CLOSED JOINT-STOCK COMPANY Eurobank. Financial Statements For the Year Ended 31 December 2009

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1 CLOSED JOINT-STOCK COMPANY Eurobank Financial Statements For the Year Ended

2 CLOSED JOINT-STOCK COMPANY EUROBANK TABLE OF CONTENTS Page STATEMENT OF MANAGEMENT S RESPONSIBILITIES FOR THE PREPARATION AND APPROVAL OF THE FINANCIAL STATEMENTS 1 INDEPENDENT AUDITORS REPORT 2-3 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER : Statement of comprehensive income 4 Statement of financial position 5 Statement of changes in equity 6 Statement of cash flows 7-8 Notes to the financial statements 9-42

3 CLOSED JOINT-STOCK COMPANY EUROBANK STATEMENT OF MANAGEMENT S RESPONSIBILITIES FOR THE PREPARATION AND APPROVAL OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER Management is responsible for the preparation of the financial statements that present fairly the financial position of the Bank as at, the results of its operations, cash flows and changes in shareholder s equity for the year then ended, in accordance with International Financial Reporting Standards ( IFRS ). In preparing the financial statements, management is responsible for: Properly selecting and applying accounting policies; Presenting information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information; Providing additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the Bank s financial position and financial performance; Making an assessment of the Bank s ability to continue as a going concern. Management is also responsible for: Designing, implementing and maintaining an effective and sound system of internal controls, throughout the Bank; Maintaining proper accounting records that disclose, with reasonable accuracy at any time, the financial position of the Bank, and which enable them to ensure that the financial statements of the Bank comply with IFRS; Maintaining statutory accounting records in compliance with legislation and accounting standards of the Republic of Belarus; Taking such steps as are reasonably available to them to safeguard the assets of the Bank; Detecting and preventing fraud, errors and other irregularities. The financial statements for the year ended were approved by management on 15 June On behalf of the Management Board:

4 Foreign Enterprise Deloitte & Touche 51 Korolya Street Minsk, Belarus Tel.: +375 (0) Fax: +375 (0) INDEPENDENT AUDITORS REPORT To the Shareholders of Closed Joint-Stock Company Eurobank : We have audited the accompanying financial statements of Closed Joint-Stock Company Eurobank ( the Bank ) which comprise the statement of financial position at, the statement of comprehensive income, the statement of changes in equity and the statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory notes. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditors Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Member of Deloitte Touche Tohmatsu

5 Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of Closed Joint-Stock Company Eurobank at, and its financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards. 15 June 2010 Minsk

6 CLOSED JOINT-STOCK COMPANY EUROBANK STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER (in millions of Belarusian Roubles) Notes Year ended Period from 31 January 2008 (date of incorporation) to 2008 Interest income 4,20 4,135 1,648 Interest expense 4 (1,023) (52) NET INTEREST INCOME BEFORE PROVISION FOR IMPAIRMENT LOSSES ON LOANS TO CUSTOMERS 3,112 1,596 Provision for impairment losses on loans to customers 5 (481) (253) NET INTEREST INCOME 2,631 1,343 Net profit on foreign exchange operations 6 3,318 1,301 Fee and commission income 7,20 1,528 1,014 Fee and commission expense 7 (129) (72) Other income 8 - NET NON-INTEREST INCOME 4,725 2,243 OPERATING INCOME 7,356 3,586 OPERATING EXPENSES 8,20 (4,590) (3,140) PROFIT BEFORE INCOME TAXES 2, Income tax expense 9 (790) (289) NET PROFIT 1, OTHER COMPREHENSIVE INCOME - - TOTAL COMPREHENSIVE INCOME 1, On behalf of the Management Board: The notes on pages 8-42 form an integral part of these financial statements. 4

7 CLOSED JOINT-STOCK COMPANY EUROBANK STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER (in millions of Belarusian Roubles) Notes 2008 ASSETS: Cash and balances with the National Bank of the Republic of Belarus 10 10,917 4,225 Due from banks and other financial institutions 11 27,395 6,796 Derivative financial instruments Loans to customers 13,20 18,749 10,481 Property, equipment and intangible assets 14 3,271 3,152 Other assets TOTAL ASSETS 60,525 24,745 LIABILITIES AND EQUITY LIABILITIES: Due to banks - 2,100 Derivative financial instruments Due to customers 16,20 38,801 3,116 Current income tax liability Other liabilities 17, Total liabilities 39,687 6,083 EQUITY: Charter capital 18 21,161 18,505 (Accumulated deficit)/retained earnings (323) 157 Total equity 20,838 18,662 TOTAL LIABILITIES AND EQUITY 60,525 24,745 On behalf of the Management Board: The notes on pages 8-42 form an integral part of these financial statements. 5

