We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Size: px
Start display at page:

Download "We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion."

Transcription

1 ABCD KPMG d.o.o. Beograd Kraljice Natalije Belgrade Serbia Telephone: Fax: Internet: Independent Auditors Report T R A N S L A T I O N TO THE SHAREHOLDERS OF AIK BANKA A.D. NIŠ Report on the financial statements We have audited the accompanying financial statements of AIK banka a.d. Niš ( the Bank ), which comprise the balance sheet as at 31 December 2013, the income statement, statement of changes in equity and cash flow statement for the year then ended, and notes, comprising a summary of significant accounting policies and other explanatory information. Management s Responsibility for the Financial Statements Management is responsible for the preparation and true and fair view of these financial statements in accordance with the Law on Accounting of the Republic of Serbia, Law on Banks and other relevant by-laws issued by National Bank of Serbia and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Law on Auditing of the Republic of Serbia, the Decision on External Audit of Banks and International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the 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 our 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, we consider internal control relevant to the preparation and true and fair view of 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 KPMG d.o.o. Beograd, a Serbian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. Matični broj: PIB: Račun: KPMG d.o.o. Beograd je jednočlano društvo.

2 ABCD T R A N S L A T I O N Opinion In our opinion, the financial statements give a true and fair view of the financial position of the Bank as at 31 December 2013, and of its financial performance and its cash flows for the year then ended in accordance with the Law on Accounting of the Republic of Serbia, Law on Banks and other relevant by-laws issued by National Bank of Serbia. Report on consistency of the Annual Business Report The Bank`s Management is responsible for the preparation of the accompanying Annual Business Report in accordance with the legal requirements. The Annual Business Report does not form an integral part of the financial statements, and as such was not the subject of audit of financial statements. In accordance with the requirements of the Law on Auditing of the Republic of Serbia we are required to consider the consistency of the Annual Business Report with the financial statements. No inconsistencies were identified of the Annual Business Report with the financial statements for the year ending on 31 December Belgrade, 17 April 2014 KPMG d.o.o. Beograd (L.S.) Dušan Tomić Certified Auditor This is a translation of the original Independent Auditors Report issued in the Serbian language. All due care has been taken to produce a translation that is as faithful as possible to the original. However, if any questions arise related to interpretation of the information contained in the translation, the Serbian version of the document shall prevail. Belgrade, 12 May 2014 KPMG d.o.o. Beograd (L.S.) Dušan Tomić Certified Auditor 2

3 Financial statements INCOME STATEMENT Year Ended December 31 (Thousand of RSD) Notes Interest income 5 11,823,953 12,839,314 Interest expenses 5 (5,087,782) (5,298,419) Net interest income 6,736,171 7,540,895 Fee and commission income 6 789, ,013 Fee and commission expenses 6 (132,390) (142,242) Net fee and commission income 657, ,771 Net foreign exchange losses 7 (99,762) (2,446,814) Dividends and other income from equity investments 7 - Other operating income 8 503, ,394 Losses on impairment and provisions 9 (4,035,606) (3,454,559) Payroll expenses, remuneration and other personal expenses 10 (719,680) (655,309) Depreciation and amortization 11 (264,391) (243,158) Operating and other business expenses 12 (1,945,124) (1,808,020) Gains on revaluation of assets and liabilities 13 2,302,955 8,583,717 Losses on revaluation of assets and liabilities 13 (1,880,849) (4,801,090) PROFIT BEFORE TAXATION 1,254,611 4,009,827 Income tax Current income tax 14 - (360,566) Deferred tax expense 14 (25,606) (7,413) PROFIT FOR THE PERIOD 1,229,005 3,641,848 Basic earnings per share (in RSD) February 2014 Snežana Živković, Person responsible for preparing the financial statements Vladimir Čupić, Legal representative of the Bank 3 TRANSLATION NOTE: This is a translation of the original document issued in the Serbian language. All due care has been taken to produce a translation that is as faithful as possible to the original. However, if any questions arise related to interpretation of the information contained in the translation, the Serbian version of the document shall prevail.

4 Financial statements BALANCE SHEET As of December 31 (Thousand of RSD) ASSETS Notes Cash and cash equivalents 15 11,674,899 11,921,393 Revocable deposits and loans 16 22,127,768 28,143,786 Receivables arising from interest, fee and commission, trade, fair value adjustments of derivatives and other receivables 17 1,814,274 1,710,141 Loans and deposits to customers 18 66,198,353 68,202,813 Securities (excluding own shares) 19 30,980,368 25,972,746 Equity investments 20 47,209 49,465 Other placements 21 3,921,670 4,885,578 Intangible assets ,783 66,740 Property, equipment and investment property 22 9,778,280 9,575,928 Other assets 23 5,730,039 3,823,751 Total assets 152,401, ,352,341 LIABILITIES AND EQUITY LIABILITIES Transaction deposits 24 8,887,317 6,814,243 Other deposits 25 87,470,523 90,810,159 Borrowings ,090 2,303,133 Interest, fee and commission payables and changes in the fair value of derivatives 27 78,495 68,672 Provisions , ,761 Income taxes payable 24,492 23,947 Liabilities from profit , ,975 Deferred tax liabilities 80,271 16,151 Other liabilities 30 3,201,231 3,212,287 Total liabilities 100,907, ,090,328 EQUITY 31 Share and other capital 26,920,470 26,517,651 Reserves 23,125,145 20,100,870 Revaluation reserves 280,744 8,644 Unrealized losses on securities available-for-sale (61,668) (7,000) Current year earnings 1,229,005 3,641,848 Total Equity 51,493,696 50,262,013 Total Liabilities and Equity 152,401, ,352,341 OFF-BALANCE-SHEET ITEMS ,774, ,092,011 4 TRANSLATION NOTE: This is a translation of the original document issued in the Serbian language. All due care has been taken to produce a translation that is as faithful as possible to the original. However, if any questions arise related to interpretation of the information contained in the translation, the Serbian version of the document shall prevail.

5 Financial statements STATEMENT OF CHANGES IN EQUITY Year Ended December 31 (Thousand of RSD) Share Capital Share Premium Reserves Revaluation Reserves Retained Earnings Unrealized Losses on AFS Securities Total Balance at January 1, ,052,167 7,157,924 17,639,522 10,029 2,973,676 (3,016) 46,830,302 Increase during ,560-2,461,348-3,641,848 (3,984) 6,406,772 Decrease during (1,385) (2,973,676) - - Balance at December 31, ,359,727 7,157,924 20,100,870 8,644 3,641,848 (7,000) 50,262,013 Balance at January 1, ,359,727 7,157,924 20,100,870 8,644 3,641,848 (7,000) 50,262,013 Increase during ,819-3,024, ,100 1,229,005 (54,668) - Decrease during (3,641,848) - - Balance at December 31, ,762,546 7,157,924 23,125, ,744 1,229,005 (61,668) 51,493,696 5 TRANSLATION NOTE: This is a translation of the original document issued in the Serbian language. All due care has been taken to produce a translation that is as faithful as possible to the original. However, if any questions arise related to interpretation of the information contained in the translation, the Serbian version of the document shall prevail.

6 Financial statements CASH FLOW STATEMENT Year Ended December 31 (Thousand of RSD) CASH FLOWS FROM OPERATING ACTIVITIES Cash receipts from operating activities 9,795,291 11,549,476 Interest receipts 8,456,376 10,184,017 Fee and commission receipts 793, ,087 Receipts from other operating income 545, ,372 Receipts from dividends and equity investments 7 - Cash used in operating activities (7,215,809) (8,635,181) Interest paid (4,362,668) (5,941,236) Fee and commission paid (133,223) (144,201) Payments to, and on behalf of employees (719,194) (656,644) Taxes, contributions and other duties paid (379,213) (298,597) Payments for other operating expenses (1,621,511) (1,594,503) Net cash from operating activities prior to increases or decreases in placements and deposits 2,579,482 2,914,295 Decrease in placements and increase in deposits 9,038,218 13,290,582 Decrease in loans and advances to costumers 4,697,089 11,863,856 Decrease in securities at fair value through profit or loss, trading placements and short-term securities held to maturity 4,341,129 - Increase in deposits from banks and customers - 1,426,726 Increase in placements and decrease in deposits (1,831,897) (1,402,832) Increase in securities at fair value through profit or loss, trading placements and short-term securities held to maturity - (1,402,832) Decrease in deposits from banks and other customers (1,831,897) - Net cash provided from operating activities before income taxes 9,785,803 14,802,045 Income taxes paid (548,081) (102,995) Dividends paid (140,749) (234,569) Net cash provided from operating activities 9,096,973 14,464,481 CASH FLOWS FROM INVESTING ACTIVITIES Cash provided by investing activity 10,918,715 2,598,383 Proceeds from the sale of securities 10,916,586 2,596,524 Proceeds from the sale of intangible assets and fixed assets 2,129 1,859 Cash used in investing activities (18,615,052) (14,079,515) Acquisition of securities (18,342,404) (13,308,313) Acquisition of intangible and fixed assets (268,268) (197,304) Acquisition of investment properties (4,380) (573,898) Net cash used in investing activities (7,696,337) (11,481,132) 6 TRANSLATION NOTE: This is a translation of the original document issued in the Serbian language. All due care has been taken to produce a translation that is as faithful as possible to the original. However, if any questions arise related to interpretation of the information contained in the translation, the Serbian version of the document shall prevail.

7 Financial statements CASH FLOWS FROM FINANCING ACTIVITIES Cash (outflows)/inflows from financing activities (2,054,366) 181,547 Net (outflow)/inflow from borrowings (2,054,366) 181,547 Net cash (used in)/provided from financing activities (2,054,366) 181,547 TOTAL NET CASH INFLOW 29,752,224 27,619,988 TOTAL NET CASH OUTFLOW (30,405,954) (24,455,092) Net increase in cash and cash equivalents - 3,164,896 Net decrease in cash and cash equivalents (653,730) - Cash and cash equivalents, beginning of year (Note 13) 11,921,393 7,764,116 FOREIGN EXCHANGE GAINS 834,420 1,903,141 FOREIGN EXCHANGE LOSSES (427,184) (910,760) CASH AND CASH EQUIVALENTS, END OF YEAR (Note 13) 11,674,899 11,921,393 7 TRANSLATION NOTE: This is a translation of the original document issued in the Serbian language. All due care has been taken to produce a translation that is as faithful as possible to the original. However, if any questions arise related to interpretation of the information contained in the translation, the Serbian version of the document shall prevail.

