MOŽNOSTI SAVINGS HOUSE DOO Skopje. Financial statements. for the year ending on 31 st December 2011
|
|
- Damian Dawson
- 5 years ago
- Views:
Transcription
1 MOŽNOSTI SAVINGS HOUSE DOO Skopje Financial statements for the year ending on 31 st December 2011
2 Financial statements for the year ending 31 st December 2010 Table of contents Page Independent audit findings (i)- (ii) Profit and loss sheet 1-2 Balance sheet 3-4 Report on changes in equity and provisions 5-6 Cash flow report 7-8 Comments to the financial statements 9-142
3 INDEPENDENT AUDITOR FINDINGS To the Board of Directors of the Možnosti Savings House DOO Skopje We have conducted an audit of the submitted financial statements of the Možnosti Savings House DOO Skopje, including the balance sheet as of 31st December 2011, as well as the profit and loss sheet, the report on changes in principal and the cash flow report for the year ending then, and the overview of notable accounting policies, and other explanatory notes. Management responsibility for financial statements The management is responsible for preparing and presenting objectively such financial statements in line with the laws and regulations applied in Republic of Macedonia, as well as maintaining internal control relevant for the preparation and objective presentation of financial statements free of material misrepresentation, regardless whether it is due to fraud or mistake. Auditor responsibility It is our responsibility to express our opinion on these financial reports on the basis of our audit. We have conducted our audit in line with the International Standards on Auditing. These standards require that we observe ethical requirements and plan and execute the audit so as to obtain reasonable assurance as to whether the financial statements are free of material misrepresentation. The audit includes procedures for obtaining auditing evidence of the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgement, including the assessment of the risk of material misrepresentation of financial statements, be they the result of fraud or mistake. In making such risk assessments, the auditor reviews the internal control relevant for the preparation and objective presentation of the financial statements of the entity in order to form auditing procedures fitting the circumstances, but not in order to state an opinion regarding the effectiveness of the entity's internal control. The audit also includes an assessment of the adequacy of the applied accounting policies and of the reasonability of the accounting estimates made on the part of the management, as well as an assessment of the overall presentation of financial statements. We believe that the auditing evidence we have gathered is sufficient and adequate to provide the basis for our audit opinion. (i)
4 Opinion As far as our opinion is concerned, the financial statements provide an accurate and objective image of the financial state of the Možnosti Savings House DOO Skopje, as of 31 st December 2011, as well as of its financial success and its cash flow for the year ending then, in line with the laws and regulations applied in the Republic of Macedonia. Manager Ljube Gjorgjievski Authorised auditor Ljube Gjorgjievski Pricewaterhouse Coopers AUDIT DOO Skopje, 30 th April 2012 (ii)
5 Balance sheet for the to period Note current year 2011 Previous year 2010 Interest revenue Interest expenditure (86.821) ( ) Net interest revenue/(expenditure) Revenue from commission and fees Expenditure for commissions and fees (8.574) (7.548) Net revenue/(expenditure) from commission and fees 7 (5.083) (3.859) Net trading revenue Net revenue from other financial instruments recorded at objective value Net revenue/(expenditure) from Fx rate differences (1.127) Other operative revenue Share in the profit of associated companies Impairment of financial assets, net based 12 (9.740) (14.549) Loss due to damage to non-financial assets, net based Personnel expenditure 14 (65.333) (54.440) Depreciation 15 (12.451) (13.878) Other operative expenditure 16 (55.805) (47.003) Share in the loss of associated companies Profit/(loss) before tax Profit tax 17 (625) (611) Profit/(loss) for the fiscal year with uninterrupted operation Profit/(loss) from the group of assets and liabilities kept for sale - - Profit/(loss) for the fiscal year Profit/(loss) for the period, assigned to: bank shareholders - - minority share - - Yield per share principal yield per share (in MKD) - - diluted yield per share (in MKD) - - The notes in pages 9 through 142 are a constituent part of these financial statements 1
6 Report on profit as of to Profit/ (loss) for the fiscal year Note Current year 2011 Previous year Other profits/ (losses) in the period which are not presented in the Profit and loss sheet (before tax) - - Revaluation provisions for assets available for sale uneffected net based changes in the objective value of assets available for sale effected net based profit/(loss) from assets available for sale, reclassified in the Profit and Loss Sheet - - Instrument provision securing cash flows risk uneffected net based changes in the objective value of instruments securing cash flow risk effected net based profits/ (losses) from instruments securing cash flow risks, reclassified in the Profit and Loss Sheet - - Instrument provision securing net based investment risks in foreign operations - - Provisions from Fx rate differences in investments in foreign operations - - Share in other profits/ (losses) from associated companies not presented in Profit and Loss Sheet Other profits/(losses) not presented in the Profit and Loss Sheet - - Income tax from other profits/(losses) not presented in the Profit and Loss Sheet 17 (625) (611) Total other profits/(losses) in the period not presented in the Profit and Loss Sheet - - Profit/(loss) for the fiscal year Profit/(loss) for the fiscal year belonging to: bank shareholders Minority share Signed on behalf of Moznosti Savings House DOO Skopje: Snezana Andova CEO The notes in pages 9 through 142 are a constituent part of these financial statements 2
7 Balance sheet as of Note current year 2011 previous year 2010** Assets Cash and cash equivalents Trading assets Financial assets at objective value through the profit and loss sheet designated as such at the initial acknowledgement Derivative assets maintained for risk management Loans to and receivables from banks Loans to and receivables from other clients Investments in securities Investments in associated companies (registered in accounting according to the principal method) Receivables for profit tax (current) Other receivables Assets under collateral* Foreclosed assets pursuant to unpaid receivables Intangible assets Real estate and equipment Deferred tax assets Non-current assets kept for sale and group for sale Total assets Liabilities Trading liabilities Financial assets at objective value through the profit and loss sheet designated as such at the initial acknowledgement Derivative liabilities maintained for risk management Bank deposits Deposits of other clients Issued debt securities Loan liabilities Subordinated liabilities Special reserve and provisions Profit tax liabilities (current) Deferred tax liabilities Other liabilities Liabilities directly linked with the group of assets for sale Total liabilities Equity and provisions Registered capital Share premiums - - Own shares - - Equity component of hybrid financial instruments - - Other ownership instruments - - Revaluation provisions - - Other provisions Retained profit/(accumulated loss) Total equity and provisions, belonging to the bank shareholders Minority share* - - Total equity and provisions Total liabilities and equity and provisions Potential liabilities Potential assets The notes in pages 9 through 142 are a constituent part of these financial statements 3
8 *Consolidated financial statements only **This column is filled in only if the bank: applies accounting policy retroactively, corrects mistakes retroactively or performs a retroactive reclassification of entries from financial statement Signed on behalf of Moznosti Savings House Doo Skopje: Snezana Andova CEO The notes in pages 9 through 142 are a constituent part of these financial statements 4
9 Report on changes in equity and reserves for the to period In MKD,000 Registe red capital Share premium s (Own shares) Equity Revaluation provisions Other provisions Retained profit Other ownership instruments Revaluatio n provisions for assets available for sale Risk contingenc y provisions Fx difference provisions from investments in foreign operations Other revaluation provisions Mandato ry reserve Capital component of hybrid financial instruments Other provisions Available for distribution to shareholde rs earmarked for distribution to shareholde rs Accumulat ed loss Total equity and provisions belonging to the bank shareholder s Minority share* Fx differenc e provision s from investme nts in foreign operatio ns Total equity and provisions Other revaluation provisions Total equity and provisions As of 1 st January 2010 (previous year) Correction of initial balance As of 1 st January 2010 (previous year), corrected Profit/(loss) for the fiscal year Profit/loss for the fiscal year Other profit/loss not presented in the Profit and loss sheet Change in the objective value of assets available for sale Changes in the objective value of cash flow risk contingencies Change in the objective value of risk contingencies for net investments in foreign operations Fx rate differences from investments in foreign operations Deferred tax (assets)/liabilities acknowledged in equity and provisions Other profit/(loss) not presented in the Profit and loss sheet (state into details) Total unrealised profit/(loss) acknowledged in equity and provisions Total profit/(loss) for the fiscal year Transactions with shareholders acknowledged in equity and provisions Issued shares in the period Earmarked funds for mandatory provisions Earmarked funds for other provisions (2.428) Dividend (606) (606) Purchase of own shares Own shares sold Other changes in capital and provisions (state into details) Transactions with shareholders acknowledged in equity and provisions As of 31 st December 2010 (previous year)/ 1 st January 2011 (current year) (3.034) (606) The notes from page 9 through 136 are a comprising part of these financial statements 5