8 CLOSED JOINT-STOCK COMPANY EUROBANK STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER (in millions of Belarusian Roubles) Notes Charter capital Retained earnings/ (Accumulated deficit) Total equity 31 January 2008 (date of incorporation) Contributions to charter capital (at par) 18 18,505-18,505 Comprehensive income for the period , ,662 Capitalization of statutory reserves 18 2,456 (2,456) - Contributions to charter capital (at par) Comprehensive income for the year - 1,976 1,976 21,161 (323) 20,838 On behalf of the Management Board: The notes on pages 8-42 form an integral part of these financial statements. 6

9 CLOSED JOINT-STOCK COMPANY EUROBANK STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER (in millions of Belarusian Roubles) Notes Year ended Period from 31 January 2008 (date of incorporation) to 2008 CASH FLOWS FROM OPERATING ACTIVITIES: Profit before income taxes 2, Adjustments for: Provision for impairment losses on loans to customers Translation gain on foreign currency denominated assets and liabilities (1,177) (51) Depreciation and amortization expense Net loss on disposal of intangible assets 69 - Change in fair value of derivative financial instruments, net (4) 14 Net change in accrued interest income (125) (183) Cash flows from operating activities before changes in operating assets and liabilities 2, Changes in operating assets and liabilities (Increase)/decrease in operating assets: Minimum obligatory reserve deposit with the National Bank of the Republic of Belarus (662) (86) Due from banks and other financial institutions (16,528) (6,721) Derivative financial instruments (14) - Loans to customers (8,402) (10,552) Other assets (91) (53) Increase/(decrease) in operating liabilities: Due to banks (2,115) 2,100 Due to customers 35,373 3,105 Other liabilities (60) 773 Cash inflow/(outflow) from operating activities before taxation 9,660 (10,902) Income taxes paid (704) (224) Net cash inflow/(outflow) from operating activities 8,956 (11,126) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of equipment and intangible assets (337) (575) Net cash outflow from investing activities (337) (575) 7

10 CLOSED JOINT-STOCK COMPANY EUROBANK STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER (CONTINUED) (in millions of Belarusian Roubles) Notes Year ended Period from 31 January 2008 (date of incorporation) to 2008 CASH FLOWS FROM FINANCING ACTIVITIES: Contributions to charter capital ,875 Net cash inflow from financing activities ,875 NET INCREASE IN CASH AND CASH EQUIVALENTS 8,819 4,174 Effect of changes in foreign exchange rates on cash and cash equivalents 431 (35) CASH AND CASH EQUIVALENTS, beginning of year 10 4,139 - CASH AND CASH EQUIVALENTS, end of year 10 13,389 4,139 Interest paid and received by the Bank during the year ended amounted to BYR 1,023 million and BYR 4,010 million, respectively. Interest paid and received by the Bank during the period from 31 January 2008 (date of incorporation) to 2008 amounted to BYR 52 million and BYR 1,465 million, respectively. On behalf of the Management Board: The notes on pages 8-42 form an integral part of these financial statements. 8

11 CLOSED JOINT-STOCK COMPANY EUROBANK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 1. ORGANISATION Closed Joint Stock-Company Eurobank (the Bank ) was registered by the National Bank of the Republic of Belarus (the National Bank ) on 31 January 2008 as a private unitary enterprise and reorganized into closed joint stock company on 9 September. The Bank conducts its business under General License for performing banking operations # 28 issued on 9 September. The Bank accepts deposits from the corporate customers and issues loans, transfers payments in the Republic of Belarus and abroad, exchanges currencies and provides other banking services. The Bank started operations on 19 February The registered office of the Bank is located at 129 Timiryazeva Street, building 5, , Minsk, Republic of Belarus. As at the issued shares of the Bank were owned by the following shareholders: LLC Trading House Zhdanovichi ( % of shares) and Mr. Sergei Shigalov, citizen of the Republic of Belarus (0.0005% of shares). As at 2008 the Bank was solely owned by its founder LLC Trading House Zhdanovichi. As at and 2008 the ultimate controlling party of the Bank was Mr. Evgeniy Shigalov, citizen of the Republic of Belarus. These financial statements were authorized for issue by the Management Board of the Bank on 15 June BASIS OF PRESENTATION Accounting basis These financial statements have been prepared in accordance with International Financial Reporting Standards ( IFRS ) issued by the International Accounting Standards Board ( IASB ) and Interpretations issued by the International Financial Reporting Interpretations Committee ( IFRIC ). These financial statements have been prepared on the assumption that the Bank is a going concern and will continue in operation for the foreseeable future. The management and shareholders have the intention to further develop the business of the Bank in the Republic of Belarus. The Management believes that the going concern assumption is appropriate for the Bank due to sufficient capital adequacy ratio and based on historical experience that short-term obligations will be refinanced in the normal course of business. These financial statements are presented in millions of Belarusian Roubles ( BYR million ), unless otherwise indicated. These financial statements have been prepared under the historical cost convention, except for the measurement at fair value of certain financial instruments. The Bank maintains its accounting records in accordance with the legislation of the Republic of Belarus. These financial statements have been prepared from the Belarusian statutory accounting records and have been adjusted to conform to IFRS. These adjustments include certain measurement adjustments and reclassifications to reflect the economic substance of underlying transactions including reclassifications of certain assets and liabilities, income and expenses to appropriate financial statements captions. 9

