Banka za sva vremena Bank for all times

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2 2 C R N O G O R S K A K O M E R C I J A L N A B A N K A

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4 C R N O G O R S K A K O M E R C I J A L N A B A N K A Banka za sva vremena Bank for all times 4

5 Godišnji izvještaj Annual report Sadržaj 04 Finansijski pokazatelji 04 Bilans uspjeha 05 Bilans stanja 06 Uvodna riječ Generalnog direktora 08 CKB Upravni odbor 09 CKB Menadžment 11 Crna Gora - Zemlja velikih mogućnosti 14 CKB - Uvijek lider 16 Svijet CKB proizvoda 20 CKB brend 22 Društveno odgovorni 25 Izvještaj nezavisnog revizora Table of Contents 04 Financial Indicators 04 Income Statement 05 Balance Sheet 07 Statement of the General Manager 08 CKB Management Board 09 CKB Management 13 Montenegro the country of great opportunities 15 CKB Always the leader 18 The world of CKB products 21 CKB brand 23 Socially responsible 25 Independent Auditors Report C R N O G O R S K A K O M E R C I J A L N A B A N K A 5

6 Bilans uspjeha / Income Statement Godina završena na dan 31. decembra / Year ended 31 December (u hiljadama EUR/in thousand EUR) Napomena / Note Prihodi po osnovu kamata i slični prihodi Interest and similar income 3.1, 6a 49,632 25,613 Rashodi po osnovu kamata i slični rashodi Interest expenses and similar charges 3.1, 6b (30,110) (16,231) Neto prihod od kamata / Net interest income 19,522 9,382 Prihodi od naknada i provizija Fee and commission income 3.1, 7a 16,722 13,601 Rashodi od naknada i provizija Fee and commission expenses 3.1, 7b (3,305) (2,917) Neto prihod od naknada i provizija / Net fee and commission income 13,417 10,684 Neto prihodi iz trgovanja Net trading income Neto dobici po osnovu ulaganja u hartije od vrijednosti Net gains from investment securities Prihodi od dividendi i učešća Dividends and other income from equity investments Ostali poslovni prihodi Other operating income Ostali poslovni rashodi Operating expenses Rashodi indirektnih otpisa plasmana i rezervisanja Losses on impairment and provisions 3.2, 8 1, , (20,554) (13,475) 3.5, 10 (5,646) (3,685) (23,863) (15,732) Dobit pre oporezivanja / Profit before tax 9,076 4,334 Porez na dobit Profit tax 3.3, 11 (666) (424) Dobit nakon oporezivanja / Net profit 8,410 3,910 6

7 Bilans stanja / Balance Sheet Godina završena na dan 31. decembra / Year ended 31 December (u hiljadama EUR/in thousand EUR) Napomena / Note AKTIVA / ASSETS Novčana sredstva i sredstva kod Centralne banke Cash and balances with the Central Bank 3.4, , , 327 Državni zapisi Treasury bills - 1,461 Krediti i avansi bankama Loans and advances to banks ,694 80,695 Krediti i avansi klijentima Loans and advances to customers , ,722 Hartije od vrijednosti raspoložive za prodaju Available for sale securities 3.5, Finansijska sredstva po pravičnoj vrijednosti kroz bilans uspjeha Financial asset at fair value through profit and loss statement 3.5, Hartije od vrijednosti koje se drže do dospjeća Securities held to maturity 3.5, Nekretnine, postrojenja i oprema Property, plant and equipment 3.7, 18 12,829 11,661 Nematerijalna ulaganja Intangible assets 3.6, 18 4,090 3,932 Ostala sredstva Other assets 19 4,256 3,592 Ukupna aktiva / Total assets 1,025, ,775 PASIVA / LIABILITIES Obaveze prema bankama Due to Banks 20 3,573 5,087 Obaveze prema klijentima Due to customers , ,147 Obaveze po kreditima Other borrowed funds 3.8, ,303 54,407 Ostale obaveze Other liabilities 23 2, Rezervisanja Provisions 3.9, Obaveze za tekući porez Current tax liabilities Odložene poreske obaveze Deferred tax liabilities 3.3, Beneficije zaposlenih Employees benefits Ukupne obaveze / Total liabilities 983, ,547 KAPITAL / CAPITAL Akcijski kapital Share capital 25 31,876 17,966 Ostale rezerve Other reserves Neraspoređena dobit Retained earnings 8,816 4,316 Ukupan kapital / Total capital 41,638 23,228 Ukupna pasiva / Total liabilites and capital 1,025, ,775 VANBILANSNE POZICIJE / OFF-BALLANCE-SHEET ITEMS 26 46,216 49,184 7

8 Uvodna riječ Generalnog direktora Dragi naši klijenti, kolege i akcionari, Završili smo još jednu uspješnu godinu, kreativniju i izazovniju za CKB tim, od mnogih do sada e smo paralelno stvarali na još jednom polju - proces harmonizacije s novim vlasnikom je odmakao. Za relativno kratko vrijeme, CKB i OTP su sagradile mnoge mostove koji će sigurno trajati u vremenu, a CKB kadar učinile nezaobilaznim za procese koji će uslijediti... Crna Gora se ekonomski oblikuje i tržište se naglo razvija. Ljudi vole i žele da stvaraju. Raste konkurencija, i među bankama, i vjerujem da će biti još novih igrača u ovom našem sektoru. Mjesta ima za sve, najvažnije je da banke podrže ekonomski razvoj Crne Gore, zajedno sa jakim i reputabilnim inostranim investitorima. Ta kombinacija će biti dobitna za godine koje su pred nama... Crnogorska komercijalna banka je vaša banka, možda više nego ikada. Uložili smo ogromna sredstva u razne projekte, sigurno značajno doprinijeli oblikovanju života građana, a bankarstvo učinili još efikasnijim. Oko 300 miliona EUR smo, zahvaljujući novom strateškom partnerstvu, u raznim oblicima, investirali u Crnu Goru, u 2007-oj. Moj tim uvijek ostvari više nego što je planirano, iako ciljevi nijesu uvijek lako dostižni. Kadrovi CKB-a su njena osnovna snaga u realizaciji njene strategije i jasne vizije. U Banci danas radi oko 500 stručnih, većinom mladih ljudi, jako obrazovanih, u oblasti informacionih tehnologija i poznavanju stranih jezika. Za mlade naraštaje, CKB će, sigurna sam, dugo biti izazov. Snažan rast je zabilježen u svakom od važnih segmenata poslovanja, u odnosu na prethodnu godinu. Bilansna suma na kraju godine, prešla je 1,0 mlrd. EUR, depoziti, domaći i inostrani, iznosli su oko 900 miliona EUR-a, kreditni portfolio preko 700 miliona EUR-a, broj računa (kompanija i građana) više od , preko izdatih kartica, 40 poslovnih jedinica, 80 bankomata i preko POS terminala. Skoro polovina građana Crne Gore su naši klijenti i CKB je danas najjača partija u ekonomskom životu. Novi proizvodi i usluge i nova partnerstva, postali su dio naše svakodnevice. Projekti sa Amex-om, TietoEnator-om, ACI-jem samo su nastavili već ionako uspješnu ekonomsku priču i nije tajna da je CKB brend i u kartičarstvu i u elektronskom bankarstvu, ali i u svakoj crnogorskoj familiji. Hvala svima vama za još jednu inspirativnu godinu. Milka Ljumović, Generalni direktor Podgorica, mart godine 8

9 Statement of the General Manager Dear clients, colleagues and shareholder, We have completed another successful year, more creative and more challenging for CKB team than many before. In 2007 we had an additional task to harmonize our business operations with the new owner. For a relatively short time, CKB and OTP built many bridges that will certainly last for a long time while CKB team will remain the major force for the processes that will follow... The economy of Montenegro is gaining some global features and the market is booming. People are creative and they like changes for the better. The competition is growing among the banks as well and I believe that there will be more players in this industry. There is room for everybody and the most important is that the banks support economic development of Montenegro together with strong and renowned foreign investors. That will be the winning combination in the years ahead... Crnogorska Komercijalna Banka is your bank now more than ever. We have invested huge funds in numerous projects, highly influenced the quality of citizens lives and made banking business even more efficient. Thanks to the new strategic partnership, we invested about EUR 300 million in various Montenegrin projects in My team has always been exceeding the plans although our goals have not been easily achievable. CKB staff represent the core strength of the Bank in the implementation of its strategy and clear vision. The Bank employs about 500 skilled, mostly young people, highly educated in information technologies and foreign languages. I am sure that CKB will continue to be the challenge for young people. Significant growth was recorded in every major business segment compared to last year. The balance sum at the end of 2007 exceeded EUR 1 billion, domestic and foreign deposits amounted to about EUR 900 million, loan portfolio was over EUR 700 million, there were more than 300,000 accounts (corporate and retail), over 200,000 issued cards, 40 business units, 80 ATMs and over 2,100 POS terminals. Almost a half of Montenegrin population are our clients and CKB is currently the strongest party in the economic life. New products and services and new partnerships have become part of our everyday business. Projects with Amex, TietoEnator, ACI, etc. have only continued an already successful economic story and it is not a secret that CKB is a brand in card business and e-banking as well as in every Montenegrin family. Thank you all for another inspiring year. Milka Ljumović, General Manager Podgorica, March

10 CKB Upravni odbor CKB Management Board József Windheim Predsjednik President Milka Ljumović Član Member András Takács Član Member Bose Tatar Član Member Szabolcs Dr. Korba Član Member Aleksandra Popović Član Member Ibolya Sári Član Member 10

11 CKB Menadžment CKB Management Milka Ljumović Generalni direktor General Manager tel (0) fax (0) Bose Tatar Zamjenik generalnog direktora Deputy General Manager tel (0) fax (0) Aleksandra Popović Zamjenik generalnog direktora Deputy General Manager tel (0) fax (0) Predrag Božović Pomoćnik generalnog direktora Assistant General Manager tel (0) fax (0) Dubravka Pavićević Pomoćnik generalnog direktora Assistant General Manager tel (0) fax (0)

12 Crnogorska komercijalna banka memeber of otp group Crnogorska komercijalna banka banka za sva vremena Crnogorska komercijalna banka memeber of otp group Crnogorska komercijalna banka Bank for all times Crnogorska komercijalna banka memeber of otp group Crnogorska komercijalna banka banka za sva vremena Crnogorska komercijalna banka memeber of otp group Mala zemlja velikih mogućnosti Crnogorska komercijalna banka Bank for all times Crnogorska komercijalna banka memeber of otp group Crnogorska komercijalna banka banka za sva vremena Crnogorska komercijalna banka memeber of otp group Crnogorska komercijalna banka Bank for all times Crnogorska komercijalna banka memeber of otp group Crnogorska komercijalna banka banka za sva vremena Crnogorska komercijalna banka memeber of otp group Crnogorska komercijalna banka Bank for all times Crnogorska komercijalna banka memeber of otp group Crnogorska komercijalna banka banka za sva vremena Crnogorska komercijalna banka memeber of otp group Crnogorska komercijalna banka Bank for all times Crnogorska komercijalna banka memeber of otp group Crnogorska komercijalna banka banka za sva vremena Crnogorska komercijalna banka memeber of otp group Crnogorska komercijalna banka Bank for all times Crnogorska komercijalna banka memeber of otp group Crnogorska komercijalna banka banka za sva vremena Crnogorska komercijalna banka memeber of otp group Crnogorska komercijalna banka Bank for all times Crnogorska komercijalna banka memeber of otp group Crnogorska komercijalna banka banka za sva vremena Crnogorska komercijalna banka memeber of otp group Crnogorska komercijalna banka Bank for all times Crnogorska komercijalna banka memeber of otp group Crnogorska komercijalna banka banka za sva vremena Crnogorska komercijalna banka memeber of otp group Crnogorska komercijalna banka Bank for all times Crnogorska komercijalna banka memeber of otp group Crna Gora, sa površinom od svega oko km2 i oko stanovnika jedno je od najzanimljivijih područja na svijetu, koje karakterišu izuzetne prirodne ljepote i jako izražen geografski i klimatski diverzitet na veoma malom području. Jedna od najstarijih evropskih država, mediteranska zemlja, sa privlačnom obalom, ali i visokim planinama, kao nova država na neki način je obilježila i početak 21. vijeka, vijeka malih zemalja i velikog internacionalizovanog tržišta. Sudeći po globalnim dešavanjima, ali i onima na jugoistoku Evrope, Crna Gora postaje važna destinacija u međunarodnom biznisu, ona povezuje tržišta oko sebe, briše granice, pruža sigurnost kapitalu i otvara veliki broj mogućnosti za nove biznise prva godina po proglašenju nezavisnosti Crne Gore i uspostavljanja punog državnog suvereniteta počela je prijemom u najznačajnije međunarodne finansijske institucije Međunarodni monetarni fond i Svjetsku banku, a obilježile su je prije svega ekonomske teme, koje su konačno gotovo potpuno potisnule iz svakodnevnog interesovanja građana teme koje su preovladavale prethodnu deceniju i po nacionalni identitet, raspad bivše Jugoslavije, odnosi raznih etničkih i političkih grupa unutar zemlje... Strane direktne investicije, tržište nekretnina, berza i ulaganje u hartije od vrijednosti, izuzetno dobra turistička sezona sa preko milion stranih turista, nastavak tranizicije i procesa privatizacije su bile u fokusu u razgovorima profesionalaca i eksperata, ali i političara i običnih građana. Crna Gora je dobila i novi ustav prvi ustav međunarodno priznate Republike Crne Gore i potpisala Sporazum o stabilizaciji i pridružvanju sa Evropskom unijom kao sljedeći veoma važan korak u strateškom hodu ka punom članstvu u ovoj najznačajnijoj nadnacionalnoj organizaciji današnjice. Drugu polovinu godine obilježili su i veoma visok suficit državnog budžeta, koji je zbog visokih priliva i rebalansiran, pa su tako prije vremena vraćeni dugovi međunarodnim finansijskim institucijama, ali i visoka stopa inflacije, uzrokovana spoljnim i unutrašnjim faktorima, koji se ipak zadržala na jenocifrenom nivou od oko 8,5%. Ukupan bruto društveni proizvod je dostigao nivo od blizu 2,3 milijarde eura, sa realnim rastom od preko 7%, stopa nezaposlenosti pala je na ispod 12% a realni rast zarada je iznosio 15%. Ukupan iznos stranih direktinih investicija premašio je milijardu eura, a prihod od turizma iznosio je oko 500 miliona eura. Crnogorska komercijalna banka banka za sva vremena Crnogorska komercijalna banka memeber of otp group Crnogorska komercijalna banka Bank for all times Crnogorska komercijalna banka memeber of otp group Crnogorska komercijalna banka banka za sva vremena Crnogorska komercijalna banka memeber of otp group Crnogorska komercijalna banka Bank for all times 12 Crnogorska komercijalna banka memeber of otp group

13 Crna Gora - Zemlja velikih mogućnosti Crna Gora, jedna od najstarijih evropskih država, mediteranska zemlja, sa privlačnom obalom i visokim planinama, obilježila je i početak 21. vijeka, vijeka malih zemalja i velikog internacionalizovanog tržišta prva je godina po proglašenju nezavisnosti Crne Gore i uspostavljanja punog državnog suvereniteta. Počela je prijemom u najznačajnije međunarodne finansijske institucije Međunarodni monetarni fond i Svjetsku banku, a obilježile su je i važne ekonomske teme, koje su konačno gotovo potpuno potisnule druge teme i interesovanja građana, a koje su preovladavale posljednje dvije decenije nacionalni identitet, raspad bivše Jugoslavije, odnosi raznih etničkih i političkih grupa unutar zemlje i sl. Crna Gora sa površinom od svega oko km 2 i oko stanovnika jedno je od najzanimljivijih područja na svijetu, koje karakterišu izuzetne prirodne ljepote i jako izražen geografski i klimatski diverzitet na veoma malom području. Sudeći po globalnim dešavanjima, ali i onima na jugoistoku Evrope, Crna Gora postaje važna destinacija u međunarodnom biznisu, ona povezuje tržišta oko sebe, briše granice, pruža sigurnost kapitalu i otvara veliki broj mogućnosti za nove biznise. Strane direktne investicije, tržište nekretnina, berza i ulaganje u hartije od vrijednosti, izuzetno dobra turistička sezona sa preko milion stranih turista, nastavak tranzicije i procesa privatizacije su teme razgovora profesionalaca i raznih eksperata, ali i političara i običnih građana. Crna Gora je dobila i novi Ustav prvi Ustav međunarodno priznate Republike Crne Gore. Potpisala je i Sporazum o stabilizaciji i pridruživanju sa Evropskom unijom, kao sljedeći veoma važan korak u strateškom hodu ka punom članstvu u ovoj najznačajnijoj nadnacionalnoj organizaciji današnjice. Drugu polovinu godine obilježili su i veoma visok suficit državnog budžeta, koji je zbog visokih priliva i rebalansiran, pa su tako prije vremena vraćeni dugovi međunarodnim finansijskim institucijama, ali i visoka stopa inflacije, uzrokovana spoljnim i unutrašnjim faktorima, koja se ipak zadržala na jednocifrenom nivou od oko 8%. Ukupan bruto društveni proizvod je dostigao nivo od blizu 2,3 milijarde eura, sa realnim rastom od preko 7%, stopa nezaposlenosti pala je na ispod 12%, a realni rast zarada je iznosio 15%. Ukupan iznos stranih direktinih investicija premašio je milijardu eura, a prihod od turizma iznosio je oko 500 miliona eura. 13

14 Crnogorska komercijalna banka memeber of otp group Crnogorska komercijalna banka banka za sva vremena Crnogorska komercijalna banka memeber of otp group Crnogorska komercijalna banka Bank for all times Crnogorska komercijalna banka memeber of otp group Crnogorska komercijalna banka banka za sva vremena Crnogorska komercijalna banka memeber of otp group Mala zemlja velikih mogućnosti Crnogorska komercijalna banka Bank for all times Crnogorska komercijalna banka memeber of otp group Crnogorska komercijalna banka banka za sva vremena Crnogorska komercijalna banka memeber of otp group Crnogorska komercijalna banka Bank for all times Crnogorska komercijalna banka memeber of otp group Crnogorska komercijalna banka banka za sva vremena Crnogorska komercijalna banka memeber of otp group Crnogorska komercijalna banka Bank for all times Crnogorska komercijalna banka memeber of otp group Crnogorska komercijalna banka banka za sva vremena Crnogorska komercijalna banka memeber of otp group Crnogorska komercijalna banka Bank for all times Crnogorska komercijalna banka memeber of otp group Crnogorska komercijalna banka banka za sva vremena Crnogorska komercijalna banka memeber of otp group Crnogorska komercijalna banka Bank for all times Crnogorska komercijalna banka memeber of otp group Crnogorska komercijalna banka banka za sva vremena Crnogorska komercijalna banka memeber of otp group Crnogorska komercijalna banka Bank for all times Crnogorska komercijalna banka memeber of otp group Crnogorska komercijalna banka banka za sva vremena Crnogorska komercijalna banka memeber of otp group Crnogorska komercijalna banka Bank for all times Crnogorska komercijalna banka memeber of otp group Crnogorska komercijalna banka banka za sva vremena Crnogorska komercijalna banka memeber of otp group Crnogorska komercijalna banka Bank for all times Crnogorska komercijalna banka memeber of otp group Crna Gora, sa površinom od svega oko km2 i oko stanovnika jedno je od najzanimljivijih područja na svijetu, koje karakterišu izuzetne prirodne ljepote i jako izražen geografski i klimatski diverzitet na veoma malom području. Jedna od najstarijih evropskih država, mediteranska zemlja, sa privlačnom obalom, ali i visokim planinama, kao nova država na neki način je obilježila i početak 21. vijeka, vijeka malih zemalja i velikog internacionalizovanog tržišta. Sudeći po globalnim dešavanjima, ali i onima na jugoistoku Evrope, Crna Gora postaje važna destinacija u međunarodnom biznisu, ona povezuje tržišta oko sebe, briše granice, pruža sigurnost kapitalu i otvara veliki broj mogućnosti za nove biznise prva godina po proglašenju nezavisnosti Crne Gore i uspostavljanja punog državnog suvereniteta počela je prijemom u najznačajnije međunarodne finansijske institucije Međunarodni monetarni fond i Svjetsku banku, a obilježile su je prije svega ekonomske teme, koje su konačno gotovo potpuno potisnule iz svakodnevnog interesovanja građana teme koje su preovladavale prethodnu deceniju i po nacionalni identitet, raspad bivše Jugoslavije, odnosi raznih etničkih i političkih grupa unutar zemlje... Strane direktne investicije, tržište nekretnina, berza i ulaganje u hartije od vrijednosti, izuzetno dobra turistička sezona sa preko milion stranih turista, nastavak tranizicije i procesa privatizacije su bile u fokusu u razgovorima profesionalaca i eksperata, ali i političara i običnih građana. Crna Gora je dobila i novi ustav prvi ustav međunarodno priznate Republike Crne Gore i potpisala Sporazum o stabilizaciji i pridružvanju sa Evropskom unijom kao sljedeći veoma važan korak u strateškom hodu ka punom članstvu u ovoj najznačajnijoj nadnacionalnoj organizaciji današnjice. Drugu polovinu godine obilježili su i veoma visok suficit državnog budžeta, koji je zbog visokih priliva i rebalansiran, pa su tako prije vremena vraćeni dugovi međunarodnim finansijskim institucijama, ali i visoka stopa inflacije, uzrokovana spoljnim i unutrašnjim faktorima, koji se ipak zadržala na jenocifrenom nivou od oko 8,5%. Ukupan bruto društveni proizvod je dostigao nivo od blizu 2,3 milijarde eura, sa realnim rastom od preko 7%, stopa nezaposlenosti pala je na ispod 12% a realni rast zarada je iznosio 15%. Ukupan iznos stranih direktinih investicija premašio je milijardu eura, a prihod od turizma iznosio je oko 500 miliona eura. Crnogorska komercijalna banka banka za sva vremena Crnogorska komercijalna banka memeber of otp group Crnogorska komercijalna banka Bank for all times Crnogorska komercijalna banka memeber of otp group Crnogorska komercijalna banka banka za sva vremena Crnogorska komercijalna banka memeber of otp group Crnogorska komercijalna banka Bank for all times 14 Crnogorska komercijalna banka memeber of otp group

15 Montenegro the country of great opportunities Montenegro, one of the oldest European countries, a Mediterranean country with attractive coast and high mountains marked the beginning of the 21st century - the century of small countries and large internationalized market. The year 2007 is the first year after the proclamation of Montenegrin independence and the establishment of full state sovereignty. It started with the accession to the most significant international financial institutions - International Monetary Fund and the World Bank. The year was marked by important economic topics that finally and almost totally replaced some other topics and interests of citizens that prevailed in two last decades - national identity, dissolution of the former Yugoslavia, relations among various ethnic minorities and political groups in the country. Montenegro, with an area of only about km 2 and population of approximately inhabitants is one of the most interesting areas in the world and characterized by the exceptional natural beauties and striking geographical and climate diversity. Judging by global events as well as those on the Sought-East of Europe, Montenegro becomes significant destination in the international business and it connects the surrounding markets, removes the borders, provides safe environment for capital and opens up numerous possibilities for new businesses. Foreign direct investments, real estate market, stock exchange and investment into securities, excellent tourist season with over a million foreign tourists, continuation of transition and privatization process are discussion topics among the professionals and various experts, but also among politicians and citizens. Montenegro also adopted the new Constitution the first Constitution of internationally recognized Republic of Montenegro. It also signed the Agreement on Stabilization and Accession to the European Union as the second significant step on its strategic path leading to the full membership in this the most significant supranational organization of the present time. The second half of 2007 was also marked by high surplus of the state budget which was revised due to high inflows, so the debts to the international banking institutions were repaid before the maturity and also high inflation rate caused by external and internal factors which, nevertheless, remained at the one digit level of about 8%. The overall Gross Domestic Product reached the level of almost EUR 2.3 billion with real growth of more than 7%, employment rate decreased bellow 12% and real income growth amounted to 15%. The overall amount of foreign direct investments exceeded EUR 1 billion and the income from tourism amounted to about EUR 500 million. 15

16 CKB - Uvijek lider Bankarsko tržište u Crnoj Gori, na kojem posluje 11 banaka, karakteriše veoma izražena konkurentnost, moderna regulativa i brz razvoj, a u godini CKB je i dalje bila neprikosnoveni lider sa stopom učešća koja se kretala od 35% do preko 60% u različitim segmentima poslovanja. Na kraju godine, bilansna suma je iznosila 1,025 milijarde eura, ukupni depoziti klijenata 842 miliona eura, kreditni portfolio 727,6 miliona eura, a neto profit 8,4 miliona eura. Sa gotovo klijenata, građana i kompanija, više od 400 zaposlenih, veoma razvijenom mrežom od 39 organizacionih jedinica, Crnogorska komercijalna banka pokriva cijelu teritoriju Crne Gore i prisutna je u svakom crnogorskom domu. Od kraja godine, CKB ima i novog vlasnika, mađarsku OTP banku, jednog od lidera u regionu centralne, istočne i jugoistočne Evrope. OTP je poznata u bankarskim krugovima kao banka jasne vizije i modernog pristupa poslovanju, koja uspješno povezuje regionalni i lokalni know-how uz korišćenje novih tehnologija. Ovo partnerstvo već daje izuzetno dobre rezultate, a i dalje će nesumnjivo samo osnažiti poziciju CKB-a na crnogorskom tržištu. Cilj nam je da obezbijedimo dalji rast i razvoj u svim oblastima bankarskog poslovanja, ali i da uđemo u nove segmente u budućnosti, poput upravljanja imovinom, osiguranja, penzionih fondova i dr. 16

17 CKB Always the leader The banking market in Montenegro with 11 operational banks is characterized by strong competition, modern legislation and fast development. In 2007 CKB remained a true leader with the market share that ranged from 35% to over 60% in various business segments. At the year end the balance sum amounted to EUR billion, total retail deposits amounted to EUR 842 million, loan portfolio amounted to EUR million and net profit amounted to EUR 8.4 mil. With nearly 280,000 of clients, retail and corporate, over 400 employees, highly developed network of 39 organizational units, Crnogorska Komercijalna Banka covers the entire territory of Montenegro and is present in each Montenegrin house. Since the end of 2006, CKB has had a new owner Hungarian OTP Bank one of the leading banks in the region of Central, East and South-East Europe. OTP is recognized in banking circles as the bank of clear vision and modern approach to business. OTP successfully unifies regional and local know-how using new technologies. This partnership has already given excellent results and, without any doubt, it will further strengthen the position of CKB on the Montenegrin market. Our goal is not only to ensure further growth and development in all areas of banking operations, but also to enter new projects such as asset management, insurance, pension funds etc. 17

18 Svijet CKB proizvoda Na dinamičnom bankarskom tržištu Crne Gore i u godini Crnogorska komercijalna banka je u pogledu asortimana napravila veliki korak naprijed. Zadovoljavanje i iniciranje potreba klijenata ostaje imperativ i ključ uspjeha banke. Permanentna istraživanja, unapređenje prodaje, ulaganje u razvoj novih proizvoda, jačanje brend identiteta postali su nezaobilazni elementi strateškog razvoja banke. Jasnu viziju i pravce razvoja realizuje i razvija najbolji crnogorski bankarski tim. Ljudski potencijal, najvrjedniji resurs banke, u funkciji visoko profesionalnih i kreativnih odnosa, nosilac je sveukupnog rasta i razvoja CKB-a. Tokom godine, proslavljajući deset godina uspješnog poslovanja, Crnogorska komercijalna banka je svoju lidersku poziciju još jednom potvrdila, sa oko 40% tržišnog učešća, što je jedinstvena pozicija u regionu, ali i šire. Gotovo zadovoljnih klijenata, građana i kompanija, veoma razvijena mreža filijala, moderne i efikasne informacione tehnologije, karakterišu tržišnu poziciju Crnogorske komercijalne banke. Platni promet sa inostrantsvom, podrška malim i srednjim preduzećima, projektno finansiranje, retail banking itd, važni su segmenti poslovanja banke. CKB je principal za Master i Visa Card, kao i ekskluzivni partner poznatog svjetskog brenda American Express-a za Crnu Goru. CKB je prva banka u Crnoj Gori koja je razvila paletu kobrend kartica: Jugopetrol, Mex, Novito, Cosmetics-Market, a kreirala je i posebnu Revolving P-Card za penzionere. CKB u poslovanju sa karticama dostiže tržišno učešće i do 60% i ima najrazvijeniju mrežu sa preko 80 ATM-ova i gotovo POS terminala. Pažljivo projektovan i funkcionalan ICT sistem CKB-a predstavlja pouzdano, moderno i efikasno riješenje. Savremena informaciona infrastruktura integriše jedinstven portal za elektronsko bankarstvo - CKB NetBank, Message centar, Mobile top-up, CKB Call Centar 9894, trajni nalog, a u funkciji je razvoja novih i unapređenja kvaliteta postojećih servisa banke. 18

