mts banka a.d. BELGRADE Financial Statements as of and for the Year Ended 31 December 2016 and Independent Auditor s Report

Size: px
Start display at page:

Download "mts banka a.d. BELGRADE Financial Statements as of and for the Year Ended 31 December 2016 and Independent Auditor s Report"

Transcription

1 mts banka a.d. BELGRADE Financial Statements as of and for the Year Ended 31 December 2016 and Independent Auditor s Report

2 mts banka a.d. Belgrade CONTENTS Page INDEPENDENT AUDITOR S REPORT 1-2 FINANCIAL STATEMENTS Balance Sheet Income Statement Statement of Other Comprehensive Income Statement of Changes in Equity Statement of Cash Flows Notes to the Financial Statements 1-102

3 This is an English translation of Independent Auditor s Report originally issued in the Serbian language INDEPENDENT AUDITOR S REPORT TO THE SHAREHOLDERS of mts banka a.d. Belgrade Report on Financial Statements We have audited the accompanying financial statements of mts banka a.d. Belgrade (hereinafter the Bank ), which comprise the balance sheet as of 31 December 2016, and the income statement, statement of other comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information. 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, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 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 the Law on Auditing ( Official Gazette of the Republic of Serbia, no. 62/2013) and International Standards on Auditing applicable in the Republic of Serbia. 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 financial statements present fairly, in all material respects, the financial position of the Bank as of 31 December 2016, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards.

4 INDEPENDENT AUDITOR S REPORT TO THE SHAREHOLDERS of mts banka a.d. Belgrade (Continued) Report on Other Legal and Regulatory Requirements Management of the Bank is responsible for the preparation and fair presentation of the annual business report in accordance with the requirements of the Law on Accounting. Our responsibility is to express an opinion on the consistency of the Bank s annual business report for the year ended 31 December 2016 with the audited financial statements for the same year. Our procedures in this regard were performed in accordance with International Standard on Auditing 720 The Auditor s Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements, and are only limited to the assessment of the consistency of financial information disclosed in the annual business report with the audited financial statements. In our opinion, financial information disclosed in the Bank s annual business report for the year ended 31 December 2016 is consistent, in all material respects, with the audited financial statements of the Bank for the year ended 31 December Belgrade, 27 February 2017 Danijela Krtinić Certified Auditor 2

5 Financial Statements FINANCIAL STATEMENTS as of and for the Year Ended 31 December 2016

6

7

8

9

10

11 mts banka a.d. Belgrade NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 Belgrade, 31 December 2016

12 1. BACKGROUND INFORMATION mts banka a.d. Belgrade (hereinafter: the Bank), was established on 28 December 1990 in accordance with Decision of the establishment and licence for the establishment no. 329 from 26 December 1990, issued by National Bank of Serbia. The Bank was registered on 3 January 1991 with the District commercial court of Pristina as a shareholding company. On April 2010 the Bank issued common shares in the total amount of RSD 850,000,000. At first extraordinary Shareholders Assembly meeting held on 18 June 2010 the purchase of the entire issue of common shares by Dunav osiguranje was confirmed, which has become a majority shareholder of the Bank. The Bank operated till 7 October 2010 under the name KOSOVSKO METOHIJSKA BANKA а.d., Zvecan, when the Serbian Registers Agency enacted decision no. BD /10 approving the change of name of the Bank to DUNAV BANKA a.d. Zvecan. Pursuant to the Decision of the Serbian Business Registers Agency no. BD /2012 dated 19 December 2012, the name of the bank has been changed to DUNAV BANKA a.d. Belgrade, and registered with the Agency. In addition, the Bank s head office has been moved to no 88, Bulevar Franse d Eperea. On the 8th extraordinary Shareholders Assembly Meeting of Dunav banka a.d. Belgrade, held on 19 December 2014, the Decision on loss coverage and reduction of the core capital of the Bank for the purposes of loss coverage was adopted, whereby the core capital of the Bank was reduced, as well as the individual nominal value of ordinary shares. At the above mentioned session, the Decision on ordinary share issue of the 8th issue for the purposes of increasing the Bank s core capital was adopted. Subsequent to the issuance of 4,831,275 shares of the 8th issue, the share capital of the Bank was increased by the amount of RSD 1,546,008 thousand and Telekom a.d. Belgrade became the majority shareholder. Pursuant to the Decision of the Business Registers Agency number BD 41404/2015 dated 18 May 2015, the Bank changed its business name into mts banka a.d. Belgrade. The Bank is registered in accordance with the Law on Banks, Decision of the establishment and Statute, for credit and deposit activities, payment transfers in country and abroad, foreign-currency and exchange activities, issuance of payment cards, issuance of guarantees, sureties and other activities in accordance with the legislation. Management bodies of the Bank are the Shareholders Assembly, Board of Directors and Executive Board. The Bank has established the following committees: Asset and Liability Committee, Audit Committee and Credit Committee. As of 31 December 2016 the Bank had 5 affiliates, 12 branches and 9 tellers (as of 31 December 2015 the Bank also had 5 affiliates, 13 branches and 9 tellers). As of 31 December 2016 the Bank had 186 employees (31 December 2015: 172 employee). Tax identification number is

13 2. BASIS OF PREPARATION AND PRESENTATION OF FINANCIAL STATEMENTS 2.1. Basis of Preparation and Presentation of the Financial Statements The financial statements have been prepared under the going concern principle, which assumes that the Bank will continue to operate in the foreseeable future. Separate financial statements of the Bank ( the financial statements ) as of and for the year ended 31 December 2016 have been prepared in accordance with the International Financial Reporting Standards ( IFRS ) and the National Bank of Serbia regulations that govern financial reporting of banks. The accompanying financial statements have been prepared in the form prescribed under the Decision on Form and Content of Items in the Financial Statements for Banks ( RS Official Gazette, no. 71/2014 and 135/2014). The accounting policies and estimates adopted in the preparation of these financial statements are consistent with those followed in the preparation of the Bank s annual financial statements for the year ended 31 December 2015, except for newly adopted amended IAS, IFRS and interpretations presented below Impact and implementation of the new and revised IAS/IFRS (a) New Standards, Interpretations and Amendments to Existing Standards that are Mandatory to be applied for the First Time for the Reporting Periods Beginning on 1 January 2016 The following standards and IFRIC interpretations and amendments and supplements to existing standards are mandatory for the first time for the reporting periods beginning on 1 January 2016 did not result in significant changes in accounting policies of the Bank, nor had an effect on the accompanying financial statements: Amendments to various standards (IFRS 5, IFRS 7, IAS 19 and IAS 34) as a result of annual improvements project standards, Cycle, published by the IASB in September 2014, primarily through removing inconsistencies and clarifying text (effective for annual periods beginning on or after 1 January 2016); Amendments to IAS 1 Presentation of Financial Statements Disclosure initiative (effective for annual periods beginning on or after 1 January 2016); Amendments to IAS 16 Property, Plant and Equipment and IAS 18 Intangible Assets - Clarification of Acceptable Methods of Depreciation and Amortisation (effective for annual periods beginning on or after 1 January 2016); Amendments to IAS 16 Property, Plant and Equipment and IAS 41 Agriculture - Agriculture: Bearer Plants (effective for annual periods beginning on or after 1 January 2016); Amendments to IAS 27 Separate Financial Statements - Equity Method in Separate Financial Statements (effective for annual periods beginning on or after 1 January 2016); 2

14 2. BASIS OF PREPARATION AND PRESENTATION OF THE FINANCIAL STATEMENTS (Continued) 2.1. Basis of Preparation and Presentation of the Financial Statements (Continued) (a) (b) New Standards, Interpretations and Amendments to Existing Standards that are Mandatory to be applied for the First Time for the Reporting Periods Beginning on 1 January 2016 (Continued) Amendments to IAS 28 Investments in Associates and Joint Ventures and IFRS 10 Consolidated Financial Statements Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (effective for annual periods beginning on or after 1 January 2016); Amendments to IAS 28 Investments in Associates and Joint Ventures, IFRS 10 Consolidated Financial Statements and IFRS 12 Disclosure of Interest in Other Entities Applying the Consolidation Exeption (effective for annual periods beginning on or after 1 January 2016); - Amendments to IFRS 11 Joint Arrangements - Joint Arrangements: Accounting for Acquisitions of Interests (effective for annual periods beginning on or after 1 January 2016); and - IFRS 14 Regulatory Deferral Accounts (effective for annual periods beginning on or after 1 January 2016). New Standards, Interpretations and Amendments to Existing Standards that are not yet effective and have not been Early Adopted by the Bank The following new and amended standards and IFRIC interpretations were issued by the IASB, i.e. IFRIC, but are not effective for annual reporting period beginning 1 January They have not been early adopted by the Bank, but the ongoing assessment of their impact on the financial statements of the Bank's management is in progress. The Bank intends to adopt these standards when they come into force. Amendment to IAS 7 Cashflow statements - Disclosure initiative (effective for annual periods beginning on or after 1 January 2017); Amendment to IAS 12 Income taxes - Recognition of deferred tax assets for unrealised losses (effective for annual periods beginning on or after 1 January 2017); Amendment to IAS 40 Investment property relating to transfers of investment property (effective for annual periods beginning on or after 1 January 2018); Amendments to IFRS 2 Share based payments (effective for annual periods beginning on or after 1 January 2018); Amendments to IFRS 4 Insurance contracts regarding the implementation of IFRS 9 Financial instruments (effective for annual periods beginning on or after 1 January 2018); IFRS 9 Financial Instruments (effective for annual periods beginning on or after 1 January 2018). IFRS 9 Financial Instruments and subsequent supplements replace the requirements of IAS 39 Financial Instruments: Recognition and Measurement, for classification and measurement of financial assets. The standard eliminates the existing categories of IAS 39 assets held to maturity, assets available for sale and loans and receivables. 3

