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1 godišnji izvještaj annual report

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3 godišnji izvještaj annual report

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5 Sadržaj IZVJEŠTAJ NEZAVISNOG REVIZORA 10 FINANSIJSKI ISKAZI ISKAZ O UKUPNOM REZULTATU 12 ISKAZ O FINANSIJSKOM POLOŽAJU 13 ISKAZ O PROMJENAMA NA KAPITALU 14 ISKAZ O TOKOVIMA GOTOVINE 15 NAPOMENE UZ FINANSIJSKE ISKAZE Sadržaj 5

6 Content RESPONSIBILITY FOR THE FINANCIAL STATEMENTS 11 FINANCIAL STATEMENTS: STATEMENT OF COMPREHENSIVE INCOME 12 STATEMENT OF FINANCIAL POSITION 13 STATEMENT OF CHANGES IN EQUITY 14 STATEMENT OF CASH FLOWS 15 NOTES TO THE FINANCIAL STATEMENTS

7 CKB Odbor direktora CKB Board of Directors Na dan 31. decembra godine Year Ended December 31, 2015 ZSOLT BARNA Predsjednik, Member SZABOLCS HORVÁTH Član, Member NYITRAI GYŐZŐ Član, Member DR. SZABOLCS KORBA Član, Member ATTILA KOZSIK Član, Member MIKLOS NEMETH Član, Member MILAN SZTEPANOV Član, Member 7

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10 10 CKB Annual Report 2015

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12 U hiljadama eura Thousands of EUR Iskaz o ukupnom rezultatu Statement of Comprehensive Income Za godinu koja se završava 31. decembra godine Year Ended December 31, 2015 Prihodi po osnovu kamata i slični prihodi Interest and similar income Rashodi po osnovu kamata i slični rashodi Interest expense and similar charges Neto prihod od kamata Net interest income Prihodi po osnovu naknada i provizija Fee and commission income Rashodi po osnovu naknada i provizija Fee and commission expense Neto prihod od naknada i provizija Net fee and commission income Neto prihodi po osnovu kursnih razlika Net foreign exchange gains Neto dobici po osnovu ulaganja u hartije od vrijednosti Net gains from investments in securities Ostali poslovni prihodi Other operating income Poslovni rashodi Operating expenses Rashodi indirektnih otpisa plasmana i rezervisanja Losses on impairment and provisions DOBITAK PRIJE OPOREZIVANJA INCOME BEFORE TAX Porez na dobitak Income taxes REZULTAT PERIODA INCOME FOR THE YEAR Ostali ukupni rezultat Other comprehensive income Nerealizovani neto dobici od hartija od vrijednosti raspoloživih za prodaju Unrealized net gains/ (losses) on available-for-sale securities UKUPNI REZULTAT ZA GODINU TOTAL COMPREHENSIVE INCOME FOR THE YEAR Napomene / Notes a 30,572 38,494 6b (3,610) (8,272) 26,962 30,222 7a 13,681 13,507 7b (3,636) (3,588) 10,045 9, , (25,321) (27,055) 11 (6,468) (9,844) (30,233) (34,055) 6,774 6, (1) 61 6,773 6,147 (1,751) 5 5,022 6, CKB Godišnji Annual Report izvještaj

13 U hiljadama eura Thousands of EUR Iskaz o finansijskom položaju Statement of Financial Position Na dan 31. decembra godine As of December 31, 2015 Napomene / Notes AKTIVA / ASSETS Novčana sredstva i sredstva kod Centralne banke Cash and balances with the Central Bank ,321 88,329 Krediti i plasmani bankama Loans and advances to banks 14 97, ,653 Krediti i plasmani komitentima Loans and advances to customers , ,986 Hartije od vrijednosti raspoložive za prodaju Available for sale securities Finansijska sredstva po fer vrijednosti kroz bilans uspjeha Financial assets at fair value through profit or loss 17 2,609 1,988 Hartije od vrijednosti koje se drže do dospjeća Securities held to maturity 18 66,410 14,280 Forfeting Forfeiting 19 1,919 3,772 Nematerijalna ulaganja Intangible assets 20 3,059 2,768 Nekretnine, postrojenja i oprema Property, plant and equipment 21 13,104 13,414 Ostala sredstva Other assets 22 3,690 3,356 Ukupna aktiva / Total assets 594, ,795 PASIVA / LIABILITIES Obaveze prema bankama Deposits from banks 23 1,648 2,038 Obaveze prema komitentima Due to customers , ,582 Obaveze po kreditima Other borrowed funds 25 3,250 10,917 Ostale obaveze Other liabilities 26 2,690 3,446 Rezervisanja Provisions 27 3,100 3,699 Odložene poreske obaveze Deferred income tax liabilities Naknade zaposlenima Employee benefits 28 1,161 1,170 Ukupne obaveze / Total liabilities 496, ,204 KAPITAL / EQUITY Akcijski kapital Share capital , ,876 Ostale rezerve Other reserves (810) 941 Akumulirani gubitak Accumulated losses (37,453) (44,226) Ukupan kapital / Total equity 98,613 93,591 Ukupna pasiva Total liabilities and equity 594, ,795 VANBILANSNE POZICIJE OFF-BALANCE SHEET ITEMS 30 47,032 51,453 13

14 U hiljadama eura Thousands of EUR Iskaz o promjenama na kapitalu Statement of Changes in Equity U periodu od 1. januara do 31. decembra godine Year Ended December 31, 2015 Stanje na dan 1. januara godine Balance at January 1, 2014 Ukupan rezultat Total comprehensive income Dobit tekuće godine Profit for the year Uvećanje fer vrijednosti hartija od vrijednosti raspoloživih za prodaju Increase in fair value of available for sale securities Stanje na dan 31. decembra godine Balance at December 31, 2014 Ukupan rezultat Total comprehensive income Dobitak tekuće godine Profit for the year Smanjenje fer vrijednosti hartija od vrijednosti raspoloživih za prodaju Decrease in fair value of available for sale securities Stanje na dan 31. decembra godine Balance at December 31, 2015 Akcijski kapital Share Capital Ostale rezerve Other Reserves Akumulirani gubitak Accumulated Losses Ukupno Total 136, (50,373) 87, ,147 6, , (44,226) 93, ,773 6,773 - (1,751) - (1,751) 136,876 (810) (37,453) 98, CKB Godišnji izvještaj 2015

15 U hiljadama eura Thousands of EUR Izvještaj o tokovima gotovine STATEMENT OF CASH FLOWS U periodu od 1. januara do 31. decembra godine Year Ended December 31, 2015 Tokovi gotovine iz poslovnih aktivnosti Cash flows from operating activities Prilivi po osnovu kamata i slični prihodi Interest and similar income received Odlivi po osnovu kamata i slični rashodi Interest and similar charges paid Priliv po osnovu naknada i provizija Fee and commission received Odlivi po osnovu naknada i provizija Fee and commission paid Ostali prihodi Other income Plaćeni porezi Taxes paid Odlivi po osnovu zarada zaposlenih i troskova za dobavljače Cash payments to employees and suppliers Neto prilivi gotovine iz poslovnih aktivnosti prije promjena poslovne aktive i pasive Net cash inflows from operating activities before changes in operating assets and liabilities Promjene poslovne aktive i pasive Changes in operating assets and liabilities: Neto povećanje obavezne rezerve Net change in obligatory reserve Neto povećanje kredita i plasmana bankama i komitentima Net decrease in loans and advances to banks and customers Neto povećanje forfetinga Net increase in forfeting Neto smanjenje ostalih sredstava Net decrease in other assets Neto smanjenje depozita banaka Net decrease in deposits from banks Neto povećanje/(smanjenje) depozita od komitenata Net increase/(decrease) in customer deposits Neto (smanjenje)/povećanje ostalih obaveza Net (decrease)/increase in other liabilities Neto (odliv)/priliv gotovine iz poslovnih aktivnosti Net cash (used in)/provided by operating activities Tokovi gotovine iz aktivnosti investiranja Cash flows from investing activities Neto smanjenje hartija od vrijednosti Net decrease in securities Kupovina nekretnina i opreme Purchase of property, plant and equipment Kupovina nematerijalnih ulaganja Purchase of intangible assets Neto smanjenje hartija od vrijednosti koje se drže do dospjeća Net decrease in cash and cash equivalents Neto (odliv)/priliv gotovine iz aktivnosti investiranja Net cash (used)/provided in investing activities Tokovi gotovine iz aktivnosti finansiranja Cash flows from financing activities Neto smanjenje pozajmljenih sredstava Net decrease in other borrowed funds Neto odliv gotovine iz aktivnosti finansiranja Net cash used in financing activities Efekti kursnih razlika Effect of exchange rate changes Neto povećanje/(smanjenje) gotovine i gotovinskih ekvivalenata Net increase/(decrease) in cash and cash equivalents Gotovina i gotovinski ekvivalenti na početku godine Cash and cash equivalents at beginning of year Gotovina i gotovinski ekvivalenti na kraju godine (napomena 32) Cash and cash equivalents at end of year (Note 32) ,484 41,003 (3,548) (9,819) 13,681 13,507 (3,636) (3,588) 813 2,089 (2) - (22,317) (24,157) 19,475 19, ,746 1,001 1,853 3,560 (333) (1,284) (391) (3,389) 17,452 (35,269) (749) ,945 (14,862) (246) (215) 745 (1,778) (155) (216) (52,130) 3,218 (51,786) 1,009 (7,667) (11,755) (7,667) (11,755) ,235 (24,853) 157, , , ,574 15

16 CKB Annual Report 2015

17 Bilješke uz finansijske izvještaje

18 1. OPŠTE INFORMACIJE Crnogorska komercijalna banka A.D., Podgorica (u daljem tekstu: Banka ) je osnovana kao nezavisna banka i registrovana je kod Privrednog suda u Podgorici 15. januara godine. OTP Bank Plc. Budimpešta je jedini vlasnik (100%) kapitala Banke. Banka je registrovana kao akcionarsko društvo. Registarski broj Banke u Centralnom registru Privrednog suda je /49. Banka je od Centralne banke Crne Gore, Rješenjem broj / od 18. februara godine, dobila odobrenje za rad. Banka je kod Komisije za hartije od vrijednosti upisana u Registar emitenata hartija od vrijednosti pod brojem 51 (Rješenje broj 02/3-47/2-01 od 12. jula godine). U skladu sa Zakonom o bankama, Odlukom o osnivanju i Statutom, Banka obavlja poslove primanja depozita i drugih sredstava fizičkih i pravnih lica i odobravanje kredita i drugih plasmana iz tih sredstava, u cjelini ili djelimično, za svoj račun. Pored ovih poslova, Banka može da obavlja i sljedeće: izdaje garancije i preuzima druge vanbilansne obaveze; kupuje, prodaje i naplaćuje potraživanja; izdaje, obrađuje i evidentira platne instrumente; platni promet u zemlji i sa inostranstvom; finansijski lizing; trguje u svoje ime i za svoj račun ili za račun komitenta stranim sredstvima plaćanja i finansijskim derivatima; vrši izradu analiza i davanje informacija i savjeta o kreditnoj sposobnosti društava i preduzetnika; depo poslove; usluge čuvanja u sefovima i druge poslove u skladu sa odobrenjem Centralne banke Crne Gore. Sjedište Banke je u Podgorici, Ulica Moskovska bb. Na dan 31. decembra godine, Banku čine centrala u Podgorici i 14 filijala, 10 ekspozitura i 5 šaltera na teritoriji Crne Gore. Članovi Odbora za reviziju Banke su: Ime i prezime Funkcija G-din Attila Kozsik Predsjednik G-din Fritz Laszlo Član G-din Andreas Szalay Član Članovi Upravnog Odbora direktora Banke su: Ime i prezime Funkcija G-din Barna Zsolt Predsjednik G-din Szabolcs Horvath Član G-din Nyitrai Győző Član Dr. Szabolcs Korba, PhD Član G-din Attila Kozsik Član G-din Miklos Nemeth Član G-din Milan Sztepanov Član Na dan 31. decembra godine Banka ima 436 zaposlenih radnika (31. decembra godine: 440 zaposlenih). 2. OSNOVE ZA SASTAVLJANJE FINANSIJSKIH IZVJEŠTAJA Ovi finansijski iskazi su sastavljeni za opštu upotrebu, a u skladu sa Međunarodnim standardima finansijskog izvještavanja (MSFI). Banka takođe priprema finansijske izvještaje u skladu sa lokalnim zakonodavstvom i regulativom koja materijalno značajno odstupa od MSFI. a) Izjava o usklađenosti finansijskih izvještaja Priloženi finansijski iskazi Banke sastavljeni su u skladu sa Međunarodnim Standardima Finansijskog Izvještavanja (MSFI) odobrenim od strane Međunarodnog Komiteta za Računovodstvene Standarde (MKRS). Pripremanje finansijskih iskaza u skladu sa MSFI zahtijeva upotrebu određenih računovodstvenih procjena i procjena rukovodstva Banke u procesu primjene računovodstvenih politika Banke. Područja koja zahtijevaju viši stepen procjene ili složenosti ili područja u kojima su pretpostavke i procjene od velikog značaja za finansijske iskaze, objelodanjena su u napomeni 2(d). Računovodstvene politike u skladu sa MSFI objelodanjene u narednim pasusima su dosljedno primjenjene od strane Banke za sve periode prikazane u priloženim finansijskim iskazima. b) Osnove za sastavljanje iskaza Finansijski iskazi sastavljeni su prema principu istorijskog troška, koji je modifikovan revalorizacijom finansijskih sredstava raspoloživih za prodaju i finansijskih sredstava i obaveza (uključujući izvedene finansijske instrumente) po fer vrijednosti kroz dobitak ili gubitak, po principu stalnosti poslovanja. c) Funkcionalna i izvještajna valuta Priloženi finansijski iskazi Banke su iskazani u EUR, što je i funkcionalna valuta Banke. Svi finansijski podaci su iskazani u EUR i zaokruženi na najbližu hiljadu. d) Korišćenje procjenjivanja i pretpostavki Pripremanje finansijskih iskaza u skladu sa MSFI zahtijeva upotrebu procjena i pretpostavki koje utiču na efekte primjenjivanja politika, prikazane iznose aktive i pasive, i na prikazane iznose prihoda i rashoda tokom izvještajnog perioda. Procjene i prosuđivanja se donose na osnovu istorijskog iskustva i drugih činilaca, uključujući očekivanja u pogledu budućih događaja za koje se vjeruje da su u okvirima datih okolnosti razumna, gdje rezultati daju dobru osnovu za procjenu knjigovodstvene vrijednosti aktive i pasive koje se ne mogu jasno sagledati iz drugih izvora. Stvarni rezultati se mogu razlikovati od pomenutih procjena. Procjene i prosuđivanja su predmet stalne procjene. Promjene računovodstvenih procjena se priznaju u periodu kada je došlo do izmjene, ako se izmjena odnosi samo na taj period odnosno, ako se izmjena odnosi na tekuće i buduće periode, priznaju se i u tom periodu i u budućim periodima. Posebna područja nesigurnosti procjenjivanja i 18 CKB Godišnji izvještaj 2015

19 kritičnih pretpostavki u primjeni računovodstvenih politika koje su od velikog značaja za iznose objelodanjene u finansijskim iskazima, objelodanjena su u napomeni 5 uz finansijske iskaze. Banka je u sastavljanju ovih finansijskih iskaza pripremljenih u skladu sa MSFI primjenjivala računovodstvene politike objelodanjene u napomeni 3. e) Objavljeni standardi i tumačenja koji su stupili na snagu u tekućem periodu U tekućoj godini Banka je primijenila izmjene i dopune MSFI izdatih od strane Međunarodnog Odbora za računovodstvene standarde ( Odbor ) čija je primjena obavezna za računovodstvene periode koji počinju na dan ili nakon 1. januara godine. Dopune MRS 19 Naknade zaposlenima Definisani planovi naknade: Doprinosi za zaposlene (na snazi za godišnje periode koji počinju na dan ili nakon 1. jula godine). Primjena ovih dopuna nije imala materijalno značajan uticaj na objelodanjivanje iznosa priznatih u finansijskim iskazima Banke. Godišnja poboljšanja za period od do godine, koja su rezultat Projekta godišnjeg kvalitativnog poboljšanja MSFI (MSFI 2, MSFI 3, MSFI 8, MSFI 13, MRS 16, MRS 24 i MRS 38) radi otklanjanja neusaglašenosti i pojašnjenja formulacija (na snazi za godišnje periode koji počinju na dan ili nakon 1. jula godine). Primjena ovih dopuna nije imala materijalno značajan uticaj na objelodanjivanje iznosa priznatih u finansijskim iskazima Banke. Godišnja poboljšanja za period od do godine, koja su rezultat Projekta godišnjeg kvalitativnog poboljšanja MSFI (MSFI 1, MSFI 3, MSFI 13 i MRS 40) radi otklanjanja neusaglašenosti i pojašnjenja formulacija (na snazi za godišnje periode koji počinju na dan ili nakon 1. jula godine). Primjena ovih dopuna nije imala materijalno značajan uticaj na objelodanjivanje iznosa priznatih u finansijskim iskazima Banke. f) Objavljeni standardi i tumačenja koji još uvjek nisu stupili na snagu Na dan objavljivanja ovih finansijskih iskaza sledeći standardi, njihove dopune i tumačenja bili su objavljeni, ali nisu još uvjek stupili na snagu za poslovnu godinu koja se završava 31. decembra godine: MSFI 9 Finansijski instrumenti i kasnije dopune, koji zamjenjuje zahtjeve MRS 39 Finansijski instrumenti: priznavanje i odmjeravanje, u vezi s klasifikacijom i odmjeravanjem finansijske imovine. MSFI 9 je na snazi za godišnje periode koji počinju na dan ili nakon 1. januara godine, uz dozvoljenu raniju primjenu. MSFI 15 Prihodi iz ugovora sa kupcima, koji definiše okvir za priznavanje prihoda. MSFI 15 zamjenjuje MRS 18 Prihodi, MRS 11 Ugovori o izgradnji, IFRIC 13 Programi lojalnosti klijenata, IFRIC 15 Sporazumi za izgradnju nekretnina i IFRIC 18 Prenosi sredstava od kupaca. MSFI 15 je na snazi za godišnje periode koji počinju na dan ili nakon 1. januara godine, uz dozvoljenu raniju primjenu. Dopune MSFI 11 Zajednički aranžmani Računovodstvo sticanja učešća u zajedničkim poslovanjima, na snazi za godišnje periode koji počinju na dan ili nakon 1. januara godine. Dopune MRS 1 Prezentacija finansijskih iskaza - Inicijativa za objelodanjivanje, na snazi za godišnje periode koji počinju na dan ili nakon 1. januara godine. Dopune MRS 16 Nekretnine, postrojenja i oprema i MRS 38 Nematerijalna imovina - Tumačenje prihvatljivih metoda amortizacije (na snazi za godišnje periode koji počinju na dan ili nakon 1. januara godine). Dopune MRS 16 Nekretnine, postrojenja i oprema i MRS 41 Poljoprivreda Poljoprivreda: industrijske biljke (na snazi za godišnje periode koji počinju na dan ili nakon 1. januara godine). Dopune MSFI 10 Konsolidovani finansijski iskazi i MRS 28 Investicije u pridružene entitete i zajedničke poduhvate - Prodaja ili prenos sredstava između investitora i njegovih pridruženih entiteta ili zajedničkih poduhvata (na snazi za godišnje periode koji počinju na dan ili nakon 1. januara godine). Dopune MSFI 10 Konsolidovani finansijski iskazi, MSFI 12 Objelodanjivanje o učešćima u drugim entitetima i MRS 28 Investicije u pridružene entitete i zajedničke poduhvate - Investiciona društva: Primjena izuzetaka od konsolidacije (na snazi za godišnje periode koji počinju na dan ili nakon 1. januara godine). Godišnja poboljšanja za period od do godine, koja su rezultat Projekta godišnjeg kvalitativnog poboljšanja MSFI (MSFI 5, MSFI 7 i MRS 19) radi otklanjanja neusaglašenosti i pojašnjenja formulacija (na snazi za godišnje periode koji počinju na dan ili nakon 1. januara godine). MSFI 14 Računi regulatornih aktivnih vremenskih razgraničenja (na snazi za godišnje periode koji počinju na dan ili nakon 1. januara godine). Dopune MRS 27 Pojedinačni finansijski iskazi Metod udjela u pojedinačnim finansijskim iskazima (na snazi za godišnje periode koji počinju na dan ili nakon 1. januara godine). MSFI 9 Finansijski instrumenti MSFI 9, izdat u novembru godine, uvodi nove zahtjeve u pogledu klasifikacije i vrednovanja finansijskih sredstava. MSFI 9 je u oktobru godine dopunjen zahtjevima u vezi sa klasifikacijom i vrednovanjem finansijskih obaveza i prestankom priznavanja, a u novembru godine novim zahtjevima u vezi sa opštim računovodstvom zaštite (hedžinga). Sljedeća revidirana verzija MSFI 9 izdata je u julu godine da bi obuhvatila a) zahtjeve u vezi sa umanjenjem vrijednosti finansijskih sredstava i b) ograničene izmjene i dopune zahtjeva u vezi sa klasifikacijom i 19

20 uvođenjem kategorije fer vrijednost kroz izvještaj o ostalom ukupnom rezultatu za mjerenje određenih jednostavnih dužničkih instrumenata. Banka smatra da će MSFI 9 imati uticaja na finansijske iskaze Banke. Trenutno, Banka nije u mogućnosti da procijeni efekte uvođenja MSFI 9. Ključni zahtjevi MSFI 9 su: Sva priznata finansijska sredstva iz djelokruga MRS 39 Finansijski instrumenti: Priznavanje i odmjeravanje moraju naknadno biti vrednovana ili po amortizovanoj vrijednosti ili po fer vrijednosti. Dužnički instrument koji se drži u okviru poslovnog modela koji ima za cilj naplatu ugovorenih novčanih tokova i ima ugovorene novčane tokove koji predstavljaju samo plaćanja glavnice i kamate na neotplaćeni iznos glavnice se generalno odmjeravaju po amortizovanoj vrijednosti na kraju narednog perioda. Dužnički instrumenti koji se drže u okviru poslovnog modela čiji se cilj postiže i naplatom ugovorenih novčanih tokova i prodajom finansijske imovine, a čije ugovorne odredbe rezultuju novčanim tokovim na unaprijed utvrđene datume koji su prvenstveno plaćanja glavnice i kamate na neotplaćeni dio glavnice generalno se odmjeravaju po fer vrijednosti kroz ostali ukupan rezultat. Svi ostali dužnički instrumenti i udjeli moraju se odmjeravati po fer vrijednosti na kraju narednog perioda. Takođe, prema MSFI 9, ukoliko se instrument kapitala ne drži radi trgovanja, subjekt može donijeti neopozivu odluku pri početnom priznavanju da se takav instrument mjeri po fer vrijednosti kroz ostali ukupan rezultat, pri čemu se jedino prihod od dividendi priznaje u okviru bilansa uspjeha. U vezi sa odmjeravanjem finansijskih obaveza označenih za odmjeravanje po fer vrijednosti kroz bilans uspjeha, MSFI 9 zahtijeva da iznos promjene u fer vrijednosti finansijske obaveze koja nastane usled promjena kreditnog rizika te obaveze bude prikazan u ostalom ukupnom rezultatu, osim ako bi prezentacija efekta promjene kreditnog rizika obaveze u ostalom ukupnom rezultatu prouzrokovala ili uvećala računovodstvenu neusaglašenost u bilansu uspjeha. Promjene fer vrijednosti obaveze koje nastaju usled kreditnog rizika te obaveze naknadno se ne reklasifikuju na bilans uspjeha. Prema MRS 39, cijeli iznos promjene fer vrijednosti finansijske obaveze označene za odmjeravanje po fer vrijednosti kroz bilans uspjeha, prikazuje se u okviru bilansa uspjeha. U vezi sa umanjenjem vrijednosti finansijskih sredstava, MSFI 9 zahtijeva primjenu modela očekivanih kreditnih gubitaka za razliku od modela nastalih kreditnih gubitaka prema MRS 39. Model očekivanih kreditnih gubitaka zahtijeva da subjekt računovodstveno obuhvati očekivane kreditne gubitke i promjene u navedenim očekivanim kreditnim gubicima na svaki datum izvještavanja na način da odrazi promjene u kreditnom riziku od početnog priznavanja. Drugim riječima, više nije neophodno da se kreditni događaj desi prije priznavanja kreditnih gubitaka. Novi zahtjevi u vezi sa opštim računovodstvom zaštite (hedžinga) zadržali su tri vrste mehanizama računovodstva zaštite koje predviđa MRS 39. Ali, MSFI 9 je daleko fleksibilniji u pogledu vrsta transakcija podobnih za računovodstvo zaštite i proširuje vrste instrumenata koji ispunjavaju uslove za instrumente zaštite i vrste rizičnih komponenti nefinansijskih stavki koje su podobne za računovodstvo zaštite. Takođe, test efektivnosti je zamijenjen načelom ekonomskog odnosa. Više se ne zahtijeva ni retrospektivna analiza efektivnosti. MSFI 15 Prihodi od ugovora sa kupcima U maju godine objavljen je MSFI 15 da bi se uspostavio jedinstven i sveobuhvatan model za računovodstveno obuhvatanje prihoda po osnovu ugovora sa kupcima. Kada stupi na snagu, MSFI 15 će zamijeniti trenutno važeća uputstva za priznavanje prihoda u MRS 18 Prihodi, MRS 11 Ugovori o izgradnji i njihovim tumačenjima. Osnovno načelo MSFI 15 je da subjekt treba da prizna prihod koji predstavlja prenos ugovorom obećanih dobara ili usluga kupcima u iznosu koji održava naknadu na koju subjekt očekuje da stekne pravo u zamjenu za prenijeta dobra i usluge. Konkretno, standard uvodi pristup priznavanju prihoda od 5 koraka: Korak 1: Utvrditi ugovore sa kupcem, Korak 2: Utvrditi činidbene obaveze iz ugovora, Korak 3: Utvrditi cijenu transakcije, Korak 4: Rasporediti cijenu transakcije na činidbene obaveze iz ugovora, Korak 5: Priznati prihode kada subjekt ispuni (ili dok ispunjava) činidbenu obavezu. Prema MSFI 15, subjekt priznaje prihod kada je činidbena obaveza ispunjena (ili tokom ispunjenja činidbene obaveze), tj. kada je kontrola nad dobrima ili uslugama u osnovi konkretne činidbene obaveze prenijeta na kupca. MSFI 15 sadrži detaljnija uputstva za konkretne scenarije prenosa i zahtijeva daleko obimnija objelodanjivanja. Dopune MSFI 11 Računovodstvo sticanja učešća u zajedničkim poslovanjima Dopune MSFI 11 sadrže uputstva o načinu računovodstvenog obuhvatanja sticanja zajedničkog poslovanja koje predstavlja posao prema definiciji MSFI 3 Poslovne kombinacije. Konkretno, izmjene i dopune navode da treba primjenjivati načela računovodstvenog obuhvatanja poslovnih kombinacija iz MSFI 3 i drugih standarda (npr. MRS 12 Porez na dobitak u vezi sa priznavanjem odloženih poreza u trenutku sticanja i MRS 36 Umanjenje vrijednosti imovine u vezi sa testiranjem obezvređenja jedinice koja generiše novac kojoj je dodijeljen goodwill prilikom sticanja zajedničkog poslovanja). Iste zahtjeve treba primijeniti i kod formiranja zajedničkog poslovanja ako i samo ako jedna od strana učesnica u zajedničkom poslovanju unosi u 20 CKB Godišnji izvještaj 2015

