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

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

2 Contents Page Independent Auditors Report 1 Income statement 3 Statement of comprehensive income 4 Statement of financial position 5 Statement of changes in equity 6 Statement of cash flows 7 Notes to financial statements 9

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5 3 Financial statements 31 December 2009 Income statement (In 000 MKD) For the year ending 31 December Notes Interest income 892, ,947 Interest (expense) (355,571) (319,021) Net interest income 5 537, ,926 Fee and commission income 149, ,205 Fee and commission (expense) (44,067) (45,519) Net fee and commission income 6 105, ,686 Foreign exchange gains, net 7 72,706 33,262 Other operating income 8 15,074 97,223 Impairment losses, net 9 (120,430) (137,338) Personnel expenses 10 (244,223) (180,451) Amortization and depreciation 19, 20 (62,471) (41,807) Other operating expenses 11 (274,796) (265,401) Profit before tax 28,923 31,100 Income tax expense 12 (4,537) (4,517) Net profit for the year 24,386 26,583 Attributable to: Equity holders of the Bank 24,386 26,583 Earnings per share Basic earnings per share (in Denars) See the accompanying Notes to the financial statements

6 4 Financial statements 31 December 2009 Statement of comprehensive income (In 000 MKD) For the year ending 31 December Notes Net profit for the year 24,386 26,583 Other comprehensive income Net change in fair value of securities available for sale (4,834) - Other comprehensive income for the year (4,834) - Total comprehensive income for the year 19,552 26,583 Attributable to: Equity holders of the Bank 19,552 26,583 See the accompanying Notes to the financial statements

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8 6 Financial statements 31 December 2009 Statement of changes in equity (In 000 mkd) Share capital Share premium (Treas. Share) Statut. reserve (Treasury shares reserves) Revaluat. reserve Retained earnings Total equity and reserves At 01 January , ,227-79,931 31, ,924 1,308,837 Distribution of retained earnings , (3,987) - Transactions with owners , (3,987) - Profit for the year ,386 24,386 Other comprehensive income (4,834) - (4,834) Total comprehensive income (4,834) 24,386 19,552 At 31 December , ,227-83,918 31,000 (4,834) 236,323 1,328,389 At 01 January , ,741 (4,811) 65,895 27, ,377 1,271,528 Treasury shares sold - 2,486 4,811-3, ,726 Distribution of retained earnings , (14,036) - Transactions with owners - 2,486 4,811 14,036 3,429 - (14,036) 10,726 Profit for the year ,583 26,583 Other comprehensive income Total comprehensive income ,583 26,583 At 31 December , ,227-79,931 31, ,924 1,308,837 See the accompanying Notes to the financial statements

9 7 Financial statements 31 December 2009 Statement of cash flows (In 000 mkd) Notes Year ended 31 December Operating activities Profit before taxation 28,923 31,100 Adjustment for: Amortization and depreciation 62,471 41,807 Impairment losses on financial assets, net 120, ,338 Impairment losses on foreclosed assets, net 2,701 - Impairment losses on commitments and contingencies, litigations and operating risk 260 9,113 Dividend income (6,997) (11,037) Recovery of previously written off receivables (1,221) - Net carrying amount of property, plant and equipment sold and disposed of Capitalized dividend income - (1,190) (Gain) from sold securities available for sale - (77,139) Foreclosed assets written off - 8 Income from interest, fees and commissions (1,042,701) (890,152) Expenses from interest, fees and commissions 399, ,540 (Loss) before changes in operating assets (436,302) (394,709) Changes in operating assets Loans and advances to banks (218,768) 2,083 Obligatory reserves in foreign currency (588,026) (96,859) Loans and advances to customers (1,535,505) (3,450,617) Foreclosed assets (6,301) (3,756) Other assets (12,441) (33,400) Due to banks 153,518 (22,118) Due to customers (1,317,014) 1,719,446 Other liabilities (2,697) 19,697 (Loss) after changes in operating assets (3,963,536) (2,260,233) Proceeds from interest, fees and commissions 1,043, ,976 Interests, fees and commissions paid (390,581) (340,749) Income tax paid (2,642) (14,693) (3,313,427) (1,764,699) Investment activities Purchase of property, plant and equipment (52,039) (131,040) (Purchase) / Sale of securities available for sale, net (3,581) (741,292) Maturity of securities held-to-maturity - 131,845 Dividends received 6,997 11,037 (48,623) (729,450) Financial activities Sale of treasury shares - 10,726 Dividends paid - (139) Proceeds from/(repayment of) loans, net 2,287,051 (99,853) 2,287,051 (89,266) See the accompanying Notes to the Financial Statements

