Moscow-Minsk Foreign Bank (unitary enterprise) Financial Statements Together With Independent Auditors Report For The Year Ended December 31, 2004

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1 Moscow-Minsk Foreign Bank (unitary enterprise) Financial Statements Together With Independent Auditors Report For The Year Ended December 31, 2004

2 Financial statements for the year ended 31 December 2004 Contents Independent auditors report Balance sheet...4 Statement of income...5 Statement of cash flows...6 Statement of changes in equity...7 Notes to the financial statements 1. Principal activities Operating environment of the Bank Basis of presentation Summary of significant accounting policies Cash and cash equivalents Trading securities Due from other banks Loans and advances to customers Intangible assets Other assets Premises and equipment Due to other banks Customer accounts Subordinated debt Other liabilities Charter capital Retained earnings Interest income and expense Fee and commission income and expense Operating expenses Income tax Financial risk management Contingencies, commitments and derivative financial instruments Fair value of financial instruments Related party transactions

3 Balance Sheet as at 31 December 2004 The notes set out on pages 8 to 36 are an integral part of these financial statements 3

4 Balance Sheet as at 31 December 2004 Note Assets Cash and cash equivalents Mandatory cash balances with the National Bank of Belarus Trading securities Due from other banks Loans and advances to customers Intangible assets Other assets Premises and equipment Total assets Liabilities Due to other banks Customer accounts Debt securities issued Subordinated loan Other liabilities Total liabilities Equity Charter capital Retained earnings Total equity Total liabilities and equity Approved by the Bank s Board and signed on its behalf on 4 April А. A. Rakovets General Director L. V. Kallaur Chief Accountant The notes set out on pages 8 to 36 are an integral part of these financial statements 4

5 Statement of Income for the Year Ended 31 December 2004 Note Interest income Interest expense 18 (2 860) (2 038) Net interest income (Provision for) / recovery of provision for loan impairment 7, 8 (359) 123 Net interest income after provision for loan impairment Gains less losses arising from trading securities 268 (216) Gains less losses from dealing in foreign currency Fee and commission income Fee and commission expense 19 (369) (290) Recovery of provision for impairment of credit related commitments Other operating income Net income Operating expenses 20 (3 069) (1 864) Monetary loss (2 073) (2 247) Profit before taxation Income tax charge 21 (627) (537) Net profit The notes set out on pages 8 to 36 are an integral part of these financial statements 5

6 Statement of Cash Flows for the Year Ended 31 December Cash flows from operating activities Interest received Interest paid (2 951) (1 394) Income received on operations with securities (42) (216) Income received on dealing in foreign currency Fees and commissions received Fees and commissions paid (369) (290) Other operating income 363 (589) Operating expenses paid (2 914) (1 577) Income tax paid (627) (537) Cash flows from operating activities before changes in operating assets and liabilities Net (increase)/decrease in operating assets: Mandatory cash balances with the National Bank of Belarus (626) (210) Trading securities 114 (7 071) Due from other banks (4 032) Loans and advances to customers (12 816) (19 300) Other assets (62) (216) Net (increase)/decrease in operating liabilities: Due to other banks Customer accounts (1 068) Promissory notes issued (1 846) 737 Other liabilities Net cash flows from (used in) operating activities (6 104) Cash flows from investing activities Purchase of premises and equipment (913) (225) Proceeds from disposal of premises and equipment Net cash flows used in investing activities (767) (225) Cash flows from financing activities Other borrowings Net cash flows from financing activities Effect of exchange rate changes on cash and cash equivalents (66) 10 Effect of inflation on cash and cash equivalents 109 (1 575) Net increase in cash and cash equivalents (4 894) Cash and cash equivalents at beginning of the year Cash and cash equivalents at the end of the year (Note 5) The notes set out on pages 8 to 36 are an integral part of these financial statements 6

7 Statement of Changes in Equity for the Year Ended 31 December 2004 Charter capital Retained earnings Total equity Balance as at 1 January Effect of inflation Transfers to charter capital (1 770) - Net profit for Balance as at 31 December Effect of inflation Transfers to charter capital (8 519) - Net profit for Balance as at 31 December The notes set out on pages 8 to 36 are an integral part of these financial statements 7