21 zajedničko poslovanje postojeći posao. Od učesnika u zajedničkom poslovanju se takođe zahtijeva da objelodani značajne informacije u skladu sa zahtjevima MSFI 3 i drugih standarda koji regulišu zajedničko poslovanje. Navedene dopune primjenjuju se prospektivno na sticanje učešća u zajedničkim poslovanjima (u kojima aktivnosti zajedničkog poslovanja čine poslove prema definiciji iz MSFI 3) od početka godišnjih perioda koji počinju na dan ili nakon 1. januara godine. Rukovodstvo Banke očekuje da primjena navedenih izmjena i dopuna MSFI 11 može imati efekte na finansijske iskaze Banke u budućim periodima ukoliko dođe do takvih transakcija. Dopune MRS 1 Inicijativa za objelodanjivanje Dopune MRS 1 donose određena uputstva o načinu primjene koncepta materijalnosti u praksi. Navedene dopune MRS 1 su na snazi za godišnje periode koji počinju na dan ili nakon 1. januara godine. Rukovodstvo Banke očekuje da primjena navedenih izmjena i dopuna MRS 1 neće imati materijalno značajan efekat na finansijske iskaze Banke. Dopune MRS 16 i MRS 38 Tumačenje prihvatljivih metoda amortizacije Izmjene i dopune MRS 16 zabranjuju subjektima da koriste metod amortizacije na osnovu prihoda za stavke nekretnina, postrojenja i opreme. Izmjene i dopune MRS 38 uvode osporivu polaznu pretpostavku da prihodi nisu prikladna osnova za amortizaciju kada se nematerijalno ulaganje izražava kao mjera prihoda; ili kada se može dokazati da su prihodi i trošenje ekonomskih koristi od nematerijalnog ulaganja u visokom stepenu korelacije. Dopune se primjenjuju prospektivno, za godišnje periode koji počinju na dan ili nakon 1. januara godine. U tekućem periodu Banka primjenjuje linearni metod obračuna amortizacije nekretnina, postrojenja, opreme i nematerijalnih ulaganja. Rukovodstvo Banke smatra da je linearni metod najprikladniji metod amortizacije koji odražava trošenje ekonomskih koristi sadržanih u sredstvima i, u skladu sa tim, očekuju da primjena navedenih izmjena i dopuna MRS 16 i MRS 38 neće imati materijalno značajan efekat na finansijske iskaze Banke. Dopune MRS 16 i MRS 41 Poljoprivreda: Industrijske biljke Dopune MRS 16 i MRS 41 definišu industrijsku biljku i zahtijevaju da se biološko sredstvo koje ispunjava kriterijume definicije industrijske biljke računovodstveno obuhvata kao stavka nekretnina, postrojenja i opreme u skladu sa MRS 16, a ne MRS 41. Plodovi industrijskih biljaka tj. poljoprivredni proizvodi se i dalje računovodstveno obuhvataju u skladu sa MRS 41. Primjena navedenih izmjena i dopuna MRS 16 i MRS 41 neće imati materijalno značajan efekat na finansijske iskaze, jer se Banka ne bavi poljoprivrednom djelatnošću. Dopune MSFI 10, MSFI 12 i MRS 28 Investiciona društva: Primјena izuzetaka od konsolidacije Dopune MSFI 10, MSFI 12 i MRS 28 pojašnjavaju da matično društvo može biti izuzeto od obaveze da sastavlja konsolidovane finansijske iskaze ako je ono istovremeno zavisno lice investicionog društva, čak i ako investiciono društvo odmjerava ulaganja u sva svoja zavisna lica po fer vrijednosti u skladu sa MSFI 10. Dopune takođe pojašnjavaju da se zahtjev da investiciono društvo konsoliduje zavisno lice koje pruža usluge u vezi sa prethodnim investicionim aktivnostima odnosi samo na ona zavisna lica koja sama nisu investiciona društva. Rukovodstvo Banke očekuje da primjena navedenih dopuna MSFI 10, MSFI 12 i MRS 28 neće imati materijalno značajan efekat na finansijske iskaze Banke, jer Banka nije investicioni entitet i nema holding kompaniju, zavisno, pridruženo lice a ni zajednički poduhvat koji bi predstavljali investiciono društvo. Godišnja poboljšanja MSFI za period od do godine Godišnja poboljšanja MSFI za period od do godine sadrže dopune i izmjene velikog broja MSFI. Dopuna IFRS 5 donosi konkretno uputstvo za situaciju kada subjekt reklasifikuje sredstvo (ili grupu sredstava za otuđenje) sa sredstava namijenjenih prodaji na sredstva namijenjena raspodjeli vlasnicima (ili obratno). Dopuna pojašnjava da se takva promjena smatra nastavkom prvobitnog plana da se sredstva otuđe i u skladu sa tim, subjekt ne treba da primijeni zahtjeve MSFI 5 u vezi sa promjenom plana prodaje u takvim situacijama. Dopuna takođe pojašnjava uputstva koja se odnose na to kada treba obustaviti računovodstvo sredstava namijenjenih raspodjeli. Dopune MSFI 7 predstavljaju dodatno uputstvo koje pojašnjava kada ugovor o servisiranju predstavlja kontinuirano ulaganje u prenijeto sredstvo za svrhe objelodanjivanja koja se zahtijevaju u vezi sa prenijetim sredstvima. Dopune MRS 19 pojašnjavaju da stopa koja se koristi za diskontovanje obaveza za naknade po prestanku radnog odnosa treba da bude utvrđena prema tržišnim stopama prinosa na visokokvalitetne korporativne obveznice na kraju izvještajnog perioda. Dubinu tržišta za visokokvalitetne korporativne obveznice treba procijeniti na osnovu valute u kojoj će naknade biti isplaćene. Za valute za koje ne postoji duboko tržište za tako kvalitetne obveznice treba iskoristiti tržišne stope prinosa (na kraju izvještajnog perioda) na državne obveznice denominovane u datoj valuti. Rukovodstvo Banke očekuje da primjena navedenih izmjena i dopuna neće imati materijalno značajne efekte na finansijske iskaze Banke. 3. PREGLED ZNAČAJNIH RAČUNOVODSTVENIH POLITIKA 3.1. Priznavanje prihoda i rashoda Prihodi i rashodi po osnovu kamata se priznaju u bilansu uspjeha za sve instrumente, prema cijeni amortizacije uz primjenu metode efektivne kamatne stope. 21

22 Metod efektivne kamatne stope je metod izračunavanja amortizacionog troška finansijskih sredstava ili finansijskih obaveza i alokacije prihoda po osnovu kamate ili rashoda po osnovu kamate na odgovarajuće vremenske periode. Efektivna kamatna stopa je stopa koja diskontuje procijenjena buduća gotovinska plaćanja ili prilive tokom očekivanog vijeka trajanja finansijskog instrumenta ili, tamo gdje je to izvodljivo, kraćeg perioda na sadašnju vrijednost finansijskih sredstava ili finansijskih obaveza. Pri izračunavanju efektivne kamatne stope, Banka procjenjuje gotovinske tokove razmatrajući sve ugovorene uslove finansijskih instrumenata (npr. opcije avansnih plaćanja) ali ne razmatra buduće gubitke po osnovu kreditnog rizika. Kalkulacije uključuju sve naknade i provizije plaćene ili primljene između 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 sličnih finansijskih sredstava obezvrijedi kao posljedica gubitka usljed umanjenja vrijednosti, prihod po osnovu kamate se priznaje u bilansu uspjeha uz korišćenje kamatne stope korišćene za diskontovanje budućih tokova gotovine za svrhu izračunavanja gubitka po osnovu umanjenja vrijednosti. Prihodi od naknada i provizija se uglavnom evidentiraju prema načelu nastanka poslovne promjene u periodu kada su usluge izvršene. Naknade za neiskorišćene kreditne linije se razgraničavaju (zajedno sa povezanim direktnim troškovima) i priznaju kao korekcija efektivne kamatne stope za kredit Preračunavanje deviznih iznosa Poslovne promjene nastale u stranoj valuti su preračunate u EUR po srednjem kursu utvrđenom na međubankarskom tržištu deviza, koji je važio na dan poslovne promjene. Sredstva i obaveze iskazane u stranoj valuti na dan bilansa stanja, preračunati su u EUR po srednjem kursu utvrđenom na međubankarskom tržištu deviza koji je važio na taj dan. Neto pozitivne ili negativne kursne razlike nastale prilikom poslovnih transakcija u stranoj valuti i prilikom preračuna 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 preračunate su u EUR po srednjem kursu utvrđenom na međubankarskom tržištu deviza koji je važio dan bilansiranja Lizing Lizing Banke je klasifikovan kao operativni lizing. Plaćanja po osnovu ugovora o operativnom lizingu priznaju se ravnomjerno kao trošak tokom perioda trajanja lizinga Porezi i doprinosi Porez na dobit Tekući porez na dobit Porez na dobit se obračunava i plaća u skladu sa odredbama koje regulišu porez na dobit propisanim Zakonom o porezu na dobit pravnih lica, član 28 ( Sl. list CG, br. 65/01, 80/04, 40/08, 86/09, 14/12 i 61/13). Stopa poreza na dobit je proporcionalna i iznosi 9% od poreske osnovice. Oporeziva dobit se utvrđuje na osnovu dobiti poreskog obveznika iskazane u bilansu uspjeha uz usklađivanje prihoda i rashoda u skladu sa odredbama Zakona o porezu na dobit pravnih lica (članovi 8 i 9 za usklađivanje prihoda i članovi 10 do 20 za usklađivanje rashoda). Prihodi od kapitalnih dobitaka uključuju se u poresku osnovicu u godini u kojoj su ostvareni u visini od 50%. Kapitalni gubici mogu se prebijati sa kapitalnim dobicima ostvarenim u istoj godini. Ako se i poslije izvršenog prebijanja sa kapitalnim dobicima ostvarenim u istoj godini pojavi kapitalni gubitak, poreski obveznik može prenijeti kapitalni gubitak na račun budućih kapitalnih dobitaka u narednih pet godina. Poreski propisi Crne Gore ne predviđaju da se poreski gubici iz tekućeg perioda mogu koristiti kao osnova za povraćaj poreza plaćenog u prethodnim periodima. Međutim, gubici iz tekućeg perioda iskazani u poreskom bilansu mogu se koristiti za umanjenje poreske osnovice budućih obračunskih perioda, ali ne duže od pet godina. Odloženi porez na dobit Odloženi porez na dobit se obračunava korišćenjem metode utvrđivanja obaveza prema bilansu stanja, za privremene razlike proizašle iz razlike između poreske osnove potraživanja i obaveza i njihove knjigovodstvene vrijednosti. Važeće poreske stope na datum bilansa stanja se koriste za utvrđivanje razgraničenog 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 će 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 koje ne zavise od rezultata poslovanja banke uključuju poreze na imovinu i druge razne poreze i doprinose koji se plaćaju u skladu sa državnim i opštinskim propisima Gotovina i gotovinski ekvivalenti Za potrebe iskaza o tokovima gotovine, pod gotovinom i gotovinskim ekvivalentima se priznaju sva sredstva sa rokom dospijeća kraćim od tri mjeseca, i to: gotovina u blagajni i slobodno raspoloživa sredstva kod Centralne banke Crne Gore i drugih banaka Finansijska sredstva Banka je finansijska sredstva klasifikovala u sljedeće kategorije: zajmovi i potraživanja, hartije od vrijednosti koje se drže do dospijeća, hartije od vrijednosti raspoložive za prodaju i hartije od vrijednosti po pravičnoj vrijednosti kroz bilans uspjeha. Rukovodstvo vrši klasifikaciju svojih ulaganja u momentu inicijalnog priznavanja. (a) Krediti i potraživanja Krediti i potraživanja predstavljaju nederivatna finansijska sredstva sa fiksnim i odredivim isplatama, koja nisu kotirana na aktivnom tržištu. Oni nastaju kada Banka obezbijedi novčana sredstva, robu ili usluge dužniku direktno bez namjere da trguje potraživanjem. 22 CKB Godišnji izvještaj 2015

23 (b) Ulaganja koja se drže do dospijeća Ulaganja koja se drže do dospijeća predstavljaju nederivatna finansijska sredstva sa fiksnim i odredivim isplatama i fiksnim dospijećem, i za koja rukovodstvo Banke ima pozitivnu namjeru i sposobnosti da ih drži do roka dospijeća. Ukoliko Banka prodaje više od beznačajnog iznosa investicije koja se drži do dospijeća, čitava kategorija ulaganja se obilježava i reklasifikuje kao raspoloživa za prodaju. (c) Ulaganja raspoloživa za prodaju Ulaganja raspoloživa za prodaju predstavljaju ulaganja za koja postoji namjera držanja u posjedu tokom neodređenog vremenskog perioda, a koja se mogu prodati u slučaju potrebe za likvidnim sredstvima, a u slučaju promjene kamatnih stopa, deviznog kursa ili vrijednosti kapitala. (d) Ulaganja po fer vrijednosti kroz bilans uspjeha Ova kategorija obuhvata dve podkategorije: finansijska sredstva kojima se trguje i finansijska sredstva koja Banka prilikom početnog priznavanja klasifikuje po fer vrijednosti kroz bilans uspjeha. Finansijsko sredstvo je ono sredstvo koje je pribavljeno prvenstveno radi ostvarivanja dobitka na osnovu kratkoročnih kolebanja cijena i marži ili su dio portfolija kojima se zajedno upravlja i za koje postoje dokazi o nedavnom stvarnom trendu ostvarivanja profita na kratak rok. Banka svrstava određena finansijska sredstva prilikom početnog priznavanja po fer vrijednosti kroz bilans uspjeha (opcija fer vrijednosti). Ova klasifikacija se kasnije ne može mijenjati. Finansijska sredstva koja su prilikom početnog priznavanja klasifikovana po fer vrijednosti u bilansu uspjeha sastoje se od akcija privrednih lica. Finansijska sredstva na koja se primjenjuje opcija fer vrijednosti vode se u bilansu stanja kao Finansijska sredstva po fer vrijednosti u bilansu uspjeha. Dobici i gubici nastali promjenom fer vrijednosti finansijskih sredstava klasifikovanih po fer vrijednosti u bilansu uspjeha priznaju se na poziciji Neto dobici/(gubici) po osnovu finansijskih instrumenata koji se vode po fer vrijednosti u bilansu uspjeha. (e) Inicijalno priznavanje i naknadno vrednovanje finansijskih sredstava Kupovina i prodaja finansijskih sredstava koja se drže do dospijeća i finansijskih ulaganja raspoloživih za prodaju, priznaju se na dan transakcije a to je dan kada se Banka obavezala da će kupiti ili prodati sredstvo. Krediti se priznaju u trenutku kada se gotovinska sredstva plasiraju korisnicima kredita. Finansijska sredstva su inicijalno priznata po fer vrijednosti, uvećana 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 vrednuju po fer vrijednosti. Zajmovi i potraživanja, kao i ulaganja koja se drže do dospijeća, evidentiraju se po amortizovanoj vrijednosti korišćenjem 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. Međutim, kamata koja se obračunava korišćenjem metode amortizovanog troška 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. 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 utvrđuje fer vrijednost primjenom tehnika procjenjivanja. Tehnike procjene obuhvataju korišćenje posljednjih nezavisnih tržišnih transakcija između upoznatih voljnih strana, analizu diskontovanih novčanih tokova i druge tehnike procjenjivanja koje koriste obično učesnici na tržištu. (f ) Umanjenje vrijednosti finansijskih sredstava (i) Sredstva koja se vrednuju po amortizovanom trošku 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 obezvrijeđeno ili su pretrpljeni gubici zbog umanjenja vrijednosti, ako i samo ako postoji objektivni dokaz umanjenja vrijednosti kao rezultat događaja koji se odigrao posle prvobitnog priznavanja sredstava (nastanak gubitka), i taj nastanak gubitka ima uticaja na procijenjene buduće 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 primijeti o nastanku gubitka kao što su: kašnjenje u plaćanju kamate ili glavnice; restrukturiranje plasmana; kršenje ugovora, finansijske teškoće dužnika; visoka vjerovatnoća bankrotstva ili likvidacije, proces naplate duga od strane države; pokretanje sudskog spora protiv dužnika; status neizmirivanja obaveza na nivou grupe povezanih lica. Banka prvo procjenjuje da li postoje objektivni dokazi o umanjenju vrijednosti: pojedinačno za finansijska sredstva koja su pojedinačno značajna, i pojedinačno ili zajednički za finansijska sredstva koja nisu pojedinačno značajna. Ako Banka odredi da ne postoji objektivni dokaz umanjenja vrijednosti za finansijsko sredstvo koje se pojedinačno procjenjuje, bilo da je značajno ili ne, ona obuhvata sredstvo u grupi finansijskih sredstava sa sličnim karakteristikama kreditnog rizika i zajednički ih procjenjuje zbog umanjenja vrijednosti. Sredstva koja se pojedinačno procjenjuju zbog umanjenja vrijednosti i za koja je gubitak od umanjenja vrijednosti priznat ili nastavlja da se priznaje, ne uključuju se u zajedničku procjenu o umanjenju vrijednosti. Ukoliko postoji objektivni dokaz da je gubitak po osnovu umanjenja vrijednosti zajmova i potraživanja nastao, iznos gubitka se odmjerava razlikom između knjigovodstvene vrijednosti i sadašnje vrijednosti procijenjenih budućih tokova gotovine (isključujući buduće kreditne gubitke koji nisu nastali) diskontovane po ugovorenoj efektivnoj kamatnoj stopi. Knjigovodstvena vrijednost sredstava se umanjuje korišćenjem računa ispravke vrijednosti i iznos gubitka se prikazuje u bilansu uspjeha. Ako je u pitanju kredit sa promjenljivom kamatnom stopom, diskontna 23

24 24 CKB Godišnji izvještaj 2015 stopa za odmjeravanje svakog gubitka po osnovu umanjenja vrijednosti biće aktuelna kamatna stopa koja je određena ugovorom. Izračunavanje sadašnje vrijednosti procijenjenih budućih tokova gotovine obezbijeđenog finansijskog sredstva odražava novčane 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. Za obračun sadašnje vrijednosti procijenjenih budućih tokova gotovine koristi se efektivna kamatna stopa pojedinačnog plasmana. U svrhe zajedničke procjene umanjenja vrijednosti, finansijska sredstva se grupišu na osnovu sličnih karakteristika kreditnog rizika. Te karakteristike su relevantne za procjenjivanje budućih 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. Budući novčani tokovi u grupi finansijskih sredstava koji se zajednički procjenjuju, procjenjuju se na osnovu ugovorenih novčanih tokova i na osnovu prethodnih iskustava u vezi sa gubitkom za sredstva sa karakteristikama kreditnog rizika koja su slična onima u grupi. Iskustvo prethodnih gubitaka se prilagođava 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. Ispravka vrijednosti obračunava se na nivou grupe finansijskih sredstava. Procenat ispravke vrijednosti se dobija na osnovu projekcije vjerovatnoće prelaska u status neizmirivanja obaveza, zasnovano na iskustvenim podacima za svaku grupu. Procjene promjena budućih 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 budućih tokova gotovine se redovno analiziraju od strane Banke radi smanjenja razlike između procijenjenog i stvarno nastalog gubitka. Kada je kredit nenaplativ, on se otpisuje na bazi odgovarajućih rezervi za umanjenje vrijednosti potraživanja po osnovu zajmova. Takvi zajmovi se otpisuju nakon svih neophodnih procedura po utvrđivanju 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 događajem koji je nastao poslije priznavanja umanjenja vrijednosti, prethodno priznati gubitak po osnovu umanjenja vrijednosti umanjuje račun ispravke vrijednosti. (ii) Finansijska sredstva vrednovana po fer vrijednosti Na kraju svakog obračunskog perioda, na dan izvještavanja, Banka procjenjuje da li postoje objektivni dokazi da je došlo do umanjenja vrijednosti finansijskog sredstva ili grupe finansijskih sredstava. U slučaju da postoje objektivni dokazi da je došlo do umanjenja vrijednosti finansijskih instrumenata raspoloživih za prodaju, značajan ili produženi pad vrijednosti finansijskih instrumenata ispod nabavne vrijednosti, uzima se u obzir pri utvrđivanju mogućeg umanjenja vrijednosti sredstava. Ako postoji takav dokaz za finansijske instrumente raspoložive za prodaju, tada se akumulirani gubitak kao razlika između cijene akvizicije i tekuće 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 dužničkog instrumenta klasifikovanog kao ono koje je raspoloživo za prodaju poveća, i ako se to povećanje može objektivno dovesti u vezu sa događajem 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. (g) Obaveze po kreditima Obaveze po kreditima se inicijalno priznaju po fer vrijednosti umanjenoj za nastale troškove transakcije. Obaveze za kredite se naknadno iskazuju po amortizovanom trošku; sve razlike između ostvarenog priliva (umanjenog za troškove transakcije) i vrijednosti otplata, priznaju se u bilansu uspjeha u periodu korišćenja kredita primjenom metode efektivne kamatne stope Nematerijalna ulaganja Troškovi održavanja softvera priznaju se u periodu nastanka. Troškovi koji se direktno odnose na jedinstvene softverske programe koji su pod kontrolom Banke i koji će vjerovatno proizvesti ekonomske koristi koje su veće nego što su troškovi, a u periodu dužem od godinu dana, priznaju se kao nematerijalna ulaganja. Ako je ugovoreni period upotrebe kraći od osam godina, amortizacija se obračunava u skladu sa periodom upotrebe definisanim ugovorom. Ako je period upotrebe duži od osam godina, amortizacija se obračunava primjenom proporcionalne metode po stopi od 12.5% da bi se nabavna vrijednost licenci otpisala tokom njihovog procijenjenog korisnog vijeka upotrebe. Troškovi obuhvataju troškove eksterne kompanije angažovane na razvoju softvera. Troškovi amortizacije nematerijalnih ulaganja se otpisuju u toku njihovog procijenjenog korisnog vijeka trajanja, kao što slijedi: Nematerijalna ulaganja Korisni vijek trajanja (godina) Licenca 8 Softver 8 Nije bilo promjena korisnog vijeka trajanja nematerijalnih ulaganja u odnosu na prethodnu godinu 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 obračunava primjenom proporcionalne metode kako bi se njihov trošak rasporedio na njihovu rezidualnu vrijednost tokom predviđenog korisnog vijeka trajanja sredstva, a koji nije promijenjen u odnosu na prethodnu godinu, kao što slijedi:

25 Glavne kategorije nekretnina, postrojenja i opreme Korisni vijek trajanja (godina) Građevinski objekti 50 Računari i prateća oprema 8 Namještaj i oprema 4-10 Motorna vozila 8 Bankomati 8 Ostala oprema 8 Radovi u toku su evidentirani po nabavnoj vrijednosti. Amortizacija ove imovine i ostalih nekretnina počinje od trenutka njihove funkcionalne upotrebe. Nije bilo promjena korisnog vijeka trajanja nekretnina, postrojenja i opreme u odnosu na prethodnu godinu Umanjenje vrijednosti materijalne i nematerijalne imovine Na dan bilansa stanja, rukovodstvo Banke analizira vrijednosti po kojima je prikazana nematerijalna i materijalna imovina Banke. Ukoliko postoji indikacija da je neko sredstvo obezvrijeđeno, nadoknadiv iznos te imovine se procjenjuje kako bi se utvrdio iznos obezvrijeđenja. Ukoliko je nadoknadivi iznos nekog sredstva procijenjen kao niži od vrijednosti po kojoj je to sredstvo prikazano, postojeća vrijednost tog sredstva se umanjuje do visine nadoknadive vrijednosti. Gubitak po osnovu obezvrijeđenja vrijednosti imovine priznaje se kao rashod tekućeg perioda i iskazuje se u okviru ostalih poslovnih rashoda. Ako naknadno dođe do situacije da gubitak zbog obezvrijeđenja priznat u ranijim godinama ne postoji ili se smanjio, vrijednost sredstva se povećava do revidirane procjene o njegovoj nadoknadivoj vrijednosti, ali tako da povećana vrijednost po kojoj se sredstvo vodi ne bude veća od vrijednosti po kojoj bi se sredstvo vodilo da nije bio u prethodnim godinama priznat utvrđeni gubitak zbog obezvrjeđivanja sredstava Rezervisanja Rezervisanja se priznaju kada Banka ima važeću zakonsku ili izvedenu obavezu koja je rezultat prošlih događaja, kada postoji velika vjerovatnoća da će za podmirenje obaveze biti potreban odliv sredstava i kada je iznos obaveza pouzdano procijenjen. Rezervisanja se odmjeravaju po sadašnjoj vrijednosti očekivanih izdataka potrebnih za izmirenje obaveza. Rezervisanja se razmatraju na datum svakog bilansa stanja i prilagođavaju tako da odražavaju najbolju sadašnju procjenu. Ako više nije vjerovatno da će odliv sredstava koji predstavlja ekonomske koristi biti potreban za namirenje date obaveze, rezervisanje se ukida preko bilansa uspjeha. Banka ne priznaje rezervisanje po osnovu potencijalnih obaveza dok ne potvrdi da li ima sadašnju obavezu koja može da dovede do odliva resursa koji predstavljaju ekonomske koristi ili ako pouzdana procjena ne može da se napravi, te se u tom slučaju objelodanjuje Naknade zaposlenima Doprinosi kojima se obezbjeđuje socijalna sigurnost zaposlenih U skladu sa propisima koji se primjenjuju u Crnoj Gori, Banka je u obavezi da plaća doprinose državnim fondovima kojima se obezbjeđuje socijalna sigurnost zaposlenih. Ove obaveze uključuju doprinose za zaposlene na teret poslodavca u iznosima obračunatim po stopama propisanim relevantnim zakonskim propisima. Banka je, takođe, obavezna da od bruto plata zaposlenih obustavi doprinose i da ih, u ime zaposlenih, uplati tim fondovima. Doprinosi na teret poslodavca i doprinosi na teret zaposlenog se evidentiraju na teret rashoda perioda na koji se odnose. Obaveze po osnovu otpremnina ili drugih dugoročnih naknada zaposlenima U skladu sa Kolektivnim ugovorom, Banka je u obavezi da prilikom odlaska u penziju zaposlenom isplati otpremninu u visini 6 prosječnih neto zarada zaposlenih u Banci važećih u mjesecu koji prethodi mjesecu u kojem se vrši isplata. Takođe, zaposleni imaju pravo na isplatu jubilarnih nagrada povodom deset, dvadesete i tridesete godišnjice rada. U finansijskim iskazima Banke na dan 31. decembra godine, izvršeno je rezervisanje, obračunato od strane nezavisnog ovlašćenog aktuara, 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 različitim rizicima od kojih su najznačajniji: kreditni rizik; tržišni rizik; rizik likvidnosti; operativni rizik Procedure za upravljanje rizicima su dizajnirane da identifikuju i analiziraju rizike, da definišu odgovarajuće 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 praćenje izloženosti Banke pojedinim rizicima i usaglašenost sa procedurama za upravljanje rizicima i definisanim limitima o čemu se mjesečno izvještava Odboru direktora. Pored toga, praćenje 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 neće biti u mogućnosti 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 izvještaja o finansijskom položaju. Značajne promjene u privredi, odnosno stanju pojedinih privrednih grana koje čine osnov kreditnog portfolija Banke, mogle bi dovesti do gubitaka koji se razlikuju od gubitaka po osnovu kojih je izvršeno rezervisanje na dan izvještaja o finansijskom položaju. Stoga rukovodstvo Banke oprezno upravlja izloženošću kreditnom riziku Upravljanje kreditnim rizikom Izloženost kreditnom riziku ispoljava se kao rizik finansijskog gubitka koji nastaje kao posljedica nemogućnosti dužnika da ispuni sve ugovorene obaveze prema Banci. Banka upravlja preuzetim kreditnim rizikom tako što određuje limite u odnosu na velike kredite, pojedinačne korisnike kredita i povezana lica. Pomenuti rizici se kontinuirano prate i predmet su kontrole koja se vrši jednom godišnje ili češće. Svi krediti iznad propisanog limita treba da 25

26 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 praćenja. Izloženost riziku po pojedinačnim zajmoprimaocima, uključujući druge banke i brokerska preduzeća, dalje se ograničava tako što se utvrđuje podlimit u odnosu na bilansnu i vanbilansnu izloženost. Stvarna izloženost u odnosu na utvrđene limite se redovno prati. Upravljanje izloženošću kreditnom riziku vrši se redovnom analizom sposobnosti korisnika kredita i potencijalnih korisnika kredita da otplaćuju obaveze po osnovu kamate i glavnice. Preuzete i potencijalne obaveze po osnovu kredita 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 će izvršiti plaćanje u slučaju da klijent ne može da ispuni svoje obaveze prema trećim 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 trećem licu daje ovlašćenje da kod Banke vuče mjenice do iznosa dogovorenog posebnim uslovima su obezbijeđeni osnovnom isporukom robe na koju se odnose, te stoga, nose manji rizik nego direktna pozajmica Rezervisanja za gubitke po osnovu umanjenja vrijednosti u skladu sa MRS 39 Na dan izvještaja o finansijskom položaju 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: kašnjenje u plaćanju kamate ili glavnice; restrukturiranje plasmana; kršenje ugovora, finansijske teškoće dužnika; visoka vjerovatnoća bankrotstva ili likvidacije, proces naplate duga od strane države; pokretanje sudskog spora protiv dužnika; status neizmirivanja obaveza na nivou grupe povezanih lica. U skladu sa usvojenom metodologijom, Banka procjenjuje da li postoje objektivni dokazi o umanjenju vrijednosti pojedinačno za finansijska sredstva koja su pojedinačno značajna. Izračunavanje sadašnje vrijednosti procijenjenih budućih tokova gotovine obezbijeđenog finansijskog sredstva odražava novčane tokove koji mogu biti rezultat isključivanja umanjena za troškove pribavljanja i prodaje kolaterala, bez obzira na to da li je isključenje vjerovatno ili ne. U svrhe zajedničke procjene umanjenja vrijednosti, finansijska sredstva koja nisu pojedinačno značajna se grupišu na osnovu sličnih karakteristika kreditnog rizika Maksimalna izloženost kreditnom riziku po bilansnim i vanbilansnim stavkama Bilansne stavke Krediti i plasmani bankama 97, ,653 Krediti i plasmani komitentima 290, ,986 Hartije od vrijednosti raspoložive za prodaju Finansijska sredstva po fer vrijednosti kroz bilans uspjeha 2,609 1,988 Hartije od vrijednosti koje se drže do dospijeća 66,410 14,280 Forfeting 1,919 3, , ,928 Vanbilansne stavke Plative garancije 7,141 13,574 Činidbene garancije 11,559 9,866 Nepokriveni akreditivi Nepovučene kreditne linije 25,230 25,456 44,873 49,584 Ukupna izloženost kreditnom riziku 504, ,512 Izloženost kreditnom riziku se djelimično kontroliše pribavljanjem instrumenata obezbjeđenja i garancija pravnih i fizičkih lica. Pored toga, sva fizička lica su u obavezi da svoju mjesečnu zaradu primaju preko tekućeg računa kod Banke, u cilju smanjenja kreditnog rizika. Tipovi instrumenata obezbjeđenja su: depoziti; pravo zaloge na industrijskim mašinama, hartijama od vrijednosti, zalihama i vozilima; hipoteke na nepokretnostima i fiducijarni prenos vlasništva; mjenice; ovlašćenja; administrativne zabrane; žiranti i polise osiguranja. 26 CKB Godišnji izvještaj 2015

27 Neobezvrijeđeni nedospjeli Krediti i plasmani Krediti i plasmani su prikazani u narednim tabelama: Dospjeli, pojedinačno neobezvrijeđeni dospjeli Ukupno, bruto Pojedinačna ispravka vrijednosti Grupna ispravka vrijednosti Ukupna ispravka vrijednosti Ukupno, neto Stambeni krediti 58, ,107 63,951 3, ,889 60,062. Prekoračenje po tekućim računima 3, , ,107 Potrošački krediti 70, ,065-1,150 1,150 69,915 Kreditne kartice 3, ,944 5,893 1, ,036 3,857 Namjenski krediti Ostali krediti fizičkim licima, pokriveni hipotekom 13, , ,422 Ostali krediti 5, ,502 12,251 4, ,477 7,774 Krediti mikro i malim preduzećima 21, ,600 29,859 4,348 1,289 5,637 24,222 Krediti srednjim i velikim preduzećima 68, , ,539 47,636 1,370 49,006 94,533 Krediti Vladi i opštinama 5, ,357 13, , ,410 2, , ,247 62,384 5,251 67, ,612 Krediti i plasmani bankama 97, , , ,322 2, , ,159 62,384 5,251 67, ,524 Pojedinačno obezvrijeđen Neobezvrijeđeni nedospjeli Dospjeli, pojedinačno neobezvrijeđeni dospjeli Pojedinačno obezvrijeđen Ukupno, bruto Pojedinačna ispravka vrijednosti Grupna ispravka vrijednosti Ukupna ispravka vrijednosti Ukupno, neto Stambeni krediti 67,003 3,138 8,313 78,454 4,553 3,801 8,354 70,100 Prekoračenje po tekućim računima 3,356 2, , ,967 2,048 3,663 Potrošački krediti 68,216 4,955 6,105 79,276 3,598 6,731 10,329 68,947 Kreditne kartice 5,044 1,896 3,909 10,849 3,463 2,323 5,785 5,064 Namjenski krediti ,032 3,167 1, , Ostali krediti fizičkim licima, pokriveni hipotekom 11, ,512 14, ,569 12,431 Ostali krediti Krediti mikro i malim preduzećima 23,062 1,679 9,665 34,406 4,642 1,919 6,561 27,844 Krediti srednjim i velikim preduzećima 75, , ,048 45,895 2,387 48, ,766 Krediti Vladi i opštinama 2, ,234 27, ,017 Krediti finansijskim institucijama Krediti i plasmani dati bankama 257,939 15, , ,224 64,639 20,599 85, , , , , ,592 15, , ,877 64,639 20,600 85, ,639 Krediti i avansi koji nisu ni dospjeli niti obezvrijeđeni u i godini su svi svrstani u dobru aktivu. a) Dospjeli ali pojedinačno neobezvrijeđeni krediti i plasmani Do 30 dana Od 31 do 60 dana Od 61 do 90 dana Od 91 do 180 dana Od 181 do 365 dana Od 1 do 5 godina Preko 5 godina kašnjenje kašnjenja kašnjenje kašnjenje kašnjenje kašnjenje kašnjenje Ukupno Stambeni krediti Prekoračenja po tekućim računima Potrošački krediti Kreditne kartice Namjenski krediti Ostali krediti fizičkim licima, pokriveni hipotekom Ostali krediti Krediti mikro i malim preduzećima Krediti srednjim i velikim preduzećima Krediti Vladi i opštinama , ,760 27

28 Do 30 dana kašnjenje Od 31 do 60 dana kašnjenja Od 61 do 90 dana kašnjenje Od 91 do 180 dana kašnjenje Od 181 do 365 dana kašnjenje Od 1 do 5 godina kašnjenje Preko 5 godina kašnjenje Stambeni krediti , ,138 Prekoračenja po tekućim računima ,356 2,265 Potrošački krediti ,404 2,268 4,955 Kreditne kartice ,896 Namjenski krediti Ostali krediti fizičkim licima, pokriveni hipotekom Ostali krediti Krediti mikro i malim preduzećima ,679 Krediti srednjim i velikim preduzećima Krediti Vladi i opštinama Ukupno ,552 6,159 15,764 b) Fer vrijednost sredstava obezbjeđenja do visine plasmana koji su obezbijeđeni tim sredstvima Depoziti 7,482 6,614 Hartije od vrijednosti Zaloga 1,872 3,991 Hipoteke 210, ,848 Ukupno 220, ,835 Individualno neobezvrijeđeni prikazani do visine plasmana koji U hljadama EUR su obezbijeđeni tim sredstvima Depoziti 5,988 5,040 Hartije od vrijednosti Zaloga 702 2,936 Hipoteke 140, ,124 Ukupno 146, ,113 Individualno U hljadama EUR obezvrijeđeni prikazani do visine plasmana koji su obezbijeđeni tim sredstvima Depoziti 1,494 1,574 Hartije od vrijednosti Zaloga 1,170 1,055 Hipoteke 70,487 80,724 Ukupno 73,152 83,722 Banka kao predmet hipoteke uzima nepokretnosti čija vrijednost, po procjeni ovlašćenih procjenitelja, mora biti iznad minimuma od 30% vrijednosti LTV racija (odnos iznosa kredita prema vrijednosti kolaterala). Nekretnine koje se uzimaju kao kolateral su stambeni prostori, porodične stambene zgrade, poslovni objekti, poslovni prostori i zemljište zavisno od lokacije i njegove buduće namjene. Prilikom uzimanja zaloga nad hartijama od vrijednosti, Banka dnevno prati cijenu hartija od vrijednosti koje su uzete kao sredstvo obezbjeđenja. Tržišna vrijednost zaloge mora biti 50% veća od vrijednosti plasmana. c) Restrukturirani krediti i plasmani Banka je zajmoprimcu restruktuirala kredit ako je, zbog pogoršanja dužnikove kreditne sposobnosti: produžila rok otplate za glavnicu ili kamatu; smanjila kamatnu stopu na odobreni kredit; smanjila iznos duga, glavnice ili kamate; napravila druge slične pogodnosti koje olakšavaju finansijsku poziciju zajmoprimca. 28 CKB Godišnji izvještaj 2015

29 Prilikom restrukturiranja kredita Banka vrši finansijsku analizu zajmoprimca i procjenjuje mogućnosti zajmoprimca, nakon restrukturiranja kredita, da ostvari novčane tokove koji će biti dovoljni za otplatu glavnice i kamate kredita. Banka je u toku godine restrukturirala kredite u iznosu od EUR 57,015 hiljada (2014: EUR 73,804 hiljada). d) Geografska koncentracija Geografska koncentracija izloženosti Banke kreditnom riziku, bez umanjenja za ispravku vrijednosti, je prikazana u sljedećoj tabeli: Crna Gora Evropska unija SAD i Kanada Ostalo Ukupno Krediti i plasmani bankama - 90,691 7, ,912 Krediti i plasmanii komitentima 349,677 6, , ,247 Hartije od vrijednosti raspoložive za prodaju Finansijska sredstva po fer vrijednosti kroz bilans uspjeha 205-2,404-2,609 Hartije od vrijednosti koje se drže do dospijeća 66, ,410 Forfeting 4, , decembar godine 421,028 97,217 9,718 1, , decembar godine 424, ,856 16,430 2, ,945 Banka mjeri izloženost riziku zemlje za sve zemlje u kojima je sjedište ili boravište dužnika Banke. Izloženost Banke riziku zemlje se mjeri na osnovu pojedinačnog plasmana, definisanog u dokumentu koji podrazumijeva kontrolu rejtinga zemlje dužnika, uzimajući u obzir političke, ekonomske i socijalne uslove u zemlji dužnika. Banka rangira sve zemlje svih dužnika u sledeće kategorije rizika: 1 ) zemlje bez rizika; 2 ) zemlje niskog rizika; 3 ) zemlje srednjeg rizika; 4 ) zemlje visokog rizika. Rangiranje zemalja dužnika služi banci za utvrđivanje potrebnog kapitala za rizik zemlje i za ograničavanje izloženosti banke pojedinim zemljama dužnika, grupi zemalja ili regionu. e) Industrijska koncentracija Koncentracija po djelatnostima izloženosti Banke kreditnom riziku, bez umanjenja za ispravku vrijednosti je prikazana u sljedećoj tabeli: Poljoprivreda, Transport Usluge saobraćaj i turizam i Građevinarstvo Admini- Trgovina lov Fizička Finansije telekomunikacije ugostiteljstvo Trgovina Energetika Rudarstvo stracija nekretninama i ribolov Proizvodnja Ostalo lica Ukupno Krediti i plasmani bankama 97, ,912 Krediti i plasmani komitentima 3,526 6,313 18,620 90,185 11,135 1,726 1,474 12,079 1,695 4,934 26,163 10, , ,247 Hartije od vrijednosti raspoložive za prodaju Finansijska sredstva po fer vrijednosti kroz bilans uspjeha 2, ,609 Hartije od vrijednosti koje se drže do dospijeća 15, , ,410 Forfeting ,515 1, , decembar godine 119,905 6,405 18,718 92,700 12,745 1,914 1,593 62,637 1,695 4,988 26,233 10, , , decembar godine 148,439 11,482 21,245 98,083 13,772 1,735 1,611 25,443 2,867 7,229 28,944 11, , ,945 29

30 Vanbilansna evidencija Ročnost vanbilansnih stavki po kojima je Banka izložena kreditnom riziku je sljedeća: 31. decembar godine Nepovučene kreditne linije Garancije Nepokriveni akreditivi Ukupno Do 1 godine 25,219 4, ,987 Od 1 do 5 godina 11 14, ,886 25,230 18, , decembar godine Nepovučene kreditne linije Garancije Nepokriveni akreditivi Ukupno Do 1 godine 25,268 10, ,652 Od 1 do 5 godina , ,928 25,456 23, , Tržišni rizik Banka je izložena tržišnim rizicima. Tržišni rizici se javljaju u slučaju 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 usklađeni sa limitima propisanim od strane Centralne banke Crne Gore Devizni rizik Finansijska pozicija i novčani tokovi Banke su izloženi efektima promjena kursa valuta. Izloženost deviznom riziku se redovno prati putem usklađivanja sa limitima propisanim od strane Centralne banke Crne Gore. Izloženost riziku od promjena kursa valuta na dan 31. decembra godine prikazana je u sljedećoj tabeli: USD Ostale valute Ukupno strane valute Lokalna valuta (EUR) Ukupno SREDSTVA Gotovina i sredstva kod Centralne banke , ,321 Krediti i plasmani bankama 22,850 2,256 25,106 72,806 97,912 Krediti i plasmani komitentima , ,612 Hartije od vrijednosti raspoložive za prodaju Finansijska sredstva po fer vrijednosti kroz bilans uspjeha 2,404-2, ,609 Hartije od vrijednosti koje se drže do dospijeća ,410 66,410 Forfeting ,919 1,919 Ukupna sredstva 25,776 2,716 28, , ,994 OBAVEZE Obaveze prema bankama ,648 1,648 Obaveze prema komitentima 25,769 2,645 28, , ,034 Obaveze po kreditima ,250 3,250 Ostale obaveze ,169 1,194 Ukupno obaveze 25,794 2,645 28, , ,126 Neto devizna izloženost: decembar godine (18) ,815 84, decembar godine ,189 79, Operativni rizik Operativni rizik je rizik od mogućeg nastanka negativnih efekata na finansijski rezultat i kapital Banke usled greške (nenamjerne i namjerne) od strane zaposlenih, neodgovarajućih unutrašnjih procedura i procesa, neadekvatnog upravljanja informacionim i drugim sistemima u Banci, kao i usled nastupanja nepredvidivih eksternih događaja, uključujući niske vjerovatnoće događaja. Izloženost operativnom riziku se redovno prati kroz usaglašavanje sa limitima propisanim od strane Centralne banke Crne Gore Rizik od promjene kamatnih stopa Rizik od promjene kamatnih stopa novčanih tokova predstavlja rizik da će budući novčani tokovi finansijskog instrumenta biti podložni oscilacijama usljed promjenljivih kamatnih stopa na tržištu. Kamatni rizik fer vrijednosti predstavlja rizik da će vrijednost finansijskog instrumenta biti podložna oscilacijama usljed promjenljivih kamatnih stopa na tržištu. Banka je izložena efektima promjene važećih kamatnih stopa na tržištu i to po osnovu rizika od promjene kamatnih stopa na novčane tokove. Kao posljedica takvih promjena može doći do povećanja kamatnih marži, međutim, one mogu umanjiti dobit ili dovesti do gubitka u slučaju neočekivanih kretanja. Kamatne stope se zasnivaju na tržišnim stopama tako da Banka redovno vrši ponovno određivanje cijena. 30 CKB Godišnji izvještaj 2015

31 Naredna tabela prikazuje kamatonosna i nekamatonosna sredstva i obaveze Banke na dan 31. decembra godine: Kamatonosno Nekamatonosno Ukupno SREDSTVA Gotovina i sredstva kod Centralne banke 6, , ,321 Krediti i plasmani bankama 97,912-97,912 Krediti i plasmani komitentima 290, ,612 Hartije od vrijednosti raspoložive za prodaju Finansijska sredstva po fer vrijednosti kroz bilans uspjeha - 2,609 2,609 Hartije od vrijednosti koje se drže do dospijeća 66,410-66,410 Forfeting 1,919-1,919 Ukupna sredstva 463, , ,994 OBAVEZA Obaveze prema bankama 1,648-1,648 Obaveze prema komitentima 392,475 91, ,034 Obaveze po kreditima 3,250-3,250 Ostale obaveze - 1,194 1,194 Ukupno obaveze 397,373 92, ,126 Izloženost riziku od promjene kamatnih stopa: decembar godine 66,274 18,594 84, decembar godine 78,248 1,026 79, Rizik likvidnosti Rizik likvidnosti predstavlja rizik da Banka neće moći obezbijediti dovoljno novčanih sredstava za izmirenje obaveza u trenutku njihove dospjelosti, ili rizik da će Banka za izmirivanje dospjelih obaveza morati obezbjeđivati novčana sredstva po razumnoj cijeni i blagovremeno Upravljanje rizikom likvidnosti Usklađenost i kontrolisana neusklađenost dospijeća i kamatnih stopa po osnovu sredstava i obaveza su od velikog značaja za rukovodstvo Banke. Nije uobičajeno da Banka ima kompletno usklađenu poziciju, budući da poslovne transakcije često imaju neodređen rok dospijeća i da su različitih vrsta. Neusklađena pozicija potencijalno povećava profitabilnost, ali i povećava rizik od gubitka. Dospijeća sredstava i obaveza i sposobnost Banke da po prihvatljivim troškovima obezbijedi izvore sredstava po dospijeću obaveza, važan su činilac u procjeni likvidnosti Banke i njene izloženosti promjenama kamatnih stopa i kurseva. Potrebe za likvidnošću za pokrivanje garancija odnosno aktiviranih akreditiva su znatno manje od iznosa preuzetih obaveza, budući da Banka ne očekuje da treća strana povuče ugovorena sredstva. Ukupni neizmireni iznos ugovorne obaveze kojom se odobrava kredit sa produženim rokom dospijeća ne mora nužno dovesti do budućih zahtijeva za likvidnim sredstvima, s obzirom da će mnoge od ovih obaveza isteći ili biti okončane bez finansiranja. Sektor sredstava i likvidnosti dnevno prati izloženost Banke riziku likvidnosti. Za utvrđivanje usklađenosti novčanih priliva i odliva, Banka koristi skale dospijeća (GAP analiza). 31