10 8 Financial statements 31 December 2009 Statement of cash flows (continued) Notes (In 000 mkd) Year ended 31 December Changes in impairment provision included in cash and cash equivalents 2,522 (640) Net change in cash and cash equivalents (1,072,477) (2,584,055) Cash and cash equivalents, beginning of the year 33 4,184,111 6,768,166 Cash and cash equivalents, end of the year 33 3,111,634 4,184,111 See the accompanying Notes to the Financial Statements

11 9 Notes to the Financial Statements 1 General information Ohridska Banka A.D., Ohrid (hereinafter referred to as the Bank ) is a Shareholding Company incorporated in the Republic of Macedonia. The Bank s registered head office is located at 19 Makedonski Prosvetiteli Street, Ohrid, Republic of Macedonia. The Bank is licensed by the National Bank of the Republic of Macedonia for conducting of payment transfers, credit and deposit services on the territory of the Republic of Macedonia and abroad. At 31 December 2009 and 2008, the total number of employees was 352 and 323 employees, respectively. 2 Accounting policies The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless stated otherwise. 2.1 Basis of preparation These financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS). The financial statements have been prepared using the measurement basis specified by IFRS for each type of asset, liability, income and expense. The measurement basis are more fully described in the accounting policies below. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires the Bank s management to exercise 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 4: Critical accounting estimates and judgments. The financial statements have been prepared as of and for the years ended 31 December 2009 and Current and comparative data stated in these financial statements are expressed in Denar thousands. Where necessary, comparative figures have been adjusted to conform with the changes in presentation for the current year. Basis of preparation (continued)

12 10 Accounting policies (continued) (a) Standards, amendments and interpretations effective in 2009: Amendments to IFRS 7, Financial instruments: Disclosures (effective 1 January 2009) The amendments require additional disclosures for financial instruments that are measured at fair value in the statement of financial position. These fair value measurements are categorised into a three-level fair value hierarchy, which reflects the extent to which they are based on observable market data. A separate quantitative maturity analysis must be presented for derivative financial liabilities that shows the remaining contractual maturities, where these are essential for an understanding of the timing of cash flows. The Bank has taken advantage of the transitional provisions in the amendments and has not provided comparative information in respect of the new requirements. IFRS 8, Operating segments (effective 1 January 2009) IFRS 8 was issued in November 2006 and excluding early adoption would first be required to be applied to the Group s accounting period beginning on 1 January The standard replaces IAS 14, Segment reporting, with its requirement to determine primary and secondary reporting segments. The application of IFRS 8 does not have any material effect for the Bank but has an impact on segment disclosure and on the measurement bases within segments. IAS 1 (revised), Presentation of financial statements (effective 1 January 2009) A revised version of IAS 1 was issued in September It prohibits the presentation of items of income and expenses (that is, non-owner changes in equity ) in the statement of changes in equity, requiring non-owner changes in equity to be presented separately from owner changes in equity in a statement of comprehensive income. As a result, the Bank presents in the statement of changes in equity all owner changes in equity, whereas all non-owner changes in equity are presented in the statement of comprehensive income. Comparative information has been re-presented so that it also conforms with the revised standard. According to the amendment of IAS 1 in January 2008, each component of equity, including each item of other comprehensive income, should be reconciled between carrying amount at the beginning and the end of the period. Since the change in accounting policy only impacts presentation aspects, there is no impact on retained earnings. IFRS 2, Share-based payment Vesting conditions and cancellations (effective 1 January 2009) The IASB published an amendment to IFRS 2, Share-based payment, in January The changes pertain mainly to the definition of vesting conditions and the regulations for the cancellation of a plan by a party other than the Bank. These changes clarify that vesting conditions are solely service and performance conditions. As a result of the amended definition of vesting conditions, non-vesting conditions should now be considered when estimating the fair value of the equity instrument granted. In addition, the standard describes the posting type if the vesting conditions and non-vesting conditions are not fulfilled. There is no material impact on the financial statements by applying the amendment of IFRS 2 at the date of the Bank s statement of financial position. IAS 23, Borrowing costs (effective 1 January 2009) The revised standard requires the capitalisation of borrowing costs, to the extent they are directly attributable to the acquisition, production or construction of qualifying assets that need a substantial period of time to get ready for their intended use or sale. The application of the IAS 23 amendment does not have a material impact on the result or items of the statement of financial position.