12 Functional currency Functional currency of these financial statements is the Belarusian rouble ( BYR ). 3. SIGNIFICANT ACCOUNTING POLICIES Recognition and measurement of financial instruments The Bank recognizes financial assets and liabilities on its statement of financial position when it becomes a party to the contractual obligation of the instrument. Regular purchase and sale of the financial assets and liabilities are recognized using settlement date accounting. Financial assets and liabilities are initially recognized at fair value plus, in the case of a financial asset or financial liability not at fair value through profit or loss, transaction costs that are directly attributable to acquisition or issue of the financial asset or financial liability. The accounting policies for subsequent re-measurement of these items are disclosed in the respective accounting policies set out below. Derecognition of financial assets and liabilities Financial assets A financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is derecognized where the rights to receive cash flows from the asset have expired. A financial asset is derecognized when it has been transferred and the transfer qualifies for derecognition. A transfer requires that the Bank either: (a) transfers the contractual rights to receive the asset s cash flows; or (b) retains the right to the asset s cash flows but assumes a contractual obligation to pay those cash flows to a third party. After a transfer, the Bank reassesses the extent to which it has retained the risks and rewards of ownership of the transferred asset. If substantially all the risks and rewards have been retained, the asset remains on the statement of financial position. If substantially all of the risks and rewards have been transferred, the asset is derecognized. If substantially all the risks and rewards have been neither retained nor transferred, the Bank assesses whether or not is has retained control of the asset. If it has not retained control, the asset is derecognized. Where the Bank has retained control of the asset, it continues to recognize the asset to the extent of its continuing involvement. Financial liabilities A financial liability is derecognized when the obligation is discharged, cancelled, or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the income statement. Cash and cash equivalents Cash and cash equivalents include cash on hand, unrestricted balances on correspondent and time deposit accounts with the National Bank with original maturity within 90 days, amounts due from banks and other financial institutions in countries included in the Organization for Economic Cooperation and Development ( OECD ) with original maturity within 90 days, which may be converted to cash within a short period of time, except for guarantee deposits and other restricted balances. For purposes of determining cash flows, the minimum reserve deposit required by the National Bank is not included as a cash equivalent due to restrictions on its availability. 10