32 U tabeli koja slijedi prikazana su sredstva i obaveze Banke za preostali period do ugovorenog datuma dospijeća, a u odnosu na datum izvještaja o finansijskom položaju: Do 30 dana Od 1 do 3 mjeseca Od 3 do 12 mjeseci Od 1 do 5 godina Preko 5 godina Ukupno SREDSTVA Gotovina i sredstva kod Centralne banke 115, ,321 Krediti i plasmani bankama 96, ,013 97,912 Krediti i plasmani komitentima 36,543 16,722 53, ,028 62, ,612 Hartije od vrijednosti raspoložive za prodaju Finansijska sredstva po fer vrijednosti kroz bilans uspjeha ,609 2,609 Hartije od vrijednosti koje se drže do dospijeća 13,940 6,000-46,470-66,410 Forfeting ,919 Ukupno sredstva 263,436 22,722 54, ,730 65, ,994 OBAVEZE Obaveze prema bankama 1, ,648 Obaveze prema komitentima 65,752 98, ,276 21, ,034 Obaveze po kreditima ,566 1,331 3,250 Ostale obaveze 1, ,194 Ukupno obaveze 68,594 98, ,629 22,790 1, ,126 Neto ročna neusklađenost: decembar godine 194,842 (75,921) (244,468) 145,940 64,475 84, decembar godine 1,848 (29,918) (57,368) 106,332 58,380 79,274 Struktura sredstava i obaveza na dan 31. decembra godine ukazuje na postojanje ročne neusaglašenosti preostalog perioda dospijeća sredstava i obaveza od 1 do 3 mjeseca i od 3 mjeseca do 1 godine. Primarni razlog navedene neusklađenosti je u činjenici da su kratkoročni izvori sredstava sa preostalim rokom dospijeća od 1 mjeseca, a prevashodno depoziti po viđenju plasirani na duži vremenski period. Banka nije imala problem sa likvidnošću tokom godine. Racio likvidnosti na dan 31. decembra godine iznosi 1.78% Ročnost finansijskih obaveza prema preostalom roku dospjeća (nediskontovani tokovi gotovine) 31 decembar Po viđenju Do 1 mjeseca Od 1 do 3 mjeseca Od 3 do 12 mjeseci Od 1 do 5 godina Preko 5 godina Ukupno OBAVEZE Obaveze prema bankama ,651 Obaveze prema komitentima 17,338 49,138 99, ,557 21, ,358 Obaveze po kreditima ,612 1,380 3,370 Ostale obaveze - 1, ,194 18,281 51,051 99, ,924 23,068 1, , decembar Po viđenju Do 1 mjeseca Od 1 do 3 mjeseca Od 3 do 12 mjeseci Od 1 do 5 godina Preko 5 godina Ukupno OBAVEZE Obaveze prema bankama 626 1, ,041 Obaveze prema komitentima 89, ,384 63, ,426 35, ,715 Obaveze po kreditima ,099 9,687 11,318 Ostale obaveze - 3, ,699 7,180 90, ,336 63, ,902 37,021 13, , Fer vrijednost finansijskih instrumenata Fer vrijednost finansijskih instrumenata vrednovanih po fer vrijednosti Hijerarhija fer vrijednosti finansijskih instrumenata vrednovanih po fer vrijednosti MSFI 13 definiše hijerarhiju tehnika vrednovanja na osnovu toga da li su unosi koje zahtijevaju te tehnike vrednovanja raspoloživi ili ne. Raspoloživi unosi odslikavaju tržišne podatke dobijene iz nezavisnih izvora; unosi koji nisu raspoloživi uključuju tržišne pretpostavke Banke. Ove dvije vrste unosa stvorile su sljedeću hijerarhiju fer vrijednosti: (a) Nivo 1 Kotirane vrijednosti (nekorigovane) na aktivnom tržištu istih sredstava i obaveza. Ovaj nivo uključuje kotirane instrumente kapitala. 32 CKB Godišnji izvještaj 2015

33 (b) Nivo 2 Unosi koji ne predstavljaju kotirane vrijednosti uključene u Nivo 1, a koji su raspoloživi i tiču se datog sredstva ili obaveze, bilo direktno (tj. u vidu cijena/ vrijednosti) ili indirektno (u vidu zaključaka na osnovu cijena/vrijednosti). Banka ne posjeduje finansijske instrumente vrednovane po fer vrijednosti uključene u nivo 2. (c) Nivo 3 unosi za sredstva i obaveze koji nisu zasnovani na raspoloživim tržišnim podacima. Ovaj Nivo uključuje ulaganja u kapital pod tržišnim pretpostavkama Banke (ne postoje raspoloživi podaci). Banka ne posjeduje finansijske instrumente vrednovane po fer vrijednosti uključene u nivo 3. Ova hijerarhija zahtijeva upotrebu raspoloživih tržišnih podataka kada isti postoje. Prilikom procjene fer vrijednosti, Banka uzima u obzir raspoložive tržišne vrijednosti kad god je to moguće. Na dan 31. decembra godine, tržišne cijene hartija od vrijednosti vrednovanih po fer vrijednosti u portfoliju Banke su bile dostupne. 31. decembar godine Nivo 1 Nivo 2 Nivo 3 Ukupno Hartije od vrijednosti raspoložive za prodaju Finansijska sredstva po fer vrijednosti investicione hartije od vrijednosti instrumenti kapitala 2, ,609 Ukupna sredstva 2, , decembar godine Nivo 1 Nivo 2 Nivo 3 Ukupno Hartije od vrijednosti raspoložive za prodaju Finansijska sredstva po fer vrijednosti investicione hartije od vrijednosti instrumenti kapitala 1, ,988 Ukupna sredstva 2, ,237 Tehnike vrednovanja i pretpostavke korišćene za vrednovanje finansijskih instrumenata vrednovanih po fer vrijednosti Fer vrijednost hartija od vrijednosti raspoloživih za prodaju i hartija od vrijednosti vrednovanih po fer vrijednosti kroz bilans uspjeha je zasnovana na tržišnim cijenama. Ukoliko informacije o tržišnim cijenama nisu raspoložive, koriste se tržišne cijene kotiranih hartija od vrijednosti sa sličnim karakteristikama. Na dan 31. decembra godine, tržišne cijene hartija od vrijednosti vrednovanih po fer vrijednosti u portfoliju Banke su bile dostupne Fer vrijednost finansijskih instrumenata koji nisu vrednovani po fer vrijednosti Hijerarhija fer vrijednosti finansijskih instrumenata koji nisu vrednovani po fer vrijednosti Procijenjena fer vrijednost finansijskih instrumenata, prema hijerarhiji fer vrijednosti, data je u narednoj tabeli: Knjigovodstvena 31. decembar godine Nivo 1 Nivo 2 Nivo 3 Ukupno vrijednost Gotovina i sredstva kod Centralne banke - 115, , ,321 Krediti i plasmani bankama ,912 97,912 97,912 Krediti i plasmani komitentima , , ,612 Hartije od vrijednosti koje se drže do dospijeća - 66,410-66,410 66,410 Forfeting - - 1,919 1,919 1,919 Ukupna sredstva - 181, , , ,174 Obaveze prema bankama - - 1,648 1,648 1,648 Obaveze prema komitentima , , ,034 Obaveze po kreditima - - 3,250 3,250 3,250 Ostale obaveze - - 1,194 1,194 1,194 Ukupne obaveze , , ,126 33

34 31. decembar godine Nivo 1 Nivo 2 Nivo 3 Ukupno Knjigovodstvena vrijednost Gotovina i sredstva kod Centralne banke - 88,329-88,329 88,329 Krediti i plasmani bankama , , ,653 Krediti i plasmani komitentima , , ,986 Hartije od vrijednosti koje se drže do dospijeća - 14,280-14,280 14,280 Forfeting - - 3,772 3,772 3,772 Ukupna sredstva - 102, , , ,020 Obaveze prema bankama - - 2,038 2,038 2,038 Obaveze prema komitentima , , ,582 Obaveze po kreditima ,917 10,917 10,917 Ostale obaveze - - 3,446 3,446 3,446 Ukupne obaveze , , ,983 Tehnike vrednovanja i pretpostavke korišćene za vrednovanje finansijskih instrumenata koji nisu vrednovani po fer vrijednosti Fer vrijednost finansijskih instrumenata koji nisu vrednovani po fer vrijednosti obračunata je samo za potrebe objelodanjivanja, bez efekata na pozicije bilansa stanja ili bilansa uspjeha. Dodatno, s obzirom na to da nema aktivnog trgovanja ovim instrumentima, određivanje fer njihove vrijednosti zahtijeva korišćenje procjena rukovodstva u značajnoj mjeri. Fer vrijednost je cijena koja se može primiti za prodaju nekog sredstva ili platiti za prenos neke obaveze u uobičajenoj transakciji na glavnom (ili najpovoljnijem) tržištu na datum odmjeravanja pod tekućim tržišnim uslovima bez obzira na to da li je cijena direktno utvrdiva ili procijenjena korišćenjem neke druge tehnike vrednovanja. Međutim, ne postoje dostupne tržišne cijene za određeni dio finansijskih instrumenata Banke, koji su prema tome klasifikovani u nivo 2 i nivo 3 hijerarhije fer vrijednosti. U uslovima u kojima nema dostupnih tržišnih cijena, fer vrijednost se procenjuje primjenom modela diskontovanja novčanih tokova ili drugih modela. Promjene pretpostavki koje leže u osnovi procjena, uključujući diskontne stope i procijenjene novčane tokove, u značajnoj mjeri utiču na procjene. Stoga utvrđene procjene fer tržišne vrijednosti ne mogu biti ostvarene prilikom aktuelne prodaje finansijskog instrumenta. Knjigovodstvena vrijednost predstavlja razumnu procjenu fer vrijednosti za sljedeće finansijske instrumente, koji su prevashodno kratkoročni: Gotovina i depoziti kod Centralne banke; Hartije od vrijednosti koje se drže do dospijeća (odnose se na državne obveznice sa rokom dospijeća do 3 mjeseca); Ostale obaveze. Prilikom procjene fer vrijednosti finansijskih instrumenata koji nisu vrednovani po fer vrijednosti i klasifikovani su kao nivo 2 i nivo 3, primijenjene su sljedeće pretpostavke: a) Krediti i plasmani bankama Potraživanja od drugih banaka obuhvataju međubankarske plasmane i pozicije u procesu naplate, vezane za varijabilne kamatne stope. Budući novčani tokovi su diskontovani na sadašnju vrijednost primjenom efektivnih kamatnih stopa. S obzirom na to da su ugovorene varijabilne kamatne stope, promjene u varijabilnim kamatnim stopama se reflektuju u promjenema efektivnih kamatnih stopa, tako da je fer vrijednost plasmana sa varijabilnom kamatnom stopom i prekonoćnih depozita približno jednaka knjigovodstvenoj vrijednosti ovih finansijskih sredstava iskazanoj na dan bilansa stanja. b) Krediti i plasmani komitentima i forfeting Fer vrijednost je određena primjenom modela diskontovanih novčanih tokova, koji uključuje i pretpostavke izloženosti kreditnom riziku, riziku kamatnih stopa, PD, LGD, u mjeri u kojoj je isto primljenjivo. S obzirom na to da je značajan dio kredita klijentima odobren po fiksnim kamatnim stopama, u cilju utvrđivanja fer vrijednosti kredita klijentima sa fiksnom kamatnom stopom iskazanih po amortizovanoj vrijednosti, izvršeno je poređenje kamatnih stopa po kojima su krediti odobravani klijentima sa raspoloživim informacijama o preovlađujućim tržišnim kamatnim stopama u bankarskom sektoru Crne Gore, odnosno prosječnim ponderisanim kamatnim stopama po djelatnostima, kao što je prikazano u narednoj tabeli: - u procentima- Godišnja prosječna ponderisana kamatna stopa Djelatnost Banka Bankarski sektor u Crnoj Gori Finansijske institucije 7.84% 8.61% Velika pravna lica 7.42% 8.04% Druga pravna lica, nefinansijski sektor 7.97% 9.34% Vlada i pravna lica u državnom vlasništvu 7.12% 7.21% Domaćinstva 9.83% 9.93% Ostalo 9.80% 8.96% 34 CKB Godišnji izvještaj 2015 Prema mišljenju rukovodstva Banke, fer vrijednost kredita klijentima obračunata kao sadašnja vrijednost budućih novčanih tokova diskontovanih primjenom važećih tržišnih stopa, odnosno prosječnih ponderisanih kamatnih stopa za bankarski sektor, ne odstupa značajno od iskazanih knjigovodstvenih vrijednosti kredita na dan izvještaja o finansijskom položaju. Po mišljenju rukovodstva, iznosi u finansijskim iskazima odražavaju realnu vrijednost koja je u datim okolnostima najvjerodostojnija i najkorisnija za potrebe finansijskog izvještavanja. c) Depoziti i obaveze po kreditima Za depozite po viđenju, kao i depozite sa preostalim rokom dospijeća kraćim od godinu dana, pretpostavka je da procijenjena fer vrijednost ne odstupa značajno od knjigovodstvenih vrijednosti. Procijenjena fer vrijednost kamatonosnih depozita

35 sa fiksnom kamatnom stopom i preostalim rokom dospijeća preko godinu dana, bez navedene tržišne cijene bazira se na diskontovanom toku gotovine primjenom važeće kamatne stope na nove obaveze sa sličnim preostalim dospijećem. Prema mišljenju rukovodstva kamatne stope Banke su usklađene sa važećim tržišnim kamatnim stopama, i shodno tome iznosi u finansijskim iskazima odražavaju realnu vrijednost koja u datim okolnostima najvjerodostojnije odražava pravičnu vrijednost navedenih finansijskih instrumenata. Za fer vrijednost obaveza po kreditima sa varijabilnom kamatnom stopom pretpostavka je da aproksimira knjigovodstvenoj vrijednosti ovih obaveza na dan izvještavanja Upravljanje kapitalom Upravljanje kapitalom ima za cilj: usaglašenost sa propisima regulatora, zaštitu sposobnosti Banke da održi stalnost poslovanja kako bi bila u mogućnosti da obezbijedi isplate akcionarima i naknade ostalim vlasnicima, i obezbjeđenje kapitala za podršku daljeg razvoja Banke. Rukovodstvo Banke vrši kontrolu adekvatnosti kapitala korišćenjem metodologije i limita propisanih od strane Centralne banke Crne Gore ( Sl. list CG, br. 60/08, 41/09, 38/11 i 55/12). U skladu sa propisima, Banka kvartalno dostavlja izvještaje o stanju i strukturi kapitala Centralnoj banci Crne Gore. Kapital Banke sastoji se od: osnovnog kapitala (uplaćeni akcijski kapital, neraspoređena dobit iz prethodnih godina, dobit tekuće godine, umanjena za gubitak); dopunskog kapitala (rezerve koje su formirane na teret dobiti nakon njenog oporezivanja: zakonske, statutarne i druge rezerve, subordinisani kredit); umanjenih za nematerijalna ulaganja. Rizična 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 čini zbir stavki aktive bilansa i kreditnih ekvivalenata vanbilansnih stavki aktive izloženih riziku (rizična aktiva Banke), klasifikovanih u četiri kategorije i pomnoženih sa odgovarajućim propisanim ponderima rizika. U skladu sa propisima Centralne banke Crne Gore, Banka je obavezna da održava minimalan stepen adekvatnosti kapitala od 10%. Banka je dužna da obim svog poslovanja uskladi sa propisanim pokazateljima, odnosno da obim i strukturu svojih rizičnih plasmana uskladi sa Zakonom o bankama i propisima Centralne banke Crne Gore. Na dan 31. decembra godine, koeficijent solventnosti obračunat od strane Banke u statutarnim finansijskim iskazima iznosi 16.30% Analize osjetljivosti Analize osjetljivosti (devizni rizik) Upravljanje izloženošću deviznom riziku, pored analize potraživanja i obaveza Banke iskazanih u stranoj valuti, uključuje i analizu osjetljivosti na promjene deviznog kursa. U sljedećoj tabeli je prikazan scenario promjene deviznog kursa u rasponu od +10% do -10% u odnosu na EUR Promjena kursa SREDSTVA Ukupno Iznos u stranoj valuti 10% -10% Novčana sredstva i sredstva kod Centralne banke 115, (98) Krediti i plasmani bankama 97,912 25,106 2,511 (2,511) Finansijsko sredstvo iskazano po fer vrijednosti kroz bilans uspjeha 2,609 2, (240) Ukupno sredstva 215,842 28,492 2,849 (2,849) OBAVEZE Obaveze prema komitentima 484,034 28,414 2,841 (2,841) Ostale obaveze 1, (3) Ukupno obaveze 485,228 28,439 2,844 (2,844) Neto izloženost deviznom riziku: decembar (5) decembar (174) 174 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 smanjila/uvećala za EUR 5 hiljada (31. decembar godine: dobit Banke bi se smanjila/uvećala za EUR 174 hiljada). Uzrok male izloženosti Banke promjeni deviznog kursa je činjenica da je najveći dio potraživanja i obaveza Banke izražen u EUR 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 sljedećoj 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. 35

36 SREDSTVA 2015 Neto efekat kao rezultat promjene kamatnih stopa +0.4 b.p. EUR KS +0.3 b.p. FX KS -0.4 b.p. EUR KS -0.3 b.p. FX KS Gotovina i sredstva kod Centralne banke 115, Krediti i avansi bankama 97, Krediti i avansi komitentima 290, (133) Hartije od vrijednosti raspoložive za prodaju Finansijska sredstva po fer vrijednosti kroz bilans 2,609 uspjeha - - Hartije od vrijednosti koje se drže do dospijeća 66, Forfeting 1, , (133) OBAVEZE Obaveze prema bankama 1, Obaveze prema komitentima 484, Obaveze po kreditima 3, Ostale obaveze 2, , Neto izloženost riziku od promjene kamatnih stopa : decembar godine 133 (133) decembar godine 472 (472) Pod pretpostavkom da su svi ostali parametri nepromijenjeni, povećanjem, odnosno smanjenjem 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 povećala, odnosno smanjila, za iznos od EUR 133 hiljade (31. decembar godine: povećanje/smanjenje za EUR 472 hiljada). Uzrok male izloženosti Banke promjeni varijabilnih kamatnih stopa je činjenica da je najveći dio potraživanja i obaveza Banke ugovoren sa fiksnom kamatnom stopom. 36 CKB Godišnji izvještaj 2015

37 5. OSNOVNE RAČUNOVODSTVENE PROCJENE I PROSUĐIVANJA U PRIMJENI RAČUNOVODSTVENIH POLITIKA Banka donosi procjene i pretpostavke koje mogu uticati na prikaz iznosa sredstava i obaveza u finansijskim iskazima za narednu finansijsku godinu. Procjene i prosuđivanja biće predmet stalne procjene i donosiće se na osnovu istorijskog iskustva i drugih činilaca, uključujući očekivanja u pogledu budućih događaja za koje se vjeruje da su u okvirima datih okolnosti razumna. a) Gubitak usljed obezvrjeđenja kredita i plasmana Banka vrši pregled svog kreditnog portfolija najmanje jednom u tri mjeseca kako bi procijenila gubitak koji je nastao usljed umanjenja vrijednosti kredita. Prilikom utvrđivanja da li gubitak usljed obezvrjeđenja treba evidentirati u izvještaju o ukupnom rezultatu, Banka prosuđuje da li postoje bilo kakvi posmatrani podaci koji ukazuju na to da je u procijenjenim budućim novčanim tokovima kreditnog portfolija došlo do mjerljivog smanjenja, a prije nego što se takvo smanjenje može identifikovati za svaki pojedinačni kredit u okviru kreditnog portfolija. Takav dokaz može uključiti 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 plaćanja 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, slične pomenutim u kreditnom portfoliju prilikom procjene budućih tokova gotovine. Metodologija i pretpostavke koji se koriste pri procjeni iznosa budućih tokova gotovine i njihovog vremenskog usklađivanja predmet su stalne kontrole, a u cilju svođenja razlike između procijenjenog i stvarnog gubitka na najmanju moguću mjeru. d) Poreski rizici Poreski zakoni Crne Gore se često različito tumače i predmet su čestih izmjena. Tumačenje poreskih zakona od strane poreskih vlasti u odnosu na transakcije i aktivnosti Banke mogu se razlikovati od tumačenja rukovodstva Banke. Kao rezultat iznijetog, transakcije mogu biti osporene od strane poreskih vlasti i Banci može biti određen dodatni iznos poreza, kazni i kamata, koji može biti značajan. Period zastarjelosti poreske obaveze je pet godina. To praktično znači da poreske vlasti imaju prava da odrede plaćanje neizmirenih obaveza u roku od pet godina od kada je obaveza nastala. e) Rezervisanja Rezervisanja se razmatraju na datum svakog iskaza o finansijskoj poziciji i prilagođavaju tako da odražavaju najbolju sadašnju procjenu. Ako više nije vjerovatno da će odliv sredstava koji predstavlja ekonomske koristi biti potreban za namirenje date obaveze, rezervisanje se ukida preko iskaza o ukupnom rezultatu. Banka ne priznaje rezervisanje po osnovu potencijalnih obaveza dok ne potvrdi da li ima sadašnju obavezu koja može da dovede do odliva resursa koji predstavljaju ekonomske koristi ili ako pouzdana procjena ne može da se napravi, te se u tom slučaju objelodanjuje. b) Umanjenje vrijednosti hartija od vrijednosti raspoloživih za prodaju i ulaganja u pridružena preduzeća Banka utvrđuje da je došlo do umanjenja vrijednosti u hartijama od vrijednosti raspoloživim za prodaju onda kada dođe do značajnog ili produženog smanjenja njihove fer vrijednosti i to ispod njihove nabavne vrijednosti. Određivanje šta je značajno ili produženo zahtijeva rasuđivanje. Umanjenje vrijednosti može biti opravdano onda kada postoji dokaz da je došlo do pogoršanja u finansijskoj poziciji preduzeća u koje se ulaže, privrednoj grani ili sektoru, kao i u novčanim tokovima iz poslovanja i finansiranja. c) Otpremnine i ostale dugoročne naknade zaposlenima Sadašnja vrijednost sredstava za otpremnine za odlazak u penziju i ostale dugoročne beneficije zavisi od niza faktora utvrđenih od strane nezavisnog ovlašćenog aktuara upotrebom određenih pretpostavki. Bilo kakve promjene u ovim pretpostavkama uticale bi na sadašnju vrijednost ovih sredstava. Ključne pretpostavke za otpremnine i ostale dugoročne naknade zaposlenima prikazane su u napomeni

38 6. PRIHODI I RASHODI PO OSNOVU KAMATA I SLIČNI PRIHODI I RASHODI a) Prihodi po osnovu kamata i slični prihodi Godina koja se završava 31. decembra Prihodi po osnovu kamata i slični prihodi Krediti i plasmani dati komitentima 28,681 36,285 Plasmani bankama Kamate po osnovu forfetinga Hartije od vrijednosti koje se drže do dospijeća Hartije od vrijednosti raspoložive za prodaju ,572 38,494 b) Rashodi po osnovu kamata i slični rashodi Godina koja se završava 31. decembra Rashodi po osnovu kamata i slični rashodi Depoziti od komitenata 3,380 6,951 Depoziti od banaka Obaveze po kreditima od banaka Obaveze po kreditima od Vlade CG Obaveze po subordiniranim kreditima 155 1, PRIHODI I RASHODI PO OSNOVU NAKNADA I PROVIZIJA 3,610 8,272 a) Prihodi po osnovu naknada i provizija Godina koja se završava 31. decembra Naknade za bankarske usluge platnog prometa u zemlji i inostranstvu 7,946 7,071 Prihodi od naknada po poslovima sa kreditnim karticama 4,638 4,879 Prihodi od naknada za izdate garancije i druge potencijalne obaveze Ostalo 711 1,070 13,681 13,507 b) Rashodi po osnovu naknada i provizija Godina koja se završava 31. decembra Naknade i provizije za usluge platnog prometa u zemlji Naknade i provizije za usluge međunarodnog platnog prometa Naknade za izdate garancije i druge potencijalne obaveze Naknade po poslovima sa karticama 2,490 2,249 Ostale naknade i provizije ,636 3, CKB Godišnji izvještaj 2015

39 8. NETO PRIHODI OD KURSNIH RAZLIKA Godina koja se završava 31. decembra Pozitivne kursne razlike, realizovane (Negativne)/Pozitivne kursne razlike, nerealizovane (92) OSTALI POSLOVNI PRIHODI Godina koja se završava 31. decembra Prihodi od kastodi aktivnosti Dobici po osnovu forfetinga 65 1,216 Ostali prihodi , POSLOVNI RASHODI Godina koja se završava 31. decembra Troškovi zaposlenih 12,330 13,687 Administrativni troškovi 2,479 2,586 Amortizacija nekretnine, postrojenja i oprema (Napomena 21) 1,960 1,928 Amortizacija nematerijalnih ulaganja (Napomena 20) 1, Troškovi zakupa 1,280 1,353 Troškovi održavanja informacionog sistema 1,397 1,477 Troškovi održavanja vozila Profesionalne usluge Troškovi premije osiguranja depozita 2,330 2,457 Reprezentacija, marketing i sponzorstvo Ostalo ,321 27, RASHODI INDIREKTNIH OTPISA PLASMANA I REZERVISANJA Godina koja se završava 31. decembra Krediti klijentima, neto (napomena 15) 5,699 7,893 Rezervisanja za forfeting (napomena 19) Rezervisanja za ostala sredstva, neto (napomena 22) Rezervisanja za potencijalne obaveze, neto (napomena 27) (566) 146 Rezervisanja za naknade zaposlenima, neto (napomena 28) 11 3 Rezervisanja za nieskorišćene godišnje odmore 15 - Ostala rezervisanja ,468 9,844 39