8 N O T E S (Amended) 31 December 2013

9 1. THE BANK S ESTABLISHMENT AND BUSINESS ACTIVITIES Agroindustrijska komercijalna banka AIK banka a.d. Niš (hereinafter: the Bank ) was established based on the August 10, 1993 Articles of Incorporation. The Bank reconciled its operations and organization with the Law on Banks and Other Financial Institutions in 1995 and pursuant to Decision Fi 1291/95 enacted on June 22, 1995, the Bank was registered with the Commercial Court in Niš as a shareholding company. As at 31 December 2013, the Bank s shareholder with the most significant participation in the ordinary share capital is SUNOKO DOO, Novi Sad with participation 21.69%. Detailed view of the share capital structures is presented in Note 31. The Bank is registered in the Republic of Serbia to perform activities that include payment transfers, credit and depositary operations in the country and abroad and in accordance with the Law on Banks, it is under obligation to operate based on the principles of liquidity, solvency and profitability. The Bank is headquartered in Niš, at 42 Nikole Pašića Street. The Bank operates through the Central Office located in Niš and Branch Offices in Niš, Belgrade, Novi Sad, Kragujevac, Kruševac, Leskovac, Jagodina, Zaječar, Kraljevo, Čačak, Užice, Novi Pazar, Pančevo, Požarevac, Šabac, Valjevo, Zrenjanin, Vrbas, Sombor, and Subotica which totals to 1 Central Office, 20 branch offices, 40 branches and 16 counters located on the territory of the Republic of Serbia. As at 31 December 2013, the Bank had 553 employees (December 31, 2012: 505 employees). The tax identification number of the Bank is BASIS FOR PREPARATION AND PRESENTATION OF THE FINANCIAL STATEMENTS 2.1. Basis for Preparation and Presentation of the Financial Statements The Bank keeps records and prepares financial statements in accordance with the Law on Accounting of the Republic of Serbia (Official Gazette of the Republic of Serbia 62/2013), the Law on Banks (Official Gazette of the Republic of Serbia 107/05, 91/10) and other relevant bylaws prescribed by the National Bank of Serbia, as well as other enacted legislation in the Republic of Serbia. In accordance with the requirements of the Law on Accounting and Auditing, legal entities and entrepreneurs incorporated in the Republic of Serbia are required to prepare and submit financial statements in conformity with the prevailing legislation and professional rules, which include the Framework for the Preparation and Presentation of Financial Statements ( Framework ), International Accounting Standards ( IAS ) and International Financial Reporting Standards ( IFRS ), as well as the related interpretations representing an integral part of these standards, but without related basis for conclusions, illustrative examples, application of guidance, comments, dissenting opinions and other additional material. The amendments to IAS, as well as the newly-issued IFRS and the related interpretations issued by the International Accounting Standards Board ( IASB ) and the International Financial Reporting Interpretations Committee ( IFRIC ) until 1 January 2009 were officially adopted pursuant to a Decision enacted by the Ministry of Finance No / and published in the Official Gazette of the Republic of Serbia 77/2010. The accompanying financial statements are presented in the format prescribed under the Rules on the Charts of Accounts and the Contents of Accounts in the Chart of Accounts for Banks (Official Gazette of the Republic of Serbia no. 74/08, 3/09,12/09 and 5/10) which determines the application of set of financial statements. In the preparation of the accompanying financial statements the Bank has adhered to the accounting policies described in Note 3, which are based on accounting, banking and tax regulations of the Republic of Serbia. The Bank s financial statements are presented in thousands of dinars (RSD). The dinar represents the functional currency and the currency in which financial statements are released in the Republic of Serbia. Management estimates influence of changes in IAS, new issued IFRS and interpretation of financial reports and given the fact that many of these changes are not applicable on Bank operations, 8 TRANSLATION NOTE: This is a translation of the original document issued in the Serbian language. All due care has been taken to produce a translation that is as faithful as possible to the original. However, if any questions arise related to interpretation of the information contained in the translation, the Serbian version of the document shall prevail.

10 Bank management is not explicitly and unconditionally expressing statement on compliance of provided financial reports with IAS and IFRS, that are implemented on periods in presented financial reports. In accordance with previously mentioned, and taking in consideration potential materialistically important effects that in case of not following procedures and legislations of Republic of Serbia, IAS and IFRS can have on objectivity and reality of financial Bank Reports, previously mentioned cannot be treated as financial reports constructed in accordance with IAS and IFRS Comparative data Comparative data for the past 2 years, current and previous, are presented in the financial statements, for the purpose of providing information on dynamic movements Basis of measurement The accompanying financial statements are prepared on a historical cost basis, except for the following positions: Financial assets which are disclosed at their fair value through income statement; Equity investments which are quoted on the Stock Exchange are measured at fair value, and equity investments which are not quoted and for which fair value cannot be reliably determined are measured at historical cost less any potential impairment Use of estimates The presentation of the financial statements requires from the Bank s management to make best estimates and reasonable assumptions that effect the: assets and liabilities amounts, the disclosure of contingent liabilities and receivables as of the date of preparation of the financial statements, as well as the income and expenses arising during the accounting period. These estimations and assumptions are based on information available as of the date of preparation of the financial statements Going concern concept The financial statements have been prepared in accordance with the going concern convention that implies that the Bank will continue to operate for the indefinite period of time in the foreseeable future. SUMMARY OF SIGNIFICANT ACCOUNTING POLICY The financial statements are separate financial statements of the Bank Interest and Fee and Commission Income and Expenses Interest income and interest expenses are recognized in the income statement for all interest bearing financial instruments based on interest accrued by applying the effective interest rate method. Interest income and expenses are recorded in the income statement in the period to which they relate to as per the matching principle and contractual provisions agreed between the Bank and the customer. The Bank ceases to accrue interest income once it files lawsuits. Interest accrued thereupon is stated as suspended interest within off-balance sheet items, in accordance with the effective Rules on the Chart of Accounts. Fee and commission income from loans, guarantees and letters of credit issued is deferred and recognized within income in proportion to the loans, guarantees and letters of credit maturity period. 9 TRANSLATION NOTE: This is a translation of the original document issued in the Serbian language. All due care has been taken to produce a translation that is as faithful as possible to the original. However, if any questions arise related to interpretation of the information contained in the translation, the Serbian version of the document shall prevail.

11 3.2. Foreign Exchange Translation Transactions denominated in foreign currencies are translated into dinars at middle interbank market exchange rates at the date of each transaction. Assets and liabilities denominated in foreign currencies are translated into dinars by applying the middle interbank market exchange rates that are prevailing at the balance sheet date. Net foreign exchange gains or losses arising upon the translation of transactions, and the assets and liabilities denominated in foreign currencies are credited or charged to the income statement, such as foreign exchange gains/losses Property, Equipment, Intangible Assets and Investment property Assets that the Bank uses for its business operations (property and equipment) are recognized as fixed assets of the Bank. Assets without physical substances that can be identified, and which are used by the Bank in its business operations are recognized as Intangible assets (software applications, patents, licenses etc.) Properties which are not used in business operations are recognized as Investment properties. An investment property (land or a building) is a property that the Bank holds with the intention of profiting from leasing the property or with the purpose of increasing its capital, or both. Property and equipment used in business operations, intangible assets and investment property (hereinafter assets) are initially recognized at cost which consists of purchase price increased by all incidental acquisition costs, less the value of any discounts. Subsequent recognition of the aforementioned assets is at cost less accumulated depreciation or amortization and impairment provisions. Depreciation and amortization are calculated on a straight-line basis by applying the following, annual rates in order to write off assets over their estimated useful lives: Buildings 1.30% Computer equipment 20.00% Furniture and other equipment 11.00%-20.00% Motor vehicles 15.50% Software 20.00% The depreciation or amortization of property and equipment commences in the following month of the moment when these assets are placed into use, while depreciation or amortization calculation for disposed assets is terminated in the month following the month in which the assets are disposed of Loans Loans are stated in the balance sheet at the initially approved amount net of repaid principal and allowance for impairment based on the assessment of actually identified risks inherent in certain placements and risks historically present in the loan portfolio. Loans in dinars which are linked to EUR exchange rate or by linking these amounts to retail price growth index for hedging purposes are revalued in accordance with individual loan agreements. The revaluation effects are credited or charged to gains and losses on the valuation of assets. The write-off of uncollectible receivables is performed either pursuant to a court order, based on a settlement agreed between the parties involved, or on the basis of a resolution of the Bank s Board of Directors, as further approved by the Shareholders Assembly Held-to-maturity securities Held-to-maturity securities represent securities for which there is a positive intention and ability to hold to maturity. Held-to-maturity securities consist of bills of exchange and bonds. All securities are initially recorded at cost. As at the balance sheet date, securities held-to-maturity are recorded at amortized cost, less provisions for impairment, if any. 10 TRANSLATION NOTE: This is a translation of the original document issued in the Serbian language. All due care has been taken to produce a translation that is as faithful as possible to the original. However, if any questions arise related to interpretation of the information contained in the translation, the Serbian version of the document shall prevail.