13 11 Accounting policies (continued) Basis of preparation (continued) IFRIC 13, Customer loyalty programmes IFRIC 13 Customer Loyalty Programmes clarifies that when goods or services are sold together with a customer loyalty incentive (for example, loyalty points or the right to free products), the arrangement is a multiple-element arrangement and the consideration receivable from the customer is allocated between the components of the arrangement using fair values. IFRIC 13 is not relevant to the Bank s operations. (b) Standards, amendments and interpretations to existing standards that are not yet effective and have not been adopted early by the Bank The following standards, amendments and interpretations to existing standards have been published and are mandatory for the Bank s accounting periods beginning on or after 01 January 2009 or later periods, but the Bank has not adopted them early. IFRS 3, Business combinations (Revised 2008) (effective from 1 July 2009) The standard is applicable for business combinations occurring in reporting periods beginning on or after 1 July 2009 and will be applied prospectively. The new standard introduces changes to the accounting requirements for business combinations, but still requires use of the purchase method, and will have a significant effect on business combinations occurring in future reporting periods. IAS 27, Consolidated and separate financial statements (Revised 2008) (effective from 1 July 2009) The revised standard introduces changes to the accounting requirements for the loss of control of a subsidiary and for changes in the Bank's interest in subsidiaries. These changes will be applied prospectively in accordance with the transitional provisions and so do not have an immediate effect on the Bank's financial statements. Annual improvements to IFRS (2009) (effective from 1 July 2009 and later) The IASB has issued Improvements for International Financial Reporting Standards Most of these amendments become effective in annual periods beginning on or after 1 July 2009 or 1 January Preliminary assessments indicate that the effect on the Bank's financial statements will not be significant. IFRS 9, Financial instruments part 1: Classification and measurement (effective from 1 January 2013) The IASB aims to replace IAS 39 Financial Instruments: Recognition and Measurement in its entirety by the end of 2010, with the replacement standard to be effective for annual periods beginning 1 January IFRS 9 is the first part of Phase 1 of this project. Management have yet to assess the impact that this amendment is likely to have on the financial statements of the Bank. However, they do not expect to implement the amendments until all chapters of the IAS 39 replacement have been published and they can comprehensively assess the impact of all changes. 2.2 Foreign currency translation Transactions denominated in foreign currencies have been translated into Denar at rates set by the National Bank of the Republic of Macedonia at the dates of the transactions. Assets and liabilities denominated in foreign currencies are translated at the statement of financial position date using official rates of exchange prevailing on that date, and any foreign exchange gains or losses, resulting from foreign currency translation, are included in the statements of income in the period in which they arose. The middle exchange rates used for conversion of the statement of financial position items denominated in foreign currencies are as follows: 31 December December EUR Denar Denar 1 USD Denar Denar 1 CHF Denar Denar

14 12 Accounting policies (continued) 2.3 Offsetting Financial assets and liabilities are offset and reported in the statement of financial position 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 assets and settle the liability simultaneously. 2.4 Interest income and expense Interest income and expense are recognized in the income statement for all interest bearing financial assets and liabilities using the effective interest method. 2.5 Fee and commission income Fee and commission income is recognized in the income statement on an accrual basis when the service has been provided. 2.6 Dividend income Dividends are recognized in the income statement when the entity s right to receive payment is established. 2.7 Financial assets The Bank classifies its financial assets in the following categories: loans and receivables and available-for-sale financial assets. Management determines the classification of its investments at initial recognition. 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 or services directly to a debtor with no intention of trading the receivable. Loans are recognized when cash is advanced to the borrowers. Loans and receivables are carried at amortized cost using effective interest method. Available-for-sale financial assets Available-for-sale financial assets are non-derivative financial assets that are either designated to this category or do not qualify for inclusion in any of the other categories of financial assets. Availablefor-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. Financial assets are initially recognized at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Purchases and sales of financial assets available for sale are recognized on trade-date - the date on which the Bank commits to purchase or sell the asset. Gains and losses are recognised in other comprehensive income, except for impairment losses and foreign exchange differences on monetary assets, which are recognised in profit or loss. When the asset is disposed off or is determined to be impaired, the cumulative gain or loss recognised in other comprehensive income is reclassified to profit or loss and presented as a reclassification adjustment within other comprehensive income. Interest calculated using the effective interest method and dividends are recognised in profit or loss. Available-for-sale financial assets are subsequently carried at fair value. 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 commonly used by market participants. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or where the Bank has transferred substantially all risks and rewards of ownership.