8 1. Principal activities Moscow-Minsk Foreign Bank (unitary enterprise) ( the Bank ) is a fully owned (100%) subsidiary of Bank of Moscow (Russia), which is the ultimate parent company of the Bank. Moscow-Minsk Foreign Bank is a commercial bank set up as a unitary enterprise. Since 1 April 2002, the Bank has been operating subject to General Banking License issued by the National Bank of Belarus (NBB). The Bank s principal business activity is commercial and retail banking operations on the territory of Belarus. The Bank has 3 branches located in the Republic of Belarus. The Bank is registered at the following address: 49, Kommunisticheskaya Str., Minsk, Republic of Belarus. The average number of employees of the Bank was 163 (2003: 136). 2. Operating environment of the Bank The Bank operates primarily within the Republic of Belarus. Over the past decade the Republic of Belarus has undergone substantial political, economic and social changes. Though a number of main reforms aimed at establishment of banking, judicial, tax and legislative systems have been implemented the business and legislative framework do not possess the same level of stability as in the countries with more developed economy. Currently, the economy of the Republic of Belarus continues to display characteristics of an emerging market. These characteristics include: high inflation rates during a number of years; certain currency controls, which do not allow the national currency to become a liquid means of payment outside of the Republic of Belarus; low level of liquidity on capital markets. Inflation The economy of the Republic of Belarus meets the definition of a hyperinflationary economy. The inflation indices for the last five years are given in the table below: Year ended: Inflation for the period 31 December ,1% 31 December ,4% 31 December ,6% 31 December ,1% 31 December ,0% 8

9 2. Operating environment of the Bank (continued) Currency transactions and currency control Foreign currencies, in particular the US dollar, play a significant role in measuring economic parameters of many business transactions in the Republic of Belarus. The table below shows BYR/USD exchange rates for the last five years: Year ended: Exchange rate 31 December December December December December The National Bank of the Republic of Belarus has introduced strict currency control regulations designed to promote the commercial utilisation of the Belarussian Rouble. Such regulations place restrictions on the conversion of Belarussian Roubles into hard currencies and establish mandatory requirements for conversion of hard currency sales to Belarussian Roubles. Financial market transactions Economic conditions in the Republic of Belarus continue to limit the volume of activity in the financial markets. Market quotations may not be reflective of the values for financial instruments, which would be determined in an efficient, active market between knowledgeable and willing parties. Management has therefore used the best available information to adjust market quotations to reflect their best estimate of fair values, where considered necessary. These financial statements are based on the current evaluation by the Bank s management of the influence made by the economic situation in the Republic of Belarus on the activities and financial position of the Bank. Future economic development in the Republic of Belarus largely depends on efficiency of measures taken by the government, and other factors including legislative and political events outside the Bank s control. The management is unable to forecast how these factors can impact the financial position of the Bank. The accompanying financial statements do not include any adjustments for the above risk. 3. Basis of presentation The Bank s financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) including all previously adopted standards and interpretations of International Accounting Standards Board (IASB). The Bank maintains accounting records in compliance with the banking regulations of the Republic of Belarus. These financial statements have been prepared from those accounting records and adjusted as necessary in order to comply, in all material respects, with IFRS. The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 9

10 3. Basis of presentation (continued) disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions are based on the information available as at the date of issue of the financial statements. Actual results may differ from above mentioned estimates and assumptions. The most significant are the estimates used for defining of the amount of impairment provision for financial assets, terms of useful life of fixed assets and also the amount of off-balance sheet risk and contingencies. Early adoption of standards In 2004 the Bank adopted the IFRSs below, which are relevant to its current operations. IAS 1 (revised 2003) IAS 8 (revised 2003) IAS 10 (revised 2003) IAS 16 (revised 2003) IAS 21 (revised 2003) IAS 32 (revised 2003) IAS 36 (revised 2004) IAS 38 (revised 2004) IAS 39 (revised 2004) Presentation of Financial Statements Accounting Policies, Changes in Accounting Estimates and Errors Events after the Balance Sheet Date Property, Plant and Equipment The Effects of Changes in Foreign Exchange Rates Financial Instruments: Disclosure and Presentation Impairment of Assets Intangible Assets Financial Instruments: Recognition and Measurement Where necessary, corresponding figures have been adjusted to conform to changes in the presentation of the current year. Early adoption of IAS 1, 8, 10, 16, 21, 32, 36, 38 and 39 did not result in substantial changes in the Bank s accounting policies. All changes in the accounting policies have been made in accordance with the transition provisions in the respective standards. All adopted standards have been applied retrospectively with the exception of IAS 39 - de-recognition of financial assets is applied prospectively. The early adoption of the above standards did not affect the amount of retained earnings as at December 31, Functional and presentation currency These financial statements have been prepared in USD, being the Bank s presentation currency. The Bank conducts the major part of its operations in the national currency of the Republic of Belarus, Belarus Roubles, which is the Bank s functional currency. As at 31 December 2004, the 10