19 Odgovarajući na potrebe i želje klijenata banka razvija i različite štedne proizvode. Danas je u CKB-u više od polovine crnogorske štednje. Povodom Svjetskog dana štednje banka je promovisala novi model štednje CKB Dječiju štednju. Pod sloganom Za našu đecu, uz vrijedne poklone dobrodošlice i uz najpovoljnije uslove, najmlađe članove našeg društva motivisali smo da štede i da imaju. CKB gotovinski krediti, krediti za penzionere, namjenski potrošački krediti, krediti za kupovinu automobila, stambeni krediti i mnogi drugi, samo su dio bogate CKB kreditne ponude, dostupne uvijek po najpovoljnijim uslovima, u svakoj situaciji. Od samog osnivanja, profilisana da podrži kompanije, svoje klijente - mala i srednja preduzeća, nacionalne i međunarodne kompanije, javne institucije, Crnogorska komercijalna banka obezbjeđuje razvoj i finansijsku osnovu za realizaciju i velikih projekata u crnogorskoj privredi. Osim direktnog investiranja, projektno finansiranje, veoma zastupljen oblik finansiranja u svijetu, postaje prepoznatljiv koncept poslovanja CKB-a. U 2007-oj, CKB, zajedno sa OTP-om, nastavlja sa ulaganjima u Crnu Goru. Potpisana su dva ugovora o kreditiranju sa kompanijama Vektra i Špringer & Plecer Montenegro u vrijednosti od 95 miliona, za rekonstrukciju i modernizaciju drvoprerađivačke industrije Vektra Jakić Pljevlja u vrijednosti od 60 miliona, kao i hotelskog kompleksa Queen of Montenegro Bečići u vrijednosti od 35 miliona. Planirana je i značajna podrška Adriatic Marines-u, za projekat Porto Montenegro u Tivtu, kao nastavak finansiranja krupnih investicionih zahvata CKB-a i OTP-a u Crnoj Gori. Novo partnerstvo sa American Express-om, razvoj privatnog bankarstva, lizinga, značajnije kreditiranje projekata u turizmu koje je CKB i ranije imala u svojoj ponudi, dalje širenje mreže filijala, raznovrsnost i raznolikost proizvoda i usluga banke, najvažniji su, ali ne i jedini pravci razvoja CKB-a u narednom periodu. 19

20 The world of CKB products In 2007, Crnogorska Komercijalna Banka continued to enrich its product assortment and offer it on the dynamic banking market of Montenegro. Satisfying and recognizing the needs of clients remains the imperative and the key of the Bank s success. Continuous researches, sales improvement, investment in development of new products, strengthening of the brand identity, became constituent elements of the Bank s strategic development. Clear vision and development orientations are implemented and developed by the best Montenegrin banking team. Human resources, the most valuable asset of the Bank represent the basis for the overall growth and development of CKB. In 2007, Crnogorska Komercijalna Banka celebrated its 10th year of successful operation and once again confirmed its leading position with approximately 40 % of the market share, which represents a unique position in the region and wider. Nearly 280,000 satisfied clients, citizens and companies, highly developed branch network, modern and efficient information technologies make the offer of Crnogorska Komercijalna Banka complete. International payment operations, support to small and medium-sized enterprises, project financing, retail banking etc. are significant segments of the Bank operation. CKB is the Principal for MasterCard and Visa Card and the exclusive partner of the world famous brand American Express for Montenegro. CKB is the first bank in Montenegro which developed a whole range of co-brand cards: Jugopetrol, Mex, Novito, Cosmetics-Market and it also created a special Revolving P-Card for the pensioners. With regard to card business, CKB has market share of approximately 60% and has the most developed network of more than 80 ATMs and nearly 2,100 POS terminals. Carefully projected and functional CKB ICT system represents reliable, modern and efficient solution. State of the art information infrastructure integrates the unique portal for electronic banking CKB NetBank, Message centre, Mobile top-up, CKB Call Centre 9894, standing order and it supports development of new services as well as improvement of quality of the existing Bank services. 20

21 Responding to the needs and wishes of its clients, the Bank is developing various savings products as well. Currently, CKB holds more than a half of the total Montenegrin savings. On the occasion of the World Savings Day, the Bank promoted a new savings model - CKB Children Savings. Under the slogan For our Children, with worthy welcome gifts and the most favorable conditions, we motivated the youngest members of our society to save for the future. CKB cash loans, loans for pensioners, consumer loans for specific purposes, loans for car purchase, housing loans and many other are just a part of the rich CKB loan offer always available under the most favorable conditions. Since the very establishment, oriented to support companies, its clients small and medium-sized enterprises, national and international companies, public institutions, Crnogorska Komercijalna Banka has been providing for development and ensuring financial basis for the implementation of large projects in Montenegrin economy as well. Apart from direct investment, project financing, a worldwide model of financing, becomes recognizable concept of CKB business operation. In 2007, CKB together with OTP continues to invest in Montenegro. Two loan agreements in the total amount of EUR 95 million were signed, one between the companies Vektra i Sprinlger & Pletzer Montenegro for the reconstruction and modernization of wood-processing industry Vektra Jakić Pljevlja in the amount of EUR 60 million and the other with the hotel complex Queen of Montenegro Bečići in the amount of EUR 35 million. Significant support is planned for Adriatic Marinas s project Porto Montenegro in Tivat as a continuation of providing finances for big joint investment projects of CKB and OTP in Montenegro. New partnership with American Express, development of private banking, leasing, larger credit support to projects in tourism that are already a part of CKB offer, further expansion of the branch network, variety and diversity of the products and services of the Bank, are the most important but not the only development orientations of CKB in the following period. 21

22 CKB brend Crnogorska komercijalna banka više od decenije kreira jedinstvenu tržišnu prepoznatljivost. CKB je i jedinstven koncept i jedinstven tim. Banka uspješno upravlja elementima svog brend identiteta, smišljeno kreira i pozicionira svoje proizvode i usluge na tržištu. I unaprijed zna šta je u mislima njenih klijenata. CKB je jedan od najmoćnijih brendova koje je stvorila Crna Gora, sa jasnom asocijacijom na sigurnost, povjerenje i efikasnost. CKB proizvodi i usluge su dio utemeljenog bankarskog imidža (CKB krediti, CKB štednja, CKB dječija štednja, CKB kartice, CKB elektronsko bankarstvo, CKB Call Centar, CKB POS terminali i sl). Vizuelni simbol organizacije i brenda, CKB jasno identifikuje i odvaja od konkurencije. CKB brend je rezultat napornog rada, ulaganja i razumijevanja sopstvene tradicije. 22

23 CKB brand For more than a decade, Crnogorska Komercijalna Banka was creating a unique market identity. CKB has a unique concept and a unique team. The Bank successfully manages the elements of its brand and purposely designs and places its products and services on the market. It knows in advance what the needs of its clients are. CKB is one of the strongest brands created in Montenegro clearly associated with safety, trust and efficiency. CKB products and services are part of already established banking image (CKB loans, CKB savings, CKB children savings, CKB cards, CKB electronic banking, CKB Call Centre, CKB POS terminals etc.). The visual symbol of the organization and the brand clearly distinguish CKB from its competition. CKB brand is the result of the hard work, effort investing and understanding of the own tradition. 23

24 Društveno odgovorni CKB prati razvoj crnogorskog društva i učestvuje u realizaciji velikog broja projekata. U saradnji sa KFW Bankegruppe i Direkcijom za razvoj malih i srednjih preduzeća, CKB prvi put u Crnoj Gori razvija kreditnu liniju za finansiranje obnovljivih izvora energije čiji je cilj da obezbjedi održivo, efikasno i ekološki zdravo snabdijevanje i korišćenje enegrije u Crnoj Gori. Kao partner i realizator brojnih projekata, CKB više od decenije izdvaja značajna sredstva za nauku, umjetnost, kulturu, sport, pomažući tako djelovanje raznih organizacija, udruženja i sportskih klubova. Učešće u brojnim edicijama, u partnerstvu sa CID-om, Nezavisnim dnevnikom Vijesti i drugima (edicija Crna Gora, dvojezična odabrana štiva...), podrška filmu i pozorištu ( Dječak iz vode, Međunarodni festival dječijeg pozorišta...), sponzorstva i suorganizacija raznih događaja (Praznik mimoze, Svjetski dan štednje...), pomoć zdravstvu i obrazovanju predstavljaju samo primjere stalnog angažovanja banke u crnogorskom društvu. CKB podrška brojnim sportskim kolektivima u fudbalu, košarci, rukometu, karateu, saradnja sa Vaterpolo savezom Crne Gore i sa Jadranom CKB iz Herceg Novog, donose našoj zemlji sjajne rezultate i prepoznatljivost na svjetskoj sceni. Od samog osnivanja, CKB je sve svoje snage i talente usmjerila u razvoj društva i ispisala sigurno najljepše i najuspješnije bankarske stranice novije crnogorske ekonomske misli... 24

25 Socially responsible CKB follows the development of the Montenegrin society and participates in the implementation of numerous projects. In the cooperation with KFW Bankegruppe and Directorate for Small and Medium-sized Enterprises, CKB was the first in Montenegro to develop a credit line for financing renewable sources of energy aimed at providing sustainable, efficient and ecologically balanced supply and usage of energy in Montenegro. For more than a decade CKB has been a partner and implementing party of numerous projects and has allocated significant funds for science, art, culture, sports, supporting in that way the activities of various organizations, associations and sports clubs. Participation in numerous editions, in the partnership with CID, independent daily Vijesti and others ( Montenegrin edition, bilingual textbooks etc.), support to the film and theatre ( Dječak iz vode, International Festival of Children Theater etc.), sponsorships and co-organization of various events (Mimosa Festival, World s Savings Day ), assistance to health care and education system, are just examples of its permanent engagement in Montenegrin society. CKB s support to numerous sports clubs football, basketball, handball, karate, Water Polo Association of Montenegro and club Jadran CKB from Herceg Novi have been bringing excellent results and worldwide recognition to our country. Ever since its establishment CKB has invested all its efforts and talents in development of the society, thus writing surely the most beautiful and most successful pages of recent Montenegrin banking and economic history... 25

26 Godišnji izvještaj Annual report CRNOGORSKA KOMERCIJALNA BANKA Izvori Centralna banka Crne Gore Vlada Crne Gore Ministarstvo finansija Ministarstvo turizma i zaštite životne sredine Sekretarijat za razvoj Monstat Zavod za zapošljavanje Izvještaj nezavisnog revizora CKB publikacije Sources Central Bank of Montenegro Government of Montenegro Ministry of Finance Ministry of Tourism and Environmental Protection Secretariat for Development Statistical Office of Montenegro (Monstat) Employment Agency of Montenegro Independent Auditor s Report CKB Publications Izrada i prevod Godišnjeg izvještaja CKB tim Preparation and translation CKB team Dizajn Design Ana Matić Fotografija Photo Duško Miljanić Štampa Print DPC Podgorica Podgorica Mart March

27 Godišnji izvještaj Annual report Finansijski izvještaj na dan i za godinu završenu 31. decembra Izvještaj nezavisnog revizora Financial statements as of and for the year ended 31 December 2007 Independent auditors report C R N O G O R S K A K O M E R C I J A L N A B A N K A 27

28 CRNOGORSKA KOMERCIJALNA BANKA A.D., PODGORICA Finansijski izvještaji 31. decembar godine i Izvještaj nezavisnog revizora

29 SADRŽAJ Strana Izvještaj nezavisnog revizora 1-2 Bilans uspjeha 3 Bilans stanja 4 Izvještaj o prom enama na kapitalu 5 Izvještaj o tokovima gotovine 6 Napomene uz finansijske izvještaje 7-50

30 Deloitte d.o.o. Bulevar Ivana Crnojevi a Podgorica Montenegro Tel: +382 (81) (81) Fax: +382 (81) Upravnom odboru i akcionaru Crnogorske komercijalne banke A.D., Podgorica IZVJEŠTAJ NEZAVISNOG REVIZORA Obavili smo reviziju priloženih finansijskih izvještaja (strana 3 do 50) Crnogorske komercijalne banke A.D., Podgorica (u daljem tekstu Banka ), koji obuhvataju bilans stanja na dan 31. decembra godine i odgovaraju i bilans uspjeha, izvještaj o promjenama na kapitalu i izvještaj o tokovima gotovine za godinu koja se završava na taj dan, kao i pregled zna ajnih ra unovodstvenih politika i napomene uz finansijske izvještaje. Odgovornost rukovodstva za finansijske izvještaje Rukovodstvo Banke je odgovorno za sastavljanje i objektivno prikazivanje finansijskih izvještaja u skladu sa Me unarodnim standardima finansijskog izvještavanja. Ova odgovornost uklju uje: osmišljavanje, primjenu i održavanje sistema internih kontrola relevantnih za sastavljanje i prezentaciju finansijskih izvještaja koji ne sadrže pogrešne informacije od materijalnog zna aja, kao i po osnovu kriminalnih radnji ili grešaka; odabir i primjenu odgovaraju ih ra unovodstvenih politika, kao i koriš enje najboljih mogu ih ra unovodstvenih procjena. Odgovornost revizora Naša odgovornost je da izrazimo mišljenje o priloženim finansijskim izvještajima na osnovu obavljene revizije. Reviziju smo obavili u skladu sa Me unarodnim standardima revizije. Ovi standardi nalažu usaglašenost sa eti kim principima i planiranje i obavljanje revizije na na in koji omogu ava da se, u razumnoj mjeri, uvjerimo da finansijski izvještaji ne sadrže pogrešne informacije od materijalnog zna aja. Revizija uklju uje izvršavanje postupaka za pribavljanje revizijskih dokaza kojima se potkrepljuju iznosi i informacije objelodanjene u finansijskim izvještajima. Odabrani postupci su zasnovani na profesionalnom sudu revizora, uklju uju i procjenu rizika materijalno zna ajnih grešaka sadržanih u finansijskim izvještajima, kao i po osnovu kriminalnih radnji ili grešaka. Prilikom procjene ovih rizika, revizor razmatra interne kontrole relevantne za sastavljanje i objektivno prikazivanje finansijskih izvještaja u cilju kreiranja najboljih mogu ih revizorskih procedura, ali ne i za potrebe izražavanja mišljenja o efikasnosti sistema internih kontrola Banke. Revizija tako e uklju uje ocjenu primijenjenih ra unovodstvenih na ela i vrednovanje zna ajnijih procjena koje je izvršilo rukovodstvo, kao i opštu ocjenu prezentacije finansijskih izvještaja. Smatramo da su revizijski dokazi koje smo pribavili dovoljni i da obezbje uju solidnu osnovu za izražavanje našeg mišljenja. Mišljenje Po našem mišljenju, finansijski izvještaji istinito i objektivno, po svim materijalno zna ajnim pitanjima, prikazuju finansijski položaj Crnogorske komercijalne banke A.D., Podgorica na dan 31. decembra godine, kao i rezultate njenog poslovanja, promjene na kapitalu i tokove gotovine za godinu koja se završava na taj dan, u skladu sa Me unarodnim standardima finansijskog izvještavanja. (nastavlja se)

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33 BILANS STANJA Na dan 31. decembra godine (U hiljadama EUR) Napomene AKTIVA Nov ana sredstva i sredstva kod Centralne banke 3.4, , ,327 Državni zapisi - 1,461 Krediti i avansi bankama ,694 80,695 Krediti i avansi klijentima , ,722 Hartije od vrijednosti raspoložive za prodaju 3.5, Finansijska sredstva po pravi noj vrijednosti kroz bilans uspjeha 3.5, Hartije od vrijednosti koje se drže do dospje a 3.5, Nekretnine, postrojenja i oprema 3.7, 18 12,829 11,661 Nematerijalna ulaganja 3.6, 18 4,090 3,932 Ostala sredstva 19 4,256 3,592 Ukupna aktiva 1,025, ,775 PASIVA Obaveze prema bankama 20 3,573 5,087 Obaveze prema klijentima , ,147 Obaveze po kreditima 3.8, ,303 54,407 Ostale obaveze 23 2, Rezervisanja 3.9, Obaveze za teku i porez Odložene poreske obaveze 3.3, Beneficije zaposlenih Ukupne obaveze 983, ,547 KAPITAL Akcijski kapital 25 31,876 17,966 Ostale rezerve Neraspore ena dobit 8,816 4,316 Ukupan kapital 41,638 23,228 Ukupno pasiva 1,025, ,775 VANBILANSNE POZICIJE 26 46,216 49,184 Napomene na narednim stranama ine sastavni dio ovih finansijskih izvještaja 4

34 IZVJEŠTAJ O PROMJENAMA NA KAPITALU U periodu od 1. januara do 31. decembra godine (U hiljadama EUR) Akcijski Ostale Neraspore ena kapital rezerve dobit Ukupno Stanje na dan 1. januara godine 15, ,025 19,318 Emisija novih akcija po osnovu raspodjele dobiti iz godine 2,619 - (2,619) - Neto dobit - - 3,910 3,910 Stanje na dan 31. decembra godine 17, ,316 23,228 Stanje na dan 1. januara godine 17, ,316 23,228 Emisija novih akcija po osnovu raspodjele dobiti iz godine 3,910 - (3,910) - Nova emisija akcija 10, ,000 Neto dobit - - 8,410 8,410 Stanje na dan 31. decembra godine 31, ,816 41,638 Napomene na narednim stranama ine sastavni dio ovih finansijskih izvještaja 5

35 IZVJEŠTAJ O TOKOVIMA GOTOVINE U periodu od 1. januara do 31. decembra godine (U hiljadama EUR) Tokovi gotovine iz poslovnih aktivnosti Prilivi po osnovu kamata i sli ni prihodi 49,632 25,613 Odlivi po osnovu kamata i sli ni prihodi (30,110) (16,231) Prilivi po osnovu naknada i provizija 16,722 13,601 Odlivi po osnovu naknada i provizija (3,305) (2,917) Ostali prihodi 1, Odlivi po osnovu zarada zaposlenih i troškova za dobavlja e (18,969) (13,475) Pla eni porezi (507) (559) Neto prilivi gotovine iz poslovne dobiti prije promjena poslovne aktive i pasive 14,708 6,586 Promjene poslovne aktive i pasive Neto pove anje obavezne rezerve (30,948) (57,582) Neto pove anje kredita i avansa bankama i klijentima (453,763) (169,156) Neto pove anje ostale aktive (664) 251 Neto smanjenje depozita drugih banaka (1,514) (8,115) Neto pove anje depozita od klijenata 390, ,023 Neto smanjenje ostalih obaveza 2, Neto odliv gotovine iz poslovnih aktivnosti (79,574) (23,823) Tokovi gotovine iz aktivnosti investiranja Neto pove anje hartija od vrijednosti raspoloživih za prodaju 21 - Kupovina nekretnina i opreme (1,762) (1,232) Kupovina nematerijalnih ulaganja (1,149) (726) Državni zapisi 1,461 2,370 Kupovina obveznica drugih banaka (517) - Neto (odlivi)/prilivi gotovine iz aktivnosti investiranja (1,946) 412 Tokovi gotovine iz aktivnosti finansiranja Neto pove anje pozajmljenih sredstava 78,896 32,932 Emisija obi nih akcija 10,000 - Neto prilivi gotovine iz aktivnosti finansiranja 88,896 32,932 Efekat kursnih razlika 1, Neto pove anje gotovine i gotovinskih ekvivalenata 8,468 10,395 Gotovina i gotovinski ekvivalenti na po etku godine 107,616 97,221 Gotovina i gotovinski ekvivalenti na kraju godine 116, ,616 Napomene na narednim stranama ine sastavni dio ovih finansijskih izvještaja 6

36 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 1. OPŠTE INFORMACIJE Crnogorska komercijalna banka A.D., Podgorica ( Banka ) osnovana je kao nezavisna banka i registrovana je kod Privrednog suda u Podgorici 15. januara godine. Banka je dobila dozvolu za rad u Republici Crnoj Gori, i u skladu sa zakonom u Republici Crnoj Gori treba da posluje na principima likvidnosti, sigurnosti plasmana i profitabilnosti. Sjedište Banke je u Podgorici, ulica Moskovska bb. Na dan 31. decembra godine, Banku ine centrala u Podgorici i 18 filijala na teritoriji Republike Crne Gore. Na dan 31. decembra 2007 godine Banka ima 392 zaposlena radnika (31. decembra godine: 307 zaposlenih). 2. OSNOVE ZA SASTAVLJANJE FINANSIJSKIH IZVJEŠTAJA (a) Izjava o uskla enosti finansijskih izvještaja Priloženi finansijski izvještaji Banke sastavljeni su u skladu sa standardima i tuma enjima odobrenim od strane Me unarodnog Komiteta za Ra unovodstvene Standarde, koji su sada poznati kao Me unarodni Standardi Finansijskog Izvještavanja (MSFI). Pripremanje finansijskih izvještaja u skladu sa MSFI zahtijeva upotrebu odre enih ra unovodstvenih procjena i procjena rukovodstva Banke u procesu primjene ra unovodstvenih politika Banke. Podru ja koja zahtijevaju viši stepen procjene ili složenosti ili podru ja u kojima su pretpostavke i procjene od velikog zna aja za finansijske izvještaje, objelodanjena su u napomeni 2(d). Ra unovodstvene politike u skladu sa MSFI objelodanjene u narednim pasusima su dosljedno primijenjene od strane Banke za sve periode prikazane u priloženim finansijskim izvještajima. (b) Osnove za vrednovanje Finansijski izvještaji sastavljeni su prema principu istorijskog troška, koji je modifikovan revalorizacijom finansijskih sredstava raspoloživih za prodaju i finansijskih sredstava i obaveza (uklju uju i izvedene instrumente) po fer vrijednosti kroz dobitak ili gubitak. (c) Funkcionalna i izvještajna valuta Priloženi finansijski izvještaji Banke su iskazani u hiljadama EUR, što je i funkcionalna valuta Banke. Svi finansijski podaci su iskazani u EUR i zaokruženi na najbližu hiljadu. (d) Koriš enje procjenjivanja Pripremanje finansijskih izvještaja u skladu sa MSFI zahtijeva upotrebu procjena i pretpostavki koje uti u na: prikazane iznose aktive i pasive, objelodanjivanje potencijalne aktive i pasive na datum finansijskih izvještaja, i na prikazane iznose prihoda i rashoda tokom izvještajnog perioda. Procjene i prosu ivanja se donose na osnovu istorijskog iskustva i drugih inilaca, uklju uju i o ekivanja u pogledu budu ih doga aja za koje se vjeruje da su u okvirima datih okolnosti razumna. Iako se ove procjene zasnivaju na najboljoj ocjeni rukovodstva teku ih doga aja i aktivnosti, stvarni rezultati se na kraju mogu razlikovati od pomenutih procjena. 7

37 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 2. OSNOVE ZA SASTAVLJANJE FINANSIJSKIH IZVJEŠTAJA (nastavak) (d) Koriš enje procjenjivanja (nastavak) Procjene i prosu ivanja su predmet stalne procjene. Promjene ra unovodstvenih procjena se priznaju u periodu kada je došlo do izmjene, ako se izmjena odnosi samo na taj period odnosno, ako se izmjena odnosi na teku e i budu e periode, priznaju se i u tom periodu i u budu im periodima. Podru ja koja zahtijevaju viši stepen procjene ili složenosti ili podru ja u kojima su pretpostavke i procjene od velikog zna aja za finansijske izvještaje, objelodanjena su u napomeni 5. Banka je u sastavljanju ovih finansijskih izvještaja primjenjivala ra unovodstvene politike objelodanjene u napomeni 3. (e) Standardi i tuma enja koji su u primjeni U godini, Banka je primijenila MSFI 7 Finansijski instrumenti: Objelodanjivanja za godišnje periode koji po inju 1. januara godine ili kasnije, kao i odgovaraju e izmjene u MRS 1 Prikazivanje finansijskih izvještaja. Efekat primjene MSFI 7 i promjena MRS 1 se u priloženim finansijskim izvještajima, odrazio na objelodanjivanja finansijskih instrumenata i objelodanjivanja upravljanja kapitalom Banke (napomena 4). Promjene u MRS, kao i novi MSFI i odgovaraju a tuma enja izdati od Komiteta za tuma enje me unarodnog finansijskog izvještavanja (KTMFI) u primjeni su: IFRIC 7 Primjena pristupa prepravljanja finansijskih izvještaja prema MRS 29 Finansijsko izvještavanje u hiperinflatornim privredama, IFRIC 8 Djelokrug MSFI 2, IFRIC 9 Ponovna procjena ugra enih derivata, IFRIC 10 Periodi no finansijsko izvještavanje i umanjenje vrijednosti i IFRIC 11 MSFI 2: Grupne transakcije i transakcije državnim hartijama od vrijednosti (primjenljiv od 1. marta godine). Izdavanje ovih tuma enja nije dovelo do izmjena u ra unovodstvenim politikama Banke. (f) Objavljeni standardi i tuma enja koji još uvjek nisu u primjeni U trenutku odobrenja priloženih finansijskih izvještaja, objavljeni su sljede i standardi i tuma enja koji su primjenljivi u narednom periodu: - MRS 23 (Izmijenjen) Troškovi pozajmljivanja (primjenljiv od 1. januara godine); - MSFI 8 Segmenti poslovanja (primjenljiv od 1. januara godine, ranija primjena poželjna); - IFRIC 12 Ugovori o koncesiji za pružanje usluga (primjenljiv od 1. januara godine); - IFRIC 13 Programi lojalnosti klijenata (na snazi za obra unske periode koji po inju 1. jula godine ili poslije toga i - IFRIC 14 MRS 19 Ograni enje definisanih primanja, minimalni zahtjevi za finansiranjem i njihova interakcija (na snazi za obra unske periode koji po inju dana 1. januara godine) Rukovodstvo Banke analizira sve gore pomenute standarde i tuma enja i ima namjeru da iste primjeni u sastavljanju finansijskih izvještaja za period koji po inje 1. januara godine. Rukovodstvo Banke procjenjuje da usvajanja i primjene ovih tuma enja, ne e imati materijalno zna ajne efekte na finansijske izvještaje Banke. 8

