ANNUAL REPORT OF BANK DnB NORD POLSKA SA FOR THE YEAR 2012

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1 ANNUAL REPORT OF BANK DnB NORD POLSKA SA FOR THE YEAR 2012 BANK DnB NORD POLSKA SA MEMBER OF DNB

2 Contents About the Bank and the DNB Group 3 Financial performance of Bank DnB NORD Polska SA for the year The most important events in the Bank s activities in Restructuring activities 5 Changes in the retail and SME banking 6 DnB NORD as a specialized corporate bank 7 Expert bank 9 Financial highlights of Bank DnB NORD Polska SA for the year Independent Auditors Opinion 28 2

3 About the Bank and the DNB Group DnB NORD has been present in Poland since It is wholly owned by DNB, the largest bank and financial group in Norway. The Group, being the leader in corporate banking, insurance and asset management, provides services to more than half of Norway s residents. DNB operates in 27 countries, has offices in the world s major financial centres (including London, New York and Singapore), its shares are traded on the stock exchanges in Oslo and London. DNB is also one of the world s largest banks financing international shipping companies and the energy sector. DNB IN THE WORLD DNB can also boast about its high long-term credit ratings (A+ by Standard & Poor s and A1 by Moody s) and at the same time the highest (among the Scandinavian competitors) customer satisfaction index (cf. Greenwich customer satisfaction index). The Group operates in 27 countries. As of end-2012 DNB s assets totalled over EUR 3,000 billion. GREENWICH CUSTOMER SATISFACTION INDEX Concentrated on the provision of services to selected sectors, DNB Group focuses on the development of its industry expertise through international teams of experts who on an ongoing basis analyse the situation in the strategic sectors at the global level. This is reflected in local markets the Group is able to offer not only financial solutions tailored to a specific industry, but also expert advice in all serviced markets. Within the DNB Group, Poland is considered a strategic market, which is why the Polish Clients have access to the best solutions. Apart from providing top quality banking services for the Corporate Clients, Bank DnB NORD Polska offers investment project financing and commercial lending, in particular short- and medium-term financing as well as long-term structured financing. The Bank also arranges and participates in syndicated loans. It provides a comprehensive offer in the field of trade finance, as well as factoring and instruments hedging against foreign currency risk and interest rate risk. As part of the Nordic financial group, the Bank offers a single platform for servicing Nordic Corporate Clients in Central and Eastern Europe. 3

4 Financial performance of Bank DnB NORD Polska SA for the year 2012 A new vision for the Bank s operations in Poland, which is reflected in the Bank s strategy for the years , envisages a focus on corporate banking as well as a simultaneous withdrawal from the remaining market segments in which the Bank has operated until now. The actions that have been taken to implement the new strategy are reflected in the Bank s financial performance. Ultimately, Bank DnB NORD Polska ended last year with net loss of PLN 16.6 million. The loss resulted mainly from the restructuring costs and from the decision to withdraw from SME and retail banking. In 2012 the Bank generated satisfactory taking into account the changes resulting from the implementation of the new strategy results on current operations. The Bank s total operating income for 2012 amounted to PLN million. The largest item in the Bank s income for 2012 (about 50 per cent of total income) was the net trading income. The income consisted further of net interest income (32 per cent) and net fee and commission income (14 per cent). All the three items together accounted for about 96 per cent of the operating income generated by the Bank during the past year. A stable capital base and secure liquidity position provide the Bank with opportunities for further development. At the end of 2012, the Bank s solvency ratio increased to per cent (10.09 per cent at the end of 2011). The Bank was supported by its owner in maintaining secure liquidity and capital position. In 2012, the total amount of recapitalization amounted to PLN 552 million. Total assets at year-end amounted to PLN 11.3 billion. In 2012, operating expenses increased by 14 per cent vs figures. The largest item was the cost of employee benefits (44 per cent of the Bank s total costs). These costs increased by 10 per cent (despite the continuous drop of the employment level), due to by severance payments in 2012 and the need to recognize provisions for severance payments for the departing employees. As at 31 December 2012, the Bank employed 806 people (31 December 2011: people). 4