10 Report on changes in equity and reserves for the to period (continued) In MKD,000 As of 1 st January 2010 (previous year) Registe red capital Share premium s (Own shares) Equity Revaluation provisions Other provisions Retained profit Other ownership instruments Revaluatio n provisions for assets available for sale Risk contingenc y provisions Fx difference provisions from investments in foreign operations Other revaluation provisions Mandato ry reserve Capital component of hybrid financial instruments Other provisions Available for distribution to shareholde rs earmarked for distribution to shareholde rs Accumulat ed loss Total equity and provisions belonging to the bank shareholder s Minority share* Fx differenc e provision s from investme nts in foreign operatio ns Total equity and provisions Other revaluation provisions Total equity and provisions Profit/(loss) for the fiscal year Profit/loss for the fiscal year Other profit/loss not presented in the Profit and loss sheet Change in the objective value of assets available for sale Changes in the objective value of cash flow risk contingencies Change in the objective value of risk contingencies for net investments in foreign operations Fx rate differences from investments in foreign operations Deferred tax (assets)/liabilities acknowledged in equity and provisions Other profit/(loss) not presented in the Profit and loss sheet (state into details) Total unrealised profit/(loss) acknowledged in equity and provisions Total profit/(loss) for the fiscal year Transactions with shareholders acknowledged in equity and provisions Issued shares in the period Earmarked funds for mandatory provisions Earmarked funds for other provisions (2.724) Dividend (613) (613) Purchase of own shares Own shares sold Other changes in capital and provisions (state into details) Tax on paid dividend Transactions with shareholders acknowledged in equity and provisions As of 31 st December 2011 (current year) (68) (68) (3.405) (681) Signed on the behalf of Snezana Andova CEO The notes from page 9 through 136 are a comprising part of these financial statements 6
11 Cash flow statement for the to period Core operation cash flow Note current year 2011 previous year 2010 Profit/(loss) before tax Corrected for: minority share, included in the consolidated profit and loss sheet Depreciation of: intangible assets real estate and equipment Capital gain from: sale of intangible assets 11 - (308) sale of real estate and equipment sale of foreclosed assets on the basis of unpaid receivables Capital loss from: sale of intangible assets sale of real estate and equipment sale of foreclosed assets on the basis of unpaid receivables Interest revenue 6 ( ) ( ) Interest expenditure Net trading revenue Impairment of financial assets, net based additional impairment released impairment 12 (77.366) (73.979) Loss from damage to non-financial assets, net based additional losses due to damage released losses due to damage Special reserve additional provisions released provisions 38 (4) (9) Revenue from dividends - - Share in the profit/(loss) of associated companies - - Other corrections Collected interest Paid interest ( ) ( ) Operative profit before changes in business assets (7.057) (Increase)/reduction of business assets: Trading assets - - Derivative assets maintained for risk management - - Loans to and receivables from banks - - Loans to and receivables from other clients Assets under collateral - - Foreclosed assets on the basis of unpaid receivables 27 (34.893) (5.939) Mandatory foreign exchange reserve - - Mandatory deposit at the Central Bank in line with special regulations - - Other receivables Deferred tax assets - - Non-current assets maintained for sale and group for sale - - The notes from page 6 through 115 are a comprising part of these financial statements 7
12 Cash flow statement for the to period (continued) In MKD,000 Note previous year current year Increase/(reduction) of business liabilities: Trading liabilities - - Derivative liabilities maintained for risk management - - Bank deposits - - Deposits from other clients Other liabilities (5.324) Liabilities directly linked to the group of assets for sale - - Net cash flow from core operations before tax (Paid)/rebate on profit tax - - Net cash flow from core operations Cash flow from investment operations (Investments in securities) 23 - (19.913) Income from sale of investments in securities - - (Expenditure for investment in subsidiaries and associated companies) - - Income from sale of investments in subsidiaries and associated companies - - (Procurement of intangible assets) 28 (940) (1.755) Income from sale of intangible assets - - (Procurement of real estate and equipment) 29 (9.283) (12.958) Income from sale of real estate and equipment (Expenditure for non-current assets maintained for sale) - - Income from non-current assets maintained for sale - - (Other expenditure for investment operations) - - Other income from investment operations - - Net cash flow from investment operations (10.223) (34.145) Financing cash flow (Repayment of issued debt securities) - - Income from issued debt securities - - (Repayment of loan liabilities) ( ) ( ) Increase in loan liabilities (Repayment of issued subordinated liabilities) - - Income from issued subordinated liabilities - - Income from issued shares/ownership instruments in the period in question - - (Purchase of own shares) - - Own shares sold - - (Paid dividends) - - (Other financing expenditure) - - Other financing income - - Net financing cash flow ( ) Effects of impairment of cash and cash equivalents - - Effects of Fx rate differences on cash and cash equivalents - - Net increase/(reduction) of cash and cash equivalents Cash and cash equivalents as of 1 st January Cash and cash equivalents as of 31 st December *for consolidated financial statements only The notes from page 9 through page 136 are a comprising part of the financial statements 8
13 Signed on behalf of the Moznosti Savings House Doo Skopje: Snezana Andova Manager of the savings house The notes from page 9 through page 136 are a comprising part of the financial statements 9
14 Number of Note Note 1 Introduction 2 Risk management 2.1 Credit risk 2.2 Liquidity risk 2.3 Market risk Analysis of interest rate alignment Currency risk 2.4 Other operative risks 3 Capital adequacy 4 Reports per segments 5 Objective value of financial assets and liabilities Profit and loss sheet 6 Net interest revenue (expenditure) 7 Net revenue (expenditure) from commissions and fees 8 Net trading revenue 9 Net revenue from other financial instruments registered at objective value 10 Net Fx rate difference revenue (expenditure) 11 Other operative revenue 24 Share in the profit/ (loss) of associated companies 12 Impairment of financial assets, net based 13 Loss due to damage to non-financial assets, net based 14 Personnel expenditure 15 Depreciation 16 Other business expenditure 17 Profit tax Balance sheet Assets 18 Cash and cash equivalents 19 Trading assets 20 Financial assets at objective value through the profit and loss sheet, designated as such at initial acknowledgement 21 Derivative assets maintained for risk management 22.1 Loans to and receivables from banks 22.2 Loans to and receivables from other clients 23 Investments in securities 24 Investments in associated companies 25 Other receivables 26 Assets under collateral 27 Foreclosed assets on the basis of unpaid receivables 28 Intangible assets 29 Real estate and equipment 30 Deferred tax assets 31 Non-current assets maintained for sale and group for sale Liabilities, equity and provisions 32 Trading liabilities 33 Financial liabilities at objective value through the profit and loss sheet, designated as such at initial acknowledgement 21 Derivative liabilities maintained for risk management 34.1 Bank deposits 34.2 Deposits by other clients 35 Issued debt securities 36 Loan liabilities 37 Subordinated liabilities 38 Special reserve and provisions 30 Deferred tax liabilities 39 Other liabilities 31 Liabilities directly linked to the group of assets for sale 40 Registered capital Other disclosure 41 Yield per share 42 Potential liabilities and potential assets 43 Operations on behalf of and for the account of third parties/commission work 44 Transactions with associated parties 45 Lease 46 Payments for shares 10
15 1. Introduction a) General information (i) Name of the savings house, as per the Savings House Charter and the court registration of the savings house Savings House MOŽNOSTI DOO, Skopje (hereinafter: the Savings House) is a limited liability company with registered offices in the Republic of Macedonia. The primary organisation and founder of the Savings House is the Možnosti Centre for Education and Entrepreneurship, a partner organisation of Opportunity International. The Savings House operates in line with the regulations of the National Bank of the Republic of Macedonia and conducts all its business operations according to licence 02-14/ (ii) Address of the Savings House head office 111 Jane Sandanski blvd Skopje Republic of Macedonia (iii) (iv) (v) (vi) Primary operations of the Savings House - Accepting monetary deposits in denars from physical persons - Approving loans to physical and legal entities in line with the regulations - Taking loans from local banks - Placing assets in government securities - Fx operations List of subsidiaries The Savings House has no subsidiaries. Stock exchange where the bank shares are listed and its listing code The Savings House is registered as a limited liability company and is not listed on the stock exchange. Date of approval for issuing financial statements from the Savings House Board of Directors Such reviewed financial statements have been approved for issuing by the Savings House Board of Directors on 27 th April