40 12. POREZ NA DOBIT a) Usaglašavanje iznosa poreza na dobit u izvještaju o ukupnom rezultatu i proizvoda rezultata prije oporezivanja i propisane poreske stope Godina koja se završava 31. decembra Dobit prije oporezivanja 6,774 6,086 Porez na dobit (stopa 9%) Porez na dobit (stopa 9%) na kapitalne gubitke 6 - Troškovi koji se ne priznaju u poreskom bilansu Poreski gubici iz prethodnih perioda iskorišćeni za umanjenje poreza (724) (230) Efekti usaglašavanja sa osnovicom za obračun poreza na dobit u statutarnim finansijskim izvještajima 33 (397) Ostalo (1) 61 Porez prikazan u bilansu uspjeha (1) 61 Efektivna poreska stopa 0% 2% b) Odložene poreske obaveze Na dan 31. decembra godine, odložene poreske obaveze u iznosu od EUR 351 hiljadu (31. decembar godine: EUR 352 hiljada) odnose se na privremene razlike u poreskoj osnovici i knjigovodstvenim vrijednostima nekretnina, postrojenja i opreme. c) Neiskorišćeni poreski gubici koji se mogu prenijeti u naredne periode Godina nastanka Godina isteka , ,034 37,018 d) Neiskorišćeni poreski gubici prenešeni u naredne periode: Godina nastanka Godina isteka Na dan 31. decembra godine, Banka nije priznala odložena poreska sredstva po osnovu prenijetih poreskih gubitaka usljed neizvjesnosti da će budući oporezivi dobici, na teret kojih se odložena poreska sredstva mogu iskoristiti, biti raspoloživi. e) Porezi, doprinosi i druge dažbine koje ne zavise od rezultata poslovanja Porezi, doprinosi i druge dažbine koji ne zavise od rezultata poslovanja uključuju poreze na imovinu i druge poreze, doprinose na teret poslodavca, naknade i doprinose koji se plaćaju prema raznim republičkim i lokalnim opštinskim poreskim propisima. 13. GOTOVINA I SREDSTVA KOD CENTRALNE BANKE Gotovina u blagajni 19,371 19,097 Gotovina u procesu naplate Žiro račun 66,139 38,460 Uključeno u gotovinu i gotovinske ekvivalente (napomena 32) 85,941 57,997 Obavezna rezerva kod Centralne banke Crne Gore 29,440 30,332 Minus: Ispravka vrijednosti gotovine (60) - 115,321 88,329 Obavezna rezerva Banke sa stanjem na dan 31. decembra godine predstavlja minimum izdvojenih depozita u skladu sa Regulativom Centralne banke Crne Gore na koju se odnosi Odluka o obaveznoj rezervi banaka kod Centralne 40 CKB Godišnji izvještaj 2015

41 banke Crne Gore ( Sl. list CG, br. 35/11, 22/12, 61/12, 57/13, 52/14 i 07/15). U skladu sa navedenim, banke obračunavaju obaveznu rezervu na depozite po viđenju i oročene depozite. Obaveznu rezervu banke obračunavaju primjenom stope od: 9.5 % - na dio osnovice koju čine depoziti po viđenju i depoziti ugovoreni sa ročnošću do jedne godine, odnosno do 365 dana; 8.5% - na dio osnovice koju čine depoziti ugovoreni sa ročnošću preko jedne godine, odnosno preko 365 dana. Na depozite ugovorene sa ročnošću preko 365 dana, koji imaju klauzulu o mogućnosti razročenja tih depozita u roku kraćem od jedne godine, odnosno u roku kraćem od 365 dana, primjenjuje se stopa od 9.5%. Banka može do 25% obavezne rezerve držati u obliku državnih zapisa koje je emitovala Crna Gora. Obračunatu obaveznu rezervu banka izdvaja na račun obavezne rezerve u zemlji i/ili na račune Centralne banke u inostranstvu. Na 25% ukupno izdvojenih sredstava obavezne rezerve banke, Centralna banka obračunava kamatu po stopi 1%. Izuzetno do 31. decembra godine: Banka može do 25% obavezne rezerve držati u obliku državnih zapisa koje je emitovala Crna Gora, bez obzira na njihov rok dospijeća, a naknadno može izdvojiti i održavati dodatnih 10% obavezne u obliku državnih zapisa koje je emitovala Crna Gora a koji imaju rok dospijeća od 182 dana; Centralna banka isplaćuje mjesečnu naknadu Banci na iznos od 15% obavezne rezerve po stopi EONIA (prosečna kamatna stopa po kojoj su realizovane depoziti preko noći u EUR) umanjenoj za 10 baznih poena na godišnjem nivou do osmog dana u mjesecu za prethodni mjesec, pod uslovom da tako dobijena stopa nije manja od nule. Banka može iskoristiti do 50% sredstava obavezne rezerve za održavanje dnevne likvidnosti. Banci se ne naplaćuje naknada za upotrebu sredstava obavezne rezerve pod uslovom da na kraju dana iznos obavezne rezerve bude u skladu sa propisanim. Banka plaća mjesečnu naknadu na iznos rezerve koji ne vrati istoga dana po stopi koja je utvrđena posebnim propisom Centralne banke Crne Gore. Na osnovu člana 44 stav 2 tačka 3, a u vezi sa članom 18. Zakona o Centralnoj banci Crne Gore ("Službeni list Crne Gore, br. 40/10, 46/10 i 06/13), Vijeće Centralne banke Crne Gore, na sjednici održanoj 21. decembra godine, usvojila novu Odluku o obaveznoj rezervi banaka kod Centralne banke Crne Gore koja će se primjenjivati od 1. januara godine. Izuzetno do 31. decembra godine: Banka može do 25% obavezne rezerve držati u obliku državnih zapisa koje je emitovala Crna Gora; Centralna banka plaća propisanu naknadu na iznos sredstava koji predstavlja razliku između 50% ukupnih sredstava obavezne rezerve izdvojene i iznos sredstava izdvojenih u obliku državnih zapisa, maksimalno 25 % ukupnih obaveznih rezervnih sredstava. Banka koja je izdvojila i zadržala više od 25% obavezne rezerve u obliku državnih zapisa na dan stupanja na snagu Odluke 21. decembra godine može da nastavi da vodi te državne zapise kao dio obavezne rezerve do dana njihovog dospijeća. Banke koje izdvajaju i drže obaveznu rezervu na dan 31. decembra godine u obliku državnih zapisa može da nastavi da vodi te državne zapise kao dio obavezne rezerve do dana njihovog dospijeća, ali ne kasnije od 30. juna godine. Na 50% sredstava izdvojenih u skladu sa Odlukom, Centralna banka plaća mjesečnu naknadu bankama do 8. u mjesecu za prethodni mjesec, obračunatu po stopi EONIA smanjenoj za 10 baznih poena na godišnjem nivou, pri čemu ova stopa ne može biti manja od nule. 14. KREDITI I PLASMANI BANKAMA 31. decembar decembar Računi kod domaćih i stranih banaka 46,868 37,903 Plasmani kod inostranih banaka: - do tri mjeseca 50,031 61,840 - od tri mjeseca do jedne godine - 27,000 50,031 88,840 Nostro-pokrića po kreditima i garancijama 1, , ,653 Gotovina i gotovinski ekvivalenti (napomena 32) 96,868 99,577 Na dan 31. decembra godine, plasmani kod inostranih banaka u iznosu od EUR 50,000 hiljada odnose se na kratkoročno oročene plasmane kod članica OTP Grupe u iznosu od EUR 35,000 hiljada na period od tri mjeseca uz godišnju kamatnu stopu od 0.45% i iznos od EUR 15,000 hiljada na period od četiri dana uz godišnju kamatnu stopu od 1.15%. Na dan 31. decembra godine, izdvojena nostropokrića po kreditima i garancijama kod inostranih banaka u iznosu od EUR 1,013 hiljada, uglavnom se odnose na položena novčana pokrića kod Barcley Bank, London u iznosu od EUR 784 hiljade za obezbjeđenje za kartice Barcley, i iznos od EUR 229 hiljada položen kod Deutche Bank Frakfurt kao obezbjeđenje za American express kreditne kartice. 41

42 15. KREDITI I PLASMANI KOMITENTIMA 31. decembar decembar Do jedne godine u EUR 159, ,476 Preko jedne godine u EUR 198, , , ,224 Minus: Ispravka vrijednosti (67,635) (85,238) 290, ,986 Kratkoročni krediti nefinansijskom sektoru (preduzećima) u toku godine su, prije svega, odobreni za obrtna sredstva sa rokom dospijeća od jednog do dvanaest mjeseci, dok su dugoročni krediti odobravani na period od jedne do deset godina, i uglavnom se odnose na preduzeća iz trgovinskih aktivnosti. Kratkoročni krediti velikim i srednjim preduzećima su uglavnom odobravani uz godišnju kamatnu stopu od 4.2 do 8%, dok je godišnja kamatna stopa za mala i srednja preduzeća bila je u rasponu od 6.5 do 14 %. Godišnja kamatna stopa na dugoročne kredite je u rasponu od 4.2 do 7.8 % za velika i srednja preduzeća, dok je za mala i srednja preduzeća u rasponu od 6.5 do 13 %. Kratkoročni krediti plasirani fizičkim licima tokom godine odobravani uz kamatnu stopu u rasponu od 8.99% do 22.99% na godišnjem nivou. Dugoročni krediti plasirani fizičkim licima koji uključuju kredite za kupovinu stanova, opremanje stanova i poslovnih prostora, finansiranje robe široke potrošnje i ostalo, odobravani su sa rokom dospijeća od 1 do 25 godina i uz kamatnu stopu u rasponu od 6.4% do 8.9% +12- EURIBOR godišnje i fiksnu kamatnu stopu od 6.99%. Geografska distribucija odobrenih kredita iz kreditnog portfolia Banke uglavnom se odnose na klijente sa teritorije Crne Gore. Kretanje na ispravci vrijednosti gubitaka po osnovu kredita i plasmana je sljedeće: Godina koja se završava 31. decembra Krediti 31. decembar decembar Stanje na dan 1. januara 85,238 78,700 Ispravka vrijednosti u toku godine (napomena 11) 5,699 7,893 Korišćenje rezervisanja usljed prodaje kredita OTP Faktoring (21,724) - Otpis (1,578) (1,355) Stanje na dan 31. decembra 67,635 85, HARTIJE OD VRIJEDNOSTI RASPOLOŽIVE ZA PRODAJU 31. decembar decembar Vlasničke hartije od vrijednosti po fer vrijednosti: - kotirane Banka je u godini kupila obveznice Ministarstva finansija Crne Gore u iznosu od EUR 7,311 hiljada koje su klasifikovane kao hartije od vrijednosti raspoložive za prodaju. Ove hartije od vrijednosti je Banka prodala u drugoj polovini godine sa gubitkom od EUR 70 hiljada. 42 CKB Godišnji izvještaj 2015

43 17. HARTIJE OD VRIJEDNOSTI PO FER VRIJEDNOSTI KROZ BILANS USPJEHA 31. decembar decembar VISA 2,404 1,826 Elektroprivreda Crne Gore Lutrija Crne Gore 17-2,609 1, HARTIJE OD VRIJEDNOSTI KOJE SE DRŽE DO DOSPIJEĆA 31. decembar decembar Državni zapisi 19,937 14,280 Državne obveznice 46,473-66,410 14,280 Na dan 31. decembra godine, hartije od vrijednosti koje se drže do dospijeća u ukupnom iznosu od EUR 19,937 hiljada (31. decembra godine: EUR 14,280 hiljada) odnose se na državne zapise Crne Gore sa rokom dospijeća do kraja februara godine uz godišnju kamatnu stopu od 0.12% do 0.29%. Tokom godine, Banka je kupila euroobveznice Ministarstva finansija Vlade Crne Gore u iznosu od EUR 52,704 hiljada. Obveznice u iznosu od EUR 29,861 hiljadu su na dan kupovine klasifikovane kao raspoložive za prodaju, dok je preostalih EUR 22,843 hiljade klasifikovano kao hartije od vrijednosti koje se drže do dospijeća. Obveznice koje su prvobitno klasifikovane kao raspoložive za prodaju na dan 30. juna godine Banka je reklasifikovala na hartije od vrijednosti koje se drže do dospijeća. Evroobveznice koji dospijevaju na dan 18. mart godine u iznosu od EUR 28,880 hiljada imaju kamatnu stopu od 3.875% na godišnjem nivou, a evroobveznice koje dospijevaju na dan 20. maj godine u iznosu od EUR 17,593 hiljada imaju kamatnu stopu 5.375% na godišnjem nivou. 19. FORFETING 31. decembar decembar Potraživanja po osnovu forfetinga 4,558 5,551 Minus: Ispravka vrijednosti (2,639) (1,779) 1,919 3,772 Na dan 31. decembra godine, potraživanja Banke po osnovu forfetinga iznose EUR 4,558 hiljada. Banka je u toku godine izvršila reotkup potraživanja koja je tokom godine, i godine prodala OTP banci, Budimpešta. Otkup potraživanja izvršen je u pet tranši. Kretanja na ispravci vrijednosti potraživanja po osnovu forfetinga su sljedeća: 31. decembar decembar Stanje na dan 1. januara 1, Nova/(iskorišćena) rezervisanja (napomena 11) Ostalo 1 - Stanje na dan 31. decembra 2,639 1,779 43

44 20. NEMATERIJALNA ULAGANJA Licence Softveri Ukupno Nabavna vrijednost Stanje na dan 1. januara godine 2,154 8,770 10,924 Povećanja Otuđenja i rashodovanja (21) (427) (448) Stanje na dan 1. januara godine 2,433 8,707 11,140 Povećanja 1, ,335 Otuđenja i rashodovanja (1,083) (97) (1,180) Stanje na dan 31. decembra godine 2,399 8,896 11,295 Ispravka vrijednosti Stanje na dan 1. januara godine 882 6,967 7,849 Amortizacija (napomena 10) Otuđenja i rashodovanja (21) (427) (448) Stanje na dan 1. januara godine Amortizacija (napomena 10) 1,232 7,140 8,372 Otuđenja i rashodovanja ,044 Stanje na dan 31. decembra godine (1,083) (97) (1,180) Neto sadašnja vrijednost na dan: 776 7,460 8, decembra godine 1,623 1,436 3, decembra godine 1,201 1,567 2, NEKRETNINE, POSTROJENJA I OPREMA Građevinski objeki Oprema i ostala sredstva Ukupno Nabavna vrijednost Stanje na dan 1. januara godine 8,095 17,807 25,902 Povećanja 74 1,771 1,845 Otuđenja i rashodovanja - (734) (734) Stanje na dan 1. januara godine 8,169 18,844 27,013 Povećanja 261 1,425 1,686 Otuđenja i rashodovanja - (255) (255) Stanje na dan 31. decembra godine 8,430 20,014 28,444 Ispravka vrijednosti Stanje na dan 1. januara godine 1,421 10,916 12,337 Amortizacija (napomena 10) 162 1,766 1,928 Otuđenja i rashodovanja - (666) (666) Stanje na dan 1. januara godine 1,583 12,016 13,599 Amortizacija (napomena 10) 163 1,797 1,960 Otuđenja i rashodovanja - (219) (219) Stanje na dan 31. decembra godine 1,746 13,594 15,340 Neto knjigovodstvena vrijednost: decembra godine 6,684 6,420 13, decembra godine 6,586 6,828 13,414 Na dan 31. decembra godine, Banka nije imala hipoteke položene na njene nekretnine i opremu sa svrhom obezbjeđenje otplate kredita. 22. OSTALA SREDSTVA 31. decembar decembar Dati avansi Potraživanja po osnovu sporne i nenaplative aktive 17,277 18,011 Ostalo 3,558 3,221 20,967 21,367 Minus: Ispravka vrijednosti (17,277) (18,011) 3,690 3,356 Potraživanja po osnovu sporne aktive, koja su u cijelosti ispravljena i na dan 31. decembra godine iznose EUR 17,277 hiljada, uključuju sljedeće: Rezervisanja za potraživanja po osnovu sudskih sporova koje Banka vodi protiv bivših zaposlenih u iznosu od EUR 6,223 hiljade; Rezervisanja za potraživanja po osnovu obračunatih 44 CKB Godišnji izvještaj 2015

45 nenaplaćenih naknada od klijenta Vektra Montenegro d.o.o. Podgorica, nad kojim je pokrenut stečajni postupak u iznosu od EUR 1,704 hiljade; Rezervisanja za nenaplativa potraživanja po osnovu naknada za platni promet, provizija, mjenica, čekova, elektronskog bankarstva, platnih i kreditnih kartica itd., u iznosu od EUR 2,140 hiljada; Rezervisanja za ostala potraživanja priznata bez osnova u tekućoj i prethodnim godinama i naknadno ustanovljene obaveze banke u iznosu od EUR 5,528 hiljada; i Ostala nenaplativa potraživanja u iznosu od EUR 1,682 hiljada. Ostala sredstva se uglavnom sastoje od sredstava primljenih umjesto naplate potraživanja u iznosu od EUR 1,020 hiljada na dan 31. decembra godine (31. decembar 2014.: EUR 1,020 hiljada). Sredstva se stiču na osnovu aktiviranja sredstava obezbjeđenja. Kretanje na ispravci vrijednosti ostalih sredstava je sljedeće: 31. decembar decembar Stanje na dan 1. januara 18,011 18,318 Ispravka vrijednosti (napomena 11) Otpisi (1,151) (470) Stanje na dan 31. decembra 17,277 18, OBAVEZE PREMA BANKAMA 31. decembar decembar Obaveze prema domaćim bankama: - depoziti po viđenju kratkoročni depoziti - 1,413 Obaveze prema stranim bankama: - kratkoročni depoziti 707-1,648 2,038 Na depozite po viđenju banaka obračunava se kamata po stopi u rasponu od 0.10% do 0.15% na godišnjem nivou. Kratkoročno oročeni depoziti banaka deponovani su uz kamatnu stopu od 1.5 % na godišnjem nivou. 24. OBAVEZE PREMA KOMITENTIMA 31. decembar decembar Depoziti po viđenju u EUR: - preduzeća 109, ,614 - državni organi 30,554 20,377 - fizička lica 151, ,514 - ostali 1, Depoziti po viđenju u stranim valutama: - preduzeća 10,099 6,444 - državni organi fizička lica 13,178 8,977 - ostali - 4 Kratkoročni depoziti u EUR: - preduzeća 19,053 14,091 - državni organi fizička lica 80,717 85,010 - ostali Kratkoročni depoziti u stranim valutama: - preduzeća fizička lica 4,933 4,031 Dugoročni depoziti u EUR: - Preduzeća 4,346 1,072 - Državni organi Fizička lica 54,361 79,273 - Ostali Dugoročni depoziti u stranim valutama: - Fizička lica Ostali 2,337 5, , ,582 45

46 Depoziti po viđenju fizičkih lica u domaćoj valuti su deponovani po godišnjoj kamatnoj stopi od 0.10% a depoziti u stranoj valuti uz kamatnu stopu od 0.05% na godišnjem nivou. Na oročene depozite privrednih društava u EUR sa rokom dospijeća godine, obračunavala se kamata po kamatnim stopama u rasponu od 0.10% do 1.5% na godišnjem nivou, u zavisnosti od perioda oročavanja i iznosa koji se oročava. Oročeni depoziti privrednih društava u EUR koji su deponovani tokom godine su deponovani po kamatnim stopama u rasponu od 0.10% do 1.5 % na godišnjem nivou (2014. godine: od 0.10% do 3% na godišnjem nivou), u zavisnosti od perioda oročavanja i iznosa koji se oročava. Trenutno maksimalna kamatna stopa po kojoj se mogu plasirati oročeni depoziti privrednih društava bez namjene je 1.5% na period od 12 i više mjeseci, shodno trenutnoj listi uslova. Oročeni depoziti fizičkih lica u EUR su deponovani uz kamatnu stopu od 0.10% do 1.5% godišnje (2014. godine: od 0.15% do 3.10% na godišnjem nivou) u zavisnosti od perioda oročavanja i iznosa koji se oročava. Na depozite po viđenju privrednih društava kamatna stopa se tokom godine kretala u rasponu od 0% - 1% godišnje. 25. OBAVEZE PO KREDITIMA Do jedne godine Preko jedne godine Godina koja se završava 31. decembra Godina koja se završava 31. decembra Dugoročni krediti domaćih kreditora: - Direkcija za razvoj malih i srednjih preduzeća ,013 - Vlada Crne Gore stanova 8 8 1,331 1, ,180 2,344 Dugoročni krediti stranih kreditora - Njemačka razvojna banka ("KfW"), Frankfurt na Majni 1,059 1,508 - garancije subordinirani dug , ,059 8, ,239 10,852 Na dan 31. decembra godine, obaveze po dugoročnim kreditima u domaćoj valuti u iznosu od EUR 849 hiljada predstavljaju obaveze po kreditima primljenim od Direkcije za razvoj malih i srednjih preduzeća na period od tri do osam godina uz kamatnu stopu u rasponu do 7% na godišnjem nivou. Na dan 31. decembra godine, obaveze po dugoročnim kreditima u domaćoj valuti u iznosu od EUR 1,331 hiljadu predstavljaju obaveze po kreditima primljenim od Ministarstva finansija i Ministarstva održivog razvoja i turizma Crne Gore po osnovu projekta za odobravanje stambenih kredita socijalno ugroženim kategorijama stanovništva na period od 20 godina sa grejs periodom do 5 godina i uz kamatnu stopu od 0.98% na godišnjem nivou. Na dan 31. decembra godine, obaveze po dugoročnim kreditima u domaćoj valuti u iznosu od EUR 1,059 hiljada predstavljaju obaveze po dugoročnim kreditima primljenim od Njemačke razvojne banke - Kreditanstalt fur Wiederaufbau ("KfW"), Frankfurt na Majni na period od pet do deset godina uz kamatnu stopu od 3% na godišnjem nivou. 46 CKB Godišnji izvještaj 2015

47 26. OSTALE OBAVEZE Obaveze prema dobavljačima Razgraničene naknade po garancijama Ostali porezi i doprinosi Obaveze prema zaposlenima Porez na dodatu vrijednost Ostalo 783 2,060 2,690 3, REZERVISANJA Rezervisanja za otpremnine Rezervisanja za potencijalne gubitke po osnovu sudskih sporova Rezervisanja za gubitke po vanbilansnoj aktivi 650 1,217 Rezervisanja za neiskorišćene godišnje odmore Ostala rezervisanja Ostalo 3,100 3,699 Kretanje na rezervisanju za potencijalne gubitke je sljedeće: Stanje na dan 1. januara 3,699 3,514 (iskorišćena)/nova rezervisanja tokom godine (napomena 11) (566) 146 Ostalo (33) 39 Stanje na dan 31. decembra 3,100 3, NAKNADE ZAPOSLENIMA U skladu sa Kolektivnim ugovorom, Banka je u obavezi da prilikom odlaska u penziju zaposlenom isplati otpremninu u visini 6 prosječnih neto zarada zaposlenih u Banci koja važi u mjesecu koji prethodi mjesecu kojem se vrši isplata. Posljednja nezavisna aktuarska procjena definisanog plana primanja izvršena je 31. decembra godine. Tehničke osnove korišćene za obračunavanje sadašnje vrijednosti sredstava za otpremnine za odlazak u penziju i jubilarne nagrade uključuju primjenu: a) Stopa za diskontovanje 7% b) Stopa rasta očekivanih budućih zarada 5% Kretanje na sadašnjoj vrijednosti definisanih obaveza isplate naknade u tekućem periodu prikazano je u narednoj tabeli: Otpremnine Ostale dugoročne naknade zaposlenima Otpremnine Ostale dugoročne naknade zaposlenima Stanje na dan 1. januara 1, , Nova rezervisanja (napomena 11) Isplate u toku godine (20) - (22) - Stanje na dan 31. decembra 1, , AKCIJSKI KAPITAL Na dan 31. decembra godine akcijski kapital Banke čini 267,705 običnih akcija (31. decembra godine: 267,705 običnih akcija), pojedinačne nominalne vrijednosti od EUR Sve emitovane akcije su u potpunosti plaćene. Na dan 31. decembra godine jedini vlasnik (100%) kapitala Banke je OTP Bank Plc., Budimpešta. 47

48 U skladu sa propisima Centralne banke Crne Gore, Banka je na dan 31. decembra godine obavezna da održava minimalan koeficijent solventnosti kapitala od 10%. Koeficijent solventnosti Banke na dan 31. decembra godine bio je 16.30%. 30. VANBILANSNE POZICIJE a) Garancije, druge potencijalne i preuzete obaveze Plative garancije 7,141 13,574 Činidbene garancije 11,559 9,866 Nepokriveni akreditivi Nepovučene kreditne linije 25,230 25,454 44,873 49,582 b) Druge vanbilansne pozicije Otpisani krediti 1,663 1,665 Otpisana kamata Ostale vanbilansne pozicije ,159 1,871 47,032 51, OPERATIVNI LIZING Otkazivi ugovori o operativnom lizingu odnose se na poslovni prostor sa ograničenim periodom zakupa (ugovori na određeno vreme). Ugovorima nije definisana mogućnost kupovine poslovnog prostora uzetog u zakup po isteku perioda zakupa. U toku godine, trošak zakupa je iznosio EUR 1,120 hiljada (2014. godine: EUR 1,199 hiljada). Preuzete obaveze po ugovorima o operativnom lizingu na datum bilansa stanja koje nisu iskazane u finansijskim iskazima su sljedeće: Do 1 godine Od 1 do 5 godina 2, Preko 5 godina 1,586 3,199 3,969 4, GOTOVINA I GOTOVINSKI EKVIVALENTI Za potrebe iskaza o tokovima gotovine, pod gotovinom i gotovinskim ekvivalentima se priznaju sva sredstva sa rokom dospijeća kraćim od tri mjeseca, i to: gotovina i slobodna raspoloživa sredstva kod Centralne banke Crne Gore i drugih banaka Gotovina i sredstva kod Centralne banke (napomena 13) 85,941 57,997 Krediti i plasmani bankama (napomena 14) 96,868 99, , , ODNOSI SA POVEZANIM LICIMA Sve transakcije sa povezanim pravnim licima iz redovnog poslovanja i njihove vrijednosti ne razlikuju se materijalno značajno od odredbi i 48 CKB Godišnji izvještaj 2015

