they have deep inside of them

Transcription

1 A N N U A L R E P O R T 2 1 3

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3 Champions are made from something they have deep inside of them -a desire, a dream, a vision. Mahatma Gandhi Inspired by the recent results of our national team athletes, their professional attitude and committment, Čačanska banka would like to use this Annual Report to attract attention of the public to their extraordinary human qualities and sports achievements.

4 CONTENTS Basic Operating Ratios 4 Mission Statement and Vision 6 Managing Bodies 7 Introductory Address by Executive Board 8 MACROECONOMIC ENVIRONMENT AND BANKING SECTOR 1 Macroeconomic Environment 12 Banking Sector 15 OPERATING REPORT 16 Business Operations 18 Retail Operations 2 Equity 22 Risk Management 24 ORGANISATION 28 Organisational Structure 3 Branch Network 31 Human Resources 32 Management 33 REAL VALUES 34 Socially Responsible Operations 36 Success Stories 4 FINANCIAL STATEMENTS 42 Independent Auditor s Report 44 Statement of Income 46 Balance Sheet 47 Cash Flow Statement 48 Statement of Changes in Equity 49

5 IVANA ŠPANOVIĆ LONG JUMP

6 4 BASIC OPERATING RATIOS Income Statement (in RSD ) Interest income 1,19,96 1,97,586 1,195,67 Fee and commission income 552,93 559, ,62 Profit after taxation -86,919 49, ,728 Balance Sheet (in RSD ) Loans and advances to customers 21,8,5 21,254,8 18,881,86 Customers' deposits 15,787,434 13,851,34 11,588,16 Equity 4,99,725 5,77,644 5,24,34 Balance sheet assets 33,816,142 32,832,7 3,39,661 Off-balance sheet items 12,971,534 12,756,783 1,912,439 Financial Ratios ROE before taxation -% 1.13% 2.87% ROE after taxation -%.99% 2.71% ROA before taxation -%.18%.44% ROA after taxation -%.16%.42% Operating expenses / Net interest, fee and commission income 63.1% 6.69% 58.96% Capital adequacy 16.47% 17.25% 21.5% Shareholders Number of shareholders Number of shares 182, , ,116 Nominal value per share 1, 1, 1, Book value per share 27,44 27,881 27,589 Number of branches and sub-branches Number of employees Share in banking sector assets 1,19% 1.14% 1.15%

7 5 TOTAL BALANCE SHEET ASSETS EQUITY LOANS AND ADVANCES TO CUSTOMERS in RSD in RSD in RSD 35,, 6,, 25,, 3,, 5,, 2,, 25,, 4,, 2,, 15,, 3,, 15,, 1,, 1,, 5,, 3,39,661 32,832,7 33,816,142 2,, 1,, 5,24,34 5,77,644 4,99,725 5,, 18,881, ,254, ,8,5 CUSTOMERS' DEPOSITS OFF-BALANCE SHEET ITEMS PROFIT in RSD in RSD in RSD 18,, 15,, 14, 12, 15,, 12,, 12,, 1, 8, 6, 122,728 49,892 9,, 4, 9,, 2, ,, 6,, 3,, 11,588,16 13,851,34 15,787,434 3,, 1,912,439 12,756,783 12,971,534-2, -4, -6, -86, , -1,

8 6 MISSION STATEMENT The main objective of Čačanska banka is to position itself as a bank with a significant market share and attractive position in the regions of Central and Western Serbia. The Bank primarily focuses on the segment of small and medium sized enterprises that has a key role in the economic development in Serbia. It accomplishes its business targets in a responsible way, with due regard to the development and protection of social and environmental community. VISION In the forthcoming period, Čačanska banka will respond to all challenges arising from the economic crisis, increase its market share and upgrade individual approach to servicing micro clients, SMEs and retail customers. Thus it will make conditions for its expansion in the post-crisis period.

9 7 MANAGING BODIES EXECUTIVE BOARD Dragan Jovanović president Aleksandar Ćalović vice president Milanka Mandić member BOARD OF DIRECTORS Bojan Dimitrijević president (Republic of Serbia representative) Vera Leko vice president (independent member) Jasmina Bogićević independent member Đorđe Pjević member (Republic of Serbia representative) Andrzej Witak member (EBRD representative) Anthony Paul Tekla Bendien member (IFC representative) AUDIT COMMITTEE Vera Leko president Vesna Macura member Jasmina Bogićević member

10 8 INTRODUCTORY ADDRESS BY EXECUTIVE BOARD Dear Shareholders, Customers and Business Partners, Hard operating conditions from the end of 28 until today, generated by the economic and financial crisis, had a growing adverse effect on the activities of the banking and economic sectors. Weak economic activities, illiquidity of companies and increase in unemployment during reflected on the negative financial result of the banking sector amounting to 2,118 million dinars, accounting for a 1.16% fall of total assets and a 7.61% decrease in loans. The reported loss of the banking sector is a result of recession trends in the economy, operations in the conditions of high credit risk and a growth of high risk loans to 334,117 million dinars, which made 22.32% share of high risk loans in total loans at the end of. In such business environment, Čačanska banka made a loss amounting to 86,919 thousand dinars in. The loss resulted from a significant increase in net losses on impairment and provisions that reached 77,97 thousand dinars. Their 19.54% increase relative to the end of the previous year, mostly came due to deterioration of liquidity and financial condition of the Bank s customers in the segment of large companies in domestic ownership. Total assets of the Bank grew by 3.% and the Bank s share in total assets of the banking sector increased to 1.19%, which put the Bank at the 18th place by total assets in the banking sector. The loan portfolio of the Bank reduced by.82% during. The fall of credit activities in resulted from declining demand for loans at the bank market, but also from stricter lending criteria set by the Bank. Nevertheless, the Bank increased its market share to 1.33% so that at the year end it took the 17th place by total loans of all banks in Serbia. Corporate and retail deposits achieved a growth of 14.6% in 212 which resulted in the market share of 1.5% and ranking of the Bank at the 19th place at the end of. In the segments of total assets, total loans and deposits, the Bank increased its market share at the end of and improved its position in the banking sector, regardless of the unfavourable business environment and numerous problems that its customers had. During the Bank disbursed 12.6 million euros of foreign loans in total. Of that amount, the most significant are the loan facility from the FMO Netherlands Development Bank intended for financing working capital of small and medium enterprises with disbursed 7 million euros, and the credit line from the KfW the German Development Bank intended for energy efficiency and renewable energy projects with 5 million euros disbursed by the Bank. For the purpose of backoffice centralisation the Bank started the process of Document Management System (DMS) implementation during, of which three processes were successfully released in the production and have been actively used: the process for opening accounts for legal entities, the process for foreign-currency operations and the process for deposit operations.