15 2. BASIS OF PREPARATION AND PRESENTATION OF THE FINANCIAL STATEMENTS (Continued) 2.1. Basis of Preparation and Presentation of the Financial Statements (Continued) (b) New Standards, Interpretations and Amendments to Existing Standards that are not yet effective and have not been Early Adopted by the Bank (Continued) In accordance with IFRS 9, financial assets will be classified into one of the two categories mentioned above on initial recognition: financial assets measured at amortised cost or financial assets measured at fair value. A financial asset will be recognized at amortised cost if the following two criteria are met: assets relate to a business model whose objective is to collect contractual cash flows and contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. All other assets will be measured at fair value. Considering the nature of the Bank s operations, it is expected that the implementation of the standard will have a significant impact on the Bank s financial statements. The Bank initiated preparation and activities relating to the implementation of IFRS 9 in 2016, so that it is fully applied after its entry into force. IFRS 15 Revenue from contracts with customers (effective for annual periods beginning on or after 1 January 2018); Amendment to IFRS 15 Revenue from contracts with customers (effective for annual periods beginning on or after 1 January 2018); Amendments to various standards (IFRS 1, IFRS 12 and IAS 28) as a result of annual improvements project standards, Cycle, published by the IASB in December 2016, primarily through removing inconsistencies and clarifying text (effective for annual periods beginning on or after 1 January 2018); IFRIC 22 Foreign currency transactions and advance consideration (effective for annual periods beginning on or after 1 January 2018); and IFRS 16 Leases (effective for annual periods beginning on or after 1 January 2019). In the preparation of these financial statements, the Bank has adhered to the principal accounting policies further described in Note 3, based on the current accounting, banking and tax regulations prevailing in the Republic of Serbia. The Bank s financial statements are stated in thousands of Dinars, unless otherwise stated. The Dinar (RSD) is the functional and official reporting currency in the Republic of Serbia. All transactions in currencies that are not functional currency are considered to be transactions in foreign currency. 4

16 2. BASIS OF PREPARATION AND PRESENTATION OF THE FINANCIAL STATEMENTS (Continued) 2.2. Statement of compliance The financial statements for the year ended 31 December 2016 have been prepared in accordance with International Financial Reporting Standards (hereinafter: IFRS) issued by the International Accounting Standards Board - IASB. The accompanying financial statements were approved by the Executive Board on 24 February Use of estimates and assumptions The presentation of financial statements requires of the Bank s management to use best estimates and reasonable assumptions which affect reported amounts of assets and liabilities, as well as to disclose potential receivables and liabilities on balance sheet date, as well as income and expenses during the reporting period. These estimates and related assumptions are based on information available as of the date of preparation of the financial statements. Actual results could differ from those estimates. These estimates and underlying assumptions are reviewed on an ongoing basis, and changes in estimates are recognized in the periods in which they become known Historical Cost Convention Financial statements of the Bank as of and for the year ended 31 December 2016 have been prepared in accordance with the going concern concept, except for the financial assets available for sale measured at fair value and other items as set forth in the accounting policies Comparative Figures Comparative figures represent the audited financial statements of the Bank as of and for the year ended 31 December 2015, prepared in accordance with IFRS Going Concern The accompanying financial statements of the Bank are prepared in accordance with the going concern principle, which assumes that the Bank will continue its operations in the foreseeable future, which includes a period of at least twelve months from the date of the financial statements. In addition to the fact that the Bank incurred operating losses in 2016 and 2015 and considering the level of the regulatory (EUR 11.8 million) as of 31 December 2016, the Bank's management foresees in the process of business planning for 2017 the unhindered realisation of the Bank's business plans and compliance with the relevant regulations governing the banking operations in the Republic of Serbia. In order to create conditions required for the transition to the new business concept which includes a digital bank, the processes started in 2015 after the Bank acquisition by Telekom Serbia were continued in Risky balance sheet assets of the Bank are largely covered with allowances for impairment and provisions, which reflected to a great extent on the business loss in The placement policy during the last two years included an adequate risk assessment as well as adequate and first-class collaterals. As a consequence, there was no growth in Bank's NLPs in spite of the growth of placements. 5

17 2. BASIS OF PREPARATION AND PRESENTATION OF THE FINANCIAL STATEMENTS (Continued) 2.6. Going Concern (Continued) An adequate IT structure was created, as well as appropriate HR and organisational solutions, which enable the Bank to start with the fulfilment of business goals in 2017 in cooperation with the majority shareholder Telekom Srbija in terms of introducing the joint package of products intended for the users of Telekom's services, which will be reflected on Bank's business growth. We would like to emphasise that 2017 is the year of Bank's development and that significant business results are expected in the next few years. Two recapitalisations are planned in 2017 for the purpose of providing a strong capital base, as support to further sustainable development of Bank's business Functional and reporting currency Financial statements are presented in thousands of dinars. The dinar (RSD) is the functional currency and currency of presentation Reconciliation of receivables and payables In accordance with relevant legislation, the Bank has performed reconciliation of its receivables and payables with its creditors and debtors. The total amount of returned and reconciled confirmations of receivables was 92.08%. Total number of the returned reconciled confirmations of payables amounted to 96.01%. Of the entire amount of returned confirmations of payables 0.05% was disputed. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 3.1. Foreign currency transactions Monetary assets and liabilities denominated in foreign currencies are translated into dinars at the average exchange rate issued by the National Bank of Serbia. The items included in the Bank s financial statements are valued by using currency of the Bank s primary economic environment (functional currency) as disclosed in Note 2.7. The accompanying financial statements are stated in thousands of Dinars (RSD), which represents the functional and official reporting currency in the Republic of Serbia. Foreign exchange gains or losses arising upon the translation of balance sheet items denominated in foreign currencies and transactions in foreign currencies are credited or charged as appropriate, to the income statement, as foreign exchange gains or losses. Commitments and contingencies denominated in foreign currency are translated into Dinars at the official median exchange rate at the balance sheet date. Receivables and liabilities with a foreign currency clause are translated into dinars at contracted exchange rate which was in force as at balance sheet date. The effects arising therefrom are included in the income statement of the Bank, under the income or expenses from foreign exchange gains/losses arising from the contracted foreign currency clause in the accounting period. 6

18 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 3.1. Foreign currency transactions (Continued) The official exchange rates of the National Bank of Serbia, determined in the Interbank Foreign Currency Market as of 31 December 2016 include: Currency CHF GBP USD EUR Segment Reporting A business segment is a distinguishable component of an entity that is engaged in providing an individual product or service, or a group of related products or services and that is subject to risks and returns that are different from those of other business segments. A geographical segment is engaged in providing products or services within a particular economic environment and that is subject to risks and returns that are different from those of components operating in other economic environments. The Bank has identified three main business segments: retail, corporate clients and banks and other financial organizations. The primary segmental information is based on the internal reporting structure of business segments. Geographical segmentation is not disclosed due to the fact that the Bank's operations are concentrated in the Republic of Serbia Interest Income and Expense Interest income and expense, including penalty interest and other income and other expenses from interest bearing assets, i.e. liabilities are recognized on an accrual basis based on obligatory terms defined by a contract signed between the Bank and a customer. Interest income and expense are recognized in the income statement using the effective interest method, which is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or financial liability. The calculation of the effective interest rate includes all paid or received fees and expenses, which are an integral part of the effective interest rate. Fees from approved loans are deferred based on the interest calculation algorithm by applying the effective interest rate, so that the portion of deferred income from fees follows the status of the principal debt on the loan. Income from loan origination fees is recognized in the income statement as interest income. Interest expenses on deposits are deferred and recognized in the income statement in the period to which they relate. The Bank will, upon the recognition of loan impairment, recognise the interest income in the amount that is obtained by applying the effective interest rate used to discount future cash flows when measuring the impairment loss (original or current in case of application of a variable interest rate) on the carrying value of investments, i.e. the net carrying value. 7

19 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 3.3. Interest Income and Expense (Continued) For impaired loans, the Bank will continue to perform the calculation of interest in order to record the total arrears of interest but this does not affect interest income, it is only recorded in the off-balance sheet. Impaired loans and placements include loans and advances to clients in the default status, which is defined by an internal act of the Bank Fee and Commission Income and Expense Incomes and expenses from fees and commissions that are part of the effective interest rates applied to financial assets and financial liabilities are included in determining the effective interest rate and are recognized in the income statement as interest income. Incomes from fees and commissions for banking services are recognized on an accrual basis and are recorded in the period when they are earned or when the service is performed. Fee and commission income primarily consists of fees for payment services, foreign exchange transactions, account maintenance fee and other banking services. Fees resulting from guarantees and other sureties which are accrued on a proportional basis over the period of the guarantee or surety are granted and are recorded in the income statement as income from fees. Other fees and commissions are generally related to fees for performed transactions and services and they are recorded at the moment of receiving services Operating leases A lease is classified as an operating lease in case when the contract stipulates that ownership of the asset is not transferred to the Bank as a lessee by the end of the lease. All payments made during the year under operating leases are charged to the income statement on a straight-line basis over the period of the lease Financial assets and financial liabilities A financial instrument is any contract which gives rise to a financial asset for one entity and a financial liability or equity instrument for another entity. Financial assets and financial liabilities are recorded in the balance sheet, from the moment when the Bank commits to the instrument with contractual terms. Purchases or sales of financial assets are recorded on the settlement date or on the date when the asset is delivered to the counterparty. The Bank derecognizes a financial asset when it loses control over contractual rights over the instrument (when the right to use the instrument is realized, expired or when these rights are transferred to another). A financial liability is derecognised when the obligation is settled, abolished or when it is transferred to another person. The classification of financial instruments depends on the purpose for which the financial assets were acquired. Management performs classification of financial assets at the time of initial recognition. 8

