PIRAEUS BANK BULGARIA AD SEPARATE FINANCIAL STATEMENTS ... ANNUAL MANAGEMENT REPORT AUDITOR'S REPORT 31 DECEMBER
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1 PIRAEUS BANK BULGARIA AD SEPARATE FINANCIAL STATEMENTS... ANNUAL MANAGEMENT REPORT AUDITOR'S REPORT 31 DECEMBER
2 KPMG Bulgaria 000 Telephone +359 (2) /A. Bulgaria Boulevard Telefax +359 (2) Sofia Bulgaria Internet INDEPENDENT AUDITORS' REPORT To Shareholders of Piraeus Bank Bulgaria AD Report on the Separate Financial Statements We have audited the accompanying separate financial statements of Piraeus Bank Bulgaria AD ("the Bank"), which comprise the separate statement of financial position as at 31 December 2012, the separate statements of comprehensive income, changes in equity and cash flows for the year then ended, and notes, comprising a summary of significant accounting policies and other explanatory information. Management's Responsibility for the Separate Financial Statements Management is responsible for the preparation and fair presentation of these separate financial statements in accordance with International Financial Reporting Standards as adopted by the European Union, and for such internal control as management determines is necessary to enable the preparation of separate financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these separate financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the separate financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the separate financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the separate financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity's preparation and fair presentation of the separate financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting principles used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the separate financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion YEARS KPMG Bulgaria OOD. a Bulgarian limited liability company Registered with the and a member firm of the KPMG network of independent Commercial Register at the IBAN BG06 RZBB member firms affiliated with KPMG International Bulgarian Registry Agency BIC RZBBBGSF Cooperative ("KPMG International"), a Swiss entity. Identity Code RalttelsenBank (Bulgaria) EAD
3 .. Opinion In our opinion, the separate financial statements give a true and fair view of the unconsolidated financial position of the Bank as at 31 December 2012, and of its unconsolidated financial performance and its unconsolidated cash flows for the year then ended in accordance with.. International Financial Reporting Standards as adopted by the European Union. Report on Other Legal and Regulatory Requirements Annual report of the activities of the Bank prepared in accordance with the requirements of article 33 ofthe Accountancy Act As required under the Accountancy Act, we report that the historical financial information disclosed in the separate annual report of the activities of the Bank, prepared by Management as required under article 33 of the Accountancy Act, is consistent, in all material aspects, with the unconsolidated financial information disclosed in the audited separate financial statements of the Bank as of and for the year ended 31 December Management is responsible for the preparation of the separate annual report of the activities of the Bank which was approved by the Executive Committee of the Bank on 27 March Tzvetelinka Authorised r KPMG Bulgaria OOD Sofia, 1 April 2013 Margarita Goleva Registered auditor.... 2
4 Separate Financial Statements Piraeus Bank Bulgaria AD as of31 December 2012 (All amounts in thousands ofbgn) SEPARATE INCOME STATEMENT Year ended 31 December Note Interest income Interest expense Net interest income 7 201,284 8 (88,177) 113, ,990 (105,038) 149,952 Fee and commission income Fee and commission expenses Net fee and commission income 9 22, (3,942) 18,890 24,222 (3,319) 20,903.. Gains from available for sale securities Net trading gains Net foreign exchange translation differences Other operating income Personnel cost General and administrative expenses Other expenses Depreciation Impairment Profit before income tax Income tax expense Profit for the year 11 4,299 (358) 12 9, (15,782) 14 (40,117) 15 (687) 23 (10,816) 16 (68,085) 9, (10) 9, , (16,997) (41,045) (81) (13,013) (46,293) 58,212 (5,503) 52,709 SEPARATE STATEMENT OF OTHER COMPREHENSIVE INCOME Profit for the year A vailable for sale securities Transfer of profit to gains from AFS securities 9,684 52,709 (2).... Athanasios Kou opoulos Chief Executi e Officer 1 April 20 Initiat Tsvetelinka Kole Authorized Repr KPMG Bulgaria Margarita PetrovaKaridi Executive Officer The accompanying notes from page 5 to page 51 are an integral part of these separate financial statements.