5 The most important events in the Bank s activities in 2012 RESTRUCTURING ACTIVITIES In the period , Bank DnB NORD Polska developed rapidly as an universal bank. The Bank has built strong competence and had satisfactory financial performance in the retail segment based largely on the sales of EUR-denominated mortgage loans. In December 2011, as a result of the market and credit risk analysis, the Bank withdrew foreign currency loans from its offer. This decision meant a reduction in the level of income and the need to fill the gap with other products and sources of income, to restructure the cost base and to adjust the Bank s business model. At the beginning of the last year, the Bank s owner, i.e. the Norwegian DNB Group, decided to change the profile of its operations in Poland from a universal bank to a corporate bank. In the Group s opinion even though the Polish market has a great potential in the retail and SME banking segment acquiring a satisfactory market share in the face of strong competition is difficult, time consuming and requires the allocation of adequate resources or capital expenditures. Extensive restructuring activities were the consequence of the decision to change the Bank s profile of activities. Last year, a decision was made to sell Monetia Sp. z o.o., a subsidiary, and to wind-down the operations of the Bank s brokerage office. At the same time, the Bank started to look for a strategic investor interested in the acquisition of an organized part of the Bank s business, i.e. the portfolio of SME Clients, condominiums and retail Clients (excluding the mortgage loans portfolio). Change in the Bank s profile of operations and sale of the subsidiary company, including the branch network, involved some necessary changes in the employment structure. Reorganization of Bank DnB NORD Polska SA is planned to be completed in the third quarter of In the past year, the Bank devoted much effort and attention to prepare its employees for the planned changes, by providing them with an extensive outplacement program. For the sake of a transparent and open communication, the Bank executed a comprehensive information and training program. It was informing its employees in detail about the subsequent stages of the implementation of the new strategy and about the decisions taken. At the same time the Bank was implementing the outplacement program for the individuals who were leaving the Bank. 5

6 CHANGES IN THE RETAIL AND SME BANKING In the past year a few months after the Norwegian DNB Group, the Bank s owner, decided not to continue the development ofuniversal banking in Poland an agreement was signed with Getin Noble Bank for the sale of an organized part of DnB NORD s business. Due to the change in the Retail Banking and SME strategy, the Bank implemented a wide range of adaptive measures in order to transfer smoothly the retail Clients portfolio to Getin Noble Bank. The Bank acquired consents of retail Clients, SMEs and condominiums to change the bank. Also last year, DnB NORD started organizational and operational preparations for the migration of data, bank accounts and documentation of the Clients who decided to change the bank. The technical operation of transferring nearly 28 thousand Clients who agreed to change the bank (non-mortgage retail Clients, SMEs and condominiums and housing cooperatives) took place at the end of May Irrespective of the transaction entered into by Bank DnB NORD Polska and Getin Noble Bank, the Bank continues to provide services to mortgage retail Clients (about 11 thousand) and those Clients who have not decided to change the bank. In the past year, the Bank developed a new service model concept for these customers. For example the Bank implemented changes to its internal regulations and to the fees and commissions table; created a central customer service team and adapted the organizational structure to the changes in the retail and SME banking segment (employment reduction reflecting the change in the Bank s strategy, relocation of key competences within the Bank s structure to guarantee the necessary services for the Clients who decided to stay with the Bank). 6

7 DnB NORD AS A SPECIALIZED CORPORATE BANK DnB NORD focuses in Poland on the area from which it started its operations in Poland more than 10 years ago, i.e. on the corporate banking business. By utilizing the know-how, experience, capital strength and industry expertise of its owner DNB, the largest Norwegian bank, the Bank is developing its competencies in Poland in such sectors as energy, including renewable energy sources and fuels, TMT (telecommunications, media and new technologies), the automotive industry, the food processing industry and the public sector. As a specialized corporate bank, DnB NORD Polska will focus on the cooperation with large companies operating in the sectors with the largest growth potential. The Bank intends to exploit, to a greater extent than previously, the synergies arising from the cooperation with the DNB Group providing top quality banking services in 27 countries all over the world. The Polish Bank s strategic Clients will include the Group s global Clients, Nordic companies, the public sector as well as large Polish companies representing industries with significant growth potential, in the servicing of which the DNB Group has extensive experience and competence. DnB NORD will focus on the companies with annual sales of over PLN 80 million. Already in 2012 the Bank successfully expanded its base of the so-called focus Clients. DnB NORD Polska has a vast experience in providing services to certain industrial sectors. For several years, the Bank has been actively participating in the financing of investments in renewable energy sources (DnB NORD supported in Poland the construction of wind farms with a total capacity of 102 MW (megawatts); globally, the DNB Group s banks financed wind farm projects with a total value of EUR 3,223 million and with a total capacity of 1550 MW). The Bank also specializes in medium- and long-term financing of capital expenditures as well as mergers and acquisitions in the TMT sector (the Bank participated in the largest TMT transactions concluded in recent years in Poland; the DNB Group provides funding for the largest international TMT transactions). As one of the first banks in Poland, DnB NORD Polska began to provide funding for local governments (more than 1,400 successfully completed projects) and gained a strong position among banks-issuers of municipal bonds (245 municipal bond issue programmes). In 2012, the Bank focused in the corporate segment on: adjusting the organizational and competence structure to sector-specific strategies (a focus on strategic industries, on the top Clients with a low risk profile, the development of strategic industry expertise in all areas of the Bank s operation). 7