15 13 Accounting policies (continued) 2.8 Impairment of financial assets Assets carried at amortized cost The Bank assesses at each statement of financial position date whether there is objective evidence that a financial asset is impaired. A financial asset or a group of financial assets is impaired and impairment losses are incurred 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 (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated. The criteria that the Bank uses to determine that there is objective evidence of an impairment loss include: Delinquency in contractual payments of principal or interest; Cash flow difficulties experienced by the borrower; Breach of loan covenants or conditions; Initiation of bankruptcy proceedings; Deterioration of the borrower s competitive position; and Deterioration in the value of collateral. The Bank assesses the existence of objective evidence for impairment on individual basis for individually significant financial assets 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. 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. For the purposes of a collective evaluation of 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, past-due 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 evaluated. 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 written off decrease the amount of the provision for loan impairment in the income statement. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized (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.

16 14 Accounting policies (continued) Impairment of financial assets (continued) Assets carried at fair value The Bank assesses at each statement of financial position date whether there is objective evidence that a financial asset is impaired. 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 is recognized in 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. 2.9 Foreclosed assets The property held for sale consists of buildings and equipment acquired in settlement of liabilities and intended to be sold. They are not used by the Bank for its core operations. These assets are stated at the lower of carrying amount and fair value less costs to sell. The Bank plans to dispose of the collected collateral within five years of forced acquistion Intangible assets Computer software Costs associated with development or maintaining computer software programs are recognized as an expense as incurred. Costs directly associated with identifiable and unique software products controlled by the Company that will probably generate economic benefits exceeding costs beyond one year, are recognized as intangible assets. Computer software development costs recognized as assets are amortized using the straight-line method over a period of four years. Other intangible assets Expenditure to acquire rights and licenses is capitalized and amortized using the straight-line method over a period of four years Property, plant and equipment Property, plant and equipment are carried at historical cost less accumulated depreciation. Historical cost includes all expenses directly attributable to acquisition of the items. Depreciation is charged on a straight-line basis at prescribed rates in order to allocate the cost of property, plant and equipment over their useful lives. The following are approximations of the annual depreciation rates applied to significant items of property, plant and equipment: Buildings 2.5% Furniture and equipment 20-25% Other assets 10-25% 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 during the financial period in which they are incurred. Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in the income statement.

17 15 Accounting policies (continued) 2.12 Impairment of non financial assets 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 Cash and cash equivalents For the purposes of the cash flow statement, cash and cash equivalents comprise balances with less than three months maturity from the date of acquisition, including cash and balances with Central Bank Provisions A provision is recognized when there is a present obligation as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Provisions are reviewed at each statement of financial position date and adjusted to reflect the current best estimate. Where the effect of the time value of money is material, the amount of provision is the present value of the expenditures expected to be required to settle the obligation Employee benefits The Bank contributes to its employees as prescribed by the local social security legislation. Contributions, based on salaries, are made to the national Pension Fund and the obligatory private pension funds. There is no additional liability regarding these contributions. In addition, all employers in the Republic of Macedonia are obligated to pay to the employees on retirement a separate minimum amount regulated by law. The Bank has not provided for the employees accrued separate minimum amount on retirement, as this amount would not have a material effect on the financial statements. The Bank does not operate any pension scheme or retirement benefit plans and consequentially, has no liability for pensions. The Bank is not obliged to provide additional benefits for its current or previous employees.

18 16 Accounting policies (continued) 2.16 Income tax Income tax expense represents the sum of the tax currently payable and deferred tax. At 31 December 2008, the tax payable was calculated and paid in accordance with the Macedonian Tax Law, where final taxes on profit of 10 % were payable based on the annual profit presented in the statutory statement of income as adjusted for items, which are non-deductable or disallowed. In accordance with the new regulations valid as of 01 January 2009, the Bank is not obliged to pay taxes on undistributed profit earned since 01 January 2009, until that profit is distributed as dividends or other forms of distribution. At the moment when dividends are actually paid out 10% income tax will be payable. Income tax is still payable at a rate of 10% on the non-deductible expenses recognized during the year less tax credits, regardless of distribution of dividends. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying values for financial reporting purposes. Currently enacted tax rates are used in determination of deferred income tax. Deferred tax is charged or credited in the income statement except when it relates to items charged or credited directly to income statement, in which case the deferred tax is also dealt with in income statement. Deferred tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. The Bank has not recognized any deferred tax liability or asset at 31 December 2009 and 2008, as there are no temporary differences existing at that date Borrowings Borrowings are recognized initially at fair value, being their issue proceeds (fair value of consideration received) net of transaction costs incurred. Borrowings are subsequently stated at amortized cost Equity, reserves and dividend payments (a) Shareholders capital Share capital represents the nominal value of shares that have been issued. (b) Share issue costs Incremental costs directly attributable to the issue of new shares or options or to the acquisition of a business are shown in equity as a deduction, net of tax, from the proceeds. (c) Treasury shares Where the Bank purchases equity share capital, the consideration paid is deducted from total shareholders equity as treasury shares until they are cancelled. Where such shares are subsequently sold or reissued, any consideration received is included in shareholders equity. (d) Reserves Reserves, which comprise of revaluation and statutory reserves, are generated throughout the period, based on gains/losses from revaluing financial and nonfinancial assets, as well as distributing accumulated gains based on legal regulation and decisions by the Bank s management. (e) Retained earnings Retained earnings comprise of non-distributed earnings from the current and past periods. (f) Dividends on ordinary shares Dividends on ordinary shares are recognized as liabilities in the period in which they are approved by the Company s shareholders. Dividends for the year that are declared after the statement of financial position date are dealt with in the subsequent events note.