5 Separate Financial Statements Piraeus Bank Bulgaria AD as of31 December 2012 (All amounts in thousands ofbgn) SEPARATE STATEMENT OF FINANCIAL POSITION As of 31 December ASSETS Cash and balances with the central bank Financial assets held for trading Availableforsale financial assets Loans and advances to banks Loans and advances to customers Property, plant and equipment Intangible assets Investments in subsidiaries Current tax assets Deferred tax assets Other assets TOTAL ASSETS Note ,418 14,174 1, ,651 2,508,751 24,583 4, , ,933 3,098, ,944 17,725 1, ,768 2,718,084 32,729 5,302 1, ,592 3,209, LIABILITIES Financial liabilities held for trading Deposits from credit institutions Deposits other than from credit institutions Convertible bonds Subordinated liabilities Provisions Current tax liabilities Other liabilities TOTAL LIABILITIES EQUITY Share capital Revaluation reserves for available for sale assets Legal reserves Retained earnings ,013 1,471,118 49,554 72,160 2,019 28,189 2,472, , , , ,165,353 1,292,082 48,466 70,519 1, ,945 2,590, , , ,031 TOTAL EQUITY 626, ,206 3,098,843 3,209,190 by the Executive Committee and signed opoulos Chief Execuf e Officer Marga ita PetrovaKaridi Executive Officer Tsvetelinka Koleva Authorized Represe KPMG Bulgaria 0 The accompanying notes from page 5 to page 51 are an integral part of these separate financial statements. 2
6 .... Separate Financial Statements Piraeus Bank Bulgaria AD as of31 December 2012 (All amounts in thousands ofbgn) SEPARATE STATEMENT OF CASH FLOWS Year ended 31 December Note OPERATING ACTIVITIES Net profit 9,684 52,709 Interest (income) 7 (201,284) (254,990) Interest received 162, ,546 Interest expense 8 88, ,038 Interest (paid) (86,578) (101,922) Current and deferred tax expenses, recognized in income statement ,503 Unrealized foreign currency (gains) / losses (1,336) 3,231 Depreciation / amortization 23 10,816 13,013 Impairment 16 68,085 46,293 Provisions, net Losses/(gains) on sale of investments, net 300 (45) Unrealized (gains) from availableforsale investments, net (2) Cash flows from operating activity before changes in operating 50,765 83,498 assets/liabilities Decrease / (increase) in balances with central banks 115 (352) Decrease in loans and advances to customers 164, ,118 Decrease / (increase) in financial assets held for trading 3,319 (3,007) (Increase) in other assets (definition balance sheet) (17,513) (16,081) (Decrease) in deposits from credit institutions (314,876) (890,279) Increase / (decrease) in deposits from institutions other than credit 181,552 (40,667) institutions (Decrease) in financial liabilities held for trading (271) (303) Increase / (decrease) in other liabilities (definition balance sheet) 16,325 (3,250) Cash flow from operating activities 83,595 (538,323) Income tax (paid) (7,579) (5,088) NET CASH FLOW FROM OPERATING ACTIVITIES 76,016 (543,411) INVESTING ACTIVITIES Cash (payments) to acquire tangible assets (673) (3,937) Cash proceeds from the sale of tangible assets Cash (payments) to acquire intangible assets (1,302) Cash (payments) to acquire investments, held to maturity (115,854) Cash proceeds from the sale of investments, held to maturity 115,854 NET CASH FLOW FROM INVESTING ACTIVITIES (1,871) (3,895) NET CHANGES IN CASH AND CASH EQUIVALENTS 74,145 (547,306) 1,694 (3,436) 395, , , ,870 These financial s on its behalf b by the Executive Committee and signed.. Athanasios Kou opoulos Chief Execuf e Officer 1April 20 'I Initia Cl for identifi Tsvetelinka Kolev Authorized Repres KPMG Bulgaria 0 Marg rita PetrovaKaridi Executive Offic/ ftt; The accompanying no es from page 5 to page 51 are an integral part of these separate financial statements... 3
7 AFS Balance Separate Financial Statements Piraeus Bank Bulgaria AD as of31 December 2012 (All amounts in thousands ofbgn) SEPARATE STATEMENT OF CHANGES IN EQUITY Share Revaluation Retained Other Total capital reserve on earnings reserves securities as of 1 January , ,914 22, ,499 Profit for the year (2) 52,709 52,707.. Total.. Balance on Total comprehensive income in 2011 (2) 52,709 52,707 Transfers from retained earnings (4,592) 4,592 Balance as of 1 January , ,031 27, ,206 Profit for the year 9,684 9,684 comprehensive income in ,684 9,684 Transfers from retained earnings (5,139) 5,139 Impairment of investments in subsidiaries (1,105) (1,105) as of 31 December , ,471 32, ,785 These financial statements were authorised for issue on 27 March 2013 by the Executive Committee and signed its behalf by:.. Margarita 1 April 2013 Initiated for identification purposes in the reference to the audit report: Tsvetelinka Kolev Authorized Repres ntative KPMG Bulgaria 0 D Executive Officer / Margarita4?'oleva Registered auditor.j'iitl,.. The accompanying notes from page 5 to page 51 are an integral part of these separate financial statements.,.. 4