11 9 In domestic payment operations during, the Bank processed 8,33,226 payment orders amounting to nearly 82,322 million dinars. As compared to 212, the number of customers orders grew by 9.6% and the volume by 3.71%. The volume of business and retail foreign payment operations rose by 16.9% compared to 212 and amounted to 443,98 thousand euros. Regarding the number of transactions, 54,387 transactions were executed during, accounting for a rise of 14.54% compared to the previous year. In the field of the development of alternative communication channels, Čačanska banka implemented an Android application, a mobile banking application, a new e-banking application, while also initiating a corporate Facebook page. The price of a Čačanska banka share equalled 1, dinars, accounting for a 1% increase compared to the price at the year beginning. The year marked higher liquidity in trading with the Bank s shares relative to 212. During, 13,869 shares changed their owners, which is 7.62% of the total number of the Bank s trading shares. During the quality management system recertification was carried out by the Swiss SGS, after which the Bank was awarded for the sixth time, but the fourth time by SGS, a certificate for the implemented quality management system according to standard ISO 91:28 requirements. Additionally, the Bank was awarded by SGS for the first time a certificate for information security management complied with standard ISO 271:25 requirements. At the end of the Deposit Insurance Agency published a Request for Expressions of Interest in the process of sale of shares of Čačanska banka. Thus the prequalification phase commenced for the sale of 76.74% of the Bank s shares. The Bank s plan is to find a respectable strategic partner and complete the process of ownership transfer from existing owners to the new one during 214. Our aim is not to jeopardise operations or customer satisfaction by the ownership transformation. The Bank will do its best to continue to be a secure and reliable financial partner to its customers and to achieve its plans and targets as a socially responsible company. On behalf of the Executive Board, I would like to thank to our shareholders, clients and business partners for their confidence and successful cooperation, and to all employees for their commitment and efforts they make for the purpose of development and overall operations of the Bank. President of Executive Board Dragan Jovanović

12 ASMIR KOLAŠINAC SHOT PUT

13 MACROECONOMIC ENVIRONMENT AND BANKING SECTOR

14 12 MACROECONOMIC ENVIRONMENT According to the assessment of the Ministry of Finance, Gross Domestic Product (GDP) reached the value of EUR 31,98.4 million at the end of and grew in real terms by 2.5% compared to the previous year. The GDP rise was a result of a growth in industrial and agricultural production, increase in export and slowdown of inflation. In the export of goods amounted to EUR 1,999 million which accounted for an increase of 25.8% as compared to 212. In the same period import of goods came at EUR 15,463.1 million growing by 5.1% and resulting in trade deficit of EUR 4,464.1 million. Unlike depreciation pressures in the previous period, foreign exchange market trends appreciation pressures. During the Dinar depreciated against the Euro by.81% and appreciated to the US Dollar by 3.54%. The local currency had the highest value in April when one Euro equalled RS GROSS DOMESTIC PRODUCT GDP REAL GROWTH RATE 35, In EUR million 3 In % 3, , , , , 28,952 27,968 31,472 29,61 31,98-2 5, *Source: Ministry of Finance of Republic of Serbia Statistical Office of the Republic of Serbia *Source: Ministry of Finance of Republic of Serbia Statistical Office of the Republic of Serbia

15 13 FOREIGN EXCHANGE RATE TREND In RSD Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec RETAIL PRICES GROWTH In % RSD and the lowest in December when one Euro equalled RSD Appreciation pressures resulted primarily from good trends in balance of payments, mostly arising from the export growth, whilst the set of measures relating to fiscal consolidation had a stabilising effect. During the growth of consumer prices cumulatively reached 2.2%. The highest monthly growth was 1% in June. The previous year marked the lowest inflation since this category had been observed according to the methodology of consumer prices index. The NBS restrictive monetary policy aimed at reaching the targeted inflation level and prevention of transmitting the growth of regulated prices to other prices, deflation pressures due to good agricultural pressure and low aggregate demand, were the basic factors that had affected the low inflation rate Dec The NBS foreign exchange reserves reached EUR billion as at the end of December. This level of foreign exchange reserves ensured macroeconomic stability and was a clear signal of adequate liquidity for participants at the international financial market.

16 14 REFERENCE RATE TREND In % After the NBS opted for a model of multiple interest rates in the process of sterilising surplus of liquid funds, the impact of reference rate significantly lessened while the impact of the interest rate on deposit facilities strengthened. Consequently, was a correction of the representative interest rate BELI- BOR trend from 12.25% at the year beginning and/or above the reference rate, to 9.15%, setting the trend below the NBS reference rate.