11 3. Basis of presentation (continued) Republic of Belarus continued to experience conditions that meet the definition of a hyperinflationary economy. In accordance with IAS 21 The Effects of Changes in Foreign Exchange Rates, the financial statements have been adjusted to reflect the effect of inflation as required by IAS 29 Financial Reporting in Hyperinflationary Economies. All amounts in Belarus Roubles (BYR) were expressed in terms of the purchasing power of BYR as at 31 December 2004 and were further translated into the presentation currency at the exchange rate current at the balance sheet date (BYR/USD 2 170). The corresponding figures were restated for the changes in the purchasing power of the Belarus Rouble as at 31 December 2003 and were further translated into the presentation currency at the exchange rate current at 31 December 2003 (BYR/USD 2 156). Changes in corresponding figures The Bank s financial statements as at 31 December 2003 did not reflect transfers of retained earnings to charter capital. This fact does not affect the value of the Bank s equity. However, to amend the presentation of corresponding figures of the 2004 financial statements, the following adjustments have been made. Adjustments of main balance sheet items made by the Bank during restatement of corresponding information in respect of charter capital and retained earnings as at 31 December 2003 are set out below: Bank financial statements as at 31 December Adjustments reflecting changes in presentation Adjusted corresponding information as at 31 December 2003 in the Bank financial statements as at 31 December 2004 Balance Sheet Charter capital Effect of hyperinflation on charter capital (2 810) - Retained earnings (3 726) Total equity Summary of significant accounting policies Cash and cash equivalents Cash and cash equivalents are items, which can be converted into cash within a day. All shortterm interbank placements, excluding overnight placements, are included in due from other banks. Amounts, which relate to funds of restricted nature, are excluded from cash and cash equivalents. Mandatory cash balances with the National Bank of Belarus Mandatory cash balances with the National Bank of Belarus represent mandatory reserve deposits with the National Bank of Belarus, which are not available to finance the Bank s dayto-day operations. Therefore, for the purposes of cash flow statement, the mandatory reserve

12 4. Summary of significant accounting policies (continued) balance is excluded from cash and cash equivalents. Financial assets The Bank classifies its financial assets in the following categories: financial assets at fair value through profit or loss; loans and advances; financial assets held to maturity; and financial assets available for sale. Management determines the classification of its investments at initial recognition. Financial assets at fair value through profit or loss Financial assets recorded at fair value through profit or loss include trading securities and derivative financial instruments, unless they are designated as hedges. Trading securities Trading securities represent securities acquired principally for the purpose of generating a profit from short-term fluctuations in price or trader s margin, or securities included in a portfolio where a pattern of short-term trading exists. The Bank classifies securities as trading securities when it intends to sell them within a short period of time after purchase, i.e. within 12 months. Trading securities are initially recognised at cost (which includes transaction costs) and subsequently remeasured at fair value. The fair value of securities is calculated either based on their market quotations or using various valuation procedures based on the assumption that these securities could be sold in future. In determining market value, all trading securities are valued at the last trade price if quoted on an exchange or, if traded over-the-counter, at the last bid price. All related realised and unrealised gains and losses are recorded within gains less losses arising from trading securities in the statement of income in the period in which they occur. Interest earned on trading securities is reflected in the statement of income as interest income on trading securities. Dividends received are recorded within other operating income. All purchases and sales of trading securities that require delivery within the time frame established by legislation or market convention ( regular way purchases and sales) are recognised at trade date, which is the date when the Bank commits to purchase or sell the asset. Otherwise, such transactions are treated as financial derivatives until settlement. Sale and repurchase agreements, lending of securities Sale and repurchase agreements (repos) are treated as secured financing transactions. Securities sold under sale and repurchase agreements are recorded in balance sheet in trading securities, or securities available for sale, depending on the related transaction. The funds received under these agreements are included in due to other banks or customer accounts. Securities purchased under agreements to resell (reverse repos) are recorded as due from other banks or loans and advances to customers. The difference between the sale and repurchase price is treated as interest and accrued over the life of repo agreements using the effective interest rate method. 12