13 Due from banks and other financial institutions In the normal course of business the Bank maintains advances and deposits for various periods of time with other banks and financial institutions. Due from banks and other financial institutions are initially recognized at fair value. Due from banks and other financial institutions are subsequently measured at amortized cost using the effective interest rate method. Amounts due from banks and other financial institutions are carried net of any allowance for impairment losses. Derivative financial instruments The Bank enters into derivative financial instruments to manage currency and liquidity risks. Derivatives entered into by the Bank include foreign currency forwards. Derivative financial instruments entered into by the Bank are not designated as hedges and do not qualify for hedge accounting. Derivative financial instruments are initially recorded and subsequently measured at fair value. Derivative fair values are determined from quoted prices in active markets where available. Where there is no active market for an instrument, fair value is derived from prices for the derivative s components using appropriate pricing or valuation models. Fair values for foreign currency contracts which do not have quoted prices available are obtained from the interest rates parity model, using risk free interest rates representative for the market of the Republic of Belarus. The results of the valuation of derivatives are reported in assets (aggregate of positive market values) or liabilities (aggregate of negative market values), respectively. Both positive and negative valuation results are recognized in the statement of comprehensive income for the period in which they arise in net gain/(loss) on foreign exchange operations. Loans to customers Loans to customers are non-derivative assets with fixed or determinable payments that are not quoted in an active market other than those classified in other categories of financial assets. Loans granted by the Bank are initially recognized at fair value plus related transaction costs. Where the fair value of consideration given does not equal the fair value of the loan, for example where the loan is issued at lower than market rates, the difference between the fair value of consideration given and the fair value of the loan is recognized in the statement of comprehensive income. Subsequently, loans are carried at amortized cost using the effective interest rate method. Loans to customers are carried net of any allowance for impairment losses. Write off of loans Loans are written off against allowance for impairment losses in case of uncollectibility, including through repossession of collateral. Loans are written off after management has exercised all possibilities available to collect amounts due to the Bank and after the Bank has sold all available collateral. Subsequent recoveries of amounts previously written off are included in other income. Allowances for impairment losses The Bank accounts for impairment of financial assets not recorded at fair value when there is objective evidence of impairment of a financial asset or a group of financial assets. The impairment of financial assets represents a difference between the carrying value of the asset and current value of estimated future cash flows including amounts which can be received on guarantees and collateral discounted using an initial effective interest rate on financial assets recorded at amortized value. If in a subsequent period the impairment amount decreases and such a decrease can be objectively associated with an event occurring after recognition of the impairment then the previously recognized impairment loss is reversed with an adjustment of the provision account. 11

14 For financial assets carried at cost, the impairment losses are measured as the difference between the carrying amount of the financial asset and the present value of estimated future cash flows, discounted at the current market rate of return for a similar financial asset. Such impairment losses are not reversed. The impairment is calculated based on the analysis of assets subject to risks and reflects the amount sufficient, in the opinion of the management, to cover relevant losses. The provisions are created as a result of an individual evaluation of assets subject to risks regarding financial assets being material individually and on the basis of an individual or group evaluation of financial assets not being material individually. The change in the impairment is charged to the statement of comprehensive income using the provision account (financial assets recorded at amortized cost) or by a direct write-off (financial assets recorded at cost). Assets recorded in the statement of financial position are reduced by the amount of the impairment. The factors the Bank evaluates in determining the presence of objective evidence of occurrence of an impairment loss include information on liquidity of the debtor or issuer, their solvency, business risks and financial risks, levels and tendencies of default on obligations on similar financial assets, national and local economic tendencies and conditions, and fair value of the security and guarantees. These and other factors individually or in the aggregate represent, to a great extent, an objective evidence of recognition of the impairment loss on the financial asset or group of financial assets. It should be noted that the evaluation of losses includes a subjective factor. The management of the Bank believes that the amount of recorded impairment is sufficient to cover losses incurred on assets subject to risks at the reporting date, although it is probable that in certain periods the Bank can incur losses greater than recorded impairment. Operating leases Leases of assets under which the risks and rewards of ownership are effectively retained with the lessor are classified as operating leases. Lease payments/proceeds under operating leases are recognized as expenses/income on a straight-line basis over the lease term and included in operating expenses/other income. Property, equipment and intangible assets Property, equipment and intangible assets are carried at historical cost less accumulated depreciation and any recognized impairment loss. Depreciation on assets under construction and those not placed in service commences from the date the assets are ready for their intended use. Depreciation of property, equipment and intangible assets is charged on the carrying value of property, equipment and intangible assets and is designed to write off assets over their useful economic lives. It is calculated on a straight-line basis at the following annual rates: Buildings 1% -11% Computer equipment 14%-21% Vehicles 13% Furniture and office equipment 2%-20% Intangible assets 9%-100% Leasehold improvements are amortized over the life of the related leased asset. Expenses related to repairs and renewals are charged when incurred and included in operating expenses in the statement of comprehensive income unless they qualify for capitalization. The carrying amounts of property, equipment and intangible assets are reviewed at each reporting date to assess whether they are recorded in excess of their recoverable amounts. 12