8 1. GENERAL INFORMATION Piraeus Bank Bulgaria AD (the Bank ) provides retail, corporate banking and investment banking services. The Bank operates through 83 branches in the country (2011: 100), and employs 832 people as of the end of year 2012 (2011: 893). The Bank is a joint stock company registered at Sofia City Court, and operates in Bulgaria since 1993 and since 2008 Piraeus Bank Bulgaria AD is reregistered in the Trade Register at the Registry Agency of the Ministry of Justice with UIC The registered seat and address of its office is: 115E Tsarigradsko Shosse Blvd., Sofia, Bulgaria. The Bank is part of Piraeus Bank Group (the Piraeus Group). Piraeus Bank S.A. Athens is the ultimate parent and controlling party of the Piraeus Group and is incorporated and domiciled in Greece. These separate financial statements have been approved for issue by the Executive Committee on 27 March BASIS FOR PREPARATRION OF THE SEPARATE FINANCIAL STATEMENTS 2.1. Basis for preparation of the separate financial statements The separate financial statements of the Bank have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union. The separate financial statements are presented in the national currency of Bulgaria, the Lev (BGN). The separate financial statements have been prepared under the historical cost convention, as modified by the availableforsale investment securities, financial assets held at fair value through profit or loss, and all derivative contracts. These separate financial statements are prepared to meet local statutory requirements. The preparation of separate financial statements in conformity with IFRS requires the use of certain critical accounting estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the separate financial statements and the reported amounts of revenues and expenses during the reporting period. 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 separate financial statements are disclosed in Note New IFRS and interpretations (IFRIC) not yet adopted as at the reporting date A number of new standards, amendments to standards and interpretations, endorsed by the EC, are available for early adoption in the annual period ended 31 December 2012, although they are not yet mandatory until a later periods. These changes to IFRS have not been applied in preparing these financial statements and the Bank does not plan to adopt these standards early. 5
9 2.2. New IFRS and interpretations (IFRIC) not yet adopted as at the reporting date (continued) Standards, interpretations and amendments to published Standards that have not been early adopted endorsed by the EC: Amendments to IFRS 7 Disclosures Offsetting Financial Assets and Financial Liabilities shall be applied, at latest, as from the beginning of the first financial year starting on or after 1 January The Bank is evaluating the new requirements but it is not expect the Amendments to have any impact on the financial statements. IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, IFRS 12 Disclosures of Interests in Other Entities, IAS 27 Separate Financial Statements (2011) which supersedes IAS 27 (2008) and IAS 28 Investments in Associates and Joint Ventures (2011) which supersedes IAS 28 (2008) shall be applied, at latest, as from the beginning of the first financial year starting on or after 1 January The Bank does not expect IAS 27 (2011) to have material impact on the financial statements, since it does not results in a change in the Bank s accounting policy. IFRS 13 Fair Value Measurement provides a single source of guidance on how fair value is measured, and replaces the fair value measurement guidance that is currently dispersed throughout IFRS. Subject to limited exceptions, IFRS 13 is applied when fair value measurements or disclosures are required or permitted by other IFRSs. The Bank does not expect IFRS 13 to have material impact on the financial statements since management considers the methods and assumptions currently used to measure the fair value of assets to be consistent with IFRS 13. Amendments to IAS 1 Presentation of Items of Other Comprehensive Income are shall be applied, at latest, as from the beginning of the first financial year starting on or after 1 July The impact of the initial application of the amendments will depend on the specific items of other comprehensive income at the date of initial application. If the Bank were to adopt the amendments from 1 January 2012, then the following items of the other comprehensive income would be presented as items that may be reclassified to profit or loss in the future: BGN 2 thousand recognised as reserve for available for sale investments; The remaining amounts and items of other comprehensive income would never be reclassified to profit or loss. Amended IAS 19 Employee Benefits shall be applied, at latest, as from the beginning of the first financial year starting on or after 1 January The Bank does not expect the changes to have substantial effect in the financial statements as this will not lead to changes into the accounting policy. Amendments to IAS 12 Deferred Tax: Recovery of Underlying Assets is effective shall be applied, at latest, as from the beginning of the first financial year starting on or after 1 January The Bank does not expect the amendments to have any impact on the financial statements, since they do not result in a change in the Company s accounting policy. Amendments to IAS 32 Offsetting Financial Assets and Financial Liabilities i shall be applied, at latest, as from the beginning of the first financial year starting on or after 1 January The Bank is currently evaluating the changes but does not expect the Amendments to have any impact on the financial statements. 6