13 4. Summary of significant accounting policies (continued) Securities lent by the Bank to counterparties continue to be recognised in the Bank s financial statements as securities. Securities received as a loan are not shown in the Bank s financial statements. When these securities are sold to third parties, the financial result from sale and purchase of such securities is recognised in the statement of income within gains less losses arising from trading securities. The obligation to return the securities is recorded at fair value as a trading liability. Loans and advances and provisions for loan impairment Loans originated by the Bank by providing money directly to the borrower or an organiser of a syndicated loan at draw down (other than those that are originated with the intent of being sold immediately or in the short term which are recorded as trading assets), are categorised as originated loans and advances to customers. Initially, originated loans and advances are recorded at cost, which is the fair value of the consideration given. Subsequently, they are carried at amortised cost less provision for loan impairment. Amortised cost is based on the fair value of cash consideration given to originate the loan determinable by reference to market interest rates on similar loans in effect at the origination date. Originated loans and advances to customers are recognised when cash is advanced to borrowers. Loans, which interest rates differ from market rates, are measured at their fair value at the date of origination. The fair value represents future interest payments and principal amount, discounted at market rates for similar loans. The difference between the fair value and the nominal value at origination is credited or charged to the statement of income as gains on origination of assets at rates above market or losses on origination of assets at rates below market. Subsequently, the carrying amount of such loans is adjusted for amortisation of the gains/losses on origination and the related income is recorded within the statement of income using the effective interest method. A provision for loan impairment is established if there is objective evidence that the Bank will not be able to collect the amounts due according to the original contractual terms. The amount of the provision is the difference between the carrying amount and the estimated recoverable amount of the loan, calculated as the present value of expected cash flows, including amounts recoverable from guarantees and collateral, discounted at the original effective interest rate on this loan. The provision for loan impairment also covers losses where there is objective evidence that probable losses are present in components of the loan portfolio at the balance sheet date. These losses have been estimated based upon historical patterns of losses in each component, the credit ratings assigned to the borrowers and reflect the current economic environment in which the borrowers operate. 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 13

14 4. Summary of significant accounting policies (continued) amount of the loss has been determined. Subsequent recoveries of amounts previously written off are credited to the provision for loan impairment in the statement of income. If the amount of the impairment subsequently decreases, the recovery of the provision is credited to the provision for loan impairment in the statement of income. Loans are placed on non-accrual status when full payment of principal or interest is in doubt (a loan with principal and interest unpaid for at least ninety days). When a loan is placed on nonaccrual status, accrued interest on these loans is not recognised in the statement of income. A non-accrual loan may be restored to accrual status when all principal and interest amounts contractually due are reasonably assured of repayment within a reasonable period. Other credit related commitments In the normal course of business the Bank enters into other credit related commitments, including letters of credit and guarantees. Specific provisions are recorded by the Bank against other credit related commitments when losses are considered probable. Promissory notes purchased Promissory notes purchased are included in trading securities, due from other banks or in loans and advances to customers, depending on their economic substance and are subsequently remeasured and accounted for in accordance with the accounting policies for these categories of assets. Intangible assets Computer software Acquired computer software and the related licenses are capitalised including costs incurred by the Bank to install and bring it to use. Subsequently, these costs are amortised over the useful lives of assets (from three to five years). Costs associated with maintaining computer software are recognised as an expense when incurred. Costs that are directly associated with identifiable and unique software controlled by the Bank and will probably generate economic benefits exceeding costs beyond one year are recognised as intangible assets. Direct costs include staff costs of the software development team and an appropriate portion of relevant overheads. Expenses that enhance or extend the performance of the software beyond its original specifications are recognised as capital expenditures and added to the original cost of the software. Costs of software development recognised as assets are amortised using the straightline method over their useful lives, not exceeding a period of 3 years. Premises and equipment Premises and equipment are stated at acquisition cost restated by applying the relevant inflation conversion factors to the historical cost, or at revalued amounts, as indicated below, less 14

15 4. Summary of significant accounting policies (continued) accumulated depreciation and impairment provision where required. Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down to its recoverable amount and the difference is recognised in the statement of income. The estimated recoverable amount is determined as higher of an asset s net realisable value and its value in use. Construction in progress is carried at cost adjusted, where necessary, for inflation less impairment provision. As soon as construction is completed, assets are reclassified as premises and equipment at their carrying value at the date of reclassification. Construction in progress is not depreciated until the asset is available for use. Gains and losses on disposal of premises and equipment are determined by reference to their carrying amount. Repairs and maintenance are charged to the statement of income when the expense is incurred. Depreciation Depreciation is charged on a straight-line basis over the useful lives of the assets. As at December 31, 2004 the Bank brought the depreciation rates in accordance with accounting policy of the parent bank. According to IFRS 8 Accounting policies, changes in accounting estimates and errors, effect from the change of depreciation rates in the amount of USD 296 thousand was recorded in the statement of income for the year 2004, while comparative numbers were not changed. During the years 2004 and 2003 the Bank used the following depreciation rates: Asset category Depreciation rates used in year 2004, years Depreciation rates used in year 2003, years Buildings Transport 5 4 Computers 4 3 Equipment 6 5 Furniture 7 10 Borrowings (due to other banks and customer accounts) Borrowings are recognised initially at cost, being their issue proceeds (the fair value of consideration received) net of transaction costs incurred. Subsequently, borrowings are stated at amortised cost and any difference between the net proceeds and the redemption value is recognised in the statement of income over the period of the borrowings using the effective interest method. If the Bank purchases its own debt, it is removed from the balance sheet and the difference between the carrying amount of the liability and the consideration paid is recognised as gains arising from early retirement of debt. 15