12 3.6. Available-for-sale securities Available-for-sale securities comprise of securities which can neither be classified as trading securities nor as securities held-to maturity. These securities represent financial instruments that can be sold to meet liquidity needs or due to prices of capital etc. Available-for-sale securities are initially recognized at cost and are subsequently measured at the end of each month at fair value. The revaluation effects are recognized under equity in the balance sheet (as revaluation reserves in accordance with the local legislation), while deferred amounts of these effects are transferred from balance sheet to income and expenses in the income statement when the security is sold. Realized gains and losses deriving from sale of securities at prices above or below their carrying amounts are recognized as income or expanses within the income statement Equity investments Equity investments for listed companies are measured at fair value unless circumstances are such that their fair value cannot be reliably determined and for non-listed companies, in which case they are measured at historical cost less provision for impairment Trading securities Trading securities comprise of securities which are held for the purpose of making a profit by trading them in the short term. Trading securities are initially recorded at cost. However, as of the balance sheet date, these securities are revalued to their market values Inventories Inventories include assets acquired by collecting receivables. Assets acquired by collecting receivables represent real-estate that was initially used as collateral for the loan to secure the repayment, which bank acquired in receivables collection process. Assets acquired by a way of collecting receivables are valued at the price lower than book value of loans that are charged from the material assets or at the market price determined by the court assessors Impairment of Financial Assets The requirements of International Financial Reporting Standards related to impairment of financial assets are defined in IAS 39 "Financial Instruments: Recognition and Measurement". In accordance with IAS 39 "Financial Instruments: Recognition and Measurement" and Accounting Policies of the Bank at each balance sheet date the Bank assesses if there is objective evidence that a financial asset or group of assets is impaired. A financial asset or a group of financial assets is considered to be impaired if and only if there is objective evidence of impairment that arises from one or several events that have occurred subsequent to initial recognition of the asset in question and such event (or events) affects the estimated future cash flow from the financial asset or group of assets. This applies to occur events for which future cash flows can be reliably estimated. Expected losses as a result of future events, disregarding probability, according to IAS 39 are not recognized. Objective evidence that a financial asset or group of assets is impaired includes: - indications that the obligor or group of obligors facing (or is very likely that they will face) significant financial difficulty, evident delay i.e. delay in interest payments and/or principle (part of principle or all of it), or by arising other difficulties in fulfilling crucial contractual acts, so that the bank is forced to extend the deadlines for debt servicing by setting up new payment dynamics, new interest rates, introducing new collaterals (before all, primary and adequate assets), reprogramming the debt, etc. 11 TRANSLATION NOTE: This is a translation of the original document issued in the Serbian language. All due care has been taken to produce a translation that is as faithful as possible to the original. However, if any questions arise related to interpretation of the information contained in the translation, the Serbian version of the document shall prevail.

13 - the fact that the borrower will enter into bankruptcy, or pre-bankruptcy proceedings had been initiated (or estimate that it will be initiated), - high probability that the debtor will enter bankruptcy or other financial reorganization. Loans and Placements The Bank assesses the impairment of loans and placements by means of an Internal classification model (auth. Ernst-Young) and techniques defined in the methodology for calculating allowance for impairment of balance sheet assets and provisioning against off-balance sheet items of the Bank (hereinafter: Methodology for Assessing Impairment ). This methodology defines the types of impairment assets that the Bank uses in calculating the amount of impairment and the conditions under which the Bank uses cash flows related to impairment assets, including how to estimate the expected time of collection and the percentage of the value of collateral that will be charged as well as determining the time interval for estimation of losses based on historical data. Impairment of loans is assessed individually and collectively. Individual assessment of loan impairment is performed in cases where exposure is materially significant and: 1) For balance sheet items: determination of objective evidence of impairment (debtor's financial condition indicates significant problems in business, not fulfilling the obligations of the debtor - default, necessary changes in loan repayment conditions, bankruptcy over debtor or some other kind of financial reorganization, change in debtor status at BRA such as: in process of being deleted from the Registry, it is deleted from the Registry, in the process of liquidation, it is liquidated or has no status in the BRA. 2) For off-balance sheet items: assessment of probable loss for off-balance sheet items including estimation of the recoverability of future cash outflows for each single off-balance sheet liability for debtors whose balance sheet liabilities are estimated on an individual basis. A very important criterion which is combined with aforementioned criteria is information on account liquidity, i.e. recorded number of blocked account days prior to impairment assessment date. Evaluation and calculation of impairment at the group (collective) level shall be made for any receivable in which the impairment or loss cannot be directly connected with the receivable, but based on experience they can be estimated as objectively existing in the loan portfolio of the bank. This assessment is done for: 1) Receivables for which individual estimation establishes that there is no objective evidence for either the amount of impairment for balance sheet assets or probable losses for off-balance sheet items i.e. for whom impairment on individual basis or probable loss was not identified; 2) receivables that belong to the group of small receivables and; 3) receivables from debtors who do not belong to the group of small receivables and are not in default. In calculation of impairment the Bank can use credit risk estimation based on experience. The Bank s Management specifies bodies and organizational units that can perform this assessment, and given that for it there are no predefined criteria, it must be thoroughly explained and documented. Financial assets or a group of assets are impaired only if there is objective evidence of impairment arising from one or more subsequent events after initial valuation of an asset, and that event (or a group of events) have effect on future cash flows of a financial asset or group of financial assets that can be reliably measured. 12 TRANSLATION NOTE: This is a translation of the original document issued in the Serbian language. All due care has been taken to produce a translation that is as faithful as possible to the original. However, if any questions arise related to interpretation of the information contained in the translation, the Serbian version of the document shall prevail.

14 If there is objective evidence that an asset has been impaired, the amount of impairment loss is recognized as the difference between the carrying value of assets and the present value of future cash flows (regardless of expected credit losses that are yet to be incurred). The carrying value of assets is decreased through the allowance account and the resultant loss is charged to the income statement as loss on revaluation of assets. Loans and the related allowance for impairment are entirely derecognized when it is likely that resources will be recovered in the future and when collaterals are realized or have been transferred to the Bank. If in a subsequent period the amount of impairment loss decreases or increases, the previously recognized impairment loss shall be reversed either directly or by adjusting an allowance account, and the amount of correction is recognised in the income statement as gain from revaluation of assets The present value of expected future cash flows is discounted by applying the interest rate originally agreed for the financial asset. If a contractual interest rate is variable, discounting future cash flows is performed using the effective interest accrual rate, calculated in application system of the Bank which is only valid on the day of a specific allowance for receivables. The calculation of the estimated future cash flows arising from the collateralized financial asset reflects cash flows that may arise in collecting the collateral net of cost of realization and sale of collateral, irrespective of whether collateral will be collected or not. Restructured loans If the Bank estimates that the problems of the debtor and the delay in carrying out obligations towards the Bank are of temporary nature, or if it is assessed that under somewhat different conditions compared to the original contractual terms and with less financial burden the borrower could fulfil obligations toward the Bank and once again become regular, the Bank rather initiates rescheduling of loan obligations instead of declaring the loan due and payable or activating collaterals. For making a decision on the rescheduling of a loan, it is necessary to secure approval from sectors and committees that participated in approving the loan. Also, conditions defined by the NBS's decision on classification relating to the rescheduling of the loan commitment must be met. Rescheduling may, in addition to extending the repayment period, also change the method of loan repayment, the interest rate, defined collateral, etc. The Bank s Management continuously monitors restructured loans and takes care that contracted terms are met. The Bank continues to perform adequate assessment of impairment in accordance with its methodology for the assessment of impairment and the calculation of reserves for estimated losses in accordance with its methodology for the classification of balance sheet assets and off-balance sheet items. Securities held to maturity The Bank performs individual assessment for impairment of investment securities held to maturity to determine whether there is objective evidence of impairment thereof. If there is objective evidence that there has been incurred, the amount of loss on impairment is measured as the difference between the carrying amount and the present value of estimated future cash flows. Impairment of the carrying value of assets and reduction of the amount is recognized through the income statement. If, in a subsequent year, the amount reduced for the estimated impairment of investment securities held-to-maturity for an event occurring after the impairment was recognized, any amount previously recognized as impairment is now recognized as an income. 13 TRANSLATION NOTE: This is a translation of the original document issued in the Serbian language. All due care has been taken to produce a translation that is as faithful as possible to the original. However, if any questions arise related to interpretation of the information contained in the translation, the Serbian version of the document shall prevail.

15 Equity investments Regarding Equity investments the Bank estimates at the balance sheet date whether there is objective evidence that the investment is impaired. If there is evidence of impairment, the cumulative loss measured as the difference between the purchase price and the current fair value, less any impairment loss on that investment previously recognized in the income statement, is removed from equity and recognized in the income statement. Trading Securities Trading securities are also assessed for impairment as of the balance sheet date in order to determine whether there is objective evidence that these securities have been impaired. If there is such evidence, impairment is charged to profit and loss, whereas in case there is increase in the value of securities previously impaired, the impairment loss is reversed, and the amount of the reversal is recognized in profit or loss. Reserve for estimated losses that may arise from balance sheet and off-balance sheet items Reserve for estimated losses that may arise in respect of balance sheet and off-balance sheet items shall be calculated in accordance with the National Bank of Serbia Decision on the Classification of Assets and Off-Balance Sheet Items (Official Gazette of the Republic of Serbia br.123/2012, 43 /20 13 and 113 /20 13). The new National Bank of Serbia Decision on the Classification of Assets and Off- Balance Sheet Items is applied since 31 December Amendments defined in this Decision refer to: - regulations on classification of assets acquired through collection of receivables, receivables from third parties to whom the Bank had assigned a claim, as well as calculation of days past due taking in consideration subsequently agreed upon maturity date, - regulations on classification of assets acquired through collection of receivables on real estate period in which the Bank is not obligated to classify assets acquired through collection of receivables (period extended to up to 3 years) whereby this period is not calculated starting with assets acquisition date, but with the due date of subject claim, - for the purpose of wider collateralization of participants that banks are allowed to assign their claims thus resolving their current portfolio NPL problem, regulations change the rules of classification of receivables assigned to a client. Instead of classifying the aforementioned receivables in category D it is prescribed to classify receivables from those debtors in accordance with the applicable classification criteria (timeliness and/or delay in the performance of obligations toward the bank, assessment of the borrower s financial position and/or creditworthiness, and quality of the collateral), - rules applied to days past due calculation starting with subsequently agreed upon date of maturity (allowing more flexibility in negotiating loan repayment terms when changes in repayment terms is not caused by debtor s delay in the performance of obligations toward the bank or deterioration in its financial position) Loans, other placements and other exposures are classified into the categories A, B, V, G and D in accordance with the evaluation of their collectability, number of days in default, financial standing of the counterparty, and quality of the collateral obtained on the exposures. The Bank calculates and records reserve for estimated losses every three months and presents it in full amount in the manner prescribed by the National Bank of Serbia Decision on the Classification of Assets and Off-Balance Sheet Items and the Bank's internal model for credit risk assessment i.e. the Bank s methodology for classification. 14 TRANSLATION NOTE: This is a translation of the original document issued in the Serbian language. All due care has been taken to produce a translation that is as faithful as possible to the original. However, if any questions arise related to interpretation of the information contained in the translation, the Serbian version of the document shall prevail.