15 The recoverable amount is the higher of fair value less costs to sell and value in use. Where carrying values exceed the estimated recoverable amount, assets are written down to their recoverable amount. An impairment is recognized in the respective period and is included in operating expenses. After the recognition of an impairment loss the depreciation charge for property, equipment and intangible assets is adjusted in future periods to allocate the assets revised carrying value, less its residual value (if any), on a systematic basis over its remaining useful life. Taxation Income taxes expense represents the sum of the current and deferred tax expense. The current tax expense is based on taxable profit for the year. Taxable profit differs from net profit as reported in the statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Bank s current tax expense is calculated using tax rates that have been enacted during the reporting period. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized. Such assets and liabilities are not recognized if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realized. Deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited directly to other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income. Deferred income tax assets and deferred income tax liabilities are offset and reported net on the statement of financial position if: the Bank has a legally enforceable right to set off current income tax assets against current income tax liabilities; and deferred income tax assets and the deferred income tax liabilities relate to income taxes levied by the same taxation authority on the same taxable entity. The Republic of Belarus also has various taxes, other than income taxes, which are assessed on the Bank s activities. These taxes are included as a component of operating expenses in the statement of comprehensive income. Due to banks and customers Due to banks and customers are initially recognized at fair value. Subsequently, amounts due are stated at amortized cost and any difference between net proceeds and the redemption value is recognized as interest expenses in the statement of comprehensive income over the period of the borrowings using the effective interest rate method. Provisions Provisions are recognized when the Bank has a present legal or constructive obligation as a result of past events, 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 obligation can be made. 13

16 Financial guarantees contracts issued Financial guarantees contracts issued by the Bank are credit guarantees that provide for specified payments to be made to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due under the original or modified terms of a debt instrument. Such financial guarantees contracts issued are initially recognized at fair value. Subsequently, they are measured at the higher of (a) the amount recognized as provision and (b) the amount initially recognized less, where appropriate, cumulative amortization of initial premium revenue received over the financial guarantee contracts issued. Contingencies Contingent liabilities are not recognized in the statement of financial position but are disclosed unless the possibility of any outflow in settlement is remote. Contingent assets are not recognized in the statement of financial position but disclosed when an inflow of economic benefits is probable. Charter capital Charter capital is recognized in the amount of cash contributed, non-monetary contributions are recognized at fair value of the assets contributed. Dividends are recognized in equity as a reduction in the period in which they are declared. Dividends that are declared after the reporting date are treated as a subsequent event under IAS 10 Events after the Balance Sheet Date and disclosed accordingly. Retirement obligations In accordance with the requirements of the Belarusian legislation, the Bank withholds amounts of pension contributions from employee salaries and pays them to the Social security fund. Such pension system provides for calculation of current payments by the employer as a percentage of current total disbursements to staff. The expense is charged in the period the related salaries are earned. Upon retirement all retirement benefit payments are made by the State. The Bank does not have any pension arrangements separate from the State pension system of the Republic of Belarus. Interest income and expense Interest income and expenses are recognized on an accrual basis using the effective interest rate method. The effective interest rate method is a method of calculating the amortized cost of a financial asset or a financial liability (or group of financial assets or financial liabilities) and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument or, when appropriate, a shorter period to the net carrying amount of the financial asset or financial liability. Once a financial asset or a group of similar financial assets has been written down (partly written down) as a result of an impairment loss, interest income is thereafter recognized using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. Interest earned on assets at fair value is classified within interest income. Fee and commission income and expense Upfront fees for loans granting are recognized as an adjustment to the effective interest rate of the loan. Where it is probable that a loan commitment will lead to a specific lending arrangement, the loan commitment fees are deferred, together with the related direct costs, and recognized as an adjustment to the effective interest rate of the resulting loan. Where it is unlikely that a loan commitment will lead to a specific lending arrangement, the loan commitment fees are recognized in the statement of comprehensive income over the remaining period of the loan commitment. Where a loan commitment expires without resulting in a loan, the loan commitment fee is recognized in the statement of comprehensive income on expiry. Loan servicing fees and all other commissions are recognized as revenue as the services are provided. 14