16 4. Summary of significant accounting policies (continued) Debt securities issued Debt securities issued include promissory notes, deposit certificates and bonds issued by the Bank. Debt securities issued are recognised initially at cost, being their issue proceeds (the fair value of consideration received) net of transaction costs incurred. Subsequently, debt securities issued are stated at amortised cost and any difference between the net proceeds and the redemption value is recognised in the statement of income over the life of the security using the effective interest method. Income taxes Income tax expense is recorded in the financial statements in accordance with the applicable legislation of the Republic of Belarus. The income tax charge/recovery in the statement of income comprises current tax and changes in deferred tax. Current tax is calculated on the basis of the estimated taxable profit for the year, using the tax rates enacted at the balance sheet date. Taxes, other than income tax, are recorded within general and administrative expenses. Deferred income tax is calculated, using the balance sheet asset and liability method, for all temporary differences arising between the tax basis of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax assets and liabilities are measured at tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates that have been enacted in this period or are substantively enacted at the balance sheet date. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Income and expense recognition Interest income and expense are recognised in the statement of income for all interest-bearing instruments on an accrual basis using the effective interest method based on the actual purchase price. Interest income includes coupons earned on fixed-income securities and accrued discount and premium on promissory notes and other discounted instruments. When loans become doubtful of collection, they are written down to their recoverable amounts and interest income is thereafter recognised based on the rate of interest that was used to discount the future cash flows for the purpose of measuring the recoverable amount. Commissions and other income are credited to income when the related transactions are completed. Commissions and fees arising from negotiating a transaction for a third party, such as the acquisition of loans, shares or other securities, are recorded on completion of the transaction in the statement of income. Investment portfolio and other management and advisory service fees are recognised based on the applicable service contracts. Non-interest expenses are recognised at the time the products are received or the service is provided. Foreign currency translation Foreign currency transactions are accounted for at the exchange rate in effect at the transaction 16

17 4. Summary of significant accounting policies (continued) date. Exchange difference arising from foreign currency transactions is reported in the statement of income as gains less losses from dealing in foreign currency at the exchange rate ruling at the transaction date. Monetary assets and liabilities denominated in foreign currencies are translated into the Belarussian Rouble at the National Bank of Republic of Belarus official exchange rate ruling at the balance sheet date. Foreign exchange gains and losses resulting from debt securities and other monetary financial assets carried at fair value are included within foreign exchange translation gains less losses. Translation differences on non-monetary items, such as equities classified as trading or available for sale financial assets, are reported as part of the fair value gain or loss. Therefore, translation difference on equity securities available for sale is included in the fair value reserve for securities available for sale within shareholders equity. As at 31 December 2004, the official exchange rate applied for restatement of account balances denominated in foreign currencies was BYR/USD (as at 31 December 2003: BYR/USD 2 156). Exchange restrictions and controls exist relating to converting Belarussian Roubles into other currencies. At present, the Belarussian Rouble is not a convertible currency in most countries outside of the Republic of Belarus. Derivative financial instruments Derivative financial instruments including foreign exchange contracts, interest rate futures, forward rate agreements, currency and interest rate options, currency and interest rate swaps, as well as other derivative financial instruments are initially recorded in the balance sheet at cost (including transaction costs) and subsequently remeasured at their fair value. Fair values are obtained from quoted market prices, discounted cash flow models, option price models, or the spot rate at the year-end, as appropriate. All derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative. Changes in the fair value of derivative financial instruments are included in gains less losses from dealing in foreign currency, gains less losses arising from trading securities, and gains less losses from operations in precious metals, depending on the related transaction. Certain derivatives embedded in other financial instruments, such as the conversion option in a convertible bond, are treated as separate derivatives when their risks and economic characteristics are not closely related to those of the host contract and the host contract is not carried at fair value with unrealised gains and losses reported in the statement of income. The Bank does not enter into derivative instruments for hedging purposes. Accounting for the effects of hyperinflation The economy of Republic of Belarus is considered to be hyperinflationary. According to IAS 29 Financial Reporting in Hyperinflationary Economies, adjustments and reclassifications made for the purposes of IFRS presentation include the restatement for 17