38 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 3. PREGLED ZNA AJNIH RA UNOVODSTVENIH POLITIKA 3.1. Prihodi i rashodi od kamata i naknada Prihodi i rashodi po osnovu kamata se priznaju u bilansu uspjeha za sve instrumente, prema cijeni amortizacije uz primjenu metode efektivne kamatne stope. Metod efektivne kamatne stope je metod izra unavanja cijene amortizacije finansijskih sredstava ili finansijskih obaveza i alokacije prihoda po osnovu kamate ili rashoda po osnovu kamate na odgovaraju e vremenske periode. Efektivna kamatna stopa je stopa koja diskontuje procijenjena budu a gotovinska pla anja ili prilive tokom o ekivanog vijeka trajanja finansijskog instrumenta ili, tamo gdje je to izvodljivo, kra eg perioda na sadašnju vrijednost finansijskih sredstava ili finansijskih obaveza. Pri izra unavanju efektivne kamatne stope, Banka procjenjuje gotovinske tokove razmatraju i sve ugovorene uslove finansijskih instrumenata (npr. opcije avansnih pla anja) ali ne razmatra budu e gubitke po osnovu kreditnog rizika. Kalkulacije uklju uju sve naknade i provizije pla ene ili primljene izme u ugovorenih strana koje su integralni dio efektivne kamatne stope, troškova transakcije i svih drugih premija ili popusta. Kada se vrijednost nekog finansijskog sredstva ili grupe sli nih finansijskih sredstava obezvrijedi kao posljedica gubitka usljed umanjenja vrijednosti, prihod po osnovu kamate se priznaje u bilansu uspjeha uz koriš enje kamatne stope koriš ene za diskontovanje budu ih tokova gotovine za svrhu izra unavanja gubitka po osnovu umanjenja vrijednosti. Prihodi od naknada i provizija se uglavnom evidentiraju prema na elu nastanka poslovne promjene u periodu kada su usluge izvršene. Naknade za neiskoriš ene kreditne linije se razgrani avaju (zajedno sa povezanim direktnim troškovima) i priznaju kao korekcija efektivne kamatne stope za kredit Prera unavanje deviznih iznosa Poslovne promjene nastale u stranoj valuti su prera unate u EUR po srednjem kursu utvr enom na me ubankarskom tržištu deviza, koji je važio na dan poslovne promjene. Sredstva i obaveze iskazane u stranoj valuti na dan bilansa stanja, prera unati su u EUR po srednjem kursu utvr enom na me ubankarskom tržištu deviza koji je važio na taj dan. Neto pozitivne ili negativne kursne razlike nastale prilikom poslovnih transakcija u stranoj valuti i prilikom prera una pozicija bilansa stanja iskazanih u stranoj valuti knjižene su u korist ili na teret bilansa uspjeha, kao dobici ili gubici po osnovu kursnih razlika. Preuzete i potencijalne obaveze u stranoj valuti prera unate su u EUR po srednjem kursu utvr enom na me ubankarskom tržištu deviza koji je važio na taj dan. 9

39 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 3. PREGLED ZNA AJNIH RA UNOVODSTVENIH POLITIKA (nastavak) 3.3. Porezi i doprinosi Porez na dobit Teku i porez na dobit Porez na dobit se obra unava i pla a u skladu sa Zakonom o porezu na dobit pravnih lica lan 28 ( Sl. list RCG, br. 80/04). Stopa poreza na dobit je proporcionalna i iznosi 9% od poreske osnovice. Oporeziva dobit se utvr uje na osnovu dobiti Banke iskazane u bilansu uspjeha uz uskla ivanje prihoda i rashoda u skladu sa odredbama Zakona o porezu na dobit pravnih lica ( lanovi 8 i 9 za uskla ivanje prihoda i lanovi 10 do 20 za uskla ivanje rashoda). Poreski propisi Republike Crne Gore ne predvi aju da se poreski gubici iz teku eg perioda mogu koristiti kao osnova za povra aj poreza pla enog u prethodnim periodima. Me utim, gubici iz teku eg perioda iskazani u poreskom bilansu mogu se koristiti za umanjenje poreske osnovice budu ih obra unskih perioda, ali ne duže od pet godina. Odloženi porez na dobit Odloženi porez na dobit se obra unava koriš enjem metode utvr ivanja obaveza prema bilansu stanja, za privremene razlike proizašle iz razlike izme u poreske osnove potraživanja i obaveza i njihove knjigovodstvene vrijednosti. Važe e poreske stope na datum bilansa stanja se koriste za utvr ivanje razgrani enog iznosa poreza na dobit. Odložene poreske obaveze se priznaju za sve oporezive privremene razlike. Odložena poreska sredstva se priznaju za sve odbitne privremene razlike i poreske gubitke i kredite, koji se mogu prenositi u naredne fiskalne periode, do stepena do kojeg e vjerovatno postojati oporeziva dobit od koje se odložena poreska sredstva mogu iskoristiti. Porezi, doprinosi i druge dažbine koje ne zavise od rezultata poslovanja Porezi, doprinosi i druge dažbine koji ne zavise od rezultata poslovanja uklju uju poreze na imovinu i druge poreze, naknade i doprinose koji se pla aju prema raznim republi kim i lokalnim poreskim propisima Gotovina i gotovinski ekvivalenti Za potrebe izvještaja o tokovima gotovine, pod gotovinom i gotovinskim ekvivalentima se priznaju sva sredstva sa rokom dospije a kra im od tri mjeseca, i to: gotovina, sredstva kod Centralne banke Crne Gore i drugih banaka Finansijska sredstva Banka je finansijska sredstva klasifikovala u sljede e kategorije: zajmovi i potraživanja, hartije od vrijednosti koje se drže do dospije a, hartije od vrijednosti raspoložive za prodaju i hartije od vrijednosti po pravi noj vrijednosti kroz bilans uspjeha. Rukovodstvo vrši klasifikaciju svojih ulaganja u momentu inicijalnog priznavanja. 10

40 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 3. PREGLED ZNA AJNIH RA UNOVODSTVENIH POLITIKA (nastavak) 3.5. Finansijska sredstva (nastavak) (a) Zajmovi i potraživanja Zajmovi i potraživanja predstavljaju nederivatna finansijska sredstva sa fiksnim i odredivim isplatama, koja nisu kotirana na aktivnom tržištu. Oni nastaju kada banka obezbijedi nov ana sredstva, robu ili usluge dužniku direktno bez namjere da trguje potraživanjem. (b) Hartije od vrijednosti koje se drže do roka dospije a Ulaganja koja se drže do dospije a predstavljaju nederivatna finansijska sredstva sa fiksnim i odredivim isplatama i fiksnim dospije em, i za koja rukovodstvo Banke ima pozitivnu namjeru i sposobnosti da ih drži do roka dospije a. Ukoliko Banka prodaje više od bezna ajnog iznosa investicije koja se drži do dospijje a, itava kategorija ulaganja se obilježava i reklasifikuje kao raspoloživa za prodaju. Na dan 31. decembra godine, ulaganja koja se drže do dospije a se odnose na obveznice izdate od strane NLB Montenegro banke A.D., Podgorica. (c) Ulaganja raspoloživa za prodaju Ulaganja raspoloživa za prodaju predstavljaju ulaganja za koja postoji namjera držanja u posjedu tokom neodre enog vremenskog perioda, a koja se mogu prodati u slu aju potrebe za likvidnim sredstvima, a u slu aju promjene kamatnih stopa, deviznog kursa ili vrijednosti kapitala. (d) Ulaganja po pravi noj vrijednosti kroz bilans uspjeha Ulaganje u preduze e Moneta, nad kojim Banka ima efektivnu kontrolu, nije konsolidovano jer rukovodstvo Banke smatra da nije materijalno zna ajno. U ovim nekonsolidovanim finansijskim izvještajima, ulaganje u povezano preduze e se ra unovodstveno evidentira u skladu sa MRS 39, kao ulaganje po pravi noj vrijednosti kroz bilans uspjeha. Dobici i gubici nastali promjenom fer vrijednosti finansijskih sredstava klasifikovanih po fer vrijednosti kroz dobit ili gubitak se priznaju u bilansu uspjeha u periodu u kom su nastali. (i) Inicijalno priznavanje i naknadno vrijednovanje finansijskih sredstava Kupovina i prodaja finansijskih sredstava koja se drže do dospije a i finansijskih ulaganja raspoloživih za prodaju, priznaje se na dan transakcije a to je dan kada se Banka obavezala da e kupiti ili prodati sredstvo. Krediti se priznaju u trenutku kada se gotovinska sredstva plasiraju korisnicima kredita. Finansijska sredstva su inicijalno priznata po fer vrijednosti, uve ana za troškove transakcija za sva finansijska sredstva koja se ne evidentiraju po fer vrijednosti kroz dobitak ili gubitak. Finansijska sredstva raspoloživa za prodaju se naknadno vrjednuju po fer vrijednosti. Zajmovi i potraživanja, kao i ulaganja koja se drže do dospije a, evidentiraju se po amortizovanoj vrijednosti koriš enjem metode efektivne kamatne stope. Dobici i gubici koji proizilaze iz promjena fer vrijednosti finansijskih sredstava raspoloživih za prodaju priznaju se direktno u okviru kapitala, sve dok se finansijsko sredstvo ne proda ili ne obezvrijedi kada se kumulativna dobit/gubitak prethodno priznata u okviru kapitala priznaje u bilansu uspjeha. Me utim, kamata koja se obra unava koriš enjem metode amortizacione cijene priznaje se u bilansu uspjeha. Dividende po osnovu hartija od vrijednosti raspoloživih za prodaju priznaju se u bilansu uspjeha onda kada subjekat stekne pravo na uplatu. 11

41 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 3. PREGLED ZNA AJNIH RA UNOVODSTVENIH POLITIKA (nastavak) 3.5. Finansijska sredstva (nastavak) (d) Ulaganja po pravi noj vrijednosti kroz bilans uspjeha (nastavak) Fer vrijednosti hartija od vrijednosti kotiranih na aktivnim tržištima zasnivaju se na cijenama ponude. Ukoliko tržište nekog finansijskog sredstva (i za hartije od vrijednosti koje se ne kotiraju na berzi) nije aktivno, Banka utvr uje fer vrijednost primjenom tehnika procjenjivanja. Tehnike procjene obuhvataju koriš enje posljednjih nezavisnih tržišnih transakcija izme u upoznatih voljnih strana, analizu diskonektovanih nov anih tokova i druge tehnike procjenjivanja koje koriste obi no u esnici na tržištu. (e) Umanjenje vrijednosti finansijskih sredstava (i) Sredstva koja se vrijednuju po amortizacionoj cijeni Na dan bilansa stanja Banka procjenjuje da li postoji bilo kakav objektivni dokaz da je došlo do umanjenja vrijednosti finansijskog sredstva ili grupe finansijskih sredstava. Finansijsko sredstvo ili grupa finansijskih sredstava je obezvrije eno ili su pretrpljeni gubici zbog umanjenja vrijednosti, ako i samo ako postoji objektivni dokaz umanjenja vrijednosti kao rezultat doga aja koji se odigrao posle prvobitnog priznavanja sredstava (nastanak gubitka), i taj nastanak gubitka ima uticaja na procijenjene budu e tokove gotovine od finansijskog sredstva ili grupe sredstava. Objektivni dokaz da je došlo do umanjenja vrijednosti finansijskog sredstva ili grupe finansijskih sredstava obuhvata podatke koje imalac sredstva može da primjeti o nastanku gubitka kao što su: 1. Zna ajne finansijske teško e dužnika, 2. Kršenje ugovora, kao što je nemogu nost pla anja kamate ili glavnice, 3. Garancije izdate od strane zajmodavca zajmoprimcu usljed ekonomskih ili pravnih razloga zbog finansijske teško e zajmoprimca, povlastice koje zajmoprimac ne bi uzimao u obzir u nekim drugim okolnostima, 4. Visoka vjerovatno a bankrotstva ili druge finansijske reorganizacije zajmodavca, 5. Nestanak aktivnog tržišta za to finansijsko sredstvo zbog finansijskih teško a, 6. Objektivni podaci koji pokazuju da postoji mjerljivo smanjenje budu ih tokova gotovine od grupe finansijskih sredstava nakon po etnog priznavanja tih sredstava, mada smanjenje ne može još uvijek da se utvrdi kod pojedinih finansijskih sredstava u grupi, uklju uju i: - štetne promjene mo i zajmoprimca u grupi, ili - nacionalni ili lokalni ekonomski uslovi koji su u vezi sa izmirivanjem obaveza u grupi. Banka prvo procjenjuje da li postoje objektivni dokazi o umanjenju vrijednosti: pojedina no za finansijska sredstva koja su pojedina no zna ajna, i pojedina no ili zajedni ki za finansijska sredstva koja nisu pojedina no zna ajna. Ako Banka odredi da ne postoji objektivni dokaz umanjenja vrijednosti za finansijsko sredstvo koje se pojedina no procjenjuje, bilo da je zna ajno ili ne, ona obuhvata sredstvo u grupi finansijskih sredstava sa sli nim karakteristikama kreditnog rizika i zajedni ki ih procjenjuje zbog umanjenja vrijednosti. Sredstva koja se pojedina no procjenjuju zbog umanjenja vrijednosti i za koja je gubitak od umanjenja vrijednosti priznat ili nastavlja da se priznaje, ne uklju uju se u zajedni ku procjenu o umanjenju vrijednosti. 12

42 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 3. PREGLED ZNA AJNIH RA UNOVODSTVENIH POLITIKA (nastavak) 3.5. Finansijska sredstva (nastavak) (e) Umanjenje vrijednosti finansijskih sredstava (nastavak) (i) Sredstva koja se vrijednuju po amortizacionoj cijeni (nastavak) Ukoliko postoji objektivni dokaz da je gubitak po osnovu umanjenja vrijednosti zajmova i potraživanja nastao, iznos gubitka se odmjerava razlikom izme u knjigovodstvene vrijednosti i sadašnje vrijednosti procijenjenih budu ih tokova gotovine (isklju uju i budu e kreditne gubitke koji nisu nastali) diskontovane po ugovorenoj efektivnoj kamatnoj stopi. Knjigovodstvena vrijednost sredstava ije se smanjenje vrši direktno ili koriš enjem ra una nadoknade i iznos gubitka se prikazuje u bilansu uspjeha. Ako je u pitanju zajam sa promjenljivom kamatnom stopom, diskontna stopa za odmjeravanje svakog gubitka po osnovu umanjenja vrijednosti bi e aktuelna kamatna stopa koja je odre ena ugovorom. Izra unavanje sadašnje vrijednosti procijenjenih budu ih tokova gotovine obezbije enog finansijskog sredstva odražava nov ane tokove koji mogu biti rezultat preuzimanja kolaterala umanjene za troškove pribavljanja i prodaje kolaterala, bez obzira na to da li je preuzimanje kolaterala vjerovatno ili ne. U svrhe zajedni ke procjene umanjenja vrijednosti, finansijska sredstva se grupišu na osnovu sli nih karakteristika kreditnog rizika. Te karakteristike su relevantne za procjenjivanje budu ih tokova gotovine za grupe takvih sredstava time što ukazuju na sposobnost dužnika da isplati sve iznose i dugovanja koji su dospjeli u skladu sa uslovima ugovora za sredstva koja se procjenjuju. Budu i nov ani tokovi u grupi finansijskih sredstava koja se zajedni ki procjenjuju, procjenjuju se na osnovu ugovorenih nov anih tokova i na osnovu prethodnih iskustava u vezi sa gubitkom za sredstva sa karakteristikama kreditnog rizika koja su sli na onima u grupi. Iskustvo prethodnih gubitaka se prilago ava na osnovu aktuelnih vidljivih podataka da bi se odrazili uticaji aktuelnih uslova koji nisu uticali na period na kome se zasniva iskustvo prethodnih gubitaka, i da bi se uklonili uticaji uslova iz prethodnih perioda koji ne postoje u sadašnjosti. Procjene promjena budu ih tokova gotovine trebalo bi da odražavaju i da budu direktno povezani sa promjenama u podacima koji su za njih vezani od perioda do perioda. Ova metodologija i pretpostavke koje se koriste za procjenu budu ih tokova gotovine se redovno analiziraju od strane Banke radi smanjenja razlike izme u procijenjenog i stvarno nastalog gubitka. Kada je zajam nenaplativ, on se otpisuje na bazi odgovaraju ih rezervi za umanjenje vrijednosti potraživanja po osnovu zajmova. Takvi zajmovi se otpisuju nakon svih neophodnih procedura po utvr ivanju iznosa gubitka. Naknadna naplata prethodno ispravljenih potraživanja smanjuje iznos rezervisanja za umanjenje vrijednosti i priznaje se u bilansu uspjeha. Ako se, u narednom periodu, iznos gubitka po osnovu umanjenja vrijednosti smanji i ako se to smanjenje može objektivno dovesti u vezu sa doga ajem koji je nastao poslije priznavanja umanjenja vrijednosti, prethodno priznati gubitak po osnovu umanjenja vrijednosti umanjuje ra un ispravke vrijednosti. 13

43 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 3. PREGLED ZNA AJNIH RA UNOVODSTVENIH POLITIKA (nastavak) 3.5. Finansijska sredstva (nastavak) (e) Umanjenje vrijednosti finansijskih sredstava (nastavak) (ii) Finansijska sredstva vrjednovana po fer vrijednosti Na kraju svakog obra unskog perioda, na dan izvještavanja, Banka procjenjuje da li postoje objektivni dokazi da je došlo do umanjenja vrijednosti finansijskog sredstva ili grupe finansijskih sredstava. U slu aju da postoje objektivni dokazi da je došlo do umanjenja vrijednosti finansijskih instrumenata raspoloživih za prodaju, zna ajan ili produženi pad vrijednosti finansijskih instrumenata ispod nabavne vrijednosti, uzima se u obzir pri utvr ivanju mogu eg umanjenja vrijednosti sredstava. Ako postoji takav dokaz za finansijske instrumente raspoložive za prodaju, tada se akumulirani gubitak kao razlika izme u cijene akvizicije i teku e fer vrijednosti, umanjen za bilo koja umanjenja vrijednosti finansijskog sredstva prethodno priznata kao dobitak ili gubitak, uklanja iz kapitala i priznaje u bilansu uspjeha. Ako se u narednom periodu fer vrijednost dužni kog instrumenta klasifikovanog kao ono koje je raspoloživo za prodaju pove a, i ako se to pove anje može objektivno dovesti u vezu sa doga ajem koji se odigrao poslije gubitka zbog umanjenja vrijednosti i koji je priznat u neto dobitku ili gubitku, gubitak zbog umanjenja vrijednosti se ukida, sa iznosom ukidanja priznatim kao neto dobitak ili gubitak u bilansu uspjeha Nematerijalna ulaganja Nematerijalna ulaganja su iskazana po nabavnoj vrijednosti, umanjenoj za ispravku vrijednosti. Troškovi održavanja softvera priznaju se u periodu nastanka. Troškovi koji se direktno odnose na jedinstvene softverske programe koji su pod kontrolom Banke i koji e vjerovatno proizvesti ekonomske koristi koje su ve e nego što su troškovi, a u periodu dužem od godinu dana, priznaju se kao nematerijalna ulaganja. Troškovi obuhvataju troškove eksterne kompanije angažovane na razvoju softvera. Ovi troškovi se otpisuju u toku njihovog procijenjenog korisnog vijeka trajanja Nekretnine, postrojenja i oprema Nekretnine, postrojenja i oprema iskazuju se po nabavnoj vrijednosti, umanjenoj za ispravku vrijednosti. Nabavna vrijednost obuhvata trošak koji se direktno pripisuje kupovini sredstava. Amortizacija nekretnina, postrojenja i opreme se obra unava primjenom proporcionalne metode kako bi se njihov trošak rasporedio na njihovu rezidualnu vrijednost tokom predvi enog korisnog vijeka trajanja sredstva kao što slijedi: Gra evinski objekti Ra unari i prate a oprema Namještaj i oprema Motorna vozila 50 godina 4-8 godina 4-10 godina 8 godina Na dan bilansa stanja, rukovodstvo Banke analizira vrijednosti po kojima je prikazana nematerijalna i materijalna imovina Banke. Ukoliko postoji indikacija da je neko sredstvo obezvrije eno, nadoknadiv iznos te imovine se procjenjuje kako bi se utvrdio iznos obezvrje enja. Ukoliko je nadoknadivi iznos nekog sredstva procijenjen kao niži od vrijednosti po kojoj je to sredstvo prikazano, postoje a vrijednost tog sredstva se umanjuje do visine nadoknadive vrijednosti. 14

44 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 3. PREGLED ZNA AJNIH RA UNOVODSTVENIH POLITIKA (nastavak) 3.7. Nekretnine, postrojenja i oprema (nastavak) Gubitak po osnovu obezvrje enja vrijednosti imovine priznaje se kao rashod teku eg perioda i iskazuje se u okviru ostalih poslovnih rashoda. Ako naknadno do e do situacije da gubitak zbog obezvrje enja priznat u ranijim godinama ne postoji ili se smanjio, vrijednost sredstva se pove ava do revidirane procjene o njegovoj nadoknadivoj vrijednosti, ali tako da pove ana vrijednost po kojoj se sredstvo vodi ne bude ve a od vrijednosti po kojoj bi se sredstvo vodilo da nije bio u prethodnim godinama priznat utvr eni gubitak zbog obezvrje ivanja sredstava Obaveze po kreditima Obaveze po kreditima se inicijalno priznaju po fer vrijednosti umanjenoj za nastale troškove transakcije. Obaveze za kredite se naknadno iskazuju po amortizovanoj cijeni; sve razlike izme u ostvarenog priliva (umanjenog za troškove transakcije) i vrijednosti otplata, priznaju se u bilansu uspjeha u periodu koriš enja kredita primjenom metode efektivne kamatne stope Rezervisanja Rezervisanja se priznaju kada Banka ima važe u zakonsku ili izvedenu obavezu koja je rezultat prošlih doga aja, kada postoji velika vjerovatno a da e za podmirenje obaveze biti potreban odliv sredstava i kada je iznos obaveza pouzdano procijenjen Beneficije zaposlenih U skladu sa Kolektivnim ugovorom, Banka je u obavezi da prilikom odlaska u penziju zaposlenom isplati otpremninu u visini 12 prosje nih neto zarada zaposlenih u Banci koja važi u mjesecu u kojem se vrši isplata. Istovremeno, zaposlenom se povodom 10, 20 i 30 godina rada u Banci ispla uje jubilarna nagrada i to: - za 10 godina rada- jedna najniža cijena rada u Banci, - za 20 godina rada - dvije najniže cijene rada u Banci, - za 30 godina rada - tri najniže cijene rada u Banci. U finansijskim izvještajima Banke na dan 31. decembra godine, izvršeno je rezervisanje po osnovu procijenjene sadašnje vrijednosti sredstava za otpremnine za odlazak u penziju i jubilarne nagrade zaposlenima nakon ispunjenih uslova. 4. FINANSIJSKI INSTRUMENTI 4.1. Upravljanje rizicima Banka je u svome poslovanju izložena razli itim rizicima od kojih su najzna ajniji: kreditni rizik tržišni rizik rizik likvidnosti operativni rizik. 15

45 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 4. FINANSIJSKI INSTRUMENTI (nastavak) 4.1. Upravljanje rizicima (nastavak) Procedure za upravljanje rizicima su dizajnirane da identifikuju i analiziraju rizike, da definišu odgovaraju e limite i kontrole za upravljanje rizicima, kao i da prate izloženost Banke pojedinim rizicima. Procedure za upravljanje rizicima su predmet redovne kontrole u cilju adekvatnog odgovora na nastale promjene na tržištu, proizvodima i uslugama. Sektor za upravljanje rizicima je odgovoran za pra enje izloženosti Banke pojedinim rizicima i usaglašenost sa procedurama za upravljanje rizicima i definisanim limitima o emu se mjese no izvještava Upravni odbor Banke. Pored toga, pra enje izloženosti Banke pojedinim rizicima je u nadležnosti Komiteta za nadzor i Komiteta za upravljanje kreditnim rizikom Kreditni rizik Banka je izložena kreditnom riziku koji predstavlja rizik da dužnici ne e biti u mogu nosti da dugovanja prema Banci izmire u potpunosti i na vrijeme. Banka vrši rezervisanja za gubitke po osnovu umanjenja vrijednosti, a koji se odnose na gubitke nastale na dan bilansa stanja. Zna ajne promjene u privredi, odnosno stanju pojedinih privrednih grana koje ine osnov kreditnog portfolija Banke, mogle bi dovesti do gubitaka koji se razlikuju od gubitaka po osnovu kojih je izvršeno rezervisanje na dan bilansa stanja. Stoga rukovodstvo Banke oprezno upravlja izloženoš u kreditnom riziku Upravljanje kreditnim rizikom Izloženost kreditnom riziku ispoljava se kao rizik finansijskog gubitka koji nastaje kao posledica nemogu nosti dužnika da ispuni sve ugovorene obaveze prema Banci. Banka upravlja preuzetim kreditnim rizikom tako što odre uje limite u odnosu na velike kredite, pojedina ne korisnike kredita i povezana lica. Pomenuti rizici se kontinuirano prate i predmet su kontrole koja se vrši jednom godišnje ili eš e. Svi krediti iznad propisanog limita treba da budu odobreni od strane Komiteta za upravljanje kreditnim rizikom. U skladu sa limitima propisanim od strane Centralne banke Crne Gore, granska koncentracija kredita je predmet kontinuiranog pra enja. Izloženost riziku po pojedina nim zajmoprimaocima, uklju uju i druge banke i brokerska preduze a, dalje se ograni ava tako što se utvr uje podlimit u odnosu na bilansnu i vanbilansnu izloženost. Stvarna izloženost u odnosu na utvr ene limite se redovno prati. Upravljanje izloženoš u kreditnom riziku vrši se redovnom analizom sposobnosti korisnika kredita i potencijalnih korisnika kredita da otpla uju obaveze po osnovu kamate i glavnice. Preuzete obaveze po osnovu kredita i potencijalne obaveze Primarna svrha ovih instrumenta je da se obezbijedi da sredstva budu dostupna klijentu u skladu sa zahtjevima. Garancije i aktivirani akreditivi predstavljaju neopozive garancije Banke da e izvršiti pla anje u slu aju da klijent ne može da ispuni svoje obaveze prema tre im stranama, i stoga nose isti kreditni rizik kao i krediti. Dokumentarni i komercijalni akreditivi koji predstavljaju pismenu izjavu o obavezi Banke preuzetoj u ime klijenta, a kojom se tre em licu daje ovlaš enje da kod Banke vu e mjenice do iznosa dogovorenog posebnim uslovima su obezbije eni osnovnom isporukom robe na koju se odnose, te stoga, nose manji rizik nego direktna pozajmica. 16

46 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 4. FINANSIJSKI INSTRUMENTI (nastavak) 4.2. Kreditni rizik (nastavak) Rezervisanja za gubitke po osnovu umanjenja vrijednosti u skladu sa propisima Centralne banke Crne Gore i MRS 39 Banka prilikom sastavljanja finansijskih izvještaja u skladu sa zahtjevima lokalnog zakonodavstva vrši klasifikaciju bilansnih i vanbilansnih stavki izloženih kreditnom riziku koriste i kriterijume klasifikacije propisane od strane Centralne banke Crne Gore, sa sljede im kategorijama: kategorija A (dobra aktiva) u koju se klasifikuju stavke za koje se procjenjuje da e u skladu sa ugovorom biti u cjelosti napla ene kategorija B (aktiva sa posebnom napomenom) sa podkategorijama B1 i B2 u koje se klasifikuju stavke za koje postoji niska vjerovatno a ostvarivanja gubitka ali koje zahtijevaju posebnu pažnju, jer bi potencijalni rizik ukoliko ne bi bio adekvatno pra en, mogao da dovede do slabijih perspektiva u pogledu naplate kategorija C (substandardna aktiva) sa podkategorijama C1, C2, C3 i C4 za koje postoji visoka vjerovatno a ostvarivanja gubitka, zbog jasno utvr enih slabosti koje ugrožavaju naplatu kategorija D (sumnjiva aktiva) u koju se klasifikuju stavke za koje je naplata u cjelosti, imaju i u vidu kreditnu sposobnost zajmoprimca, vrijednost i mogu nost realizacije sredstava obezbje enja, malo vjerovatna kategorija E (gubitak) u koju se klasifikuju stavke koje e biti u potpunosti nenaplative, ili e biti naplative u neznatnom iznosu. Na dan bilansa stanja Banka procjenjuje da li postoji bilo kakav objektivni dokaz da je došlo do umanjenja vrijednosti finansijskog sredstva ili grupe finansijskih sredstava, u skladu sa zahtjevima MRS 39. Objektivni dokaz da je došlo do umanjenja vrijednosti finansijskog sredstva ili grupe finansijskih sredstava obuhvata podatke koje imalac sredstva može da primijeti o nastanku gubitka kao što su:žž zna ajne finansijske teško e zajmoprimca kršenje ugovora, kao što je nemogu nost pla anja kamate ili glavnice garancije izdate od strane zajmodavca zajmoprimcu usljed ekonomskih ili pravnih razloga zbog finansijske teško e zajmoprimca, povlastice koje zajmoprimac ne bi uzimao u obzir u nekim drugim okolnostima visoka vjerovatno a bankrotstva ili druge finansijske reorganizacije zajmoprimca nestanak aktivnog tržišta za to finansijsko sredstvo zbog finansijskih teško a objektivni podaci koji pokazuju da postoji mjerljivo smanjenje budu ih tokova gotovine od grupe finansijskih sredstava nakon po etnog priznavanja tih sredstava, mada smanjenje ne može još uvjek da se utvrdi kod pojedinih finansijskih sredstava u grupi, uklju uju i: - štetne promjene mo i zajmoprimca u grupi, ili - nacionalni ili lokalni ekonomski uslovi koji su u vezi sa izmirivanjem obaveza u grupi. U skladu sa usvojenom procedurom Banka procjenjuje da li postoje objektivni dokazi o umanjenju vrijednosti pojedina no za finansijska sredstva koja su pojedina no zna ajna. Izra unavanje sadašnje vrijednosti procijenjenih budu ih tokova gotovine obezbije enog finansijskog sredstva odražava nov ane tokove koji mogu biti rezultat isklju ivanja umanjena za troškove pribavljanja i prodaje kolaterala, bez obzira na to da li je isklju enje vjerovatno ili ne. U svrhe zajedni ke procjene umanjenja vrijednosti, finansijska sredstva koja nisu pojedina no zna ajna se grupišu na osnovu sli nih karakteristika kreditnog rizika. 17