17 Foreign currency translation The financial statements of the Bank are presented in the Belarusian rouble - the currency of the primary economic environment in which the entity operates (its functional currency). Monetary assets and liabilities denominated in currencies other than the functional currency (foreign currencies) are translated into BYR at the appropriate rate of exchange prevailing at the reporting date. Foreign currency transactions are accounted for at the exchange rates prevailing at the date of the transaction. Profit and losses arising from these translations are included in net gain on foreign exchange operations. Rates of exchange The exchange rates at the year-end used by the Bank in the preparation of the financial statements are as follows: 2008 BYR/USD 2, , BYR/EUR 4, , BYR/RUB Offset of financial assets and liabilities Financial assets and liabilities are offset and reported net on the statement of financial position when the Bank has a legally enforceable right to set off the recognized amounts and the Bank intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. In accounting for a transfer of a financial asset that does not qualify for derecognition, the Bank does not offset the transferred asset and the associated liability. Areas of significant management judgment and sources of estimation uncertainty The preparation of the financial statements in accordance with IFRS requires management of the Bank to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the reporting date, and the reported amount of income and expenses during the period ended. Management evaluates its estimates and judgments on an ongoing basis. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances. Although those estimates are based on the most recent information available to the management on current actions and events, actual results may differ from these estimates under different assumptions or conditions. The following estimates and judgments are considered important to the portrayal of the Bank s financial condition: Allowance for impairment of loans The Bank regularly analyses its granted loans to assess for impairment. The Bank considers accounting estimates related to allowance for impairment of loans to be a key source of estimation uncertainty because (a) they are highly susceptible to change from period to period as the assumptions of potential losses relating to impaired loans are based on recent quality of loan portfolio, and (b) any significant difference between the Bank s estimated losses and actual losses would require the Bank to record provisions which could have a material impact on its financial statements in future periods. The Bank uses management s judgment to estimate the amount of any impairment loss in cases where a borrower has financial difficulties and there are few available sources of historical or macroeconomic data relating to similar borrowers or forecasting data relating to a borrower s business. Similarly, the Bank estimates changes in future cash flows based on past performance, past customer behavior, observable data and forecasts indicating an adverse change in the payment status of borrowers in a group, and national or local economic conditions that correlate with defaults on assets in the group. Management uses estimates based on historical loss experience for assets with credit risk characteristics and objective evidence of impairment similar to those in the group of loans. 15

18 The Bank uses management s judgment to adjust observable data for a group of loans to reflect current circumstances not reflected in historical data. The allowances for impairment of financial assets in the financial statements have been determined on the basis of existing economic and political conditions. The Bank is not in a position to predict what changes in conditions will take place in the Republic of Belarus and what effect such changes might have on the adequacy of the allowances for impairment of financial assets in future periods. Provisions for financial guarantees and other contingent liabilities Provisions for financial guarantees and other contingent liabilities are measured in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets, that requires application of management estimation and judgment. Adoption of new and revised International Financial Reporting Standards In the current year, the Bank has adopted all of the new and revised Standards and Interpretations issued by the IASB and IFRIC of the IASB that are relevant to its operations and effective for annual reporting periods ending on. The adoption of these new and revised Standards and Interpretations has not resulted in significant changes to the Bank s accounting policies that have affected the amounts reported for the current or prior years. Amendment to IAS 1 Presentation of Financial Statements On 6 September 2007 the IASB issued an amendment to IAS 1 which changes the way non-owner changes in equity are required to be presented. It also changes the titles of primary financial statements as they will be referred to in IFRS but does not require that these be renamed in an entity s financial statements. The amendment to IAS 1 is effective for periods beginning on or after 1 January. Due to this amendment the Bank changed the title balance sheet into statement of financial position and also chose to present a statement of comprehensive income in a single statement displaying components of profit or loss and components of other comprehensive income. IAS 23 In March 2007 the IASB issued a revised IAS 23 Borrowing Costs. The main change is the removal of the option of immediately recognizing as an expense borrowing costs that relate to assets that take a substantial period of time to get ready for use or sale. The Bank is, therefore, required to capitalize borrowing costs as part of the cost of such asset. The Standard applies to borrowing costs relating to qualifying assets for which the commencement date for capitalization is on or after 1 January. As at and 2008 the Bank had no significant borrowing costs eligible for capitalization. Standards and interpretations in issue and not yet effective At the date of authorization of these financial statements, other than the Standards and Interpretations adopted by the Bank in advance of their effective dates, the following Standards and Interpretations were in issue but not yet effective. IAS 17 Leases Amendments to IAS 17 Leases were issued in. The amendments delete specific guidance regarding classification of leases of land, so as to eliminate inconsistency with the general guidance on leases classification. They are effective for accounting periods beginning on or after 1 January Financial instruments: Classification and Measurement (Exposure draft) In July IASB issued an exposure draft that is a part of IASB s project to replace IAS 39 Financial instruments: Recognition and Measurement. The exposure draft proposes a new classification and measurement model for financial assets and financial liabilities. All recognized financial assets and financial liabilities that are currently in the scope of IAS 39 will be measured either at amortized cost or fair value. A financial instrument that has only basic loan features and is managed on a contractual yield basis is measured at amortized cost, unless designated as at fair value through profit or loss. 16