18 4. Summary of significant accounting policies (continued) changes in the general purchasing power of the Belarus Rouble as at 31 December IAS 29 requires that the financial statements prepared in the currency of a hyperinflationary economy should be stated in terms of the measuring unit current at the balance sheet date. IAS indicates that reporting operating results and financial position in the local currency without restatement is not useful because money loses purchasing power at such a rate that the comparison of amounts from transactions and other events that have occurred at different times, even within the same accounting period, is misleading. The restatement was calculated using the conversion factors derived from the consumer price indices (CPI) of the Republic of Belarus. The conversion factors for the five years ended 31 December 2004 are the following: Year Conversion factor Non-monetary assets and liabilities are restated using the corresponding conversion factor as at 31 December Effect of inflation on net monetary position is reflected in statement of income as monetary gain or loss. Premises and equipment are restated by applying the respective conversion factor from the date of acquisition. Where indexation is applied, an assessment is made of the potential impairment in the carrying value of these assets and, where applicable, such assets are reduced to their recoverable amounts. Components of charter capital are restated by applying the respective conversion factor from the date of the transactions resulting in the movement in charter capital Provisions Provisions are recorded when the Bank has an obligation (legal or arising from the existing business practice) incurred prior to the reporting date, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. If the amount of such an obligation is significant, the provision will be determined by discounting the expected future cash flows with the use of a pre-tax discount rate which reflects current market assessments of the time value of money and, where applicable, inherent risks in this obligation. 18

19 5. Cash and cash equivalents Cash on hand Cash balances with NBB (other than mandatory reserve deposits) Correspondent accounts and overnight deposits with banks of Republic of Belarus other countries Total cash and cash equivalents Geographical, currency and maturity analyses of cash and cash equivalents are disclosed in Note Trading securities Government short-term discount bonds (GKOD) Government long-term discount bonds (GDOD) Total trading securities GKOD and GDOD are government short (long) term discount bonds issued by the Government of the Republic of Belarus in BYR. These bonds are sold at a discount to their face value. As at 31 December 2004, GKOD and GDOD held in the Bank s portfolio had maturities from 19 to 320 days and yield to maturity from 4% to 22%, depending on the issue. Geographical, currency and maturity analyses of cash and cash equivalents are disclosed in Note Due from other banks Current loans and deposits with other banks Less: provision for loan impairment (238) (88) Total due from other banks Below is the analysis of movements in the provision for loan impairment for the year: Provision for loan impairment as at 1 January Charge for /(recovery of) provision for loan impairment 138 (150) Effect of inflation Provision for loan impairment as at 31 December As at 31 December 2004, the Bank estimated fair value of due from other banks at USD thousand (2003: USD thousand). Refer Note

20 Geographical, currency, maturity and interest rate analyses of due from other banks are disclosed in Note Loans and advances to customers Current loans Overdue loans Less: provision for loan impairment (1 114) (788) Total loans and advances to customers Below is the analysis of movements in the provision for loan impairment for the year: Provision for loan impairment as at 1 January Charge for provision for loan impairment Effect of inflation Provision for loan impairment as at 31 December Economic sector concentrations within the Bank s loan portfolio are as follows: Amount % Amount % Industry % % Trade % % Mechanical engineering % - - Real estate % % Chemical and petrochemical % - - Construction % % Leasing % % Individuals % % Transport % % Communications % Tourism % Other % % Total loans and advances to customers (gross) % % As at 31 December 2004 the Bank granted loans to 10 major borrowers with the aggregated amount equal to USD thousand or 42.38% of the total loan portfolio. As at 31 December 2003 the Bank granted loans to 10 major borrowers with the aggregated amount equal to USD thousand or 54.09% of the total loan portfolio. As at 31 December 2004, the loan funds issued to the largest borrower amounted to USD thousand or 5.86% of the total loan portfolio, which constitutes more than 10% of capital of the Bank. As at 31 December 2003, the loan funds issued to the largest borrower amounted to USD thousand or 9.36% of the total loan portfolio, which constitutes more than 10% of capital of the Bank. As at 31 December 2004, the Bank estimated fair value of loans and advances to customers at USD thousand (2003: USD thousand). Refer Note