47 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 4. FINANSIJSKI INSTRUMENTI (nastavak) 4.2. Kreditni rizik (nastavak) Maksimalna izloženost kreditnom riziku po bilansnim i vanbilansnim stavkama 31. decembar U hiljadama EUR 31. decembar Bilansne stavke Državni zapisi - 1,461 Krediti i avansi bankama 115,694 80,695 Krediti i avansi klijentima 719, ,722 Hartije od vrijednosti raspoložive za prodaju Finansijska sredstva po pravi noj vrijednosti kroz bilans uspjeha Hartije od vrijednosti koje se drže do dospije a Ostala sredstva 4,256 3, , ,855 Vanbilansne stavke Finansijske garancije 31,833 27,320 Nepokriveni akreditivi 3,383 3,817 Nepovu ene kreditne linije 8,420 12,624 43,636 43,761 Ukupna izloženost 883, ,616 Izloženost kreditnom riziku se djelimi no kontroliše pribavljanjem instrumenata obezbje enja i garancija pravnih i fizi kih lica. Pored toga, sva fizi ka lica su u obavezi da svoju mjese nu zaradu primaju preko teku eg ra una kod Banke, u cilju smanjenja kreditnog rizika. Tipovi instrumenata obezbije enja su: depoziti pravo zaloge na industrijskim mašinama, hartijama od vrijednosti, zalihama i vozilima hipoteke na nepokretnostima i fiducijarni prenos vlasništva mjenice ovlaš enja administrativne zabrane žiranti polise osiguranja. 18

48 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 4. FINANSIJSKI INSTRUMENTI (nastavak) 4.2. Kreditni rizik (nastavak) Krediti i avansi Krediti i avansi su prikazani u narednim tabelama: Naplativi nedospjeli Naplativi dospjeli Individualno obezvrije eni krediti Ukupno, bruto Pojedina na ispravka vrijednosti za individua-lno obezvrij e-ne kredite Opšta ispravka vrijednosti U hiljadama EUR Ukupno, neto 31. decembar godine Stambeni krediti 115,828 8, ,849-1,310 1, ,539 Prekora enja po teku im ra unima 5, , ,289 Potroša ki krediti 56,782 5,781-62, ,933 Kreditne kartice 5, , ,815 Namjenski krediti 9,400 2,469-11, ,813 Ostali krediti fizi kim licima, pokriveni hipotekom 15, , ,438 Ostali krediti 1, , ,281 Krediti malim preduze ima 203,853 15,469 5, , ,825 2, ,481 Krediti srednjim i velikim preduze ima 236,386 11,263 4, , ,228 2, ,385 Krediti Vladi i opštinama 22,629 1,448-24, ,957 Krediti finansijskim institucijama ,645 45,973 9, , ,147 8, ,419 Krediti i avansi bankama 115, , , ,339 45,973 9, , ,147 8, ,113 Naplativi nedospeli Naplativi dospeli Ukupna ispravka vrijednosti Individualno obezvrije eni krediti Ukupno, bruto Pojedina na ispravka vrijednosti za individualno obezvrij ene kredite Opšta ispravka vrijednosti U hiljadama EUR Ukupna ispravka vrijednosti Ukupno, neto 31. decembar godine Stambeni krediti 42,594 3,803-46, ,724 Potroša ki krediti 27,375 3,341-30, ,266 Kreditne kartice 1, , Namjenski krediti Ostali krediti 2, , ,994 Krediti malim preduze ima 93,696 5,694 2, , ,491 1,509 99,881 Krediti srednjim i velikim preduze ima 107,085 8,960 9, , ,728 Krediti Vladi i opštinama 16, , , ,375 22,708 11, , ,852 3, ,722 Krediti i avansi bankama 80, , , ,070 22,708 11, , ,852 3, ,417 19

49 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 4. FINANSIJSKI INSTRUMENTI (nastavak) 4.2. Kreditni rizik (nastavak) Krediti i avansi (nastavak) a) Naplativi i nedospeli krediti i avansi Dobra aktiva Aktiva sa posebnom napomenom U hiljadama EUR Substandardna aktiva Ukupno 31. decembar godine Stambeni krediti 115, ,828 Prekora enja po teku im ra unima 5, ,325 Potroša ki krediti 56, ,782 Kreditne kartice 5, ,220 Namjenski krediti 9, ,400 Ostali krediti fizi kim licima, pokriveni hipotekom 15, ,656 Ostali krediti 1, ,070 Krediti malim preduze ima 203, ,853 Krediti srednjim i velikim preduze ima 236, ,386 Krediti Vladi i opštinama 22, ,629 Krediti finansijskim institucijama , ,645 Krediti i avansi bankama 115, , , ,339 Dobra aktiva Aktiva sa posebnom napomenom U hiljadama EUR Substandardna aktiva Ukupno 31. decembar godine Stambeni krediti 42, ,594 Potroša ki krediti 27, ,375 Kreditne kartice 1, ,182 Namjenski krediti Ostali krediti 2, ,835 Krediti malim preduze ima 93, ,696 Krediti srednjim i velikim preduze ima 107, ,085 Krediti Vladi i opštinama 16, , , ,375 Krediti i avansi bankama 80, , , ,070 20

50 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 4. FINANSIJSKI INSTRUMENTI (nastavak) 4.2. Kreditni rizik (nastavak) Krediti i avansi (nastavak) b) Naplativi dospeli krediti i avansi Do 30 dana kašnjenje Od 31 do 60 dana kašnjenje Od 61 do 90 dana kašnjenje Od 91 do 180 dana kašnjenje Od 180 do 365 dana kašnjenje Od 1 do 5 godine kašnjenje Preko 5 godine kašnjenje U hiljadama EUR Ukupno 31. decembar godine Stambeni krediti 7, ,021 Prekora enja po teku im ra unima Potroša ki krediti 4, ,781 Kreditne kartice Namjenski krediti 1, ,469 Ostali krediti fizi kim licima, pokriveni hipotekom Ostali krediti Krediti malim preduze ima 11,955 1,097 1, ,469 Krediti srednjim i velikim preduze ima 10, ,263 Krediti Vladi i opštinama 1, ,448 39,521 2,352 2,016 2, ,973 39,521 2,352 2,016 2, ,973 Do 30 dana kašnjenje Od 31 do 60 dana kašnjenje Od 61 do 90 dana kašnjenje Od 91 do 180 dana kašnjenje Od 180 do 365 dana kašnjenje Od 1 do 5 godine kašnjenje Preko 5 godine kašnjenje U hiljadama EUR Ukupno 31. decembar godine Stambeni krediti 3, ,803 Potroša ki krediti 3, ,341 Kreditne kartice Ostali krediti Krediti malim preduze ima 4, ,694 Krediti srednjim i velikim preduze ima 8, ,960 Krediti Vladi i opštinama , ,708 20, ,708 21

51 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 4. FINANSIJSKI INSTRUMENTI (nastavak) 4.2. Kreditni rizik (nastavak) Krediti i avansi (nastavak) c) Fer vrijednost sredstava obezbje enja U hiljadama EUR Depoziti 168, ,327 Garancije 31,833 27,320 Zaloga 54,882 45,987 Hipoteke 1,369, ,209 1,624, ,843 Banka kao predmet hipoteke uzima nepokretnosti ija vrijednost, po procjeni ovlaš enih procjenitelja, mora biti ve a minimum 30% od iznosa plasmana. Nekretnine koje se uzimaju kao kolateral su stambeni prostori, porodi ne stambene zgrade, poslovni objekti, poslovni prostori i zemljište zavisno od lokacije i njegove budu e namjene. Prilikom uzimanja zaloga nad hartijama od vrijednosti, Banka dnevno prati cijenu hartija od vrijednosti koje su uzete kao sredstvo obezbije enja. Tržišna vrijednost zaloge mora biti 50% ve a od vrijednosti plasmana. d) Restruktuirani krediti i avansi Banka je zajmoprimcu restruktuirala kredit ako je, zbog pogoršanja dužnikove kreditne sposobnosti: a. produžila rok otplate za glavnicu ili kamatu b. smanjila kamatnu stopu na odobreni kredit c. smanjila iznos duga, glavnice ili kamate d. napravila druge sli ne pogodnosti koje olakšavaju finansijsku poziciju zajmoprimca. Prilikom restruktuiranja kredita Banka vrši finansijsku analizu zajmoprimca i procjenjuje mogu nosti zajmoprimca, nakon restruktuiranja kredita, da ostvari nov ane tokove koji e biti dovoljni za otplatu glavnice i kamate kredita. Banka je restruktuirala u toku godine kredite u iznosu od 6,903 hiljada EUR (2006. godine: 2,334 hiljade EUR). e) Ste ena sredstva obezbje enja Na dan 31. decembra godine, Banka je u okviru ostalih sredstava iskazala ste ena sredstva obezbije enja u neto iznosu od 40 hiljada EUR (31.decembra godine: neto 40 hiljada EUR). Ste ena sredstva obezbije enja se odnose na nekretnine i automobile koji su iskazani u vrijednosti ukupnih nenapla enih potraživanja. Na dan 31. decembra godine fer vrijednost ovih sredstava iznosi 106 hiljada EUR. Banka ima namjeru da ste ena sredstva obezbije enja proda u narednom periodu. 22

52 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 5. FINANSIJSKI INSTRUMENTI (nastavak) 4.2. Kreditni rizik (nastavak) Krediti i avansi (nastavak) f) Geografska koncentracija Geografska koncentracija izloženosti Banke kreditnom riziku, bez umanjenja za ispravku vrijednosti, je prikazana u sljede oj tabeli: Crna Gora Evropska Unija U hiljadama EUR USA i Kanada Ostalo Ukupno Krediti i avansi bankama , ,694 Krediti i avansi klijentima 715,421 12, ,702 Hartije od vrijednosti raspoložive za prodaju Finansijska sredstva po pravi noj vrijednosti kroz bilans uspjeha Hartije od vrijednosti koje se drže do dospije a Ostala sredstva 4, , decembar godine 721, , , decembar godine 326,862 80, ,855 23

53 CRNOGORSKA KOMERC NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 4. FINANSIJSKI INSTRUMENTI (nastavak) 4.2. Kreditni rizik (nastavak) Krediti i avansi (nastavak) h) Koncentracija po djelatnostima Koncentracija po djelatnostima izloženosti Banke kreditnom riziku, bez umanjenja za ispravku vrijednosti je prikaza Finansije Transport, saobracaj i telekomunikacije Trgovina Usluge, turizam ugostiteljstvo Gradjevinarstvo Energetika Rudarstvo Administracija Trgov nekre na Državni zapisi Krediti i avansi bankama 115, Krediti i avansi klijentima 23,241 39,301 71, ,081 64,659-1,898 6,127 3,49 Hartije od vrijednosti raspoložive za prodaju Finansijska sredstva po pravi noj vrijednosti kroz bilans uspjeha Hartije od vrijednosti koje se drže do dospije a Ostala sredstva decembar godine 140,629 39,574 72, ,901 65,115-1,930 6,217 3, decembar godine 85, , ,328 17,302 2, ,506 5,42

54 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 4. FINANSIJSKI INSTRUMENTI (nastavak) 4.2. Kreditni rizik (nastavak) Vanbilansna evidencija Ro nost vanbilansnih stavki po kojima je Banka izložena kreditnom riziku je sljede a: Nepovu ene kreditne linije Nepokriveni akreditivi U hiljadama EUR Garancije Ukupno 31. decembar godine Do 1 godine 8,420 28,782 3,383 40,585 Od 1 do 5 godina - 3,051-3,051 8,420 31,833 3,383 43,636 Nepovu ene kreditne linije Nepokriveni akreditivi U hiljadama EUR Garancije Ukupno 31. decembar godine Do 1 godine 12,624 24,886 2,334 37,510 Od 1 do 5 godina - 2,434 1,483 2, Tržišni rizik 12,624 27,320 3,817 43,761 Banka je izložena tržišnim rizicima. Tržišni rizici se javljaju u slu aju otvorenih pozicija, a zbog promjene kamatnih stopa, promjene kursa valute i promjene cijena hartija od vrijednosti koji se mijenjaju u skladu sa tržišnim fluktuacijama. Limiti za izloženost tržišnim rizicima su interno propisani, i uskla eni sa limitima propisanim od strane Centralne banke Crne Gore Devizni rizik Finansijska pozicija i nov ani tokovi Banke su izloženi efektima promjena kursa valuta. Izloženost deviznom riziku se redovno prati putem uskla ivanja sa limitima propisanim od strane Centralne banke Crne Gore. 25

55 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 4. FINANSIJSKI INSTRUMENTI (nastavak) 4.3. Tržišni rizik (nastavak) Devizni rizik (nastavak) Izloženost riziku od promjena kursa valuta na dan 31. decembra godine prikazana je u sljede oj tabeli. Tabela sadrži sredstva i obaveze Banke klasifikovane po valutama. U hiljadama EUR Ukupno Lokalna Ostale strane valuta USD valute valute (EUR) Ukupno AKTIVA Gotovina i depoziti kod Centralne banke 1, , , ,164 Krediti i avansi bankama 12, , , ,694 Krediti i avansi klijentima , ,419 Hartije od vrijednosti raspoložive za prodaju Finansijska sredstva po pravi noj vrijednosti kroz bilans uspeha Hartije od vrijednosti koje se drže do dospjeca Ostala sredstva ,190 4,256 Ukupna aktiva 14,773 1,288 16, ,353 1,008,414 PASIVA Obaveze prema bankama 6-6 3,567 3,573 Obaveze prema klijentima 14,304 1,073 15, , ,682 Obaveze po kreditima , ,303 Ostale obaveze ,573 2,695 Rezervisanja Obaveze za teku i porez Odložene poreske obaveze Beneficije zaposlenih Ukupno obaveze 14,425 1,080 15, , ,695 Neto devizna izloženost: decembra godine ,163 24, decembra godine (1,303) 431 (872) 8,507 7, Rizik od promjene kamatnih stopa Rizik od promjene kamatnih stopa nov anih tokova predstavlja rizik da e budu i nov ani tokovi finansijskog instrumenta biti podložni oscilacijama usljed promjenljivih kamatnih stopa na tržištu. Kamatni rizik fer vrijednosti predstavlja rizik da e vrijednost finansijskog instrumenta biti podložna oscilacijama usljed promjenljivih kamatnih stopa na tržištu. Banka je izložena efektima promjene važe ih kamatnih stopa na tržištu i to po osnovu rizika od promjene kamatnih stopa na nov ane tokove. Kao posljedica takvih promjena može do i do pove anja kamatnih marži; me utim, one mogu umanjiti dobit ili dovesti do gubitka u slu aju neo ekivanih kretanja. Kamatne stope se zasnivaju na tržišnim stopama tako da Banka redovno vrši ponovno odre ivanje cijena. 26

56 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 4. FINANSIJSKI INSTRUMENTI (nastavak) 4.3. Tržišni rizik (nastavak) Rizik od promjene kamatnih stopa (nastavak) Naredna tabela prikazuje kamatonosna i nekamatonosna sredstva i obaveze Banke na dan 31. decembra 2007 godine: U hiljadama EUR Kamatonosno Nekamatonosno Ukupno AKTIVA Gotovina i depoziti kod Centralne banke 66, , ,164 Krediti i avansi bankama 108,592 7, ,694 Krediti i avansi klijentima 719, ,419 Hartije od vrijednosti raspoložive za prodaju Finansijska sredstva po pravi noj vrijednosti kroz dobit ili gubitak Hartije od vrijednosti koje se drže do dospije a Ostala sredstva - 4,256 4,256 Ukupna aktiva 895, ,036 1,008,414 PASIVA Obaveze prema bankama 740 2,833 3,573 Obaveze prema klijentima 778,793 63, ,682 Obaveze po kreditima 133, ,303 Ostale obaveze - 2,695 2,695 Ukupno obaveze 912,836 69, ,253 Neto izloženost riziku od promjene kamatnih stopa: decembra godine (17,458) 43,619 26, decembra godine (11,833) 20,475 8,642 27

57 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 4. FINANSIJSKI INSTRUMENTI (nastavak) 4.3. Tržišni rizik (nastavak) Rizik od promjene kamatnih stopa (nastavak) Sljede a tabela prikazuje godišnje kamatne stope (ukoliko nije druga ije navedeno) za zna ajnije valute monetarnih finansijskih instrumenata: - u procentima- EUR USD Finansijska sredstva Obavezna rezerva kamatonosni dio 1% - Hartije od vrijednosti koje se drže do dospije a 6.5% - Krediti i avansi bankama 3.3%-3.9% 4.40%-5.17% Kratkoro ni krediti klijentima: - pravna lica 4%-12% - - fizi ka lica 3%-16% - Dugoro ni krediti klijentima: - pravna lica 6%-12% - - fizi ka lica 3%-16% - Finansijske obaveze Depoziti banaka 1.15%-6.5% - Depoziti klijenata: - pravna lica - fizi ka lica 0%-10% 0%-6.5% 0%-6% 1.5%-6% Obaveze po kreditima: - Direkcija za razvoj malih i srednjih preduze a 3.5%-7% - - Fond za razvoj Republike Crne Gore 1.5%-8% - - KfW EURIBOR+2%-2.4% - - Commerzbank AG EURIBOR+0.15% - - EAR EURIBOR/LIBOR+2 %-3% - - DEG&FMO EURIBOR+3.5% - - EFSE 3.5%-EURIBOR+3.5% - - OTP Bank 4.4. Rizik likvidnosti EURIBOR+1.5%- 2.25% - Rizik likvidnosti predstavlja rizik da Banka ne e mo i obezbijediti dovoljno nov anih sredstava za izmirenje obaveza u trenutku njihove dospjelosti, ili rizik da e Banka za izmirivanje dospjelih obaveza morati obezbje ivati nov ana sredstva uz troškove koji su ve i od uobi ajenih Upravljanje rizikom likvidnosti Uskla enost i kontrolisana neuskla enost dospije a i kamatnih stopa po osnovu sredstava i obaveza su od velikog zna aja za rukovodstvo Banke. Nije uobi ajeno da banka ima kompletno uskla enu poziciju, budu i da poslovne transakcije esto imaju neodre en rok dospije a i da su razli itih vrsta. Neuskla ena pozicija potencijalno pove ava profitabilnost, ali i pove ava rizik od gubitka. 28

58 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 4. FINANSIJSKI INSTRUMENTI (nastavak) 4.4. Rizik likvidnosti (nastavak) Upravljanje rizikom likvidnosti (nastavak) Dospije a sredstava i obaveza i sposobnost Banke da po prihvatljivim troškovima obezbijedi izvore sredstava po dospije u obaveza, važan su inilac u procjeni likvidnosti Banke i njene izloženosti promjenama kamatnih stopa i kurseva. Potrebe za likvidnoš u za pokrivanje garancija odnosno aktiviranih akreditiva su znatno manje od iznosa preuzetih obaveza, budu i da Banka ne o ekuje da tre a strana povu e ugovorena sredstva. Ukupni neizmireni iznos ugovorne obaveze kojom se odobrava kredit sa produženim rokom dospije a ne mora nužno dovesti do budu ih zahtjeva za likvidnim sredstvima, s obzirom da e mnoge od ovih obaveza iste i ili biti okon ane bez finansiranja. Sektor sredstava i likvidnosti dnevno prati izloženost Banke riziku likvidnosti. Za utvr ivanje uskla enosti nov anih priliva i odliva, Banka koristi skale dospije a (GAP analiza). U tabeli koja slijedi prikazana su sredstva i obaveze Banke za preostali period do ugovorenog datuma dospije a, a u odnosu na datum bilansa stanja: U hiljadama EUR Do Od 1 do Od 3 do Od 1 do Preko 5 30 dana 3 mjeseca 12 mjeseci 5 godina godina Ukupno AKTIVA Gotovina i depoziti kod Centralne Banke 168, ,164 Krediti i avansi bankama 65, , ,694 Krediti i avansi klijentima 84,115 52, , , , ,419 Hartije od vrijednosti raspoložive za prodaju Finansijska sredstva po pravi noj vrijednosti kroz dobit ili gubitak Hartije od vrijednosti koje se drže do dospje a Nekretnine, postrojenja i oprema ,829 12,829 Nematerijalna ulaganja ,090 4,090 Ostala sredstva 2, , ,256 Ukupna aktiva 320,446 53, , , ,598 1,025,333 PASIVA Obaveze prema bankama 3, ,573 Obaveze prema klijentima 469, , , ,838 2, ,682 Obaveze po kreditima 2,226 2,738 5, ,812 16, ,303 Obaveze za porez teku e godine Ostale obaveze 780 1, ,695 Rezervisanja Odložene poreske obaveze Beneficije zaposlenih Kapital ,638 41,638 Ukupno obaveze i kapital 476, , , ,650 61,704 1,025,333 Ro na neuskla enost: decembra godine (156,025) (50,635) 42,517 80,249 83, decembra godine (1,323) (23,750) (14,295) 28,764 10,604-29

59 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 4. FINANSIJSKI INSTRUMENTI (nastavak) 4.4. Rizik likvidnosti (nastavak) Upravljanje rizikom likvidnosti (nastavak) Struktura sredstava i obaveza na dan 31. decembra godine ukazuje na postojanje ro ne neusaglašenosti preostalog perioda dospije a sredstava i obaveza do 1 godine. Primarni razlog navedene neuskla enosti je u injenici da su kratkoro ni izvori sredstava sa preostalim rokom dospije a do 1 godine, a prevashodno depoziti po vi enju plasirani na duži vremenski period. Me utim, na osnovu istorijskih podataka i iskustva u proteklih pet godina, 30% do 40% depozita po vi enju se može smatrati dugoro nim izvorom finansiranja Ro nost finansijskih obaveza prema preostalom roku dospije a (nediskontovani tokovi gotovine) Do 1 meseca Od 1 do 3 meseca Od 3 do 12 meseci Od 1 do 5 godina Preko 5 godina U hiljadama EUR Po vi enju Ukupno 31. decembar godine OBAVEZE Obaveze prema bankama 2, ,601 Obaveze prema klijentima 322,560 48,959 98, , ,107 3, ,623 Obaveze po kreditima 2,226-3,282 14, ,092 20, ,835 Ostale obaveze - 1,235 1, ,390 Obaveze za odlozeni porez Obaveze za tekuci porez ,656 50, , , ,199 23,810 1,060,068 Depozit po vi enju Do 1 meseca Od 1 do 3 meseca Od 3 do 12 meseci Od 1 do 5 godina Preko 5 godina U hiljadama EUR Ukupno 31. decembar godine OBAVEZE Obaveze prema bankama 4, ,130 Obaveze prema klijentima 202,628 22,325 39,552 91, ,357 3, ,236 Obaveze po kreditima ,161 11,745 42,363 12,518 70,048 Ostale obaveze Obaveze za odlozeni porez Obaveze za tekuci porez ,384 23,616 42, , ,720 16, ,712 30

60 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 4. FINANSIJSKI INSTRUMENTI (nastavak) 4.5. Pravi na vrijednost finansijskih sredstava i obaveza U hiljadama EUR Knjigovodstvena vrijednost Pravi na vrijednost Finansijska sredstva Državni zapisi - 1,461-1,461 Krediti i avansi bankama 115,694 80, ,694 80,695 Krediti i avansi klijentima 719, , , ,722 Hartije od vrijednosti raspoložive za prodaju Finansijska sredstva po pravi noj vrijednosti kroz bilans uspjeha Hartije od vrijednosti koje se drže do dospje a Finansijske obaveze Obaveze prema bankama 3,573 5,087 3,573 5,087 Obaveze prema klijentima 842, , , ,147 Obaveze po kreditima 133,303 54, ,303 54,407 Pravi na vrijednost finansijskih instrumenata je iznos za koji sredstva mogu biti prodata, ili obaveze izmirene, izme u obaviještenih voljnih u esnika u toku trajanja nezavisne transakcije. Obzirom da ne postoji dovoljno tržišnog iskustva za odre ene pozicije finansijskih instrumenata Banke, neophodna je procjena pravi ne vrijednosti, na osnovu postoje ih ekonomskih uslova i specifi nog rizika koji se može vezati za odre eni instrument. Usljed nerazvijenog tržišta kamatnih stopa, tržišne kamatne stope za finansijske instrumente koji imaju iste rokove i karakteristike se ne mogu realno utvrditi. U takvim uslovima ne može se pouzdano utvrditi pravi na vrijednost za odre ene finansijske instrumente. Prilikom procjene pravi ne vrijednosti finansijskih instrumenata za koje se može utvrditi ovakva vrijednost primijenjeni su sljede i metodi i pretpostavke: a) Krediti i avansi bankama Potraživanja od drugih banaka obuhvataju me ubankarske plasmane i pozicije u procesu naplate. Pravi na vrijednost plasmana sa varijabilnom kamatnom stopom i prekono nih depozita je približno jednaka knjigovodstvenoj vrijednosti ovih finansijskih sredstava iskazanoj na dan bilansa stanja. b) Krediti i avansi klijentima U cilju utvr ivanja pravi ne vrijednosti kredita klijentima sa fiksnom kamatnom stopom iskazanih po amortizovanoj vrijednosti, izvršeno je pore enje kamatnih stopa po kojima su krediti odobravani klijentima sa raspoloživim informacijama o preovla uju im tržišnim kamatnim stopama u bankarskom sektoru Republike Crne Gore, odnosno prosje nim ponderisanim kamatnim stopama po djelatnostima, kao što je prikazano u narednoj tabeli: 31