49 uslova koji preovladavaju u transakcijama po tržišnim uslovima. Iznosi kredita i avansa odobrenih povezanim pravnim licima obezbijeđeni su depozitima, zalogama i hipotekama i biće otplaćeni gotovinom. Na dan 31. decembra godine i 31. decembra godine, Banka nije izvršila ispravku vrijednosti rezervisanja za kredite i plasmane odobrene povezanim pravnim licima. Stanje potraživanja od i obaveza prema povezanim licima na datum bilansa stanja prikazuje sljedeća tabela: Novčana sredstva: - OTP Bank Plc., Budimpešta 50,031 50,576 Krediti i plasmani komitentima: - zaposleni Banke 7,001 7,234 Ostala sredstva: - OTP Factoring Montenegro OTP Bank Plc. Budapest: 54 - Ukupno potraživanja 57,101 57,819 Obaveze prema komitentima - zaposleni Banke 3,179 3,196 - OTP Factoring Montenegro 2,575 2,401 - Debt Management Project Montenegro d.o.o. Podgorica 1, South Invest Montenegro d.o.o. Podgorica 2 - Obaveze po kreditima: 6,757 6,594 - OTP Bank Financing Netherlands B.V. the Netherlands: - 7,048 - subordinirani krediti Ukupno obaveze 6,757 13,642 Potraživanja, neto 50,344 44,177 Kratkoročni i dugoročni krediti radnicima Banke odobravani su na period do jedne godine odnosno na 25 godina. Krediti su odobravani sa kamatom stopom u rasponu od 3.4% do 15% na godišnjem nivou. Dugoročni krediti radnicima Banke obuhvataju kredite za kupovinu stambenih jedinica, hipotekarne kredite, dok kratkoročne uglavnom čine gotovinski krediti. Prihodi i rashodi nastali iz transakcija sa povezanim pravnim licima u toku i godine prikazani su tabeli koja slijedi: Prihodi po osnovu kamata: - OTP Bank Plc., Budimpešta zaposleni Banke ,511 Prihodi po osnovu naknada: - OTP Bank Plc., Budimpešta Ukupno prihodi 982 1,913 Rashodi po osnovu kamata: - Zaposleni Banke (26) (57) - OTP Bank Financing Netherlands B.V. the Netherlands (155) (1,001) Ostali rashodi: - OTP Bank Plc., Budimpešta (39) (41) - OTP Factoring Montenegro d.o.o., Podgorica (23) (204) Ukupno rashodi (243) (1,303) Prihodi, neto Naknade isplaćene tokom godine licima sa posebnim ovlašćenjima i odgovornostima u Banci iznose EUR 1,360 hiljada (2014. godine: EUR 1,486 hiljada). 49

50 34. SUDSKI SPOROVI Na dan 31. decembra godine protiv Banke se vodi više sudskih sporova od strane pravnih i fizičkih lica. Po procjeni Direkcije za pravne poslove Banke, ukupna vrijednost ovih sporova iznosi EUR 13,214 hiljada ne uključujući troškove sudskih postupaka. Navedeni iznos ne uključuje eventualne zatezne kamate koje mogu biti utvrđene po okončanju sudskih sporova, s obzirom na to da rukovodstvo nije u mogućnosti da utvrdi potencijalne efekte zateznih kamata koji mogu nastati po osnovu ovih sporova do datuma izdavanja ovih finansijskih iskaza. Na dan 31. decembra godine Banka je formirala rezervisanja za potencijalne gubitke po osnovu sudskih sporova u iznosu od EUR 855 hiljada. Ishod sporova u toku za sada nije moguće procijeniti, ali mišljenje rukovodstva i pravnog savjetnika Banke je da se ne očekuju negativni ishodi sporova koji bi mogli imati materijalno značajne efekte na finansijske iskaze Banke. Na dan 31. decembra godine, Banka protiv pravnih i fizičkih lica vodi 971 sudski spor ukupne vrijednosti od EUR 80,508 hiljada. 35. PORESKI RIZICI Poreski zakoni Crne Gore se često različito tumače i predmet su čestih izmjena. Tumačenje poreskih zakona od strane poreskih vlasti u odnosu na transakcije i aktivnosti Banke mogu se razlikovati od tumačenja rukovodstva Banke. Kao rezultat iznijetog, transakcije mogu biti osporene od strane poreskih vlasti i Banci može biti odrijeđen dodatni iznos poreza, kazni i kamata. Period zastarjelosti poreske obaveze je pet godina. To praktično znači da poreske vlasti imaju prava da odrijede plaćanje neizmirenih obaveza u roku od pet godina od kada je obaveza nastala. 36. DOGAĐAJI NAKON DATUMA IZVJEŠTAVANJA Rukovodstvo Banke smatra da nema značajnih događaja nakon datuma izvještavanja koji bi uticali na finansijske iskaze za godinu ili zahtijevali posebno objelodanjivanje. 36. DEVIZNI KURSEVI Zvanični kursevi valuta koji su korišćeni za preračun deviznih pozicija bilansa stanja u EUR na dan 31. decembra i godine bili su sljedeći: 31. decembar decembar USD CHF GBP CKB Godišnji izvještaj 2015

51 51

52 Notes to the Financial Statements 52 CKB Godišnji izvještaj 2015

53 53

54 1. GENERAL INFORMATION Crnogorska komercijalna banka AD, Podgorica (hereinafter: the Bank ) was established as an independent bank and registered with the Commercial Court in Podgorica on January 15, OTP Bank Plc. Budapest holds 100 percent equity interest in the Bank s equity. The Bank is registered as a shareholding company. The Bank s registration number in the Central Register of the Commercial Court is /49. The Bank obtained the operating license from the Central Bank based on the Decision number / dated February 18, The Bank is registered with the Securities Exchange Commission and entered into the Register of Security Issuers under number 51 (Decision number 02/3-47/2-01 as of July 12, 2001). Pursuant to the Law on Banks, Founding Decision and Statute, the Bank is engaged in the business of keeping deposits and other assets of private individuals and legal entities and it approves loans and makes other advances from these funds entirely, or in part, for its own account. In addition to these operations, the Bank is also registered to perform the following activities: to issue guarantees and undertake other off-balance sheet commitments; to purchase, sell and collect receivables; to issue, process and record payment instruments; to perform payment transactions domestically and abroad; to perform finance lease operations; to trade in its own name for its own account or for the account of a customer with foreign payment instruments and financial derivatives; to prepare analysis and provide information and advice on the company and entrepreneur creditworthiness; depositary operations; safekeeping of assets and securities and other operations as in accordance with the approval of the Central Bank of Montenegro. The Bank is headquartered at Moskovska Street, no number. On December 31, 2015, the Bank consisted of its Head Office in Podgorica and fourteen branches, ten sub-branch offices and five counters located on the territory of Montenegro. The members of the Audit Committee of the Bank are as follows: First name and surname Mr. Attila Kozsik Mr. Fritz Laszlo Mr. Andreas Szalay Position President Member Member The members of the Board of Directors of the Bank are as follows: First name and surname Mr. Barna Zsolt Mr. Szabolcs Horvath Mr. Nyitrai Győző Mr. Szabolcs Korba, PhD Mr. Attila Kozsik Mr. Miklos Nemeth Mr. Milan Sztepanov Position President Member Member Member Member Member Member As of December 31, 2015, the Bank had 436 employees (December 31, 2014: 440 employees). 2. BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS These financial statements are general purpose financial statements prepared in accordance with International Financial Reporting Standards ( IFRS ). The Bank also prepares financial statements according to statutory accounting rules that differ materially from IFRS. a) Statement on Compliance These financial statements have been prepared in accordance with IFRS adopted by the International Accounting Standards Board (IASB). The preparation of financial statements in conformity with IFRS requires from the Bank s management to use 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 provided below have been consistently applied by the Bank to all periods presented in these financial statements. b) Basis of Preparation 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, under the going concern assumption. c) Functional and Reporting Currency The financial statements are stated 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 for judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are 54 CKB Annual Report 2015

55 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 Issued that Came into Effect in the Current Period In the current year, the Bank applied the following amendments and revisions to IFRS issued by the International Accounting Standards Board ( IASB ) mandatorily effective for the accounting periods beginning on or after January 1, 2015: Amendments to IAS 19 Employee Benefits Defined Benefit Plans: Employee Contributions (effective for annual periods beginning on or after July 1, 2014). The adoption of these amendments had no material impact on the disclosures of amounts recognized in the Bank's financial statements; Amendments resulting from Annual Improvements to IFRSs Cycle (IFRS 2, IFRS 3, IFRS 8, IFRS 13, IAS 16, IAS 24 and IAS 38) with a view to removing inconsistencies and clarifying wording (effective for annual periods beginning on or after July 1, 2014). The adoption of these amendments had no material impact on the disclosures of amounts recognized in the Bank's financial statements; Amendments resulting from Annual Improvements to IFRSs Cycle (IFRS 1, IFRS 3, IFRS 13 and IAS 40) with a view to removing inconsistencies and clarifying wording (effective for annual periods beginning on or after July 1, 2014). The adoption of these amendments had no material impact on the disclosures of amounts recognized in the Bank's financial statements; f) Standards and Interpretations in Issue not yet in Effective At the date of issuance of these financial statements the following standards, revisions and interpretations were in issue but not yet effective for the financial year ended December 31, 2015: IFRS 9 Financial Instruments and subsequent amendments, supplanting the requirements of IAS 39 Financial Instruments: Recognition and Measurement with regard to classification and measurement of financial assets. IFRS 9 shall be effective for annual periods beginning on or after January 1, 2018, with early adoption permitted. IFRS 15 Revenue from Contracts with Customers defining the framework for revenue recognition. IFRS 15 supplants IAS 18 Revenue, IAS 11 Construction Contracts, IFRIC 13 Customer Loyalty Programs, IFRIC 15 Agreements for the Construction of Real Estate and IFRIC 18 Transfers of Assets from Customers, IFRS 15 shall be effective for annual periods beginning on or after January 1, 2018, with early adoption permitted. Amendments to IFRS 11 Joint Arrangements Accounting for Acquisition of an Interest in a Joint Operation (effective for annual periods beginning on or after January 1, 2016). Amendments to IAS 1 Presentation of Financial Statements - Disclosure Initiative (effective for annual periods beginning on or after January 1, 2016). Amendments to IAS 16 Property, Plant and Equipment and IAS 38 Intangible Assets Clarification of Acceptable Methods of Depreciation and Amortization (effective for annual periods beginning on or after January 1, 2016). Amendments to IAS 16 Property, Plant and Equipment and IAS 41 Agriculture Agriculture: Bearer Plants (effective for annual periods beginning on or after January 1, 2016). Amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (effective for annual periods beginning on or after January 1, 2016). Amendments to IFRS 10 Consolidated Financial Statements, IFRS 12 Disclosure of Interests in Other Entities and IAS 28 Investments in Associates and Joint Ventures - Investment Entities: Applying the Consolidation Exception (effective for annual periods beginning on or after January 1, 2016). Amendments resulting from Annual Improvements to IFRSs Cycle (IFRS 5, IFRS 7 and IAS 19) with a view to removing inconsistencies and clarifying wording (effective for annual periods beginning on or after January 1, 2016). IFRS 14 Regulatory Deferral Accounts (effective for annual periods beginning on or after January 1, 2016). Amendments to IAS 27 Separate Financial Statements - Equity Method in Separate Financial Statements (effective for annual periods beginning on or after January 1, 2016). IFRS 9 Financial Instruments IFRS 9 issued in November 2009 introduced new requirements for the classification and measurement of financial assets. IFRS 9 was subsequently amended in October 2010 to include requirements for the classification and measurement of financial liabilities and for derecognition, and in November 2013 to include the new requirements for general hedge accounting. Another revised version of IFRS 9 was issued in July 2014 mainly to include a) impairment requirements for financial assets and b) limited amendments to the classification and measurement requirements by introducing a fair value through other comprehensive income (FVTOCI) measurement category for certain simple debt instruments. 55

56 The Bank believes that IFRS 9 will have an impact on the financial statements of the Bank, however, the Bank is currently unable to estimate the effects of IFRS 9 introduction. The Key requirements of IFRS 9 are: All recognized financial assets that are within the scope of IAS 39 Financial Instruments: Recognition and Measurement are required to be subsequently measured at amortized cost or fair value. Specifically, debt investments that are held within a business model whose objective is to collect the contractual cash flows, and that have contractual cash flows that are solely payments of principal and interest on the principal outstanding are generally measured at amortized cost at the end of subsequent accounting periods. Debt instruments that are held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and that have contractual terms that give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding, are generally measured at fair value through other comprehensive income. All other debt investments and equity investments are measured at their fair value at the end of subsequent accounting periods. In addition, under IFRS 9, entities may make an irrevocable election upon initial recognition to measure an equity investment (that is not held for trading) at fair value through other comprehensive income, with only dividend income generally recognized in profit or loss. With regard to the measurement of financial liabilities designated as at fair value through profit or loss, IFRS 9 requires that the amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of that liability is presented in other comprehensive income, unless the recognition of the effects of changes in the liability's credit risk in other comprehensive income would create or enlarge an accounting mismatch in profit or loss. Changes in fair value attributable to a financial liability's credit risk are not subsequently reclassified to profit or loss. Under IAS 39, the entire amount of the change in the fair value of the financial liability designated as fair value through profit or loss is presented in profit or loss. In relation to the impairment of financial assets, IFRS 9 requires an expected credit loss model, as opposed to an incurred credit loss model under IAS 39. The expected credit loss model requires an entity to account for expected credit losses and changes in those expected credit losses at each reporting date to reflect changes in credit risk since initial recognition. In other words, it is no longer necessary for a credit event to have occurred before credit losses are recognized. The new general hedge accounting requirements retain the three types of hedge accounting mechanisms currently available in IAS 39. Under IFRS 9, greater flexibility has been introduced to the types of transactions eligible for hedge accounting, specifically broadening the types of instruments that qualify for hedging instruments and the types of risk components of non-financial items that are eligible for hedge accounting. In addition, the effectiveness test has been overhauled and replaced with the principle of an economic relationship. Retrospective assessment of hedge effectiveness is also no longer required. IFRS 15 Revenue from Contracts with Customers In May 2014, IFRS 15 was issued which establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. IFRS 15 will supersede the current revenue recognition guidance including IAS 18 Revenue, IAS 11 Construction Contracts and the related Interpretations when it becomes effective. The core principle of IFRS 15 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Specifically, the Standard introduces a 5-step approach to revenue recognition: Step 1: Identify the contract(s) with a customer, Step 2: Identify the performance obligations in the contract, Step 3: Determine the transaction price, Step 4: Allocate the transaction price to the performance obligations in the contract, and Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. Under IFRS 15, an entity recognizes revenue when (or as) a performance obligation is satisfied, i.e. when control of the goods or services underlying the particular performance obligation is transferred to the customer. Far more prescriptive guidance has been added in IFRS 15 to deal with specific scenarios. Furthermore, extensive disclosures are required by IFRS 15. Amendments to IFRS 11 Accounting for Acquisitions of Interests in Joint Operations The amendments to IFRS 11 provide guidance on how to account for the acquisition of a joint operation that constitutes a business as defined in IFRS 3 Business Combinations. Specifically, the amendments state that the relevant principles on accounting for business combinations in IFRS 3 and other standards (e.g. IAS 12 Income Taxes regarding the recognition of deferred taxes at the time of acquisition and IAS 36 Impairment of Assets regarding impairment testing of a cashgenerating unit to which goodwill on acquisition of a joint operation has been allocated) should be applied. The same requirements should be applied to the formation of a joint operation if and only if an existing business is contributed to the joint operation by one of the parties that participate in the joint operation. A joint operator is also required to disclose the relevant information required by IFRS 3 and other standards for business combinations. The amendments should be applied prospectively to acquisitions of interests in joint operations (in which the activities of the joint operations constitute businesses as defined in IFRS 3) occurring from the beginning of annual periods beginning on or after January1, Management of the Bank anticipates that the application of these amendments to IFRS 11 may have an impact on the Bank s financial statements in future periods should such transactions arise. 56 CKB Annual Report 2015

57 Amendments to IAS 1 Disclosure Initiative The amendments to IAS 1 give some guidance on how to apply the concept of materiality in practice. The amendments to IAS 1 are effective for annual periods beginning on or after January 1, Management of the Bank does not anticipate that the application of these amendments to IAS 1 will have a material impact on the Bank s financial statements. Amendments to IAS 16 and IAS 38 Clarification of Acceptable Methods of Depreciation and Amortization The amendments to IAS 16 prohibit entities from using a revenue-based depreciation method for items of property, plant and equipment. The amendments to IAS 38 introduce a rebuttable presumption that revenue is not an appropriate basis for amortization of an intangible asset. This presumption can only be rebutted in the following two limited circumstances: when the intangible asset is expressed as a measure of revenue; or when it can be demonstrated that revenue and consumption of the economic benefits of the intangible asset are highly correlated. The amendments apply prospectively for annual periods beginning on or after January 1, Currently, the Bank uses the straight-line method for depreciation and amortization for its property, plant and equipment, and intangible assets respectively. Management of the Bank believes that the straight-line method is the most appropriate method to reflect the consumption of economic benefits inherent in the respective assets and, accordingly, does not anticipate the application of these amendments to IAS 16 and IAS 38 will have a material impact on the Bank s financial statements. Amendments to IAS 16 and IAS 41 Agriculture: Bearer Plants The amendments to IAS 16 and IAS 41 define a bearer plant and require biological assets that meet the definition of a bearer plant to be accounted for as property, plant and equipment in accordance with IAS 16, instead of IAS 41. The produce growing on bearer plants continues to be accounted for in accordance with IAS 41. The application of these amendments to IAS 16 and IAS 41 will not have a material impact on the Bank's financial statements, as the Bank is not engaged in agricultural activities. Amendments to IFRS 10, IFRS 12 and IAS 28 Investment Entities: Applying the Consolidation Exception The amendments to IFRS 10, IFRS 12 and IAS 28 clarify that the exemption from preparing consolidated financial statements is available to a parent entity that is a subsidiary of an investment entity, even if the investment entity measures all its subsidiaries at fair value in accordance with IFRS 10. The amendments also clarify that the requirement for an investment entity to consolidate a subsidiary providing services related to the former s investment activities applies only to subsidiaries that are not investment entities themselves. Management of the Bank does not anticipate that the application of these amendments to IFRS 10, IFRS 12 and IAS 28 will have a material impact on the Bank s financial statements, as the Bank is not an investment entity and does not have any holding company, subsidiary, associate or joint venture that qualifies as an investment entity. Annual Improvements to IFRSs Cycle The Annual Improvements to IFRSs Cycle include a number of amendments to various IFRSs. The amendments to IFRS 5 introduce specific guidance in IFRS 5 for when an entity reclassifies an asset (or disposal group) from held for sale to held for distribution to owners (or vice versa). The amendments clarify that such a change should be considered as a continuation of the original plan of disposal and hence requirements set out in IFRS 5 regarding the change of sale plan do not apply. The amendments also clarify the guidance for when held-for-distribution accounting is discontinued. The amendments to IFRS 7 provide additional guidance to clarify whether a servicing contract is continuing involvement in a transferred asset for the purpose of the disclosures required in relation to transferred assets. The amendments to IAS 19 clarify that the rate used to discount post-employment benefit obligations should be determined by reference to market yields at the end of the reporting period on high quality corporate bonds. The assessment of the depth of a market for high qualify corporate bonds should be at the currency level (i.e. the same currency as the benefits are to be paid). For currencies for which there is no deep market in such high quality corporate bonds, the market yields at the end of the reporting period on government bonds denominated in that currency should be used instead. Management of the Bank does not anticipate that the application of these amendments will have a material effect on the Bank s financial statements. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 3.1. Income and Expense Recognition Interest income and expense are recognized in the statement of comprehensive income for all instruments measured at amortized cost using the effective interest rate method. The effective interest rate 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 over the expected life of the financial instrument or, when appropriate, a shorter period to the net carrying value 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 57

58 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. Fees charged for undrawn loan facilities 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 statement of financial position date. Net 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 statement of comprehensive income. 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 statement of financial position date Leasing Leases undertaken by the Bank are classified as operating leases. The payments made under operating leases are charged to operating expenses in the statement of comprehensive income on a straight-line basis over the period of the lease Taxes and Contributions Income Taxes Current Income Taxes Income taxes are calculated and paid in conformity with the income tax regulations defined under the Montenegro Corporate Income Tax Law, Article 28 (Official Gazette of Montenegro, no. 65/01, 80/04, 40/08, 86/09, 14/12 and 61/13) as per the effective proportional tax rate of 9 percent on taxable income. A taxpaying entity s taxable income is determined based upon the income stated in its statutory statement of comprehensive income following certain adjustments to its income and expenses performed in accordance with the Montenegro Corporate Income Tax Law (Articles 8 and 9, regarding the adjustment of income and Articles 10 to 20 pertaining to the adjustment of expenses). Capital gains are included in the taxable base in the year wherein realized in the amount of 50% of income realized. Capital losses may be offset against capital gains realized in the same period. If after such offsetting capital loss is incurred, the taxpayer may carry forward the capital loss to the future periods against capital gains within the ensuing five years. 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 statement of financial position liability method, for the temporary differences arising between the tax bases of assets and liabilities, and their carrying values in the financial statements. The currently enacted tax rates at the statement of financial position 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 bank s operating result, include property taxes and other various taxes and contributions paid pursuant to state and municipal regulations Cash and Cash Equivalents For the purposes of the statement of cash flows, cash and cash equivalents comprise balances with less than a three month maturity from the date of acquisition including: cash on hand, non-restricted 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; heldto-maturity investments; available-for-sale financial assets and financial assets at fair value through profit or loss. Management determines the classification of its investments at initial recognition. (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) Held-to-maturity investments 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-tomaturity assets, the entire category would be tainted and reclassified as available-for-sale. 58 CKB Annual Report 2015

59 (c) Available-for-sale investments 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 Carried at Fair Value through Profit or Loss This category comprises two sub-categories: financial assets classified as held for trading, and financial assets designated by the Bank as at fair value through profit or loss upon initial recognition. A financial asset is classified as held for trading if it is acquired principally for the purpose of selling in the near term or if it is part of a portfolio of identified financial instruments that are managed together and for which there is evidence of a recent actual pattern of short-term profit-taking. The Bank designates certain financial assets upon initial recognition as at fair value through profit or loss (fair value option). Financial assets designated upon initial recognition as at fair value through profit or loss consists of shares of corporate entities. Financial assets, for which the fair value option is applied, are recognized in the statement of financial position as Financial assets designated at fair value through profit or loss. Fair value changes relating to financial assets designated at fair value through profit or loss are recognized in Net gains/ (losses) on financial instruments designated at fair value through profit or loss. (e) Initial recognition and subsequent measurement of financial assets Purchases and sales of held-to-maturity and available-for-sale financial assets 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 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, receivables, and heldto-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 rate method is recognized in the statement of comprehensive income. Dividends on available-for-sale equity instruments are recognized in the statement of comprehensive income 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. (f ) Impairment of financial assets (i) Assets carried at amortized cost The Bank assesses at each statement of financial position date whether there is objective evidence that a financial asset or group of financial assets has been 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: Payment delinquency; Restructuring of the contract; Termination of the risk assumption contract; Bankruptcy proceedings, liquidation proceedings debt settlement procedures with local governments; Litigations; Cross default. 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 statement of comprehensive income. 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. 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. The calculation of the present value of the estimated future cash flows is based on an effective interest rate. 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 59