16 Directors The names of the directors working at top positions during the fiscal year are presented hereafter: CEO Finance, Accounting and Treasury Division Director Business Development and Risk Department Division Director Branch Network Director Director of the Payment Systems, Sales and Logistics Division Snežana Andova Emilija Krajčeva Ilija Belevski Darko Nedelkovski Ana Kuzmanovska 12
17 b) Basis for preparing the financial statements (i) Statement of conformity The management is responsible for the preparation and objective presentation of the financial statements in line with the regulations applied in the Republic of Macedonia. The financial statements of the MOŽNOSTI Savings House DOO, Skopje, have been prepared in line with: The Company Act (Official Gazette of RM 28/2004), the Law on Banks (Official Gazette of RM 67/2007, 90/09 and 67/10), the Law Regulation issued by the National Bank of R. Macedonia, hence the Decision on the conditions and operation of savings houses (Official Gazette 79/2007), the Methodology for recording and assessing accounting items, and preparing financial statements (Official Gazette 169/2010), Decision on types and contents of financial statements of banks (Official Gazette 169/10), Instructions on types and contents of financial statements of banks (Official Gazette 169/10), Decision on change of the Decision on types and contents of financial statements of banks (Official Gazette152/11). (ii) Type of financial statements (individual or consolidated) The presented financial statements are an overview of the results of the operations of the Savings House as an individual entity. (iii) Type of numerical presentation of the information in the financial statements The information in the financial statements is presented in,000 Macedonian denars (MKD). (iv) Reporting and functional currency of the Savings House The reporting and functional currency of the Savings House is the Macedonian denar (MKD). 13
18 c) Important accounting policies The principal accounting policies applied in the compilation of the financial reports are provided further on in the text: (i) Cash and cash equivalents Cash encompasses the money in the treasury and on the account, and demand deposits. Cash equivalents are short-term, highly liquid investments that mature within three months or less from the day of acquisition. Cash and cash equivalents are recorded at depreciated purchase value, usually equal to their nominal value, and they are readily converted into cash with insignificant risk of change in value. The definition of cash includes: -Bank notes and coins in the treasury -Money on the transfer account -Mandatory reserve in denars in the NBRM The definition of cash equivalents includes: -Bank deposits up to 3 months -State bills up to 3 months (ii) Foreign currency assets The assets and the sources of assets presented in foreign currency have been converted into denars as per the average exchange rate of the NBRM at the end of the accounting period. The positive and negative Fx rate differences occurring thereupon have been included in the profit and loss sheet. Fx rate: 31 st December st December 2010 MKD MKD USD 47,53 46,31 EUR 61,50 61,50 CHF 50,60 49,30 14
19 (iii) Loans and impairment for dubious receivables The loans derived from approving money directly to the borrower are categorised as loans approved by the Savings House, and they are presented in the Balance sheet less the impairment for loan receivables. Expenditure to third parties, such as court fees incurred for securing the loan, is treated as transaction costs. All approved undisbursed loans are stated off-balance. All loans are stated on-balance when the cash has been disbursed to the borrowers. On each date of the Balance sheet the Savings House carries out an assessment whether objective evidence is present that the financial assets or group of assets should be damaged. The financial assets or group of financial assets will be regarded damaged and a loss has been done due to the damage solely if there is objective evidence for damage due to one or more circumstances arising from the prior assets acknowledgement ( case of loss ) or such case/cases affect the future assessed cash flow of financial assets or group of assets that could adequately be assessed. Criteria used by the Savings House in order to establish whether there is present objective evidence stating damage to financial assets include: Significant financial difficulties of the issuer of financial instrument or the debtor; Concrete violation of agreement, such as avoiding payment or being overdue regarding payment per interest or principal; The creditor grants an abatement programme to the debtor, due to financial difficulties of the latter, a programme that otherwise would not be given to other parties; Strong possibility that the debtor will enter a bankruptcy procedure or other type of financial reorganization; Disappearance of an active market for the financial asset due to financial difficulties; or Information indicating that a measurable decrease in assessed future cash flows from a group of financial assets, since the primary acknowledgement of the stated, even though the decrease cannot be individually linked to the financial assets including: negative changes in debtor s solvency (for instance an increased number of overdue payments or increased number of debtors per credit cards reaching their maximum allowed limit while paying minimal monthly amount; or 15
20 (iii) Loans and impairment for dubious receivables (continued) national or local economic conditions in proportion to damage of assets (for instance increase of unemployment rate in the geographic region of the debtor, decrease of property prices in the stated region, the latter is used as security, decrease of price of oil for credits of oil producers or negative changes in the industrial conditions affecting the debtors). The Savings House primarily carries out an assessment whether the objective evidence for damage is present for individual financial assets with individual significance, and individually or collectively, for financial assets not individually significant. Should the Savings House establish that no objective evidence for damage is present regarding the individually assessed financial assets, regardless of their significance, it includes the assets within a group of financial assets with similar features of credit risk and carries out a group assessment of their damage. Starting from , in compliance with the recommendations issued by the National Bank of Republic of Macedonia, the Savings House performs assessments for damage of financial assets individually only. Assets being individually assessed for damage and for which the loss due to damage either are or continue to be acknowledged, are not included within the group assessment of damage. Should the amount of impairment of dubious receivables decrease due to a certain event consequent to the conducted impairment, releasing the impairment is reflected in the profit and loss sheet at time of occurrence of the stated event. The Savings House writes off receivables that it knows are uncollectible, where all legal avenues for collection have been exhausted. Write-offs are kept on off-balance accounts. (iv) Tangible and intangible investments Tangible and intangible investments are recorded at purchase value less accumulated depreciation. Current investments are recorded at their purchase value including the costs increasing their value. No depreciation is calculated for current investments. By activating current investments all accumulated expenditure is transformed into the corresponding categories of tangible and intangible investments subject to calculation of depreciation according to the corresponding stipulated annual rates for the respective category of assets. The reduction of tangible investments and intangible investments entails their sale and decommissioning less their accumulated depreciation. Capital gain or loss derived from such transactions is presented in the profit and loss sheet. The depreciation of tangible investments and intangible investments is calculated according to the linear method, from the day of activation of the asset. The depreciation rates are stipulated so that the value of tangible and intangible assets is spread into expenditure over the estimated period of its use according to years of service, as presented below. Years of service Buildings Furniture and equipment 40 years 4-10 years 16