16 The reserve for estimated losses is calculated by applying percentages ranging from 0% to 100% of the basis for calculation of the reserve determined by abovementioned National Bank of Serbia Decision on the Classification of Assets and Off-Balance Sheet Items as follows: 0% of receivables classified in category A, 2% of receivables classified in category B, 15% of category V, 30% of category G and 100% of category D. The positive difference between the amount of reserve for estimated losses calculated in accordance with the National Bank of Serbia s Decision on the Classification of Balance Sheet and Off- Balance Sheet Exposures, and the amount of allowances for impairment and provision for contingent liabilities estimated in accordance with internally adopted methodology, is presented as a reserve for estimated losses within equity. The reserve for estimated losses on balance sheet assets and off balance sheet items is deducted from the Bank's capital in accordance with the NBS Decision on Capital Adequacy Cash and Cash Equivalents For the purposes of the cash flow statement, Cash and cash equivalents include cash, liquidity surpluses held with the National Bank of Serbia, including the bank s required reserve in dinars with the National Bank of Serbia and balances held on accounts with other banks Managed funds The Bank manages funds on behalf of, and for the account of third parties, charging fees for these services. These items are not included in the Bank s balance sheet Income taxes Current Income Taxes Income tax is payable at the rate of 15% (2012: 10%) on the tax base reported in the annual corporate income tax return, adjusted for certain permanent differences that are specifically defined under statutory tax rules, used for reconciliation between prescribed tax rate and effective tax rate. Final amount of income tax liability is determined by applying the prescribed tax rate on the taxable base indicated in the tax balance. The tax regulations in the Republic of Serbia do not allow tax losses of the current period to be used to recover taxes paid within a specific carry back period. However, any current year losses may be used to reduce or eliminate taxes to be paid in future periods, but not longer than five years. Deferred Income Taxes Deferred income taxes are provided using the balance sheet liability method, for temporary differences arising between the tax bases of receivables and liabilities and their carrying values in the financial statements. The currently-enacted tax rates as of the balance sheet date or the subsequently enacted tax rates are used to determine deferred tax (2013: 15%, 2012: 15%). Deferred tax liabilities are recognized as either gains or losses based on the effects of temporary differences in accordance with IAS 12. Indirect Taxes and Contributions Indirect taxes and contributions include property taxes and various other taxes and contributions paid, pursuant to effective republic and municipal regulations. 15 TRANSLATION NOTE: This is a translation of the original document issued in the Serbian language. All due care has been taken to produce a translation that is as faithful as possible to the original. However, if any questions arise related to interpretation of the information contained in the translation, the Serbian version of the document shall prevail.

17 3.14. Deposits Deposits are reported in the amount of deposited funds which can be increased for accrued interest, which depends on the terms of contract between the depositor and the Bank. The Bank has contracted interest rates depending on amount of deposit. Foreign currency deposits are reported in dinars at the spot exchange rate ruling on balance sheet date. Deposits are presented by types of deposit and by maturity Employee benefits In accordance with regulatory requirements of the Republic of Serbia, the Bank is obligated to pay contributions to various state social security funds that guarantee social security insurance benefits to employees. These obligations involve the payment of contributions on behalf of the employee, by the employer, in an amount computed by applying the specific, legally-prescribed rates. The Bank also withholds contributions from gross salaries to employees, and transfers the withheld portions directly to the applicable government funds, on behalf of its employees. Pursuant to the Labour Law, the Bank pays to its employees retirement benefits and, as required by its formal documents, jubilee awards for each 10, 20, 30 and 40 years of service with the Bank. In accordance with IAS 19, long-term benefits associated with retirement benefits and jubilee awards represent the present value of expected future payments as determined in an actuarial valuation. In accordance with IAS 19 this estimate is based on the following actuarial assumptions: Demographic assumptions Mortality of employees is calculated on the basis of mortality tables in the Republic of Serbia in the period Employs fluctuation: In process of determining fluctuation of employees, work disability or similar, bank uses the annual constants, estimated in percentages on 4.0% per annum (2012: 4.0%) that probably reflects normal employment fluctuation. Financial assumptions Discount rate: discount rate is estimated on the bases of calculating expected average market interest rate on long term assets in Republic of Serbia and it is estimated on 9.50% (2012: 11.25%). Growth rate for salaries: increase in salaries is estimated on the level of salaries growth rate in Republic of Serbia and accordingly with severance growth rate it is estimated that growth rate is on nominal level 7% (2012: 9%), which represents projected inflation of 5% increased for estimated real salaries in the Republic of Serbia growth rate of 2%. Other assumptions Age of employee upon retirement: although in reality this may not be the case, for simplification purposes, the model implies that the male employees will retire at age 65 and female at age Equity The equity of the Bank includes the founders share, the subsequent share issue, the accumulated result and the previous period result. The equity of the Bank was formed from invested capital by founders in the form of cash. 16 TRANSLATION NOTE: This is a translation of the original document issued in the Serbian language. All due care has been taken to produce a translation that is as faithful as possible to the original. However, if any questions arise related to interpretation of the information contained in the translation, the Serbian version of the document shall prevail.

18 3.17. Segment information The Bank monitors and discloses business segment - business lines (note 43). The Bank conducts most of its business in the Republic of Serbia and the bank performed adequate disclosures by geographic segments - regional centres (note 44). 4. RISK MANAGEMENT POLICIES AND EQUITY MANAGEMENT POLICIES Risk is an integral part of banking and it is impossible to completely eliminate it. However, risk management is important in order to reduce risk to acceptable limits for everyone: shareholders, creditors, depositors and regulators. Risk management is a continuous process of identifying, evaluating, measuring, monitoring and control of Bank's risk exposure. An important part of risk management is reporting and risk mitigation. An adequate system of risk management is an important element in ensuring the stability of the Bank and the profitability of its operations. The Bank has established a comprehensive and reliable system of risk management that includes: risk management strategies, policies and procedures, appropriate organizational structure, effective and efficient process of managing all the risks to which it is exposed, an adequate system of internal controls and adequate information system. By its risk management strategy and capital management strategy, the Bank has set the following objectives within the system of risk management: minimizing adverse effects on the financial result and equity with respect to the defined framework of acceptable risk levels, maintaining the required level of capital adequacy, the development of Bank's activities in line with business opportunities and market development in order to achieve competitive advantage. Risk management policies and procedures more closely define: manner of organizing risk management process in a bank and clear division between employees responsibilities in all stages of that process; manner of assessment of the bank's risk profile and the methodology for identification, measuring and assessment of individual types of risk; manner of monitoring and control of risks and establishment of the bank limits system i.e. types of limits that the Bank employs as well as their structure; measures for mitigation of individual types of risk and rules for their implementation; manner and methodology of the implementation process of internal assessment of capital adequacy; principles of functioning of the system of internal controls of the bank; framework and frequency of stress testing, as well as procedure in the cases of unfavorable results of stress tests. Board of Directors and Executive Board are responsible for establishing an adequate system of risk management and its consistent using. For the purpose of using independent and comprehensive risk management system and to provide functional and organizational separation of risk management activities of ordinary business activities of the bank, the Bank has established, as separate organizational unit: Retail Credit Risk Division, Credit Administration Division, Risk Control Division, NPL Collection Division and Monitoring and Support Division. Committees, as separate independent bodies, within their jurisdiction, are responsible for managing and monitoring risks. 17 TRANSLATION NOTE: This is a translation of the original document issued in the Serbian language. All due care has been taken to produce a translation that is as faithful as possible to the original. However, if any questions arise related to interpretation of the information contained in the translation, the Serbian version of the document shall prevail.

19 The Board of Directors is authorized and responsible for establishing a uniform risk management system and for monitoring such system, adopting the Strategy and policies for risk management and Strategy on capital management, establishing a system of internal controls, supervisory of the Executive Board and the implementation process of internal assessment of capital adequacy. The Executive Board is authorized and responsible for the process of implementation of risk management Strategy and policies and Strategy on capital management, adoption and analysis of risk management procedures that define the process of identification, measurement, mitigation, monitoring and control and reporting of risks to which the Bank is exposed to. The executive Board reports to the Board of Directors on the effectiveness of risk management defined procedures. Corporate and public Credit Risk Management Division along with Retail Credit Risk Management Division identifies measures, assesses and manages risks to which the Bank is exposed in its operations. Risk Control Sector is responsible for implementing and maintaining procedures related to risk, providing an independent control process. This Sector also provides complete methodological coverage on reserves calculation and impairment of Bank s receivables as well as reporting on credit risk. The Audit Committee is authorized and responsible for continued monitoring of application of risk management policies and procedures, and for implementing the internal control system. The Audit Committee at least monthly reports to The Board of Directors on its activities and irregularities, and propose how they will be removed. The Credit Committee decides on loan applications within predetermined Bank s policies, it analyzes Bank s exposure to credit, interest and currency risk, it analysis credit portfolio and implements results of internal audit under Board jurisdiction, and as well as this, suggest adequate measures to the Executive Committee. The Asset Liability Management Committee is authorized and responsible for monitoring the Bank s risk exposure resulting from the structure of its receivables, payables and off-balance sheet items, and proposes measures for managing interest and liquidity risks. Also, the committee is primarily responsible for funding and liquidity. Internal Audit and Audit Committee conduct an independent evaluation of risk management systems, and conduct regular assessment of the adequacy, reliability and effectiveness of internal controls system. Risk management and reporting system The monitoring and control of risk is principally based on establishing limits and procedures. These limits mirror business strategy and market surroundings of the Bank, as well as the risk levels acceptable to the Bank. The Bank continually monitors and measures the capacity of acceptable levels of exposure, considering the aggregate exposure to all types of risks and activities. Information gathered from all business activities is examined and processed with the objective of identifying, analyzing and controlling additional risks. This information is presented and explained to the Board of Directors and Executive Board. The reports contain total credit exposure, investment forecast, deviations from set limits, and assessment of market risk, liquidity ratio and changes of risk profiles. The senior management of the Bank reviews quarterly the adequacy of the calculated allowance for impairment. The Asset and Liquidity Committee is provided with a quarterly report on risks containing all information necessary for assessment and for drawing conclusions on risks present in the Bank. Daily report on the utilization of market limits, liquidity, foreign exchange risk, and other significant information is presented to the Executive Management Board s members, as well as to other pertinent Directors. 18 TRANSLATION NOTE: This is a translation of the original document issued in the Serbian language. All due care has been taken to produce a translation that is as faithful as possible to the original. However, if any questions arise related to interpretation of the information contained in the translation, the Serbian version of the document shall prevail.