61 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 4. FINANSIJSKI INSTRUMENTI (nastavak) 4.5. Pravi na vrijednost finansijskih sredstava i obaveza (nastavak) b) Krediti i avansi klijentima (nastavak) - u procentima Djelatnost Godišnja prosje na ponderisana kamatna stopa Bankarski sektor u Banka Crnoj Gori Finansije 6.74% 7.08% Transport, saobra aj i telekomunikacije 7.34% 7.86% Usluge, turizam i ugostiteljstvo 7.82% 8.41% Trgovina 7.17% 7.74% Gra evinarstvo 7.56% 7.82% Energetika 6.95% 7.39% Proizvodnja 7.22% 7.74% Rudarstvo 6.85% 7.41% Administracija i druge javne usluge 5.97% 7.52% Trgovina nekretninama 7.74% 7.82% Fizi ka lica 8.61% 9.75% Poljoprivreda, lov i ribolov 6.58% 6.87% Ostalo 7.15% 6.72% Prema mišljenju rukovodstva Banke, pravi na vrijednost kredita klijentima obra unata kao sadašnja vrijednost budu ih nov anih tokova diskontovanih primjenom važe ih tržišnih stopa, odnosno prosje nih ponderisanih kamatnih stopa za bankarski sektor, ne odstupa zna ajno od iskazanih knjigovodstvenih vrijednosti kredita na dan bilansa stanja. Po mišljenju rukovodstva, iznosi u finansijskim izvještajima odražavaju realnu vrijednost koja je u datim okolnostima najvjerodostojnija i najkorisnija za potrebe finansijskog izvještavanja. c) Hartije od vrijednosti raspoložive za prodaju Pravi na vrijednost hartija od vrijednosti raspoloživih za prodaju je zasnovana na tržišnim cijenama. Ukoliko informacije o tržišnim cijenama nisu raspoložive, koriste se tržišne cijene kotiranih hartija od vrijednosti sa sli nim karakteristikama. d) Depoziti i obaveze po kreditima Za depozite po vi enju, kao i depozite sa preostalim rokom dospije a kra im od godinu dana, pretpostavka je da procijenjena pravi na vrijednost ne odstupa zna ajno od knjigovodstvenih vrijednosti iskazanih na dan bilansa stanja. Procijenjena fer vrijednost kamatonosnih depozita sa fiksnom kamatnom stopom i preostalim rokom dospije a preko godinu dana, bez navedene tržišne cijene bazira se na diskontovanom toku gotovine primjenom važe e kamatne stope na nove obaveze sa sli nim preostalim dospije em. Prema mišljenju rukovodstva kamatne stope Banke su uskla ene sa važe im tržišnim kamatnim stopama, i shodno tome iznosi u finansijskim izvještajima odražavaju realnu vrijednost koja u datim okolnostima najvjerodostojnije odražava pravi nu vrijednost navedenih finansijskih instrumenta. 32

62 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 4. FINANSIJSKI INSTRUMENTI (nastavak) 4.5. Pravi na vrijednost finansijskih sredstava i obaveza (nastavak) d) Depoziti i obaveze po kreditima (nastavak) Za pravi nu vrijednost obaveza po kreditima sa varijabilnom kamatnom stopom iskazanih po amortizovanoj nabavnoj vrijednosti pretpostavka je da aproksimira knjigovodstvenoj vrijednosti ovih obaveza na dan izvještavanja Upravljanje kapitalom Upravljanje kapitalom ima za cilj: usaglašenost sa propisima Centralne banke Crne Gore stalnost poslovanja Banke i obezbe enje daljeg razvoja i proširenja poslovanja Banke. Rukovodstvo Banke dnevno vrši kontrolu adekvatnosti kapitala, koriš enjem metodologije i limita propisanih od strane Centralne banke Crne Gore. U skladu sa propisima, Banka kvartalno dostavlja izvještaje o stanju i strukturi kapitala Centralnoj banci Crne Gore. Kapital Banke je klasifikovan na sljede i na in: kapital prve klase (upla eni akcijski kapital, neraspore ena dobit iz prethodnih godina, zakonom propisane rezerve) kapital druge klase (rezerve za gubitke po stavkama aktive do 1.25% rizi ne aktive Banke, obra unata dobit u teku oj godini, subordinisani kredit). Rizi ni kapital Banke ini zbir kapitala prve i druge klase, umanjen za: nematerijalna ulaganja i ulaganja Banke u kapital drugih pravnih lica. Rizi na aktiva se sastoji od stavki aktive i kreditnih ekvivalenata vanbilansnih stavki aktive Banke koje su izložene riziku. Kreditni ekvivalenti vanbilansnih stavki aktive predstavljaju iznos koji je rezultat množenja knjigovodstvene vrijednosti vanbilansnih stavki aktive sa propisanim faktorima konverzije. Ukupnu rizikom ponderisanu aktivu, ini zbir stavki aktive bilansa i kreditnih ekvivalenata vanbilansnih stavki aktive izloženih riziku (rizi na aktiva Banke), klasifikovanih u etiri kategorije i pomnoženih sa odgovaraju im propisanim ponderima rizika. 33

63 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 4. FINANSIJSKI INSTRUMENTI (nastavak) 4.7. Analize osjetljivosti Analize osjetljivosti (devizni rizik) Upravljanje izloženoš u deviznom riziku, pored analize potraživanja i obaveza Banke iskazanih u stranoj valuti, uklju uje i analizu osjetljivosti na promjene deviznog kursa. U sljede oj tabeli je prikazan scenario promjene deviznog kursa u rasponu od +10% do -10% u odnosu na EUR. U hiljadama EUR Promena u kursu % -10% AKTIVA Nov ana sredstva i sredstva kod CBCG 168, (241) Krediti i avansi bankama 115,694 1,358 (1,358) Ostala sredstva 4,256 6 (6) Ukupna aktiva 288,114 1,605 (1,605) OBAVEZE Obaveze prema klijentima 842,682 1,538 (1,538) Ostale obaveze 4, (12) Ukupno obaveze 846,819 1,550 (1,550) Neto izlozenost deviznom riziku: decembar godine 55 (55) decembar godine (83) 83 Na dan 31. decembra godine, pod pretpostavkom da su svi ostali parametri nepromijenjeni promjenom deviznog kursa EUR u odnosu na ostale valute za +10% odnosno -10%, dobit Banke bi se pove ala odnosno smanjila za iznos od 55 hiljada EUR (31. decembar godine: 83 hiljade EUR). Uzrok male izloženosti Banke promjeni deviznog kursa je injenica, da je najve i dio potraživanja i obaveza Banke u EUR. 34

64 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 4. FINANSIJSKI INSTRUMENTI (nastavak) 4.7. Analize osjetljivosti (nastavak) Analize osjetljivosti (rizik od promjene kamatnih stopa) U toku procesa upravljanja rizikom od promjene kamatnih stopa, Banka vrši analizu osjetljivosti promjena potraživanja i obaveza sa varijabilnim kamatnim stopama. U sljede oj tabeli je prikazan efekat promjene varijabilnih kamatnih stopa za potraživanja i obaveze iskazane u EUR u rasponu od +0.4% p.p. do -0.4% p.p, odnosno za potraživanja i obaveze iskazane u stranim valutama u rasponu od +0.3% p.p. do -0.3% p.p. U hiljadama EUR Neto efekat kao rezultat promjene kamatnih stopa p.p. EUR KS +0.3 p.p. FX KS -0.4 p.p. EUR KS -0.3 p.p. FX KS AKTIVA Nov ana sredstva i sredstva kod CBCG 168, Krediti i avansi bankama 115, (200) Krediti i avansi klijentima 719, Hartije od vrijednosti raspoložive za prodaju Finansijska sredstva po pravi noj vrijednosti kroz bilans uspjeha Hartije od vrijednosti koje se drže do dospije a Ostala sredstva 4, ,008, (200) OBAVEZE Obaveze prema bankama 3, Obaveze prema klijentima 842, Obaveze po kreditima 133, (496) Ostale obaveze 4, , (496) Neto izloženost riziku od promjene kamatnih stopa: decembar godine (296) decembar godine (194) 194 Pod pretpostavkom da su svi ostali parametri nepromijenjeni, pove anjem varijabilne kamatne stope za potraživanja i obaveze u EUR za 0.4 p.p. odnosno za potraživanja i obaveze u stranoj valuti za 0.3 p.p., dobit Banke bi se smanjila za iznos od 296 hiljada EUR (31. decembar godine: 194 hiljade EUR). Pod pretpostavkom da su svi ostali parametri nepromijenjeni, smanjenje varijabilne kamatne stope za potraživanja i obaveze u EUR za 0.4 p.p. odnosno za potraživanja i obaveze u stranoj valuti za 0.3 p.p., dobit Banke bi se pove ala za iznos od 296 hiljada EUR (31. decembar godine: 194 hiljade EUR). Uzrok male izloženosti Banke promjeni varijabilnih kamatnih stopa je injenica, da je najve i dio potraživanja i obaveza Banke ugovoren sa fiksnom kamatnom stopom. 35

65 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 5. KRITI KE RA UNOVODSTVENE PROCJENE I PROSU IVANJA U PRIMJENI RA UNOVODSTVENIH POLITIKA Banka donosi procjene i pretpostavke koje mogu uticati na prikaz iznosa sredstava i obaveza u finansijskim izvještajima za narednu finansijsku godinu. Procjene i prosu ivanja bi e predmet stalne procjene i donosi e se na osnovu istorijskog iskustva i drugih inilaca, uklju uju i o ekivanja u pogledu budu ih doga aja za koje se vjeruje da su u okvirima datih okolnosti razumna. a) Gubitak usljed obezvrje enja kredita i avansa Banka vrši pregled svog kreditnog portfolija najmanje jednom u tri mjeseca kako bi procijenila gubitak koji je nastao usljed umanjenja vrijednosti kredita. Prilikom utvr ivanja da li gubitak usljed obezvrje enja treba evidentirati u bilans uspjeha, Banka prosu uje da li postoje bilo kakvi posmatrani podaci koji ukazuju na to da je u procijenjenim budu im nov anim tokovima kreditnog portfolija došlo do mjerljivog smanjenja, a prije nego što se takvo smanjenje može identifikovati za svaki pojedina ni kredit u okviru kreditnog portfolija. Takav dokaz može uklju iti posmatrane podatke koji ukazuju na to da je došlo do promjena koje mogu imati štetnog uticaja, i to promjena u statusu dužnika u pogledu otplate kredita Banci, odnosno u privrednim uslovima u državi koji su u direktnoj vezi sa uticajem koji neizmirene ugovorne obaveze pla anja mogu imati na sredstva Banke. Rukovodstvo se oslanja na procjene koje se zasnivaju na istorijskim iskustvima u vezi gubitaka za sredstva sa karakteristikama kreditnog rizika, kao i na objektivnim dokazima o postojanju umanjenja vrijednosti, sli ne pomenutim u kreditnom portfoliju prilikom procjene budu ih tokova gotovine. Metodologija i pretpostavke koji se koriste pri procjeni iznosa budu ih tokova gotovine i njihovog vremenskog uskla ivanja predmet su stalne kontrole, a u cilju svo enja razlike izme u procijenjenog i stvarnog gubitka na najmanju mogu u mjeru. b) Umanjenje vrijednosti hartija od vrijednosti raspoloživih za prodaju i ulaganja u pridružena preduze a Banka utvr uje da je došlo do umanjenja vrijednosti u hartijama od vrijednosti raspoloživim za prodaju onda kada do e do zna ajnog ili produženog smanjenja njihove fer vrijednosti i to ispod njihove nabavne vrijednosti. Odre ivanje šta je zna ajno ili produženo zahtijeva rasu ivanje. Umanjenje vrijednosti može biti opravdano onda kada postoji dokaz da je došlo do pogoršanja u finansijskoj poziciji preduze a u koje se ulaže, privrednoj grani ili sektoru, kao i u nov anim tokovima iz poslovanja i finansiranja. 6. PRIHODI I RASHODI PO OSNOVU KAMATA I SLI NI PRIHODI I RASHODI a. Prihodi po osnovu kamata i sli ni prihodi U hiljadama EUR Godina koja se završava 31. decembra Krediti i avansi dati komitentima 44,897 23,271 Plasmani bankama 4,336 2,114 Blagajni ki zapisi Obavezna rezerva ,632 25,613 36

66 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 6. PRIHODI I RASHODI PO OSNOVU KAMATA I SLI NI PRIHODI I RASHODI (nastavak) b. Rashodi po osnovu kamata i sli ni rashodi U hiljadama EUR Godina koja se završava 31. decembra Depoziti od komitenata 24,577 13,177 Depoziti od banaka 566 1,198 Obaveze po kreditima 4,529 1,856 Obaveza po subordiniranom kreditu ,110 16, PRIHODI I RASHODI PO OSNOVU NAKNADA I PROVIZIJA a. Prihodi po osnovu naknada i provizija U hiljadama EUR Godina koja se završava 31. decembra Naknade za bankarske usluge platnog prometa u zemlji i inostranstvu 12,761 10,785 Prihodi od naknada po poslovima sa kreditnim karticama 2,090 1,125 Prihodi od naknada za izdate garancije i druge potencijalne obaveze 1, Ostalo b. Rashodi po osnovu naknada i provizija 16,722 13,601 U hiljadama EUR Godina koja se završava 31. decembra Rashodi naknada i provizija za usluge platnog prometa u zemlji 1,359 1,318 Rashodi naknada i provizija za usluge me unarodnog platnog prometa 1, Rashodi od naknada po osnovu garancijskog poslovanja Rashodi od naknada po poslovima sa karticama ,305 2,917 37

67 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 8. PRIHODI IZ TRGOVANJA, Neto U hiljadama EUR Godina koja se završava 31. decembra Kursne razlike: - neto gubici po osnovu nerealizovanih kursnih razlika (61) (38) - neto dobici po osnovu realizovanih kursnih razlika 1, , OSTALI POSLOVNI RASHODI U hiljadama EUR Godina koja se završava 31. decembra Troškovi zaposlenih 9,280 6,451 Administrativni troškovi 2,370 1,690 Amortizacija: - nekretnine, postrojenja i oprema nematerijalna ulaganja Zakup po osnovu operativnog lizinga Ulaganja u kompjuterski softver i hardver Troškovi održavanja vozila Profesionalne usluge Premija za zaštitu depozita 1, Reprezentacija i marketing, pretplate i donacije 2,873 1,532 Ostalo ,554 13, RASHODI INDIREKTNIH OTPISA PLASMANA I REZERVISANJA U hiljadama EUR Godina koja se završava 31. decembra Krediti klijentima 5,460 3,237 Ukidanje rezervisanja za otpla ene kredite - (118) (Ukidanje rezervisanja)/rezervisanja za potencijalne obaveze, neto (97) 566 Ukidanje rezervisanja za obra unatu kamatu i ostalu aktivu, neto (90) - Troškovi rezervisanja za otpremine i jubilarne nagrade zaposlenih 373-5,646 3,685 38

68 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 11. POREZ NA DOBIT a. Komponente poreza na dobit U hiljadama EUR Godina koja se završava 31. decembra Teku i porez (586) (347) Odloženi porez (80) (77) (666) (424) b. Usaglašavanje iznosa poreza na dobit u bilansu uspjeha i proizvoda rezultata prije oporezivanja i propisane poreske stope U hiljadama EUR Godina koja se završava 31. decembra Dobit prije oporezivanja 9,076 4,334 Porez na dobit (9%) Efekti usaglašavanja sa osnovicom za obra un poreza na dobit u skladu sa propisima Centralne banke Crne Gore (200) - Troškovi koji se ne priznaju u poreskom bilansu Porez prikazan u bilansu uspjeha Efektivna poreska stopa 7.34% 9.78% Na dan 31. decembra godine, odložene poreske obaveze u iznosu od 316 hiljada EUR, odnose se na privremene razlike na nekretninama, postrojenjima i opremi. 12. NOV ANA SREDSTVA I SREDSTVA KOD CENTRALNE BANKE U hiljadama EUR 31. decembar 31. decembar Gotovina u blagajni 25,262 21,735 Gotovina u procesu naplate ekovi u procesu naplate Žiro ra un 30,385 10,411 Obavezna rezerva kod Centralne banke Crne Gore 111,416 80, , ,327 39

69 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 12. NOV ANA SREDSTVA I SREDSTVA KOD CENTRALNE BANKE (nastavak) Obavezna rezerva sa stanjem na dan 31. decembra 2007 godine izdvojena je u skladu sa Odlukom Centralne banke Crne Gore o obaveznoj rezervi banaka kod Centralne banke Crne Gore ( Sl. list RCG 14/06 od 10. marta godine), koja propisuje da banke izdvajaju obaveznu rezervu primjenom diferenciranih stopa: 19% na depozite po vi enju i oro ene depozite iji je rok do dospije a, na dane obra unavanja obavezne rezerve, kra i od 90 dana; 5% na oro ene depozite iji je rok do dospije a, na dane obra unavanja obavezne rezerve, duži od 90 dana, a kra i od jedne godine. Obra unavanje obavezne rezerve se vrši primjenom navedenih stopa na prosje an iznos depozita u toku prethodnog nedjeljnog perioda, dva dana prije isteka perioda održavanja. Obra unatu obaveznu rezervu banka izdvaja na ra un obavezne rezerve u zemlji i/ili na ra une Centralne banke u inostranstvu, s tim što može do 10% obavezne rezerve izdvojiti blokiranjem državnih zapisa Republike Crne Gore. Na 40% ukupno izdvojenih sredstava obavezne rezerve banke, Centralna banka obra unava kamatu po stopi od 1% na godišnjem nivou, a pla a do osmog u mjesecu za prethodni mjesec. Obavezna rezerva se izdvaja u EUR. 13. KREDITI I AVANSI BANKAMA U hiljadama EUR 31. decembar 31. decembar Ra uni kod doma ih banaka Ra uni kod stranih banaka 6,937 1,894 Pokri a po kreditima, garancijama i akreditivima 56,358 5,938 Plasmani kod inostranih banaka: - do jedne godine 51,512 72,254 - preko jedne godine ,694 80,695 Na dan 31. decembra godine, kratkoro ni plasmani kod inostranih banaka, najve im dijelom lanica Evropske Unije, u iznosu od 51,512 hiljada EUR plasirani su na period od tri dana do tri mjeseca uz kamatnu stopu u rasponu od 4.40% do 5.17% na godišnjem nivou za plasmane u USD, odnosno u rasponu od 3.30% do 3.69% za plasmane u EUR. Na dan 31. decembra godine, izdvojena pokri a po kreditima, garancijama i akreditivima u iznosu od 56,358 hiljada EUR, najve im dijelom se odnose na položena nov ana pokri a kod Commerzbank, AG, Frankfurt u iznosu od 55,744 hiljade EUR. Sredstva su položena kao pokri e po osnovu primljenog kredita od Kreditanstalt fur Wiederaufbau ("KfW"), Frankfurt am Main, u iznosu od 5,477 hiljada EUR uz kamatnu stopu u rasponu od 3.40% do 3.90% na godišnjem nivou i po osnovu primljenog kredita od Commerzbank AG, Frankfurt am Main, u iznosu od 50,297 hiljada EUR, na period od dvije godine uz kamatnu stopu u visini kvartalnog EURIBOR-a 0.025% na godišnjem nivou. 40

70 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 14. KREDITI I AVANSI KLIJENTIMA U hiljadama EUR 31. decembar 31. decembar Do jedne godine u EUR 294, ,650 Preko jedne godine u EUR 433, , , ,677 Minus: ispravka vrijednosti (8,283) (3,955) 719, ,722 Krediti sa rokom dospije a do jedne godine u EUR su najve im dijelom odobreni preduze ima u svrhe promovisanja i podržavanja trgovinskih aktivnosti, industrijske proizvodnje, finansiranja uvoza, kao i za likvidnost i ostale svrhe. Ovi krediti su naj eš e plasirani na period od trideset dana do jedne godine, uz kamatnu stopu u rasponu od 4% do 12% na godišnjem nivou. Krediti sa rokom dospije a preko jedne godine uklju uju kredite malim i srednjim preduze ima koji su plasirani u svrhe finansiranja obrtnog kapitala i nabavke osnovnih sredstava u sektorima usluga, proizvodnje, trgovine i poljoprivrede uz kamatnu stopu od 6% do 12% na godišnjem nivou. Krediti plasirani fizi kim licima su uglavnom odobravani za kupovinu stanova, opreme, automobila i robe široke potrošnje, sa rokom dospije a od jedne do dvanaest godina i uz kamatnu stopu u rasponu od 3% do 16% na godišnjem nivou. Kretanje na ispravci vrijednosti nenaplativih potraživanja je sljede e: U hiljadama EUR 31. decembar 31. decembar Stanje na dan 1. januara 3,955 2,012 Ispravke u toku godine, neto 5,460 3,237 Prenos sa rezervisanja za potencijalne obaveze Prenos sa rezervisanja za ostala sredstva 18 - Ukidanje rezervisanja za otpla ene kredite - (118) Otpis (1,221) (1,654) Ostalo (9) 318 Stanje na dan 31. decembra 8,283 3, HARTIJE OD VRIJEDNOSTI RASPOLOŽIVE ZA PRODAJU 31. decembar U hiljadama EUR 31. decembar Vlasni ke hartije od vrijednosti - po pravi noj vrijednosti: - kotirane nekotirane

71 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 15. HARTIJE OD VRIJEDNOSTI RASPOLOŽIVE ZA PRODAJU (nastavak) Banka ima ulaganja u hartije od vrijednosti sljede ih pravnih lica: U hiljadama EUR 31. decembar 31. decembar Zetatrans A.D., Podgorica Lov en osiguranje A.D., Podgorica Magrom d.o.o., Cetinje - 48 Centralna Depozitarna agencija, Podgorica Nova Berza HARTIJE OD VRIJEDNOSTI PO PRAVI NOJ VRIJEDNOSTI KROZ BILANS USPJEHA Na dan 31. decembra godine, hartije od vrijednosti po pravi noj vrijednosti kroz bilans uspjeha u iznosu od 210 hiljada EUR (31. decembra 2006 godine: 211 hiljada EUR) odnose se na 35.49% vlasništva nad Društvom za upravljanje investicionim fondom Moneta A.D., Podgorica koje je ra unovodstveno obuhva eno po pravi noj vrijednosti. 17. HARTIJE OD VRIJEDNOSTI KOJE SE DRŽE DO DOSPIJE A Na dan 31. decembra godine, hartije od vrijednosti koje se drže do dospije a u iznosu od 517 hiljada EUR odnose se na obveznice NLB Montenegro banke A.D., Podgorica, koje su plasirane sa rokom dospije a 21. jul godine uz kamatnu stopu od 6.5% godišnje. Kamata se ispla uje polugodišnje, 21. januara i 21. jula u godini do dospije a obveznica. 18. NEKRETNINE, POSTROJENJA, OPREMA I NEMATERIJALNA ULAGANJA U hiljadama EUR Oprema i Nemateri- Gra evinski ostala Investicije jalna objekti sredstva u toku ulaganja Ukupno Nabavna vrijednost Stanje na po etku godine 8,575 5,619-5,492 19,686 Pove anja 153 1, ,075 2,969 Prenosi - (221) 374 (153) - Otu enja i rashodovanja - (115) - - (115) Stanje na kraju godine 8,728 6, ,414 22,540 Ispravka vrijednosti Stanje na po etku godine 620 1,913-1,560 4,093 Amortizacija ,585 Otu enja i rashodovanja - (57) - - (57) Prenos (13) (66) Stanje na kraju godine 778 2,519-2,324 5,621 Neotpisana vrijednost na dan: decembra godine 7,950 4, ,090 16, decembra godine 7,955 3,706-3,932 15,593 42

72 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 19. OSTALA SREDSTVA U hiljadama EUR 31. decembar 31. decembar Potraživanja za naknade 2,219 2,447 Potraživanja po osnovu poreza Razgrani eni troškovi Potraživanja po osnovu avansa Ostala potraživanja po osnovu prolaznih ra una Ostalo ,267 3,711 Minus: ispravka vrijednosti (11) (119) Kretanje na ispravci vrijednosti nenaplativih potraživanja je sljede e: 4,256 3,592 U hiljadama EUR Godina koja se završava 31. decembra Stanje na dan 1. januara Ukidanje rezervisanja u toku godine (90) - Prenosi (18) 90 Ostalo - 8 Stanje na dan 31. decembra OBAVEZE PREMA BANKAMA 31. decembar U hiljadama EUR 31. decembar Obaveze prema doma im bankama: - depoziti po vi enju 2,844 4,714 - kratkoro ni depoziti ,573 5,087 Na depozite po vi enju banaka obra unava se kamata u rasponu od 1.15% do 3% na godišnjem nivou. Kratkoro no oro eni depoziti banaka deponovani su uz kamatnu stopu od 1.5% do 6.5% na godišnjem nivou. 43

73 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 21. OBAVEZE PREMA KLIJENTIMA 31. decembar U hiljadama EUR 31. decembar Depoziti po vi enju u EUR: - Preduze a 128,635 71,654 - Vladine institucije 27,878 30,010 - Fizi ka lica 150,002 82,318 - Strane organizacije Ostalo 6,205 4,481 Depoziti po vi enju u stranim valutama: - Preduze a 2,904 8,894 - Vladine institucije Fizi ka lica 4,390 3,427 - Strane organizacije Ostalo - - Kratkoro ni depoziti u EUR: - Preduze a 123,484 45,674 - Vladine institucije 11,023 21,089 - Fizi ka lica 212,215 66,186 - Strane organizacije - 5,000 - Ostalo 5,137 3,000 Kratkoro ni depoziti u stranim valutama: - Preduze a Fizi ka lica 5,613 6,921 - Ostalo - - Dugoro ni depoziti u EUR: - Preduze a 107,694 35,396 - Vladine institucije 10,000 15,402 - Fizi ka lica 45,153 51,889 Dugoro ni depoziti u stranim valutama: - Fizi ka lica 1, , ,147 Na depozite po vi enju pravnih lica se obra unava kamata u rasponu od 1.15% do 3% na godišnjem nivou. Kratkoro no i dugoro no oro eni depoziti pravnih lica deponovani su uz kamatnu stopu od 1% do 8% godišnje, odnosno od 5% do 10% godišnje. Odre eni depoziti po vi enju i kratkoro no oro eni depoziti pravnih lica i fizi kih lica su nekamatonosni, ukoliko je to predvi eno ugovorom. Na depozite po vi enju fizi kih lica obra unava se kamata u rasponu od 1.15% do 3% na godišnjem nivou. Kratkoro no i dugoro no oro eni depoziti fizi kih lica deponovani su uz kamatnu stopu od 1% do 6% godišnje, odnosno od 4.5% do 6.5% godišnje. 44

74 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 22. OBAVEZE PO KREDITIMA 31. decembar U hiljadama EUR 31. decembar Obaveze prema doma im kreditorima: - Direkcija za razvoj malih i srednjih preduze a 1,581 1,068 - Fond za razvoj Republike Crne Gore 7,827 3,786 - Lov en osiguranje A.D Obaveze prema inostranim kreditorima: - Kreditanstalt fur Wiederaufbau ("KfW"), Frankfurt am Main 4,589 6,253 - Commerzbank AG, Frankfurt am Main 50, European Agency for Reconstruction (EAR) 899 1,198 - DEG and FMO 6,738 3,926 - European Fund for Southeast Europe, Luxembourg 13,740 13,605 - OTP Bank, Budapest: - komercijalni krediti 35,580 24,109 - subordinirani kredit 12, Banca Intesa, Beograd ,303 54,407 Na dan 31. decembra godine, obaveze po dugoro nim kreditima u doma oj valuti u iznosu od 1,581 hiljada EUR predstavljaju obaveze po kreditima primljenim od Direkcije za razvoj malih i srednjih preduze a na period od tri do šest godina uz kamatnu stopu u rasponu od 3.5% do 7% na godišnjem nivou. Na dan 31. decembra godine, obaveze po dugoro nim kreditima u doma oj valuti u iznosu od 7,827 hiljada EUR predstavljaju obaveze po kreditima primljenim od Fonda za razvoj Republike Crne Gore na period od tri do pet godina, sa grace periodom od šest mjeseci do tri godine i uz kamatne stope u rasponu od 1.5% do 8% na godišnjem nivou. Na dan 31. decembra godine, obaveze po dugoro nim kreditima u doma oj valuti u iznosu od 4,589 hiljada EUR predstavljaju obaveze po kreditima primljenim od Kreditanstalt fur Wiederaufbau ("KfW"), Frankfurt am Main na period od pet godina uz kamatnu stopu u visini EURIBOR-a uve anog u rasponu od 2% do 2.4% na godišnjem nivou. Na dan 31. decembra godine, obaveze po dugoro nim kreditima u doma oj valuti u iznosu od 50,308 hiljada EUR predstavljaju obaveze po kreditu primljenom od Commerzbank AG, Frankfurt am Main na period od dvije godine uz kamatnu stopu u visini kvartalnog EURIBOR-a uve anog za 0.15% na godišnjem nivou. Na dan 31. decembra godine, obaveze po dugoro nim kreditima u doma oj valuti u iznosu od 899 hiljada EUR predstavljaju obaveze po kreditima primljenim od European Agency for Reconstruction na period od pet godina uz kamatnu stopu u visini promjenljivog EURIBORa/LIBOR-a uve anog u rasponu od 2% do 3% na godišnjem nivou. Na dan 31. decembra godine, obaveze po dugoro nim kreditima u doma oj valuti u iznosu od 6,738 hiljada EUR predstavljaju obaveze po kreditima primljenim od Deutche Investitions und Entwicklungsgesellschaft GmB, Keln (DEG) i Nederlandse Financierings Maatschapij voor Ontwikkelingsladen N.V, Hag (FMO) na period od tri godine uz kamatnu stopu u visini EURIBOR-a uve anog za 3.5% na godišnjem nivou. 45