21 (v) Foreclosed assets on the basis of unpaid receivables Foreclosed assets are all tangible assets (land, buildings, equipment, movable property) foreclosed on the basis of unpaid receivables, with the exception of foreclosed securities and shares. An asset is deemed foreclosed at the time when the legal basis for registering ownership is obtained. The date when the legal basis for foreclosing the asset is obtained is considered the date of foreclosure. The acquisition of ownership of the collateral and the time (date) of acquisition of ownership are registered in Minutes, signed by the notary public handling the foreclosure and the lien creditor (Možnosti). Initially, at the date of foreclosure the asset is registered in the Savings House books at initial book value. The initial book value is the lesser amount of the following: 1. Appraised value less expected (future) sale costs to be borne by the Savings House, and 2. Purchase value of the foreclosed asset For the needs of consequent measurement of the foreclosed assets, the amount of the lowest assessment carried out by three authorised appraisers is regarded as the appraised value. In case when the appraised value of the foreclosed asset is lower than the purchase or book value, the Savings House presents a loss for damage in the profit and loss sheet at the amount of difference between the two values. (vi) Employee benefits The Savings House pays employee contributions towards pension and health insurance, employment and personal income tax calculated on the basis of gross salaries, in line with the regulations. The Savings House pays such contributions to the Pension and Disability Insurance Fund of Republic of Macedonia, and to the Health Insurance Fund of Republic of Macedonia, at the legally prescribed rates. Regulated contributions are part of the personnel expenditure for the current year. The expenditure for such payments is presented in the profit and loss sheet in the same period when the expenditure for employee net salaries is stated. The Savings House pays off three average salaries to the employees when they are retired, in compliance with the criteria established in the Law on Labour Relations and the General Collective Agreement. The long-term employee benefits are being discounted in order to establish their current net value. (vii) Profit tax Profit tax is assessed and paid in accordance with the provisions of the Law on Profit Tax. Monthly tax is paid in advance. The total tax at a 10% rate (2010:10%) is assessed on the basis of the net balance of unrecognised expenditure in the current year, less tax credit for expenditure with deferred recognition, tax abatement and exemption and avoidance of double taxation. 17
22 (viii) Client deposits The Savings House only accepts denar savings deposits from physical persons. Legal entities and charity organisations may not open savings accounts. The Možnosti Savings House is a member of the Deposit Insurance Fund, and all savings deposits with the Savings House are insured with the Deposit Insurance Fund. According to their term, the savings deposits may be: Demand deposits Term savings deposits They are initially recorded at their objective value, increased by the transactional expenditure directly linked to undertaking or issuing of the financial liability. The deposits are measured according to the depreciated purchase value, by applying the effective interest rate method. (ix) Loan liabilities Loan liabilities consist of transactions with other parties with whom the Savings House has signed a loan agreement. Loan liabilities are initially recorded at their purchase value, being the objective value of the received moneys on the effective date. They are then measured according to the depreciated purchase value, using the effective interest rate method. (x) Other liabilities The liabilities for advance payments, liabilities to suppliers, liabilities to employees, tax liabilities, salary contributions and other levies, result related liabilities, as well as other shortterm and long-term liabilities are presented in the value presented at the corresponding accounting document. Liabilities stated in foreign currency are calculated according to the NBRM middle rate on the last day of the month. Liabilities with an Fx clause are calculated according to the NBRM middle rate on the last day of the month. (xi) Equity and provisions Registered capital is stated on a separate account in the amount registered with the Trade Registry at incorporation, i.e. the change in the value of the capital. The provisions are stated at nominal value, and separately: legally required reserves, statutory provisions and other provisions. In the legally required reserves, the Savings House allocates 20% of the profit, until the amount of the legally required reserve reaches 30% of the principal. If the reserve created is reduced, it must be compensated for until it reaches the stipulated minimum. The legally required reserve may be used to cover loss. 18
23 (xii) Profit or loss The financial result for the current year is established pursuant to the regulations. Profit or loss for the current year is stated after tax as profit (net profit) for distribution, i.e. total loss from operations in the business year. Achieved net profit for the current year is carried over and allocated the following year, in accordance with a decision by the Savings House Board of Directors. (xiii) Interest revenue and expenditure Interest revenue and expenditure is stated as calculated revenue and expenditure based on all interest-bearing receivables and liabilities. Interest revenue and expenditure is calculated and collected pursuant to a contract between the creditor and the debtor, and in line with the regulations of the Republic of Macedonia. Revenue and expenditure is stated via the effective interest rate method when: -it is likely that the economic benefits of the transaction will present revenue/expenditure for the Savings House; -there is a possibility for reliable measurement of interest revenue/expenditure. The effective interest rate is the rate that accurately discounts assessed future cash flows for the expected duration of the financial instrument. If an analysis determines that the fees for financial services, related to interest-bearing instruments that are not measures at objective value through the profit and loss sheet, are a constituent part of the effective interest rate of the financial instrument, then they adjust the effective interest rate and are subdivided just as the interest revenue/expenditure. Interest is adjusted when the collection of assessed interest is dubious. (xiv) Revenue and expenditure from commissions and fees Revenue from commissions and fees is effective at the time of performing the respective service. Expenditure for commissions and fees is effective when it is registered in accounting. The first thing to distinguish is whether the commissions and fees are: -A comprising part of the effective interest rate - and they are treated as interest revenue/expenditure and registered and recognised as interest revenue and expenditure. -Earned at the moment of providing the services - such commissions and fees are registered as revenue/expenditure from commissions and fees at the moment when the respective service has been rendered, and -Earned during some substantial operation, such commissions and fees are registered as revenue/expenditure from commissions and fees when the respective operation is concluded. 19
24 (xv) Loss due to damage/impairment of financial assets The Savings House adjusts the value of active balance sheet receivables by establishing the present value of the future cash flows that will occur for such receivables. The amount of impairment is determined as the difference between the book value of the receivables and their present value. The impairment (loss due to damage) is established and registered: Starting from individually, for financial assets representing individually significant items; Until individually for financial assets which are individually significant entries on a group basis as well, for the small loans portfolio (xvi) Netting financial instruments The financial assets and liabilities are netted and their net value is stated in the balance sheet as net, if there are legally applicable rights to net and possibilities to state a net basis. 20
25 d) Using evaluations and appraisals (i) The preparation of financial statements is in compliance with the generally accepted accounting policies and it requires the use of appraisals and assumptions affecting presented assets and liabilities, potential assets and liabilities on the day of the financial statements, and the presented amounts of revenue and expenditure for the reporting period. Such appraisals are based on the best knowledge of the management of current events and operations. Additional information is stated in the accounting policies and the corresponding notes to the financial statements. e) Changing accounting policies, accounting evaluation and error correction The positions in the financial statements and the notes thereto have been filled out in line with the Methodology for recording and valuing accounting items, and preparing financial statements relevant from f) Alignment with regulations (i) (ii) The Savings House management is responsible for implementing full alignment of the Savings House operations with the NBRM regulations. In the course of 2011 field control of the Savings House operations was carried out by NBRM. Hence it provided Minutes containing no findings or stipulated measures. 21
26 2) Disclosure for risk management In its operation, the Savings House is exposed to a variety of financial risks, making adequate risk management a chief objective of the Savings House. There are perpetual efforts to maintain an adequate balance between an acceptable level of risk, on one hand, and stability and profitability in operations, on the other. In this respect, operative risk entails its continuous monitoring, assessment and management. The most important types of risk are credit risk, liquidity risk, market risk, and operative risk. Market risk includes change of interest rates of financial assets and liabilities (without trading assets) and currency risk. Risk management framework The Board of Directors is fully responsible for the establishment and monitoring of the risk management framework. It appoints the management body, the Credit Board, and the Assets and Liabilities Management Committee. These bodies are responsible for monitoring and developing the risk management policies in particular areas. As regards the organizational structure of the Savings House, the Risk and Bad Loan Management Department is in charge of monitoring, reporting and managing the overall credit risk exposure, whereas the organisational units of the Savings House creating risk exposure are responsible for the acceptance and operative management of credit risk, in line with the Credit Risk Management Policy and the Portfolio Management Policy. Internal Audit is responsible for independent reporting with respect to risk management. In line with the Savings House risk management policies, including a set of adequate risk limits and controls, certain risks are identified, existing risks are continuously monitored and analysed daily. 22