20 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 3.6. Financial assets and financial liabilities (Continued) Financial Guarantees In the ordinary course of business, the Bank grants financial guarantees, consisting of payment guarantees and performance bonds, letters of credit, acceptances and other warranties. Financial guarantees are contracts which obligate the issuer of a guarantee to perform the payment or compensate the loss to the holder of a guarantee, incurred if a certain creditor fails to settle its liabilities in due time as required under the terms of the contract. Financial guarantees are initially recognised in the financial statements at fair value as of the date the guarantee is given. Subsequent to initial recognition, the Bank s liability under each guarantee is measured at the higher of the amortized premium and the best estimate of expenditure required to settle any financial obligations arising as a result of the guarantee. Any increase in the liability relating to the financial guarantees is recognised in the income statement. The premium received is recognised in the income statement within net fees and commissions income on a straight-line basis over the life of the guarantee Financial Instruments All financial instruments are initially recognized at fair value including any directly attributable incremental costs of acquisition or issue, except for financial assets and financial liabilities at fair value through profit and loss. Financial assets and financial liabilities are recognized in the Bank s balance sheet on the date upon which the Bank becomes counterparty to the contractual provisions of a specific financial instrument. All regular way purchases and sales of financial assets are recognized on the settlement date. Day 1 Profit When the transaction price in a non-active market is different to the fair value from other observable current market transaction in the same instrument or based on a valuation technique the variables of which include data from observable markets, the Bank immediately recognizes the difference between the transaction price and fair value ( Day 1 profit) in the income statement. Derecognition of Financial Assets and Financial Liabilities Financial assets cease to be recognised when the Bank loses control of the contractual rights governing such instruments, which occurs when the rights of use of such instruments have been realized, expired, abandoned, and/or ceded. When the Bank has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Bank s continuing involvement in the asset. When the Bank has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Bank s continuing involvement in the asset. 9

21 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 3.7. Financial Instruments (Continued) Derecognition of Financial Assets and Financial Liabilities (Continued) A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expired. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the income statement. Classification of Financial Instruments The Bank s management determines the classification of its investments at initial recognition. Classification of financial instruments upon initial recognition depends on the purposes for which financial instruments have been obtained and their characteristics. The Bank classifies its financial assets in the following four categories: financial assets held-to-maturity. financial assets at fair value through profit or loss. financial assets available-for-sale. financial assets created by the bank loans and receivables The Bank initially measures financial assets or financial liabilities at their fair value increased for, in case of financial assets or financial liabilities that are not measured at fair value with changes through profit and loss, transactions costs that are directly attributable to acquisition or to emission of the financial assets or financial liabilities. Subsequent measurement of financial assets depends on their classification. Offsetting of financial assets and financial liabilities Financial assets and financial liabilities are offset and the net amount reported in the balance sheet if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realize the asset and settle the liability simultaneously Financial assets held to maturity Financial assets held to maturity are non-derivative financial assets with fixed or determinable payments and fixed maturity that the Bank has the positive intention and ability to hold to maturity and that are not presented as financial assets at fair value through profit and loss, financial assets available for sale or loans and receivables. After initial recognition at acquisition costs, financial assets held to maturity are recorded at amortised cost using the effective interest rate method. 10

22 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 3.9. Financial assets at fair value through profit and loss Financial assets at fair value through profit and loss represent financial assets that the Bank holds in order to generate a profit from trading in a short period of time. Financial assets at fair value through profit and loss are initially measured at fair value. Fair value includes transaction costs. As at balance sheet date financial assets at fair value through profit and loss are stated at fair market value based on active market information. Gains and losses on these securities are recorded as income or expenses for the period of income statement Financial assets available for sale Financial assets available for sale are non-derivative financial assets that are designated as available for sale or are not classified into any other categories of financial assets. Available for sale financial assets are those financial assets that the Bank intends to hold for an indefinite period of time, but that can be sold for liquidity purposes or can be sold in case of change in interest rates, change in exchange rates or change in market prices. Available for sale financial assets are initially measured at fair value and as at the balance sheet date are estimated at market value if it is known. Subsequent measurement of financial assets available for sale is performed on the basis of a change in the fair value due to price fluctuations on the organised market as well as an impairment due to objective evidence of financial asset impairment. The Standard observes the issue of the impairment of financial assets available for sale separately from the change in the fair value of financial assets due to price fluctuations on an active exchange-traded market. Fluctuations of the fair value of financial assets available for sale are recorded directly under capital as unrealised profit/loss, whereas impairments of financial assets available for sale are recorded in the income statement. Interest income on treasury bills and bonds of the Republic of Serbia is calculated and accrued monthly and is recognized in the income statement Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. These assets are not acquired with the intent to instantly sell any of them, nor are they intended for subsequent reclassification. Loans and receivables are initially measured at fair value on payment date and are recognized when cash is disbursed to borrowers. After initial recognition loans and receivables are measured at amortized cost using the effective interest rate method. Amortized cost is the amount that is recognized after initial acquisition of assets, reduced by the repayment of principal and increased by the accrued interest and net of the collected interest, using the effective interest rate method on the difference between the initial amount and the amount on repayment date and net of any allowances for impairment. 11

23 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Loans and receivables (Continued) Loans are stated in the balance sheet in the amount of consideration granted, including all interests, fees and commissions receivable, as well as accruals related to accrued receivables arising from the above mentioned grounds, net of repaid principal, deferred income, fees included in the calculation of the effective interest rate and allowance for impairment based on the assessment of the identified risks for individual placements, as well as risks that are inherent in the Bank s portfolio based on the previous experience. To assess the above mentioned risks, The Bank s management has applied internally adopted methodology. Loans disbursed in dinars and indexed to the foreign exchange rate of the EUR are revaluated in accordance with the provisions stated under the individual loan agreements. A foreign currency clause represents an embedded derivative that is not recorded separately from the basic contract, given that the economic characteristics and risks of the embedded derivative are closely related to the basic contract. Gains and losses arising from changes in foreign currency clause are recorded in the income statement as income or expenses from changes in value of assets Rescheduled loans Where possible, the Bank seeks to restructure loans rather than to take possession of collateral. This may involve extending the payment period as well as changes in the loan conditions. Once the terms have been renegotiated, the loan is no longer considered past due, unless there is evidence of impairment of receivables after the rescheduling when client is considered defaulted. The management continuously reviews renegotiated loans to ensure that all criteria are met and that future payments are likely to occur or that a client not observing the defined criteria is given a default status Deposits and other financial liabilities All deposits from banks and customers and interest-bearing borrowings are initially recognized at fair value of the consideration received net of transaction costs, except for financial liabilities through profit and loss. After initial recognition, interest-bearing deposits and borrowings are subsequently measured at amortized cost by applying the contractual interest rate. In the balance sheet, deposits are presented as transaction and other deposits Operating Liabilities Trade payables are recognised at nominal value Subordinated Liabilities Borrowings on which interest is payable and subordinated liabilities are classified as other financial liabilities and are initially recognised at fair value less attributable costs. They are subsequently measured at amortized cost over the life of the obligation using the effective interest method. 12

24 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Fair value measurement The fair value is the price that would be charged in the event of the sale of an asset or paid to transfer the liability in a regular transaction between market participants on the valuation date. When available, the Bank measures the fair value of an instrument using the listed prices in an active market for that instrument. A market is considered active if its transactions for an asset or liability take place with sufficient frequency and in sufficient volume to provide pricing information on an ongoing basis. If the market for a financial asset is not active, the Bank establishes fair value by using valuation techniques. The goal of applying valuation techniques is to estimate the value at which they regular sales transactions of assets or liabilities transfer will take place between market participants at the measurement date, according to current market conditions. Three widely used valuation techniques are the market approach, cost approach and the income approach. In some cases, a valuation technique will be sufficient, in other cases, the use of multiple methods of assessment will be required. If multiple valuation methods for measuring fair value are used, the result will be assessed taking into account the logic of the range of values indicated by a given outcome. The fair value is the focal point within the range that is most representative of fair value in the circumstances. Inputs to valuation techniques logically represent market expectations and measures of risk factors - return inherent to the financial instrument. The Bank designs valuation techniques and tests their validity using the prices of current transactions on the market which can be observed for the same instrument or other available market data that can be applied. The best evidence of fair value at initial recognition is the transaction price, unless the fair value of the instrument has not been determined by comparison with other observable current market transactions observed for a given instrument Allowances for impairment and uncollectability of financial assets At the end of each reporting period the Bank assesses whether there is any objective evidence that a financial asset or the group of financial assets is impaired. A financial asset or group of financial assets is impaired if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset, and where a loss event (or events) has impact on the estimated future cash flows of the financial asset or group of financial assets that can be measured reliably. Evidence of impairment includes indications that the borrower or group of borrowers are facing significant financial difficulties, delay in payment of interest or principal, the probability of bankruptcy or some other financial reorganization and when observable data indicates that there is a measurable decrease in future cash flows, such as changes in outstanding liabilities or economic conditions that correlate with contractual terms. The Bank performs the assessment of impairment based on the internal Methodology for the assessment of impairment of balance sheet assets and probable loss on off-balance sheet items on a quarterly basis, as stated in Note Reserves for estimated losses on balance sheet assets and off-balance sheet items are calculated in accordance with the National Bank of Serbia s Decision on the Classification of Bank Balance Sheet Assets and Off-balance Sheet Items ( RS Official Gazette, no. 94/2011, 57/2012, 123/2012, 43/2013, 113/2013, 135/2014, 25/2015,38/2015, 61/2016, 69/2016 and 91/2016) (Note 35.1). 13