75 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 22. OBAVEZE PO KREDITIMA (nastavak) Na osnovu ugovora zaklju enih sa DEG-om i FMO, Banka je u obavezi da do kona ne otplate obaveza po kreditima ispunjava odre ene pokazatelje poslovanja propisane ugovorom. Na dan 31. decembra godine, prema obra unu Banke, koeficijent solventnosti i pokazatelj ulaganja u osnovna sredstva iznose 13.25%, odnosno 39.09% i uskla eni su sa Sporazumom o otklanjanju nepravilnosti u poslovanju zaklju enim sa Centralnom bankom Crne Gore dana 4. decembra godine (napomena 24). Na dan 31. decembra godine, obaveze po dugoro nim kreditima u doma oj valuti u iznosu od 13,740 hiljada EUR predstavljaju obaveze po kreditima primljenim od European Fund for Southeast Europe, Luxembourg na period od pet do deset godina uz kamatnu stopu u visini od 3.5% godišnje, odnosno u visini EURIBOR-a uve anog u rasponu od 3% do 3.5% na godišnjem nivou. Na dan 31. decembra godine, obaveze po dugoro nim kreditima u doma oj valuti u iznosu od 35,580 hiljada EUR predstavljaju obaveze po komercijalnim kreditima primljenim od OTP Bank, Budapest na period od pet godina uz kamatnu stopu u visini EURIBOR-a uve anog u rasponu od 1.5% do 1.95% na godišnjem nivou. Na osnovu ugovora zaklju enih sa OTP Bank, Budapest, Banka je u obavezi da do kona ne otplate obaveza po kreditu održava minimalni koeficijent adekvatnosti kapitala koji je obra unat saglasno Bazelskoj konvenciji. Na dan 31. decembra godine, obaveze po dugoro nim kreditima u doma oj valuti u iznosu od 12,041 hiljada EUR predstavlja obavezu po subordiniranom kreditu primljenim od OTP Bank, Budapest na period od sedam godina uz kamatnu stopu u visini EURIBOR-a uve anog za 2.25% na godišnjem nivou. 23. OSTALE OBAVEZE U hiljadama EUR 31. decembar 31. decembar Dobavlja i Pasivna vremenska razgrani enja Obaveze za ukalkulisane bonuse Obaveze za indirektne poreze i doprinose Obaveze po osnovu poreza 1, Ostalo REZERVISANJA 2, Kretanje na rezervisanju za potencijalne gubitke je sljede e: U hiljadama EUR Godina koja se završava 31. decembra Stanje na dan 1. januara Ukidanje rezervisanja u toku godine, neto (97) 566 Prenosi (80) (250) Ostalo - 38 Stanje na dan 31. decembra

76 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 25. AKCIJSKI KAPITAL Na dan 31. decembra godine akcijski kapital Banke ini 62,344 obi ne akcije pojedina ne nominalne vrijednosti od EUR. Skupština akcionara je 29. januara godine, donijela Odluku o emisiji obi nih akcija po osnovu prava pre e kupovine postoje im akcionarima u vrijednosti od 10,000 hiljada EUR, odnosno 19,559 akcija nominalne vrijednosti EUR. Komisija za hartije od vrijednosti je dana 7. februara godine donijela Rješenje o utvr ivanju uspješnosti emisije akcija u ukupnoj vrijednosti od 10,000 hiljada EUR. Na osnovu Odluke Skupštine akcionara od 29. maja godine, dobit za godinu u iznosu od 3,910 hiljada EUR, je raspodijeljena postoje im akcionarima u vidu 7,647 obi nih akcija nominalne vrijednosti od EUR (reinvestiranje dividendi). Komisija za hartije od vrijednosti je dana 29. juna godine donijela Rješenje o evidentiranju emisije akcija po osnovu raspodjele dobiti. Na dan 31. decembra godine, jedini akcionar Banke je OTP Bank, Budapest sa 100% udjela u kapitalu. U skladu sa propisima Centralne banke Crne Gore, Banka je obavezna da održava minimalan stepen adekvatnosti kapitala od 8%. Banka je dužna da obim svog poslovanja uskladi sa propisanim pokazateljima, odnosno da obim i strukturu svojih rizi nih plasmana uskladi sa Zakonom o bankama i propisima Centralne banke Crne Gore. U skladu sa zaklju enim Sporazumom o otklanjanju nepravilnosti u poslovanju sa Centralnom bankom Crne Gore dana 4. decembra godine, konstatovanih u Izvještaju o kontroli Centralne banke Crne Gore br. 02/46/1 od 13. oktobra godine, sa finansijskim podacima na dan 31. avgusta 2006, Banka je dužna da do 31. decembra godine održava koeficijent solventnosti na nivou od najmanje 12% i da pokazatelj ulaganja u osnovna sredstva svede na nivo koji ne može prelaziti 40% kapitala prve klase. Pored toga, do 31. decembra godine, Banka je dužna da pokazatelj ulaganja u osnovna sredstva u potpunosti uskladi sa propisanim zakonskim okvirima, odnosno svede na propisani maksimum od 20% kapitala prve klase, odnosno maksimum od 30% uz prethodno odobrenje Centralne banke Crne Gore. Na dan 31. decembra 2007 godine, koeficijent solventnosti Banke i pokazatelj ulaganja u osnovna sredstva iznose 13.25%, odnosno 39.09%. 47

77 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 26. VANBILANSNE POZICIJE 31. decembar U hiljadama EUR 31. decembar a) Poslovi u ime i za ra un tre ih lica - 3,469-3,469 b) Garancije, jemstva, preuzete neopozive obaveze Plative garancije 11,732 18,613 inidbene garancije 20,101 8,707 Nepokriveni akreditivi 3,383 3,817 Nepovu ene kreditne linije 8,420 12,624 43,636 43,761 c) Druge vanbilansne pozicije Otpisani krediti 1,891 1,954 Otpisana i suspendovana kamata Ostali vanbilans 395-2,580 1,954 Preuzete obaveze 46,216 49,184 Preuzete obaveze po ugovorima o operativnom lizngu do datuma bilansa stanja koje nisu iskazane u finansijskim izvještajima su sljede e: 31. decembar U hiljadama EUR 31. decembar Do 1 godine 1, Od 1 do 5 godina 4,358 3,834 Preko 5 godina 2,906 3,430 8,542 8,066 48

78 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 27. TRANSAKCIJE SA POVEZANIM LICIMA Stanje bilansne izloženosti prema povezanim licima na datum bilansa stanja je sljede e: 31. decembar U hiljadama EUR 31. decembar Krediti i avansi klijentima: - Radnici Banke 8,312 2,775 - Povezana preduze a 1,503 - Ukupno potraživanja 9,815 2,775 Obaveze prema klijentima: - Radnici Banke 8,066 4,526 - Povezana preduze a 7-8,073 4,526 Obaveze po kreditima: - OTP Bank, Budapest (komercijalni krediti) 35,580 24,109 - OTP Bank, Budapest (subordinirani kredit) 12,041-47,621 - Ukupno obaveze 55,694 28,635 Obaveze, neto (45,879) (25,860) Prihodi i rashodi nastali iz transakcija sa povezanim pravnim licima u toku i godine su sljede i: U hiljadama EUR Godina koja se završava 31. decembra Prihodi po osnovu kamata: - Radnici Banke Povezana preduze a 78 - Ukupno prihodi Rashodi po osnovu kamata: - Radnici Banke (358) (16) - Povezana preduze a (1) - - OTP Bank, Budapest (2,022) (376) Ukupno rashodi (2,381) (392) Rashodi, neto (1,787) (251) Tokom 2007 godine, naknade ispla ene licima sa posebnim ovlaš enjima i odgovornostima iznose 1,027 hiljada EUR (2006. godine: 679 hiljada EUR). 49

79 NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar godine 28. PORESKI RIZICI Poreski zakoni Republike Crne Gore se esto razli ito tuma e i predmet su estih izmjena. Tuma enje poreskih zakona od strane poreskih vlasti u odnosu na transakcije i aktivnosti Banke mogu se razlikovati od tuma enja rukovodstva Banke. Kao rezultat iznijetog, transakcije mogu biti osporene od strane poreskih vlasti i Banci može biti odre en dodatni iznos poreza, kazni i kamata. Period zastarjelosti poreske obaveze je pet godina. To prakti no zna i da poreske vlasti imaju prava da odrede pla anje neizmirenih obaveza u roku od pet godina od kada je obaveza nastala. 29. DEVIZNI KURSEVI Zvani ni kursevi valuta koji su koriš eni za prera un deviznih pozicija bilansa stanja u EUR na dan 31. decembra i godine bili su: 31. decembar decembar USD CHF GBP

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81 CRNOGORSKA KOMERCIJALNA BANKA A.D., PODGORICA Financial Statements December 31, 2007 and Independent Auditors Report

82 CONTENTS Page Independent Auditors Report 1-2 Income Statement 3 Balance Sheet 4 Statement of Changes in Equity 5 Cash Flow Statement 6 Notes to the Financial Statements 7-48

83 Deloitte d.o.o. Bulevar Ivana Crnojevi a Podgorica Crna Gora Tel: +382 (0) (0) Fax: +382 (0) INDEPENDENT AUDITORS REPORT To the Board of Directors and Shareholder of Crnogorska komercijalna banka A.D., Podgorica We have audited the accompanying financial statements (pages 3 to 48) of Crnogorska komercijalna banka A.D., Podgorica (the Bank ), which comprise the balance sheet as of December 31, 2007 and the related income statement, statement of changes in equity and cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory notes. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditor s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements, and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of Crnogorska komercijalna banka A.D., Podgorica as of December 31, 2007, and its financial performance, changes in equity and its cash flows for the year then ended in accordance with International Financial Reporting Standards. (Continued)

84 INDEPENDENT AUDITORS REPORT To the Board of Directors and Shareholder of Crnogorska komercijalna banka A.D., Podgorica (Continued) Emphasis of Matters Without qualifying our opinion, we draw attention to the following matters: (a) As disclosed in Note 25 to the financial statements, the Bank is required to maintain certain minimum or maximum ratios with respect to its activities and composition of risk assets in compliance with the Law on Banks of the Republic of Montenegro and with the Central Bank of Montenegro Regulations. As of December 31, 2007, the ratio of investments in fixed assets amounted to percent and was higher than the prescribed maximum of 20 percent of the first-class equity, or maximum 30 percent, upon special approval by the Central Bank of Montenegro. In accordance with the Agreement executed with the Central Bank of Montenegro dated December 4, 2006, the Bank is required to comply with the prescribed ratio until December 31, (b) As disclosed in Note 28 to the financial statements, the Republic of Montenegro tax legislation is subject to different interpretations and changes which occur frequently. The interpretation of tax legislation by tax authorities as applied to the transactions and activity of the Bank may not be in line with that of the management. As a result, Bank s transactions may be challenged by tax authorities and the Bank may be assessed additional taxes, penalties and interest, which could be material. The Bank s tax statements may be reviewed or audited for a period of five years from the filing date of such statements. Deloitte d.o.o. Podgorica Republic of Montenegro February 29,

85

86 BALANCE SHEET As of December 31, 2007 (thousands of EUR) Notes ASSETS Cash and balances with the Central Bank 3.4, , ,327 Treasury bills - 1,461 Loans and advances to banks ,694 80,695 Loans and advances to customers , ,722 Available for sale securities 3.5, Financial assets at fair value through profit and loss 3.5, Securities held to maturity 3.5, Property, plant and equipment 3.7, 18 12,829 11,661 Intangible assets 3.6, 18 4,090 3,932 Other assets 19 4,256 3,592 Total assets 1,025, ,775 LIABILITIES Deposits from banks 20 3,573 5,087 Due to customers , ,147 Other borrowed funds 3.8, ,303 54,407 Other liabilities 23 2, Provisions 3.9, Current income tax liabilities Deferred tax liabilities 3.3, Employee benefits Total liabilities 983, ,547 EQUITY Share capital 25 31,876 17,966 Other reserves Retained earnings 8,816 4,316 Total equity 41,638 23,228 Total liabilities and equity 1,025, ,775 OFF-BALANCE-SHEET ITEMS 26 46,216 49,184 The accompanying notes form an integral part of these financial statements. 4

87 STATEMENT OF CHANGES IN EQUITY Year Ended December 31, 2007 (thousands of EUR) Share Other Retained Capital Reserves Earnings Total Balance at January 1, , ,025 19,318 New issuance of shares based on distribution of FY 2005 profit 2,619 - (2,619) - Profit for the year - - 3,910 3,910 Balance at December 31, , ,316 23,228 Balance at January 1, , ,316 23,228 New issuance of shares based on distribution of FY 2006 profit 3,910 - (3,910) - New issuance of shares 10, ,000 Profit for the year - - 8,410 8,410 Balance at December 31, , ,816 41,638 The accompanying notes form an integral part of these financial statements. 5

88 CASH FLOW STATEMENT Year Ended December 31, 2007 (thousands of EUR) Cash flows from operating activities Interest and similar income received 49,632 25,613 Interest and similar charges paid (30,110) (16,231) Fee and commission received 16,722 13,601 Fee and commission paid (3,305) (2,917) Other income 1, Cash payments to employees and suppliers (18,969) (13,475) Taxes paid (507) (559) Net cash flows from operating activities before changes in operating assets and liabilities 14,708 6,586 Changes in operating assets and liabilities: Net increase in obligatory reserve (30,948) (57,582) Net increase in loans and advances to customers (453,763) (169,156) Net (increase)/decrease in other assets (664) 251 Net decrease in deposits from banks (1,514) (8,115) Net increase in due to customers 390, ,023 Net decrease in other liabilities 2, Net cash used in operating activities (79,574) (23,823) Cash flows from investing activities Net increase in securities available for sale 21 - Purchase of property plant and equipment (1,762) (1,232) Purchase of intangible assets (1,149) (726) Treasury bills 1,461 2,370 Purchaser of bonds of other banks (517) - Net cash( used in)/ provided by investing activities (1,946) 412 Cash flows from financing activities Net increase in other borrowed funds 78,896 32,932 Issue of common shares 10,000 - Net cash provided by financing activities 88,896 32,932 Effect of exchange rate changes 1, Net increase in cash and cash equivalents 8,468 10,395 Cash and cash equivalents at beginning of year 107,616 97,221 Cash and cash equivalents at end of year 116, ,616 The accompanying notes form an integral part of these financial statements. 6

89 NOTES TO THE FINANCIAL STATEMENTS December 31, GENERAL INFORMATION Crnogorska Komercijalna Banka A.D., Podgorica (the Bank ) was established as an independent bank and registered with the Commercial Court in Podgorica on January 15, The Bank is licensed in the Republic of Montenegro to perform payment transfers, credit and deposit activities in the country and abroad, and in accordance with the Republic of Montenegro law, is to operate on principles of liquidity, security of placements and profitability. The Company is headquartered at Moskovska Street, no number. On December 31, 2007, the Bank was comprised of its Head Office in Podgorica and eighteen branches located in different parts of the country. As of December 31, 2007, the Bank had 392 employees (December 31, 2006: 307 employees). 2. BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS (a) Statement on Compliance These financial statements have been prepared in accordance with International Financial reporting Standards (IFRS) adopted by the International Accounting Standards Board (IASB). The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Bank s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 2(d). The IFRS accounting policies set below have been consistently applied by the Bank to all periods presented in these financial statements. (b) Basis of Measurement These financial statements have been prepared under the historical cost convention, as modified by the revaluation of available-for-sale financial assets, financial assets and financial liabilities (included derivate financial instruments) held at fair value through profit or loss. (c) Functional and Reporting Currency The financial statements are presented in EUR which is the Bank s functional currency. All financial information is presented in EUR rounded to the nearest thousand. (d) Use of Estimates and Judgments The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. 7

90 NOTES TO THE FINANCIAL STATEMENTS December 31, BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS (Continued) (d) Use of Estimates and Judgments (Continued) The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. Information about significant areas of estimation uncertainty and critical estimates in applying accounting policies that have the most significant effect on the amount recognized in the financial statements are described in Note 5 to the financial statements. A summary of the principal accounting policies applied in preparing the IFRS financial statements are set out within Note 3 to the financial statements. (e) Standards and Interpretations Effective in the Current Period In the current year, the Bank has adopted IFRS 7 Financial Instruments: Disclosures which is effective for annual reporting periods beginning on or after 1 January 2007, and the consequential amendments to IAS 1 Presentation of Financial Statements. The impact of the adoption of IFRS 7 and the changes to IAS 1 has been to expand the disclosures provided in these financial statements regarding the Bank s financial instruments and management of capital (see note 4). Four Interpretations issued by the International Financial Reporting Interpretations Committee are effective for the current period. These are: IFRIC 7 Applying the Restatement Approach under IAS 29, Financial Reporting in Hyperinflationary Economies; IFRIC 8 Scope of IFRS 2; IFRIC 9 Reassessment of Embedded Derivatives, IFRIC 10 Interim Financial Reporting and Impairment and IFRIC 11 IFRS 2: Company and Treasury Share Transactions (effective 1 March 2007). The adoption of these Interpretations has not led to any changes in the Banks accounting policies. (f) Standards and Interpretations in Issue not yet Adopted At the date of authorization of these financial statements, the following Standards and Interpretations were in issue but not yet effective: IAS 1 (Revised) Presentation of financial statements (effective for accounting periods beginning on or after 1 January 2009) IAS 23 (Revised) Borrowing Costs (effective for accounting periods beginning on or after 1 January 2009); IFRS 8 Operating Segments (effective for accounting periods beginning on or after 1 January 2009); IFRS 3 (Revised) Business Combinations and IAS 27 (Amended) Consolidated and Separate Financial Statements (effective for accounting periods beginning on or after 1 July 2009); Amendments to IFRS 2 Share Based Payment Vesting Conditions and Cancellations (effective for accounting periods beginning on or after 1 January 2009); Amendments to IAS 32 Financial Instruments: Presentation and IAS 1 Presentation of Financial Statements Puttable Financial Instruments and Obligations Arising on Liquidation (effective for accounting periods beginning on or after 1 January 2009); IFRIC 12 Service Concession Arrangements (effective 1 January 2008); IFRIC 13 Customer Loyalty Programmes (effective for accounting periods beginning on or after 1 July 2008) and IFRIC 14 IAS 19 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction (effective 1 January 2008). 8

91 NOTES TO THE FINANCIAL STATEMENTS December 31, BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS (Continued) (f) Standards and Interpretations in Issue not yet Adopted (Continued) The Management anticipate that all of the above Standards and Interpretations will be adopted in the Bank s financial statements for the period commencing 1 January 2008 (for Interpretations) and 1 January 2009 (for Standards) and that the adoption of those Interpretations will have no material impact on the financial statements of the Bank in the period of initial application. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 3.1. Income and Expense Recognition Interest income and expense are recognized in the income statement for all instruments measured at amortized cost using the effective interest method. The effective interest method is a method of calculating the amortized cost of a financial asset or a financial liability and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that discounts estimated future cash payments or receipts through the expected life of the financial instrument or, when appropriate, a shorter period to the net carrying amount of the financial asset or financial liability. When calculating the effective interest rate, the Bank estimates cash flows considering all contractual terms of the financial instrument (for example, prepayment options) but does not consider future credit losses. The calculation includes all fees and commissions paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs and all other premiums or discounts. Once a financial asset or a group of similar financial assets has been written down as a result of an impairment loss, interest income is recognized using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. Fees and commissions are generally recognized on an accrual basis once the service is rendered. Loan commitment fees for loans that are likely to be drawn down are deferred (together with related direct costs) and recognized as an adjustment to the effective interest rate on the loan Foreign Exchange Translation Transactions denominated in foreign currencies are translated into euros at the official exchange rates prevailing on the Interbank Market, at the date of each transaction. Assets and liabilities denominated in foreign currencies are translated into euros by applying the official exchange rates, as determined on the Interbank Market, prevailing at the balance sheet date. Foreign exchange gains or losses arising upon the translation of transactions, and the assets and liabilities denominated in foreign currencies are credited or charged to the income statement. Commitments and contingent liabilities denominated in foreign currencies are translated into euros by applying the official exchange rates prevailing on the Interbank Market, at the balance sheet date. 9

92 NOTES TO THE FINANCIAL STATEMENTS December 31, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 3.3. Taxes and Contributions Income Taxes Current Income Taxes Income taxes are calculated and paid in conformity with the income tax regulations defined under the Republic of Montenegro Tax Law, article 28 (Official Gazette of the Republic of Montenegro 80/04) as per the effective proportional tax rate of 9% on taxable income. A tax paying entity s taxable income is determined based upon the income stated in its statutory statements of income following certain adjustments to its income and expenses performed in accordance with the Republic of Montenegro Tax Law (Articles 8 and 9, regarding the adjustment of income and Articles 10 to 20 pertaining to the adjustment of expenses). The Republic of Montenegro tax regulations do not envisage that any tax losses of the current period be used to recover taxes paid within a specific carryback period. However, any current year losses reported in the annual corporate income tax returns may be carried forward and used to reduce or eliminate taxes to be paid in future accounting periods, but only for an ensuing period of a maximum of five years. Deferred Income Taxes Deferred income tax is determined using the balance sheet liability method, for the temporary differences arising between the tax bases of assets and liabilities, and their carrying values in the consolidated financial statements. The currently-enacted tax rates at the balance sheet date are used to determine the deferred income tax amount. Deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized for the deductible temporary differences, and the tax effects of income tax losses and credits available for carry forward, to the extent that it is probable that future taxable profit will be available against which deferred tax assets may be utilized. Taxes, Contributions and Other Duties Not Related to Operating Results Taxes, contributions and other duties that are not related to the Company s operating results, include property taxes, employer contributions on salaries, and various other taxes and contributions paid pursuant to republic and municipal regulations Cash and Cash Equivalents For the purposes of the cash flow statement, cash and cash equivalents comprise balances with less than three months maturity from the date of acquisition including: cash in hand, balances with the Central Bank of Montenegro and other banks Financial Assets The Bank classifies its financial assets in the following categories: loans and receivables; held-tomaturity investments; available-for-sale financial assets and financial assets at fair value through profit and loss. Management determines the classification of its investments at initial recognition. 10

93 NOTES TO THE FINANCIAL STATEMENTS December 31, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 3.5. Financial Assets (Continued) (a) Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They arise when the Bank provides money, goods or services directly to a debtor with no intention of trading the receivable. (b) Securities held-to-maturity Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixed maturities that the Bank s management has the positive intention and ability to hold to maturity. If the Bank is to sell other than an insignificant amount of held-to-maturity assets, the entire category would be tainted and reclassified as available-for-sale. As of December 31, 2007, securities held-to-maturity relate to bonds issued by NLB Montenegro banka A.D., Podgorica. (c) Investments available-for-sale Available-for-sale investments are those intended to be held for an indefinite period of time, which may be sold in response to needs for liquidity or changes in interest rates, exchange rates or equity prices. (d) Investments at Fair Value through Profit or Loss Due to its immateriality, management chose not to consolidate its investment in Moneta, over which it exercises effective control. In these stand alone financial statements associates are accounted for in accordance with IAS 39, at fair value through profit or loss. Gains and losses arising from changes in the fair value of the financial assets at fair value through profit or loss category are included in the income statement in the period in which they arise. (i) Initial recognition and subsequent measurement of financial assets Purchases and sales of financial assets, held to maturity and available-for-sale are recognized on trade-date the date on which the Bank commits to purchase or sell the asset. Loans are recognized when cash is advanced to the borrowers. Financial assets are initially recognized at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Available-for-sale financial assets are subsequently carried at fair value. Loans and receivables and held-to-maturity investments are carried at amortized cost using the effective interest method. Gains and losses arising from changes in the fair value of available-for-sale financial assets are recognized directly in equity, until the financial asset is derecognized or impaired at which time the cumulative gain or loss previously recognized in equity should be recognized in profit or loss. However, interest calculated using the effective interest method is recognized in the income statement. Dividends on available-for-sale equity instruments are recognized in the income statement when the entity s right to receive payment is established. The fair value of quoted investments in active markets is based on current bid prices. If the market for a financial asset is not active (and for unlisted securities), the Bank establishes fair value by using valuation techniques. These include the use of recent arm s length transactions, discounted cash flow analysis and other valuation techniques commonly used by market participants. 11

94 NOTES TO THE FINANCIAL STATEMENTS December 31, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 3.5. Financial Assets (Continued) (e) Impairment of financial assets (i) Assets carried at amortized cost The Bank assesses at each balance sheet date whether there is objective evidence that a financial asset or group of financial assets is impaired. A financial asset or a group of financial assets is impaired and impairment losses are incurred if, and only if, there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a loss event ) and that loss event has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated. Objective evidence that a financial asset or group of assets is impaired includes observable data that comes to the attention of the Bank about the following loss events: 1 significant financial difficulty of the issuer or obligor; 2. a breach of contract, such as a default or delinquency in interest or principal payments; 3. the Bank granting to the borrower, for economic or legal reasons relating to the borrower s financial difficulty, a concession that the lender would not otherwise consider; 4. it becoming probable that the borrower will enter bankruptcy or other financial reorganization; 5. the disappearance of an active market for that financial asset because of financial difficulties; or 6. observable data indicating that there is a measurable decrease in the estimated future cash flows from a Bank of financial assets since the initial recognition of those assets, although the decrease cannot yet be identified with the individual financial assets in the group, including: - adverse changes in the payment status of borrowers in the group; or - national or local economic conditions that correlate with defaults on the assets in the Bank. The Bank first assesses whether objective evidence of impairment exists individually for financial assets that are individually significant, and individually or collectively for financial assets that are not individually significant. If the Bank determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, it includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is or continues to be recognized are not included in a collective assessment of impairment. If there is objective evidence that an impairment loss on loans and receivables carried at amortized cost has been incurred, the amount of the loss is measured as the difference between the asset s carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset s contracted effective interest rate. The carrying amount of the asset is reduced through the use of an allowance account and the amount of the loss is recognized in the income statement. If a loan has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 12

95 NOTES TO THE FINANCIAL STATEMENTS December 31, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 3.5. Financial Assets (Continued) (e) Impairment of financial assets (Continued) The calculation of the present value of the estimated future cash flows of a collateralized financial asset reflects the cash flows that may result from executing the collateral less costs for obtaining and selling the collateral, whether or not the execution of collateral is probable. For the purposes of a collective evaluation of impairment, financial assets are grouped on the basis of similar credit risk characteristics. Those characteristics are relevant to the estimation of future cash flows for groups of such assets by being indicative of the debtors ability to pay all amounts due according to the contractual terms of the assets being evaluated. Future cash flows in a group of financial assets that are collectively evaluated for impairment are estimated on the basis of the contractual cash flows of the assets in the Bank and historical loss experience for assets with credit risk characteristics similar to those in the Bank. Historical loss experience is adjusted on the basis of current observable data to reflect the effects of current conditions that did not affect the period on which the historical loss experience is based and to remove the effects of conditions in the historical period that do not exist currently. Estimates of changes in future cash flows for group of assets should reflect and be directionally consistent with changes in related observable data from period to period. The methodology and assumptions used for estimating future cash flows are reviewed regularly by the Bank to reduce any differences between loss estimates and actual loss experience. When a loan is uncollectible, it is written off against the related provision for loan impairment. Such loans are written off after all the necessary procedures have been completed and the amount of the loss has been determined. Subsequent recoveries of amounts previously provided for decrease the amount of the provision for loan impairment in the income statement. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed by adjusting the allowance account. (ii) Assets carried at fair value The Bank assesses at each balance sheet date whether there is objective evidence that a financial asset or a group of financial assets is impaired. In the case of equity investments classified as available-for-sale, a significant or prolonged decline in the fair value of the security below its cost is considered in determining whether the assets are impaired. If any such evidence exists for available - for - sale financial assets, the cumulative loss measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognized in profit or loss is removed from equity and recognized in the income statement. If, in a subsequent period, the fair value of a debt instrument, classified as availablefor-sale, increases and the increase can be objectively related to an event occurring after the impairment loss was recognized in profit or loss, the impairment loss is reversed through the income statement. 13