10 2.2. New IFRS and interpretations (IFRIC) not yet adopted as at the reporting date (continued) IFRIC Interpretation 20: Stripping Costs in the Production Phase of a Surface Mine shall be applied, at latest, as from the beginning of the first financial year starting on or after 1 January The Bank does not expect the Interpretation to have any impact on the financial statements since the Bank does not have any stripping activities. Amendments to IFRS 1 Severe Hyperinflation and Removal of Fixed Dates for Firsttime Adopters shall be applied, at latest, as from the beginning of the first financial year starting on or after 1 January The Bank does not expect the Amendments to have any impact on the financial statements. IASB/IFRIC documents not yet endorsed by EC: Management believes that it is appropriate to disclose that the following new or revised standards, new interpretations and amendments to current standards, which are already issued by the International Accounting Standards Board (IASB), are not yet endorsed for adoption by the European Commission, and therefore are not taken into account in preparing these financial statements. The actual effective dates for them will depend on the endorsement decision by the EC. IFRS 9 Financial Instruments (issued November 2009 and Additions to IFRS 9 issued October 2010) has an effective date 1 January 2015 and could change the classification and measurement of financial instruments. Amendments to IFRS 1 Government Loans with an effective date of 1 January Improvements to IFRSs with an effective date of 1 January Amendments to IFRS 10, IFRS 11 and IFRS 12 Transition Guidance with an effective date of 1 January Amendments to IFRS 10, IFRS 12 and IAS 27 Investment Entities with an effective date of 1 January
11 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 3.1. Interest income and expense Interest income and expense are recognized in the income statement for all interest bearing instruments on an accrual basis using the effective interest method. The effective interest method is a method of calculating the amortized cost of a financial asset or a financial liability and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument or, when appropriate, a shorter period to the net carrying amount of the financial asset or financial liability. When calculating the effective interest rate, the Bank estimates cash flows considering all contractual terms of the financial instrument (for example, prepayment options) but does not consider future credit losses. The calculation includes all fees and points 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. Interest accrued as a result of holding trading securities and securities available for sale is reported as interest income. Interest income and expense on interest rate swap deals, where the nominal amount is exchanged, is disclosed gross as interest income and interest expense Fees and commission Fees and commissions, except for those, which form part of the effective interest rate of the instrument, are generally recognized on an accrual basis when the service has been provided. Fees and commission consist mainly of fees for BGN and foreign currency payment transactions, opening of letters of credit and guarantees issuing. Commission on foreign currency transactions are reported in the income statement on their receipt. Treatment of fees and commissions on guarantees is disclosed in note Financial assets The Bank classifies its financial assets in the following categories: financial assets at fair value through profit or loss; loans and receivables; and availableforsale financial assets. Management determines the classification of its investments at initial recognition. a) Financial assets at fair value through profit or loss This category includes financial assets held for trading. A financial asset is classified as held for trading if it is acquired or incurred principally for the purpose of selling or repurchasing 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 shortterm profittaking. Derivatives are also categorized as held for trading. 8
12 3.3. Financial assets (continued) Financial assets held for trading are initially recognized at fair value plus transaction costs and subsequently remeasured at fair value based on current bid prices at the reporting date. All related realized and unrealized gains and losses are included in net trading gain in the period in which they arise. Interest earned whilst holding financial assets held for trading is reported as interest income. b) Loans and receivables Loans and receivables are nonderivative financial assets with fixed or determinable payments that are not quoted in an active market, other than: (a) those that the entity intends to sell immediately or in the short term, which are classified as held for trading, and those that the entity upon initial recognition designates as at fair value through profit or loss; (b) those that the entity upon initial recognition designates as available for sale; or (c) those for which the holder may not recover substantially all of its initial investment, other than because of credit deterioration. Loans are recognized when cash is advanced to the borrowers. The category Loans and receivables includes: Balances with the central bank, Loans and advances, the part of other assets that is represented by financial assets. c) Availableforsale financial assets Availableforsale 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. Availableforsale investments are initially recognized at fair value plus transaction costs and are subsequently remeasured at fair value based on current bid prices or amounts derived from cash flow models. Gains and losses arising from changes in the fair value of availableforsale financial assets are recognized directly in other comprehensive income. When an availableforsale financial asset is derecognized or impaired, the cumulative gain or loss previously recognized in other comprehensive income is recognized in profit or loss. Interest calculated using the effective interest method is recognized in the income statement. Dividends on availableforsale equity instruments are recognized in the income statement when the Bank s right to receive payment is established. Regular