25 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Cash and cash equivalents Cash includes cash on hand and a sight deposits (current account and foreign currency accounts) with banks in the country and abroad, while cash equivalents include shortterm highly liquid investments that can be exchanged immediately with insignificant risk of reduction in value, deposits with the National Bank of Serbia and short-term securities that can be refinanced with the National Bank of Serbia. For the purposes of the statement of cash flows, cash and cash equivalents comprise cash on hand, gyro account with the National Bank of Serbia and current accounts with other banks and instruments in the collection procedure Intangible assets Intangible assets are non-monetary assets that can be identified even though they have no physical characteristic (patents, licenses, accounting software) and are used for the production or delivery of goods or services, for rent to others or for administrative purposes. Intangible assets are initially recognized at purchase price or cost. After initial recognition intangible assets are measured at cost decreased for amortization and impairment losses. Intangible assets of the Bank include software licenses and intangible assets under construction. Intangible assets are amortized from the following the months when available for use. All intangible assets in use are amortized. Amortization is calculated on a straight-line basis to allocate the cost of intangibles throughout their useful lives. Costs associated with maintaining software programs are recognized as an expense as incurred. Intangible assets are amortized regularly during the year, charged to amortization expenses based on estimated useful life as follows: Licences 20% and Software 20% An intangible asset is derecognised upon its disposal or when permanently withdrawn from use. Gains or losses arising from expenditure or disposal are determined as the difference between the net inflow from disposal and book value, and are recognized as income or loss in the income statement Property, plant and equipment Items of property, plant and equipment are stated at cost less accumulated depreciation and impairment costs. Additional costs are included under acquisition cost of the asset or are recognized as a separate asset, but only if there is probability that future economic benefits will be available to the Bank and if value can be measured reliably. All other maintenance costs are charged to the income statement as incurred. 14

26 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Property, plant and equipment (Continued) Fixed assets are depreciated monthly, starting from the following month when they are available for use, with depreciation calculated on a straight-line basis. Calculated costs are recognized as an expense when incurred. Fixed assets are depreciated using the following rates: Buildings 1.3 to 1.8% Leasehold improvements 10% Computer equipment 20% Furniture and equipment 10 to 20% Motor vehicles 15.5% Investment property 1.3 tо 1.8% Fixed assets are depreciated even when they are not in use (if they are not entirely written off) until their sale or disposal. Calculation of depreciation for tax purposes is done in accordance with the Corporate Income Tax Law and Regulation on method of classification of fixed assets in groups and method of depreciation calculation for tax purposes. Considering that these are two completely separate methods of calculation of depreciation, the accounting policy does not allow for the same accounting treatment. Temporary differences between depreciation for accounting purposes and tax rules for depreciation are reported on the deferred tax assets or liabilities account. When the Bank owns property as investments to generate profits from rents it is classified as investment property. Initial measurement of investment property is carried at cost. Transaction costs are not included in the initial measurement. For subsequent measurement of investment property after initial recognition, the Bank applies the cost model. Depreciation of investment properties is calculated on a straight line basis, applying an annual rate of 1.3% Non-current assets held for sale The Bank classifies non-current assets as held for sale when it expects to recover their carrying value through sales, not through use in business activities. A fixed asset is classified as a non-current asset held for sale if the following criteria are met: - An asset (or a group of assets) is available for immediate sale in its current condition, - There is an adopted plan of sale of fixed assets and the activities on the achievement of the sales plan have been initiated, - There is an active market for such asset and the asset is already active in this market, - The probability of sale if very high, or there is an expectation that the sales will be realised within a period of one year from the date of classification of the asset as a non-current asset held for sale. Non-current asset held for sale is initially measured at the lower of present value or market (fair) value less costs to sell. From the moment of classification of an asset as non-current asset held for sale, the calculation of depreciation of these assets is terminated. 15

27 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Non-current assets held for sale (Continued) If there is a change in the plan of sales, the fixed asset ceases to be classified as a noncurrent asset held for sale and, in that case, a fixed asset is measured at the lower of the following two values: - Carrying value before the asset was classified as a non-current asset held for sale, adjusted for the calculated depreciation and impairment which would have been recognised if the non-current assets had not been classified as a noncurrent asset held for sale and - Recoverable value at the date of a subsequent decision not to be sold Inventories Inventories are stated at the lower of cost and net realisable value. The Bank states assets acquired through collection of receivables in inventories Income Tax Income tax comprises of current tax and deferred tax. a) Current Income Tax Current income tax is calculated and paid in accordance with the effective Corporate Income Tax Law of the Republic of Serbia ( RS Official Gazette, no. 25/2001, 80/2002, 43/2003, 84/2004, 18/2010, 101/2011, 119/2012, 47/2013, 108/2013, 68/2014, 142/2014, 91/2015 and 112/2015) and relevant by-laws. Income tax is calculated at the rate of 15% (applicable from 2013) on the tax base reported in the annual corporate income tax return, and can be reduced by any applicable tax credits. The tax return is submitted to the Tax Authority 180 days after the date of expiry of the tax liability. During the year, the Bank pays income taxes in monthly instalments, estimated on the basis of the tax return for the prior year. Pursuant to the Law on Amendments and Supplements to the Corporate Income Tax Law ( RS Official Gazette, no. 108/2013), starting from determining the income tax for 2014, the tax payers are no longer able to use the tax incentive in the form of a tax credit for investment in fixed assets. A taxpayer who had qualified for the right to a tax incentive - tax credit by 31 December 2013 and presented details in the tax return for 2013 is entitled to use that right until the expiry of the deadline prescribed by the Law (not more than ten years). The tax regulations in the Republic of Serbia do not provide for the possibility that any tax losses of the current period are used to recover taxes paid within a specific previous period. Losses recognized in the tax return in the current accounting period may be transferred to the account of profit determined in the annual tax return from the future accounting periods, but not longer than five ensuing years. 16

JUBMES BANKA AD, BELGRADE. Financial Statements for the year ended 31 December 2015 and Independent Auditor s Report

JUBMES BANKA AD, BELGRADE. Financial Statements for the year ended 31 December 2015 and Independent Auditor s Report JUBMES BANKA AD, BELGRADE Financial Statements for the year ended 31 December 2015 and Independent Auditor s Report This is a translation of the original Independent Auditors Report issued in the Serbian

More information

ERSTE BANK A.D., NOVI SAD FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

ERSTE BANK A.D., NOVI SAD FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014 ERSTE BANK a.d. NOVI SAD CONTENT Page Independent Auditors' Report 1 Income statement for the year ended 31 December 2014 2 Statement of comprehensive

More information

BANCA INTESA A.D. BEOGRAD

BANCA INTESA A.D. BEOGRAD FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2011 TABLE OF CONTENTS PAGE INDEPENDENT AUDITOR S REPORT 1 INCOME STATEMENT 2 BALANCE SHEET 3 STATEMENT OF CHANGES IN EQUITY 4 CASH FLOW STATEMENT 5-6

More information

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. ABCD KPMG d.o.o. Beograd Kraljice Natalije 11 11000 Belgrade Serbia Telephone: Fax: E-mail: Internet: +381 11 20 50 500 +381 11 20 50 550 info@kpmg.rs www.kpmg.rs Independent Auditors Report TO THE SHAREHOLDERS

More information

JUBMES BANKA AD, BELGRADE. Financial Statements for the year ended 31 December 2017 and Independent Auditor s Report

JUBMES BANKA AD, BELGRADE. Financial Statements for the year ended 31 December 2017 and Independent Auditor s Report JUBMES BANKA AD, BELGRADE Financial Statements for the year ended 31 December 2017 and Independent Auditor s Report This is a translation of the original Independent Auditors Report issued in the Serbian

More information

KOMERCIJALNA BANKA A.D., BEOGRAD. Financial Statements Year Ended December 31, 2014 and Independent Auditors Report

KOMERCIJALNA BANKA A.D., BEOGRAD. Financial Statements Year Ended December 31, 2014 and Independent Auditors Report KOMERCIJALNA BANKA A.D., BEOGRAD Financial Statements Year Ended and Independent Auditors Report KOMERCIJALNA BANKA A.D., BEOGRAD CONTENTS Page Independent Auditors' Report 1 Financial Statements: Balance

More information

SRPSKA BANKA A.D., BEOGRAD. Financial Statements For the Year Ended December 31, 2010 and Independent Auditors Report

