and low value leases.
The Branch decided to use the following practical simplification and applied a single discount rate to a portfolio of leases
with broadly similar characteristics:
* cars: 3%
* office space and car parks, depending on the length of the contract term: 0% – 2.26%
The Branch did not use any other practical simplification allowed and for leases that ended within 12 months of the date
of first application also used the new model.
In addition, the Branch did not apply the new model for line leases (either short-term or long-term leases) due to
immateriality.
The Branch has treated as short-term and low-value assets and liabilities for all leases with a term of more than
12 months, except where the asset is of low value.
In this case, the Branch considers USD 5,000 to be low. For the purpose of converting this threshold into PLN, the Branch
applies the exchange rate of the NBP prior to the date of commencement of the lease.
Also, the Branch acts as a subtenant with respect to:
a) sublease of office space for drink and snack vending machines, but due to the immateriality of the amounts, did not
recognise them under the principles of IFRS 16;
b) sublease of a separate floor of office space with allocated car parks, which it has recognised under the principles of
IFRS 16 due to materiality.
After the date of commencement of the lease, an asset by virtue of the right of use is systematically depreciated for the
term of the contract and the liability by virtue of the lease is settled (reduced) using an appropriate discount rate, with
simultaneous recognition of interest.
The leased are calculated by the Branch in the original currency for a contract, and the conversion into PLN is made:
- for depreciation of asset, revaluation of asset and liability as a result of amendments, at the Nordea Group’s exchange
rate used for the first recognition of the contract;
- for recognition of a new contract, at the Nordea Group’s exchange rate at the end of the month in which the contract
was entered into the books;
- for settlement of liability, at the Nordea Group’s current exchange rate, i.e. on the last day of the month. As at the
balance sheet date, liabilities are measured at the NBP rate.
In the case of an amendment to a lease contract causing a change in the amount and distribution of future cash flows
(e.g. as a result of indexation, reducing or extending the contract term) without changing the scope of the contract, the
Branch adjusts the value of the leasing asset and liability in the following manner:
a) it calculates the new value of the liability taking into account the provisions of the amended contract discounted at
the beginning of the month in which the modification of the agreement was approved;
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Financial Statements for the period from 01/01/2023 to 31/12/2023
The Notes are an integral part of the Financial Statements. 12
b) it compares the value in a) with the value of the liability as at the same date calculated under the previous contractual
terms;
c) the amount of the difference between the values in a) and b) is recognised as an adjustment to the value of the lease
liability;
d) the same amount is recognised as an adjustment to the net value of assets under lease, and the value of assets so
adjusted is the basis for calculating the updated monthly depreciation amount, taking into account any extension or
reduction of the lease term, subject to point e;
e) if, as at the date of the reconciliation of the change, the value of the lease asset is 0, then the amount in c) is recognised
in profit or loss.
In the case of an amendment to a lease contract resulting in an increase in the scope, e.g. an increase in the leased area,
with a simultaneous proportional increase in the fee for the lease, such a change is treated as a separate lease.
In the case of lease contract amendment resulting in an increase in scope, e.g. an increase in the leased space, without
a simultaneous commensurate increase in the lease consideration, such a change is treated as lease modification and
the procedure is analogous to that in a–e above.
Both the modification of the original contract and the formation of a separate lease are calculated using the current
discount rate.
In the case of an amendment to the lease which results in a reduction in scope, e.g. a decrease in the leased area, such
a change is treated as a modification of the lease and is accounted for as follows:
a) it calculates the new value of the liability taking into account the provisions of the amended contract discounted at
the beginning of the month in which the modification of the agreement was approved;
b) the net asset value of the lease is reduced in proportion to the reduction in the scope of the lease, e.g. by the
percentage of reduction in the area leased;
c) a comparison is made between the amount from a and the amount of net assets after the reduction referred to in b;
d) any difference from c is charged to the financial result;
e) the amount of the assets after the reduction referred to in b) forms the basis for calculating the updated monthly
depreciation amount.
In the case of early termination of the lease contract, the value of the lease liabilities as of the date of contract
termination is written off to zero in correspondence with the lease assets. The possible amount of the difference is
referred to the profit or loss.
Employee benefits
The Branch maintains the employee pension plan (PPE) for its employees in the form of group life insurance. As an
employer, fulfilling the obligations imposed by law, the Branch is obliged to pay social security and health insurance
contributions related to hiring employees and contributions to the Labour Fund and the Guaranteed Employee Benefits
Fund. The Branch also operates the Company Social Benefits Fund, making write-offs in accordance with the generally
applicable provisions of law. All these payments constitute an element of short-term employee benefits whose main
components are salaries, bonuses and paid holidays. Short-term benefits are recognised in operating costs on general
terms. The only elements of long-term employee benefits are provision for pension, disability and survivor benefits,
provision for jubilee bonuses and liabilities for bonuses, in the part in which the payment will be made in the period after
12 months from the balance sheet date. These provisions/liabilities are updated once a year.
Provisions
Provisions are recognised in the balance sheet if the Branch has a liability arising from past events, as well as if it is
probable that fulfilment of this obligation will result in the outflow of resources embodying economic benefits. If the
effect is material, the provision amount is determined using the discounted expected cash flows at the pre-tax rate,
reflecting the current market assessment of the time value of money and where it applies to the risk associated with
a given liability.
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Nordea Bank ABP S.A.
Financial Statements for the period from 01/01/2023 to 31/12/2023
The Notes are an integral part of the Financial Statements. 13
Service revenue
The Branch recognises revenue when the performance is rendered by transferring the promised good (i.e. asset) or
service to the customer, according to the contracts. An asset is transferred when the client obtains control over the
asset. Services provided by the Branch are performed under internal contracts on a continuous basis with billing periods
set in the contract. Invoicing takes place at the end of the contractually agreed billing period. Once the service has been
performed in a billing period (monthly or quarterly), the Branch recognises as revenue an amount equal to the
transaction price that has been attributed to the performance of the service. The Branch attributes the transaction price
to each performance in an amount reflecting the amount of the fee to which it is entitled in exchange for the transfer of
promised goods or services to the customer.
If the Branch has met the obligation, it presents the contract as a contract asset in the statement of financial position.
The Branch presents all unconditional rights to receive compensation separately as receivables.
As a general rule, revenue invoicing is done on a monthly or quarterly basis, whereby:
a) invoices for banking process support services rendered in a month are generally issued by the 15th of the following
month;
b) invoices for IT services rendered in a month are generally issued by the end of the month;
c) invoices for IT services (under DC and C&C) rendered during the quarter are generally issued by the 15th of the
following month after the close of the quarter;
d) Invoices for IT services provided to an external customer provided in a month are generally issued by the 15th of the
following month.