8 In years to come, the Bank intends to stand out thanks to the expertise in the sectors served, and to provide advisory support as a part of the financing process. Similarly as before, the Bank will base the development of its cooperation with the Corporate Clients on the following three main product areas: widely-understood provision of funding, including trade finance, transactional banking and treasury products. In this context, an important task will be the Bank s development in the system and product area, including the development of IT sales support systems, the development of clearing and treasury products, which will enable the Bank to increase its commission income, growth of stable deposit base and better use of the equity, as well as the development of on-line banking system for the Corporate Clients. INDUSTRY EXPERTISE ALLOWS DnB NORD TO STAND OUT AGAINST OTHER BANKS OPERATING IN POLAND We are a leading bank financing the energy sector (mainly: oil and gas); supporting renewable energy sources. Financing wind farms projects with a total capacity of 102 MW (megawatts) and total value of EUR 175 million. Globally, the DNB Group s banks financed wind farm projects with a total value of EUR 3,223 million and a total capacity of 1,550 MW. We have participated in major TMT transactions (mergers and acquisitions) concluded in recent years in Poland for 14 large Clients. We have significant position in providing services for automotive companies; currently we cooperate with more than 20 large Clients. We are one of the market leaders who started to finance local governments with more than 1,400 successfully completed projects for local governments. We are one of the leaders among the banks issuers of municipal bonds. We have successfully executed 245 municipal bond issue programmes. As one of the first commercial banks we started to finance public healthcare. 8

9 EXPERT BANK The Bank employs highly qualified specialists who have in-depth knowledge about individual industries and companies operating in those industries, are experienced in the execution and arranging necessary funding for even the most complex projects. Nevertheless, DnB NORD s ambition is not only to provide appropriate financial solutions, but to create long-term business partner relations with its Clients. The image of an expert bank is created through, for example, initiatives taken by the Bank. Those initiatives make the Bank an expert or the host of events focusing on important business issues and have impact on the activities of companies in various industrial sectors. As an example we can say about the conference Directions Positive economic shocks? organized at the beginning of 2013, which received wide coverage in the media and had a very positive reception among the participants representatives of the largest Polish companies, including the Bank s key Clients. The main thread of the conference was the report prepared jointly with Deloitte, presenting an analysis of internal and external economic phenomena that can REPORT GUIDELINES POSITIVE ECONOMIC SHOCKS? shape the situation of the Polish economy in the coming years, and consequently can have a real impact on business. The report and the discussion were focused on two main areas: the analysis of the reasons and consequences of a potential economic slowdown in China and of Bank DnB NORD Polska S.A. member of the extraction of shale gas in Poland. During the conference, a debate was held with the participation of renowned economic experts and business representatives managers and board members of the largest Polish companies. Following the conference in Warsaw, the Bank organized regional meetings during which the invited guests had the opportunity to discuss the report with its authors and the Bank s representatives. 9

10 Another banking initiative was the meeting organized in late March 2013, dedicated to the TMT sector. This event gathered representatives of Poland s largest telecommunications companies. Among the participants, there were also investors and advisory firms. The meeting was an opportunity for DNB experts to present unique analyses on trends, development opportunities and project financing models in the TMT sector. The Bank also regularly and actively participates in major industrial conferences, acting as a strategic partner. Our experts are invited to panel discussions and individual speeches. Recently, DnB NORD has been a partner at the conference organized by the Polish Wind Energy Association the largest event in Poland on wind power and presented its experts at the Europower International Energy Conference. In 2013 DnB NORD plans to participate in other events bringing together experts and major representatives of business sectors remaining within the Bank s area of expertise. The Bank plans to promote its expertise as DNB, i.e. under the same brand name as our shareholder. In the second half of 2013, the Bank will undergo rebranding. 10