SRPSKA BANKA A.D., BEOGRAD. Financial Statements For the Year Ended December 31, 2010 and Independent Auditors Report Financial Statements For the Year Ended and Independent Auditors Report CONTENT Page Independent Auditors' Report 1 Financial Statements: Income Statement 2 Balance Sheet 3 Statement of Changes in Equity

More information

Management s Responsibility for the Separate Financial Statements

Management s Responsibility for the Separate Financial Statements kpmg KPMG d.o.o. Beograd Kraljice Natalije 11 11000 Belgrade Serbia Independent Auditors Report Tel.: +381 (0)11 20 50 500 Fax: +381 (0)11 20 50 550 www.kpmg.com/rs T R A N S L A T I O N TO THE SHAREHOLDERS

More information

KOMERCIJALNA BANKA A.D., BEOGRAD. Consolidated Financial Statements For the Year Ended December 31, 2010 and Independent Auditors Report

KOMERCIJALNA BANKA A.D., BEOGRAD. Consolidated Financial Statements For the Year Ended December 31, 2010 and Independent Auditors Report Consolidated Financial Statements For the Year Ended and Independent Auditors Report CONTENT Page Independent Auditors' Report 1 Consolidated Financial Statements: Consolidated Income Statement 2 Consolidated

More information

UNIVERZAL BANKA A.D. BEOGRAD

UNIVERZAL BANKA A.D. BEOGRAD UNIVERZAL BANKA A.D. BEOGRAD FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2009 Univerzal banka a.d. Beograd TABLE OF CONTENTS Page Independent Auditors Report 1 Income statement 2 Balance sheet

More information

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2015 1. THE ESTABLISHMENT AND OPERATIONS These financial statements are consolidated financial statements of Credit Agricole

More information

Financial Statements. and Independent Auditors Report

Financial Statements. and Independent Auditors Report KOMERCIJALNA BANKA A.D., BEOGRAD Financial Statements Year Ended and Independent Auditors Report KOMERCIJALNA BANKA A.D., BEOGRAD CONTENTS Page Independent Auditors' Report 1-2 Income Statement 3 Statement

More information

ERSTE BANK A.D. NOVI SAD. UNCONSOLIDATED FINANCIAL STATEMENTS AND NOTES TO THE UNCONSOLIDATED FINANCIAL STATEMENTS Year Ended December 31, 2015

ERSTE BANK A.D. NOVI SAD. UNCONSOLIDATED FINANCIAL STATEMENTS AND NOTES TO THE UNCONSOLIDATED FINANCIAL STATEMENTS Year Ended December 31, 2015 ERSTE BANK A.D. NOVI SAD UNCONSOLIDATED FINANCIAL STATEMENTS AND NOTES TO THE UNCONSOLIDATED FINANCIAL STATEMENTS Year Ended December 31, CONTENTS Page Independent Auditors' Report 1 Income Statement for

More information

INDEPENDENT AUDITOR S REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDING 31 DECEMBER 2013 (According IFRS) Skopje, March 2014

INDEPENDENT AUDITOR S REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDING 31 DECEMBER 2013 (According IFRS) Skopje, March 2014 INDEPENDENT AUDITOR S REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDING 31 DECEMBER 2013 (According IFRS) Skopje, March 2014 These reports are translation from the official ones issued on macedonian

More information

VOJVOĐANSKA BANKA A.D., NOVI SAD. Financial Statements Year Ended December 31, 2017 and Independent Auditors Report

VOJVOĐANSKA BANKA A.D., NOVI SAD. Financial Statements Year Ended December 31, 2017 and Independent Auditors Report VOJVOĐANSKA BANKA A.D., NOVI SAD Financial Statements Year Ended December 31, 2017 and Independent Auditors Report VOJVOĐANSKA BANKA A.D., NOVI SAD CONTENTS Page Independent Auditors' Report 1 Financial

More information

KOMERCIJALNA BANKA A.D., BEOGRAD. Unconsolidated Financial Statements Year Ended December 31, 2015 and Independent Auditors Report

KOMERCIJALNA BANKA A.D., BEOGRAD. Unconsolidated Financial Statements Year Ended December 31, 2015 and Independent Auditors Report KOMERCIJALNA BANKA A.D., BEOGRAD Unconsolidated Financial Statements Year Ended and Independent Auditors Report KOMERCIJALNA BANKA A.D., BEOGRAD CONTENTS Page Independent Auditors' Report 1 Financial Statements:

More information

Independent Auditor's report 1. Income Statement 2. Balance Sheet 3. Cash Flow Statement 4-5. Statement of Changes in Equity 6

Independent Auditor's report 1. Income Statement 2. Balance Sheet 3. Cash Flow Statement 4-5. Statement of Changes in Equity 6 FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 JANUARY TO 31 DECEMBER 2007 CONTENTS Independent Auditor's report 1 Income Statement 2 Balance Sheet 3 Cash Flow Statement 4-5 Statement of Changes in Equity

More information

THE LIMITED LIABILITY COMPANY FOR FINANCE LEASE INTESA LEASING d.o.o. BELGRADE

THE LIMITED LIABILITY COMPANY FOR FINANCE LEASE INTESA LEASING d.o.o. BELGRADE THE LIMITED LIABILITY COMPANY FOR FINANCE LEASE INTESA LEASING d.o.o. BELGRADE Financial Statements as of and for the Year Ended 31 December 2017 and Independent Auditor s Report CONTENTS Page INDEPENDENT

More information

UNIVERZAL BANKA a.d. Beograd FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007

UNIVERZAL BANKA a.d. Beograd FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007 UNIVERZAL BANKA a.d. Beograd FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007 TABLE OF CONTENTS Independent Auditors Report 1 Income statement 2 Balance sheet 3 Cash Flow Statement 4 Statement

More information

Management s Responsibility for the Financial Statements

Management s Responsibility for the Financial Statements kpmg KPMG d.o.o. Beograd Kraljice Natalije 11 11000 Belgrade Serbia Independent Auditors Report Tel.: +381 (0)11 20 50 500 Fax: +381 (0)11 20 50 550 www.kpmg.com/rs TO THE SHAREHOLDERS OF HALKBANK A.D.

More information

JSC VTB Bank (Georgia) Consolidated financial statements

JSC VTB Bank (Georgia) Consolidated financial statements Consolidated financial statements For the year ended 31 December 2017 together with independent auditor s report 2017 consolidated financial statements Contents Independent auditor s report Consolidated

More information

Financial statements and Independent Auditors Report. TTK Banka AD Skopje. 31 December 2010

Financial statements and Independent Auditors Report. TTK Banka AD Skopje. 31 December 2010 Financial statements and Independent Auditors Report TTK Banka AD Skopje 31 December 2010 This is an English translation of the original Report issued in Macedonian, in case of any discrepancies between

More information

UNIVERSAL INVESTMENT BANK AD - Skopje. INDEPENDENT AUDITOR S REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDING 31 DECEMBER 2017 (According IFRS)

UNIVERSAL INVESTMENT BANK AD - Skopje. INDEPENDENT AUDITOR S REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDING 31 DECEMBER 2017 (According IFRS) UNIVERSAL INVESTMENT BANK AD - Skopje INDEPENDENT AUDITOR S REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDING 31 DECEMBER 2017 (According IFRS) Skopje, March 2018 Universal Investment Bank, AD Skopje

More information

UNICREDIT BANK A.D., BANJA LUKA

UNICREDIT BANK A.D., BANJA LUKA UNICREDIT BANK A.D., BANJA LUKA Financial statements Year ended December 31, and Independent Auditors Report Translation of the Auditors Report issued in the Serbian language Table of Contents Page Independent

More information

OTP BANKA SRBIJA A.D., NOVI SAD. Consolidated Financial Statements Year Ended December 31, 2014 and Independent Auditors Report

OTP BANKA SRBIJA A.D., NOVI SAD. Consolidated Financial Statements Year Ended December 31, 2014 and Independent Auditors Report Consolidated Financial Statements Year Ended 2014 and Independent Auditors Report CONTENTS Page Independent Auditors' Report 1 Consolidated Financial Statements: Consolidated Income Statement 2 Consolidated

More information

Azer-Turk Bank Open Joint Stock Company Financial statements. Year ended 31 December 2016 together with independent auditor s report

Azer-Turk Bank Open Joint Stock Company Financial statements. Year ended 31 December 2016 together with independent auditor s report Financial statements Year ended 31 December together with independent auditor s report financial statements Contents Independent auditor s report Financial statements Statement of financial position...