96 NOTES TO THE FINANCIAL STATEMENTS December 31, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 3.6. Intangible Assets Intangible assets are stated at cost less accumulated amortization. Costs associated with maintaining computer software programmes are recognized as an expense as they incur. Costs that are directly associated with identifiable and unique software products controlled by the Bank and will probably generate economic benefits exceeding costs beyond one year, are recognized as intangible assets. Costs include external software company development costs. These costs are amortized on the basis of the expected useful lives Property, Plant and Equipment All property, plant and equipment are stated at cost less depreciation. The cost includes expenditure that is directly attributable to the acquisition of the items. Depreciation on property, plant and equipment is calculated using the straight-line method to allocate their cost to their residual values over their estimated useful lives, as follows: Buildings Computers and computer equipment Furniture and equipment Motor vehicles 50 years 4-8 years 4-10 years 8 years At each balance sheet date, the Bank s management reviews the carrying amounts of the Bank s fixed and intangible assets. If there is any indication that such assets have been impaired, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. If the recoverable amount of an asset is estimated to be less than its carrying value, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognized as an expense of the current period and is recorded under Other operating expenses. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable value. However, this is performed so that the increased carrying amount does not exceed the carrying value that would have been determined had no impairment loss been recognized for the asset in prior years Borrowings Borrowings are recognized initially at fair value (fair value of consideration received), net of transaction costs incurred. Borrowings are subsequently stated at amortized cost; any difference between proceeds net of transaction costs and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method Provisions Provisions are recognized when the Bank has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. 14

97 NOTES TO THE FINANCIAL STATEMENTS December 31, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Employee Benefits In accordance with the Collective Bargaining Agreements, the Bank has an obligation to disburse an employment retirement benefit to a retiree, in an amount equal to twelve average net salaries effective in the Bank in the month prior to the employee s retirement. In addition, employees are entitled to receive employment anniversary awards at their 10 th 20 th and 30 th employment anniversaries with the Bank as follows: - for 10 years of service one minimal salary in the Bank, - for 20 years of service two minimal salaries in the Bank, - for 30 years of service three minimal salaries in the Bank. The Bank's financial statement as of December 31, 2007, include provisions calculated based on the estimated present value of retirement benefits and jubilee awards to employees upon vesting in respective right. 4. FINANCIAL INSTRUMENTS 4.1. Risk Management In its business operations, the Bank is exposed to various risks, the most important of which are: Credit risk Market risk Liquidity risk Operating risk. The procedures for risk management are designed with a view to identify and analyze risks, to define the adequate limits and controls required for the risk management, as well as to keep track of the Bank's exposure to each individual risk. The risk management procedures are subject to regular control ensuring the adequate response to the changes in the market, products and services. The Risk Management Department is responsible for monitoring the Bank's exposure to certain risks and the compliance with the risk management procedures, as well as defined limits, which is reported to the Bank's Management Board on monthly basis. In addition, the Supervising Committee and the Credit Risk Management Committee are in charge of monitoring the Bank's exposure to certain risks Credit Risk The Bank takes on exposure to credit risk, which is the risk that a counterparty will be unable to pay amounts in full when due. Impairment provisions are provided for losses that have been incurred at the balance sheet date. Significant changes in the economy, or in the health of a particular industry segment that represents a concentration in the Bank s portfolio, could result in losses that are different from those provided for at the balance sheet date. Management therefore carefully manages its exposure to credit risk. 15

98 NOTES TO THE FINANCIAL STATEMENTS December 31, FINANCIAL INSTRUMENTS (Continued) 4.2. Credit Risk (Continued) Credit Risk Management Exposure to credit risk is a risk of financial loss which may occur as a consequence of a counterparty being unable to fulfill its obligations towards the Bank. The Bank manages the credit risk it undertakes by placing limits in relation to large loans, single borrowers and related persons. Such risks are monitored on a revolving basis and subject to annual or more frequent reviews. All loans above the prescribed limit have to be approved by the Committee for Credit Risk Management. In accordance with the limits prescribed by the Central Bank of Montenegro, the sector concentration it is constantly monitored. The exposure to any borrower including banks and brokers is further restricted by sub-limits covering on and off-balance sheet exposures. Actual exposures against limits are monitored regularly. Exposure to credit risk is managed through regular analysis of the ability of borrowers and potential borrowers to meet interest and capital repayment obligations. Credit Related Commitments and Contingent Liabilities The primary purpose of these instruments is to ensure that funds are available to a customer as required. Guarantees and standby letters of credit, which represent irrevocable assurances that the Bank will make payments in the event that a customer cannot meet its obligations to third parties, carry the same credit risk as loans. Documentary and commercial letters of credit which are written undertakings by the Bank on behalf of a customer authorizing a third party to draw drafts on the Bank up to a stipulated amount under specific terms and conditions are collateralized by the underlying shipments of goods to which they relate and therefore carry less risk than a direct borrowing Provisions for Impairment Losses in accordance with Central Bank of Montenegro and requirements of IAS 39 In the course of classifying the balance sheet and off-balance sheet assets exposed to credit risk, the Bank makes use of criteria for classification prescribed by the Central Bank of Montenegro, and applies the following categories: A category (superior assets) which includes all assets assessed based on the contractual terms, as collectible in full B category (special-watch assets) with subcategories B1 and B2 which include assets which are most likely collectible, but require special attention, as the potential risk, if not adequately monitored, could decrease the collectibility of these receivables. C category (sub-standard assets) with C1, C2, C3 and C4 subcategories which are very likely to cause loss, due to clearly defined weaknesses which put collection at risk. D category (doubtful assets) including all items the collectibility of which is unlikely in full, in light of the borrower s creditworthiness, worth and possibility of realization of the respective collateral E category (loss) including the items which are entirely uncollectible or an insignificant portion of which will be collected. 16

99 NOTES TO THE FINANCIAL STATEMENTS December 31, FINANCIAL INSTRUMENTS (Continued) 4.2. Credit Risk (Continued) Provisions for Impairment Losses in accordance with Central Bank of Montenegro and requirements of IAS 39 (Continued) As of the balance sheet date, the Bank assesses whether there is any objective evidence that the financial asset or a group of financial assets has been impaired, as delineated under IAS 39. The objective evidence of such impairment involves data based on which the asset holder can infer that there has been impairment: Considerable financial difficulties of the borrower Violation of the contract, such as inability to settle interest to the principal Guarantees issued by the lender to the borrower for economic or legal reasons, due to financial difficulties of the borrower, possessions which the lender would not otherwise consider High risk of bankruptcy or other financial reorganization of the borrower The absence of the active market for such financial asset due to financial difficulties Observable data which indicate that there is a decrease of future cash flows arising on the group of financial assets upon the initial recognition of these assets which can be measured objectively, although the decrease can not be determined with certainty in some financial assets in the group, including : - adverse changes in the creditworthiness on the borrowers in a group, or - national or local economic conditions related to settling the liabilities in the group. In accordance with the adopted procedures, the bank assesses whether there are observable evidence pertaining to impairment of an individual financial asset with individual significance. The calculation of the net book value of the estimated cash flows of a collateralized financial asset reflects the cash flows contingent on exclusion as deceased by any acquisition-related costs and sale of collateral, regardless of the degree of likelihood of the exclusion. For the purpose of a collective estimate of impairment, financial assets which do not carry individual value are grouped based on the similar characteristics of the credit risks inherent in them Maximum Exposure to Credit Risk per Balance and Off-Balance Sheet Items In thousands of EUR December 31, 2007 December 31, 2006 Balance sheet items Treasury bills - 1,461 Loans and advances to banks 115,694 80,695 Loans and advances to customers 719, ,722 Available-for-sale securities Financial assets carried at fair value through profit and loss Securities held-to-maturities Other assets 4,256 3, , ,855 Off-balance sheet items Financial guarantees 31,833 27,320 Uncovered letters of credit 3,383 3,817 Undrawn credit facilities 8,420 12,624 43,636 43,761 Total credit risk exposure 883, ,616 17

100 NOTES TO THE FINANCIAL STATEMENTS December 31, FINANCIAL INSTRUMENTS (Continued) 4.2. Credit Risk (Continued) Maximum Exposure to Credit Risk per Balance and Off-Balance Sheet Items The exposure to credit risk is partially controlled by obtaining collaterals and guarantees issued by legal entities and private individuals. In addition, all private individuals must receive their salaries through the account held with the Bank, with a view to draw down the credit risk. Types of collateral are as follows: deposits pledge placed against industrial machines, securities, inventories and vehicles mortgages against property and fiduciary ownership transfer bills of exchange authorizations administrative injunctions guarantors insurance policies Loans and Advances Loans and advance are presented in the following tables: Neither past due nor impaired Past due but not impaired Individually impaired Total, Gross Individual Allowance for Impairment General Allowance for Impairment In thousands of EUR Total Allowance for Impairment Total, net exposure December 31, 2007 Housing loans 115,828 8, ,849-1,310 1, ,539 Current account overdrafts 5, , ,289 Consumer loans 56,782 5,781-62, ,933 Credit cards 5, , ,815 Special purpose loans 9,400 2,469-11, ,813 Other loans to individuals covered by mortgage 15, , ,438 Other loans 1, , ,281 Loans to micro and small entities 203,853 15,469 5, , ,825 2, ,481 Loans to medium and large entities 236,386 11,263 4, , ,228 2, ,385 Loans to Government and municipalities 22,629 1,448-24, ,957 Loans to financial institutions ,645 45,973 9, , ,147 8, ,419 Loans and advances to banks 115, , , ,339 45,973 9, , ,147 8, ,113 18

101 NOTES TO THE FINANCIAL STATEMENTS December 31, FINANCIAL INSTRUMENTS (Continued) 4.2. Credit Risk (Continued) Loans and Advances (Continued) Neither past due nor impaired Past due but not impaired Individually impaired Total, Gross Individual Allowance for Impairment General Allowance for Impairment In thousands of EUR Total Allowance for Impairment Total net exposure Housing loans 42,594 3,803-46, ,724 Consumer loans 27,375 3,341-30, ,266 Credit cards 1, , Special purpose loans Other loans 2, , ,994 Loans to micro and small entities 93,696 5,694 2, , ,491 1,509 99,881 Loans to medium and large entities 107,085 8,960 9, , ,728 Loans to Government and municipalities 16, , , ,375 22,708 11, , ,852 3, ,722 Loans and advances to banks 80, , , ,070 22,708 11, , ,852 3, ,417 a) Loans and Advances Neither Past Due or Impaired In thousands of EUR Satisfactory risk Watch list Substandard Total December 31, 2007 Housing loans 115, ,828 Current accounts overdrafts 5, ,325 Consumer loans 56, ,782 Credit cards 5, ,220 Special purpose loans 9, ,400 Other loans to individuals covered by - mortgage 15,656-15,656 Other loans 1, ,070 Loans to micro and small entities 203, ,853 Loans to medium and large entities 236, ,386 Loans to Government and municipalities 22, ,629 Loans to financial institutions , ,645 Loans and advances to banks 115, , , ,339 19

102 NOTES TO THE FINANCIAL STATEMENTS December 31, FINANCIAL INSTRUMENTS (Continued) 4.2. Credit Risk (Continued) Loans and Advances (Continued) a) Loans and Advances Neither Past Due or Impaired (Continued) In thousands of EUR Satisfactory risk Watch list Substandard Total December 31, 2006 Housing loans 42, ,594 Consumer loans 27, ,375 Credit cards 1, ,182 Special purpose loans Other loans 2, ,835 Loans to micro and small entities 93, ,696 Loans to medium and large entities 107, ,085 Loans to Government and municipalities 16, , , ,375 Loans and advances to banks 80, , , ,070 b) Past Due but not Individually Impaired Past due up to 30 days Past due days Past due days Past due days Past due days Past due 1 to 5 years In thousands of EUR Over 5 years Total December 31, 2007 Housing loans 7, ,021 Current accounts overdrafts Consumer loans 4, ,781 Credit cards Special purpose loans 1, ,469 Other loans to individuals covered by mortgage Other loans Loans to micro and small entities 11,955 1,097 1, ,469 Loans to medium and large entities 10, ,263 Loans to Government and municipalities 1, ,448 39,521 2,352 2,016 2, ,973 39,521 2,352 2,016 2, ,973 20

103 NOTES TO THE FINANCIAL STATEMENTS December 31, FINANCIAL INSTRUMENTS (Continued) 4.2. Credit Risk (Continued) Loans and Advances (Continued) b) Past Due but not Individually Impaired (Continued) Past due up to 30 days Past due days Past due days Past due days Past due days Past due 1 to 5 years In thousands of EUR Over 5 years Total December 31, 2006 Housing loans 3, ,803 Current accounts - overdrafts Consumer loans 3, ,341 Credit cards Other loans Loans to micro and small entities 4, ,694 Loans to medium and large entities 8, ,960 Loans to Government and - municipalities , ,708 20, ,708 c) Fair Value of Collateral In thousands of EUR Deposits 168, ,327 Guarantees 31,833 27,320 Pledge 54,882 45,987 Mortgages 1,369, ,209 Total 1,624, ,843 As collateral, the Bank accepts mortgages against immovable s, the fair value of which, pursuant to the certified appraiser s valuations, exceeds the minimum of 30% of placements. Properties used as collateral are housing premises, apartment buildings, business buildings and premises, as well as land depending on its location and future use. When accepting pledge over securities as collateral, the Bank monitors the price of the security used as collateral on daily basis. The market value of the pledge must exceed 50% of the placement s worth. d) Restructured Loans and Advances The Bank restructured the loan to the borrower due to a diminishing of the borrower s creditworthiness, if it has: a. Extended the principal and interest maturity b. Decreased the interest rate on the loan approved c. Reduced the amount of debt, principal or interest d. Made other concessions which place the borrower in better financial position. 21

104 NOTES TO THE FINANCIAL STATEMENTS December 31, FINANCIAL INSTRUMENTS (Continued) 4.2. Credit Risk (Continued) Loans and Advances (Continued) d) Restructured Loans and Advances (Continued) Upon restructuring of the loan, the Bank performs financial analysis of the borrower and assesses its capacitates to realize cash flows necessary for the repayment of the loan principal, as well as the corresponding interest once the loan is restructured. During 2007, the Bank restructured loans in the amount of EUR 6,903 thousand of loans (2006: EUR 2,334 thousand). e) Foreclosed Assets As of December 31, 2007 the Bank disclosed within the line item of other assets the net amount of EUR 40 thousand of foreclosed assets (December 31, 2006: net EUR 40 thousand). The foreclosed assets relate to property and automobiles stated in the amount of total uncollected receivables. As of December 31, 2007, the fair value of these assets aggregated to EUR 106 thousand. The Bank is planning to sell the foreclosed assets in the forthcoming period. f) Geographic Sector Risk Concentration Geographic sector risk concentration of the Bank s exposure to the credit risk, exclusive of the allowance for impairment is as follows: Montenegro European Union In thousands of EUR USA and Canada Other Total Loans and advances to banks , ,694 Loans and advances to customers 715,421 12, ,702 Available for sale securities Financial assets carried at fair value through profit and loss Securities held to maturity Other assets 4, ,256 December 31, , , ,533 December 31, ,862 80, ,855 22

105 NOTES TO THE FINANCIAL STATEMENTS December 31, FINANCIAL INSTRUMENTS (Continued) 4.2. Credit Risk (Continued) Loans and Advances (Continued) h) Industry Sector Risk Concentration Industry sector risk concentration of the Bank s exposure to the credit risk, exclusive of the allowance for impairment is as follows: Finance Transportation, traffic and telecommunication Services, tourism, hotel management Trading Civil engineering Energetics Mining Administration Real estate Agriculture hunting and fishing Other In thousands of EUR Retail customers Total Treasury bills Loans and advances to banks 115, ,694 Loans and advances to customers 23,241 39,301 71, ,081 64,659-1,898 6,127 3,492 11,798 15, , ,702 Available for sale securities Financial assets at fair value through profit and loss Securities held to maturity Other assets , December ,629 39,574 72, ,901 65,115-1,930 6,217 3,548 12,029 16, , , Decembar , , ,328 17,302 2, ,506 5,426 1, , ,855 23

106 NOTES TO THE FINANCIAL STATEMENTS December 31, FINANCIAL INSTRUMENTS (Continued) 4.2. Credit Risk (Continued) Off-Balance Sheet Items The maturities of off-balance sheet items exposing the Bank to credit risk are as follows: Undrawn Loan Facilities Uncovered Letters of Credit In thousands of EUR Guarantees Total December 31, 2007 Up to one year 8,420 28,782 3,383 40,585 From 1 to 5 years - 3,051-3,051 8,420 31,833 3,383 43,636 Undrawn Loan Facilities Uncovered Letters of Credit In thousands of EUR Guarantees Total December 31, 2006 Up to one year 12,624 24,886 2,334 37,510 From 1 to 5 years - 2,434 1,483 2, Market Risk 12,624 27,320 3,817 43,761 The Bank takes on exposure to market risks. Market risks arise from open positions in interest rate, currency and equity products, all of which are exposed to general and specific market movements. Limits for the exposure to market risks are internally prescribed, and in compliance with the prescribed limits by the Central Bank of Montenegro Foreign Exchange Risk The Bank takes on exposure to effects of fluctuations in the prevailing foreign currency exchange rates on its financial position and cash flows. The exposure to currency risk is regularly monitored by harmonizing them with the limits prescribed by the Central Bank of Montenegro. 24

107 NOTES TO THE FINANCIAL STATEMENTS December 31, FINANCIAL INSTRUMENTS (Continued) 4.3. Market Risk (Continued) Foreign Exchange Risk (Continued) The exposure to foreign currency risk as of December 31, 2007 is presented in the following table. In thousands of EUR Total Local Other Foreign Currency USD Currencies Currencies (EUR) Total ASSETS Cash and balances with the Central Bank 1, , , ,164 Loans and advances to banks 12, , , ,694 Loans and advances to customers , ,419 Available for sale securities Financial asset at fair value through profit and loss Securities held to maturity Other assets ,190 4,256 Total assets 14,773 1,288 16, ,353 1,008,414 LIABILITIES Deposits from banks 6-6 3,567 3,573 Due to customers 14,304 1,073 15, , ,682 Other borrowed funds , ,303 Other liabilities ,573 2,695 Provisions Current income tax liabilities Deferred income tax liabilities Employee benefits Total liabilities 14,425 1,080 15, , ,695 Net Open Position: - December 31, ,163 24,719 - December 31, 2006 (1,303) 431 (872) 8,507 7, Interest Rate Risk Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Fair value interest rate risk is the risk that the value of a financial instrument will fluctuate because of changes in market interest rates. The Bank takes on exposure to the effects of fluctuations in the prevailing levels of market interest rates on both its fair value and cash flow risks. Interest margins may increase as a result of such changes but may reduce or create losses in the event that unexpected movements arise. The interest rates are based on market rates and the Bank regularly performs repricing. 25

108 NOTES TO THE FINANCIAL STATEMENTS December 31, FINANCIAL INSTRUMENTS (Continued) 4.3. Market Risk (Continued) Foreign Exchange Risk (Continued) The following table presents the Bank s interest bearing and non-interest bearing assets and liabilities as of December 31, Interest Bearing Items Non-Interest Bearing Items In thousands of EUR Total ASSETS Cash and balances with the Central Bank 66, , ,164 Loans and advances to banks 108,592 7, ,694 Loans and advances to customers 719, ,419 Available for sale securities Financial asset at fair value through profit and loss Securities held to maturity Other assets - 4,256 4,256 Total assets 895, ,036 1,008,414 LIABILITIES Deposits from banks 740 2,833 3,573 Due to customers 778,793 63, ,682 Other borrowed funds 133, ,303 Other liabilities - 2,695 2,695 Total liabilities 912,836 69, ,253 Interest Sensitive Gap: - December 31, 2007 (17,458) 43,619 26,161 - December 31, 2006 (11,833) 20,475 8,642 26

109 NOTES TO THE FINANCIAL STATEMENTS December 31, FINANCIAL INSTRUMENTS (Continued) 4.3. Market Risk (Continued) Foreign Exchange Risk (Continued) The table below summarizes the annual interest rates (except otherwise stated) by major currencies for monetary financial instruments: - in percentages- EUR USD Financial assets Obligatory reserve interest-bearing portion 1% - Securities held to maturity 6.5% - Loans and advances to banks 3.3%-3.9% 4.40%-5.17% Short-term loans to customers: - legal entities 4%-12% - - private individuals 3%-16% - Long-term loans to customers: - legal entities 6%-12% - - private individuals 3%-16% - Financial liabilities Deposits from banks 1.15%-6.5% - Due to customers: - legal entities - private individuals 0%-10% 0%-6.5% 0%-6% 1.5%-6% Other borrowed funds: - Directorate for Development of Small and Medium Sized Enterprises 3.5%-7% - - Development Fund of the Republic of Montenegro 1.5%-8% - - KfW EURIBOR+2%-2.4% - - Commerzbank AG EURIBOR+0.15% - - EAR EURIBOR/LIBOR+2% -3% - - DEG&FMO EURIBOR+3.5% - - EFSE 3.5%-EURIBOR+3.5% - - OTP Bank 4.4. Liquidity Risk EURIBOR+1.5%- 2.25% - Liquidity risk includes both the risk of being unable to provide cash to settle its liabilities at appropriate maturities and the risk of being unable to liquidate an asset at a reasonable price and in an appropriate time frame Liquidity Risk Management The matching and controlled mismatching of the maturities and interest rates of assets and liabilities is fundamental to the management of the Bank. It is unusual for banks ever to be completely matched since business transacted is often of uncertain term and of different types. An unmatched position potentially enhances profitability, but also increases the risk of losses. 27

110 NOTES TO THE FINANCIAL STATEMENTS December 31, FINANCIAL INSTRUMENTS (Continued) 4.4. Liquidity Risk (Continued) Liquidity Risk Management (Continued) The maturities of assets and liabilities and the ability of the Bank to replace, at an acceptable cost, interest bearing liabilities as they mature, are important factors in assessing the liquidity of the Bank and its exposure to changes in interest rates and exchange rates. Liquidity requirements to support calls under guarantees and standby letters of credit are considerably less than the amount of the commitment because the Bank does not generally expect the third party to draw funds under the agreement. The total outstanding contractual amount of commitments to extend credit does not necessarily represent future cash requirements, since many of these commitments will expire or terminate without being funded. The Assets and Liquidity Department monitors the Bank's exposure to liquidity risk on daily basis. In order to determine the matching and mismatching of cash inflows and outflows, the Bank makes use of GAP analysis. The table below analyses assets and liabilities of the Bank into relevant maturity based on the remaining period at balance sheet date to the contractual maturity date. In thousands of EUR Up to From One From 3 to 12 From 1 to Over One Month to 3 Months Months 5 Years 5 Years Total ASSETS Cash and balances with the Central Bank 168, ,164 Loans and advances to banks 65, , ,694 Loans and advances to customers 84,115 52, , , , ,419 Available for sale securities Financial asset at fair value through profit and loss Securities held to maturities Property, plant and equipment ,829 12,829 Intangible assets ,090 4,090 Other assets 2, , ,256 Total assets 320,446 53, , , ,598 1,025,333 LIABILITIES AND EQUITY Deposits from banks 3, ,573 Due to customers 469, , , ,838 2, ,682 Other borrowed funds 2,226 2,738 5, ,812 16, ,303 Current tax liabilities Other liabilities 780 1, ,695 Provisions Deferred tax liabilities Employee benefits Equity ,638 41,638 Total liabilities and equity 476, , , ,650 61,704 1,025,333 Net Liquidity Gap: - December 31, 2007 (156,025) (50,635) 42,517 80,249 83, December 31, 2006 (1,323) (23,750) (14,295) 28,764 10,604-28

111 NOTES TO THE FINANCIAL STATEMENTS December 31, FINANCIAL INSTRUMENTS (Continued) 4.4. Liquidity Risk (Continued) Liquidity Risk Management (Continued) The structure of the Bank s financial assets and liabilities as classified into their relevant maturities as of December 31, 2007 indicates the existence of liquidity gap in the period up-toone-year. The primary reason for this gap lies in the fact that the short-term sources of funds with maturities of up to one month, primarily demand deposits, have been committed for longer periods of time. As per the management s opinion, on the basis of the historical data and Bank s experience in the last five years, from 30 percent to 40 percent of the demand deposits can be treated as long-term sources of funds Remaining Contractual Maturity Analysis for Financial Liabilities (Undiscounted Cash Flows) Up to 1 Month From 1 to 3 Months From 3 to 12 Months From 1 to 5 Years In thousands of EUR Over 5 Years Sight Total 31 December 2007 LIABILITES Deposits from banks 2, ,601 Due to customers 322,560 48,959 98, , ,107 3, ,623 Other borrowed funds 2,226-3,282 14, ,092 20, ,835 Other liabilities - 1,235 1, ,390 Deferred tax liabilities Current tax liabilities ,656 50, , , ,199 23,810 1,060,068 Up to 1 Month From 1 to 3 Months From 3 to 12 Months From 1 to 5 Years In thousands of EUR Over 5 Years Sight Total 31 December 2006 LIABILITES Deposits from banks 4, ,130 Due to customers 202,628 22,325 39,552 91, ,357 3, ,236 Other borrowed funds ,161 11,745 42,363 12,518 70,048 Other liabilities Deferred tax liabilities Current tax liabilities ,679 64,806 42,475 52, ,292 12, ,920 29

112 NOTES TO THE FINANCIAL STATEMENTS December 31, FINANCIAL INSTRUMENTS (Continued) Fair Value of Financial Assets and Liabilities In thousands of EUR Carrying Amount Fair Value Financial assets Treasury bills - 1,461-1,461 Loans and advances to banks 115,694 80, ,694 80,695 Loans and advances to customers 719, , , ,722 Available-for-sale securities Financial asset at fair value through profit and loss Securities held-to-maturity Financial liabilities Deposits from banks 3,573 5,087 3,573 5,087 Due to customers 842, , , ,147 Other borrowed funds 133,303 54, ,303 54,407 Fair value of financial instruments is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm s length transaction. However, no readily available market prices exist for a certain portion of the Bank s financial instruments. In circumstances where the quoted market prices are not readily available, the fair value is estimated using discounted cash flow models or other pricing models as appropriate. Changes in underlying assumptions, including discount rates and estimated future cash flows, significantly affects the estimates. Therefore, the calculated fair market estimates cannot be realized in a current sale of the financial instrument. In estimating the fair value of the Bank s financial instruments, the following methods and assumptions were used: (a) Loans and advances to banks Loans and advances to banks include inter-bank placements and items in the course of collection. The fair value of floating rate placements and overnight deposits approximates their carrying amount at the balance sheet date. (b) Loans and advances to customers In order to determine the fair value of the loans and advances to customers with fixed interest rate, measured at amortized cost, the Bank has performed comparison of the Bank s interest rate on the loans and advances to customers with available information on current market interest rates in the banking sector of the Republic of Montenegro (i.e. average weighted market rates by activities), as it is summarized in the following table: 30