60 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. Loan loss provision is calculated at a level of group of financial assets. The loan loss percentage is determined by the assessment of probability of default, based on historical loss experience for the group of financial assets. Estimates of changes in future cash flows for group of assets should reflect and be directly 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 provisions for impairment losses and is recognized in the statement of comprehensive income. 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 statement of financial position date whether there is objective evidence that a financial asset or a group of financial assets has been 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 statement of comprehensive income. If, in a subsequent period, the fair value of a debt instrument, classified as available-for-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 statement of comprehensive income. (g) 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 statement of comprehensive income over the maturity period of the borrowings using the effective interest method Intangible Assets Costs associated with maintaining computer software programs are recognized as an expense when 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. If the agreed period of using is less than eight years, depreciation is calculated in accordance with the period of use agreed in the contract. If the agreed period of use is longer than eight years, depreciation is calculated using the straight-line method, at a rate of 12.50%, in order to distribute the cost of licenses over their estimated useful lives use. Costs include external software company development costs. Amortization of intangible assets is charged on a straight-line basis over their estimated useful lives, which are as follows: Intangible Assets Useful Life (in Years) License 8 Software 8 There were no changes in estimated useful lives of intangible assets compared to prior year Property, Plant and Equipment All property, plant and equipment are stated at cost less depreciation and impairment losses, if any. 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, remained the same as in previous years, and are as follows: Major Categories of Property, Plant and Equipment Useful Life (in Years) Buildings 50 Computers and computer equipment 8 Furniture and office equipment 4-10 Motor vehicles 8 ATM machines 8 Other equipment 8 Assets under construction are carried at cost. Depreciation of these assets, on the same basis as for other property, commences when the assets are ready for their intended use. There were no changes in estimated useful lives of property, plant and equipment compared to prior year Impairment of Tangible and Intangible Assets At each statement of financial position date, the Bank s management reviews the carrying amounts of the Bank s tangible 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 60 CKB Annual Report 2015

61 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 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. Provisions are measured at the present value of the estimated expenditure required to settle the present obligations. Provisions are reexamined at each statement of financial position date and adjusted so as to reflect the best present estimate. If it is no longer probable that an outflow of resources embodying economic benefits will be required to settle the obligation, the provision is reversed and credited to the income statement. The Bank does not recognize provisions against contingent liabilities until it has determined the existence of a present obligation which can result in an outflow of resources embodying economic benefits required to settle the obligation, or if a reliable estimate cannot be made of the amount of the obligation, in which case it is so disclosed Employee Benefits Employee Taxes and Contributions for Social Security In accordance with the regulations prevailing in Montenegro, the Bank has an obligation to pay contributions to various State Social Security Funds. These obligations involve the payment of contributions on behalf of the employee, by the employer in an amount calculated by applying the specific, legally prescribed rates. The Bank is also legally obligated to withhold contributions from gross salaries to employees, and on behalf of the employees, to transfer the withheld portions directly to government funds. These contributions payable on behalf of the employee and employer are charged to expenses in the period in which they arise. Retirement Benefits and Other Long Term Employee Benefits In accordance with the Collective Bargaining Agreement, the Bank has an obligation to disburse an employment retirement benefit to a retiree, in an amount equal to six average net salaries effective in the Bank in the month prior to the employee s retirement. The Bank's financial statement as of December 31, 2015, include provisions calculated based on the estimated present value of retirement benefits to employees upon vesting in respective right by independent authorized actuary. 61

62 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 and Operating risk. The risk management procedures are designed with a view to identify and analyze risks, to define the adequate limits and controls required for 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 Board of Directors 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 its debts in full when due. Impairment losses identified as of the statement of financial position date are provided for. 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 statement of financial position date. Management therefore carefully manages its exposure to credit risk 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 Credit Risk Management Committee. In accordance with the limits prescribed by the Central Bank of Montenegro, the sector concentration is constantly monitored. The exposure to any borrower including banks and brokers is further restricted by sub-limits covering statement of financial position 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 62 CKB Annual Report 2015

63 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 bills of exchange on the Bank up to a stipulated amount under specific terms and conditions are collateralized by the underlying goods deliveries to which they relate and therefore carry less risk than a direct borrowing Provisions for Impairment Losses in Accordance with Requirements of IAS 39 As of the statement of financial position 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: Payment delinquency; Restructuring of the contract; Termination of the risk assumption contract; Bankruptcy proceedings, liquidation proceedings debt settlement procedures with local governments; Litigations; Cross default. In accordance with the adopted procedures, the Bank assesses whether there is 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 Balance sheet items Loans and advances to banks 97, ,653 Loans and advances to customers 290, ,986 Available-for-sale securities Financial assets carried at fair value through profit or loss 2,609 1,988 Securities held-to-maturities 66,410 14,280 Forfeting 1,919 3, , ,928 Off-balance sheet items Payment guarantees 7,141 13,574 Performance bonds 11,559 9,866 Uncovered letters of credit Undrawn credit facilities 25,230 25,456 44,873 49,584 Total credit risk exposure 504, ,512 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. 63

64 Types of collateral are as follows: Deposits; Pledges placed against industrial machines, securities, inventories and vehicles; Mortgages against property and fiduciary ownership transfer; Bills of exchange; Authorizations; Administrative injunctions; Guarantors and Insurance policies Loans and Advances Loans and advance are presented in the following tables: December 31, 2015 Neither past due nor impaired Past Due but not Individually Impaired Individually impaired Total, Gross Individual Allowance for Impairment Collective Allowance for Impairment Total Allowance for Impairment Total, net exposure Housing loans 58, ,107 63,951 3, ,889 60,062 Current account overdrafts 3, , ,107 Consumer loans 70, ,065-1,150 1,150 69,915 Credit cards 3, ,944 5,893 1, ,036 3,857 Special purpose loans Other loans to individuals covered by mortgage 13, , ,422 Other loans 5, ,502 12,251 4, ,477 7,774 Loans to micro and small Entities 21, ,600 29,859 4,348 1,289 5,637 24,222 Loans to medium and large entities Loans to Government and municipalities 68, , ,539 47,636 1,370 49,006 94,533 5, ,357 13, , ,410 2, , ,247 62,384 5,251 67, ,612 Loans and advances to banks 97, , , ,322 2, , ,159 62,384 5,251 67, ,524 December 31, 2014 Neither past due nor impaired Past Due but not Individually Impaired Individually impaired Total, Gross Individual Allowance for Impairment Collective Allowance for Impairment Total Allowance for Impairment Total, net exposure Housing loans 67,003 3,138 8,313 78,454 4,553 3,801 8,354 70,100 Current account overdrafts 3,356 2, , ,967 2,048 3,663 Consumer loans 68,216 4,955 6,105 79,276 3,598 6,731 10,329 68,947 Credit cards 5,044 1,896 3,909 10,849 3,463 2,323 5,785 5,064 Special purpose loans ,032 3,167 1, , Other loans to individuals covered by mortgage 11, ,512 14, ,569 12,431 Other loans Loans to micro and small Entities 23,062 1,679 9,665 34,406 4,642 1,919 6,561 27,844 Loans to medium and large entities Loans to Government and municipalities 75, , ,048 45,895 2,387 48, ,766 2, ,234 27, ,017 Loans to financial institutions ,939 15, , ,224 64,639 20,599 85, ,986 Loans and advances to banks 127, , , ,592 15, , ,877 64,639 20,600 85, ,639 Loans and advances past neither due nor impaired in FY 2015 and 2014 are all ranked under the satisfactory risk category. 64 CKB Annual Report 2015

65 a) Past Due but not Individually Impaired December 31, 2015 Past due up to 30 days Past due days Past due days Past due days Past due days 1 to 5 years Over 5 years Total Housing loans Current accounts overdrafts Consumer loans Credit cards Special purpose loans Other loans to individuals covered by mortgage Other loans Loans to micro and small Entities Loans to medium and large entities Loans to Government and municipalities , ,760 December 31, 2014 Past due up to 30 days Past due days Past due days Past due days Past due days 1 to 5 years Over 5 years Total Housing loans , ,138 Current accounts overdrafts ,356 2,265 Consumer loans ,404 2,268 4,955 Credit cards ,896 Special purpose loans Other loans to individuals covered by mortgage Other loans Loans to micro and small Entities ,679 Loans to medium and large entities Loans to Government and municipalities ,552 6,159 15,764 b) Fair Value of Collateral (up to the amount of collateralized exposure) December 31, 2015 December 31, 2014 Deposits 7,482 6,614 Securities Pledge 1,872 3,991 Mortgages 210, ,848 Total 220, ,835 Not individually impaired up to the value of receivables December 31, 2015 December 31, 2014 Deposits 5,988 5,040 Securities Pledge 702 2,936 Mortgages 140, ,124 Total 146, ,113 65

66 Individually Impaired up to the value of receivables December 31, 2015 December 31, 2014 Deposits 1,494 1,574 Securities Pledge 1,170 1,055 Mortgages 70,487 80,724 Total 73,152 83,722 As collateral, the Bank accepts mortgages against immovable, the fair value of which, pursuant to the certified appraiser s valuations, exceeds the minimum of 30 percent of LTV ratio. 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 a daily basis. The market value of the pledge must exceed 50 percent of the placement s worth. c) Restructured Loans and Advances The Bank restructured a loan to the borrower due to a decline in 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 or d. Took over the debt, e. Performed capitalization of interest; f. Replaced the existing loan with a new loan; g. Made other concessions which place the borrower in a better financial position 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 2015, the Bank restructured loans in the amount of EUR 57,015 thousand (2014: EUR 73,804 thousand). d) Geographic Concentration Geographic concentration of the Bank s exposure to the credit risk, exclusive of the allowance for impairment is as follows: Montenegro European Union USA and Canada Other Total Loans and advances to banks - 90,691 7, ,912 Loans and advances to customers 349,677 6, , ,247 Available-for-sale securities Financial assets carried at fair value through profit or loss 205-2,404-2,609 Securities held to maturity 66, ,410 Forfeting 4, ,558 December 31, ,028 97,217 9,718 1, ,947 December 31, , ,856 16,430 2, ,945 The Bank measures the exposure to country risk for all countries in which the head office or residence of the Bank s debtors is. The Bank's exposure to country risk is measured based on individual placement, defined in the document which implies the control of the debtor s country rating, taking into account the political, 66 CKB Annual Report 2015

67 economic and social conditions in the country of the debtor. The Bank ranks all debtors counties in the following risk categories: 1) risk-free countries; 2) low-risk countries; 3) medium-risk countries; 4) high-risk countries. Ranking of debtors countries serves the Bank for determining the required capital for country risk and for limiting the bank's exposure to certain debtors countries, groups of countries or regions. e) Industry Concentration Industry concentration of the Bank s exposure to the credit risk, exclusive of the allowance for impairment is as follows: Transportation, Services, Traffic and Civil Electrical Agriculture Tourism, Telecommunicatiogement Hotel Mana- Engine- power Admini- hunting Manu- Retail Finance Trading ring industry Mining stration Real estate and fishing facturing Other customers Total Loans and advances to banks 97, ,912 Loans and advances to customers 3,526 6,313 18,620 90,185 11,135 1,726 1,474 12,079 1,695 4,934 26,163 10, , ,247 Available for sale Securities Financial assets at fair value through profit or loss 2, ,609 Securities held to Maturity 15, , ,410 Forfeiting ,515 1, ,558 December 31, ,905 6,405 18,718 92,700 12,745 1,914 1,593 62,637 1,695 4,988 26,233 10, , ,947 December 31, ,439 11,482 21,245 98,083 13,772 1,735 1,611 25,443 2,867 7,229 28,944 11, , , 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 December 31, 2015 Guarantees Total Total up to one year 25,219 4, ,987 From 1 to 5 years 11 14, ,886 25,230 18, ,873 Undrawn Loan Facilities Uncovered Letters of Credit December 31, 2014 Guarantees Total Total up to one year 25,268 10, ,652 From 1 to 5 years , ,928 25,456 23, , Market Risk 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. The exposure to foreign currency risk as of December 31, 2015 is presented in the following table. 67

68 USD Other Currencies Total Foreign Currencies Local Currency (EUR) Total ASSETS Cash and balances with the Central Bank , ,321 Loans and advances to banks 22,850 2,256 25,106 72,806 97,912 Loans and advances to customers , ,612 Available for sale securities Financial asset at fair value through profit or loss 2,404-2, ,609 Securities held to maturity ,410 66,410 Forfeting ,919 1,919 Total assets 25,776 2,716 28, , ,994 LIABILITIES Deposits from banks ,648 1,648 Due to customers 25,769 2,645 28, , ,034 Other borrowed funds ,250 3,250 Other liabilities ,169 1,194 Total liabilities 25,794 2,645 28, , ,126 Net Open Position: - December 31, 2015 (18) ,815 84,868 - December 31, ,189 79, Operational risk Operational risk is the risk of possible occurrence of negative effects on the financial result and equity of the Bank due to the failure (unintentional and intentional) by employees, inadequate internal procedures and processes, inadequate management of information and other systems in the Bank, as well as due to the occurrence of unforeseen external events, including low probability events. Exposure to operational risk is regularly monitored through harmonization with the limits prescribed by the Central Bank of Montenegro 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. The following table presents the Bank s interest bearing and non-interest bearing assets and liabilities as of December 31, 2015: Interest Bearing Non-Interest Bearing Total ASSETS Cash and balances with the Central Bank 6, , ,321 Loans and advances to banks 97,912-97,912 Loans and advances to customers 290, ,612 Available for sale securities Financial asset at fair value through profit or loss - 2,609 2,609 Securities held to maturity 66,410-66,410 Forfeiting 1,919-1,919 Total assets 463, , ,994 LIABILITIES Deposits from banks 1,648-1,648 Due to customers 392,475 91, ,034 Other borrowed funds 3,250-3,250 Other liabilities - 1,194 1,194 Total liabilities 397,373 92, ,126 Interest Sensitive Gap: - December 31, ,274 18,594 84,868 - December 31, ,248 1,026 79, CKB Annual Report 2015

69 4.4. Liquidity Risk Liquidity risk includes both the risk of being unable to provide cash to settle 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 between the maturities and interest rates of assets and of 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. 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 maturities based on the remaining period at statement of financial position date to the contractual maturity date. Up to One Month From One to 3 Months From 3 to 12 Months From 1 to 5 Years Over 5 Years Total ASSETS Cash and balances with the Central Bank 115, ,321 Loans and advances to banks 96, ,013 97,912 Loans and advances to customers 36,543 16,722 53, ,028 62, ,612 Available for sale securities Financial asset at fair value through profit or loss ,609 2,609 Securities held to maturities 13,940 6,000-46,470-66,410 Forfeting ,919 Total assets 263,436 22,722 54, ,730 65, ,994 LIABILITIES AND EQUITY Deposits from banks 1, ,648 Due to customers 65,752 98, ,276 21, ,034 Other borrowed funds ,566 1,331 3,250 Other liabilities 1, ,194 Total liabilities and equity 68,594 98, ,629 22,790 1, ,126 Net Liquidity Gap: - December 31, ,842 (75,921) (244,468) 145,940 64,475 84,868 - December 31, ,848 (29,918) (57,368) 106,332 58,380 79,274 69

70 The structure of the Bank s financial assets and liabilities as classified into their relevant maturities as of December 31, 2015 indicates the existence of a liquidity gap in the period from one to 3 month and also in the period from 3 month up to one 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. The Bank did not have problem with liquidity in Liquidity ratio as of December 31, 2015 has been 1.78% Remaining Contractual Maturity Analysis for Financial Liabilities (Undiscounted Cash Flows) December 31, 2015 Demand Up to 1 Month From 1 to 3 Months From 3 to 12 Months From 1 to 5 Years Over 5 Years Total LIABILITIES Deposits from banks ,651 Due to customers 17,338 49,138 99, ,557 21, ,358 Other borrowed funds ,612 1,380 3,370 Other liabilities - 1, ,194 18,281 51,051 99, ,924 23,068 1, ,573 December 31, 2014 Demand Up to 1 Month From 1 to 3 Months From 3 to 12 Months From 1 to 5 Years Over 5 Years Total LIABILITIES Deposits from banks 626 1, ,041 Due to customers 89, ,384 63, ,426 35, ,715 Other borrowed funds ,099 9,687 11,318 Other liabilities - 3, ,699 7,180 90, ,336 63, ,902 37,021 13, , Fair Value of Financial Instruments Fair Value of Financial Instruments Measured at Fair value Fair value hierarchy for financial instruments measured at fair value IFRS 13 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources; unobservable inputs reflect the Bank s market assumptions. These two types of inputs have created the following fair value hierarchy: Level 1 Quoted prices (unadjusted) on active markets for identical assets or liabilities. This level includes listed equity securities. Level 2 Inputs other than quoted prices included within Level 1 that are observable for an asset or a liability, either directly (that is, as prices) or indirectly (that is, as derived from prices). The Bank does not have financial instruments measured at fair value included within Level 2. Level 3 inputs for a asset or a liability that are not based on observable market data (unobservable inputs). This level includes equity investments with Bank s market assumption (no observable market data available). The Bank does not have financial instruments measured at fair value included within Level 3. This hierarchy requires the use of observable market data when available. The Bank considers relevant and observable market prices in its valuations where possible. As at December 31, 2015, for securities measured at fair value in Bank s portfolio, market prices were available. 70 CKB Annual Report 2015

71 December 31, 2015 Level 1 Level 2 Level 3 Total Available for sale securities Financial assets designated at fair value: Investment securities equity instruments 2, ,609 Total assets 2, ,820 December 31, 2014 Level 1 Level 2 Level 3 Total Available for sale securities Financial assets designated at fair value: Investment securities equity instruments 1, ,988 Total assets 2, ,237 Valuation techniques and inputs to valuation techniques for financial instruments measured at fair value The fair value for available-for-sale securities and securities designated at fair value through profit or loss 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. As at December 31, 2015, for securities measured at fair value in Bank s portfolio, market prices were available Fair Value of Financial Instruments Not Measured at Fair value Fair value hierarchy for financial instruments not measured at fair value Estimated fair value of financial instruments, based on fair value hierarchy is given as folows: December 31, 2015 Level 1 Level 2 Level 3 Total Carrying Amount Cash and balances with the Central Bank - 115, , ,321 Loans and advances to banks ,912 97,912 97,912 Loans and advances to customers , , ,612 Securities held-to-maturity - 66,410-66,410 66,410 Forfeiting - - 1,919 1,919 1,919 Total assets - 181, , , ,174 Deposits from banks - - 1,648 1,648 1,648 Due to customers , , ,034 Other borrowed funds - - 3,250 3,250 3,250 Other liabilities - - 1,194 1,194 1,194 Total liabilities , , ,126 December 31, 2014 Level 1 Level 2 Level 3 Total Carrying Amount Cash and balances with the Central Bank - 88,329-88,329 88,329 Loans and advances to banks , , ,653 Loans and advances to customers , , ,986 Securities held-to-maturity - 14,280-14,280 14,280 Forfeiting - - 3,772 3,772 3,772 Total assets - 102, , , ,020 Deposits from banks - - 2,038 2,038 2,038 Due to customers , , ,582 Other borrowed funds ,917 10,917 10,917 Other liabilities - - 3,446 3,446 3,446 Total liabilities , , ,983 Valuation techniques and inputs to valuation techniques for financial instruments not measured at fair value 71

72 For financial assets and liabilities not measured at fair value, fair values are calculated only for disclosure purposes, and do not impact the statement of financial positions or income statement. In addition, since the instruments generally do not trade, there are significant management judgments required to determine their fair values. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal (or most advantageous) market at the measurement date under current market conditions regardless of whether that price is directly observable or estimated using another valuation technique. However, no readily available market prices exist for a certain portion of the Bank s financial instruments, and those were accordingly classified into Level 2 and Level 3 based on fair value hierarchy. In this 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. The carrying amount represents a reasonable estimate of fair value for the following financial instruments which are predominately short-term: Cash and balances with the Central Bank; Securities held-to-maturity (relate to treasury bonds maturing up to 3 months); Other liabilities. In estimating the fair value of the Bank s financial instruments not measured at fair value and classified into Level 2 and Level 3, the following assumptions were used: a) Loans and advances to banks Loans and advances to banks include inter-bank placements and line items in the course of collection, linked with floating interest rates. Future anticipated cash flows are discounted to their present value using current interest rates. Due to the fact that floating interest rates are agreed, changes in those interest rates lead to changes in agreed interest rates, so the fair value of floating rate placements and overnight deposits approximates their carrying amount at the statement of financial position date. b) Loans and advances to customers and Forfeiting Fair value is determined using discounting cash flow models that include inputs for credit risk, interest rate risk, probability of default estimates, loss given default estimates, as appropriate. Given the fact that significant portion of the loan portfolio is extended at fixed interest rates, in order to determine the fair value of loans and advances to customers with fixed interest rate, the Bank has performed comparison of the Bank s interest rate on loans and advances to customers with available information on the current market interest rates in the banking sector of Montenegro (i.e. average weighted market rates by activities), as it is summarized in the following table: 72 CKB Annual Report 2015

73 - in percentages- Annual Average Weighted Interest Rate Industry Sector Bank Banking Sector in Montenegro Financial institutions 7.84% 8.61% Corporate 7.42% 8.04% Other nonfinancial institutions 7.97% 9.34% General Government 7.12% 7.21% Households 9.83% 9.93% Other 9.80% 8.96% According to the Bank s management, the fair value of loans and advances to customers calculated as the 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 statement of financial position 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 financial reporting. d) Deposits and borrowings The estimated fair value of demand deposits and deposits with remaining contractual maturities less than one year approximates their carrying amount. The estimated fair value of fixed interest bearing deposits with remaining contractual maturities over one year, without a 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 approximate the fair value of these financial instruments. The carrying value of borrowings with floating interest rates approximates their fair value at the statement of financial position date Capital Management The Bank s capital management objectives are: 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 to shareholders and ensure 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 (Official Gazette of Montenegro number 60/08, 41/09, 38/11 and 55/12). 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, profit for the year decreased for current year losses); and Tier 2 capital (reserves from profit after taxation: Bank s risk-weighted assets, legal reserves, subordinated loans). Both decreased for intangible assets. 73

74 Risk-weighted assets are comprised of items of assets and loan equivalents of off-balance sheet items 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. 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. In accordance with the requirements of the Central Bank of Montenegro, the Bank is under obligation to maintain a minimum capital adequacy ratio of 10%. 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 Montenegro and with the Central Bank of Montenegro Regulations. The Bank's solvency ratio amounted to 16.30% as of December 31, 2015, calculated on statutory financial statements 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. Change in Exchange Rate ASSETS TOTAL Amount in foreign currencies 10% -10% Cash and balances with the Central Bank 115, (98) Loans and advances to banks 97,912 25,106 2,511 (2,511) Financial asset at fair value through rofit or loss 2,609 2, (240) Total assets 215,842 28,492 2,849 (2,849) LIABILITIES Due to customers 484,034 28,414 2,841 (2,841) Other liabilities 1, (3) Total liabilities 485,228 28,439 2,844 (2,844) Net Open Position: - December 31, (5) - December 31, 2014 (174) 174 As of December 31, 2015, 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 decrease, i.e., increase by EUR 5 thousand (December 31, 2014: decrease, i.e., increase by EUR 174 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. 74 CKB Annual Report 2015

75 b.p. EUR IR +0.3 b.p. FX IR Net effect of movements in interest rates -0.4 b.p. EUR IR -0.3 b.p. FX IR ASSETS Cash and balances with the Central Bank 115, Loans and advances to banks 97, Loans and advances to customers 290, (133) Available for sale securities Financial asset at fair value through profit or loss 2, Securities held to maturity 66, Forfeiting 1, , (133) LIABILITIES Deposits from banks 1, Due to customers 484, Other borrowed funds 3, Other liabilities 2, , Net Interest Sensitive Gap: - December 31, (133) - December 31, (472) Under the assumption that all other parameters remain the same, the increase, or decrease 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 increase, or decrease, respectively by EUR 133 thousand (December 31, 2014: the respective decrease would amount to EUR 472 thousand). 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. 75

76 5. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS IN APPLYING AC- COUNTING 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, quarterly at least. In determining whether an impairment loss should be recorded in the statement of comprehensive income, the Bank makes judgments as to whether there are 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. 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. (e) Provisions Provisions are reexamined at each balance sheet date and adjusted so as to reflect the best present estimate. If it is no longer probable that an outflow of resources embodying economic benefits will be required to settle the obligation, the provision is reversed and credited to the income statement. The Bank does not recognize provisions against contingent liabilities until it has determined the existence of a present obligation which can result in an outflow of resources embodying economic benefits required to settle the obligation, or if a reliable estimate cannot be made of the amount of the obligation, in which case it is so disclosed. (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. (c) Retirement benefits and other long-term employee benefits The present value of liabilities for retirement benefits and other long term employee benefits depends on a number of factors that are determined on an actuarial basis using a number of assumptions. Any changes in these assumptions will impact the carrying amount of employee benefits obligations. Key assumptions for retirement benefits and other long term employee benefits are disclosed in Note 28. (d) 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 76 CKB Annual Report 2015

77 6. INTEREST INCOME AND EXPENSE AND SIMILAR INCOME AND EXPENSE a) Interest and Similar Income Interest and similar income December 31, 2015 December 31, 2014 Loans and advances to customers 28,681 36,285 Placements to banks Forfeiting Held-to-maturity securities Available for sale securities ,572 38,494 b) Interest Expense and Similar Charges Interest and similar expenses December 31, 2015 December 31, 2014 Deposits from customers 3,380 6,951 Deposits from banks Borrowed funds, from banks Borrowed funds, from government Subordinated loans 155 1,002 3,610 8, FEE AND COMMISSION INCOME AND EXPENSE a) Fee and Commission Income December 31, 2015 December 31, 2014 Fee and commission income arising from domestic payment transfers 7,946 7,071 Credit card related fees and commissions 4,638 4,879 Fee income from issued guarantees and other contingent liabilities Other 711 1,070 13,681 13,507 b) Fee and Commission Expense December 31, 2015 December 31, 2014 Fee and commission expense arising from domestic payment transfers Fee and commission expense arising from international payment transfers Commission expenses arising on guarantees and other contingent liabilities Credit card related fees and commissions 2,490 2,249 Other ,636 3, NET FOREIGN EXCHANGE GAINS December 31, 2015 December 31, 2014 Foreign exchange gains, realized Foreign exchange (losses)/gains, unrealized (92) OTHER OPERATING INCOME December 31, 2015 December 31, 2014 Income from custody operations Gains arised from forfeiting 65 1,216 Other ,766 77