In addition, for business and administrative support services of banking processes, due to the cost-plus method used,
provisions are made for the revenue of the period (receivables not invoiced at the balance sheet date) in the last month
of the year, according to the invoicing process adopted. The payment period for services rendered is 30 days after
invoicing.
Other revenues
Items not related directly to the operating activities of the Branch are presented as part of other revenue. In particular,
the following are recognised here: revenue arising from the sale and liquidation of property, plant, and equipment,
revenue from re-invoicing, compensation received, revenue from adjustments of annual VAT and government subsidies.
Financial income and expenses
Financial income and expenses include interest income related to cash invested by the Branch. Interest income is
recognised in profit or loss on the accrual basis, using the effective interest rate.
Interest expense for financial instruments is recognised in the profit and loss account in the amount resulting from the
measurement at amortised cost using the effective interest rate method. Financial expenses include interest expenses
related to external financing, unwinding of discounts on provisions and contingent payments.
The effective interest rate is the rate that exactly discounts estimated future cash inflows or payments made in the
expected period to the expiry of the financial instrument and, in reasonable cases, in a shorter period, to the net carrying
amount of the financial asset or liability. When calculating the effective interest rate, the Branch estimates the cash
flows, taking into account all the provisions of the financial instrument contract; however, it does not take into account
potential future losses related to the non-recoverability of loans. The calculation includes all fees and points paid and
received by the parties to the contract as an integral part of the effective interest rate, as well as transaction and discount
costs.
Foreign exchange gains and losses are presented in the net amount as financial income or financial expenses, depending
on their total net position.
General and administrative expenses
The costs are recognised on an accrual basis, i.e. in the periods to which they relate, regardless of the date of receipt or
payment. The main cost items of the Branch’s activities include costs of wages and salaries, costs of maintenance and
rental of premises, costs of external IT services, business travel costs, and amortisation and depreciation.
CERTIFIED TRANSLATION FROM THE POLISH LANGUAGE
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Nordea Bank ABP S.A.
Financial Statements for the period from 01/01/2023 to 31/12/2023
The Notes are an integral part of the Financial Statements. 14
Income tax
Income tax consists of current and deferred tax. Income tax is recognised in the profit and loss account.
The current tax is the expected tax liability relating to taxable income using the tax rate effective as at the balance sheet
date, including all adjustments to the tax liability for previous years.
Deferred tax assets and provisions are calculated using the balance method, by calculating temporary differences
between the carrying amount of assets and liabilities and their tax value.
Deferred income tax provision and assets are recognised in the statement of financial position as net value or as:
Deferred tax assets, or as: Deferred tax provision. Deferred tax assets in relation to all deductible temporary differences
are made up to the amount to which it is probable that taxable income will be achieved, which will allow for deducting
deductible temporary differences. The carrying value of deferred income tax assets is verified as at each balance sheet
date and is reduced to the extent that it is not probable to realise the financial gains associated with the assets.
Note 4 - Revenue from sale of services
The Branch provides various support services of administrative and operating processes to Nordea Group companies
located primarily in the Nordic countries and companies associated with Nordea Group located in the Baltic States. The
Branch provides only very limited services to external customers.
The following breakdown reflects the structure of business lines as at the balance sheet date.
Sales revenue, business structure
01/01/2023 -
31/12/2023
01/01/2022 -
31/12/2022
Group Functions
655,124
512,082
Commercial and Business Banking
17,878
15,519
Personal Banking
2,577
2,103
Corporate banking (Large Corporates & Institutions)
204
0
Investment banking (Asset and Wealth Management)
2,623
1,875
Total revenue in the area
678,406
531,579
Group Functions
573,885
475,703
Personal Banking
7,606
9,138
Total revenue in the area
581,491
484,841
Total revenues from sales of services
1,259,897
1,016,420
Total revenues from sales of services
1,259,897
1,016,420
In addition to the revenues, as above, the Branch also generated other revenues that do not relate to its core operating
activities. They are presented under “other operating revenue” and include the following amounts:
Other revenues from sales
01/01/2023 -
31/12/2023
01/01/2022 -
31/12/2022
Re-invoice revenue
496
346
Other sales
57
1
Income from the sale of fixed assets
101
0
CERTIFIED TRANSLATION FROM THE POLISH LANGUAGE
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Nordea Bank ABP S.A.
Financial Statements for the period from 01/01/2023 to 31/12/2023
The Notes are an integral part of the Financial Statements. 15
Sales by area
01/01/2023 -
31/12/2023
01/01/2022 -
31/12/2022
Sweden
404,837
325,264
Denmark
306,018
249,091
Finland
292,701
234,032
Norway
254,757
206,440
United Kingdom
1,057
1,121
Estonia
375
334
United States of America
100
91
China
52
47
Total sales
1,259,897
1,016,420
Note 5 - Costs of wages and salaries, including surcharges and other employee benefits
01/01/2023 -
31/12/2023
01/01/2022 -
31/12/2022
Wages and salaries
808,376
642,504
Compulsory social security contributions
143,509
112,656
Other employee benefits
37,091
28,798
Contributions to defined contribution plans
13,597
10,375
CSBF costs
9,833
8,081
Costs of National Fund for the Rehabilitation of Disabled fees
8,644
6,832
Training costs
3,105
2,462
Total costs of salaries with overheads and other employee benefits
1,024,155
811,708
Note 6 - Third-party IT services
01/01/2023 -
31/12/2023
01/01/2022 -
31/12/2022
IT costs
26,628
29,248
IT consultant services
0
25
Total outsourced IT services
26,628
29,273
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Nordea Bank ABP S.A.
Financial Statements for the period from 01/01/2023 to 31/12/2023
The Notes are an integral part of the Financial Statements. 16
Note 7 - Other administrative expenses
01/01/2023 -
31/12/2023
01/01/2022 -
31/12/2022
Administrative costs
10,028
10,223
Accounting and payroll services
5,346
4,423
Purchase of other materials
6,582
4,322
Promotion and advertising services
2,440
2,782
Services of recruitment companies
997
1,744
Postal and telecommunications charges
1,631
1,663
Costs of external consultants
1,920
539
Advisory costs
735
514
Leasing
357
440
Bank services
453
422
Other
2,173
1,843
Total other administrative expenses
32,663
28,915
Note 8 – Depreciation
01/01/2023 -
31/12/2023
01/01/2022 -
31/12/2022
Assets from the right of use of assets under lease
44,852
45,093
Fixed assets
18,261
18,371
Intangible assets
4
3
Total depreciation
63,117
63,467
Note 9 - Other operating expenses and other operating income
Other operating expenses
01/01/2023 -
31/12/2023
01/01/2022 -
31/12/2022
Loss on disposal of non-financial non-current assets
267
91
Other costs
1,260
832
Total other operating costs:
1,527
923
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Nordea Bank ABP S.A.