20 The Bank is exposed to the following risks: credit risk, liquidity risk, interest rate risk, currency risk, operational risk, concentration risk i.e. exposure to one legal entity or group of related entities, long term investment risk, country risk, compliance risk and strategic risk Credit risk As a creditor, the Bank is exposed to credit risk representing the possibility that the loans or placement beneficiary may become unable to settle liabilities as they fall due. By its internal regulations, policies and procedures, the Bank provides an adequate credit risk management system and reduces the credit risk to an acceptable level. The Bank manages credit risk exposure in a way that sets limits on the level of credit risk by placing limits of acceptable credit risk in relation to one or more debtors. The Bank manages credit risk of individual debtor, of group of related parties, and the level of the total credit portfolio. In order to implement the policy of optimal exposure to credit risk, the Bank evaluates the solvency or financial condition and credit worthiness of each debtor at the moment of application for approval of certain credit and subsequently whenever the debtor has application for new loan or when there is contractual correction for loans that are in use. Analysis of the creditworthiness of the borrower, payment timeliness, valuation of the offered collateral at the individual level and for each individual transaction is performed within the organizational units of the Bank where loan application is submitted and final credit risk assessment is performed by Corporate and public Credit Risk Management Division or Retail Credit Risk Management Division depending on the sector that the debtor belongs to. The credit proposal is formed on the basis of analysis of the customer's financial statements, data of indebtedness derived from the report provided by the Credit Bureau and data obtained from clients, data on account liquidity, information about business relationships with client s customers and suppliers which are submitted by the client along with other supporting documentation, information from the business plan and other. The analysis includes the structure of operating income and expenses, business profitability, amount of net working funds, financial stability, liquidity, as well as cash flows. Creditworthiness of guarantors, mortgage marketability, and the value and quotation of securities (provided as collateral) on the Stock Exchange, as well as the value and marketability of goods placed under mortgage are also analyzed. The Bank continually keeps track of customer financial performance and standing and makes sure that resources are used as intended if such arrangement was agreed with the loan beneficiary. Risks similar to Credit Risk The Bank issues guarantees and letters of credit to its clients, and on these grounds, the Bank may be required to make payments on behalf of a third party. Thus, the Bank is exposed to risks similar to credit risk which may be overcome and/or mitigated by the control processes and procedures used for credit risk. Collaterals and Other Hedges against Credit Risk The amount and type of required collateral depends on the estimated credit risk of each customer. Terms of security for each loan are determined through analysis of solvency of the debtor, the type and level of credit risk exposure, maturity and loan amount. 19 TRANSLATION NOTE: This is a translation of the original document issued in the Serbian language. All due care has been taken to produce a translation that is as faithful as possible to the original. However, if any questions arise related to interpretation of the information contained in the translation, the Serbian version of the document shall prevail.

VOJVODJANSKA BANKA a.d. NOVI SAD. Financial Statements as of and for the Year Ended 31 December 2015 and Independent Auditor s Report

VOJVODJANSKA BANKA a.d. NOVI SAD. Financial Statements as of and for the Year Ended 31 December 2015 and Independent Auditor s Report Financial Statements as of and for the Year Ended 2015 and Independent Auditor s Report CONTENTS Page INDEPENDENT AUDITOR S REPORT 1-2 FINANCIAL STATEMENTS Income Statement 3 Statement of Other Comprehensive

More information

KOMERCIJALNA BANKA A.D. BANJA LUKA

KOMERCIJALNA BANKA A.D. BANJA LUKA KOMERCIJALNA BANKA A.D. BANJA LUKA Financial Statements for the year ended 31 December 2009 with Independent Auditors Report 2 March 2010 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2009 C O N

More information

Management's Responsibility for the Financial Statements

Management's Responsibility for the Financial Statements AIRA Factoring Public Company Limited Report and financial statements 31 December 2012 Independent Auditor's Report To the Shareholders of AIRA Factoring Public Company Limited I have audited the financial

More information

Roche Capital Market Ltd Financial Statements 2009

Roche Capital Market Ltd Financial Statements 2009 R Roche Capital Market Ltd Financial Statements 2009 1 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes to the Financial Statements. Roche Capital Market Ltd,

More information

SEF International Universal Credit Organization LLC. Financial Statements for the Year Ended 31 December 2009

SEF International Universal Credit Organization LLC. Financial Statements for the Year Ended 31 December 2009 SEF International Universal Credit Organization LLC Financial Statements for the Year Ended 31 December Contents Independent Auditors Report... 3 Statement of comprehensive income... 5 Statement of financial

More information

Kilikia Universal Credit Organization LLC. Financial Statements for the year ended 31 December 2014

Kilikia Universal Credit Organization LLC. Financial Statements for the year ended 31 December 2014 Financial Statements for the year ended 31 December Contents Independent Auditors Report... 3 Statement of profit or loss and other comprehensive income... 4 Statement of financial position... 5 Statement

More information

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

CLOSED JOINT-STOCK COMPANY Eurobank. Financial Statements For the Year Ended 31 December 2009 CLOSED JOINT-STOCK COMPANY Eurobank Financial Statements For the Year Ended CLOSED JOINT-STOCK COMPANY EUROBANK TABLE OF CONTENTS Page STATEMENT OF MANAGEMENT S RESPONSIBILITIES FOR THE PREPARATION AND

More information

Residual carrying amounts and expected useful lives are reviewed at each reporting date and adjusted if necessary.

Residual carrying amounts and expected useful lives are reviewed at each reporting date and adjusted if necessary. 87 Accounting Policies Intangible assets a) Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of identifiable net assets and liabilities of the acquired company

More information

Financial Statements for the Six Months Period Ended 30 June 2012 Together with Auditor s Report

Financial Statements for the Six Months Period Ended 30 June 2012 Together with Auditor s Report DOCUMENT OF THE BLACK SEA TRADE AND DEVELOPMENT BANK Financial Statements for the Six Months Period Ended 3 June 212 Together with Auditor s Report INDEPENDENT AUDITOR S REPORT TO THE BOARD OF DIRECTORS

More information

The Awa Bank, Ltd. Consolidated Financial Statements. The Awa Bank, Ltd. and its Consolidated Subsidiaries. Years ended March 31, 2011 and 2012

The Awa Bank, Ltd. Consolidated Financial Statements. The Awa Bank, Ltd. and its Consolidated Subsidiaries. Years ended March 31, 2011 and 2012 The Awa Bank, Ltd. Consolidated Financial Statements Years ended March 31, 2011 and 2012 Consolidated Balance Sheets (Note 1) 2011 2012 2012 Assets Cash and due from banks (Notes 3 and 4) \ 230,831 \

More information

OJSC «OTP Bank» Financial Statements For the Year Ended December 31, 2009

OJSC «OTP Bank» Financial Statements For the Year Ended December 31, 2009 OJSC «OTP Bank» Financial Statements For the Year Ended OJSC «OTP Bank» TABLE OF CONTENTS Page STATEMENT OF MANAGEMENT S RESPONSIBILITIES FOR THE PREPARATION AND APPROVAL OF THE FINANCIAL STATEMENTS 1

More information

EXPLANATORY NOTES. 1. Summary of accounting policies

EXPLANATORY NOTES. 1. Summary of accounting policies 1. Summary of accounting policies Reporting Entity Taranaki Regional Council is a regional local authority governed by the Local Government Act 2002. The Taranaki Regional Council group (TRC) consists

More information

Non-Banking Credit Organization Closed Joint-Stock Company National Settlement Depository

Non-Banking Credit Organization Closed Joint-Stock Company National Settlement Depository Non-Banking Credit Organization Closed Joint-Stock Company National Settlement Depository Financial Statements for the year ended 31 December 2011 NON-BANKING CREDIT ORGANIZATION CLOSED JOINT-STOCK COMPANY

More information

Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010

Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010 Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010 Contents Independent Auditors' Report 2 Financial Statements Balance Sheet 3 Statement of Operations and Unappropriated

More information

Microfinance Organization Credo LLC Financial statements

Microfinance Organization Credo LLC Financial statements LLC Financial statements Year ended 31 December 2015, together with independent auditor s report Financial statements Contents Independent auditors report Financial statements Statement of financial position...