78 10. OPERATING EXPENSES Year Ended December Staff costs 12,330 13,687 Administrative expenses 2,479 2,586 Depreciation of property, plant and equipment (Note 21) 1,960 1,928 Amortization of intangible assets (Note 20) 1, Rent 1,280 1,353 Software and hardware expenses 1,397 1,477 Vehicle maintenance costs Professional services Deposit insurance premium 2,330 2,457 Marketing, sponsorship, and entertainment Other LOSSES ON IMPAIRMENT AND PROVISIONS 25,321 27,055 December 31, 2015 December 31, 2014 Loans to customers, net (Note 15) 5,699 7,893 Provisions for forfeiting (Note 19) Provision for other assets, net (Note 22) (Release)/Provision for contingent liabilities, net (Note 27) (566) 146 Provisions for employee benefits, net (Note 28) 11 3 Provision for unused annual leaves 15 - Other provisions ,468 9, INCOME TAXES a) Numerical Reconciliation between Tax Expense and the Product of Accounting Results Multiplied by the Applicable Tax Rate Year Ended December 31, Profit before tax 6,774 6,086 Income tax (9%) Income tax (9%) on capital losses 6 - Expenses not recognized for tax purposes Tax losses from previous periods used for tax deduction (724) (230) Effects of the reconciliations with the taxable base with the statutory financial statements 33 (397) Other (1) 61 Tax included in the statement of comprehensive income (1) 61 Effective tax rate 0% 2% b) Deferred tax liabilities Deferred tax liabilities at December 31, 2015 in the amount of EUR 351 thousand (December 31, 2014: EUR 352 thousand) are associated with the temporary differences arising between the tax bases of property and equipment and the carrying value of such assets. c) Unused tax losses carried forward Year of Occurrence Expiry Year , ,034 37, CKB Annual Report 2015

79 d) Unused capital tax losses carried forward: Year of Occurrence Expiry Year As of December 31, 2015, the Bank did not recognize deferred tax assets arising from tax loss carry forwards due to the uncertainty over the availability of future taxable income against which these deferred tax assets may be utilized. e) Taxes, Contributions and Other Duties Not Related to Operating Results Taxes, contributions and other duties that are not related to the Bank s operating results, include property taxes, employer contributions on salaries, and various other taxes and contributions paid pursuant to state and municipal regulations. 13. CASH AND BALANCES WITH THE CENTRAL BANK December 31, 2015 December 31, 2014 Cash on hand 19,371 19,097 Cash in the course of collection Gyro account 66,139 38,460 Included in cash and cash equivalents (Note 32) 85,941 57,997 Obligatory reserve held with the Central Bank 29,440 30,332 Less: Allowance for impairment (60) - 115,321 88,329 The Bank s obligatory reserve at December 31, 2015 represents the minimum deposits set aside in accordance with the Central Bank of Montenegro Regulation with respect to Decision on Bank Reserve Requirements To Be Held with The Central Bank of Montenegro ( Official Gazette of the Montenegro, no. 35/11, 22/12, 61/12, 57/13, 52/14 i 07/15). In accordance with the said bank reserve requirements calculated on demand deposits and time deposits. Required reserves are calculated by applying the rate of: 9.5 % - on the part of the base consisting of demand deposits and deposits with agreed maturity up to one year, or up to % - on the part of the base comprised of deposits with agreed maturity over one year, or over 365 days On deposits with agreed maturity over 365 days, with an option clause of the termination deposits within less than one year, or within less than 365 days, the rate of 9.5%. A bank may allocate and hold up to 25% of its reserve requirement in T-bills issued by Montenegro. The Bank s obligatory reserves represent the minimum deposits set aside into domestic accounts and/or into Central Bank of Montenegro accounts abroad. The Central Bank calculates interest rate 1% to the banks on bases 25% of obligatory reserve. Exception until December 31, 2015, by which: A bank may allocate and keep up to 25% of its reserve requirements in T-bills issued by Montenegro, regardless of their maturity, and it may subsequently allocate and keep additional 10% of its reserve requirements T-bills issued by Montenegro up to 182 days of maturity, The Central Bank shall pay monthly fee to the bank on 15% of its reserve requirements funds to be calculated at the EONIA (Euro Overnight Index Average) rate minus 10 basis points on annual basis until the eighth calendar day in the current month for the previous month, provided that this rate may not be lower than zero. A bank may use up to 50% of its reserve requirement deposits to maintain its daily liquidity. The bank shall not be charged any fee for the use of its reserve requirement provided that it meets the prescribed level of the reserve requirement at the end of the same day. The Bank shall pay monthly fee for the amount of reserve not returned the same day, at the rate established under a separate Central Bank regulation. Pursuant to Article 44 paragraph 2 item 3, and in connection to Article 18 of the Law on the Central Bank of Montenegro ( Official Gazette of Montenegro, No. 40/10, 46/10 and 06/13), the Council of the Central Bank of Montenegro, at the meeting held on December 21, 2015, adopted a new Decision on mandatory reserve of the banks with the Central Bank of Montenegro that shall be applied as of January 1, Exceptionally, until December 31, 2016: - Banks may set aside and hold 25% of mandatory 79

80 reserve in the form of T-bills issued by Montenegro; - The Central Bank pays the prescribed fee on the amount of funds which represents the difference between 50% of total funds of mandatory reserve set aside and amount of funds set aside in the form of T-bills, maximum 25% of total mandatory reserve funds. The bank that set aside and kept more than 25% of mandatory reserve in the form of T-bills on the effective date of the Decision on December 21, 2015 may continue to keep those T-bills as a part of mandatory reserve until the date of their maturity. The banks that set aside and keep the mandatory reserve as at December 31, 2016 in the form of T-bills may continue to keep those T-bills as a part of mandatory reserve until the date of their maturity, but no later than June 30, On 50% of funds set aside in accordance with the Decision, the Central Bank pays a monthly fee to the banks until the 8th of the month for the previous month, calculated at the rate of EONIA decreased by 10 basis points annually, whereby this rate may not be lower than zero. 14. LOANS AND ADVANCES TO BANKS December 31, 2015 December 31, 2014 Accounts with domestic and foreign banks 46,868 37,903 Placements with foreign banks - up to 3 months 50,031 61,840 - from 3 months to 1 year - 27,000 50,031 88,840 Nostro-covered letters of credit and guarantees 1, , ,653 Cash and cash equivalents (Note 32) 96,868 99,577 As of December 31, 2015, placements with foreign banks of EUR 50,000 thousand relate to short-term deposits with OTP Group members of EUR 35,000 thousand for a period of three months at an interest rate 0.45 percent annually and EUR 15,000 thousand for a period of four days at an interest rate 1.15 percent annually. At December 31, 2015, nostro-covered letters of credit and guarantees with foreign banks stated in the amount of EUR 1,013 thousand primarily relate to cash placed with Barclay bank London in the amount of EUR 784 thousand as security for Barclay credit cards, EUR 229 thousand with Deutsche Bank Frankfurt to securitize American express credit cards. 15. LOANS AND ADVANCES TO CUSTOMERS December 31, 2015 December 31, 2014 Up to one year in EUR 159, ,476 Over one year in EUR 198, , , ,224 Less: Allowance for impairment (67,635) (85,238) 290, ,986 Short-term loans to non-financial sector (enterprises) during 2015 were primarily granted for working assets with maturity from one to twelve months, while long term loans were granted for periods from one to ten years, and mainly refer to enterprises from trade activities. Short-term loans to large and medium enterprises are mainly granted with annual interest rate from 4.2 to 8 percent, while annual interest rate for small and medium enterprises was in range 80 CKB Annual Report 2015

81 from 6.5 to 14 percent. Annual interest rate for longterm loans ranging from 4.2 to 7.8 percent for large and medium enterprises, while for small and medium enterprises ranging from 6.5 to 13 percent. Short-term loans for retail customers during 2015 were granted with annual interest rate ranging from 8.99 to percent. Long term loans to retail customers include loans for purchase of residential units, adaptation of residential units and business premises, financing of consumers goods and other purposes were granted on period from one to twenty-five years with variable interest rate ranging from 6.4 to 8.9 percent +12M EURIBOR annually and fixed interest rate from 6.99 percent. Geographic distribution of granted loans in Bank s loans portfolio mainly refer to clients from Montenegrin territory. Movement in allowance for losses on loans and advances is as follows: Loans December 31, 2015 December 31, 2014 Balance at January 1 85,238 78,700 Provision charged for the year (Note 11) 5,699 7,893 Utilization of provisions due to the sale of loans OTP Factoring (21,724) - Write offs (1,578) (1,355) Balance at December 31 67,635 85, AVAILABLE-FOR-SALE SECURITIES December 31, 2015 December 31, 2014 Equity securities - at fair value: - listed Bank in 2015 bought the bonds of the Ministry of Finance of Montenegro in the amount of EUR 7,311 thousand which was classified as securities available for sale. These securities Bank sold in the second half of the year with a loss of EUR 70 thousand. 17. FINANCIAL ASSET AT FAIR VALUE THROUGH PROFIT OR LOSS December 31, 2015 December 31, 2014 VISA 2,404 1,826 Electric Power Utility of Montenegro Lutrija Crne Gore 17-2,609 1, SECURITIES HELD-TO-MATURITY December 31, 2015 December 31, 2014 Treasury bills 19,937 14,280 Governments bonds 46,473-66,410 14,280 As of December 31, 2015 securities held-to-maturity in the amount of EUR 19,937 thousand (December 31, 2014: EUR 14,280 thousand) relate to treasury bills issued by State of Montenegro maturing end of February 2016, at an interest rate from 0.12 percent to 0.29 percent annually. During 2015, the Bank acquired Eurobonds Ministry of Finance of the Government of Montenegro in the amount of EUR 52,704 thousand. Bonds in the amount of EUR 29,861 thousand as at the date of purchase are classified as available for sale, while the remaining EUR 22,843 classified as securities held to maturity. Bonds that were initially classified as available for sale as at June 30, 2015, the Bank reclassified to securities held to maturity. Eurobonds which are maturing on March 18, 2020 in the amount of EUR 28,880 thousand carry an interest rate of percent annually and Eurobonds which are maturing on May 20, 2019 in the amount of EUR 17,593 thousand have an interest rate percent annually. 81

82 19. FORFEITING December 31, 2015 December 31, 2014 Forfeiting receivables 4,558 5,551 Less: Allowance for impairment (2,639) (1,779) As of December 31, 2015, the Bank's receivables arising from forfeiting operations totaled EUR 4,558 thousand. In the course of 2011, the Bank repurchased the receivables that had previously (during 2009, 2010 and 2011) been sold to OTP Bank Plc, Budapest. The repurchase was performed in five tranches. Movement in allowance for forfeiting is as follows: 1,919 3,772 December 31, 2015 December 31, 2014 Balance at January 1 1, Provision charged for the year (Note 11) Other 1 - Balance at December 31 2,639 1, INTANGIBLE ASSETS License Software Total Cost Balance at January 1, ,154 8,770 10,924 Additions Disposals (21) (427) (448) Balance at January 1, ,433 8,707 11,140 Additions 1, ,335 Disposals (1,083) (97) (1,180) Balance at December 31, ,399 8,896 11,295 Accumulated depreciation Balance at January 1, ,967 7,849 Charge for the year (Note 10) Disposals (21) (427) (448) Balance at January 1, 2015 Charge for the year (Note 10) 1,232 7,140 8,372 Disposals ,044 Balance at December 31, 2015 (1,083) (97) (1,180) Carrying amount: 776 7,460 8,236 - as of December 31, ,623 1,436 3,059 - as of December 31, ,201 1,567 2, CKB Annual Report 2015

83 21. PROPERTY, PLANT AND EQUIPMENT Buildings Equipment and Other Assets Cost Balance at January 1, ,095 17,807 25,902 Additions 74 1,771 1,845 Disposals - (734) (734) Balance at January 1, ,169 18,844 27,013 Additions 261 1,425 1,686 Disposals - (255) (255) Balance at December 31, ,430 20,014 28,444 Accumulated depreciation Balance at January 1, ,421 10,916 12,337 Charge for the year (Note 10) 162 1,766 1,928 Disposals - (666) (666) Balance at January 1, ,583 12,016 13,599 Charge for the year (Note 10) 163 1,797 1,960 Disposals - (219) (219) Balance at December 31, ,746 13,594 15,340 Carrying amount: - as of December 31, ,684 6,420 13,104 - as of December 31, ,586 6,828 13,414 Total As of December 31, 2015 the Bank had no mortgages instituted over its property and equipment to securitize loan repayment. 22. OTHER ASSETS December 31, 2015 December 31, 2014 Advances paid Receivables for doubtful assets and uncollectable receivables 17,277 18,011 Other 3,558 3,221 20,967 21,367 Less: Allowance for impairment (17,277) (18,011) 3,690 3,356 Receivables arising from doubtful assets and uncollectable receivables, which were fully provided for as of December 31, 2015 in the amount of EUR 17,277 thousand include the following: Provisions for receivables based on legal suits filed against the Bank's former employees in the amount of EUR 6,223 thousand; Provisions for receivables based on calculated but uncollected fees from the customer Vektra Montenegro d.o.o. Podgorica, over which bankruptcy procedure was instigated, in the amount of EUR 1,704 thousand; Provisions for uncollectable receivables based on payment transfer fees, commissions, bills of exchange, cheques, electronic banking, payment and credit cards, etc. in the amount of EUR 2,140 thousand; Provisions for other receivables recognized without grounds in the current and prior years and subsequently identified Bank's liabilities in the amount of EUR 5,528 thousand; Other uncollectable receivables in the amount of EUR 1,682 thousand. Other assets mostly consist of assets received in lieu of debt collection totaling EUR 1,020 thousand as of December 31, 2015 (December 31, 2014: EUR 1,020 thousand). Assets are acquired based on the foreclosure of collaterals securing.: 83

84 Movement in allowance for other assets is as follows: December 31, 2015 December 31, 2014 Balance at January 1 18,011 18,318 Provision charged for the year (Note 11) Write-off (1,151) (470) Balance at December 31 17,277 18, DEPOSITS FROM BANKS December 31, 2015 December 31, 2014 Deposits from domestic banks: - demand deposits short-term deposits - 1,413 Deposits from foreign banks: - short-term deposits 707-1,648 2,038 Demand deposits bear annual interest rates ranging between 0.10 percent to 0.15 percent annually. Short-term deposits bear annual interest of 1.5 percent annually. 24. DUE TO CUSTOMERS December 31, 2015 December 31, 2014 Demand deposits in Euro: - Enterprises 109, ,614 - Governmental institutions 30,554 20,377 - Retail customers 151, ,514 - Other entities 1, Demand deposits in foreign currencies: - Enterprises 10,099 6,444 - Governmental institutions Retail customers 13,178 8,977 - Other entities - 4 Short-term deposits in Euro: - Enterprises 19,053 14,091 - Governmental institutions Retail customers 80,717 85,010 - Other entities Short-term deposits in foreign currencies: - Enterprises Retail customers 4,933 4,031 Long-term deposits in Euro: - Enterprises 4,346 1,072 - Governmental institutions Retail customers 54,361 79,273 - Other entities Long-term foreign currency deposits: - Retail customers Other entities 2,337 5, , ,582 Demand deposits of natural persons in EUR were deposited at an interest rate of 0.10% on an annual basis. Demand deposits of natural persons in foreign currency were deposited at a uniform interest rate of 0.05% per annum. On term deposits of companies in EUR with maturity in 2015, the interest at interest rates ranging from 0.10% to 1.5% per annum was calculated, depending on the term and deposit amount. Term deposits of enterprises in EUR, which were deposited in 2015 were deposited at interest rates ranging from 0.10% to 1.5% annually (2014: from 0.10% to 3% per annum), depending on the term and deposit amount. Currently, the maximum interest rate at which term deposits of companies may be deposited without purpose is 1.5% for a period of 12 months or more, according to the current terms and conditions. 84 CKB Annual Report 2015

85 Term deposits of natural persons in EUR were deposited at an interest rate ranging from 0.10% to 1.5% per annum (2014: from 0.15% to 3.10% per annum), depending on the term and deposit amount Interest rate for demand deposits of companies in 2015 ranged from 0% - 1% per annum. 25. OTHER BORROWED FUNDS Current Year Ended December 31, Non-current Year Ended December Long-term domestic borrowings: - Directorate for Development of Small and Medium Sized Enterprises ,013 - Government of Montenegro housing 8 8 1,331 1, ,180 2,344 Long-term foreign borrowings: - Kreditanstalt fur Wiederaufbau ("KfW"), Frankfurt am Main 1,059 1,508 - guarantees subordinated debt , ,059 8, ,239 10,852 As of December 31, 2015, the total amount of EUR 849 thousand represents long-term borrowings in domestic currency received from the Directorate for Development of Small and Medium Sized Enterprises. These borrowings were granted for periods ranging from three to eight years, at annual interest rates ranging up to 7 percent. As of December 31, 2015, the total amount of EUR 1,331 thousand represents long term borrowings in domestic currency received from the Ministry of Finance and the Ministry of Sustainable Development and Tourism of Montenegro on the basis of the Project for approving housing loans for social vulnerable groups. These borrowings were granted for period of 20 years with a grace period of 5 years, at annual interest rate 0.98%. As of December 31, 2015, the total amount of EUR 1,059 thousand relates to long-term borrowings in domestic currency approved by Kreditanstalt für Wiederaufbau ( KfW ), Frankfurt am Main for a period from five to ten years and interest rate 3 percent p.a. 26. OTHER LIABILITIES December 31, 2015 December 31, 2014 Trade payables Deferred guarantees fee Other taxes and contributions Liabilities to employees Liabilities to VAT Other 783 2,060 2,690 3,446 85

86 27. PROVISIONS December 31, 2015 December 31, 2014 Provisions for retirement benefits Provisions for potential litigation losses Provisions for losses per off-balance sheet items 650 1,217 Provisions for unused vacation Other provisions Movement on provisions for contingent liabilities is as follows: 3,100 3,699 December 31, 2015 December 31, 2014 Balance, January 1 3,699 3,514 Provision (released)/charged for the year, net (Note 11) (566) 146 Other (33) 39 Balance, December 31 3,100 3, 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 six average net salaries effective in the Bank in the month prior to the employee s retirement. The independent actuary carried out the most recent actuarial valuations of the defined benefit obligation at December 31, Technical bases applied for calculating the estimated present value of retirement benefits and jubilee awards include implementation of the following: a) Discount rate 7% b) Estimated annual salary growth rate 5% Movements in the present value of the defined benefit obligation in the current period were as follows: Retirement Benefits Other Long-Term Employee Benefits Retirement Benefits Other Long-Term Employee Benefits Balance at January 1 1, , Charged during the year (Note 11) Payments made during the year (20) - (22) - Balance at December 31 1, , SHARE CAPITAL As of December 31, 2015, the Bank s share capital is comprised of 267,705 common shares (December 31, 2014: 267,705 common shares), with an individual par value of EUR All issued shares are fully paid. As of December 31, 2015, the sole shareholder of the Bank's shares is OTP Bank Plc., Budapest with 100 percent of equity interest. In accordance with the regulations of the Central Bank of Montenegro, as of December 31, 2015, the Bank is obligated to maintain the minimum capital adequacy ratio of 10%. As of December 31, 2015, according to the Bank s calculations, capital adequacy ratio was 16.30%. 86 CKB Annual Report 2015

87 30. OFF-BALANCE-SHEET ITEMS December 31, 2015 December 31, 2014 a) Guarantees, Other Contingent Liabilities and Commitments Payment guarantees 7,141 13,574 Performance bonds 11,559 9,866 Uncovered letters of credit Undrawn credit facilities 25,230 25,454 44,873 49,582 b) Other off-balance-sheet items Written off loans 1,663 1,665 Written off interest Other off-balance sheet items ,159 1,871 47,032 51, OPERATING LEASE ARRANGEMENTS Cancellable operating leases relate to business premises with limited lease terms (definite duration of lease contracts). The Bank does not have an option to purchase the leased asset at the termination of contracts. Payments recognized as an expense during 2015 amounted to EUR 1,120 thousand (2014: EUR 1,199 thousand). Commitments for operating leases undertaken as of the statement of financial position date, that have not been included in the financial statements, are as follows: December 31, 2015 December 31, 2014 Up to 1 year From 1 to 5 years 2, Over 5 years 1,586 3,199 3,969 4, CASH AND CASH EQUIVALENTS For the purposes of the cash flow statement, cash and cash equivalents comprise balances with less than three month maturity from the date of acquisition including: cash on hand, non-restricted balances with the Central Bank of Montenegro and other banks. December 31, 2015 December 31, 2014 Cash and balances with the Central Bank (Note 13) 85,941 57,997 Loans and advances to banks (Note 14) 96,868 99, , , RELATED PARTY TRANSACTIONS All transactions with related parties arise in the normal course of business and their value is not materially different from the terms and conditions that would prevail in arms-length transactions. The amounts of loans and advances given to related parties are secured by deposits, pledges and mortgages and will be settled in cash. As of December 31, 2015, and December 31, 2014, the Bank did not recognize impairment provisions for the loans and advances given to related parties. 87

88 The following table summarizes receivables from and payables to related parties as of the statement of financial position date: December 31, December 31, Cash funds: - OTP Bank Plc. Budapest 50,031 50,576 Loans and advances to customers: - Bank s employees 7,001 7,234 Other assets: - OTP Factoring Montenegro OTP Bank Plc. Budapest: 54 - Total receivables 57,101 57,819 Due to customers: - Bank s employees 3,179 3,196 - OTP Factoring Montenegro 2,575 2,401 - Debt Management Project Montenegro d.o.o. Podgorica 1, South Invest Montenegro d.o.o. Podgorica 2 - Borrowings: 6,757 6,594 - OTP Bank Financing Netherlands B.V. the Netherlands: - 7,048 - subordinated loans Total liabilities 6,757 13,642 Receivables, net 50,344 44,177 Short and long-term loans to Bank employees were granted on period from one to twenty-five years. Loans were granted with annual interest rate ranging from 3.4 to 15 percent. Long-term loans to Bank employees include loans for purchase of residential units and mortgage loans, while short-term loans mainly include cash loans. Income and expenses from transactions with related parties during 2015 and 2014 were as follows: December 31, December 31, Interest income: - OTP Bank Plc., Budapest Bank s employees ,511 Fee income: - OTP Bank Plc., Budapest Total income 982 1,913 Interest expense: - Bank s employees (26) (57) - OTP Bank Financing Netherlands B.V., the Netherlands (155) (1,001) Other expense: - OTP Bank Plc., Budapest (39) (41) - OTP Factoring d.o.o., Podgorica (23) (204) Total expenses (243) (1,303) Income, net During 2015, remunerations paid to persons with special authorizations and responsibilities in the Bank amounted to EUR 1,360 thousand (2014: EUR 1,486 thousand). 34.LITIGATION As of December 31, 2015, the Bank was involved with a number of lawsuits filed against it by legal entities and private individuals. In the assessment of the Bank's Legal Affairs Department, the total value claimed in these legal proceedings, not including costs of court expenses, amounts to EUR 13,214 thousand. However, this amount does not include potential penalties that may be assigned after the 88 CKB Annual Report 2015

89 completion of the legal proceedings, given that the Bank's management was unable to determine potential effects of penalties that might arise from the proceedings in progress until the date of issuance of these financial statements. As of December 31, 2015, the Bank recorded provisions against potential losses on litigation in the amount of EUR 855 thousand. The outcome of the proceedings in progress cannot be anticipated with certainty; however, the Bank's management and legal advisor do not expect additional negative outcomes that could have materially significant effects on the Bank's financial statements. As of December 31, 2015, the Bank was involved 971 lawsuits that as a plaintiff the Bank filed against legal entities and private individuals, claiming the total value of EUR 80,508 thousand. 35. TAXATION RISKS The tax legislation of Montenegro is subject to varying interpretations and changes occur frequently. The interpretation of tax legislation by tax authorities as applied to the transactions and activity of the Bank may not coincide with that of the management. As a result, tax authorities may challenge transactions and the Bank may be assessed additional taxes, penalties and interest. The periods remain open to review by the tax and customs authorities with respect to tax liabilities for five years. This practically means that tax authorities could determine payment of outstanding liabilities in the period of five years from the origination of the liability. 36. EVENTS AFTER THE REPORTING PERIOD The Management believes that there are no significant events after the reporting date that would impact the financial statements for 2015, or require special disclosure. 37. EXCHANGE RATES The official exchange rates for major currencies used in the translation of statement of financial position items denominated in foreign currencies, into euros as at December 31, 2015 and 2014 are as follows: December 31, 2015 December 31, 2014 USD CHF GBP

90 90 CKB Annual Report 2015

91 84 Godišnji izvještaj 2010