21 8. Loans and advances to customers (continued) Geographical analysis, analysis of loans and advances to customers by currency structure and maturities, as well as analysis of interest rates are disclosed in Note 22. The Bank issued a number of loans to related parties. The relevant information on related party balances is disclosed in Note Intangible assets Movements in cost of computer software and related licenses are shown below Net book value at 31 December Cost Balance at 1 January Effect of inflation 7 7 Additions 14 - Balance at 31 December Accumulated amortisation at 1 January Effect of inflation 3 2 Amortisation 19 6 Accumulated amortization at 31 December Net book value at 31 December Other assets Prepaid taxes Receivables and prepayments Other 24 3 Total other assets

22 11. Premises and equipment Premises Motor vehicles Office and computer equipment Construction in progress Net book value as at 31 December Cost Opening balance as at 1 January Effect of inflation Additions Disposals - (2) (7) - (9) Balance as at 31 December Accumulated depreciation Opening balance as at 1 January Effect of inflation Change in accounting policies (59) (41) (196) - (296) Depreciation charge Disposals - (2) (5) - (7) Balance as at 31 December Net book value as at 31 December Total As at 31 December 2004, the Bank revised the useful lives in respect of the main categorises of premises and equipment (Note 4). The effect of this change is reflected within change in accounting policies. Construction in progress mainly comprises construction and refurbishing of premises and equipping of branches. As soon as construction is completed, the assets are categorized as premises and equipment as appropriate. 12. Due to other banks Correspondent accounts and overnight deposits of other banks Current term placements of other banks Total due to other banks As at 31 December 2004, the estimated fair value of due to other banks equalled USD thousand (2003: USD thousand). Refer Note 24. Geographical, currency, maturity and interest rate analyses of due to other banks are disclosed in Note

23 13. Customer accounts State and public organisations Current/settlement accounts 1 54 Other legal entities Current/settlement accounts Term deposits Individuals Current/demand accounts Term deposits Total customer accounts As at 31 December 2004, the estimated fair value of customer accounts totalled USD thousand (2003: USD thousand). Refer Note 24. Economic sector concentrations within customer accounts are as follows: 2004 Amount % Industry % Communications % Trade % Individuals % Municipal economy % Construction % Film studio % Non-bank financial organisations % Municipal bodies % Leasing % State authorities % Agriculture % Total % Total customer accounts % Comparative information on economic sector concentrations within customer accounts for the year 2003 is not provided, as the Bank believes that the costs to be incurred for obtaining such information substantially exceed the benefits from its potential use. Geographical, currency, maturity and interest rate analyses are disclosed in Note 22. The Bank raised funds from the related parties. Relevant information on related party balances is disclosed in Note Subordinated debt At 11 December 2001 the Bank attracted funds in the amount of USD thousand. At 28 January 2003 the Bank attracted funds in the amount of USD thousand. So, as at 31 December 2004, the Bank attracted funds in the amount of USD thousand (2003: USD thousand). The funds were provided by JSCB Bank of Moscow. According to terms of the loan agreement the loan is due in December 2010, annual interest rate is LIBOR + 6%. As at 31 December 2004 rate LIBOR is 3% (2003: 1.5%). 23

24 15. Other liabilities Note Settlements on conversion operations Provision for credit related commitments Taxes payable Transactions with derivatives Other Total other liabilities Geographical, currency, maturity and interest rate analyses are disclosed in Note Charter capital Charter capital comprises contributions made by the Bank s sole participant JSCB Bank of Moscow. Charter capital was restated according to IFRS 29. The amount of charter capital before restatement as at 31 December 2004 was USD thousand. The amount of charter capital after the restatement was USD thousand (2003: USD thousand and USD thousand, respectively). 17. Retained earnings In accordance with the Belarus legislation, the Bank transfers profits to reserves (fund accounts) on the basis of financial statements prepared in accordance with Belarus Accounting Standards. The Bank s reserves under Belarus Accounting Standards (not adjusted for inflation) as at 31 December 2004 are USD thousand (2003: USD thousand). 18. Interest income and expense Interest income Loans and advances to customers Trading securities Due from other banks Total interest income Interest expense Term deposits of banks Term deposits of legal entities Term deposits of individuals Debt securities issued Total interest expense Net interest income