17 15 BANKING SECTOR Unstable macroeconomic environment during had a direct negative impact on the financial position and operating results of the banking sector. The financial strength of the banking sector reduced and it made total loss of RSD 18 million at the end of. Two banks were revoked their operating licenses by the National Bank of Serbia revoked, so that there were 3 banks operating at the end of. Total assets of the banking sector amounted to RSD 2,846 billion as at and were by 1.16% lower than at the end of 212. The share of Čačanska banka in total balance sheet assets of the Serbian banking sector was 1.19% at the end of and the Bank took the 18th place by total assets, which was a leap from the 2th place at the end of 212. Total loans of the banking sector amounted to RSD 1,653 billion at the end of and decreased by 7.61% compared to the end of the previous year. Čačanska banka experienced a 3.5% fall of total loans. Its market share was 1.33%, taking the 17th place by total loans of all Serbian banks as at Fifteen banks made profit during. Total profit before taxation equalled RSD 32,546 million, while 15 banks reported loss in the amount of RSD 34,664 million. The negative financial result of the banking sector resulted from a high business risk caused by high credit risk. Low profitability of banks was generated by small growth of net interest income (1.%), due to a fall in the volume of credit activities of banks and lowering of interest rates on loans, as well as the increase in losses on impairment and provisions by 29.% at the end of. TOTAL ASSETS OF THE BANKING SECTOR TOTAL LOANS OF THE BANKING SECTOR 3, in RSD billion 2, in RSD billion 2,5 1,5 2, 1,5 1, 1, 2,534 2,65 2,88 2,846 1,68 1,645 1,789 1,

18 OPERATING REPORT

19 TATJANA JELAČA JAVELIN THROW

20 18 GROSS BUSINESS LOANS in RSD million 21, 18, 15, 12, 9, 6, 2,762 2,948 2,97 2,851 2,79 BUSINESS OPERATIONS 3, 12/31/12 3/31/13 6/3/13 9/3/13 12/31/13 During gross business loans grew by.66% and as at they reached RSD 2.79 billion. Long-term gross business loans amounted to RSD 15.3 billion as at and made a fall of 2.33% compared to the previous year, while short-term gross loans amounted to RSD 5.76 billion making up an increase of 9.39% relative to 212. During Čačanska banka continued implementing the projects commenced in the previous period in cooperation with reputable international financial institutions. From the BusinessUp credit line 93 loans were disbursed equalling EUR 1.24 million. For this credit facility the European Investment Fund (EIF) provides a guarantee that partially covers the lending risk of the Bank, which facilitates micro companies in accessing finances. From the credit facility of the Netherlands Development Bank (FMO) 141 loans were disbursed in the total amount of EUR 7.5 million. Borrowers are SMEs and entrepreneurs. Čačanska banka has been recognisable for financing energy efficiency and renewable energy projects. During the Bank disbursed 15 loans in the amount of EUR 459 thousand. The loans were disbursed from the credit facility which is implemented in cooperation with the German Development Bank (KfW) and the National Bank of Serbia, aimed at financing energy efficiency measures. In February the Bank signed an agreement with the Development Fund of the Republic of Serbia on governing mutual relations regarding subsidised interest for liquidity loans and loans for working capital during. In accordance with this agreement the Bank disbursed 385 liquidity loans and

21 19 STRUCTURE OF BUSINESS LOANS BY MATURITY LOAN PORTFOLIO INDUSTRY STRUCTURE (GROSS EXPOSURE) In RSD 26.75% 24.14% Extracting ore and processing industry Agriculture,hunting, fishing, forestry 8,57,83 23,584 Trade 4,938,782 Hotels, restaurants, communication, warehousing 1,426, % Real-estate activities 561, % Construction Retail 1,38,496 5,93,497 Electrical energy and gas production and distribution 1,259 Education, health-care and social work Banks 926,825 Up to 1 year 2 to 5 years Other 1,68,91 1 to 2 years Over 5 years Total: 24,397,761 loans for working capital, of which RSD 166 million in dinars and RSD 1.12 billion in euros. Over the year there were several promotions of some products, providing better terms and conditions. In June the Bank offered a package of products for legal entities and entrepreneurs, with special promotional conditions for the following products: Dinar Loan, Overdraft and Visa Business. During the promotional period 183 dinar loans were disbursed equalling in total RSD million and 173 overdrafts in the total amount of RSD million. Apart from these three credit products, special conditions for additional three products were offered to new clients: facilities when opening and maintaining current accounts, free SMS service and free maintenance of e-banking for a six months period. In August the Bank had a special offer for revolving SME dinar loans. During this summer offer, loans were disbursed with lower interest rate with no front-end-fee and.2% fee upon disbursement. Ninety loans were disbursed in the total amount of RSD million. During the last two months of the Bank offered special terms and conditions for SME dinar loans. The loans were disbursed with lower interest rate and.3% fee paid in a lump sum. The Bank disbursed 6 loans in the total amount of RSD million. In the structure of business loans by maturity, most of them 32.74% were with maturity over 5 years, whereas 4.51% were loans up to 2 year maturity. Segmentation of business loans by industry presented in the table, implies risk diversification per activities determined by the Bank s Operating Policy.