More information

Converse Bank Closed Joint Stock Company Consolidated financial statements. Year ended 31 December 2016 together with independent auditor s report

Converse Bank Closed Joint Stock Company Consolidated financial statements. Year ended 31 December 2016 together with independent auditor s report Consolidated financial statements Year ended 31 December 2016 together with independent auditor s report 2016 Consolidated financial statements Contents Independent auditor s report Consolidated statement

More information

Intesa Sanpaolo Banka d.d. Bosna i Hercegovina

Intesa Sanpaolo Banka d.d. Bosna i Hercegovina Intesa Sanpaolo Banka d.d. Bosna i Hercegovina Financial Statements as at 2016 Intesa Sanpaolo Banka, d.d. Financial statements as at 2016 Contents Management Board s Report 2 Responsibilities of the Management

More information

JSC ASIAСREDIT BANK (АЗИЯКРЕДИТ БАНК) Financial Statements for the year ended 31 December 2012

JSC ASIAСREDIT BANK (АЗИЯКРЕДИТ БАНК) Financial Statements for the year ended 31 December 2012 JSC ASIAСREDIT BANK (АЗИЯКРЕДИТ БАНК) Financial Statements for the year ended 31 December CONTENTS STATEMENT OF MANAGEMENT S RESPONSIBILITIES FOR THE PREPARATION AND APPROVAL OF THE FINANCIAL STATEMENTS

More information

BANCA INTESA a.d. BELGRADE. Separate Financial Statements as of and for the Year Ended 31 December 2017 and Independent Auditor s Report

BANCA INTESA a.d. BELGRADE. Separate Financial Statements as of and for the Year Ended 31 December 2017 and Independent Auditor s Report Separate Financial Statements as of and for the Year Ended 31 December 2017 and Independent Auditor s Report CONTENTS Page INDEPENDENT AUDITOR S REPORT 1-2 SEPARATE FINANCIAL STATEMENTS Separate Balance

More information

PUBLIC JOINT STOCK COMPANY JOINT STOCK BANK UKRGASBANK Financial Statements. Year ended 31 December 2011 Together with Independent Auditors Report

PUBLIC JOINT STOCK COMPANY JOINT STOCK BANK UKRGASBANK Financial Statements. Year ended 31 December 2011 Together with Independent Auditors Report PUBLIC JOINT STOCK COMPANY JOINT STOCK BANK UKRGASBANK Financial Statements Year ended 31 December 2011 Together with Independent Auditors Report Contents Independent Auditors Report Statement of financial

More information

SOCIETE GENERALE YUGOSLAV BANK a.d. BEOGRAD FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED 31 DECEMBER 2005

SOCIETE GENERALE YUGOSLAV BANK a.d. BEOGRAD FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED 31 DECEMBER 2005 SOCIETE GENERALE YUGOSLAV BANK a.d. BEOGRAD FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED 31 DECEMBER 2005 CONTENTS Page(s) Independent Auditor s Report 1 Income Statement 2 Balance Sheet 3 Statement

More information

Eurostandard Banka AD, Skopje

Eurostandard Banka AD, Skopje Financial Statements and Independent Auditors Report Eurostandard Banka AD, Skopje 31 December 2011 This is an English translation of the original Report issued in Macedonian, in case of any discrepancies

More information

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. ABCD KPMG d.o.o. Beograd Kraljice Natalije 11 11000 Belgrade Serbia Telephone: Fax: E-mail: Internet: +381 11 20 50 500 +381 11 20 50 550 info@kpmg.rs www.kpmg.rs Independent Auditors Report TO THE OWNERS

More information

NOVA BANKA A.D. BANJA LUKA FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2010

NOVA BANKA A.D. BANJA LUKA FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2010 NOVA BANKA A.D. BANJA LUKA FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2010 This is English translation of the Report originally issued in Serbian language (For management purposes only) Financial

More information

OJSC Belarusky Narodny Bank Consolidated Financial Statements. Year ended 31 December 2010 Together with Independent Auditors Report

OJSC Belarusky Narodny Bank Consolidated Financial Statements. Year ended 31 December 2010 Together with Independent Auditors Report OJSC Belarusky Narodny Bank Consolidated Financial Statements Year ended 31 December 2010 Together with Independent Auditors Report CONTENTS Independent auditors report Consolidated statement of financial

More information

Financial statements and Independent Auditor's Report. Ohridska Banka A.D., Ohrid. 31 December 2009

Financial statements and Independent Auditor's Report. Ohridska Banka A.D., Ohrid. 31 December 2009 Financial statements and Independent Auditor's Report Ohridska Banka A.D., Ohrid 31 December 2009 Contents Page Independent Auditors Report 1 Income statement 3 Statement of comprehensive income 4 Statement

More information

KOMERCIJALNA BANKA A.D., BEOGRAD. Consolidated Financial Statements Year Ended December 31, 2015 and Independent Auditors Report

KOMERCIJALNA BANKA A.D., BEOGRAD. Consolidated Financial Statements Year Ended December 31, 2015 and Independent Auditors Report Consolidated Financial Statements Year Ended and Independent Auditors Report CONTENTS Page Independent Auditors' Report 1 Consolidated Financial Statements: Consolidated Consolidated Statement of Financial

More information

ERSTE BANK A.D. NOVI SAD. SEPARATE FINANCIAL STATEMENTS AND NOTES TO THE SEPARATE FINANCIAL STATEMENTS Year Ended December 31, 2016

ERSTE BANK A.D. NOVI SAD. SEPARATE FINANCIAL STATEMENTS AND NOTES TO THE SEPARATE FINANCIAL STATEMENTS Year Ended December 31, 2016 ERSTE BANK A.D. NOVI SAD SEPARATE FINANCIAL STATEMENTS AND NOTES TO THE SEPARATE FINANCIAL STATEMENTS Year Ended December 31, 2016 ERSTE BANK a.d., NOVI SAD CONTENTS Page Independent Auditors' Report 1

More information

KOMERCIJALNA BANKA A.D., BEOGRAD. Financial Statements For the Year Ended December 31, 2010 and Independent Auditors Report

KOMERCIJALNA BANKA A.D., BEOGRAD. Financial Statements For the Year Ended December 31, 2010 and Independent Auditors Report Financial Statements For the Year Ended and Independent Auditors Report CONTENT Page Independent Auditors' Report 1 Financial Statements: Income Statement 2 Balance Sheet 3 Statement of Changes in Equity

More information

STATEMENT OF PROFIT OR LOSS For the year ended 31 December 2014 Financial statements Note 2014 2013 Interest income Cash and cash equivalents 893,744 506,424 Loans to customers 1,020,693 440,642 Amounts

More information

Financial Statements and Independent Auditors Report. Eurostandard Banka AD, Skopje. 31 December 2008

Financial Statements and Independent Auditors Report. Eurostandard Banka AD, Skopje. 31 December 2008 Financial Statements and Independent Auditors Report Eurostandard Banka AD, Skopje 31 December 2008 Eurostandard Banka AD Skopje Contents page Independent Auditors Report 1 Income Statement 2 Balance Sheet

More information

UNIVERZAL BANKA AD BELGRADE. Financial Statements for the Year Ended 31 December 2012 and

UNIVERZAL BANKA AD BELGRADE. Financial Statements for the Year Ended 31 December 2012 and Financial Statements for the Year Ended 31 December 2012 and This is an English translation on the Tel: 011 3283 440, 011 3281 194, Fax: 011 2181 072 e-mail:office@revizija.co.rs www.revizija.co.rs TABLE

More information

Unconsolidated Financial Statements 30 September 2013

Unconsolidated Financial Statements 30 September 2013 Independent Auditor s Report Statement of Management Responsibility To the shareholders of First Citizens Bank Limited Report on the Financial Statements We have audited the accompanying unconsolidated

More information

Financial Statements and Independent Auditors' Report. Universal Investment Bank AD, Skopje. 31 December 2013

Financial Statements and Independent Auditors' Report. Universal Investment Bank AD, Skopje. 31 December 2013 Financial Statements and Independent Auditors' Report Universal Investment Bank AD, Skopje 31 December 2013 Universal Investment Bank, AD Skopje Contents Page Independent Auditors Report 1 Statement of

More information

Consolidated Financial Statements. Independent Auditors Report

Consolidated Financial Statements. Independent Auditors Report KOMERCIJALNA BANKA A.D., BEOGRAD Consolidated Financial Statements Year Ended and Independent Auditors Report CONTENTS Page Independent Auditors' Report 1-2 Consolidated Financial Statements: Consolidated

More information

UNICREDIT BANK SRBIJA A.D., BEOGRAD. Consolidated Financial Statements Year Ended December 31, 2017 and Independent Auditors Report

UNICREDIT BANK SRBIJA A.D., BEOGRAD. Consolidated Financial Statements Year Ended December 31, 2017 and Independent Auditors Report UNICREDIT BANK SRBIJA A.D., BEOGRAD Consolidated Financial Statements Year Ended December 31, 2017 and Independent Auditors Report Translation of the Auditors Report issued in the Serbian language UNICREDIT

More information

TTK BANKA AD Skopje. Financial Statements and Independent Auditors Report. 31 December 2011

TTK BANKA AD Skopje. Financial Statements and Independent Auditors Report. 31 December 2011 Financial Statements and Independent Auditors Report TTK BANKA AD Skopje 31 December 2011 This is an English translation of the original Report issued in Macedonian, in case of any discrepancies between

More information

ZAO Mizuho Corporate Bank (Moscow) Financial statements

ZAO Mizuho Corporate Bank (Moscow) Financial statements Financial statements Year ended 31 December 2012 Together with Independent Auditors' Report Financial statements CONTENTS INDEPENDENT AUDITORS' REPORT Statement of financial position... 1 Income statement...

More information

OJSC Kapital Bank Financial Statements. Year ended 31 December 2012 Together with Independent Auditors Report

OJSC Kapital Bank Financial Statements. Year ended 31 December 2012 Together with Independent Auditors Report Financial Statements Year ended 31 December Together with Independent Auditors Report financial statements CONTENTS Independent auditors report Statement of financial position... 1 Income statement...