More information

MF BANKA A.D., BANJA LUKA. Financial Statements For the Year Ended December 31, 2010 and Independent Auditors Report

MF BANKA A.D., BANJA LUKA. Financial Statements For the Year Ended December 31, 2010 and Independent Auditors Report Financial Statements For the Year Ended and Independent Auditors Report CONTENTS Page Independent Auditors' Report 1 Financial Statements: Income Statement 2 Balance Sheet 3 Statement of Changes in Equity

More information

KOREAN AIR LINES CO., LTD. AND SUBSIDIARIES. Consolidated Financial Statements

KOREAN AIR LINES CO., LTD. AND SUBSIDIARIES. Consolidated Financial Statements Consolidated Financial Statements December 31, 2015 (With Independent Auditors Report Thereon) Contents Page Independent Auditors Report 1 Consolidated Statements of Financial Position 3 Consolidated Statements

More information

G8 Education Limited ABN: 95 123 828 553. Accounting Policies

G8 Education Limited ABN: 95 123 828 553. Accounting Policies G8 Education Limited ABN: 95 123 828 553 Accounting Policies Table of Contents Note 1: Summary of significant accounting policies... 3 (a) Basis of preparation... 3 (b) Principles of consolidation... 3

More information

Türkiye İş Bankası A.Ş. Separate Financial Statements As at and for the Year Ended 31 December 2015

Türkiye İş Bankası A.Ş. Separate Financial Statements As at and for the Year Ended 31 December 2015 Türkiye İş Bankası A.Ş. Separate Financial Statements As at and for the Year Ended 2015 29 April 2016 This report includes 93 pages of separate financial statements together with their explanatory notes.

More information

Roche Capital Market Ltd Financial Statements 2014

Roche Capital Market Ltd Financial Statements 2014 Roche Capital Market Ltd Financial Statements 2014 1 Roche Capital Market Ltd - Financial Statements 2014 Roche Capital Market Ltd, Financial Statements Roche Capital Market Ltd, statement of comprehensive

More information

Roche Capital Market Ltd Financial Statements 2012

Roche Capital Market Ltd Financial Statements 2012 R Roche Capital Market Ltd Financial Statements 2012 1 Roche Capital Market Ltd - Financial Statements 2012 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes

More information

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

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

More information

Consolidated financial statements

Consolidated financial statements Summary of significant accounting policies Basis of preparation DSM s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted

More information

RULES ON THE CHART OF ACCOUNTS AND THE CONTENTS OF ACCOUNTS IN THE CHART OF ACCOUNTS FOR BANKS

RULES ON THE CHART OF ACCOUNTS AND THE CONTENTS OF ACCOUNTS IN THE CHART OF ACCOUNTS FOR BANKS Outsourced translation Official Gazette of RS, Nos 98/2007, 57/2008 and 3/2009 Pursuant to Article 15, paragraph 2, item 2 of the Accounting and Auditing Law (Official Gazette of RS, No. 46/2006), the

More information

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Financial Statements MNP INDEPENDENT AUDITOR'S REPORT To the Policyholders of Grenville Mutual Insurance Company We have audited the accompanying financial statements of Grenville Mutual Insurance Company,

More information

National Mortgage Company Refinancing Credit Organisation CJSC. Financial Statements for the year ended 31 December 2014

National Mortgage Company Refinancing Credit Organisation CJSC. Financial Statements for the year ended 31 December 2014 National Mortgage Company Refinancing Credit Organisation CJSC Financial Statements for the year ended 31 December Contents Independent Auditors Report... 3 Statement of profit or loss and other comprehensive

More information

Volex Group plc. Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement. 1.

Volex Group plc. Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement. 1. Volex Group plc Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement 1. Introduction The consolidated financial statements of Volex Group plc

More information

Consolidated Financial Statements

Consolidated Financial Statements Consolidated Financial Statements March 19, 2015 Independent Auditor s Report To the Members of Assiniboine Credit Union Limited We have audited the accompanying consolidated financial statements of Assiniboine

More information

TURKISH BANK A.Ş. CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008

TURKISH BANK A.Ş. CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008 CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008 To the Board of Directors of Turkish Bank A.Ş. Đstanbul INDEPENDENT AUDITOR S REPORT We have audited the accompanying consolidated

More information

Summary of Significant Accounting Policies FOR THE FINANCIAL YEAR ENDED 31 MARCH 2014

Summary of Significant Accounting Policies FOR THE FINANCIAL YEAR ENDED 31 MARCH 2014 46 Unless otherwise stated, the following accounting policies have been applied consistently in dealing with items which are considered material in relation to the financial statements. The Company and

More information

Dhanamitr Factoring Public Company Limited (Formerly: Dhanamitr Factoring Company Limited)

Dhanamitr Factoring Public Company Limited (Formerly: Dhanamitr Factoring Company Limited) Annual financial statements and Audit report of Certified Public Accountant For the years ended 31 December 2005 and 2004 DHANA MITR FACTORING COMPANY LIMITED Notes to Financial Statements (Continued)

More information

Shin Kong Investment Trust Co., Ltd. Financial Statements for the Years Ended December 31, 2014 and 2013 and Independent Auditors Report

Shin Kong Investment Trust Co., Ltd. Financial Statements for the Years Ended December 31, 2014 and 2013 and Independent Auditors Report Shin Kong Investment Trust Co., Ltd. Financial Statements for the Years Ended, 2014 and 2013 and Independent Auditors Report INDEPENDENT AUDITORS REPORT The Board of Directors and stockholder Shin Kong

More information

EKO FAKTORİNG A.Ş. FINANCIAL STATEMENTS AT 31 DECEMBER 2013 TOGETHER WITH INDEPENDENT AUDITOR S REPORT

EKO FAKTORİNG A.Ş. FINANCIAL STATEMENTS AT 31 DECEMBER 2013 TOGETHER WITH INDEPENDENT AUDITOR S REPORT FINANCIAL STATEMENTS TOGETHER WITH INDEPENDENT AUDITOR S REPORT FINANCIAL STATEMENTS CONTENTS PAGES BALANCE SHEET (STATEMENT OF FINANCIAL POSITION)... 1 STATEMENT OF COMPREHENSIVE INCOME... 2 STATEMENT

More information

FUBON LIFE INSURANCE CO., LTD. AND SUBSIDIARIES. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS JUNE 30, 2013 and 2012

FUBON LIFE INSURANCE CO., LTD. AND SUBSIDIARIES. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS JUNE 30, 2013 and 2012 FUBON LIFE INSURANCE CO., LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS JUNE 30, 2013 and 2012 (with Independent Auditors Report Thereon) Address: 14F, No. 108, Sec. 1, Tun

More information

SAMPLE MANUFACTURING COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS. Year ended December 31, 2011

SAMPLE MANUFACTURING COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS. Year ended December 31, 2011 SAMPLE MANUFACTURING COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS Year ended SAMPLE MANUFACTURING COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS For the year ended The information contained in

More information

Grenville Strategic Royalty Corp (formally Troon Ventures Ltd.) Consolidated Financial Statements For the Year Ended December 31, 2014

Grenville Strategic Royalty Corp (formally Troon Ventures Ltd.) Consolidated Financial Statements For the Year Ended December 31, 2014 Grenville Strategic Royalty Corp (formally Troon Ventures Ltd.) Consolidated Financial Statements For the Year Ended Contents Independent Auditors Report... 2 Consolidated Statements of Financial Position...

More information

Samsung Life Insurance Co., Ltd. Separate Financial Statements March 31, 2013 and 2012

Samsung Life Insurance Co., Ltd. Separate Financial Statements March 31, 2013 and 2012 Separate Financial Statements Index Page(s) Report of Independent Auditors 1-2 Separate Financial Statements Statements of Financial Position 3 Statements of Comprehensive Income 4 5 Statements of Changes

More information

MATRIX IT LTD. AND ITS SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS

MATRIX IT LTD. AND ITS SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2013 CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2013 NIS IN THOUSANDS INDEX Page Auditors' Reports 2-4 Consolidated Statements of Financial

More information

FUNDY MUTUAL INSURANCE COMPANY CONSOLIDATED FINANCIAL STATEMENTS

FUNDY MUTUAL INSURANCE COMPANY CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS INDEX Page INDEPENDENT AUDITORS' REPORT 1-2 CONSOLIDATED FINANCIAL STATEMENTS Statement 1 - Consolidated Balance Sheet 3 Statement 2 - Consolidated General Reserve and

More information

ATS AUTOMATION TOOLING SYSTEMS INC. Annual Audited Consolidated Financial Statements

ATS AUTOMATION TOOLING SYSTEMS INC. Annual Audited Consolidated Financial Statements Annual Audited Consolidated Financial Statements For the year ended March 31, 2014 MANAGEMENT S RESPONSIBILITY FOR FINANCIAL REPORTING The preparation and presentation of the Company s consolidated financial

More information

Cathay Life Insurance Co., Ltd. Financial Statements For The Three Months Ended March 31, 2012 and 2011 With Independent Auditors Review Report

Cathay Life Insurance Co., Ltd. Financial Statements For The Three Months Ended March 31, 2012 and 2011 With Independent Auditors Review Report Financial Statements For The Three Months Ended March 31, 2012 and 2011 With Independent Auditors Review Report The reader is advised that these financial statements have been prepared originally in Chinese.