19 17 Accounting policies (continued) 2.19 Fiduciary activities The Bank commonly acts as trustee and in other fiduciary capacities that result in the holding or placing of assets on behalf of individuals and other institutions. These assets and income arising thereon are excluded from these financial statements, as they are not assets of the Bank Segment reporting A business segment is a distinguishable component of an entity engaged in providing an individual or a group of related product(s) or service(s) subject to risks and rewards that are different from those of other business segments. A geographical segment is a distinguishable component defined as for a business segment, but subject to risks and rewards related to particular economic environments Commitments and contingencies The Bank undertakes liabilities in its operating activities arising from loan placements accounted for in the off balance sheet accounts, which primarily include guarantees and letter of credits. These financial liabilities are accounted for in the statement of financial position when become recoverable. Impairment provision related to commitments and contingencies is recognized as a liability within the statement of financial position Subsequent events Post-year-end events that provide additional information about the Bank s position at the statement of financial position date (adjusting events) are reflected in the financial statements. Post-year-end events that are not adjusting events are disclosed in the notes when material.

20 18 3 Financial risk management The Bank s activities expose it to a variety of financial risks and those activities involve the analysis, evaluation, acceptance and management of risks. The Bank s aim is to achieve an appropriate balance between risk and return and minimize potential adverse effects on the Bank s financial performance. The Bank s risk management policies are designed to identify and analyze these risks, to set appropriate risk limits and controls, and to monitor the risks and adherence to limits by means of reliable and up-to-date information systems. The Bank regularly reviews its risk management policies and systems to reflect changes in markets, products and emerging best practice. Risk management is carried out by Risk management Board under policies approved by the Supervisory Board. This board identifies and evaluates financial risks in close co-operation with the Bank s operating units. The Supervisory Board provides written principles for overall risk management, whereas the Board of directors provides written policies covering specific areas, such as liquidity risk, foreign exchange risk, interest rate risk and credit risk. 3.1 Credit risk The Bank takes on exposure to credit risk, which is the risk that a counter party will cause a financial loss for the Bank by failing to discharge an obligation. Credit risk is the most important risk for the Bank s business. Therefore, the Bank s management carefully manages its exposure to credit risk. Credit exposures arise principally in lending activities that lead to loans and advances. The credit risk management and control are centralized in Risk department and reported to the Risk management Board and the Board of directors regularly. Credit risk measurement Financial assets The Bank s credit risk measurement is based on the established credit rating levels from A to D, each level bearing certain percentage of provision for possible impairment loss, i.e. 0-10%, 10.01%-25%, 25.01%-50%, 50.01%-75%, 75.01%-100%, respectively. This system takes into account the borrowers ability to meet payment obligations and the respective collaterals, as well. The Bank monitors its credit risk exposure on a revolving quarterly basis. Risk limit control and mitigation policies The Bank manages, limits, and controls concentrations of credit risk wherever they are identified in particular, to individual counter parties and groups, and to industries and countries. The Bank structures the levels of credit risk it undertakes by placing limits on the amount of risk accepted in relation to one borrower, or groups of borrowers, and to geographical and industry segments. Such risks are monitored on a revolving basis and subject to an annual or more frequent review, when considered necessary. Limits on the level of credit risk by product, industry sector and by country are approved quarterly by the Risk management Board and the Board of directors. Exposure to credit risk is also managed through regular analysis of the ability of borrowers to meet payment obligations and by changing these lending limits where appropriate. Collateral is one of the most traditional and common practice to mitigate the credit risk. The Bank implements guidelines on the acceptability of specific classes of collateral. The principal collateral types for loans and advances are: Mortgages on residential properties and business premises; Pledges over business assets such as inventory and accounts receivable; and Pledges over financial instruments such as debt instruments.