19 Those financial instruments measured at fair value will either be classified as at fair value through profit or loss or in the case of investment in equity instruments that are not held for trading, designated irrevocably as at fair value through other comprehensive income. All investments in equity instruments and derivatives linked to equity instruments in the scope of IAS 39 must be measured at fair value, i.e. an unquoted equity investment cannot be measured at cost less impairment when fair value cannot be reliably measured as currently required by IAS 39. The exposure draft does not permit reclassifications out of or into amortized cost, at fair value through profit or loss or at fair value through other comprehensive income after initial recognition. The effective date of these changes is not yet determined. The Bank anticipates that adopted but not yet effective new Standards and Interpretations will have no material financial impact on the financial statements of the Bank. 4. INTEREST INCOME Interest income comprises: Year ended Period from 31 January 2008 (date of incorporation) to 2008 Interest income on assets carried at amortized cost Interest on loans to customers 2, Interest on due from banks 1, Total interest income 4,135 1,648 Interest expense Interest on due to customers Interest on due to banks Total interest expense 1, Net interest income before provision for impairment losses on loans to customers 3,112 1, ALLOWANCE FOR IMPAIRMENT LOSSES The movements in allowance for impairment losses on loans to customers were as follows: Loans to customers 31 January 2008 (date of incorporation) - Provision Provision Allowances for impairment losses are deducted from loans to customers (Note 13). 17

20 6. NET PROFIT ON FOREIGN EXCHANGE OPERATIONS Net profit on foreign exchange operations comprises: Year ended Period from 31 January 2008 (date of incorporation) to 2008 Dealing, net 2,183 1,264 Translation differences, net 1, Net loss on derivative financial instruments (42) (14) Total net gain on foreign exchange operations 3,318 1, FEE AND COMMISSION INCOME AND EXPENSE Fee and commission income and expense comprise: Year ended Period from 31 January 2008 (date of incorporation) to 2008 Fee and commission income Commission for transactions on customer accounts and other customer service fees 1, Commission on foreign exchange operations Commission on documentary operations Other fee and commission income Total fee and commission income 1,528 1,014 Fee and commission expense Commission on cash transportation 55 - Commission charges of correspondent banks Commission on foreign exchange operations 13 2 Commission on sale and purchase of cash 9 - Commission on documentary operations 7 - Total fee and commission expense

21 8. OPERATING EXPENSES Operating expenses comprise: Year ended Period from 31 January 2008 (date of incorporation) to 2008 Staff costs 2,098 1,403 Social security contributions Rent and utilities Professional services fees Remuneration of Supervisory Board Expenses on software maintenance Depreciation and amortization Taxes, other than income taxes Office expenses Repair expenses Services of automated interbank settlement system Security expenses Net loss on disposal of intangible assets 69 - Vehicles maintenance and fuel expenses Communications Other expenses Total operating expenses 4,590 3, INCOME TAXES The Bank provides for current taxes based on the statutory tax accounts maintained and prepared in accordance with the Belarusian statutory tax regulations. During the years ended and 2008 tax rate for Belarusian banks was 24% for the republican tax and 3% for the municipal tax. The rates were charged successively. Therefore, in and 2008 the combined rate was 26.28%. The Bank is subject to certain permanent tax differences due to the non-tax deductibility of certain expenses and a tax free regime for certain income. Major sources of non-deductible expenses include expenses over prescribed norms. Deferred taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes. Temporary differences as at and 2008 relate mostly to different methods of income and expense recognition as well as to recorded values of certain assets. 19

22 Temporary differences as at and 2008 comprise: 2008 Deductible temporary differences Loans to customers Other assets Property and equipment Other liabilities Total deductible temporary differences Taxable temporary differences Accrued income Due from banks and other financial institutions Total taxable temporary differences Net deductible temporary differences Deferred tax assets at the combined statutory rate (26.28%) Less: unrecognized deferred tax assets (136) (46) Net deferred income tax assets - - Relationships between tax expenses and accounting profit for the years ended and 2008 are explained as follows: Year ended Period from 31 January 2008 (date of incorporation) to 2008 Profit before income taxes 2, Combined statutory taxes rate 26.28% 26.28% Tax credit at the statutory taxes rate Change in unrecognized deferred income tax assets Tax effect of other permanent differences (27) 126 Income tax expense Current income tax expense Deferred income tax expense - - Income tax expense