More information

FINCA International, Inc. Consolidated Financial Statements as of and for the Years Ended December 31, 2013 and 2012, and Independent Auditors Report

FINCA International, Inc. Consolidated Financial Statements as of and for the Years Ended December 31, 2013 and 2012, and Independent Auditors Report FINCA International, Inc. Consolidated Financial Statements as of and for the Years Ended December 31, 2013 and 2012, and Independent Auditors Report FINCA INTERNATIONAL, INC. TABLE OF CONTENTS INDEPENDENT

More information

Notes to Consolidated Financial Statements Note 1: Basis of Presentation

Notes to Consolidated Financial Statements Note 1: Basis of Presentation NOTES TO CONSOLIDATED FINANCIAL STATEMENTS to Consolidated Financial Statements Note 1: Basis of Presentation Bank of Montreal ( the bank ) is a public company incorporated in Canada having its registered

More information

Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows

Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows Contents Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows Paragraphs OBJECTIVE SCOPE 1 3 BENEFITS OF CASH FLOW INFORMATION 4 5 DEFINITIONS 6 9 Cash and cash equivalents 7 9 PRESENTATION OF

More information

HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013

HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013 HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013 HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ASSETS

More information

TCS Financial Solutions Australia (Holdings) Pty Limited. ABN 61 003 653 549 Financial Statements for the year ended 31 March 2015

TCS Financial Solutions Australia (Holdings) Pty Limited. ABN 61 003 653 549 Financial Statements for the year ended 31 March 2015 TCS Financial Solutions Australia (Holdings) Pty Limited ABN 61 003 653 549 Financial Statements for the year ended 31 March 2015 Contents Page Directors' report 3 Statement of profit or loss and other

More information

MOUNTAIN EQUIPMENT CO-OPERATIVE

MOUNTAIN EQUIPMENT CO-OPERATIVE Consolidated Financial Statements of MOUNTAIN EQUIPMENT CO-OPERATIVE KPMG LLP PO Box 10426 777 Dunsmuir Street Vancouver BC V7Y 1K3 Canada Telephone (604) 691-3000 Fax (604) 691-3031 Internet www.kpmg.ca

More information

Cathay Life Insurance Co., Ltd. Financial Statements As of December 31, 2006 and 2007 With Independent Auditors Report

Cathay Life Insurance Co., Ltd. Financial Statements As of December 31, 2006 and 2007 With Independent Auditors Report Financial Statements With Independent Auditors Report The reader is advised that these financial statements have been prepared originally in Chinese. These financial statements do not include additional

More information

Abbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007

Abbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007 Abbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007 The Board of Abbey plc reports a profit before taxation of 18.20m which compares with a profit of 22.57m for

More information

Notes to Consolidated Balance Sheet

Notes to Consolidated Balance Sheet Notes to Consolidated Balance Sheet 1. Amounts less than one million yen have been omitted. 2. Standards for recognition and measurement of trading assets and liabilities are as follows: Recognition: Trading

More information

SSAP 24 STATEMENT OF STANDARD ACCOUNTING PRACTICE 24 ACCOUNTING FOR INVESTMENTS IN SECURITIES

SSAP 24 STATEMENT OF STANDARD ACCOUNTING PRACTICE 24 ACCOUNTING FOR INVESTMENTS IN SECURITIES SSAP 24 STATEMENT OF STANDARD ACCOUNTING PRACTICE 24 ACCOUNTING FOR INVESTMENTS IN SECURITIES (Issued April 1999) The standards, which have been set in bold italic type, should be read in the context of

More information

18 BUSINESS ACCOUNTING STANDARD FINANCIAL ASSETS AND FINANCIAL LIABILITIES I. GENERAL PROVISIONS

18 BUSINESS ACCOUNTING STANDARD FINANCIAL ASSETS AND FINANCIAL LIABILITIES I. GENERAL PROVISIONS APPROVED by Resolution No. 11 of 27 October 2004 of the Standards Board of the Public Establishment the Institute of Accounting of the Republic of Lithuania 18 BUSINESS ACCOUNTING STANDARD FINANCIAL ASSETS

More information

ACCOUNTING POLICY 1.1 FINANCIAL REPORTING. Policy Statement. Definitions. Area covered. This Policy is University-wide.

ACCOUNTING POLICY 1.1 FINANCIAL REPORTING. Policy Statement. Definitions. Area covered. This Policy is University-wide. POLICY Area covered ACCOUNTING POLICY This Policy is University-wide Approval date 5 May 2016 Policy Statement Intent Scope Effective date 5 May 2016 Next review date 5 May 2019 To establish decisions,

More information

Data Compilation Financial Data

Data Compilation Financial Data Data Compilation Financial Data CONTENTS 1. Transition of Significant Management Indicators, etc. Japan Post Group (Consolidated) 122 Japan Post Holdings Co., Ltd. (Non-consolidated) 122 Japan Post Co.,

More information

Halwell Mutual Insurance Company Financial Statements For the year ended December 31, 2014

Halwell Mutual Insurance Company Financial Statements For the year ended December 31, 2014 Financial Statements For the year ended Contents Independent Auditor's Report 2 Financial Statements Statement of Financial Position 3 Statement of Comprehensive Income 4 Statement of Members Surplus 5

More information

Data Compilation Financial Data

Data Compilation Financial Data Data Compilation Financial Data CONTENTS 1. Transition of Significant Management Indicators, etc. Japan Post Group (Consolidated) 124 Japan Post Service Co., Ltd. (Non-consolidated) 125 Japan Post Holdings

More information

NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS

NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS NAS 03 NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS CONTENTS Paragraphs OBJECTIVE SCOPE 1-3 BENEFITS OF CASH FLOWS INFORMATION 4-5 DEFINITIONS 6-9 Cash and cash equivalents 7-9 PRESENTATION OF A

More information

Transition to International Financial Reporting Standards

Transition to International Financial Reporting Standards Transition to International Financial Reporting Standards Topps Tiles Plc In accordance with IFRS 1, First-time adoption of International Financial Reporting Standards ( IFRS ), Topps Tiles Plc, ( Topps

More information

Intesa Sanpaolo Banka d.d. Bosna i Hercegovina

Intesa Sanpaolo Banka d.d. Bosna i Hercegovina Intesa Sanpaolo Banka d.d. Bosna i Hercegovina Financial Statements as at 2014 Intesa Sanpaolo Banka, d.d. Financial statements as at 2014 Contents Management Board s Report 2 Responsibilities of the Management

More information

Roche Finance Europe B.V. - Financial Statements 2013

Roche Finance Europe B.V. - Financial Statements 2013 Roche Finance Europe B.V. - Financial Statements 2013 0 Financial Statements 2011 Roche Finance Europe B.V. Management Report 1. Review of the year ended 31 December 2013 General Roche Finance Europe B.V.,

More information

(Amounts in millions of Canadian dollars except for per share amounts and where otherwise stated. All amounts stated in US dollars are in millions.

(Amounts in millions of Canadian dollars except for per share amounts and where otherwise stated. All amounts stated in US dollars are in millions. Notes to the Consolidated Financial Statements (Amounts in millions of Canadian dollars except for per share amounts and where otherwise stated. All amounts stated in US dollars are in millions.) 1. Significant

More information

LLC Deutsche Bank and UFGIS Holding (Cyprus) Limited Combined Financial Statements for the year ended 31 December 2008

LLC Deutsche Bank and UFGIS Holding (Cyprus) Limited Combined Financial Statements for the year ended 31 December 2008 LLC Deutsche Bank and UFGIS Holding (Cyprus) Limited Combined Financial Statements for the year ended 31 December 2008 Contents Independent Auditors Report... 3 Combined Income Statement... 4 Combined

More information

Summary of significant accounting policies

Summary of significant accounting policies 1 (14) Summary of significant accounting policies The principal accounting policies applied in the preparation of Neste's consolidated financial statements are set out below. These policies have been consistently

More information

INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY. FIRST QUARTER 2000 Consolidated Financial Statements (Non audited)

INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY. FIRST QUARTER 2000 Consolidated Financial Statements (Non audited) INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY FIRST QUARTER 2000 Consolidated Financial Statements (Non audited) March 31,2000 TABLE OF CONTENTS CONSOLIDATED INCOME 2 CONSOLIDATED CONTINUITY OF EQUITY 3 CONSOLIDATED

More information

JOINT STOCK COMPANY BANK CASPIAN

JOINT STOCK COMPANY BANK CASPIAN JOINT STOCK COMPANY BANK CASPIAN Consolidated Financial Statements For The Year Ended And Independent Auditors Report JOINT STOCK COMPANY BANK CASPIAN CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED

More information

Financial Statements

Financial Statements ATB INSURANCE ADVISORS INC. Financial Statements Year Ended March 31, 2015 Independent Auditor s Report.... 442 Statement of Financial Position..................... 443 Statement of Changes in Equity....

More information

Germania Mutual Insurance Company Financial Statements For the year ended December 31, 2014

Germania Mutual Insurance Company Financial Statements For the year ended December 31, 2014 Germania Mutual Insurance Company Financial Statements For the year ended Financial Statements For the year ended Table of Contents Page Independent Auditor's Report 2 Statement of Financial Position 3

More information

Sri Lanka Accounting Standard-LKAS 7. Statement of Cash Flows

Sri Lanka Accounting Standard-LKAS 7. Statement of Cash Flows Sri Lanka Accounting Standard-LKAS 7 Statement of Cash Flows CONTENTS SRI LANKA ACCOUNTING STANDARD-LKAS 7 STATEMENT OF CASH FLOWS paragraphs OBJECTIVE SCOPE 1 3 BENEFITS OF CASH FLOW INFORMATION 4 5 DEFINITIONS

More information

Intesa Sanpaolo Banka d.d. Bosna i Hercegovina

Intesa Sanpaolo Banka d.d. Bosna i Hercegovina Intesa Sanpaolo Banka d.d. Bosna i Hercegovina Financial Statements as at Intesa Sanpaolo Banka, d.d. Financial statements as at Contents Page Management Board s Report 2 Responsibilities of the Management

More information

The statements are presented in pounds sterling and have been prepared under IFRS using the historical cost convention.