27 2.1 Credit risk Nature of and exposure to risk The Savings House is exposed to credit risk, a risk that the client might not be able to settle partially or fully their liabilities when due. Credit risk is the most important risk in the Savings House operation. Therefore, the Savings House manages its exposure to credit risk carefully. In principle, credit exposure arises from lending. Credit risk follows the operation from the very outset, i.e. from the moment of submission of the loan application, and up until the end, until the client settles their liabilities in full. In the approval process a decision is made whether the Savings House is prepared to accept the risk and place assets under certain terms. The approval process entails several stages, analyses, visits, and is concluded with a decision. All of these stages are an inextricable part of a complex process that needs to be concluded within the shortest time possible in the interest of the client. Any credit exposure represents a risk. All credit exposure is regularly monitored through information systems, contact is established with each and every client, reports are prepared, and corrective actions are taken. Managing the risk portfolio is an inevitable part of regular operations. The purpose of this exercise is to reduce the adverse effects and collect receivables, as well as to introduce corrections in the Savings House Credit Policy on the bases of established deficiencies Credit risk management (Goals, policies and processes of the Savings House, and methods for measuring risk) Credit risk management is handled as follows: 1. The Board of Directors is in charge of creating and implementing the Credit Policy and the procedures for monitoring the implementation of that policy, and the procedures for evaluating loans and their management. All credit exposure in line with the Loan Granting Policy and the Operating Procedure of the Credit Board is approved by different types of Credit Boards appointed by the Savings House Board of Directors. The maximum amount the Savings House should not exceed 5% of the Savings House own assets, for bank credit exposures, savings houses, foundation organizations, insurance companies, leasing companies, local self-government units and other legal persons regulated by special laws, i.e. EUR 200,000 for other physical and legal persons, to a person associated with them, which is within the exposure limit of 10% of own assets, in line with the Decision for the conditions and operation of savings houses. 2. Risk Management Board within the Savings House is in charge of establishing and following credit risk management policy and proposing its future review, assessment of risk management systems, analysis of statements for exposure of the Savings House to this risk and following the activities undertaken in order to manage credit risks, establishment and regular review of limits of credit risk exposure, defining possible exceptions regarding the defined limits and delegating responsibility when deciding upon application of stated exceptions, granting restructuring of receivables. 3. The Credit Board reviewing client applications is in charge of approving all applications submitted by clients and relating to changes in the repayment of a loan 23
28 change of guarantee, certificates on guarantee repayment, issuing documents and other receivables, consents and documents. 4.The Savings House Credit Board approves the credit exposure, in line with the decision by the Board of Directors to establish operative Credit Boards allowing functionality, flexibility and promptness in the decision making process. 5.Pursuant to the Law on Banks and the regulations of the National Bank of the Republic of Macedonia (the Central Bank), the Board of Directors is competent to make decisions regarding writing off Savings House receivables and foreclosing assets on the basis of unpaid receivables Credit risk assessment Loans When assessing the credit risk involved in approving loans to physical and legal persons, the Savings House uses three components: (1) the probability that the debtor will not settle their liabilities adequately (expected cash flow); (2) appraisal of loss at the time of occurrence of delinquency in meeting liabilities; (3) the value and the quality of the collateral securing the exposure. (1) The Savings House assesses the probability of default by individual clients using internal assessment tools adapted to the various client categories. They have been developed internally and are a combination of statistical analyses and the individual assessment of the loan officer, and, if possible, they are verified by comparison to externally available data. In the process of preparing a loan application, as well as in the loan approval process, there are multiple analyses carried out that allow for the assessment of the credit risk. It implies an analysis of the principal parameters of the applicant, and analysis of official financial statements, an analysis of cash flows, projections of future cash flows and the development component of operations, the attractiveness of the industry and the quality of the security. At this stage of assessing credit risk, the subject of analysis in the loan application is, as follows: -analysis of credit exposure to a client for whom the Savings House, based on an creditworthiness assessment, has assessed that the cash flows are going to be sufficient to regularly settle due liabilities, regardless of the presented current financial deficiencies, seeing that there are no signs of future exacerbation of the client's state; -analysis of the client s cash flows that would allow them to settle their liabilities within the due term; -analysis of available information, i.e. the required paperwork for keeping loan files; -analysis of client liquidity and solvency. (2) The losses at the time of delinquency in settling liabilities represent the expectations of the Savings House regarding the level of loss from unpaid receivables. It is presented as a percentage loss per unit of exposure and it usually varies depending on the type of the client, 24
29 the type of the receivable, and the availability of collateral or other credit security. Loan receivables are ranked in 5 risk categories. 25
30 2.1.4 Internal ranking in the Savings House Risk category A in the Savings House includes: - Claims from the National Bank of the Republic of Macedonia and the Republic of Macedonia, the European Central Bank and the governments of the central banks of other countries for which a credit rating is established of at least BBB- (in line with the rating of Standard and Purse) or Baa3 (in line with the rating of Mudis); - Credit risk exposure to a client whose present financial state and projected future cash flows do not jeopardise their future operations and the possibility to settle regularly their liabilities to the Savings House. - Credit exposure to a client who settles their liabilities to the Savings House within the due term or with established frequency of liabilities settlement delay of up to 30 days; - client for whom the Savings House has not restructured receivables within the last two years; Risk category B in the Savings House includes: - Credit exposure to a client who usually settles whose assessed credit balance denotes that cash flows will be sufficient for a complete coverage of obligations due. - Credit exposure to a client who settles their liabilities to the Savings House with 31 to 60 days delay, or with exception of 90 days delay, if such delay is occasional. - A client for whom the Savings House has not restructured receivables within the last six months. Risk category C includes: - Credit exposure to a client having been assessed that cash flows are inappropriate for regular liabilities settlement; - Credit exposure to a client of who the Savings House is not provided with sufficient requirements and updated information in order to assess the credit solvency; - Credit exposure to a client who settles their liabilities to the Savings House with 61 to 120 days delay, or with the exception of 180 days, if such delay is occasional - Credit exposure to clients whose liabilities have been restructured. Risk category D includes: - Credit risk exposure to a client from whom the Savings House expects partial settlement of its receivables; - Credit risk exposure to a client who is subject to a motion for liquidation or receivership with the competent court; - Credit risk exposure to a client whose settlement depends on guarantee activation; - Credit exposure to a client who usually settles their liabilities with 120 to 270 days delay, or with the exception of delay of 270 days, if such exception is occasional 26
MOŽNOSTI SAVINGS HOUSE DOO Skopje. Financial statements. for the year ending on 31 st December 2010
MOŽNOSTI SAVINGS HOUSE DOO Skopje Financial statements for the year ending on 31 st December Table of contents Page Independent audit findings (i)- (ii) Profit and loss sheet 1 Balance sheet 2 Report on
More informationMOŽNOSTI SAVINGS HOUSE DOO Skopje. Financial statements. for the year ending on 31 st December 2009
MOŽNOSTI SAVINGS HOUSE DOO Skopje Financial statements for the year ending on 31 st December Table of contents Page Independent audit findings (i)- (ii) Profit and loss sheet 1 Balance sheet 2 Report on
More informationStatement of changes in capital and reserves. Notes to financial statements 6-124
KOMERCIJALNA BANKA AD SKOPJE Financial statements for the year ended 31 December 2010 Summary Page Independent auditor s report Income statement Balance sheet Statement of changes in capital and reserves
More informationKOMERCIJALNA BANKA AD SKOPJE. Independent Auditors Report and. Separate financial statements. For the year ended 31 December 2017
Independent Auditors Report and Separate financial statements For the year ended 31 December Separate financial statements for the Year Ended December 31, Contents Page Independent Auditors Report Audited