22 2 RETAIL LOAN PORTFOLIO (GROSS LOANS) in RSD million 4, 3, 2, 1, 3,129 3,17 3,36 3,525 3,515 RETAIL OPERATIONS Retail operations in characterized an improvement in the assortment of credit and deposit products and services for this client segment. The Bank supported customers in solving their residential issues by disbursing more than 7 housing loans amounting to EUR 2.36 million, of which EUR 1.47 million in 39 housing loans within the Programme for Supporting Long-Term Housing Lending with Republic of Serbia Subsidy. The activities of financing energy efficiency and renewable energy projects, as one of the main products of the Bank, were implemented through GGF (in Q1) and KfW credit lines. The Bank financed investments into more than 8 projects in the total amount of EUR 2.53 million, confirming the Bank s leading position in the area of improving energy efficiency in households. The major lending channels were promotions and product packages, as well as cooperation agreements with the Bank s partners producers and retailers. During the Bank reached a record level of dinar cash loans and refinancing loans. Over 2,7 loans were disbursed in the amount of EUR 6 million. Special promotions for privileged clients and direct acquisition of new customers contributed to this result. Consequently the retail credit portfolio reached RSD 3.52 billion at the end of, making up a 12.35% increase relative to the end of 212. During 212 the Bank actively collected available cash from retail customers. In H2 a new deposit product was introduced providing customers to deposit their additional available funds at the account where they had initially deposited their savings, at any time without coming to any branch. The activities in this

23 21 RETAIL LOAN PORTFOLIO BY PURPOSE RETAIL FOREIGN SAVINGS in RSD in EUR 83,657 7, 363,575 14,331 13,126 6, 423,311 1,543,58 5, 4, 857,863 3, Housing Cash EE/RE Car purchase Other consumer loans Overdraft Other receivables 2, 1, 35, , , ,158 area resulted in a growth of dinar term deposits by % up to RSD million. In this way the Bank supported the NBS activities pertaining to the promotion of savings in the local currency. Still, foreign exchange term deposits held the dominant share in retail deposits in the amount of RSD 5.43 billion. During foreign retail savings grew by EUR 7.7 million or by significant 14.69%. Regarding operations with cards, the Bank issued three types of retail payment cards during. The domestic brand DINA was available to retail clients through debit and credit cards, while the international brand VISA was available through Visa Classic debit card. With regard to improvement of the quality of services that the Bank provided to its retail customers, the previous year was marked with activities relating to development of alternative communication channels and electronic services. As for communication channels the Android application ČBank Info was fully implemented and a Facebook page was set up. In H2 the Bank was focused on the development and upgrading of electronic services so as to enable maximum comfort to its clients in using these services. Consequently functionalities and visual appearance of ebanking services were upgraded and a mobile application ČB mbanking was developed. SMS and promotional activities were implemented throughout the year. The Bank ran a number of campaigns for its products and services and sent advertising SMS to more than 4, clients.

24 22 EQUITY At the end of total equity of Čačanska banka amounted to RSD 4.99 billion, which was a fall of 1.71% compared to 212. Capital adequacy ratio was 16.47% as at and higher than anticipated for 212. Minimum capital adequacy rate is 12% according to the regulations of the National Bank of Serbia. CAPITAL OF ČAČANSKA BANKA In RSD Growth in % Share and other capital 3,48,483 3,48,483 Reserves 2,21,87 1,979, Retained earnings 7,291 49, Loss up to equity 86,919 - Total equity 4,99,725 5,77, TOP SHAREHOLDERS AS AT Shareholder No.of shares Ownership % 1. REPUBLIC OF SERBIA 2. EBRD LONDON 3. IFC - WASHINGTON 4. EAST CAPITAL- BALKAN FUND - LUXEMBOURG 5. BEOGRADSKA BANKA AD IN BANKRUPTCY - BELGRADE 6. QWEST INVESTMENTS LIMITED - LIMASSOL 7. METALAC AD - GORNJI MILANOVAC 8. ORGANIC FOODS DRINKS - BRISTOL 9. PROINVESTMENTS AD BELGRADE 1. MANDAT DOO -BELGRADE 11. OTHERS 51,84 45,494 36,395 6,879 5,951 4,892 3,44 2,941 2,765 2,334 19, TOTAL: 182,116 1.

25 23 ČAČANSKA BANKA SHARE PRICE AT THE BELGRADE STOCK EXCHANGE in RSD 13, 12, 11, 11, 12,5 11,15 12, 1, 1, 9, 8, 7, 6, 5, 5,45 5,5 5,5 8,3 8,3 6,8 6, 5, 4, 3, 2, 1, The price of Čačanska banka s share as at was RSD 1, accounting for the increase of 1% compared to the price in the year beginning. In trading of the Bank s shares was marked with higher liquidity than in the previous year. In this period 13,869 shares changed their holders, which accounts for 7.62% of the total number of trading shares of the Bank. The largest trade was on 3.9., when 6,88 shares were traded with. 2,5 2, MARKET CAPITALIZATION OF ČAČANSKA BANKA DURING in RSD million 1,5 1, ,1 1,237 2,193 1,

26 24 RISK MANAGEMENT The Bank s targets regarding risk management are identification, measuring, mitigating and monitoring all risk types and thus minimizing the Bank s exposure to risks. Pursuant to the Law on Banks and the Decision on Risk Management, the following risks were monitored in Čačanska banka: Liquidity risk Credit risk, including residual risk, dilution risk, settlement/delivery risk, counterparty risk and currency induced credit risk Interest rate risk Foreign-exchange risk and other market risks Concentration risk Investment risk Risk relating to the country of origin of the entity to which the Bank is exposed (country risk) Operational risk, including legal risk Risk of inappropriate management of the information system Compliance risk, including risk of sanctions of a regulatory body, risk of financial losses and reputation risk Strategic risk Environmental and social (E&S) risk Average liquidity ratio was 2.67 during so that liquidity of the Bank measured by this ratio was in a low risk category. CREDIT RISK The Bank measured and monitored credit risk through the assessment of clients solvency, the control of the loan portfolio quality and calculation of loan loss reserves. Classification category A B C D E STRUCTURE OF GROSS RISK-WEIGHTED ASSETS BY CLASSIFICATION CATEGORIES Classified amount 18,267 8,433 2, ,237 In RSD million % % 52.94% 24.44% 6.56%.88% 15.18% 77.38% 6.56% 16.6% LIQUIDITY RISK Total 34,55 1.% 1.% LIQUIDITY RATIO Liquidity Ratio 212 As at gross risk-weighted assets were in a high credit risk category, because more than 13% and less than 31 December Average % of gross risk-weighted assets were classified in categories D and E. The share of the worst classified assets was 14.33% as at and 16.6% as at Maximum Minimum Negative macroeconomic trends, particularly a slowdown in economic activities and liquidity deterioration of companies had an adverse effect on the quality of the Bank s credit portfolio.