11 Financial highlights of Bank DnB NORD Polska SA for the year 2012 INCOME STATEMENT Year ended Year ended Interest income 514, ,090 Interest expenses (406,013) (286,545) Profit (loss) from interest 108, ,545 Income from commissions and fees 72,752 83,977 Commission and fee expenses (26,254) (23,653) Profit (loss) from commissions and fees 46,498 60,324 Dividend income 192 1,644 Net trading income 171, ,978 Profit (loss) from investment securities (373) (1,302) Impairment losses and provisions for off-balance sheet liabilities Net income from property, plant and equipment classified as held for sale (53,125) (47,488) 0 (154) General administration costs (264,096) (247,291) Other operating income 15,346 18,440 Other operating expenses (39,884) (17,949) Profit (loss) from operating activities (14,686) 114,747 Gross profit (loss) (14,686) 114,747 Income tax (1,941) (26,121) Net profit (loss) (16,627) 88,626 Average weighted number of ordinary shares 1,039,771, ,830,137 Profit/ loss per one ordinary share (PLN)

12 STATEMENT OF FINANCIAL POSITION Assets Cash in hand and balances with the Central Bank 328, ,479 Amounts receivable from banks 142, ,483 Derivative financial instruments 42,472 89,336 Financial assets held for trading Loans and receivables to customers 9,775,888 10,453,151 Investment securities: 839, ,188 available-for-sale 561, ,580 held-to-maturity 278, ,608 Investments in subsidiaries 65,575 65,575 Intangible assets 34,116 33,843 Property, plant and equipment 21,296 27,755 Investment properties Property, plant and equipment classified as held for sale Deferred income tax assets 18,600 15,033 Other assets 31,284 30,822 Total assets 11,300,366 12,222,671 Liabilities Amounts payable to other banks 4,953,033 6,527,187 Derivative financial instruments 53,935 70,982 Payables to customers 4,765,374 4,408,484 Payables due to issued debt securities 2,309 8,126 Subordinated liabilities 0 197,852 Current income tax liabilities 7,670 22,932 Other liabilities 70,098 92,598 Provisions 35,075 18,345 Total liabilities 9,887,494 11,346,506 Equity Attributable to Bank s shareholders: Share capital 1,257, ,200 Other capital 172,299 75,359 Retained earnings (16,627) 95,606 Total equity 1,412, ,165 Total equity and liabilities 11,300,366 12,222,671 12

13 STATEMENT OF COMPREHENSIVE INCOME Year ended Year ended Net profit (loss) (16,627) 88,626 Net valuation of financial assets available for sale, of which: 1,334 3,090 deferred income tax (312) (724) Other net comprehensive profit (loss) 1,334 3,090 Total comprehensive profit (loss) for the period (15,293) 91,716 CASH FLOW STATEMENT Cash flows from operating activities Gross income (14,686) 114,747 Total adjustments: (497,319) (1,035,413) Income tax paid (21,083) (60) Depreciation 19,069 16,171 Profit (loss) from investment activities 26,840 2,050 Movement in loans and advances to banks 16,440 10,508 Movement in derivative financial instruments and assets held for trading 29,828 (16,452) Movement in loans and receivables to customers 659,006 (3,385,169) Movement in investment securities (40,456) (78,243) Movement in other assets (462) (3,398) Movement in deposits from banks (1,569,224) 2,462,550 Movement in amounts due to clients 388,493 (48,093) Movement in provisions 16,730 9,041 Movement in other liabilities (22,500) (4,318) Net cash flows from operating activities (512,005) (920,666) Cash flows from investment activities: Inflows from investment activities 4,169,549 30,170,674 Proceeds from sale of intangible assets and property, plant and equipment 89 9 Proceeds from sale and redemption of investement securities 4,169,460 30,140,604 Sale of assets held for sale 0 18 Reduction of capital in the subsidiary 0 30,043 Outflows from investment activities (4,112,973) (29,089,794) Purchase of intangible assets and property, plant and equipment (20,436) (21,891) Purchase of investment securities (4,092,537) (29,067,903) Net cash flows from investment activities 56,576 1,080,880 13