Financial Statements for the period from 01/01/2023 to 31/12/2023
The Notes are an integral part of the Financial Statements. 17
Other operating income
01/01/2023 -
31/12/2023
01/01/2022 -
31/12/2022
Reversal of unused provisions
814
1,848
Revenues from employee benefits
1,398
1,160
Re-invoiced cost revenues
496
346
Revenue from VAT adjustments for previous years
704
1
Other income
651
349
Total other operating revenue:
4,063
3,704
Note 10 - Costs of operation and maintenance of the premises
01/01/2023 -
31/12/2023
01/01/2022 -
31/12/2022
Operating costs
21,928
17,886
Other rental costs
6,029
4,105
Security services
1,676
1,865
Total
29,633
23,856
Note 11 - Financial income and expenses
Finance revenue
01/01/2023 -
31/12/2023
01/01/2022 -
31/12/2022
Revenue from interest on funds in bank accounts
5,243
2,150
Revenue on account of interest on lease, calculated at amortised cost
6
6
Net exchange differences
11,093
0
Financial income, total
16,342
2,156
Financial costs
01/01/2023 -
31/12/2023
01/01/2022 -
31/12/2022
Costs on account of interest on lease, calculated at amortised cost
431
451
Other interest expense
57
30
Net exchange differences
0
6,449
Total financial costs
488
6,930
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Nordea Bank ABP S.A.
Financial Statements for the period from 01/01/2023 to 31/12/2023
The Notes are an integral part of the Financial Statements. 18
Note 12 - Income tax
Income tax
01/01/2023 -
31/12/2023
01/01/2022 -
31/12/2022
Current part
16,075
15,442
Income tax for the reporting period
16,075
15,442
Deferred part (calculation Note 15), included in profit or loss
3,920
(3,832)
Origination of temporary differences
3,920
(3,832)
Income tax, total
19,995
11,610
Deferred part (calculation Note 15), included in other comprehensive
income
153
25
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Nordea Bank ABP S.A.
Financial Statements for the period from 01/01/2023 to 31/12/2023
The Notes are an integral part of the Financial Statements. 19
Calculation of corporate income tax
01/01/2023 -
31/12/2023
01/01/2022 -
31/12/2022
Gross profit
91,136
49,621
Amounts that increase the tax base
117,002
132,203
Foreign exchange losses
26,288
28,589
Balance sheet depreciation of fixed assets and intangible assets
18,264
18,247
Cost of liquidated, unamortised fixed assets
1,046
812
Rights of use of assets under lease - depreciation
44,852
45,092
Rights of use of assets under lease - interest on lease
425
445
Rights of use of assets under lease - loss on completion
0
1
Representation costs
130
91
Provision for costs
2,564
16,931
Rights to use assets under lease - other rights, including sublease
674
648
Actuarial reserve
8,869
7,537
National Fund for the Rehabilitation of Disabled costs
8,644
6,832
Donations, non-tax deductible expenses
0
1
Tax costs relating to previous periods recognised in the balance sheet in
the current period
1,051
2,988
Trade union costs
32
32
Operating costs of passenger cars
1,078
1,183
VAT payable on the free transfer of services and goods
1,179
1,188
Revenues from VAT adjustments
0
81
Other costs not constituting tax deductible costs
1,906
1,505
Amounts that reduce the tax base
123,693
97,571
Tax depreciation of fixed assets and intangible assets
23,251
21,807
Rights of use assets under lease, space and cars
49,325
53,400
Tax value of liquidated fixed assets
932
172
Balance sheet recognition of tax costs in the previous period
7,074
0
Unrealised and realised foreign exchange gains not constituting tax
income
43,112
22,171
Other non-tax revenues
(1)
21
Tax base
84,445
84,253
Tax base at the end of the financial year
84,445
84,253
Income tax
16,045
16,008
Adjustments related to current income tax for previous years
30
(566)
Total current income tax
16,075
15,442
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Nordea Bank ABP S.A.
Financial Statements for the period from 01/01/2023 to 31/12/2023
The Notes are an integral part of the Financial Statements. 20
Reconciliation of effective tax rate
01/01/2023 -
31/12/2023
01/01/2022 -
31/12/2022
Profit/loss before tax
91,136
49,621
Tax based on the applicable tax rate (19%)
(17,316)
(9,428)
Expenses not deductible for tax purposes
(2,429)
(2,044)
Other
(250)
(138)
Tax in the Statement of Comprehensive Income
(19,995)
(11,610)
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Nordea Bank ABP S.A.
Financial Statements for the period from 01/01/2023 to 31/12/2023
The Notes are an integral part of the Financial Statements. 21
Note 13 - Property, plant, and equipment, including right of use assets under lease Property, plant, and equipment from 01/01/2023 to
31/12/2023
Own fixed assets
Right of use assets under lease
Total
Investments in third
party fixed assets
Machinery and
equipment
Capital work in
progress
Office premises
and parking areas
Cars
Gross value as at 01/01/2023
76,011
104,100
7,292
369,884
1,342
558,629
Increases
200
14,404
13,441
21,032
0
49,077
purchase
0
0
13,441
0
0
13,441
lease contract conclusion/amendment
0
0
0
21,032
0
21,032
reclassification
200
14,404
0
0
0
14,604
Reductions
(1,764)
(19,367)
(14,604)
(16,545)
(266)
(52,544)
reclassification
0
0
(14,604)
0
0
(14,604)
lease contract termination
0
0
0
(16,158)
(253)
(16,411)
liquidation
(1,764)
(459)
0
0
0
(2,222)
sales
0
(9,995)
0
0
0
(9,995)
other
0
(8,913)
0
(387)
(13)
(9,312)
Gross value as at 31/12/2023
74,447
99,136
6,129
374,373
1,076
555,162
Depreciation and impairment losses as at
01/01/2023
(32,696)
(73,083)
0
(147,312)
(804)
(253,895)
Increases
(6,929)
(11,332)
0
(44,546)
(306)
(63,113)
amortisation/depreciation
(6,929)
(11,332)
0
(44,546)
(306)
(63,113)
Reductions
1,764
18,322
0
16,158
253
36,497
lease contract termination
0
0
0
16,158
253
16,411
liquidation
1,764
394
0
0
0
2,158
sales
0
9,457
0
0
0
9,457
other
0
8,471
0
0
0
8,471
Depreciation and impairment losses as at
31/12/2023
(37,861)
(66,093)
0
(175,701)
(857)
(280,512)
Net value as at 31/12/2023
36,585
33,043
6,129
198,672
219
274,649
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Nordea Bank ABP S.A.