25 19. Fee and commission income and expense Fee and commission income Commission on transactions with foreign currency Commission on cash transactions Commission on settlement transactions Commission on system Client-Bank Commission on guarantees issued Commission on transactions in securities Commission on operations with banks 14 - Other Total fee and commission income Fee and commission expense Commission on settlement transactions with banks non-residents Commission on cash collection Commission on transactions with Currency Exchanges Other Total fee and commission expense Net fee and commission income Operating expenses Note Staff costs Taxes other than income tax Depreciation of premises and equipment Professional services (security, communications and other) Administrative expenses 56 6 Advertising and marketing Fines and penalties 17 - Other expenses related to premises and equipment 18 - Rent expenses Other Total operating expenses Income tax Current income tax expense in year 2004 is USD 627 thousand (2003: USD 537 thousand). The income tax rate applicable to the Bank s income is 30% (2003: 30%). Reconciliation between the expected and the actual taxation charge is provided below IFRS profit before taxation Theoretical tax charge at the rate of 30% Property tax (18) (14) Tax effect of items which are not deductible or assessable for taxation purposes: Tax-exempt income (1 354) (758) Non-deductible expenses Portion of monetary income and expense relating to non- temporary differences 294 (92) Inflation effect on deferred tax balance at the beginning of the year Non-recognised net deferred tax asset movement Income tax charge

26 21. Income tax (continued) Differences between IFRS and statutory taxation regulations of Belarus Republic give rise to certain temporary differences between the carrying amount of certain assets and liabilities for financial reporting purposes and for profits tax purposes. The tax effect of the movement on these temporary differences is recorded at the rate of 30% (2003: 30%) Effect of inflation Movement 2004 Tax effect of deductible temporary differences Provision for loan impairment Premises and equipment (32) 117 Accrued income and expenses 39 5 (44) - Gross deferred tax asset (66) 458 Less: non-recognised deferred tax asset (55) (7) (82) (144) Net deferred tax asset (148) 314 Tax effect of taxable temporary differences Fair valuation of securities (61) (9) (93) (163) Premises and equipment (174) (23) 98 (99) Accrued income and expenses (172) (23) 143 (52) Gross deferred tax liability (407) (55) 148 (314) Total net deferred tax liability Total temporary differences arising between the assets and liabilities estimated in accordance with Belarus tax legislation and their carrying amounts for IFRS reporting purposes resulted in a net deferred tax asset. This asset has not been recognised in these financial statements due to uncertainty of its future realisation. 22. Financial risk management The risk management function within the Bank is carried out in respect of financial risks (credit, market, geographical, currency, liquidity and interest rate), operational risks and legal risks. The primary objectives of the financial risk management function are to establish risk limits, and then ensure that exposure to risks stays within these limits. The assessment of exposure to risks also serves as a basis for optimal distribution of risk-adjusted capital, transaction pricing and business performance assessment. The operational and legal risk management functions are intended to ensure proper functioning of internal policies and procedures to minimise operational and legal risks. Credit risk. The Bank takes on exposure to credit risk which is the risk that a counterparty will be unable to pay amounts in full when due. The Bank controls the credit risk it undertakes by placing limits on the amount of risk accepted in relation to one borrower, or Bank of borrowers, and to geographical and industry segments. Such risks are monitored on a regular basis, the limits being subject to an annual or more frequent review. Limits on the level of credit risk by product, borrower and industry sector are approved regularly by the Board of Directors. The exposure to any one borrower including banks and brokers is further restricted by sublimits covering on and off-balance sheet exposures and daily delivery risk limits in relation to 26

27 22. Financial risk management (continued) trading items such as forward foreign exchange contracts. Actual exposures against limits are monitored daily. Сredit risk is managed through regular analysis of the ability of borrowers and potential borrowers to meet interest and principal repayment obligations and by changing these lending limits where appropriate. Exposure to credit risk is also managed, in part, by obtaining collateral and corporate and personal guarantees. The Bank s maximum exposure to credit risk is primarily reflected in the carrying amounts of financial assets on the balance sheet. The impact of possible netting of assets and liabilities to reduce potential credit exposure is not significant. Credit risk for off-balance sheet financial instruments is defined as the possibility of sustaining a loss as a result of another party to a financial instrument failing to perform in accordance with the terms of the contract. The Bank uses the same credit policies in making conditional obligations as it does for on-balance sheet financial instruments through established credit approvals, risk control limits and monitoring procedures. Market risk. The Bank takes on exposure to market risks. Market risks arise from open positions in interest rate, currency and equity products, all of which are exposed to general and specific market movements. The Board of Directors sets acceptable risk limits and monitors them on a daily basis. However, the use of this approach does not prevent losses beyond these limits in the event of more significant market movements. 27

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