14 Cash flows from financing activities: Inflows from financing activities 557, ,743 Increase in subordinated liabilities 0 90,000 Issue of debt securities 5,726 24,743 Issue of shares 552,000 80,000 Outflows from financing activities (245,928) (168,649) Repayment of loans and advances from banks 0 (100,420) Repayment of loans and advances from financial institutions other from banks (26,982) (26,824) Debt securities buyout (11,375) (28,827) Decrease in subordinated liabilities (193,462) 0 Other finance outflows (14,109) (12,578) Net cash flows from financing activities 311,798 26,094 Total net cash flows (143,631) 186,308 Cash and cash equivalents at the beginning of the accounting year 614, ,748 Cash and cash equivalents at the end of the accounting year, of which: 470, ,056 with limited ability to dispose 227,422 4,841 STATEMENT OF CHANGES IN EQUITY Share capital Retained profit (loss) Other capital Total Balance as at 1 January ,200 95,606 75, ,165 Comprehensive income for the period 0 (16,627) 1,334 (15,293) Appropriation of the financial results for the previous reporting periods 0 (95,606) 95,606 0 Share issue series I,J 552, ,000 Balance as at 31 December ,257,200 (16,627) 172,299 1,412,872 Share capital Retained profit (loss) Other capital Total Balance as at 1 January ,200 58,195 21, ,449 Comprehensive income for the period 0 88,626 3,090 91,716 Appropriation of the financial result for the previous reporting period 0 (51,215) 51,215 0 Share issue series H 80, ,000 Balance as at 31 December ,200 95,606 75, ,165 14

15 NET INTEREST INCOME 12 months to months to Interest income Cash and bank deposits 13,475 13,164 Loans and advances granted to other banks 291 1,103 Loans and advances granted to customers 459, ,018 Investment securities: 41,378 77,402 available-for-sale 27,044 57,195 held-to-maturity 14,334 20,207 Hedging derivatives Total interest income 514, ,090 Interest expense Settlements with banks and customers 354, ,742 Deposits received for financing banking activity 42,077 18,708 Issue of own securities Subordinated liabilities 7,737 7,156 Hedging derivatives 1,352 1,591 Other loans Total interest expense 406, ,545 Net interest income 108, , months to months to Interest income From the banks 17,059 37,879 From other entities, out of which: 497, ,211 from corporate customers 252, ,725 from retail customers 144, ,594 from public sector 100, ,892 Total interest income 514, ,090 Interest expense From the banks 175, ,965 From other entities, out of which: 230, ,580 from corporate customers 171, ,404 from retail customers 52,840 30,460 from public sector 6,582 7,716 Total interest expense 406, ,545 Net interest income 108, ,545 15

16 NET COMMISSIONS AND FEES INCOME 12 months to months to Fees and commissions income Credit related fees and commissions 6,203 6,011 Fees for brokerage activity 4,102 6,375 Fees for portfolio management 912 1,577 Commissions for granted guarantees and documentary transactions 5,415 6,101 Fees for transfer of money 4,259 4,398 Commissions for using the internet banking 3,231 3,794 Commissions for payment cards maintenance 3,934 3,281 Commissions for maintaining accounts 12,875 13,286 Commissions for agency activities 30,386 25,151 Other 1,435 14,003 Total fees and commissions income 72,752 83,977 Fees and commissions expense Brokers fees paid Payment cards maintenance expense 1,660 1,603 Fees for maintaining accounts paid 1,157 1,371 Agency costs 21,808 18,641 Other fees paid 1,508 1,910 Total fees and commissions expense 26,254 23,653 Net fees and commissions income 46,498 60,324 NET TRADING INCOME 12 months to months to Net income from foreign exchange: 199, ,514 net income from transactions and revaluation of balance sheet items 199, ,514 Net income from derivatives (27,609) 24,429 Net income from hedge accounting: (125) 35 net income from hedging derivatives 223 1,102 net income from hedged financial assets (348) (1,067) Net income from financial assets held for trading (1) 0 Total net trading income 171, ,978 16