113 NOTES TO THE FINANCIAL STATEMENTS December 31, FINANCIAL INSTRUMENTS (Continued) 4.5. Fair Value of Financial Assets and Liabilities (Continued) (b) Loans and advances to customers (Continued) - in percentages- Industry Sector Annual Average Weighted Interest Rate Banking Sector in the Republic of Bank Montenegro Finance 6.74% 7.08% Transportation, traffic and telecommunication 7.34% 7.86% Services, tourism and hotel management 7.82% 8.41% Trading 7.17% 7.74% Civil engineering 7.56% 7.82% Energetics 6.95% 7.39% Manufacturing 7.22% 7.74% Mining 6.85% 7.41% Administration and other public services 5.97% 7.52% Real estate 7.74% 7.82% Retail customers 8.61% 9.75% Agriculture, hunting and fishing 6.58% 6.87% Other 7.15% 6.72% According to the Bank s management, the fair value of loans and advances to customers calculated as present value of discounted future cash flows, using current market rates (average weighted interest rates in the banking sector), does not materially differ from the carrying amount of loans at balance sheet date. According to the Bank s management, carrying values as presented in the Bank s financial statements represent values that are believed to be the most valid under the circumstances and most useful for the purposes of the financial reporting. (c) Available-for-sale securities Fair value for available-for-sale is based on market prices. Where this information is not available, fair value has been estimated using quoted market prices for securities with similar characteristics. (d) Deposits and borrowings The estimated fair value of the demand deposits and the deposits with remaining contractual maturities less then one year approximates their carrying amount. The estimated fair value of fixed interest bearing deposits with remaining contractual maturities over one year, without quoted market price, is based on discounted cash flows using interest rates for new debts with similar remaining maturity. According to the Bank s management, Bank s interest rates are harmonized with the current market rates and the amounts stated in the financial statements represent the values that are believed under the circumstances, to be approximate the fair value of these financial instruments Based on the Bank s assumption that carrying amount of the borrowings with floating interest rate approximates their fair value at the balance sheet date. 31

114 NOTES TO THE FINANCIAL STATEMENTS December 31, FINANCIAL INSTRUMENTS (Continued) 4.6. Capital Management The Bank s objectives in capital management: To comply with the capital requirements set by the regulator; To safeguard the Bank s ability to continue as a going concern so that it can continue to provide returns for shareholders and benefits for other stakeholders; and To maintain a strong capital base to support the development of its business. The Bank s management controls capital adequacy by applying the methodologies and limits prescribed by the Central Bank of Montenegro. In accordance with the regulations, the Bank submits quarterly reports on the capital condition and structure to the Central Bank of Montenegro. The Bank s capital is divided into two tiers: Tier 1 capital (paid-in share capital, retained earnings from prior years, legal reserves) Tier 2 capital (provisions for losses per separate items of assets up to 1.25 percent of the Bank s risk-weighted assets, profit for the year, subordinated loans). The risk weighed capital is a sum of tier 1 and 2 capital, as decreased by: Intangible assets and Bank s investments in equity of other legal entities. The risk-weighted assets are comprised of items of assets and loan equivalents of off-balance sheet assets exposed to risk. The loan equivalents of off-balance sheet assets are computed by multiplying the book value of off-balance sheet items with the prescribed conversion factors. The total risk-weighted assets are comprised of assets and loan equivalents of off-balance sheet items exposed to risk (the Bank's risk weighted assets) classified in four categories and multiplied by adequate prescribed risk weights Risk Exposure Analysis Risk Exposure Analysis (Foreign Exchange Risk) The management of foreign exchange risk, in addition to the analysis of Bank s assets and liabilities in foreign currency, includes the analysis of risk inherent in the fluctuations in foreign currency exchange rates. The table which follows sets out the scenario for the changes in the exchange rates ranging from +10% to -10% as compared to EUR. In thousands of EUR Change in Exchange Rate % -10% ASSETS Cash and balances with the Central Bank 168, (241) Loans and advances to banks 115,694 1,358 (1,358) Other assets 4,256 6 (6) Total assets 288,114 1,605 (1,605) LIAIBILITES Due to customers 842,682 1,538 (1,538) Other liabilities 4, (12) Total labializes 846,819 1,550 (1,550) Net Open Position: - December 31, (55) - December 31, 2007 (83) 83 32

115 NOTES TO THE FINANCIAL STATEMENTS December 31, FINANCIAL INSTRUMENTS (Continued) 4.7. Risk Exposure Analysis (Continued) Risk Exposure Analysis (Foreign Exchange Risk) (Continued) As of December 31, 2007, under the assumption that all other parameters remain the same upon the change in the EUR exchange rate, as compared to other currencies, by +10%, i.e., - 10%, the Bank's profit would increase, i.e., decrease by EUR 55 thousand (December 31, 2006: EUR 83 thousand). The reason why the Bank's exposure to currency risk is small is rooted in the fact that the major portion of the Bank's assets and liabilities is denominated in EUR Risk Exposure Analysis (Interest Rate Risk) In the process of interest rate risk management, the Bank analyses the exposure of Bank s assets and liabilities to changes in interest rates. The following table shows the effect of fluctuations in interest rates on the Bank s assets and liabilities denominated in EUR and foreign currency in the range from +0.4 b.p. to b.p. and from 0.3 b.p. to -0.3 b.p, respectively. In thousands of EUR Net effect of movements in interest rates b.p. EUR KS +0.3 b.p. FX KS -0.4 b.p. EUR KS -0.3 b.p. FX KS ASSETS Cash and balances with the Central Bank 168, Loans and advances to banks 115, (200) Loans and advances to customers 719, Available for sale securities Financial asset at fair value through profit and loss Securities held to maturity Other assets 4, ,008, (200) LIABILITIES Deposits from banks 3, Due to customers 842, Other borrowed funds 133, (496) Other liabilities 4, , (496) Net Interest Sensitive Gap: - December 31, 2007 (296) December 31, 2006 (194) 194 Under the assumption that all other parameters remain the same, the increase in variable interest rates applied to assets and liabilities denominated in EUR by 0.4 percentage points, i.e., the increase of 0.3 percentage points applied to assets and liabilities denominated in foreign currency, the Bank's profit would decrease by EUR 296 thousand (December 31, 2006: EUR 194 thousand). Under the assumption that all other parameters remain the same, the decrease in variable interest rates applied to assets and liabilities denominated in EUR by 0.4 percentage points, i.e., the decrease of 0.3 percentage points applied to assets and liabilities denominated in foreign currency, the Bank's profit would increase by EUR 296 thousand (December 31, 2006: EUR 194 thousand). 33

116 NOTES TO THE FINANCIAL STATEMENTS December 31, FINANCIAL INSTRUMENTS (Continued) 4.7. Risk Exposure Analysis (Continued) Risk Exposure Analysis (Interest Rate Risk) (Continued) The reason why the Bank's exposure to interest rate is small is rooted in the fact that the major portion of the Bank's assets and liabilities are linked to a fixed interest rate. 5. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS IN APPLYING ACCOUNTING POLICIES The Bank makes estimates and assumptions that affect the reported amounts of assets and liabilities within the next financial year. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. (a) Impairment losses on loans and advances The Bank reviews its loan portfolios to assess impairment at least on a quarterly basis. In determining whether an impairment loss should be recorded in the income statement, the Bank makes judgments as to whether there is any observable data indicating that there is a measurable decrease in the estimated future cash flows from a portfolio of loans before the decrease can be identified with an individual loan in that portfolio. This evidence may include observable data indicating that there has been an adverse change in the payment status of borrowers in a Bank, or national or local economic conditions that correlate with defaults on assets in the Bank. Management uses estimates based on historical loss experience for assets with credit risk characteristics and objective evidence of impairment similar to those in the portfolio when scheduling its future cash flows. The methodology and assumptions used for estimating both the amount and timing of future cash flows are reviewed regularly to reduce any differences between loss estimates and actual loss experience. (b) Impairment of available for-sale equity investments and investments in associates The Bank determines that available-for-sale equity investments are impaired when there has been a significant or prolonged decline in the fair value below its cost. This determination of what is significant or prolonged requires judgment. Impairment may be appropriate when there is evidence of deterioration in the financial health of the investee, industry and sector performance and operational and financing cash flows. 6. INTEREST INCOME AND EXPENSE AND SIMILAR INCOME AND EXPENSE a) Interest and Similar Income In thousands of EUR Year Ended December 31, Loans and advances to customers 44,897 23,271 Placements to banks 4,336 2,114 Treasury bills Obligatory reserve ,632 25,613 34

117 NOTES TO THE FINANCIAL STATEMENTS December 31, INTEREST INCOME AND EXPENSE AND SIMILAR INCOME AND EXPENSE (Continued) b) Interest and Similar Expenses In thousands of EUR Year Ended December 31, Deposits from customers 24,577 13,177 Deposits from banks 566 1,198 Borrowed funds 4,529 1,856 Subordinated debt ,110 16, FEE AND COMMISSION INCOME AND EXPENSE a. Fee and Commission Income In thousands of EUR Year Ended December 31, Fee and commission income arising from domestic and international payment transfers 12,761 10,785 Credit card related fees and commissions 2,090 1,125 Fee income from issued guarantees and other contingent liabilities 1, Other ,722 13,601 b. Fee and Commission Expense In thousands of EUR Year Ended December 31, Fee and commission expense arising from domestic payment transfers 1,359 1,318 Fee and commission expense arising from international payment transfers 1, Commission expenses arising on guarantees Credit card related fees and commissions ,305 2,917 35

118 NOTES TO THE FINANCIAL STATEMENTS December 31, NET TRADING INCOME In thousands of EUR Year Ended December 31, Foreign exchange: - translation losses, net (61) (38) - transaction gains, net 1, , OPERATING EXPENSES In thousands of EUR Year Ended December 31, Staff costs 9,280 6,451 Administrative expenses 2,370 1,690 Depreciation and amortization: - property, plant and equipment intangible assets Rent Software and hardware expenses Vehicle maintenance costs Professional services Deposit insurance premium 1, Marketing, sponsorship, and entertainment 2,873 1,532 Other ,554 13, LOSSES ON IMPAIRMENT AND PROVISIONS In thousands of EUR Year Ended December 31, Loans to customers 5,460 3,237 Release of provision on repaid loans - (118) (Release)/provisions for contingent liabilities, net (97) 566 Release of provision for accrued interest and other assets, net (90) - Provisions for retirement benefits and jubilee awards 373-5,646 3,685 36

119 NOTES TO THE FINANCIAL STATEMENTS December 31, INCOME TAXES a) Components of Income Taxes In thousands of EUR Year Ended December 31, Current tax (586) (347) Deferred tax (80) (77) (666) (424) b) Numerical Reconciliation between Tax Expense and the Product of Accounting Results Multiplied by the Applicable Tax Rate In thousands of EUR Year Ended December 31, Profit before tax 9,076 4,334 Income tax (9%) Effects of the reconciliations with the taxable base in accordance with the requirements of the Central Bank of Montenegro (200) - Expenses not deductible for tax purposes Tax included in the income statement Effective tax rate 7.34% 9.78% Deferred tax liabilities at December 31, 2007 in the amount of EUR 316 thousand are associated with the temporary differences arising between the tax bases of property and equipment and the carrying value of such assets. 12. CASH AND BALANCES WITH THE CENTRAL BANK In thousands of EUR December 31, December 31, Cash on hand 25,262 21,735 Cash in the course of collection Cheques in the course of collection Giro account 30,385 10,411 Obligatory reserve held with the Central Bank 111,416 80, , ,327 The Bank s obligatory reserve at December 31, 2007 represent the minimum deposits set aside in accordance with the Central Bank of Montenegro Regulation with respect to The Reserve Requirements for Banks To Be Held with The Central Bank of Montenegro, ( Official Gazette of the Republic of Montenegro, no. 14/06 of March 10, 2006). Pursuant to the aforecited, the obligatory reserve is to be calculated by applying the following reserve percentages: - 19% for sight deposits and term deposits having less-than-90-day maturities for the calculation of the reserve requirement; and - 5% for term deposits with more-than-90-day, but less-than-one-year maturities, for the calculation of the reserve requirement. 37

120 NOTES TO THE FINANCIAL STATEMENTS December 31, CASH AND BALANCES WITH THE CENTRAL BANK (Continued) The obligatory reserve is to be calculated by applying the aforementioned ratios on a weekly basis, two days prior to the expiration of the maintenance period. The Bank s obligatory reserves represent the minimum deposits set aside into domestic accounts and/or into Central Bank of Montenegro ( CBM ) accounts abroad, which may contain up to 10% of the Bank s obligatory reserve requirements by restricting the Treasury bills issued by the Government of the Republic of Montenegro. The Central Bank pays interest to the banks on 40% of the obligatory reserve requirement deposited, at the annual rate of 1% up to the eighth day of the month for the preceding month. The obligatory reserve is held in euro amounts. 13. LOANS AND ADVANCES TO BANKS In thousands of EUR December 31, December 31, Accounts with domestic banks Accounts with foreign banks 6,937 1,894 Nostro-covered letters of credit and guarantees with foreign banks 56,358 5,938 Placements with foreign banks - up to one year 51,512 72,254 - over one year ,694 80,695 As of December 31, 2007, short-term placements with foreign banks, mostly from EU member countries, in the amount of EUR 51,512 thousand are granted for periods from three days to three months, at annual interest rates ranging from 4.40 to 5.17 percent for placements in USD and from 3.30 to 3.69 percent for placements in EUR. Nostro-covered letters of credit and guarantees with foreign banks stated as of December 31, 2007 in the amount of EUR 56,358 thousand primarily relate to cash placed with Commerzbank, AG, Frankfurt in the amount of EUR 55,744 thousand to securitize the loan approved by Kreditanstalt fur Wiederaufbau ("KfW"), Frankfurt am Main, at annual interest rates ranging from 3.40 to 3.90 percent and based on a loan from Commerzbank AG, Frankfurt am Main, in the amount of EUR 50,297 thousand, extended for a period of two years at an interest rate of quarterly EURIBOR percent annually. 14. LOANS AND ADVANCES TO CUSTOMERS In thousands of EUR December 31, December 31, Up to one year in EUR 294, ,650 Over one year in EUR 433, , , ,677 Less: Allowance for losses on loans and advances (8,283) (3,955) 719, ,722 38

121 NOTES TO THE FINANCIAL STATEMENTS December 31, LOANS AND ADVANCES TO CUSTOMERS (Continued) Loans up to one year in Euro are primarily granted to local enterprises for purposes of promoting and supporting trading activities, industrial production, import financing, as well as for liquidity and other purposes. These loans are usually granted for periods from one month up to one year at annual interest rates ranging from 4 to 12 percent. The loans over one year include loans to small and medium-sized enterprises which are primarily granted for the purpose of financing working capital and fixed asset purchases in the service, production, trade and agricultural sectors and bear an annual interest rate ranging from 6 to 12 percent. Loans to retail customers are primarily granted for the purchase of apartments, equipment, cars and consumer goods. These loans are usually granted for period from one to twelve years, at annual interest rates ranging from 3 to 16 percent. Movement in allowance for losses on loans and advances is as follows: In thousands of EUR Year Ended December 31, Balance at January 1 3,955 2,012 Provision charged for the year, net 5,460 3,237 Transfer from provision for potential liabilities Transfer from provisions for other assets 18 - Release of provisions - (118) Write offs (1,221) (1,654) Other (9) 318 Balance at December 31 8,283 3, SECURITIES AVAILABLE-FOR-SALE December 31, 2007 In thousands of EUR December 31, 2006 Equity securities - at fair value: - listed unlisted The Bank holds the following equity investments: In thousands of EUR December 31, December 31, Zetatrans A.D., Podgorica Lov en osiguranje A.D., Podgorica Magrom d.o.o., Cetinje - 48 Central Depositary Agency, Podgorica New Securities Stock Exchange

122 NOTES TO THE FINANCIAL STATEMENTS December 31, FINANCIAL ASSET AT FAIR VALUE THROUGH PROFIT AND LOSS As of December 31, 2007, financial asset at fair value through profit and loss in the amount of EUR 210 thousand (December 31, 2006 EUR 211 thousand) relate to the ownership of percent in Moneta A.D., Podgorica which has been accounted for at fair value. 17. SECURITIES HELD-TO-MATURITIY As of December 31, 2007, securities held to maturity in the amount of EUR 517 thousand relate to the bonds of NLB Montenegro banka A.D., Podgorica, maturing on July 21, 2010 at an interest rate of 6.5 percent annually. The interest is charged semi-annually, on January 21 and July 21 until their maturity. 18. PROPERTY, PLANT, EQUIPMENT AND INTANGIBLE ASSETS Construction In thousands of EUR Equipment and Other in Intangible Buildings Assets Progress Assets Total Cost Balance, beginning of year 8,575 5,619-5,492 19,686 Additions 153 1, ,075 2,969 Transfers - (221) 374 (153) - Disposals - (115) - - (115) Balance, end of year 8,728 6, ,414 22,540 Accumulated Depreciation Balance, beginning of year 620 1,913-1,560 4,093 Charge for the year ,585 Disposals - (57) - - (57) Transfer (13) (66) Balance, end of year 778 2,519-2,324 5,621 Net Book Value: - as of December 31, ,950 4, ,090 16,919 - as of December 31, ,955 3,706-3,932 15, OTHER ASSETS In thousands of EUR December 31, December 31, Fees receivable 2,219 2,447 Receivables based on taxes Deferred expenses Advances paid Other receivables based on transactional accounts Other ,267 3,711 Less: Allowance for impairment (11) (119) 4,256 3,592 40

123 NOTES TO THE FINANCIAL STATEMENTS December 31, OTHER ASSETS (Continued) Movement in allowance for other assets is as follows: In thousands of EUR Year Ended December 31, Balance at January Release of provision (90) - Transfers (18) 90 Other - 8 Balance at December DEPOSITS FROM BANKS December 31, 2007 In thousands of EUR December 31, 2006 Deposits from domestic banks: - demand deposits 2,844 4,714 - short-term deposits ,573 5,087 Demand deposits bear annual interest rotes ranging between 1.15 percent and 3 percent annually. Short-term deposits bear annual interest rates ranging from 1.5 percent to 6.5 percent annually. 41

124 NOTES TO THE FINANCIAL STATEMENTS December 31, DUE TO CUSTOMERS December 31, 2007 In thousands of EUR December 31, 2006 Demand deposits in Euro: - Enterprises 128,635 71,654 - Governmental institutions 27,878 30,010 - Retail customers 150,002 82,318 - Other entities 6,205 4,481 Demand deposits in foreign currencies: - Enterprises 2,904 8,894 - Governmental institutions Retail customers 4,390 3,427 Short-term deposits in Euro: - Enterprises 123,484 45,674 - Governmental institutions 11,023 21,089 - Retail customers 212,215 66,186 - Foreign institutions - 5,000 - Other entities 5,137 3,000 Short-term deposits in foreign currencies: - Enterprises Retail customers 5,613 6,921 Long-term deposits in Euro: - Enterprises 107,694 35,396 - Governmental institutions 10,000 15,402 - Retail customers 45,153 51,889 Long-term deposits in foreign currencies - Retail customers 1, , ,147 The demand deposits of enterprises bear annual interest rates ranging from 1.15 to 3 percent. Short-term and long-term deposits of enterprises are placed at annual interest rates ranging from 1 to 8 percent and 5 to 10 percent, respectively. Certain demand deposits and time short-term deposits of enterprises and private individuals are non-interest bearing ones, depending upon the terms contracted. Demand deposits of retail customers are placed at annual interest rates ranging from 1.15 to 3 percent. Short-term and long-term deposits of retail customers are placed at annual interest rates ranging from 1 to 6 percent and 4.5 to 6.5 percent, respectively. 42

125 NOTES TO THE FINANCIAL STATEMENTS December 31, OTHER BORROWED FUNDS December 31, 2007 In thousands of EUR December 31, 2006 Long-term domestic borrowings: - Directorate for Development of Small and Medium Sized Enterprises 1,581 1,068 - Development Fund of the Republic of Montenegro 7,827 3,786 - Lov en osiguranje A.D Long-term foreign borrowings from foreign entities: - Kreditanstalt fur Wiederaufbau ("KfW"), Frankfurt am Main 4,589 6,253 - Commerzbank AG, Frankfurt am Main 50, European Agency for Reconstruction (EAR) 899 1,198 - DEG and FMO 6,738 3,926 - European Fund for Southeast Europe, Luxembourg 13,740 13,605 - OTP Bank, Budapest: - commercial loans 35,580 24,109 - subordinated loans 12, Banca Intesa, Beograd ,303 54,407 As of December 31, 2007, the amount of EUR 1,581 thousand represents the long-term borrowings received from Directorate for Development of Small and Medium Sized Enterprises. These borrowings were granted for periods ranging from three to six years, at annual interest rates ranging from 3.5 to 7 percent. As of December 31, 2007, the amount of EUR 7,827 thousand represents the long-term borrowings in domestic currency received from the Development Fund of the Republic of Montenegro. These borrowings were granted for periods ranging from three to five years, and have grace periods ranging from six months to two years, at annual interest rates ranging from 1.5 to 8 percent. As of December 31, 2007, the amount of EUR 4,589 thousand relates to the loans approved by Kreditanstalt für Wiederaufbau ( KfW ), Frankfurt am Main for a period of five years and interest rate linked to EURIBOR as increased by percent p.a. As of December 31, 2007, the long term borrowings of EUR 50,308 thousand relate to liabilities arising on a loan received from Commerzbank AG, Frankfurt am Main with a two-year maturity and an interest rate of quarterly EURIBOR as increased by the margin of 0.15 percent annually. As of December 31, 2007, the amount of EUR 899 thousand represents long-term borrowings received from European Agency for Reconstruction for a period of five years and interest rate linked to variable EURIBOR/LIBOR as increased by 2 3 percent p.a. As of December 31, 2007, long-term local currency borrowings stated in the amount of EUR 6,738 thousand relate to loans approved by Deutche Investitions und Entwicklungsgesellschaft GmB, Keln (DEG) and Nederlandse Financierings Maatschapij voor Ontwikkelingsladen N.V, Hag (FMO) for a period of three years, at interest rate equal to EURIBOR as increased by 3.5 percent per annum. 43

126 NOTES TO THE FINANCIAL STATEMENTS December 31, OTHER BORROWED FUNDS (Continued) Based on the agreements executed with DEG and FMO, up to the final settlement of liabilities the Bank is under an obligation to fulfill certain operation ratios prescribed by the agreements. As of December 31, 2007, according to the Bank's calculation, the solvency ratio and ratio of capital expenditures amounted to 13.25% and 39.09% respectively, and they complied with the Agreement entered with the Central Bank of Montenegro on December 4, 2006, on reconciling the irregularities in the Bank s operations (Note 24). The long-term borrowings stated at December 31, 2007 of EUR 13,740 thousand relate to the liability for a long-term loan approved by European Fund for Southeast Europe, Luxembourg for a period of five to ten years at interest rate of 3.5 percent, or EURIBOR rate increased by 3 and 3.5 percent annually. The long-term borrowings stated at December 31, 2007 of EUR 35,580 thousand relate to the liability arising from a long-term loan approved by OTP Bank, Budapest for a period of five years and an interest rate equal to EURIBOR increased by the margin ranging from 1.5 and 1.95 percent annually. In accordance with the agreement executed with OTP Bank, Budapest, up to the final settlement of liabilities the Bank is under an obligation to maintain a minimum capital adequacy ratio as established by the Basel Accord. As of December 31, 2007, the long-term borrowings of EUR 12,041 thousand were associated a subordinated loan received from OTP Bank, Budapest for the period of seven years at an interest rate of EURIBOR as increased by 2.25 percent annually. 23. OTHER LIABILITIES In thousands of EUR December 31, December 31, Trade payables Accruals Accrued bonuses Indirect taxes and contributions Other tax liabilities 1, Other 6-2, PROVISIONS The movements on provision for potential losses were as follows: In thousands of EUR Year Ended December 31, Balance, January (Charge for the year)/ release, net (97) 566 Transfers (80) (250) Other - 38 Balance, December

127 NOTES TO THE FINANCIAL STATEMENTS December 31, SHARE CAPITAL As of December 31, 2007, the Bank s share capital is comprised of 62,344 common shares, with an individual par value of EUR The Shareholding Assembly enacted a Decision on January 29, 2007 with reference to share issue allowing the preemption rights to the existing shareholders, in the amount of EUR 10,000 thousand, i.e., 19,559 shares, where the individual par value of a share amounted to EUR The Securities Commission enacted a Decision on February 7, 2007 defining the forgoing share issue in the total amount of EUR 10,000 thousand as successful. Based on a Shareholding Assembly Decision of May 29, 2007, the profit for 2006 in the amount of EUR 3,910 was allocated to the existing shareholders in the form of 7,647 common shares the nominal value of which amounted to EUR (bonus issue as a reinvestment of dividends). The Securities Commission enacted a Decision on June 29, 2007 on recording the share issue based on the profit distribution. As of December 31, 2007, the sole owner of the Bank's shares is OTP Bank, Budapest with 100 percent of equity interest. In accordance with the requirements of the Central Bank of Montenegro, the Bank is under obligation to maintain a minimal capital adequacy ratio of 8%. The Bank is required to maintain certain minimum or maximum ratios with respect to its activities and composition of risk assets in compliance with the Law on Banks of the Republic of Montenegro and with the Central Bank of Montenegro Regulations. In accordance with the Agreement entered with the Central Bank of Montenegro on December 4, 2006, on reconciling the irregularities in the Bank s operations, as delineated in the Report on Financial Control prepared by the Central Bank of Montenegro, number 02/46/1 as of October 13, 2006, with the financial data as of August 31, 2006, the Bank is under obligation to maintain the solvency ratio at the minimum of 12 percent until December 31, 2007 and to draw down the ratio of capital expenditures to the minimum of no more than 40 percent first-class capital. In addition, until December 31, 2008, the Bank is obligated to reconcile the ratio of capital expenditures with the legal requirements, i.e., adjust it to the maximum of 20 percent of the firstclass capital or, if relevant approval is obtained from the Central Bank of Montenegro, to the maximum of 30 percent. As of December 31, 2007, the Bank s solvency ratio and the ratio of capital expenditures amount to percent and percent, respectively. 45

128 NOTES TO THE FINANCIAL STATEMENTS December 31, OFF-BALANCE-SHEET ITEMS In thousands of EUR December 31, December 31, a) Managed Funds - 3,469-3,469 b) Guarantees, Other Contingent Liabilities and Commitments Payment guarantees 11,732 18,613 Performance bonds 20,101 8,707 Uncovered letters of credit 3,383 3,817 Undrawn credit facilities 8,420 12,624 43,636 43,761 c) Other off-balance-sheet items Written off loans 1,891 1,954 Written off and suspended interest Other off-balance sheet items 395-2,580 1,954 Commitments for operating leases of business premises 46,216 49,184 Commitments for operating leases of business premises are as follows: In thousands of EUR December 31, December 31, Up to 1 year 1, From 1 to 5 years 4,358 3,834 Over 5 years 2,906 3,430 8,542 8,066 46

129 NOTES TO THE FINANCIAL STATEMENTS December 31, RELATED PARTY TRANSACTION The following table summarizes receivables from and payables to related parties as of the balance sheet date: December 31, 2007 In thousands of EUR December 31, 2006 Loans and advances to customers: - Bank s employees 8,312 2,775 - Related parties 1,503 - Total receivables 9,815 2,775 Payables to customers: - Bank s employees 8,066 4,526 - Related parties 7-8,073 4,526 Other Borrowed funds: - OTP Bank, Budapest (commercial loan) 35,580 24,109 35,580 24,109 Subordinated debt: - OTP Bank, Budapest (subordinated debt) 12,041-47,621 24,109 Total liabilities 55,694 28,635 Payables, net (45,879) (25,860) Income and expenses from transactions with related parties during 2007 and 2006 were as follows: In thousands of EUR Year Ended December 31, Interest income: - Bank s employees Related parties 78 - Total income Interest expense: - Bank s employees (358) (16) - Related parties (1) - - OTP Bank, Budapest (2,022) (376) Total expenses (2,381) (392) Net expenses (1,787) (251) During 2007 compensations paid to the management of the Bank amounted to EUR 1,027 thousand (2006: EUR 679 thousand). 47

130 NOTES TO THE FINANCIAL STATEMENTS December 31, TAXATION RISKS The Republic of Montenegro tax legislation is subject to different interpretations and changes which occur frequently. The interpretation of tax legislation by tax authorities as applied to the transactions and activity of the Bank may not be in line with that of the management. As a result, Bank s transactions may be challenged by tax authorities and the Bank may be assessed additional taxes, penalties and interest, which could be material. The Bank s tax statements may be reviewed or audited for a period of five years from the filing date of such statements. 29. EXCHANGE RATES The official exchange rates for major currencies used in the translation of balance sheet items denominated in foreign currencies, into euros as at December 31, 2007 and 2006 are as follows: December 31, 2007 December 31, 2006 USD CHF GBP

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