More information

Georgian Leasing Company LLC Consolidated financial statements

Georgian Leasing Company LLC Consolidated financial statements Consolidated financial statements For the year ended 31 December together with the independent auditor s report Consolidated financial statements Contents Independent auditor s report Consolidated statement

More information

Consolidated Financial Statements and Independent Auditors Report. Eurostandard Banka A.D., Skopje. 31 December 2010

Consolidated Financial Statements and Independent Auditors Report. Eurostandard Banka A.D., Skopje. 31 December 2010 Consolidated Financial Statements and Independent Auditors Report Eurostandard Banka A.D., Skopje 31 December 2010 Contents Page Independent Auditors Report 1 Consolidated Income Statement 3 Consolidated

More information

auditor s opinion on the consolidated financial statements

auditor s opinion on the consolidated financial statements financial part auditor s opinion on the consolidated financial statements Independent Auditor s Report to the Shareholders of Československá obchodní banka, a. s. We have audited the accompanying consolidated

More information

Independent auditors report To the Shareholders of St. Kitts-Nevis-Anguilla National Bank Limited

Independent auditors report To the Shareholders of St. Kitts-Nevis-Anguilla National Bank Limited Independent auditors report To the Shareholders of St. Kitts-Nevis-Anguilla National Bank Limited We have audited the accompanying consolidated financial statements of St. Kitts-Nevis-Anguilla National

More information

KOMERCIJALNA BANKA A.D., BEOGRAD. Consolidated Financial Statements December 31, 2006 and Independent Auditors Report

KOMERCIJALNA BANKA A.D., BEOGRAD. Consolidated Financial Statements December 31, 2006 and Independent Auditors Report KOMERCIJALNA BANKA A.D., BEOGRAD Consolidated Financial Statements and Independent Auditors Report CONTENTS Page Independent Auditors Report 1 2 Consolidated Statement of Income 3 Consolidated Balance

More information

Georgian Leasing Company LLC Consolidated financial statements

Georgian Leasing Company LLC Consolidated financial statements Consolidated financial statements For the year ended 31 December 2015 together with the independent auditors report Consolidated financial statements Contents Independent auditors report Consolidated statement

More information

Financial statements and independent auditor s report. Sileks Banka ad, Skopje. 31 December 2007

Financial statements and independent auditor s report. Sileks Banka ad, Skopje. 31 December 2007 Financial statements and independent auditor s report Sileks Banka ad, Skopje 31 December 2007 Sileks Banka ad, Skopje Contents Page Independent Auditor s Report 1 Statement on income 3 Balance sheet 4

More information

Eurostandard Banka AD, Skopje

Eurostandard Banka AD, Skopje Financial statements and Independent Auditors Report Eurostandard Banka AD, Skopje 31 December 2012 This is an English translation of the original Report issued in Macedonian, in case of any discrepancies

More information

Accounting policy

Accounting policy Accounting policy 30.06.18 1. Principal activities ACBA-Credit Agricole Bank CJSC (the Bank ) is the parent company in the Group, which is comprised of the Bank and its subsidiary ACBA Leasing Credit Organization

More information

SERBIAN EXPORT AND INSURANCE AGENCY j.s.c., UŽICE. Restated Financial Statements for the Year Ended 31 December 2013 and Independent Auditor s Report

SERBIAN EXPORT AND INSURANCE AGENCY j.s.c., UŽICE. Restated Financial Statements for the Year Ended 31 December 2013 and Independent Auditor s Report SERBIAN EXPORT AND INSURANCE AGENCY j.s.c., UŽICE Restated Financial Statements for the Year Ended 31 December 2013 and Independent Auditor s Report This version of our report/ the accompanying documents

More information

Ameriabank cjsc. Financial Statements For the second quarter of 2016

Ameriabank cjsc. Financial Statements For the second quarter of 2016 Financial Statements For the second quarter of Contents Statement of profit or loss and other comprehensive income... 3 Statement of financial position... 4 Statement of cash flows... 5 Statement of changes

More information

Universal Investment Bank AD Skopje. Financial Statements for the year ended 31 December 2007

Universal Investment Bank AD Skopje. Financial Statements for the year ended 31 December 2007 for the year ended 31 December 2007 Contents Auditors' report Balance sheet 1 Income statement 2 Statement of changes in equity 3 Statement of cash flows 4 Notes to the financial statement 5 Income

More information

SOCIETE GENERALE BANKA MONTENEGRO A.D., PODGORICA FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2017

SOCIETE GENERALE BANKA MONTENEGRO A.D., PODGORICA FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2017 SOCIETE GENERALE BANKA MONTENEGRO A.D., PODGORICA FINANCIAL STATEMENTS FOR THE YEAR ENDED SOCIETE GENERALE MONTENEGRO BANKA A.D, PODGORICA CONTENTS Page Independent Auditor s Report 1-2 Income Statement

More information

EUROSTANDARD Banka AD Skopje. Consolidated Financial Statements for the year ended 31 December 2007

EUROSTANDARD Banka AD Skopje. Consolidated Financial Statements for the year ended 31 December 2007 Consolidated Financial Statements for the year ended 31 December 2007 Contents Auditors' report Financial Statements Consolidated balance sheet 2 Consolidated income statement 3 Consolidated statement

More information

ST. KITTS-NEVIS-ANGUILLA NATIONAL BANK LIMITED

ST. KITTS-NEVIS-ANGUILLA NATIONAL BANK LIMITED ST. KITTS-NEVIS-ANGUILLA NATIONAL BANK LIMITED Non-consolidated financial statements June 30, 2011 Contents June 30, 2011 Page Independent auditors report 1 to 2 Non-consolidated balance sheet 3 Non-consolidated

More information

KOMERCIJALNA BANKA AD SKOPJE. Consolidated financial statements and Independent Auditors Report for the year ended December 31, 2014

KOMERCIJALNA BANKA AD SKOPJE. Consolidated financial statements and Independent Auditors Report for the year ended December 31, 2014 Consolidated financial statements and Independent Auditors Report for the year ended CONTENTS Page Independent Auditors Report Consolidated statement of profit or loss and other comprehensive Income 1

More information

ST. KITTS-NEVIS-ANGUILLA NATIONAL BANK LIMITED

ST. KITTS-NEVIS-ANGUILLA NATIONAL BANK LIMITED Consolidated balance sheet As of June 30, 2013 ASSETS Notes Cash and balances with Central Bank 6 355,574 254,466 Treasury bills 7 137,962 99,179 Deposits with other financial institutions 8 526,884 418,865

More information

PUBLIC JOINT-STOCK COMPANY JOINT STOCK BANK UKRGASBANK

PUBLIC JOINT-STOCK COMPANY JOINT STOCK BANK UKRGASBANK PUBLIC JOINT-STOCK COMPANY Financial statements for the year ended Together with independent auditor s report Table of contents Independent auditor s report STATEMENT OF FINANCIAL POSITION... 1 STATEMENT

More information

JSC Microfinance Organization Credo Financial statements. Year ended 31 December 2016 together with independent auditor s report

JSC Microfinance Organization Credo Financial statements. Year ended 31 December 2016 together with independent auditor s report Financial statements Year ended 31 December 2016 together with independent auditor s report Financial statements Contents Independent auditor s report Statement of financial position... 1 Statement of

More information

St. Kitts-Nevis-Anguilla National Bank Limited. Separate Financial Statements June 30, 2017 (expressed in Eastern Caribbean dollars)

St. Kitts-Nevis-Anguilla National Bank Limited. Separate Financial Statements June 30, 2017 (expressed in Eastern Caribbean dollars) St. Kitts-Nevis-Anguilla National Bank Limited Separate Financial Statements (expressed in Eastern Caribbean dollars) Separate Statement of Financial Position As at (expressed in Eastern Caribbean

More information

Renesa cjsc. Financial Statements for the year ended 31 December 2013

Renesa cjsc. Financial Statements for the year ended 31 December 2013 Financial Statements for the year ended 31 December 2013 Contents Independent Auditors Report... 3 Statement of profit or loss and other comprehensive income... 5 Statement of financial position... 6 Statement

More information

Financial Statements. First Nations Bank of Canada October 31, 2017

Financial Statements. First Nations Bank of Canada October 31, 2017 Financial Statements First Nations Bank of Canada Independent auditors report To the Shareholders of First Nations Bank of Canada We have audited the accompanying financial statements of First Nations

More information

BANK VTB (AZERBAIJAN) OPEN JOINT STOCK COMPANY

BANK VTB (AZERBAIJAN) OPEN JOINT STOCK COMPANY BANK VTB (AZERBAIJAN) OPEN JOINT STOCK COMPANY The International Financial Reporting Standards Financial Statements and Independent Auditors Report For the Year Ended 2010 TABLE OF CONTENTS Page STATEMENT

More information

KOMERCIJALNA BANKA AD SKOPJE. Independent Auditors Report and. Separate financial statements. For the year ended 31 December 2017

KOMERCIJALNA BANKA AD SKOPJE. Independent Auditors Report and. Separate financial statements. For the year ended 31 December 2017 Independent Auditors Report and Separate financial statements For the year ended 31 December Separate financial statements for the Year Ended December 31, Contents Page Independent Auditors Report Audited

More information

ACBA-CREDIT AGRICOLE BANK closed joint stock company

ACBA-CREDIT AGRICOLE BANK closed joint stock company Consolidated Financial Statements and Independent Auditor's Report ACBA-CREDIT AGRICOLE BANK closed joint stock company 31 December 2012 ACBA-CREDIT AGRICOLE BANK closed joint stock company Contents Page