17 IMPAIRMENT LOSSES AND PROVISIONS FOR OFF-BALANCE SHEET LIABILITIES 12 months to months to Impairment losses on banks receivables 0 1 Reversed impairment losses on banks receivables (1) 0 Net impairment losses on banks receivables (1) 1 Impairment losses on customer loans and advances 106, ,794 Reversed impairment losses on customer loans and advances (53,160) (66,116) Net impairment losses on customer loans and advances 52,910 46,678 Increase of provisions for off-balance liabilities 6,410 6,371 Reversed provision for off-balance sheet liabilities (6,194) (5,562) Net provisions for off balance sheet liabilities Total net impairment losses and provisions for off-balance sheet liabilities 53,125 47,488 LOANS AND ADVANCES TO CUSTOMERS Amounts due from corporate customers 4,324,777 4,757,432 Large enterprises 3,276,000 3,600,314 Loans and advances 3,192,328 3,379,683 Purchased receivables 47, ,253 Amounts due from bills and bonds 28,777 35,031 Guarantees realised 7,739 4,347 Small and medium enterprises SME 1,048,777 1,157,118 Loans and advances 998,783 1,054,322 Purchased receivables 34,234 80,367 Amounts due from bills and bonds 15,760 22,429 Amounts due from retail clients 4,865,876 5,012,946 Loans and advances 4,865,365 5,012,435 Purchased receivables Amounts due from public sector 911, ,751 Loans and advances 109, ,444 Purchased receivables 23,828 29,343 Amounts due from bills and bonds 777, ,964 Other receivables 18,944 9,115 Gross loans and advances from customers 10,120,896 10,777,244 Impairment losses (345,008) (324,093) Net loans and advances from customers 9,775,888 10,453,151 17

18 LOANS AND ADVANCES TO CUSTOMERS CLASSIFIED ACCORDING TO MATURITY PERIOD ARE AS FOLLOWS: Up to 1 month 871,274 1,002,602 From 1 to 3 months 117,990 95,311 From 3 to 6 months 221, ,680 From 6 months to 1 year 552, ,148 From 1 to 3 years 1,207,903 1,398,805 From 3 to 5 years 1,353,239 1,507,230 From 5 to 10 years 2,005,016 2,078,300 From 10 to 20 years 1,999,786 1,915,307 More than 20 years 1,673,717 2,000,797 Matured receivables 118, ,064 Total gross loans from customers 10,120,896 10,777,244 LOANS AND ADVANCES TO CUSTOMERS CLASSIFIED INTO POLISH AND FOREIGN ARE AS FOLLOWS: Gross loans and receivables to domestic customers 9,992,045 10,648,428 Impairment losses on loans and receivables to domestic customers (344,323) (323,666) Gross loans and receivables to foreign customers 128, ,816 Impairment losses on loans and receivables to foreign customers (685) (427) Total net loans and receivables to customers 9,775,888 10,453,151 QUALITY OF PORTFOLIO OF LOANS AND ADVANCES TO CUSTOMERS: Total gross loans and receivables to customers 10,120,896 10,777,244 performing, not impaired 8,923,340 9,583,808 overdue, not impaired 258, ,048 impaired receivables 920, ,273 other receivables 18,944 9,115 Impairment losses (345,008) (324,093) related to impaired loans portfolio (313,153) (292,981) related to not impaired loans portfolio (31,855) (31,112) Total net loans and receivables to customers 9,775,888 10,453,151 18

19 LOANS AND ADVANCES TO CUSTOMERS CATEGORIZED INTO METHOD FOR ESTIMATING THE IMPAIRMENT AS FOLLOWS: Total gross loans and receivables to customers 10,120,896 10,777,244 assessed individually 884, ,795 assessed as the portfolio 9,217,519 10,073,334 other receivables 18,944 9,115 Impairment losses (345,008) (324,093) related to loans assessed individually (291,421) (264,025) related to loans assessed as the portfolio (53,587) (60,068) Total net loans and receivables to customers 9,775,888 10,453,151 19