More information31 December Financial Statements and Independent Auditor s Report. STOPANSKA BANKA AD Bitola
Financial Statements and Independent Auditor s Report STOPANSKA BANKA AD Bitola 31 December 2017 This is an English translation of the original Report issued in Macedonian, in case of any discrepancies
More informationAlpha Bank AD Skopje. Financial Statements for the year ended 31 December 2007
for the year ended 31 December 2007 Contents Auditors' report Balance sheet 2 Income statement 3 Statement of changes in equity 4 Statement of cash flows 5 Notes to the financial statement 6 Balance sheet
More informationFinancial Statements and Independent Auditors Report. Eurostandard Banka AD, Skopje. 31 December 2009
Financial Statements and Independent Auditors Report Eurostandard Banka AD, Skopje 31 December 2009 Eurostandard Banka AD Skopje Content Page Independent Auditors Report 1 Income Statement 3 Balance sheet
More informationFinancial Statements and Independent Auditors' Report. Universal Investment Bank AD, Skopje. 31 December 2013
Financial Statements and Independent Auditors' Report Universal Investment Bank AD, Skopje 31 December 2013 Universal Investment Bank, AD Skopje Contents Page Independent Auditors Report 1 Statement of
More informationUNIVERSAL INVESTMENT BANK AD - Skopje. INDEPENDENT AUDITOR S REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDING 31 DECEMBER 2017 (According IFRS)
UNIVERSAL INVESTMENT BANK AD - Skopje INDEPENDENT AUDITOR S REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDING 31 DECEMBER 2017 (According IFRS) Skopje, March 2018 Universal Investment Bank, AD Skopje
More informationUniversal Investment Bank AD Skopje. Financial Statements for the year ended 31 December 2007
for the year ended 31 December 2007 Contents Auditors' report Balance sheet 1 Income statement 2 Statement of changes in equity 3 Statement of cash flows 4 Notes to the financial statement 5 Income
More informationFinancial statements and independent auditor s report. Sileks Banka ad, Skopje. 31 December 2007
Financial statements and independent auditor s report Sileks Banka ad, Skopje 31 December 2007 Sileks Banka ad, Skopje Contents Page Independent Auditor s Report 1 Statement on income 3 Balance sheet 4
More informationConsolidated Financial Statements and Independent Auditors Report. Eurostandard Banka A.D., Skopje. 31 December 2010
Consolidated Financial Statements and Independent Auditors Report Eurostandard Banka A.D., Skopje 31 December 2010 Contents Page Independent Auditors Report 1 Consolidated Income Statement 3 Consolidated
More informationFinancial Statements and Independent Auditors Report. TTK Bank s.c. Skopje. 31 December 2009
Financial Statements and Independent Auditors Report TTK Bank s.c. Skopje 31 December 2009 Content Page Independent Auditors Report 3 Income statement 4 Balance sheet 6 Statement of changes in equity 9
More informationFinancial Statements and Independent Auditors Report. Eurostandard Banka AD, Skopje. 31 December 2008
Financial Statements and Independent Auditors Report Eurostandard Banka AD, Skopje 31 December 2008 Eurostandard Banka AD Skopje Contents page Independent Auditors Report 1 Income Statement 2 Balance Sheet
More informationOHRIDSKA BANKA AD, OHRID. Financial Statements and Independent Auditors Report for the year ended December 31, 2010
OHRIDSKA BANKA AD, OHRID Financial Statements and Independent Auditors Report for the ended OHRIDSKA BANKA AD - OHRID CONTENTS Page Independent Auditors Report 1-2 Income Statement 3 Balance Sheet 4 Statement
More informationFinancial Statements and Independent Auditors Report. Poshtenska Banka AD, Skopje. 31 December 2009
Financial Statements and Independent Auditors Report Poshtenska Banka AD, Skopje 31 December 2009 Contents Page Independent Auditors Report 1 Income Statement 3 Balance Sheet 4 Statement of Changes in
More informationFinancial statements and Independent auditor's report. Central Cooperative Bank AD, Skopje. 31 December 2009
Financial statements and Independent auditor's report Central Cooperative Bank AD, Skopje 31 December 2009 Contents Page Independent Auditor Report 1 Income Statement 3 Balance Sheet 4 Statement of Changes
More informationTTK BANKA AD Skopje. Financial Statements and Independent Auditors Report. 31 December 2011
Financial Statements and Independent Auditors Report TTK BANKA AD Skopje 31 December 2011 This is an English translation of the original Report issued in Macedonian, in case of any discrepancies between
More informationEurostandard Banka AD, Skopje
Financial reports and Independent Auditors Report Eurostandard Banka AD, Skopje This is an English translation of the original Report issued in Macedonian, in case of any discrepancies between the English
More informationSTOPANSKA BANKA AD - SKOPJE. Financial Statements and Independent Auditors Report for the year ended December 31, 2007
STOPANSKA BANKA AD - SKOPJE Financial Statements and Independent Auditors Report for the year ended December 31, 2007 CONTENTS Page Independent Auditors Report 1-2 Income Statement 3 Balance Sheet 4 Statement
More informationEurostandard Banka AD, Skopje
Financial Statements and Independent Auditors Report Eurostandard Banka AD, Skopje 31 December 2011 This is an English translation of the original Report issued in Macedonian, in case of any discrepancies
More informationFinancial Statements and Independent Auditors Report. Stater Banka AD, Kumanovo. 31 December 2009
Financial Statements and Independent Auditors Report Stater Banka AD, Kumanovo 31 December 2009 Stater Banka AD, Kumanovo Content Page Independent Auditors Report 1 Income Statement 4 Balance sheet 5 Statement
More informationUniversal Investment Bank AD Skopje. Financial Statements for the year ended 31 December 2010
for the year ended 31 December 2010 Contents Independent Auditors' report Statement of financial position 1 Statement of comprehensive income 2 Statement of changes in equity 3 Statement of cash flows
More informationEUROSTANDARD Banka AD Skopje. Consolidated Financial Statements for the year ended 31 December 2007
Consolidated Financial Statements for the year ended 31 December 2007 Contents Auditors' report Financial Statements Consolidated balance sheet 2 Consolidated income statement 3 Consolidated statement
More informationPROCREDIT BANK AD - SKOPJE. Financial Statements prepared in accordance with International Financial Reporting Standards
PROCREDIT BANK AD - SKOPJE Financial Statements prepared in accordance with International Financial Reporting Standards For the year ended 31 December 2007 Financial statements for the year ended 31 December
More informationNATIONAL BANK OF THE REPUBLIC OF MACEDONIA
NATIONAL BANK OF THE REPUBLIC OF MACEDONIA Pursuant to Article 47 paragraph 1 item 6 of the Law on the National Bank of the Republic of Macedonia ("Official Gazette of the Republic of Macedonia" no. 158/2010
More informationINDEPENDENT AUDITOR S REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDING 31 DECEMBER 2013 (According IFRS) Skopje, March 2014
INDEPENDENT AUDITOR S REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDING 31 DECEMBER 2013 (According IFRS) Skopje, March 2014 These reports are translation from the official ones issued on macedonian
More informationEurostandard Banka AD, Skopje
Financial statements and Independent Auditors Report Eurostandard Banka AD, Skopje 31 December 2012 This is an English translation of the original Report issued in Macedonian, in case of any discrepancies
More informationFinancial statements and Independent Auditors Report. TTK Banka AD Skopje. 31 December 2010
Financial statements and Independent Auditors Report TTK Banka AD Skopje 31 December 2010 This is an English translation of the original Report issued in Macedonian, in case of any discrepancies between
More informationEUROLINK Osiguruvanje A.D., Skopje
Financial Statements and Independent Auditor s Report EUROLINK Osiguruvanje A.D., Skopje 31 December 2017 This is an English translation of the original Report issued in Macedonian, in case of any discrepancies
More informationFinancial statements and Independent Auditor's Report. Ohridska Banka A.D., Ohrid. 31 December 2009
Financial statements and Independent Auditor's Report Ohridska Banka A.D., Ohrid 31 December 2009 Contents Page Independent Auditors Report 1 Income statement 3 Statement of comprehensive income 4 Statement
More informationSPARKASE BANKA MAKEDONIJA AD Skopje. Financial Statements for Year ended December 31, 2015 and Independent Auditors Report
Financial Statements for Year ended and Independent Auditors Report CONTENTS Page Independent Auditors Report 1-2 Income Statement 3 Statement of Comprehensive Income 4 Balance Sheet 5 Statement of Changes
More informationKOMERCIJALNA BANKA AD SKOPJE. Consolidated financial statements and Independent Auditors Report for the year ended December 31, 2014
Consolidated financial statements and Independent Auditors Report for the year ended CONTENTS Page Independent Auditors Report Consolidated statement of profit or loss and other comprehensive Income 1
More informationALKALOID AD SKOPJE STAND ALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2010 AND INDEPENDENT AUDITORS REPORT
ALKALOID AD SKOPJE STAND ALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2010 AND INDEPENDENT AUDITORS REPORT This is an English translation of the original report issued in Macedonian language
More informationNATIONAL BANK OF THE REPUBLIC OF MACEDONIA
NATIONAL BANK OF THE REPUBLIC OF MACEDONIA Pursuant to Article 64 paragraph 1 item 22 of the Law on the National Bank of the Republic of Macedonia ( Official Gazette of the Republic of Macedonia No. 3/2002,
More informationKOMERCIJALNA BANKA A.D., BEOGRAD. Financial Statements Year Ended December 31, 2014 and Independent Auditors Report