way purchases and sales of financial assets at fair value through profit or loss and available for sale are recognized on tradedate the date on which the Bank commits to purchase or sell the asset. The fair values of quoted investments in active markets are 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 consistent with the specific features of the security market in Bulgaria. Financial assets are derecognized when the contractual rights to receive cash flows from the financial assets have ceased to exist or the assets have been transferred and substantially all risks and rewards of ownership are also transferred. When a small holding of shares in one entity that is classified as an AFS equity investments is exchanged for shares in another entity the original shares are derecognised. Financial liabilities are derecognized when they are extinguished that is, when the obligation is discharged, cancelled or expires. 9
13 3.3. Financial assets (continued) d) Derivatives Derivatives are financial instruments: (a) its value changes in response to the change in a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided in the case of a nonfinancial variable that the variable is not specific to a party to the contract (sometimes called the 'underlying'); (b) that requires no initial net investment or an initial net investment is smaller than would be required for other types of contracts that would be expected to have a similar response to changes in market factors; (c) that is settled at a future date. Derivative financial instruments including forwards are initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value. Fair values are obtained from quoted market prices, discounted cash flow models and pricing models as appropriate. The positive fair value of the derivatives is carried as asset and the negative fair value is carried as liability. The changes in the fair value of derivatives are included in the income statement. The Bank has not entered into transactions where the fair value was different from the transaction price. The best evidence of fair value at initial recognition is the transaction price (i.e., the fair value of the consideration given or received), unless the fair value of that instrument is evidenced by comparison with other observable current market transactions in the same instrument (i.e., without modification or repackaging) or based on a valuation technique whose variables include only data from observable markets. The Bank does not apply hedge accounting Securities lending and repurchase agreements Securities sold subject to repurchase agreements ( repos ) are reclassified in the financial statements as pledged assets when the transferee has the right by contract or custom to sell or repledge the collateral; the counterparty liability is included in other deposits. Securities purchased under agreements to resell ( reverse repos ) are recorded as loans and advances to banks. The difference between sale and repurchase price is treated as interest and accrued over the life of the agreements using the effective interest method. Securities lent to counterparties are also retained in the financial statements Offsetting of financial instruments Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously Foreign currency transactions Functional and presentation currency Items included in the financial statements are measured using the currency of the primary economic environment in which the Bank operates ( the functional currency ). The financial statements are presented in the national currency of Bulgaria, the Leva (BGN), which is the Bank s functional and presentation currency. 10
14 3.6. Foreign currency transactions (continued) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates defined by the Bulgarian central bank ( BNB or the central bank ) prevailing at the date of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Such balances are translated at the Central bank s yearend exchange rates. Changes in the fair value of monetary securities denominated in foreign currency classified as available for sale are analyzed between translation differences resulting from changes in the amortized cost of the security and other changes in the carrying amount of the security. Translation differences related to changes in the amortized cost are recognized in profit or loss, and other changes in the carrying amount are recognized in other comprehensive income. As of 31 December 2012, monetary assets and liabilities are translated at the reference Central Bank exchange rate BGN 1 for EUR (2011: BGN 1 for EUR ) and BGN 1 for USD (2011: BGN 1 for USD ). Effective since 1 January 1999, the Bulgarian Lev is fixed to the EUR at a rate BGN = EUR Impairment for losses and uncollectability The carrying amounts of the Bank s assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset s recoverable amount is estimated. An impairment loss is recognized whenever the carrying amount of an asset or its cashgenerating unit exceeds its recoverable amount. Impairment losses are recognized in the income statement. a) Assets carried at amortized cost The Bank assesses at each balance sheet date whether there is objective evidence that a financial asset or group of financial assets is impaired. A financial asset or a group of financial assets is impaired and impairment losses are incurred if 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 about the following loss events: Delinquency in contractual payments of principal or interest; Cash flow difficulties experienced by the borrower (for example, equity ratio, net income percentage of sales); Breach of loan covenants or conditions; Initiation of bankruptcy proceedings; Deterioration of the borrower s competitive position; Deterioration in the value of collateral; Downgrading below investment grade level. 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. 11