27 25 MARKET RISK (INTEREST RATE RISK, FOR- EIGN CURRENCY RISK AND RISK OF CHANG- ES IN SECURITIES PRICE) INTEREST RATE RISK The base for interest rate risk management is the Procedure for Interest Rate Risk Management. When assessing interest rate risk, all interest sensitive items of assets and liabilities were taken, risk of maturity gap between interest sensitive items of assets and liabilities for all currencies in which the Bank was exposed to interest rate risk and the impact that any changes in market interest rate had on the financial result and capital of the Bank. On the basis of the test result it was concluded that anticipated changes in market interest rates might cause maximum potential loss within the limit acceptable for the Bank, and/or the Bank was not significantly exposed to interest rate risk. Average interest rates on placements were also observed, individually per types of placements, as well as single cost prices by particular funding sources. RISK OF CHANGES IN PRICES OF SECURITIES During the Bank carried out a conservative policy of investing into securities, so that a bulk was invested into bonds of the Republic of Serbia EUR 7.5 million was purchased in. As at the Bank owned old foreign savings bonds in the nominal value of EUR 7.3 million thousand, or RSD million market value. In the total portfolio of the Bank the bonds accounted for 97.4%. As at the end of, the Bank had 16 different shares of the total value of RSD 2.68 million making up 2.6% of the total portfolio. RISK OF INVESTING IN NON-FINANCIAL PERSONS AND FIXED ASSETS The Bank s investments in non-financial persons were in a low risk category (below 6% of equity). Total investments in non-financial persons and fixed assets were also in a low risk category (below 45% of equity). FOREIGN-EXCHANGE RISK FOREIGN-EXCHANGE RISK RATIO INVESTMENTS IN NON-FINANCIAL PERSONS AND FIXED ASSETS Foreign-exchange risk ratio December Average Maximum 6.4% 1.73% 5.33% 4.66% 11.44% 13.5% 1.57% 1.46% Investments in non-financial persons Total investments in non-financial persons and fixed assets.37%.39% 19.5% 2.52% Minimum During foreign exchange risk, measured by the foreign exchange risk ratio was steadily in a low risk category, with an average value of 4.66%.

28 26 EXPOSURE RISK THE BANK'S NET EXPOSURE TO PERSONS RELATED TO THE BANK AND LARGE EXPOSURES (in RSD ) 212 % of equity (in RSD ) % Persons related to the Bank 24, % 222, % Large exposures 3,647, % 3,315, % From the perspective of the total exposure to persons related to the Bank, the Bank was within the regulatory limits as at Also, analysing single exposures of persons related to the Bank and/or groups of persons related to the Bank, we may conclude that exposures of all persons were below 5% of the Bank s equity. OPERATIONAL RISK During there were 63 events of operational risk recorded in the data base, which was 15 events less than in 212. According to the criteria of the number of events of the same type, one type of event Recording and Effecting Transactions, was in a medium risk category. There were 41 events of this type, but with no negative financial effect. All other risks were in a low risk category, both from the perspective of the financial impact and the impact on health and safety of employees and clients of the Bank. COUNTRY RISK The Bank had deposits in banks in the countries classified as low risk and medium risk countries by the OECD methodology and the Bank s procedure. E&S RISK When processing each loan application, E&S risk was classified by the client s primary activity and transaction. If the Procedure for E&S risk management prescribed so, further E&S impact assessment was carried out for certain risk categories before the relevant credit committee made a decision. When the client and/or transaction was classified in higher risk categories pursuant the procedure, the form E&S Due Diligence was filled out or the E&S Impact Assessment was prepared, pursuant to annexes to the procedure. EXPOSURE TO OPERATIONAL RISK 212 Number of events Gross loss (EUR) Net loss (EUR) Net loss (in RSD ) 78 21,86 1, ,917 5,89 666

29 27 COMPLIANCE RISK AND ACTIVITIES FOR MANAGING AML/TF RISK The Compliance and AML Department carried out identification and assessment of compliance risk in through appropriate procedures pursuant to the Work Plan, in the manner prescribed in the Compliance Risk Management Procedure. In 15 reports on compliance controls the finding was acceptable subject to corrections within agreed deadlines, while in 2 reports the finding was complied because all controlled processes were carried out in accordance with regulations and procedures of the Bank. In general, upon controls of the implementation of regulations and internal by-laws, we may conclude that no high compliance risks were identified because for all minor irregularities recommendations for their settlement were provided and implemented within the defined deadline. Managing AML/TF risk was done also through daily activities of staff in the Department: control, analysis and report of cash transactions and persons participating in transactions in the amount and exceeding EUR 15 thousand to the Administration for the Prevention of Money Laundering. In there were 2,5 reported transactions. RISK OF INAPPROPRIATE MANAGEMENT OF THE INFORMATION SYSTEM The aim of managing risk of inappropriate management of the information system was to minimise negative effects that might arise from the exposure of the Bank s information system to public networks, malicious internal attacks, hardware breakdown, sabotages and maintenance of these exposures within the prescribed limits. Accordingly, the Bank adopted the Information System Development Strategy, Business Continuity Strategy, Exit Strategies for Activities Subcontracted with Third Parties and Information System Security Policy. Furthermore, a set of new quality system procedures and guidelines was adopted in line with the NBS Decision on Minimum Standards for Managing Information System of Financial Institution. The Bank s information system had all functionalities to support business processes, provided the timely, accurate and complete information important for making business decisions and risk management. For the purpose of quality information system management the Bank established the IT Committee. The Compliance and AML Department particularly focused on monitoring, analysing and detecting suspicious transactions. Upon the analysis of transactions and relevant documentation, 3 suspicious transactions were reported to the Administration for the Prevention of Money Laundering FINDINGS AND RECOMMENDATIONS BASED ON CONTROLS IN No.of performed controls Findings Recommendations Acceptable subject to Complied corrections within Non-complied Implemented Undergoing agreed deadlines