23 10. CASH AND BALANCES WITH THE NATIONAL BANK OF THE REPUBLIC OF BELARUS Cash and balances with National Bank comprise: 2008 Cash 7,784 2,671 Correspondent accounts with the National Bank 2,385 1,468 Balance on obligatory reserve deposit account with the National Bank Total cash and balances with the National Bank 10,917 4,225 The Bank is required to maintain the reserve balance at the National Bank at all times. Cash and cash equivalents for the purposes of the statement of cash flows comprise: 2008 Cash and balances with the National Bank 10,917 4,225 Due from banks and other financial institutions in OECD countries with the original maturity within 90 days 3,220-14,137 4,225 Less minimum obligatory reserve deposit with the National Bank (748) (86) Total cash and cash equivalents 13,389 4, DUE FROM BANKS AND OTHER FINANCIAL INSTITUTIONS Due from banks and other financial institutions comprise: 2008 Loans to banks 17,754 4,001 Correspondent accounts in banks 7,562 2,575 Settlements with Belarusian Currency Stock Exchange 2, Total due from banks and other financial institutions 27,395 6,796 As at and 2008 the Bank had exposures to four and two banks totalling BYR 25,316 million and BYR 5,478 million (92% and 81% of due from banks and other financial institutions), respectively, which individually exceeded 10% of the Bank s equity, that represented significant concentration. 21

24 12. DERIVATIVE FINANCIAL INSTRUMENTS Derivative financial instruments as at comprised the following: Foreign currency forward contracts Nominal amount Fair value (in units of currency to be purchased) Asset Liability BYR/EUR BYR 700,000, USD/BYR USD 400, BYR/USD BYR 700,000, BYR/RUB BYR 700,000,000 - (8) USD/EUR USD 215, Total derivative financial instruments 12 (8) Derivative financial instruments as at 2008 comprised the following: Foreign currency forward contracts Nominal amount Fair value (in units of currency to be purchased) Asset Liability BYR/RUB BYR 700,000, BYR/EUR BYR 700,000,000 - (8) BYR/USD BYR 700,000,000 - (7) Total derivative financial instruments 1 (15) 13. LOANS TO CUSTOMERS Loans to customers comprise: 2008 Originated loans 19,483 10,734 Less allowance for impairment losses (734) (253) Total loans to customers 18,749 10,481 Movements in allowances for impairment losses for the year ended and period from 31 January 2008 (date of incorporation) to 2008 are disclosed in Note 5. The table below summarizes the amount of loans secured by collateral, rather than the fair value or otherwise adjusted value of the collateral itself: 2008 Loans collateralized by real estate 9,616 2,473 Loans collateralized by equipment and goods in turnover 4,491 5,299 Loans collateralized by liens over receivables and goods 1,831 2,688 Loans collateralized by cash 1, Loans collateralized by other types of collateral 1, ,483 10,734 Less allowance for impairment losses (734) (253) Total loans to customers 18,749 10,481 22

25 Analysis by sector 2008 Trade 9,665 7,038 Manufacturing 6,402 1,949 Leasing companies 2,563 1,747 Individuals Car service centre Other ,483 10,734 Less allowance for impairment losses (734) (253) Total loans to customers 18,749 10,481 As at and 2008 the Bank had exposures to two and one borrowers totaling BYR 6,040 million and BYR 2,004 million, respectively, which individually exceeded 10% of the Bank s equity. All loans are granted to companies operating in the Republic of Belarus, which represents significant geographical concentration in one region. The table below summarizes an analysis of loans to customers by impairment: Carrying value before allowance 2008 Allowance Carrying Carrying Allowance for value value for impairment before impairment losses allowance losses Carrying value Loans to customers individually determined to be impaired 13,613 (734) 12,879 3,250 (253) 2,997 Unimpaired loans 5,870-5,870 7,484-7,484 Total 19,483 (734) 18,749 10,734 (253) 10,481 23

26 14. PROPERTY, EQUIPMENT AND INTANGIBLE ASSETS Property, equipment and intangible assets comprise: Buildings Computer equipment Vehicles Furniture and office equipment Intangible assets Total Cost 31 January 2008 (date of incorporation) Additions 2, , , ,205 Additions Disposals (77) (77) 2, ,465 Accumulated depreciation 31 January 2008 (date of incorporation) Charge for the period Charge for the period Eliminated on disposal (8) (8) Net book value 2, , , ,152 Additions for the period ended 2008 included two buildings in the amount of BYR 2,630 million contributed to charter capital in May The carrying value of the buildings as at and 2008 was BYR 2,577 million and BYR 2,617 million, respectively (Note18). 15. OTHER ASSETS Other assets comprise: 2008 Other financial assets Accrued commission income 7 - Total other financial assets 7 - Other non-financial assets Tax settlements, other than income taxes Prepayments and advances Prepaid expenses Inventory Total other assets

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