15 3.7. Impairment for losses and uncollectability (continued) 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 original effective interest rate. The carrying amount of the asset is reduced through the use of an allowance account and the amount of the loss is recognized in the income statement. If a loan has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 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 foreclosure less costs for obtaining and selling the collateral, whether or not foreclosure is probable. For the purposes of a collective assessment for impairment, financial assets are grouped on the basis of similar credit risk characteristics (i.e., on the basis of the Bank s grading process that considers asset type, industry, geographical location, collateral type, pastdue status and other relevant factors). 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 assessed. Future cash flows in a group of financial assets that are collectively assessed for impairment are estimated on the basis of the contractual cash flows of the assets in the Bank and historical loss experience for assets with credit risk characteristics similar to those in the Bank. Historical loss experience is adjusted on the basis of current observable data to reflect the effects of current conditions that did not affect the period on which the historical loss experience is based and to remove the effects of conditions in the historical period that do not currently exist. Estimates of changes in future cash flows for groups of assets should reflect and be directionally consistent with changes in related observable data from period to period (for example, changes in unemployment rates, property prices, payment status, or other factors indicative of changes in the probability of losses in the Bank and their magnitude). 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. 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 (such as an improvement in the debtor s credit rating), the previously recognized impairment loss is reversed by adjusting the allowance account. The amount of the reversal is recognized in the income statement in impairment charge for credit losses. Loans, subject to both collective assessment and individually significant assessment for impairment, and whose maturity is renegotiated, are not deemed delinquent, but are considered new loans. If in the following years these loans are renegotiated or become delinquent, then they are reported as such. b) Financial assets carried at fair value The Bank assesses at each balance sheet date whether there is objective evidence that a financial asset or a group of financial assets is impaired. In the case of equity investments classified as availableforsale, a significant or prolonged decline in the fair value of the financial asset below its cost is considered in determining whether the assets are impaired. 12
16 3.7. Impairment for losses and uncollectability (continued) If any such evidence exists for available for sale financial assets, the cumulative loss measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognized in profit or loss is removed from equity and recognized in the income statement. Impairment losses recognized in the income statement on equity instruments, classified as availableforsale, are not reversed through the income statement. 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 income statement Property, plant and equipment All property and equipment is stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset s carrying amount or are recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Bank and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the income statement when the expenditure is incurred. Land is not depreciated. Depreciation is calculated on the straightline method to allocate the cost of each asset to their residual values over their estimated useful life. Depreciation on property and equipment is charged using the straightline method at the following rates by classes of assets: Buildings 4% 4% Equipment 10%25% 10%25% Computers, Network equipment 20%33.3% 20%33.3% Motor vehicles cars 15%20% 15%20% Fixtures and fittings 10%25% 10%25% Leasehold improvements The life of the lease The life of the lease The assets residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An asset s carrying amount is written down immediately to its recoverable amount if the asset s carrying amount is greater than its estimated recoverable amount. The recoverable amount is the higher of the asset s fair value less costs to sell and value in use Social, pension and healthcare funds The Bank is obliged by the current Bulgarian legislation to make fixed contribution on behalf of the employees in a social fund operated by the Government. All those payments/liabilities are recognized as an expense in the period to which those relate. 13