21 19 Financial risk management (continued) Credit risk (continued) Long-term financing, lending to corporate entities and revolving individual credit facilities are generally secured. In addition, to minimize the credit loss the Bank seeks additional collateral from the counter party as soon as impairment indicators are noticed for the relevant individual loans and advances. Impairment and provisioning policies The impairment provision at year-end is derived from each of the Bank s internal rating grades as explained in the Credit risk measurement paragraph above. The table below shows the percentage of the Bank s balance sheet items relating to loans and advances and the associated impairment provision for each of the Bank s internal rating categories: Financial assets (%) Impairment provision (%) Financial assets (%) Impairment provision (%) A B V G D The internal rating tool assists management to determine whether objective evidence of impairment exists under IAS 39, based on the following criteria set out by the Bank: Delinquency in contractual payments of principal or interest; Cash flow difficulties experienced by the borrower; Breach of loan covenants or conditions; Initiation of bankruptcy proceedings; Deterioration of the borrower s competitive position; and Deterioration in the value of collateral. Maximum exposure to credit risk before collateral held The maximum exposure to credit risk is presented with the carrying amounts of financial assets in the balance sheet, provided in the table below (in Denar thousands).

22 20 Financial risk management (continued) Credit risk (continued) Analysis of maximum exposure to credit risk Cash and cash equivalents Loans and advances to banks Loans and advances to customers Securities available for sale Other receivables Total assets Risk category A 314, , ,000-7,633,410 5,932,985 19,117 19,117 1,917 3,348 8,194,291 6,225,388 Risk category B , , , , ,280 Risk category V , , , , ,287 Risk category G ,659 61, ,520 61,364 Risk category D ,051 20, ,781 84, , , ,215 Net carrying value before provision for impairment 314, , ,355 20,422 8,530,766 6,754,252 19,117 19,117 9,677 3,805 9,119,762 7,067,534 (Provision for impairment) (171) (2,693) (20,413) (20,422) (499,146) (382,966) (19) (266) (4,876) (198) (524,625) (406,545) Net carrying value less provision for impairment 314, , ,942-8,031,620 6,371,286 19,098 18,851 4,801 3,607 8,595,137 6,660,989 Not past due nor impaired Risk category A 2,394,074 4,402,303 6,117 12, , ,665 2,339, ,664 64,651 57,262 5,069,364 5,849,176 Net carrying value 2,394,074 4,402,303 6,117 12, , ,665 2,339, ,664 64,651 57,262 5,069,364 5,849,176 Net carrying value 2,708,706 4,668, ,059 12,282 8,296,746 6,889,951 2,358, ,515 69,452 60,869 13,664,457 12,508,808 Value of collateral (fair value) estimated for the purposes of protection against credit risk As of 31 December 2008, the fair value of the collateral amounts to Denar 8,314,619 thousands and comprises of mortgage, other registered pledges and guarantees. As of 31 December 2009, the value of collateral is as follows: Loans and receivables from customers Other receivables Off balance sheet items Total First-class security instruments - cash deposits (in a depot and/or limited to bank account) 504,298 72,290 9, ,171 - bank guarantees 3, ,310 Property and equipment under pledge 11,457, , ,204 12,171,295 Other types of security 660, ,067 12,625, , ,814 13,421,843

23 21 Financial risk management (continued) Credit risk (continued) Geographic sectors The following table breaks down the Bank s main credit exposure at their carrying amounts, as categorized by geographic region as of 31 December 2009 and (In 000 MKD) Cash and cash equivalents Loans and advances to banks Loans and advances to customers Securities available for sale Other receivables Total assets Republic of Macedonia 2,219,771 3,707, ,942-8,294,846 6,889,951 2,358, ,515 69,452 60,869 13,167,505 11,536,002 EU members 286, ,568 6,117 12, , ,850 Other European countries 5,331 2, , ,222 2,781 Other countries 197, , , ,175 2,708,706 4,668, ,059 12,282 8,296,746 6,889,951 2,358, ,515 69,452 60,869 13,664,457 12,508,808 Industrial sectors The following table breaks down the Bank s main credit exposure at their carrying amounts, as categorized by industrial sector as of 31 December 2009 and (In 000 MKD) Cash and cash equivalents Loans and advances to banks Loans and advances to customers Securities available for sale Other receivables Total assets Financial institutions 2,708,706 3,776, ,059 12,282 30, ,098 18,897 3,054 2,798 2,992,540 3,811,151 Manufacturing ,153,265 1,329, ,089 1,154,013 1,330,197 Trading ,218,326 2,037, , ,219,885 2,038,116 Other industries ,780, , ,805 55,909 1,843, ,361 State - 891, ,059-2,339, , ,459,479 1,750,229 Citizens ,994,410 2,883, ,994,672 2,883,754 2,708,706 4,668, ,059 12,282 8,296,746 6,889,951 2,358, ,515 69,452 60,869 13,664,457 12,508,808