30 MIHAIL DUDAŠ DECATHLON

31 ORGANISATION

32 3 ORGANIsATIONAL structure SHAREHOLDERS' ASSEMBLY ALCO BOARD OF DIRECTORS Audit Committee Credit Committees Internal Audit Department Liquidity Committee Compliance and AML NPL Monitoring and Recovery Committee IT Committee EXECUTIVE BOARD Quality Committee TREASURY BRANCH NETWORK RISK MANAGEMENT ACCOUNTING AND PLANNING CORPORATE CLIENTS LEGAL DEPARTMENT IT OFFERING AND MARKETING SECURITY DEPARTMENT PAYMENT OPERATIONS HUMAN RESOURCES BACK-OFFICE QUALITY SYSTEM FIXED ASSETS MANAGEMENT AND PROCUREMENT

33 31 branch NETWORK Headquarter Branch SME Credit Center Sub-Branch Novi Sad Šabac Novi Beograd Beograd SME Credit Center Valjevo Mladenovac Aranđelovac Topola Kragujevac G. Milanovac Čačak Užice Kraljevo Požega Vrnjačka Banja Ivanjica Jagodina Paraćin Kruševac Niš Leskovac

34 32 HUMAN RESOURCES At the end of there were 391 employees in the Bank, which was an increase of.51% as compared to the end of the previous year. QUALIFICATION STRUCTURE VS. NUMBER OF EMPLOYEES AGE STRUCTURE VS. NUMBER OF EMPLOYEES % % 3% % 36% 33% 3 27% 27% 26% 2 11% 11% 1% University Two-year college High school 2 21% 18% 18% Up to 3 3 to 4 4 to % 51% 54% Other 1 35% 36% 39% Over % % % Regarding the qualification structure of the employees, the Bank fulfilled the anticipated share of the employees with a university degree, making up 53.7% of the total number of employees. The share of employees younger than 4 years of age was 56% which was also in compliance with the plan. The average age was 41. The salaries, fringe benefits and other personal expenses amounted to RSD 492,683 thousand during accounting for 86.74% of the planned budget for this purposes. Training expenses of staff in equalled RSD 6,57 thousand or 92.96% of the budget.

35 33 MANAGEMENT OF ČAČANsKA banka EXECUTIVE BOARD Dragan Jovanović Aleksandar Ćalović Milanka Mandić President Vice President Member RISK MANAGEMENT Dušica Erić Head of Division CORPORATE BANKING Vladimir Ćurčić Head of Division TREASURY Ana Raketić Head of Division IT Milan Delić Head of Department BRANCH NETWORK Radojica Popović Marijana Nedeljković Zlatko Mitrović Jovan Tomović Aleksandar Mijailović Zoran Isailović Saša Milovanović Boban Luković Đorđe Zelenović Milić Cvijović Milka Vujić Maja Simić Borislav Obradović Srđan Petrović Nataša Pantović Dušan Rađenović Head of Division Čačak Branch Manager Aranđelovac Branch Manager Belgrade Branch Manager SME Credit Centre Manager Gornji Milanovac Branch Manager Jagodina Branch Manager Kragujevac Branch Manager Kraljevo Branch Manager Užice Branch Manager Valjevo Branch Manager New Belgrade Branch Manager Kruševac Branch Manager Šabac Branch Manager Novi Sad Branch Manager Niš Branch Manager OFFERING AND MARKETING Biljana Jovanović Head of Division ACCOUNTING AND PLANNING Petar Pantović Head of Division LEGAL DEPARTMENT Ljubinko Veličić Head of Department HUMAN RESOURCES Milica Vučetić Head of Department QUALITY SYSTEM Milena Lučić Head of Department INTERNAL AUDIT Vesna Mitrović Head of Department COMPLIANCE AND AML Nada Sjeničić Head of Department BACK-OFFICE Marko Pavlović Head of Department PAYMENT OPERATIONS Marija Jovanović Head of Department FIXED ASSETS MANAGEMENT AND PROCUREMENT Slobodan Novaković Head of Department SECURITY Budimir Ćuslović Head of Department

36 REAL VALUES

37 AMELA TERZIĆ 15 METERS

38 36 SOCIALLY RESPONSIBLE OPERATIONS SUPPORT TO QUEEN OF SPORTS The global success achieved by Serbian national team athletes aroused feelings of happiness and pride and gave encouragement to the whole nation. Winning the best medals and beating records are expressions of their great talent, training and commitment to obtain the highest possible results, regardless of any difficult circumstances they might encounter. Wishing to help our athletes, Čačanska banka started cooperation with the Serbian Association of Athletes through financial support to Tatjana Jelača (javelin throw) and Asmir Kolašinac (shot put), and their coaches. The aim is to ensure as good as possible conditions for them to prepare for future competitions, primarily the Olympic Games in Rio de Janeiro in 216. The successful cooperation with the Serbian Association of Athletes continued in the joint production of the 214 calender ASMIR KOLAŠINAC Asmir Kolašinac is a member of the Serbian national athletics team in shot put. He was born in Skopje in He participated at the Beijing Olympic Games in 28 and in London in 212 (the 7th place), the 29 World Championship in Berlin, 211 World Cup in Doha, 21 European Championship in Barcelona, 211 World Championship in Daegu, 212 World Cup in Istanbul and this year s Moscow World Cup (the 1th place). At the Helsinki European Championship 212 he won a bronze medal, and at the European Athletics Indoor Championship in Gothenburg a gold medal. His personal record in shot put is 2.85 m. His coach is Nikola Tomašević. TATJANA JELAČA Tatjana Jelača is a member of the Serbian national athletics team in javelin throw. She was born in Sremska Mitrovica in 199. At the 27 World Youth Championship in Ostrava she took the sixth place and the following year at the World Youth Championship in Bydgoszsz a bronze medal. At the 29 European Junior Championship in Novi Sad she won a gold medal. She participated at the Beijing Olympic Games in 28. She was in finals of the 21 European Championship in Barcelona and Helsinki European Championship 212. She made her personal record of m at the qualification of the World Cup in Moscow recently, where in the finals she ended up as the 9th in the world in this discipline. Her coach is Dragiša Đorđić.