More information

Management s Responsibility for the Financial Statements

Management s Responsibility for the Financial Statements kpmg KPMG d.o.o. Beograd Kraljice Natalije 11 11000 Belgrade Serbia Tel.: +381 (0)11 20 50 500 Fax: +381 (0)11 20 50 550 www.kpmg.com/rs Independent Auditors Report T R A N S L A T I O N TO THE OWNERS

More information

BYBLOS BANK SAL CONSOLIDATED FINANCIAL STATEMENTS

BYBLOS BANK SAL CONSOLIDATED FINANCIAL STATEMENTS BYBLOS BANK SAL CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2009 BYBLOS BANK SAL CONSOLIDATED FINANCIAL STATEMENTS 1) Auditors' report; 2) Consolidated income statement for the year ended ; 3) Consolidated

More information

VTB Bank (Armenia) cjsc. Financial Statements For the year ended 31 December 2008

VTB Bank (Armenia) cjsc. Financial Statements For the year ended 31 December 2008 Financial Statements For the year ended 31 December Contents Independent Auditors Report...3 Income Statement...4 Balance Sheet...5 Statement of Cash Flows...6 Statement of Changes in Shareholders Equity...7

More information

Open Joint Stock Company Raiffeisen Bank Aval Consolidated Financial Statements

Open Joint Stock Company Raiffeisen Bank Aval Consolidated Financial Statements Open Joint Stock Company Raiffeisen Bank Aval Consolidated Financial Statements For the year ended 31 December Together with Independent Auditors Report Consolidated Financial Statements CONTENTS INDEPENDENT

More information

BANK MELLI IRAN BAKU BRANCH

BANK MELLI IRAN BAKU BRANCH BANK MELLI IRAN BAKU BRANCH 31 December 2013 Financial Statements in accordance with International Financial Reporting Standards and Independent Auditor s Report TABLE OF CONTENTS Independent Auditor s

More information

JHL BIOTECH, INC. AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS AND REPORT OF INDEPENDENT ACCOUNTANTS DECEMBER 31, 2016 AND 2015

JHL BIOTECH, INC. AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS AND REPORT OF INDEPENDENT ACCOUNTANTS DECEMBER 31, 2016 AND 2015 JHL BIOTECH, INC. AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS AND REPORT OF INDEPENDENT ACCOUNTANTS DECEMBER 31, 2016 AND 2015 -----------------------------------------------------------------------------------------------------------------------------------------------------------------------

More information

Universal Investment Bank AD Skopje. Financial Statements for the year ended 31 December 2010

Universal Investment Bank AD Skopje. Financial Statements for the year ended 31 December 2010 for the year ended 31 December 2010 Contents Independent Auditors' report Statement of financial position 1 Statement of comprehensive income 2 Statement of changes in equity 3 Statement of cash flows

More information

Converse Bank closed joint stock company

Converse Bank closed joint stock company Converse Bank closed joint stock company Consolidated Financial Statements 30 September 2016 Consolidated financial statements as at 30 September 2016 Contents Consolidated statement of financial position...

More information

DEPOSIT INSURANCE AGENCY, BELGRADE. Financial Statements for the Year Ended 31 December 2015 and Independent Auditor s Report

DEPOSIT INSURANCE AGENCY, BELGRADE. Financial Statements for the Year Ended 31 December 2015 and Independent Auditor s Report Financial Statements for the Year Ended 31 December 2015 and Independent Auditor s Report Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized

More information

Converse Bank closed joint stock company. Consolidated Financial Statements. 31 December 2017

Converse Bank closed joint stock company. Consolidated Financial Statements. 31 December 2017 Converse Bank closed joint stock company Consolidated Financial Statements 31 December 2017 1 Converse Bank CJSC Consolidated financial statements as at 31 December 2017 Contents Consolidated statement

More information

TECO IMAGE SYSTEMS CO., LTD. AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS AND REVIEW REPORT OF INDEPENDENT ACCOUNTANTS JUNE 30, 2017 AND 2016

TECO IMAGE SYSTEMS CO., LTD. AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS AND REVIEW REPORT OF INDEPENDENT ACCOUNTANTS JUNE 30, 2017 AND 2016 TECO IMAGE SYSTEMS CO., LTD. AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS AND REVIEW REPORT OF INDEPENDENT ACCOUNTANTS JUNE 30, 2017 AND 2016 -----------------------------------------------------------------------------------------------------------------------------

More information

Fibabanka Anonim Şirketi Financial Statements As at and for the year ended 31 December 2012 Together with the Independent Auditor s Report

Fibabanka Anonim Şirketi Financial Statements As at and for the year ended 31 December 2012 Together with the Independent Auditor s Report Financial Statements As at and for the year ended 2012 Together with the Independent Auditor s Report To the Board of Directors of Fibabanka A.Ş. İstanbul INDEPENDENT AUDITOR S REPORT We have audited the

More information

KOMERCIJALNA BANKA A.D. BANjA LUKA

KOMERCIJALNA BANKA A.D. BANjA LUKA FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2011 WITH INDEPENDENT AUDITORS RERORT KOMERCIJALNA BANKA A.D. BANjA LUKA Banja Luka, March 2012 Financial Statements for the year ended 31 December 2011

More information

Independent auditors report To the shareholders of St Kitts-Nevis-Anguilla National Bank Limited

Independent auditors report To the shareholders of St Kitts-Nevis-Anguilla National Bank Limited Independent auditors report To the shareholders of St Kitts-Nevis-Anguilla National Bank Limited We have audited the accompanying financial statements of St Kitts-Nevis-Anguilla National Bank Limited and

More information

Ameriabank CJSC Financial statements

Ameriabank CJSC Financial statements Ameriabank CJSC Financial statements for the year ended 31 December together with independent auditor s report Ameriabank CJSC Financial statements Contents Independent auditor s report Statement of comprehensive

More information

Yapi Kredi Bank Azerbaijan CJSC Consolidated financial statements

Yapi Kredi Bank Azerbaijan CJSC Consolidated financial statements Yapi Kredi Bank Azerbaijan CJSC Consolidated financial statements Year ended 31 December 2014 together with independent auditors report 2014 Consolidated financial statements Contents Independent auditors

More information

Bank Muscat (SAOG) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2012

Bank Muscat (SAOG) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2012 YEAR ENDED 1 LEGAL STATUS AND PRINCIPAL ACTIVITIES Bank Muscat (SAOG) (the Bank or the Parent Company) is a joint stock company incorporated in the Sultanate of Oman and is engaged in commercial and investment

More information

JSC «AsiaСredit Bank (АзияКредит Банк)» Financial Statements for the year ended 31 December 2010

JSC «AsiaСredit Bank (АзияКредит Банк)» Financial Statements for the year ended 31 December 2010 JSC «AsiaСredit Bank (АзияКредит Банк)» Financial Statements for the year ended 31 December Contents Independent Auditors Report Statement of Comprehensive Income 5 Statement of Financial Position 6 Statement

More information

Alpha Bank AD Skopje. Financial Statements for the year ended 31 December 2007

Alpha Bank AD Skopje. Financial Statements for the year ended 31 December 2007 for the year ended 31 December 2007 Contents Auditors' report Balance sheet 2 Income statement 3 Statement of changes in equity 4 Statement of cash flows 5 Notes to the financial statement 6 Balance sheet

More information

Open Joint Stock Company Raiffeisen Bank Aval Consolidated Financial Statements

Open Joint Stock Company Raiffeisen Bank Aval Consolidated Financial Statements Open Joint Stock Company Raiffeisen Bank Aval Consolidated Financial Statements Year ended 31 December Together with Independent Auditors Report Consolidated Financial Statements CONTENTS INDEPENDENT AUDITORS

More information

Consolidated Financial Statements as at 31 December 2008 (with independent auditor s report thereon)

Consolidated Financial Statements as at 31 December 2008 (with independent auditor s report thereon) (Previously known as American Bank of Albania Sh.a.) Consolidated Financial Statements as at 31 December (with independent auditor s report thereon) Contents Independent Auditors Report Page Consolidated

More information

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OTP banka Srbija a.d. Novi Sad NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December 31, 2010 Consolidated legal entites: - OTP banka Srbija a.d. Novi Sad - OTP Investments d.o.o. Novi Sad Novi Sad,

More information

CREDIT BANK OF MOSCOW. Consolidated Financial Statements for the year ended 31 December 2009

CREDIT BANK OF MOSCOW. Consolidated Financial Statements for the year ended 31 December 2009 Consolidated Financial Statements Contents Independent Auditors Report... 3 Consolidated Statement of Comprehensive Income... 4 Consolidated Statement of Financial Position... 5 Consolidated Statement

More information

Joint Stock Company The State Export-Import Bank of Ukraine Consolidated Financial Statements

Joint Stock Company The State Export-Import Bank of Ukraine Consolidated Financial Statements Joint Stock Company The State Export-Import Bank of Ukraine Consolidated Financial Statements Year ended 31 December 2006 Together with Independent Auditors Report 2006 Consolidated Financial Statements

More information

Financial Statements and Independent Auditors Report. Eurostandard Banka AD, Skopje. 31 December 2009

Financial Statements and Independent Auditors Report. Eurostandard Banka AD, Skopje. 31 December 2009 Financial Statements and Independent Auditors Report Eurostandard Banka AD, Skopje 31 December 2009 Eurostandard Banka AD Skopje Content Page Independent Auditors Report 1 Income Statement 3 Balance sheet

More information