20 LOANS AND ADVANCES TO CUSTOMERS 2012 Movement in impairment losses on loans and receivables to customers measured individually in Recognized Reversed Written off Foreign exchange differences Reclassification Receivables from corporate customers 261,420 78,019 (29,714) (16,536) (5,518) 1, ,829 Large enterprises 168,092 69,628 (22,507) (7,681) (5,214) ,396 Loans and advances 168,092 69,628 (22,507) (7,681) (5,214) ,396 Purchased receivables Amounts due from bills and bonds Small and medium enterprises 93,328 8,391 (7,207) (8,855) (304) 1,080 86,433 Loans and advances 62,883 6,469 (4,504) (855) (304) (955) 62,734 Purchased receivables 29,394 1,911 (2,274) (8,000) ,256 Amounts due from bills and bonds 1, (429) 0 0 1,810 2,443 Receivables from retail clients 2, (51) (36) 0 0 2,532 Loans and advances 2, (51) (36) 0 0 2,021 Purchased receivables Receivables from public sector Loans and advances Purchased receivables Amounts due from bills and bonds Total 264,025 78,085 (29,765) (16,572) (5,518) 1, ,421 20

21 Movement in impairment losses on loans and receivables to customers measured as the portfolio in Recognized Reversed Written off Foreign exchange differences Reclassification Receivables from corporate customers 36,505 16,817 (16,120) (8,095) (91) (1,080) 27,936 Large enterprises 11,100 8,689 (6,349) (2) (55) ,680 Loans and advances 11,025 8,123 (5,737) (2) (55) ,633 Purchased receivables 2 10 (10) 0 0 (2) 0 Amounts due from bills and bonds (602) Small and medium enterprises 25,405 8,128 (9,771) (8,093) (36) (1,377) 14,256 Loans and advances 16,053 6,151 (6,597) (995) (34) (1,135) 13,443 Purchased receivables 9,258 1,977 (3,140) (7,098) (2) (224) 771 Amounts due from bills and bonds 94 0 (34) 0 0 (18) 42 Receivables from retail clients 23,395 10,852 (6,952) (608) (1,188) 1 25,500 Loans and advances 23,395 10,852 (6,952) (608) (1,188) 1 25,500 Purchased receivables Receivables from public sector (323) 0 0 (10) 151 Loans and advances 14 2 (8) 0 0 (2) 6 Purchased receivables 25 0 (1) Amounts due from bills and bonds (314) 0 0 (8) 121 Total 60,068 27,985 (23,395) (8,703) (1,279) (1,089) 53,587 21

22 2011 Movement in impairment losses on loans and receivables to customers measured individually in Recognized Reversed Written off Foreign exchange differences Reclassification Receivables from corporate customers 234,129 78,806 (39,045) (12,741) 503 (232) 261,420 Large enterprises 129,938 62,298 (24,300) (230) ,092 Loans and advances 127,503 62,298 (21,871) (230) ,092 Purchased receivables Amounts due from bills and bonds 2,435 0 (2,429) 0 0 (6) 0 Small and medium enterprises 104,191 16,508 (14,745) (12,511) 503 (618) 93,328 Loans and advances 63,291 12,259 (4,773) (8,302) 503 (95) 62,883 Purchased receivables 37,581 3,979 (7,421) (4,209) 0 (536) 29,394 Amounts due from bills and bonds 3, (2,551) ,051 Receivables from retail clients 3, (503) (102) 0 0 2,601 Loans and advances 2, (503) (102) ,090 Purchased receivables (25) 511 Receivables from public sector Loans and advances Purchased receivables Amounts due from bills and bonds Total 237,297 78,848 (39,548) (12,843) 503 (232) 264,025 22

23 Movement in impairment losses on loans and receivables to customers measured as the portfolio in Recognized Reversed Written off Foreign exchange differences Reclassification Receivables from corporate customers 38,369 20,825 (22,377) (985) ,505 Large enterprises 11,669 5,275 (5,879) ,100 Loans and advances 11,572 4,560 (5,106) 0 1 (2) 11,025 Purchased receivables 9 3 (10) Amounts due from bills and bonds (763) Small and medium enterprises 26,700 15,550 (16,498) (985) ,405 Loans and advances 16,950 10,057 (10,224) (871) ,053 Purchased receivables 9,522 5,452 (6,142) (114) ,258 Amounts due from bills and bonds (132) 0 0 (43) 94 Receivables from retail clients 13,875 13,094 (4,159) (850) 1, ,395 Loans and advances 13,875 13,094 (4,159) (850) 1, ,395 Purchased receivables Receivables from public sector (32) (2) Loans and advances 25 7 (16) (2) Purchased receivables Amounts due from bills and bonds (16) Total 52,419 33,946 (26,568) (1,837) 1, ,068 23