39 37 TOGETHER IN LIFE STRUGGLE During Čačanska banka supported the campaign May new life be born of the Health Care Centre in Valjevo. The aim of the campaign was to collect funds for the purchase of equipment for the Centre for Artificial Insemination Akademik Vojin Šulović which is the first institution of secondary health protection in Serbia that has been performing artificial insemination. BOOKS FOR THE CITY LIBRARY In March Čačanska banka donated to the City Library «Vladislav Petković Dis» in Čačak more than 2 books published by the «Official Herald». They are new and valuable editions, mostly expert literature, which have become part of the cultural heritage of the library, to the delight of numerous readers and book lovers. Čačanska banka also gave a financial support for printing of the book with a collection of Dis poems and his most comprehensive biography ever. ZONA ZAMFIROVA PLAY On the occasion of its 57th birthday Čačanska banka presented to its clients and employees a stage play Zona Zamfirova by Terazije Theatre, staged at the Cultural Centre in Čačak. The play is a musical based on a piece written by Stevan Sremac. It is a love story of a couple belonging to different social classes that really happened towards the end of the 19th century.

40 38 THE SEEDS OF SUCCESS For the eighth time in a row Čačanska banka gave awards «The Seeds of Success» to young people who achieved best results in their education so far. Jelena Urošević, the best student of the final year in the Grammar School in Čačak, Danka Savić, the best student of the final year of the Faculty of Economics of Belgrade University from Čačak and Đurđica Delić, the best student of the final year of the Faculty of Economics, attending the Course of Finances, Banking and Insurance were awarded. The Grammar School student received EUR 3 and the best students EUR 5 each. FACEBOOK AND ČB INFO Following the development of modern trends and new technologies, Čačanska banka recognised an opportunity to improve the existing and develop new communication channels and sale. ANDROID INFO APPLICATION The application enables getting information on all news from Čačanska banka, including locations of branches and ATMs, foreign exchange rate list and checking up the current account balance. Transactions may be simulated through credit and savings calculators, and via My Budget option you can take care of your own budget. ČB Info application can be uploaded free of charge at Google Play and may be useful both for clients and non-clients.

41 39 FACEBOOK Čačanska banka launched a corporate page at the largest global social network Facebook. In this way the Bank aims to directly communicate both with customers and other interested members at the network. The Bank will endeavour to educate people on economic and business topics but also promote social values of significance to it, such as culture, sports, science, environmental protection. Through interactive posts games, surveys, quizzes, the Bank achieves high quality relationship with all network users. CERTIFICATE Recertification of the quality management system under standard ISO 91:28 requirements was carried out in March by Swiss certifier SGS. That was the sixth time, the fourth time by SGS, that the Bank was awarded a certificate for its quality management system. At the end of SGS appraised the information security system. The Bank was awarded a certificate complied with standard ISO 271:25 requirements for the first time.

42 4 BIODVIG KRAGUJEVAC HONEY AND HERBAL PRODUCTS In the photograph: Dosta Palić with sons Goran and Igor employed at BioDVIG d.o.o. BioDVIG is a family company from Kragujevac. Their assortment of products is based on bee products and herbs. Bio- DVIG was founded in 22 by Velimir Palić, a biology teacher, who was forced to leave Prizren three years before with his wife Dosta and sons Igor and Goran, and start a new life outside of Kosovo and Metohija. The new beginning of Palić family was related to the family tradition of beekeeping. They established a bee farm consisting of a couple of hundred beehives for the purpose of producing honey and other bee products: propolis, beebread and pollen, combined with herbs, which was narrow specialisation of Velibor Palić. Today BioDVIG is one of the most successful Serbian companies in this industry, which processed and distributed 1,2 tons of honey to the European Union market during. The story of their business success, commitment and responding to challenges was told to us by Dosta Palić, who, after her husband Velimir suddenly died in October 212, continued bravely, devotedly and successfully to manage the company with their sons. - In the beginning of 22 we took some risk because we did not have money, but we had a vision that the enterprise would succeed, and acknowledgement and encouragement from our surrounding that our business idea and the range of products had a future. We invested everything that we had to launch the family enterprise and patiently, step by step, made additional investments until we got the firm that we have today. From the very beginning the vision of the company was high quality of products and satisfaction of clients. With that motto, Palić family gradually penetrated the market, promoted its product range and enriched the assortment of BioDVIG. Soon the production became standardised according to ISO and HACCP standards, while the capacities were multiplied. Part of the success lies in the fact that BioDVIG is committed to excellent cooperation with single beekeepers from whom they purchase honey. Being beekeepers themselves, Palić family did their best to obtain as good as possible conditions for their peers, forming a network of more than 1, producers. The mission of improving and developing beehiving has been achieved through the newly established Teacher Velimir Palić Foundation. Mrs. Palić found out about the BusinessUp credit line owing to agility of employees in Čačanska banka Kragujevac Branch. The funds were used for the purchase of a fork-lift truck which considerably facilitated and accelerated operations. We used the loan for equipment and current assets and we believe that this year we will enter a similar arrangement, hoping that terms and conditions will be as convenient as they have been so far. Apart from this loan we also have overdraft with Čačanska banka for our daily needs. As a successful entrepreneur, Dosta Palić tends to be informed and expand her knowledge and pieces of advice offered at are of great help. She expressed her satisfaction with cooperation and communication with representatives of Čačanska banka: We are family people and are easily attached to others both on private and business terms. We are very happy with cooperation, particularly regarding foreign operations, and I can say under full responsibility that no bank shows so much responsibility as Čačanska banka does.