17 3.10. Share capital (a) Share issue costs Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. (b) Dividends on ordinary shares Dividends on ordinary shares are recognized in equity in the period in which they are approved by the Bank s shareholders. Dividends for the year that are declared after the balance sheet date, if any, are dealt with in the subsequent events note Intangible assets Costs that are directly associated with identifiable nonmonetary asset without physical substance controlled by the Bank and will probably generate economic benefits exceeding costs beyond one year, are recognized as intangible assets. Expenditure, which enhances or extends the performance of intangible assets beyond their original specifications is recognized as a capital improvement and added to the original costs of the asset. Costs associated with developing or maintaining intangible assets are recognized as an expense as incurred. Intangible assets are amortized using the straightline method over their useful lives. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An intangible asset s carrying amount is written down immediately to its recoverable amount if the asset s carrying amount is greater than its estimated recoverable amount. The Bank holds only software licenses as intangible assets. Amortization on software licenses is charged using the straightline method at the following rates by classes of assets: Software licenses 20% 100% 20% 100% Current and deferred income tax Tax on the profit for the year comprises current tax and the change in deferred tax. Current tax comprises tax payable calculated on the basis of the expected taxable income for the year, using the tax rates enacted or substantially enacted by the balance sheet date, and any adjustment of tax payable for previous years. Deferred tax is provided using the balance sheet liability method on all temporary differences between the carrying amounts for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is calculated on the basis of the tax rates that are expected to apply to the period when the asset is realized or the liability is settled. The effect on deferred tax of any changes in tax rates is charged to the income statement, except to the extent that it relates to items previously charged or credited directly to other comprehensive income. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the unused tax losses and credits can be utilized. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realized. 14
18 3.13. Cash and cash equivalents Cash and cash equivalents encompass cash in hand, placements with Central bank and Treasury bills with original maturity less than 3 months Provisions Provisions for restructuring costs and legal claims are recognized when: the Bank has a present legal or constructive obligation as a result of past events; it is more likely than not that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognized even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pretax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognized as interest expense Financial liabilities at amortized cost All deposits and loans received by the Bank are classified in this category in the balance sheet. They are recognized initially at fair value, being their issue proceeds (fair value of consideration received) net of transaction costs incurred, and are subsequently stated at amortized cost and any difference between net proceeds and the redemption value is recognized in the income statement over the period of repayment using the effective interest method Operating leases The leases entered into by the Bank are primarily operating leases. The total payments made under operating leases are charged to other operating expenses in the income statement on a straightline basis over the period of the lease. When an operating lease is terminated before the lease period has expired, any payment required to be made to the lessor by way of penalty is recognized as an expense in the period in which termination takes place Investment in subsidiary undertakings Investments in subsidiaries are accounted for at cost method in these separate financial statements of the Bank. Dividends are recognized as income when the Bank s right to receive the dividend is established Repossessed assets These are assets foreclosed from loans in previous years. The repossessed assets are measured at the lower of carrying amount and the net realizable value. Cost of repossessed assets is their fair value at the moment of initial recognition determined by independent valuers. These assets comprise primarily property, machines and equipment. The Bank has the policy of disposing them which under the current market condition could take more than 12 months from their repossession." 15
19 3.19. Financial guarantee contracts Financial guarantee contracts are contracts that require the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payments when due, in accordance with the terms of a debt instrument. Such financial guarantees are given to banks, financial institutions and other bodies on behalf of customers to secure loans, overdrafts and other banking facilities. Financial guarantees are initially recognized in the financial statements at fair value on the date the guarantee was given. Subsequent to initial recognition, the bank s liabilities under such guarantees are measured at the higher of the initial measurement, less amortization calculated to recognize in the income statement the fee income earned on a straight line basis over the life of the guarantee and the best estimate of the expenditure required to settle any financial obligation arising at the balance sheet date. These estimates are determined based on experience of similar transactions and history of past losses, supplemented by the judgment of Management. Any increase in the liability relating to guarantees is taken to the income statement under other operating expenses Recognition of deferred day one profit or loss The best evidence of fair value at initial