Financial Statements for the period from 01/01/2023 to 31/12/2023
The Notes are an integral part of the Financial Statements. 22
Property, plant, and equipment from 01/01/2022 to 31/12/2022
Own fixed assets
Right of use assets under lease
Total
Investments in third
party fixed assets
Machinery and
equipment
Capital work in
progress
Office premises
and parking areas
Cars
Gross value as at 01/01/2022
77,146
111,377
2,192
375,945
1,826
568,486
Increases
223
7,682
13,004
11,212
14
32,135
purchase
0
0
13,004
0
0
13,004
lease contract conclusion/amendment
0
0
0
11,212
14
11,226
reclassification
223
7,682
0
0
0
7,905
Reductions
(1,357)
(14,959)
(7,904)
(17,274)
(498)
(41,992)
reclassification
0
0
(7,904)
0
0
(7,904)
lease contract termination
0
0
0
(15,790)
(498)
(16,288)
liquidation
(1,357)
(12,218)
0
0
0
(13,575)
sales
0
(2,741)
0
0
0
(2,741)
other
0
0
0
(1,484)
0
(1,484)
Gross value as at 31/12/2022
76,011
104,100
7,292
369,884
1,342
558,630
Depreciation and impairment losses as at
01/01/2022
(26,685)
(76,354)
0
(118,390)
(921)
(222,350)
Increases
(7,319)
(11,052)
0
(44,712)
(381)
(63,464)
amortisation/depreciation
(7,319)
(11,052)
0
(44,712)
(381)
(63,464)
Reductions
1,308
14,323
0
15,790
498
31,919
lease contract termination
0
0
0
15,790
498
16,288
liquidation
1,308
12,167
0
0
0
13,475
sales
0
2,156
0
0
0
2,156
Depreciation and impairment losses as at
31/12/2022
(32,696)
(73,083)
0
(147,312)
(804)
(253,895)
Net value as at 31/12/2022
43,315
31,017
7,292
222,572
538
304,733
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Nordea Bank ABP S.A.
Financial Statements for the period from 01/01/2023 to 31/12/2023
The Notes are an integral part of the Financial Statements. 23
Capital work in progress
As at 31 December 2023, the Branch classified as capital work in progress the funds which will be put into use in
subsequent fiscal years with a value of PLN 6,129,000 (investments in a third-party facility, computer equipment,
conference equipment, server equipment, furniture, and mobile phones).
Impairment
As at 31 December 2023, the Branch Director ordered an impairment test of property, plant, and equipment and the
right of use assets under lease, which showed no need for impairment losses.
Note 14 - Intangible assets
Table of movements of intangible assets 01/01/2023 to 31/12/2023
Title
Licenses, computer
software
Intangible assets
under construction
Total
Gross value as at 01/01/2023
61
0
61
Gross value as at 31/12/2023
61
0
61
Depreciation and impairment losses as at 01/01/2023
(43)
0
(43)
amortisation/depreciation
(4)
0
(4)
Depreciation and impairment losses as at 31/12/2023
(47)
0
(47)
Net value as at 31/12/2023
14
0
14
Table of movements of intangible assets 01/01/2022 to 31/12/2022
Title
Licenses, computer
software
Intangible assets
under
construction
Total
Gross value as at 01/01/2022
61
0
61
Gross value as at 31/12/2022
61
0
61
Depreciation and impairment losses as at 01/01/2022
(40)
0
(40)
amortisation/depreciation
(3)
0
(3)
Depreciation and impairment losses as at 31/12/2022
(43)
0
(43)
Net value as at 31/12/2022
18
0
18
Impairment
As at 31 December 2023, the Management of the Branch carried out an impairment test on intangible assets, which
showed no need for write-downs.
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Nordea Bank ABP S.A.
Financial Statements for the period from 01/01/2023 to 31/12/2023
The Notes are an integral part of the Financial Statements. 24
Note 15 - Deferred tax assets and deferred tax liabilities
Deferred tax assets and liabilities were recognised with respect to the following components of assets and liabilities:
Assets
Liabilities
Net value
31/12/2023
31/12/2022
31/12/2023
31/12/2022
31/12/2023
31/12/2022
Property, plant, and equipment and intangible assets
0
0
5,075
4,142
(5,075)
(4,142)
Cash and cash equivalents
0
0
7
2
(7)
(2)
Trade and other receivables
0
14
0
0
0
14
Provisions
24,304
23,628
0
0
24,304
23,628
Liabilities for the right of use assets under lease
40,545
49,064
0
0
40,545
49,064
Receivables from right of use of assets under lease
0
0
37,789
42,391
(37,789)
(42,391)
Receivables from sublease leased space
0
0
502
622
(502)
(622)
Deferred income tax assets/liabilities
64,849
72,706
43,373
47,157
21,476
25,549
Deferred income tax assets/liabilities recognised in the
statement of financial position
64,849
72,706
43,373
47,157
21,476
25,549
CERTIFIED TRANSLATION FROM THE POLISH LANGUAGE
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Nordea Bank ABP S.A.
Financial Statements for the period from 01/01/2023 to 31/12/2023
The Notes are an integral part of the Financial Statements. 25
Note 16 - Long-term investments
as at
01/01/2023
receipt
increases
interest
accrued
repayment
reductions
as at
31/12/2023
Lease receivables
3,274
302
0
6
(705)
(233)
2,644
The Branch signed a sublease contract in August 2021 for one floor in a group of buildings in Gdynia. The company
reclassified the corresponding value of the right of use in long-term investments (receivable from sublease of office
space).
Lease receivables by maturity
01/01/2023 - 31/12/2023
01/01/2022 - 31/12/2022
Up to 1 year
673
664
from 1 to 2 years
675
665
from 2 to 3 years
676
666
from 3 to 4 years
620
667
from 4 to 5 years
0
613
Total
2,644
3,274
Invoices for subleases are issued with a 30-day payment date. At the moment, the Branch has not recorded any payment
delays.
Financial result on office sublease
01/01/2023 - 31/12/2023
01/01/2022 - 31/12/2022
Lease costs relating to leased space
(674)
(219)
Sublease inflows
709
213
Sublease result
35
(6)
CERTIFIED TRANSLATION FROM THE POLISH LANGUAGE
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Nordea Bank ABP S.A.
Financial Statements for the period from 01/01/2023 to 31/12/2023
The Notes are an integral part of the Financial Statements. 26
Note 17 - Trade receivables, uninvoiced receivables and other receivables
31/12/2023
31/12/2022
Trade receivables from affiliates
153,977
148,906
of which not invoiced at the balance sheet date
13
0
Other trade receivables
138
108
of which not invoiced at the balance sheet date
26
5
Receivables from taxes, subsidies, customs, social security, health insurance, and
other benefits
1,593
7,001
Other receivables
18
109
Total
155,726
156,124
Note 18 - Cash and cash equivalents
31/12/2023
31/12/2022
Cash in hand and at bank
114,635
109,864
Restricted cash (VAT account)
0
0
Cash and cash equivalents presented in the statement of cash flows
114,635
109,864
Note 19 - Long-term liabilities due to settlements with Branch’s Head Office
The Bank’s branch does not have equity. Settlements with the Bank’s Head Office form the profits or losses for the
financial years of the Branch. In 2022, the Branch paid PLN 41,432,000 to Nordea ABP, with its registered office in Finland,
as settlement of retained earnings. In 2023, there were further disbursements with a total amount of PLN 103 482,000.