KOMERCIJALNA BANKA A.D., BEOGRAD Financial Statements Year Ended and Independent Auditors Report KOMERCIJALNA BANKA A.D., BEOGRAD CONTENTS Page Independent Auditors' Report 1 Financial Statements: Balance
More informationmts banka a.d. BELGRADE Financial Statements as of and for the Year Ended 31 December 2016 and Independent Auditor s Report
mts banka a.d. BELGRADE Financial Statements as of and for the Year Ended 31 December 2016 and Independent Auditor s Report mts banka a.d. Belgrade CONTENTS Page INDEPENDENT AUDITOR S REPORT 1-2 FINANCIAL
More informationEUROLINK Osiguruvanje A.D., Skopje
Financial Statements and Independent Auditors Report EUROLINK Osiguruvanje A.D., Skopje 31 December 2016 This is an English translation of the original Report issued in Macedonian, in case of any discrepancies
More informationJSC «AsiaСredit Bank (АзияКредит Банк)» Financial Statements for the year ended 31 December 2010
JSC «AsiaСredit Bank (АзияКредит Банк)» Financial Statements for the year ended 31 December Contents Independent Auditors Report Statement of Comprehensive Income 5 Statement of Financial Position 6 Statement
More informationFinancial Statements prepared in accordance with International Financial Reporting Standards
Financial Statements prepared in accordance with International Financial Reporting Standards For the year ended 31 December 2012 Financial statements for the year ended 31 December 2012 Contents Independent
More informationS T O P A N S K A B A N K A AD S K O P J E
S T O P A N S K A B A N K A AD S K O P J E DECISION on approval of the Annual Account and Annual Financial Statements of Stopanska Banka AD - Skopje for the year ended 31 December 2017 Skopje, May 2018
More informationDecision on the classification of exposures into risk categories and the method of determining credit losses. Subject matter Article 1
Pursuant to Article 101, paragraph (2), item (2) of the Credit Institutions Act (Official Gazette 159/2013, 19/2015 and 102/2015) and Article 43 paragraph (2), item (9) of the Act on the Croatian National
More informationSTRATEGY FOR RISK MANAGEMENT OF KOMERCIJALNA BANKA AD SKOPJE
STRATEGY FOR RISK MANAGEMENT OF KOMERCIJALNA BANKA AD SKOPJE Only for internal use Skopje, July 2013 CONTENTS Page 1. Introduction 3 2. Subject and definitions 3 3. Risk management system 5 4. Scope of
More informationINVEST BANK MONTENEGRO AD, PODGORICA FINANCIAL STATEMENTS YEAR ENDED DECEMBER 31, 2014 AND INDEPENDENT AUDITORS REPORT
INVEST BANK MONTENEGRO AD, PODGORICA FINANCIAL STATEMENTS YEAR ENDED DECEMBER 31, AND INDEPENDENT AUDITORS REPORT CONTENTS Page Independent auditors report 1-2 Income Statement 3 Balance Sheet 4 Statement
More informationJSC ASIAСREDIT BANK (АЗИЯКРЕДИТ БАНК) Financial Statements for the year ended 31 December 2012
JSC ASIAСREDIT BANK (АЗИЯКРЕДИТ БАНК) Financial Statements for the year ended 31 December CONTENTS STATEMENT OF MANAGEMENT S RESPONSIBILITIES FOR THE PREPARATION AND APPROVAL OF THE FINANCIAL STATEMENTS
More informationFinancial Statements. DBS Group HolDinGS ltd and its SuBSiDiarieS. DBS Bank ltd
FINANCIAL STATEMENTS 123 Financial Statements DBS Group HolDinGS ltd and its SuBSiDiarieS 124 Consolidated income Statement 125 Consolidated Statement of Comprehensive income 126 Balance Sheets 127 Consolidated
More informationST. KITTS-NEVIS-ANGUILLA NATIONAL BANK LIMITED
ST. KITTS-NEVIS-ANGUILLA NATIONAL BANK LIMITED Non-consolidated financial statements June 30, 2011 Contents June 30, 2011 Page Independent auditors report 1 to 2 Non-consolidated balance sheet 3 Non-consolidated
More informationNATIONAL BANK OF THE REPUBLIC OF MACEDONIA
NATIONAL BANK OF THE REPUBLIC OF MACEDONIA Pursuant to Article 64 paragraph 1 item 22 of the Law on the National Bank of the Republic of Macedonia ( Official Gazette of the Republic of Macedonia No 3/02,
More informationUNIVERZAL BANKA A.D. BEOGRAD
UNIVERZAL BANKA A.D. BEOGRAD FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2009 Univerzal banka a.d. Beograd TABLE OF CONTENTS Page Independent Auditors Report 1 Income statement 2 Balance sheet
More informationIntesa Sanpaolo Banka d.d. Bosna i Hercegovina
Intesa Sanpaolo Banka d.d. Bosna i Hercegovina Financial Statements as at 2016 Intesa Sanpaolo Banka, d.d. Financial statements as at 2016 Contents Management Board s Report 2 Responsibilities of the Management
More informationKOMERCIJALNA BANKA AD SKOPJE. Separate Financial Statements and Independent Auditors Report for the year ended December 31, 2016
Separate Financial Statements and Independent Auditors Report for the year ended CONTENTS Page Independent Auditors Report Separate Statement of Profit and Loss and Other Comprehensive Income 1 Separate
More informationNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
OTP banka Srbija a.d. Novi Sad NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December 31, 2010 Consolidated legal entites: - OTP banka Srbija a.d. Novi Sad - OTP Investments d.o.o. Novi Sad Novi Sad,
More informationDBS GROUP HOLDINGS LTD (Incorporated in Singapore. Registration Number: M) AND ITS SUBSIDIARIES
DBS GROUP HOLDINGS LTD (Incorporated in Singapore. Registration Number: 199901152M) AND ITS SUBSIDIARIES FINANCIAL STATEMENTS For the financial year ended 31 December 2014 Financial Statements Table of
More informationConverse Bank Closed Joint Stock Company Consolidated financial statements. Year ended 31 December 2016 together with independent auditor s report
Consolidated financial statements Year ended 31 December 2016 together with independent auditor s report 2016 Consolidated financial statements Contents Independent auditor s report Consolidated statement
More informationKOMERCIJALNA BANKA AD SKOPJE. Consolidated financial statements and Independent Auditors Report For the year ended December 31, 2017
Consolidated financial statements and Independent Auditors Report For the year ended CONTENTS Page Independent Auditors Report Consolidated statement of profit or loss and other comprehensive Income 1
More informationNational Bank of Bahrain BSC. Financial Statements - 31 December 2017
National Bank of Bahrain BSC Financial Statements - 31 December 2017 National Bank of Bahrain BSC Statement of Comprehensive Income For the year ended 31 December BD millions US$ millions BD millions
More informationINDEPENDENT AUDITOR S REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING 31 DECEMBER Skopje, April 2016
ASSOCIATION HABITAT FOR HUMANITY MACEDONIA INDEPENDENT AUDITOR S REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING 31 DECEMBER 2015 Skopje, April 2016 These reports are originaly issued
More informationFinancial statements and independent auditor s report. Sileks Banka ad, Skopje. 31 December 2007
Financial statements and independent auditor s report Sileks Banka ad, Skopje 31 December 2007 Contents Page Independent Auditor s Report 1 Statement on income 3 Balance sheet 4 Statement of changes in
More informationSRPSKA BANKA A.D., BEOGRAD. Financial Statements For the Year Ended December 31, 2010 and Independent Auditors Report
Financial Statements For the Year Ended and Independent Auditors Report CONTENT Page Independent Auditors' Report 1 Financial Statements: Income Statement 2 Balance Sheet 3 Statement of Changes in Equity
More informationNLB Tutunska Banka AD Skopje. Financial statements prepared in accordance. with International Financial Reporting Standards
NLB Tutunska Banka AD Skopje Financial statements prepared in accordance with International Financial Reporting Standards For the year ended 31 December 2011 Financial statements for the year ended 31
More informationKOMERCIJALNA BANKA AD SKOPJE. Financial Statements prepared in accordance with International Financial Reporting Standards
KOMERCIJALNA BANKA AD SKOPJE Financial Statements prepared in accordance with International Financial Reporting Standards For the year ended 31 December 2010 Financial statements for the year ended 31
More informationWe believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
ABCD KPMG d.o.o. Beograd Kraljice Natalije 11 11000 Belgrade Serbia Telephone: Fax: E-mail: Internet: +381 11 20 50 500 +381 11 20 50 550 info@kpmg.rs www.kpmg.rs Independent Auditors Report TO THE OWNERS
More informationCREDO BANKA D.D., SPLIT FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2010 TOGETHER WITH INDEPENDENT AUDITOR S REPORT
CREDO BANKA D.D., SPLIT FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2010 TOGETHER WITH INDEPENDENT AUDITOR S REPORT Contents Page Statement of the Management's Responsibility 1 Independent Auditor's
More information1 st National Bank St. Lucia Limited (formerly St. Lucia Co-operative Bank Limited)
1 st National Bank St. Lucia Limited (formerly St. Lucia Co-operative Bank Limited) Financial Statements March 29, 2005 Auditors Report To the Shareholders of We have audited the accompanying balance sheet
More informationNational Bank of Bahrain BSC. Financial Statements - 31 December 2016
National Bank of Bahrain BSC Financial Statements - 31 December 2016 National Bank of Bahrain BSC Statement of Comprehensive Income For the year ended 31 December BD millions US$ millions BD millions
More informationKOMERCIJALNA BANKA AD SKOPJE. Separate Financial Statements and Independent Auditors Report for the year ended December 31, 2017
Separate Financial Statements and Independent Auditors Report for the year ended CONTENTS Page Independent Auditors Report Separate Statement of Profit and Loss and Other Comprehensive Income 1 Separate
More informationUNIVERZAL BANKA AD BELGRADE. Financial Statements for the Year Ended 31 December 2012 and
Financial Statements for the Year Ended 31 December 2012 and This is an English translation on the Tel: 011 3283 440, 011 3281 194, Fax: 011 2181 072 e-mail:office@revizija.co.rs www.revizija.co.rs TABLE
More informationBANCA INTESA A.D. BEOGRAD
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2011 TABLE OF CONTENTS PAGE INDEPENDENT AUDITOR S REPORT 1 INCOME STATEMENT 2 BALANCE SHEET 3 STATEMENT OF CHANGES IN EQUITY 4 CASH FLOW STATEMENT 5-6
More informationRas Al Khaimah National Insurance Company P.S.C.