recognition is the transaction price (i.e., the fair value of the consideration given or received), unless the fair value of that instrument is evidenced by comparison with other observable current market transactions in the same instrument (i.e., without modification or repackaging) or based on a valuation technique whose variables include only data from observable markets. The Bank has entered into transactions, where fair value is determined using valuation models for which not all inputs are market observable prices or rates. Such a financial instrument is initially recognised at the transaction price, which is the best indicator of fair value, although the value obtained from the relevant valuation model may differ. The difference between the transaction price and the model value, commonly referred to as day one profit and loss, is not recognised immediately in profit and loss. The timing of recognition of deferred day one profit and loss is determined individually. It is either amortised over the life of the transaction, deferred until the instrument s fair value can be determined using market observable inputs, or realised through settlement. The financial instrument is subsequently measured at fair value, adjusted for the deferred day one profit and loss. Subsequent changes in fair value are recognised immediately in the income statement without reversal of deferred day one profits and losses. 4. FINANCIAL RISK MANAGEMENT The Bank applies complex system of internal rules, procedures, instructions and limits in the process of the management of all significant risks it is exposed to in its daily activities. During the process of analysis and assessment of the financial risks, the following factors are taken into account: Bank s riskbearing capacity (following existing regulatory framework), willingness to assume risks in order to reach the desired profitability from the operations and the economic capital, which is needed to cover the specific risks, related to the different activities. The procedures and mechanisms applied by the Bank aim at the provision of timely identification of earlywarning signals for the risks developments, which could affect negatively the institution and to give opportunity for timely corrective measures. 16
20 4.1. LIQUIDITY RISK Liquidity risk arises from the mismatches between the maturities of the sources of the Bank s financing and its assets. It is identified not only as the failure of the Bank to repay its maturing obligations, but also as the risk to be unable to realize its assets at reasonable price in the needed time frame in order to repay maturing liabilities. The operational management of the liquidity position includes shortterm and structural liquidity monitoring. The goal is to reach and maintain optimal structure of assets and liabilities, by taking account of the maturity and internal structure of the financing sources and their uses, as well as limiting deposit and loan concentrations. The Bank measures the degree of Liquidity risk through regular monitoring of a system of indicators. The liquid assets are compared to the shortterm or total liabilities, the size and structure of the mismatches between the net and the cumulative incoming and outgoing cash flows in respective time frames are watched closely, as on the base of their residual maturity, as on the base of the historical behavior of the clients in respect of the deposits and loans. The operative management of the liquidity risk is performed by a specialized committee, which meetings take place once a month. Its functions include the management of the Bank s positions through analysis and control of the assets, liabilities and offbalance sheet exposures, aiming at reaching of optimal level of the profile risk/return/liquidity, monitoring and analysis of the liquidity risk limits utilization. The committee receives a package of reports, related to the liquidity risk, produced by Liquidity and financial markets division, Financial control division and Risk management division. The daily liquidity risk management tasks are performed by Liquidity and financial markets division through daily monitoring of the cash flows and providing the needed liquid funds in order to cover the outgoing money flows, as well as keeping the liquidity limits, determined on the base of regulatory and internal bank requirements. Operational, market and liquidity risk management department as part of Risk management division prepares daily reports, concerning the shortterm liquidity and analyzes monthly the liquidity mismatches by time buckets. The above mentioned units perform monitoring on triggers and earlywarning signals for possible liquid crisis, which are described in the Strategy for Liquidity risk of Piraeus Group and in the issued from the Basel Committee for Bank Supervision document Principles for Sound Liquidity Risk Management and Supervision. The main factor, that helps to mitigate the liquidity risk is the longterm support provided by the Parent company Piraeus Bank S.A, which has provided considerable amount of funds in the form of capital, hybrid and subordinated debt, as well as money market deposits used as a longterm funding source. The Bank increases the volume of attracted (mostly term) deposits from nonfinancial sector clients to fund broader part of its operations on the asset side, which improves also its liquidity position. To ensure high level of liquidity, the Bank constantly maintains significant amounts in liquidity buffers composed of highliquidity assets. 17
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