The Branch’s operations are financed from its working capital.
Long-term liabilities for settlements with the Bank’s Head Office
01/01/2023 -
31/12/2023
01/01/2022 -
31/12/2022
Balance at beginning of period
142,168
145,631
Net profit/loss
71,791
38,117
Profit transfer
(103,482)
(41,432)
Value of Head Office shares granted to employees under the bonus scheme
0
(148)
Balance at end of period
110,477
142,168
The value of the Head Office shares granted to employees under the bonus scheme at the end of 2023 is PLN 0. The
Branch is not obliged to return the liability for the granted shares to the Head Office.
CERTIFIED TRANSLATION FROM THE POLISH LANGUAGE
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Nordea Bank ABP S.A.
Financial Statements for the period from 01/01/2023 to 31/12/2023
The Notes are an integral part of the Financial Statements. 27
Note 20 - Liabilities due to loans, borrowings and other debt instruments
Terms and schedule for repayment of loans and borrowings
As at 31/12/2023, the Branch has no bank overdraft facility; the loan agreement expired on 24/11/2020.
The allocated global limit for credit cards is PLN 8M as at 31/12/2023.
The table below shows reconciliation of the changes in liabilities arising from the financial position:
Item
As at
01/01/2023
increases
interest
accrued
repayment
measurement
lease contract
termination
As at
31/12/2023
Credit card liabilities
786
4,627
0
(4,430)
0
0
983
Lease liabilities
258,232
23,081
431
(49,324)
(18,623)
(404)
213,393
Note 21 - Contingent liabilities
As at the balance sheet date of 31/12/2023, the Branch has no loan commitments.
Bank guarantees
Bank guarantees were opened in connection with the Branch’s lease contracts for office space. Guarantees were
concluded between the landlords (beneficiaries) and the tenant (Branch) to secure claims in the event of damage caused
by non-performance or improper performance of the lease contract. The security is the equivalent of a 3-month rent
and the amount of rent VAT, down payment for the Maintenance Fee for 3 months and the amount of VAT on the fee.
Bank guarantees were granted by mBank SA.
31/12/2023
Beneficiary
Guarantee number
Currency
Expiry date
EUR
PLN
Tensor Poland Sp. z o.o.
13029KPA19
EUR
31 March 2025
655
0
EPP Office - Symetris Business Park Sp. z o.o.
13042KPA18
EUR
11 January 2024
225
0
Olivia Star S.A.
13085KPA18
PLN
31 August 2024
0
3,730
Łużycka Park Investment Sp. z o.o.
13127KPA17
PLN
31 August 2025
0
1,378
Łużycka Park Investment Sp. z o.o.
13128KPA17
PLN
31 August 2025
0
1,336
Pancole Sp. z o.o.
13203KPA19
EUR
31 January 2024
571
686
Guarantees received:
Under an agreement concluded on 30/08/2021, the Branch subleases office space in Gdynia. As collateral for the
receivables, it received a bank guarantee of PLN 331,000.
31/12/2023
Debtor
Guarantee number
Currency
Expiry date
EUR
PLN
Schenker Sp. z o.o.
MT22397KPA21
PLN
30 August 2026
0
331
CERTIFIED TRANSLATION FROM THE POLISH LANGUAGE
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Nordea Bank ABP S.A.
Financial Statements for the period from 01/01/2023 to 31/12/2023
The Notes are an integral part of the Financial Statements. 28
Note 22 - Provisions
31/12/2023
31/12/2022
Provision for pensions and related benefits - as at 01 January
36,684
28,677
Establishment of reserves
9,408
9,230
long- and short-term actuarial provisions
9,408
8,630
restructuring reserve
0
600
Release of reserves
(1,341)
(1,224)
long- and short-term actuarial provisions
(1,341)
(1,224)
Use of reserves
(1,341)
(1,224)
Value at 31 December
44,751
36,684
Provision for pensions and related benefits:
44,751
36,684
short-term provision
2,555
2,227
long-term provision
42,196
34,456
Note 23 - Trade liabilities and other liabilities 31/12/2023
31/12/2023
31/12/2022
Other long-term liabilities
461
146
employee benefit liabilities
461
146
Short-term liabilities
201,052
163,809
Trade liabilities
695
542
trade liabilities from other undertakings
695
542
Other short-term liabilities
200,357
163,267
provision for costs to be paid
82,504
69,656
public law liabilities
32,602
24,564
short-term liabilities to employees
85,251
68,964
deferred income
0
76
lease liabilities
0
7
Trade and other liabilities
201,513
163,955
In the item “short-term liabilities to employees”, the Branch mainly includes provisions for wages and salaries of
PLN 84,020,000.
CERTIFIED TRANSLATION FROM THE POLISH LANGUAGE
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Nordea Bank ABP S.A.
Financial Statements for the period from 01/01/2023 to 31/12/2023
The Notes are an integral part of the Financial Statements. 29
Note 24 - Lease
Lease payments
Payments for lease contracts are as follows:
Lease in the period from 01/01/2023 to 31/12/2023
Office premises
and parking areas
Cars
Fixed lease payments
49,329
322
Variable lease payments*
308
0
Total
49,637
322
Lease from 01/01/2022 to 31/12/2022
Office premises
and parking areas
Cars
Fixed lease payments
52,960
402
Variable lease payments*
409
1
Total
53,369
403
*the variable lease payments include, for office space and car parks, the effect of annual rent adjustment for the past
months, and for cars, the effect of changes in rent payments introduced by amendments for the past months. Penalties
associated with the termination of lease agreements are also recorded here.
Lease payments for office space and car parks according to contracts are subject to annual indexation. For most
contracts, the indexation is based on the inflation rate for the Euro Zone (MUICP or HICP) for the previous year. As this
index is published a few months after the end of the year, and the contracts usually stipulate that the rent adjustment
applies from 1 January each year, lessors are able to issue the first invoice at the new rates usually for March. In addition,
they convert the rent for the months already invoiced (January and February) by issuing an adjusted invoice. The
amounts of these adjusted invoices are treated by the Branch as variable lease payments, whereas with effect from the
month for which the first invoice with indexed rent was issued (usually from March), the Branch updates the schedule
of lease payments, considering it as an amendment to the lease contracts.
The level of MUICP/HICP ratio equal to 1% would translate into an increase of total lease payments for office space and
car parks by 1%.
In the case of cars, an increase in the rent rate during the contract is rare, no general mechanism for determining it has
been created (it is of a discretionary nature) and in such situations a relevant amendment is signed. It may also happen
here that it applies retroactively and the lessor issues adjusted invoices for past months: the amounts of such
adjustments are treated by the Branch as variable lease payments.