24 22 Financial risk management (continued) 3.2 Liquidity risk The Bank is exposed to daily calls on its available cash resources from current accounts, maturing deposits, loan draw downs and other cash calls. The tables below analyses assets and liabilities of the Bank into relevant maturity based on the remaining period at balance sheet date to the contractual maturity date (in Denar thousands). Less than one month From 1 to 3 months From 3 to 12 months From 1 to 5 years Over 5 years As at 31 December 2009 Total Assets Cash and cash equivalents 2,708, ,708,706 Loans and advances to banks 230, ,059 Loans and advances to customers 485,438 1,161,010 2,876,513 2,543,520 1,230,265 8,296,746 Securities available for sale 1,579,824 45, , ,358,494 Other receivables 76, ,733 Total Assets 5,081,789 1,207,316 3,609,615 2,543,749 1,230,269 13,672,738 Liabilities Due to banks 152, , ,015 Due to customers 5,320,011 1,676,194 2,003, , ,733,586 Borrowings 9,571 1,237,519 1,306, , ,418 2,991,951 Other liabilities 93, ,288 Total Liabilities 5,575,056 2,913,713 3,309,938 1,040, ,438 12,976,840 Net liquidity gap (493,267) (1,706,397) 299,677 1,503,054 1,092, ,898 As at 31 December 2008 Total assets 4,133,736 2,040,500 2,858,109 1,711,750 1,774,889 12,518,984 Total liabilities 7,539,497 2,041,690 1,536, , ,994 11,849,665 Net liquidity gap (3,405,761) (1,190) 1,321,600 1,166,775 1,587, , Market risks The Bank is exposed to market risks. Market risks arise from the open position of the Bank to the effect of fluctuation in the prevailing level of market interest rates, as well as from the effect of fluctuation in the foreign exchange rates. The Bank s management sets limits of the value of risk that may be accepted, which is mainly based on a day by day monitoring. Interest rate risk The Bank takes on exposure to effects of fluctuations in the prevailing levels of market interest rates on its financial position and cash flows. The table below analyses the existence of a gap between the interest rates of assets and liabilities of the Bank into relevant maturity groupings based on the remaining period at balance sheet date to the contractual maturity date as of 31 December 2009 and 31 December 2008 (in Denar thousands).

25 23 Financial risk management (continued) Market risks (continued) Interest rate risk (continued) Analysis of interest rate gap between financial assets and liabilities (excluding portfolio held for trading and derivatives) Effective interest rate (in %) Instruments with variable interest rate Instruments with fixed and variable interest, including those with a variable interest rate dependant on decisions from relevant Bank bodies Less than one month From 1 to 3 months From 3 to 12 months From 1 to 5 years Non-interest bearing As at 31 December 2009 Over 5 years Total Assets Cash and cash equivalents 0.77% - 1,890, ,573 2,708,706 Loans and advances to banks 6.20% - 224, , ,059 Loans and advances to customers 8.48% 1,216, ,390 1,123,919 4,259, ,000 79, ,200 8,296,746 Securities available for sale 7.83% - 1,572,860 45, , ,061 2,358,494 Other receivables 0.00% ,733 77,733 1,216,187 4,201,958 1,169,421 4,973, ,229 79,386 1,215,051 13,672,738 Liabilities Due to banks 1.37% - 127, ,181-6, ,015 Due to customers 2.81% - 465,892 1,231,685 6,250, ,870-1,036,268 9,733,586 Borrowings 1.08% 537,726-1,223, , ,021 4,211 3,086 2,991,951 Other liabilities 0.00% ,288 93, , ,968 2,455,149 7,040,314 1,207,072 4,211 1,139,400 12,976,840 Net interest gap 678,461 3,608,990 (1,285,728) (2,066,808) (389,843) 75,175 75, ,898 As at 31 December 2008 Total assets 3.62%-20.01% 1,205,064 2,891,147 1,408,406 2,858,109 1,511, ,574 2,093,625 12,518,984 Total liabilities 3.45%- 5.59% 661,470 6,889,943 2,026,042 1,414, ,147 13, ,651 11,849,665 Net interest gap 543,594 (3,998,796) (617,636) 1,443,358 1,366, ,913 1,393, ,319