24 INVESTMENT SECURITIES Securities available for sale 561, ,580 Debt securities 560, ,326 listed 460, ,326 Polish treasury bonds 460, ,326 not listed 99,917 0 National Bank of Poland money bills 99,917 0 Equity securities 1,478 1,254 not listed 1,478 1,254 Securities held to maturity 278, ,608 Debt securities 278, ,608 listed 278, ,608 treasury bonds 278, ,608 Total investment securities 839, ,188 Up to 1 month 399,227 0 From 6 months to 1 year 98, ,090 From 1 to 3 years 62, ,236 Form 5 to 10 years 278, ,608 Total debt securities 838, ,934 Based on fixed interest rate 560, ,326 Based on floating interest rate 278, ,608 Equities 1,478 1,254 Total investment securities 839, ,188 24

25 LIABILITIES TO OTHER BANKS Cash on current accounts 7,394 7,244 Overnight deposits 58,273 63,431 Term deposits 1,330,673 3,657,621 Deposits for financing credit activity 3,441,208 2,677,418 Liabilities in respect of collaterals 115, ,193 Other liabilities Total liabilities to other banks 4,953,033 6,527,187 LIABILITIES TO OTHER BANKS CLASSIFIED ACCORDING TO MATURITY DATE ARE AS FOLLOWS: Up to 1 month 683,363 1,894,834 From 1 to 3 months 363,664 1,738,834 From 3 to 6 months 1,381, ,420 From 6 months to 1 year 1,200,000 0 From 1 to 3 years 1,213,230 2,662,520 From 3 to 5 years 111, ,579 Total liabilities to other banks 4,953,033 6,527,187 LIABILITIES TO OTHER BANKS DIVIDED INTO FLOATING AND FIXED INTEREST RATE ARE AS FOLLOWS: Net liabilities floating interest rate 4,535,524 2,798,611 Net liabilities fixed interest rate 417,509 3,728,576 Total liabilities to other banks 4,953,033 6,527,187 LIABILITIES TO OTHER BANKS CLASSIFIED INTO POLISH AND FOREIGN ARE AS FOLLOWS: Liabilities to Polish banks 58,970 1,795 Liabilities to foreign banks 4,894,063 6,525,392 Total liabilities to other banks 4,953,033 6,527,187 25

26 LIABILITIES DUE TO THE CUSTOMERS International financial institutions 127, ,475 Loans received 127, ,475 Corporate customers 3,278,868 3,232,793 Cash on current accounts 1,090,843 1,210,799 Term deposits 2,079,787 1,831,208 Liabilities from collaterals 108, ,786 Individual customers 1,251, ,590 Cash on current accounts 1,046, ,664 Term deposits 202, ,622 Liabilities from collaterals 2,519 14,304 Public sector 89,352 60,556 Cash on current accounts 47,443 50,095 Term deposits 41,909 10,461 Other liabilities to customers 18,489 10,070 Total liabilities to customers 4,765,374 4,408,484 LIABILITIES TO CUSTOMERS CLASSIFIED ACCORDING TO MATURITY DATE ARE AS FOLLOWS: Up to 1 month 3,449,837 2,587,167 From 1 to 3 months 767,596 1,010,114 From3 to 6 months 206, ,948 From 6 moths to 1 year 191, ,941 From 1 to 3 years 53,666 49,652 From 3 to 5 years 34,911 39,814 From 5 to 10 years 61,764 72,995 From 10 to 20 years More than 20 years Total liabilities to customers 4,765,374 4,408,484 LIABILITIES TO CUSTOMERS DIVIDED INTO FLOATING AND FIXED INTEREST RATE ARE AS FOLLOWS: Net liabilities floating interest rate 1,755,514 2,234,838 Net liabilities fixed interest rate 3,009,860 2,173,646 Total liabilities to customers 4,765,374 4,408,484 26

27 BASIC FINANCIAL INDICATORS Capital adequacy ratio 13.82% 10.09% Profitability ratio -4.8% 43.3% Cost / income ratio 88.8% 62.0% Short-term liquidity ratio 2.31% 4.34% 27

28 Independent Auditors Opinion 28

29 29

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