Due to the discretionary nature of such increases, negotiated individually, there is no connection between the external,
objective factor/measure and the change of lease payments.
CERTIFIED TRANSLATION FROM THE POLISH LANGUAGE
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Nordea Bank ABP S.A.
Financial Statements for the period from 01/01/2023 to 31/12/2023
The Notes are an integral part of the Financial Statements. 30
Payments under short-term and low-value lease contracts are presented below:
Short-term and low-value lease
01/01/2023 -
31/12/2023
01/01/2022 -
31/12/2022
Short-term lease
656
1,312
Low-value lease
34
33
Total
690
1,345
Lease liabilities by maturity
The table below presents financial liabilities based on contractual maturities.
The amounts disclosed in the table are discounted cash flows:
Lease liabilities by maturity
01/01/2023 -
31/12/2023
01/01/2022 -
31/12/2022
Up to 1 year
45,281
46,886
1–5 years
140,180
168,535
Over 5 years
27,932
42,811
Total
213,393
258,232
The undiscounted cash flows from lease liabilities are presented by the Branch in Note 27 - Liquidity risk. Estimated
future variable lease payments (understood as described above, i.e. with the assumption that lessors of office space and
parking space will issue adjustment invoices taking into account the effect of rent valorisation for 2023 in March for
January and February) will be PLN 171,000 in 2024.
Explanation of the statement of comprehensive income items related to the lease
The statement of comprehensive income includes items:
Lease-related costs
01/01/2023 -
31/12/2023
01/01/2022 -
31/12/2022
Costs of operation and maintenance of the premises
29,633
23,856
Other administrative expenses, lease
357
440
Financial costs, lease interest costs
431
451
Total
30,421
24,747
Depreciation/amortisation
01/01/2023 -
31/12/2023
01/01/2022 -
31/12/2022
Office premises and parking areas
44,546
44,712
Cars
306
381
Total
44,852
45,093
Other operating income, profit on termination of lease contracts
01/01/2023 -
31/12/2023
01/01/2022 -
31/12/2022
Cars
0
4
Total
0
4
CERTIFIED TRANSLATION FROM THE POLISH LANGUAGE
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Nordea Bank ABP S.A.
Financial Statements for the period from 01/01/2023 to 31/12/2023
The Notes are an integral part of the Financial Statements. 31
Lease cash flow
01/01/2023 -
31/12/2023
01/01/2022 -
31/12/2022
Repayment of the principal
49,325
53,400
Interest
431
451
Total lease in financial activities
49,756
53,851
Lease flows in operating activities
998
1,755
Total cash outflows
50,754
55,606
Weighted average lease interest rate
The weighted average marginal lease interest rate applied by the Branch is 0.2%.
It is divided into classes:
Office space and car parks - 0.2%
Cars - 3.0%
It was calculated for contracts in force as at 31/12/2023.
Note 25 -Transactions with affiliates
The Branch provides its services to other undertakings in Nordea Group, including the Bank of which it is a Branch, as
well as to other branches of the Bank, and to the Bank’s affiliates and joint ventures, and all transactions are carried out
on an arm’s length basis.
Transactions with executives
Loans to the management of the Branch
No loans were granted to the Branch’s Management.
Remuneration of executives
The costs of base salary paid out in 2023 to the Branch Management were PLN 1,162,000 (2022: PLN 1,135,000). The
cost of bonuses and awards paid out to the executives in 2023 was PLN 16,000 (2022: PLN 12,000). Employee pension
plan contributions for 2023 for the Management of the Branch was PLN 38,000 (2022: PLN 37,000).
Transactions with affiliates in the Group
All transactions with related companies were concluded under market conditions.
Sales of services
01/01/2023 -
31/12/2023
01/01/2022 -
31/12/2022
Nordea Bank Abp, filial i Sverige
401,982
322,481
Nordea Bank Abp
284,266
226,075
Nordea Danmark, filial af Nordea Bank Abp
304,662
247,688
Nodea Bank Abp, filial i Norge
252,377
204,173
Nordea Finance Finland Ltd
8,432
7,958
Nordea Finans Sverige AB
2,851
2,782
Nordea Finans Norge AS
2,377
2,267
Nordea Finans Danmark A/S
1,353
1,402
Nordea Bank Abp London Branch
1,057
1,121
Nordea Bank Abp Estonia
375
334
Nordea Bank Abp (publ) New York Branch
100
92
Nordea Bank Abp Shanghai Branch
52
47
Total sales of services
1,259,884
1,016,420
CERTIFIED TRANSLATION FROM THE POLISH LANGUAGE
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Nordea Bank ABP S.A.
Financial Statements for the period from 01/01/2023 to 31/12/2023
The Notes are an integral part of the Financial Statements. 32
Other transactions
01/01/2023 -
31/12/2023
01/01/2022 -
31/12/2022
Nordea Bank Abp
13
38
Nordea Bank Abp, filial i Sverige
4
19
Nordea Danmark, filial af Nordea Bank Abp
7
43
Nordea Bank Abp, Norwegian Branch
2
10
Total other operating revenue:
26
111
Nordea Bank Abp Denmark Branch
(1)
0
Nordea Bank Abp, filial i Sverige
(1)
0
Nordea Bank Oyj
(1)
0
Total costs of IT services
(3)
0
Nordea Danmark, filial af Nordea Bank Abp
(7,907)
(8,580)
Nordea Bank Abp, filial i Sverige
(6,744)
(7,804)
Nordea Bank Abp
(6,047)
(6,764)
Nodea Bank Abp, filial i Norge
(2,558)
(2,861)
Total costs of IT TP services
(23,256)
(26,009)
Nordea Bank Abp
(1,167)
(1,703)
Nordea Danmark, filial af Nordea Bank Abp
0
(6)
Total other costs
(1,167)
(1,709)
Nordea Bank Abp, filial i Sverige
0
(1)
Total costs of salaries with overheads and other employee benefits
0
(1)
Total other transactions
(24,400)
(27,608)
Settlements with companies in the Group
31/12/2023
31/12/2022
Nordea Bank Abp, filial i Sverige
37,360
37,206
Nordea Bank Abp
39,299
37,721
Nodea Bank Abp, filial i Norge
30,930
29,721
Nordea Danmark, filial af Nordea Bank Abp
44,696
42,976
Nordea Finance Finland Ltd
623
477
Nordea Finans Norge AS
387
313
Nordea Finans Danmark A/S
207
76
Nordea Bank Abp London Branch
192
188
Nordea Finans Sverige
205
163
Nordea Bank Abp Estonia Branch
60
47
Nordea Bank Abp (publ) New York Branch
15
14
Nordea Bank Abp Shanghai Branch
3
4
Total trade receivables (including uninvoiced trade receivables)
153,977
148,906
CERTIFIED TRANSLATION FROM THE POLISH LANGUAGE
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Nordea Bank ABP S.A.