Financial statements 31 December 2014 Financial statements 31 December 2014 Contents Page Independent auditors' report 1-2 Statement of financial position 3 Statement of profit or loss 4 Statement of comprehensive
More informationAhli United Bank B.S.C. CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2009
CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2009 CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS Independent auditors' report to the shareholders of Ahli United Bank B.S.C.. 1 Consolidated Statement
More informationUNICREDIT BANK A.D., BANJA LUKA
UNICREDIT BANK A.D., BANJA LUKA Financial statements for the year ended 31 December 2010 This version of our report is a translation from the original, which was prepared in Serbian language. All possible
More informationDECISION ON RISK MANAGEMENT BY BANKS
RS Official Gazette, Nos 45/2011, 94/2011, 119/2012, 123/2012, 23/2013 other decision 1, 43/2013, 92/2013, 33/2015, 61/2015, 61/2016, 103/2016 and 119/2017 Pursuant to Article 28, paragraph 7, Article
More informationOrient UNB Takaful P.J.S.C. Financial statements for the year ended 31 December 2018
Financial statements for the year ended 31 December 2018 Financial statements for the year ended 31 December 2018 Contents Page Independent auditors report 1 Statement of financial position 7 Statement
More informationIncome statement 3. Balance sheet 4. Cash Flow Statement 6-7. Notes to the Financial Statements 8 67
MARFIN BANK A.D., BEOGRAD FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2009 TABLE OF CONTENTS Page Independent Auditor s report 1-2 Income statement 3 Balance sheet 4 Statement of Changes in Equity
More informationFinancial Statements. and Independent Auditors Report
KOMERCIJALNA BANKA A.D., BEOGRAD Financial Statements Year Ended and Independent Auditors Report KOMERCIJALNA BANKA A.D., BEOGRAD CONTENTS Page Independent Auditors' Report 1-2 Income Statement 3 Statement
More informationAGBANK OPEN JOINT-STOCK COMPANY
AGBANK OPEN JOINT-STOCK COMPANY Financial Statements for the year ended 31 December Contents Independent Auditors Report... 3 Statement of profit or loss and other comprehensive income... 5 Statement of
More informationOTP BANKA SRBIJA A.D., NOVI SAD. Consolidated Financial Statements Year Ended December 31, 2014 and Independent Auditors Report
Consolidated Financial Statements Year Ended 2014 and Independent Auditors Report CONTENTS Page Independent Auditors' Report 1 Consolidated Financial Statements: Consolidated Income Statement 2 Consolidated
More informationBANK MELLI IRAN BAKU BRANCH
BANK MELLI IRAN BAKU BRANCH 31 December 2013 Financial Statements in accordance with International Financial Reporting Standards and Independent Auditor s Report TABLE OF CONTENTS Independent Auditor s
More informationFinancial statements. DBS Group Holdings Ltd and its Subsidiaries. DBS Bank Ltd
126 DBS Annual Report 2017 Financial statements DBS Group Holdings Ltd and its Subsidiaries 127 Consolidated Income Statement 128 Consolidated Statement of Comprehensive Income 129 Balance Sheets 130 Consolidated
More informationEURASIAN DEVELOPMENT BANK. Financial Statements For the Year ended 31 December 2015
EURASIAN DEVELOPMENT BANK Financial Statements For the Year ended 2015 TABLE OF CONTENTS Page Independent Auditors Report Statement of Profit or Loss and Other Comprehensive Income 5-6 Statement of Financial
More informationCity Savings & Credit Union Limited Financial Statements For the year ended December 31, 2017
Financial Statements Table of Contents Page Management s Responsibility Independent Auditors Report Financial Statements Statement of Financial Position 1 Statement of Income 2 Statement of Comprehensive
More informationAnelik Bank CJSC. Financial Statements for the year ended 31 December 2017
Financial Statements for the year ended 31 December Contents Independent Auditors Report... 3 Statement of profit or loss and other comprehensive income... 8 Statement of financial position... 9 Statement
More informationFor personal use only
31 ST MARCH AUDITORS REPORT INDEPENDENT AUDITORS REPORT TO THE SHAREHOLDERS OF TRILOGY INTERNATIONAL LIMITED Report on the Financial Statements We have audited the financial statements of Trilogy International
More informationNational Investment Corporation of the National Bank of Kazakhstan JSC. Financial Statements for the year ended 31 December 2016
National Investment Corporation of the National Bank of Kazakhstan JSC Financial Statements for the year ended 31 December 2016 Contents Independent Auditors Report Statement of Profit or Loss and Other
More informationJSC Microfinance Organization Crystal Financial Statements for the year ended 31 December 2016
JSC Microfinance Organization Crystal Financial Statements for the year ended 31 December 2016 Contents Auditors Report... 3 Statement of profit or loss and other comprehensive income... 5 Statement of
More informationEuropean Bank for Reconstruction and Development. The RDI Special Fund
European Bank for Reconstruction and Development The RDI Special Fund Annual Financial Report 31 December 2014 Contents Income statement... 1 Statement of comprehensive income... 1 Balance sheet... 1 Statement
More informationINTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENT
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENT FOR THE PERIOD OF THREE MONTHS ENDING ON JUNE 30th, 2018 DRAWN UP IN ACCORDANCE WITH INTERNATIONAL STANDARDS OF FINANCIAL REPORTING Capital Group LIVECHAT
More informationOMAN ARAB BANK SAOC. Report and financial statements for the year ended 31 December 2017
OMAN ARAB BANK SAOC Report and financial statements for the year ended 31 December 2017 OMAN ARAB BANK SAOC Report and financial statements for the year ended 31 December 2017 Page Independent auditor
More informationTranslation from Bulgarian!
Report of the Independent Auditor TO THE SHAREHOLDERS OF FIRST INVESTMENT BANK AD Sofia, 30 March 2009 Report on the unconsolidated financial statements We have audited the accompanying unconsolidated
More informationOMAN ARAB BANK SAOC. Report and financial statements for the year ended 31 December 2017
OMAN ARAB BANK SAOC Report and financial statements for the year ended 31 December 2017 OMAN ARAB BANK SAOC Report and financial statements for the year ended 31 December 2017 Page Independent auditor
More informationFinancial statements. DBS Group Holdings Ltd and its Subsidiaries. DBS Bank Ltd
Financial statements DBS Group Holdings Ltd and its Subsidiaries 121 Consolidated Income Statement 122 Consolidated Statement of Comprehensive Income 123 Balance Sheets 124 Consolidated Statement of Changes
More informationIndependent Auditor's report 1. Income Statement 2. Balance Sheet 3. Cash Flow Statement 4-5. Statement of Changes in Equity 6
FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 JANUARY TO 31 DECEMBER 2007 CONTENTS Independent Auditor's report 1 Income Statement 2 Balance Sheet 3 Cash Flow Statement 4-5 Statement of Changes in Equity
More informationPublic Joint Stock Company ProCredit Bank Financial Statements. Year ended 31 December 2017 Together with Independent Auditors Report
Public Joint Stock Company ProCredit Bank Financial Statements Year ended 31 December 2017 Together with Independent Auditors Report Financial Statements - 31 December 2017 CONTENTS FINANCIAL STATEMENTS
More informationThe St. Vincent Co-operative Bank Limited Financial Statements Year Ended January 31, 2014
The St. Vincent Co-operative Bank Limited Financial Statements Year Ended January 31, 2014 Contents Page 1 Pages 2-3 Page 4 Page 5 Page 6 Page 7 Pages 8-35 Corporate Information Independent Auditors Report
More informationKOMERCIJALNA BANKA A.D. BANjA LUKA
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2011 WITH INDEPENDENT AUDITORS RERORT KOMERCIJALNA BANKA A.D. BANjA LUKA Banja Luka, March 2012 Financial Statements for the year ended 31 December 2011
More informationCayman National Bank and Trust Company (Isle of Man) Limited. Report and financial statements. for the year ended 30 September 2016
Report and financial statements for the year ended 30 September 2016 Contents Page Directors' report 1 Statement of Directors' Responsibilities 2 Independent auditor's report 3 Statement of Financial Position
More informationOTP Mortgage Bank Ltd. December 31, 2013
OTP Mortgage Bank Ltd. Separate Financial Statements in accordance with International Financial Reporting Standards as adopted by the European Union and Independent Auditors Report December 31, 2013 CONTENTS
More informationRS Official Gazette, Nos 94/2011, 57/2012, 123/2012, 43/2013, 113/2013, 135/2014, 25/2015, 38/2015, 61/2016, 69/2016, 91/2016, 101/2017 and 114/2017
RS Official Gazette, Nos 94/2011, 57/2012, 123/2012, 43/2013, 113/2013, 135/2014, 25/2015, 38/2015, 61/2016, 69/2016, 91/2016, 101/2017 and 114/2017 Pursuant to Article 15, paragraph 1 of the Law on the
More informationLatvian Credit Union Limited Financial Statements For the year ended March 31, 2015
Financial Statements Table of Contents Page Management s Responsibility 1 Independent Auditors Report 2 Financial Statements Statement of Financial Position 3 Statement of Comprehensive Income 4 Statement
More informationNATIONAL FINANCE COMPANY SAOG FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007
NATIONAL FINANCE COMPANY SAOG FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007 Registered office: P.O. Box 1706, PC 112, Ruwi Sultanate of Oman Principal place of business: Head Office Al Khuwair
More information