The statements are presented in pounds sterling and have been prepared under IFRS using the historical cost convention. Note 1 to the financial information Basis of accounting ITE Group Plc is a UK listed company and together with its subsidiary operations is hereafter referred to as the Company. The Company is required

More information

33 BUSINESS ACCOUNTING STANDARD FINANCIAL STATEMENTS OF FINANCIAL BROKERAGE FIRMS AND MANAGEMENT COMPANIES I. GENERAL PROVISIONS

33 BUSINESS ACCOUNTING STANDARD FINANCIAL STATEMENTS OF FINANCIAL BROKERAGE FIRMS AND MANAGEMENT COMPANIES I. GENERAL PROVISIONS APPROVED by Order No. VAS-6 of 12 May 2006 of the Director of the Public Establishment the Institute of Accounting of the Republic of Lithuania 33 BUSINESS ACCOUNTING STANDARD FINANCIAL STATEMENTS OF FINANCIAL

More information

462 IBN18 (MAURITIUS) LIMITED. IBN18 (Mauritius) Limited

462 IBN18 (MAURITIUS) LIMITED. IBN18 (Mauritius) Limited 462 IBN18 (MAURITIUS) LIMITED IBN18 (Mauritius) Limited IBN18 (MAURITIUS) LIMITED 463 Independent Auditors Report Independent Auditors Report to the member of IBN18 (Mauritius) Limited Report on the Financial

More information

Contents. Responsibility for the financial statements 1. Independent auditor's report 2. Statement of comprehensive income 3

Contents. Responsibility for the financial statements 1. Independent auditor's report 2. Statement of comprehensive income 3 RAIFFEISEN CASH OPEN-ENDED INVESTMENT INDEPENDENT AUDITOR'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013 RAIFFEISEN CASH OPEN-ENDED INVESTMENT INDEPENDENT AUDITOR'S REPORT AND FINANCIAL

More information

The Wawanesa Life Insurance Company. Financial Statements December 31, 2011

The Wawanesa Life Insurance Company. Financial Statements December 31, 2011 The Wawanesa Life Insurance Company Financial Statements February 21, 2012 Appointed Actuary s Report To the Shareholder and Policyholders of The Wawanesa Life Insurance Company I have valued the insurance

More information

Statement of Cash Flows

Statement of Cash Flows HKAS 7 Revised February November 2014 Hong Kong Accounting Standard 7 Statement of Cash Flows HKAS 7 COPYRIGHT Copyright 2014 Hong Kong Institute of Certified Public Accountants This Hong Kong Financial

More information

A&W Food Services of Canada Inc. Consolidated Financial Statements December 30, 2012 and January 1, 2012 (in thousands of dollars)

A&W Food Services of Canada Inc. Consolidated Financial Statements December 30, 2012 and January 1, 2012 (in thousands of dollars) A&W Food Services of Canada Inc. Consolidated Financial Statements December 30, and January 1, (in thousands of dollars) February 12, 2013 Independent Auditor s Report To the Shareholders of A&W Food Services

More information

VII. Consolidated financial statements Credit Suisse (Bank) 281 Report of the Group Auditors. 283 Consolidated statements of income

VII. Consolidated financial statements Credit Suisse (Bank) 281 Report of the Group Auditors. 283 Consolidated statements of income VII Consolidated financial statements Credit Suisse (Bank) 281 Report of the Group Auditors 283 Consolidated statements of income 284 Consolidated balance sheets 286 Statements of changes in shareholder

More information

Antigonish Farmers Mutual Insurance Company. Consolidated financial statements. December 31, 2014

Antigonish Farmers Mutual Insurance Company. Consolidated financial statements. December 31, 2014 Consolidated financial statements Contents Page Management s statement of responsibility for financial reporting 1 Independent auditor s report 2 Consolidated statement of financial position 3 Consolidated

More information

SALADA FOODS JAMAICA LIMITED

SALADA FOODS JAMAICA LIMITED AUDITED ACCOUNTS TO STOCKHOLDERS The Directors are pleased to present the Audited Accounts of the Company for the year ended September 30, 2005. Turnover of $269 million reflects an increase of $20 million

More information

Arab National Bank Saudi Joint Stock Company

Arab National Bank Saudi Joint Stock Company CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at December 31, 2013 and 2012 ASSETS Note 2013 SAR 000 2012 SAR 000 Cash and balances with SAMA 4 14,971,749 20,334,429 Due from banks and other financial

More information

KOMERCIJALNA BANKA A.D. BANJA LUKA

KOMERCIJALNA BANKA A.D. BANJA LUKA KOMERCIJALNA BANKA A.D. BANJA LUKA Financial Statements For the year ended 31 December 2007 with Report on the Financial Statements thereon 14 March 2008 FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER

More information

Financial Statements for the Year Ended 31 December 2012 Together with Auditor s Report

Financial Statements for the Year Ended 31 December 2012 Together with Auditor s Report DOCUMENT OF THE BLACK SEA TRADE AND DEVELOPMENT BANK Financial Statements for the Year Ended 212 Together with Auditor s Report INDEPENDENT AUDITOR S REPORT TO THE BOARD OF DIRECTORS AND GOVERNORS OF THE

More information

Financial Statements

Financial Statements Financial Statements Years ended March 31,2002 and 2003 Contents Consolidated Financial Statements...1 Report of Independent Auditors on Consolidated Financial Statements...2 Consolidated Balance Sheets...3

More information

Quarterly report containing interim financial statements of the Capital Group for Q1 of the financial year 2013-2014

Quarterly report containing interim financial statements of the Capital Group for Q1 of the financial year 2013-2014 Quarterly report containing interim financial statements of the Capital Group for Q1 of the financial year 2013-2014 covering the period from 01-07-2013 to 30-09-2013 Publication date: 14 November 2013

More information

OMAN OIL MARKETING COMPANY SAOG

OMAN OIL MARKETING COMPANY SAOG OMAN OIL MARKETING COMPANY SAOG FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013 Registered address: P.O. Box 92 Postal Code 116 Mina Al Fahal Sultanate of Oman Principal place of business: Mina

More information

PRIVREDNA BANKA SARAJEVO D.D. SARAJEVO

PRIVREDNA BANKA SARAJEVO D.D. SARAJEVO PRIVREDNA BANKA SARAJEVO D.D. SARAJEVO Financial statements for the year ended prepared in accordance with International Financial Reporting Standards as modified by the regulatory requirements of the

More information

FINANCIAL STATEMENTS. Alberta Beverage Container Recycling Corporation. Contents

FINANCIAL STATEMENTS. Alberta Beverage Container Recycling Corporation. Contents 1 FINANCIAL STATEMENTS Alberta Beverage Container Recycling Corporation Contents 2 Independent Auditor s Report 3 Statement of Operations and Changes in Net Assets 4 Statement of Financial Position 5 Statement

More information

Financial Statements of Kredyt Bank S.A. for the Year Ended 31.12.2012

Financial Statements of Kredyt Bank S.A. for the Year Ended 31.12.2012 Financial Statements of Kredyt Bank S.A. for the Year Ended 31.12.2012 On 04.01.2013 Kredyt Bank S.A. was merged with Bank Zachodni WBK S.A. CONTENTS I. Income Statement... 4 II. Statement of Comprehensive

More information

Financial Statements

Financial Statements ATB INVESTMENT MANAGEMENT INC. Financial Statements Year Ended March 31, 2015 Independent Auditor s Report.... 462 Statement of Financial Position.... 464 Statement of Changes in Equity... 465 Statement

More information

Consolidated Financial Statements Notes to the Consolidated Financial Statements for Fiscal Year 2014

Consolidated Financial Statements Notes to the Consolidated Financial Statements for Fiscal Year 2014 171 The most important exchange rates applied in the consolidated financial statements developed as follows in relation to the euro: Currency Average rate Closing rate Country 1 EUR = 2014 2013 2014 2013

More information

FINANCIAL STATEMENTS. As at May 31, 2013 and 2012

FINANCIAL STATEMENTS. As at May 31, 2013 and 2012 FINANCIAL STATEMENTS As at May 31, 2013 and 2012 INDEPENDENT AUDITORS REPORT To the Shareholders of the Fonds de solidarité des travailleurs du Québec (F.T.Q.) We have audited the accompanying financial

More information

Consolidated financial statements

Consolidated financial statements Rexam Annual Report 83 Consolidated financial statements Consolidated financial statements: Independent auditors report to the members of Rexam PLC 84 Consolidated income statement 87 Consolidated statement

More information

Consolidated Financial Statements

Consolidated Financial Statements Consolidated Financial Statements For the year ended February 20, 2016 Nitori Holdings Co., Ltd. Consolidated Balance Sheet Nitori Holdings Co., Ltd. and consolidated subsidiaries As at February 20, 2016

More information

Consolidated Statement of Financial Position

Consolidated Statement of Financial Position 18 Consolidated Statement of Financial Position As at December 31, 2010 and 2009 Notes SAR 000 SAR 000 Assets Cash and balances with SAMA 4 11,997,395 10,457,455 Due from banks and other financial institutions

More information

Consolidated Financial Statements. FUJIFILM Holdings Corporation and Subsidiaries. March 31, 2015 with Report of Independent Auditors

Consolidated Financial Statements. FUJIFILM Holdings Corporation and Subsidiaries. March 31, 2015 with Report of Independent Auditors Consolidated Financial Statements FUJIFILM Holdings Corporation and Subsidiaries March 31, 2015 with Report of Independent Auditors Consolidated Financial Statements March 31, 2015 Contents Report of Independent

More information

VASSETI (UK) PLC CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013

VASSETI (UK) PLC CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013 CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013 INTERIM MANAGEMENT REPORT (UNAUDITED) FOR THE 6 MONTHS ENDED 30 JUNE 2013 1. Key Risks and uncertainties Risks and uncertainties

More information

Significant Accounting Policies

Significant Accounting Policies Apart from the accounting policies presented within the corresponding notes to the financial statements, other significant accounting policies are set out below. These policies have been consistently applied

More information

Preliminary Final report

Preliminary Final report Appendix 4E Rule 4.3A Preliminary Final report AMCOR LIMITED ABN 62 000 017 372 1. Details of the reporting period and the previous corresponding period Reporting Period: Year Ended Previous Corresponding

More information

Financial statements. Standardbred Canada (Incorporated under the Animal Pedigree Act) October 31, 2012

Financial statements. Standardbred Canada (Incorporated under the Animal Pedigree Act) October 31, 2012 Financial statements Standardbred Canada (Incorporated under the Animal Pedigree Act) (Incorporated under the Animal Pedigree Act) Contents Page Independent Auditors Report 1-2 Statement of operations

More information

SAMPLE MANUFACTURING COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS. Year ended December 31, 2012

SAMPLE MANUFACTURING COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS. Year ended December 31, 2012 SAMPLE MANUFACTURING COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS Year ended SAMPLE MANUFACTURING COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS For the year ended The information contained in

More information