Financial Statements for the period from 01/01/2023 to 31/12/2023
The Notes are an integral part of the Financial Statements. 33
Note 26 - Financial instruments, fair value, and other disclosures
Breakdown of financial instruments into categories
The table below shows the Branch’s financial instruments by categories:
31/12/2023
31/12/2022
Cash and cash equivalents
114,635
109,864
Total financial assets at fair value through profit or loss
114,635
109,864
Lease receivables
2,644
3,274
Trade and other receivables*
155,726
156,124
Total financial assets measured at amortised cost
158,370
159,398
Trade liabilities
695
542
Lease liabilities
213,393
258,232
Total financial liabilities measured at amortised cost
214,088
258,774
* The item includes invoiced and uninvoiced trade receivables and deposits paid.
Fair value of financial assets and liabilities
Fair value is the amount for which an asset could be exchanged, or an obligation satisfied, between well-informed and
interested parties in a direct transaction, other than forced sales or liquidation, best reflected by the market price, if
available.
Financial instruments are measured at fair value broken down by individual measurement methods. Respective levels
are defined as follows:
- quoted prices (unadjusted) from active markets for identical assets or liabilities (Level 1)
- inputs other than quoted prices included within Level 1 which may be determined or observed for the asset or liability,
either directly (i.e. as prices) or indirectly (i.e. through price-based calculations) (Level 2)
- inputs for the valuation of an asset or liability that are not based on observable market data (i.e. unobservable inputs)
(Level 3)
Below is a summary of the carrying amounts and fair values of each group of assets and liabilities.
Fair value of assets and liabilities
31/12/2023
31/12/2022
Carrying amount
Fair value
Carrying amount
Fair value
Cash and cash equivalents
level 1
114,635
114,635
109,864
109,862
Trade and other receivables
level 2
155,726
155,726
156,124
156,115
Trade liabilities
level 2
695
695
542
542
CERTIFIED TRANSLATION FROM THE POLISH LANGUAGE
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Nordea Bank ABP S.A.
Financial Statements for the period from 01/01/2023 to 31/12/2023
The Notes are an integral part of the Financial Statements. 34
Determining the fair value
Below is a summary of the main methods and assumptions used when estimating the fair value for financial instruments
presented in the table above.
In the case of short-term financial assets and liabilities, it is assumed that the carrying amount of these instruments is
approx. equal to their fair value.
Cash and cash equivalents: In the case of bank deposits and funds on the Branch’s current accounts, it is assumed that
their fair value does not significantly differ from the carrying amount due to their short maturity.
Trade and other receivables are reported as net values after impairment losses were taken into account. In the opinion
of the Company Manager, the individual write-downs do not materially affect the financial position of the Branch. Due
to the short maturity, it is assumed that the carrying amount is equal to fair value.
Liabilities due to loans and borrowings and trade liabilities, for loans without fixed repayment schedules, the fair value
is taken to be the amount that would have been paid on demand at the balance sheet date.
In the case of liabilities to suppliers, it is assumed that their fair value does not significantly differ from the carrying
amount - due to short maturity.
Other disclosures
The Branch did not reclassify financial instruments between categories in the current or previous period.
The Branch does not offset financial assets and liabilities.
No collateral for liabilities or contingent liabilities was established against the Branch’s financial assets.
The Branch has no derivative instruments.
The only item in the statement of comprehensive income that relates to financial instruments is interest expense on
leases, disclosed in Note 24.
Note 27 - Financial risk management
Credit risk
The carrying amounts of financial assets correspond to the maximum exposure to credit risk. At the end of the reporting
period, the maximum credit risk exposure is as follows:
Financial assets
Note
31/12/2023
31/12/2022
Receivables
17
155,726
156,124
Cash
18
114,635
109,864
The table above includes all receivables exposed to credit risk, including those that do not constitute financial assets.
By credit risk, the Branch understands the probability that the counterparty will meet the obligations untimely or will
completely fail to meet them. Financial assets potentially exposing the Branch to the concentration of the credit risk
include mainly trade receivables.
In the case of the Branch, the majority of counterparties are units of the same group and are financial institutions (banks)
or leasing and factoring companies. In the opinion of the Branch’s Management, the financial performance of individual
companies of Nordea Group do not indicate a risk in connection with meeting the obligations to the Branch. What is
more, as most of them are banks, they must have adequate liquidity and provisions to secure it.
The Branch does not believe that the current risk concentration is significant: counterparties are from several dozen
different countries, the Branch defines its credit risk exposure as total unsettled receivables (including overdue balances)
and monitors balances regularly for each counterparty. The repayment period, as adopted, for receivables related to the
normal sales of services is from 14 to 30 days.
The concentration of trade receivables expressed as a percentage of total trade receivables is presented below:
CERTIFIED TRANSLATION FROM THE POLISH LANGUAGE
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Nordea Bank ABP S.A.
Financial Statements for the period from 01/01/2023 to 31/12/2023
The Notes are an integral part of the Financial Statements. 35
Trade receivables (net) without impairment
31/12/2023
31/12/2022
Denmark
29.1%
28.9%
Finland
25.9%
25.6%
Sweden
24.4%
25.1%
Norway
20.3%
20.2%
United Kingdom
0.1%
0.0%
Poland
0.1%
0.1%
Estonia
0.1%
0.0%
Latvia
0.0%
0.1%
Total
100.0%
100.0%
The above table includes both invoiced receivables (including disposal of PP&E) as well as non-invoiced receivables,
without any deposit receivables.
Trade receivables without impairment according to the overdue period
Receivables
Outstanding
receivables
Past due receivables in days
1–30
31–90
more than 90
from affiliates
153,977
0
0
0
from other undertakings
33
105
0
0
Total
154,010
105
0
0
The above table includes both invoiced receivables (including disposal of PP&E) as well as non-invoiced receivables,
without any deposit receivables.
The credit quality of overdue receivables without impairment is satisfactory. These are mainly receivables from related
undertakings, other banks of Nordea Group that have liquidity at a safe level.
In the opinion of the Company Manager, the individual write-downs do not materially affect the financial position of the
Branch.
Liquidity risk
The main task in the liquidity risk management process is ongoing control and planning of the liquidity level.
The liquidity level is controlled by preparing a cash flow forecast. Cash flow realisation is cyclically verified and includes
the analysis of unrealised cash flows, their causes, and effects.
Safeguarding against liquidity risk, the Branch has free working capital in the bank account of more than PLN 100,000,000
as at 31 December 2023.
Part of the funds obtained is deposited by the Branch in the form of a short-term deposit, which is taken into account
when calculating the liquidity provision.