26 24 Financial risk management (continued) Market risks (continued) Sensitivity analysis The interest rate sensitivity analysis has been determined based on the exposure to interest rate risk at the reporting date. At 31 December 2009, if interest rates had been 200 basis points higher/lower with all other variables were held constant, the Bank s pre-tax profit for the twelve month period ended 31 December 2009 would respectively decrease/increase by approximately Denar 12,405 thousands (2008: Denar 14,493 thousands) and other equity components would respectively increase/decrease by Denar 46,788 thousands (2008: 17,173). Foreign currency risk The Bank takes on exposure to effects on fluctuations in the prevailing foreign currency exchange rates on its financial position and cash flows. The following tables summarize the net foreign currency risk position of the Bank at 31 December 2009 and 2008 (in Denar thousands). MKD EUR USD Other currencies Total As at 31 December 2009 Assets Cash and cash equivalents 839,790 1,271, , ,552 2,708,706 Loans and advances to banks 224,637 6, ,059 Loans and advances to customers 784,242 7,504,980 7, ,296,746 Securities available for sale 1,642, , ,358,494 Other receivables 74,340 3, ,733 Total Assets 3,565,945 9,501, , ,650 13,672,738 Liabilities Due to banks 1, , , ,015 Due to customers 2,655,833 6,269, , ,984 9,733,586 Borrowings 4,211 2,967,535 20,205-2,991,951 Other liabilities 93, ,288 Total Liabilities 2,754,647 9,391, , ,033 12,976,840 Net foreign currency position 811, ,782 (164,799) (61,383) 695,898 As at 31 December 2008 Total Assets 3,998,173 7,293, , ,366 12,518,984 Total Liabilities 3,698,154 7,096, , ,899 11,849,665 Net foreign currency position 300, ,544 14, , ,319 The following table shows the sensitivity of the Bank of an increase of the Denar compared to foreign currency. The sensitivity analysis includes only the monetary items denominated in foreign currency at the end of the year, thus making adjustment of their value when the exchange rate of the foreign currencies is changed by 1% and/or 5%. Adverse amount below marks a decrease of the profit or the other equity which appears in case the Denar increases its value compared to the foreign currencies by 1% and/or 5%. When the value of the Denar compared to foreign currencies decreases by 1% and/or 5%, the effect on the profit or the other equity is equal but with reverse index as showed in the table below (in Denar thousands). Change in 2009 Change in 2008 Profit or loss EUR 1% 1% 1,108 1,975 USD 5% 5% (8,243) 714 Other currencies 1% 1% (614) 1,575

27 25 Financial risk management (continued) 3.4 Fair value estimation Fair value represents the amount at which an asset could be replaced or a liability settled on an arm s length basis. Fair values have been based on management assumptions according to the profile of the asset and liability base. Financial instruments measured at fair value The Bank adopted the amendments to IFRS 7 Improving Disclosures about Financial Instruments effective from 1 January These amendments require the Bank to present certain information about financial instruments measured at fair value in the statement of financial position. In the first year of application comparative information need not be presented for the disclosures required by the amendment. Accordingly, the disclosure for the fair value hierarchy is only presented for the 31 December 2009 year end. The following table presents financial assets and liabilities measured at fair value in the statement of financial position in accordance with the fair value hierarchy. This hierarchy groups financial assets and liabilities into three levels based on the significance of inputs used in measuring the fair value of the financial assets and liabilities. The fair value hierarchy has the following levels: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). The level within which the financial asset or liability is classified is determined based on the lowest level of significant input to the fair value measurement. The financial assets and liabilities measured at fair value in the statement of financial position are grouped into the fair value hierarchy as follows: Level 1 Level 2 Level 3 Total Assets Securities available for sale - 2,358,494-2,358,494 Financial instruments not measured at fair value The following table summarizes the carrying amounts and fair values to those financial assets and liabilities not presented on balance sheet at their fair value. Financial assets 31 December December 2008 Net Carrying Net Carrying Amount Fair Value Amount Fair Value Cash and cash equivalents 2,708,706 2,708,706 4,668,191 4,668,191 Loans and advances to banks 231, ,059 12,282 12,282 Loans and advances to customers 8,296,746 8,296,746 6,889,951 6,889,951 Other receivables 77,733 77,733 71,045 71,045 Financial liabilities Due to banks 158, ,015 4,399 4,399 Due to customers 9,733,586 9,733,586 11,036,664 11,036,664 Borrowings 2,991,951 2,991, , ,909 Other liabilities 93,288 93,288 98,693 98,693

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