As at 31/12/2023, there is a surplus of current assets over short-term liabilities of approximately PLN 22M. This is mainly
due to an increase in cash in bank accounts, influenced by an increase in the Branch’s turnover as well as an improvement
in revenue recovery. Management sees no liquidity risk. As the parent company of the Branch, Nordea Bank Abp
monitors its liquidity on an ongoing basis and is prepared to support its Branch financially. The table below shows an
analysis of financial liabilities by maturity according to the remaining period to contractual maturity at the balance sheet
date for all non-derivative financial liabilities. The amounts shown in the table represent the contractual undiscounted
cash flows.
CERTIFIED TRANSLATION FROM THE POLISH LANGUAGE
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Nordea Bank ABP S.A.
Financial Statements for the period from 01/01/2023 to 31/12/2023
The Notes are an integral part of the Financial Statements. 36
Maturities of financial
liabilities as at
31/12/2023
Less than
3 months
PLN ’000
3–12 months
PLN ‘000
1–5 years
PLN ‘000
More than
5 years
PLN ’000
Total
contractual
cash flows
PLN ‘000
Carrying
amount of
liabilities
PLN ‘000
Trade liabilities
695
-
-
-
695
695
Loans
-
-
-
-
-
-
Lease liabilities
11,481
34,192
140,755
27,950
214,378
213,393
Total
12,176
34,192
140,755
27,950
215,073
214,088
The Branch had no derivatives in 2023.
Maturities of financial
liabilities as at
31/12/2022
Less than
3 months
PLN ’000
Less than
3 months
PLN ’000
3–12 months
PLN ‘000
1–5 years
PLN ‘000
More than
5 years
PLN ’000
Total
contractual
cash flows
PLN ‘000
Trade liabilities
542
-
-
-
542
542
Loans
-
-
-
-
-
-
Lease liabilities
12,089
35,134
169,161
42,855
259,239
258,232
Total
12,631
35,134
169,161
42,855
259,781
258,774
The Branch had no derivatives in 2022.
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Nordea Bank ABP S.A.
Financial Statements for the period from 01/01/2023 to 31/12/2023
The Notes are an integral part of the Financial Statements. 37
Risk of currency fluctuations
The revenue and expenses of the Branch are expressed mainly in the Polish currency. Some of the trade payables and
receivables are expressed in foreign currencies, EUR, USD, DKK, SEK, and NOK. The table below presents the main
currency exposures of the Branch and potential foreign exchange profits/losses on these exposures resulting from a
hypothetical 10% appreciation/depreciation of the PLN against other currencies.
Financial instrument
(PLN ‘000)
Exposure affecting the
financial result as at
31/12/2023
Sensitivity to a change in the PLN
exchange rate against other
currencies as at 31/12/2023
Currency
PLN
+10%
-10%
PLN
PLN
Trade receivables (EUR)
11,936
51,898
57,088
46,708
Total
11,936
51,898
57,088
46,708
The above table only includes invoiced receivables and liabilities, without any deposit receivables.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows from a financial instrument will change as a result of
changes in interest rates. As the Branch does not have any loan liabilities, it was not exposed to interest rate risk arising
from any loan liabilities in 2023.
As at the balance sheet date, the Branch had no loan liabilities.
Note 28 - Employment
The average annual headcount in the Branch was 5,525 (2022: 4,903). All persons employed are white-collar workers.
Note 29 - Fee for the entity authorised to audit financial statements
The entity auditing the Financial Statements of the Branch is PricewaterhouseCoopers Polska Spółka z ograniczoną
odpowiedzialnością Audyt Sp. k.
The remuneration for this entity for 2023 is shown in the table below:
Type of service (PLN ‘000)
31/12/2023
31/12/2022
Audit of the financial statements:
270
268
Total
270
268
No other entity from the network to which the auditing company belongs provided services for the Branch in 2023.
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Nordea Bank ABP S.A.
Financial Statements for the period from 01/01/2023 to 31/12/2023
The Notes are an integral part of the Financial Statements. 38
Note 30 - Impact of the COVID-19 pandemic and Russia’s aggression against Ukraine on the company’s
financial position
In the assessment of the Company Manager, the pandemic did not have a material impact on the Branch in terms of
liquidity as well as the asset and financial position. According to this assessment, its impact in the future is also unlikely
to be material.
At the time of preparation of the Financial Statements, the banking sector and the financial industry in which the Branch
operates appear to be stable. The Management of the Branch does not receive any signals from counterparties that the
demand for services provided by the Branch is expected to decrease in the near future. As a result of the pandemic, the
economy as a whole is seeing an increase in mobile and on-line services, for which the Branch is prepared and is taking
appropriate steps to meet the new challenges.
In 2023, the Branch was taking appropriate steps to protect employees from the effects of the COVID-19 pandemic by
organising remote work, as well as purchasing and using the necessary personal protective equipment.
The Russian aggression against Ukraine, which began on 24 February 2022, in the opinion of the Branch Manager, does
not currently have a direct impact on the Branch’s operational risk. As at the balance sheet date, there are few employees
from the countries involved in the conflict. However, the situation may have an impact on exchange rate risk due to the
significant increase in exchange rates.
Note 31 - Events after the end of the reporting period
No other events requiring inclusion in the 2023 Financial Statements occurred after the balance sheet date.
[electronic signature symbol]
Signed by / Podpisano przez:
Agnieszka Dzięgielewska-Jończyk
Joanna Bielasiak-Stachowiak
Date / Data:
2024-03-05 14:22
2024-03-05 15:56
……………………………
……………………………...........
Agnieszka
Dzięgielewska-
Jończyk
Branch Director
Joanna Bielasiak-
Stachowiak
Deputy Branch Director
Person responsible for
the preparation of the financial
statements
Łódź, 5 March 2024
END OF THE TRANSLATION
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Nordea Bank ABP S.A.
Financial Statements for the period from 01/01/2023 to 31/12/2023
The Notes are an integral part of the Financial Statements. 39
This is to certify that the foregoing is a true translation of the document in the Polish language; in witness
whereof, I have appended a qualified electronic signature hereto.
Izabela Mazur, sworn translator of the English language entered in the list of sworn translators kept by the
Minister of Justice of Poland; Entry No TP/1885/06.
Records of Translations No 204/2024
Ruda Śląska, Poland. 7 March 2024
Legal basis of using a qualified signature:
Article 18(1a) of the Act of 25 November 2004 on the profession of a sworn translator and interpreter
(consolidated text, Journal of Laws of 2017, item 1505, as amended);
Act of 5 September 2016 on trust services and electronic identification (Journal of Laws of 2016, item 1579)
implementing the Regulation (EU) No 910/2014 of the European Parliament and of the Council of 23 July
2014 on electronic identification and trust services for electronic transactions in the internal market (the
eIDAS Regulation).
You can verify the qualified electronic services in the document by clicking the signature field or at
www.weryfikacjapodpisu.pl