43 BERKUT KRALJEVO LUXURIOUS PAPER BAGS AND PACKAGING 41 In the photograph: Aleksandar and Predrag Dačović, owners of Berkut d.o.o. The enterprise Berkut from Kraljevo was founded in 22 with the aim to become a leader in the area of graphic processing and production of luxurious paper bags and packages. The founder is Mr. Aleksandar Dačović, who wanted to implement in Serbia his experience that he gained in printing companies in Italy, by establishing the enterprise together with his brother Predrag. The enterprise is export oriented, as they sell 8% of their products at the EU market in Italy, France, Belgium etc. For over 1 years of operations, they have produced more than 12 million units of luxurious packaging of the highest quality. Luxurious packaging and other items produced in plants of Berkut bear marks of leading world and domastic brands, of which the most known are: Yves Saint Laurent, Stella McCartney, Fossil, Lindt, Moschino, Gillette, Manella, Irakli, Pupa, Maruška, Princ Leather etc. Mr. Dačović, as a client of Čačanska banka, was presented the BusinessUp credit line, where he recognised a possibility to apply for a loan for current assets. - The new machine that we bought from the BusinessUp loan is used for cardboard milling, which will ensure better quality and improved productivity in our company. In that way Berkut s products will become even more competitive and attractive to foreign buyers. We are aware that investments and permanent renewal of machine pool are necessary for further business development. Rearding difficulties that entrepreneurs face when obtaining financial funds, the owner of Berkut says: - Today it is not at all simple to fulfill requirements for loan approval. However, owning to understanding of banks and their employees, entrepreneurs manage to receive support. It would be better if the approach to funds was easier and loans for fixed and current assets were more accessible. As an enterprise which is successful at foreign markets and which manages to find clients for its products, all employees in Berkut are aware that permanent education and improvement is necessary. One of the sources of business information and advice that Aleksandar and Predrag Dačović use is BusinessUp.rs website. - No doubt small and medium enterprises need improvement beyond the activities and crafts that they are engaged in. In that way their overall operations are improved. We tend to improve ourselves in our basic activities, while we gladly accept and use any other support, such as BusinessUp advice. Apart from the BusinessUp loan, the owners of Berkut are satisfied with other services provided by Čačanska banka. They particularly emphasize e-banking services as far more easier and practical mode of payment than classical payment operations. They are also rather satisfied with the relationship with employees in Čačanska banka Kraljevo Branch and their approach to clients. Aleksandar Dačović points out that there are some other activities and industries that he recognises in which it is possible to achieve the top foreign sale, but Berkut s plans are currently directed towards luxurious packaging and paper bags. At the same time, he provides a piece of advice to other entrepreneurs and those who have just decided to commence an entrepreneurial activity: - You should recognise one idea and one product, and then put in your maximum effort to develop such idea or improve the quality of such product. After that you will accomplish the results that would be recognised by both domestic and foreign clients. In a nutshell, the absolute commitment to business together with specialisation would be my piece of advice for all entrepreneurs.

44 FINANCIAL STATEMENTS

45 EMIR BEKRIĆ 11 HURDLES

46 44 INdEPENdENT AUdITOR s REPORT

47 45

48 46 FINANCIAL STATEMENTS STATEMENT OF INCOME IN THE PERIOD FROM 1 JANUARY - 31 DECEMBER in RSD 212 Interest income Interest expense Net interest income 1,968,261 (858,355) 1,19,96 2,89,242 (991,656) 1,97,586 Fee and commission income Fee and commission expense Net fee and commission income 626,793 (73,89) 552,93 621,566 (62,398) 559,168 Net loss on the sale of securities carried at fair value through profit and loss Net gains on the sale of other placements Net foreign exchange losses Dividend and other income from equity investments Other operating income Net losses on impairment and provisions Salaries, fringe benefits and other staff expenses Depreciation and amortization Operating and other expenses Net gains on the valuation of assets and liabilities Net losses on the valuation of assets and liabilities Operating profit Operating loss 2,634 (157,139) 89 1,722 (77,97) (492,683) (95,763) (57,28) 1,23,555 (866,231) (126,285) 16,388 2 (1,251,175) ,572 (592,263) (455,94) (87,68) (515,775) 2,51,67 (1,227,535) 56,985 Result of the period (profit before taxation) Result of the period (loss before taxation) Income taxes Gains from creation of deferred tax assets and reduction of decreased tax liabilities PROFIT LOSS (126,285) 39,366 86,919 56,985 (8,19) 1,16 49,892 Basic earnings per share (in the dinar without para) 274

49 47 BALANCE SHEET AS AT 31 DECEMBER in RSD 212 ASSETS Cash and cash equivalents Revocable deposits and loans Interest, fee and commission receivables, sale, change in fair value of derivatives and other receivables Loans and deposits to customers Securities (excluding own shares) Equity investments (interests) Other placements Intangible assets Property, equipment and investment property Deferred tax assets Other assets TOTAL ASSETS 3,121,17 6,599, ,625 21,322,483 86,358 17,189 65,646 35, ,34 59,1 15,152 33,816,142 3,5,58 4,63, ,935 22,593,427 1,156,88 18,288 13,765 24,45 814,745 19, ,28 32,832,7 LIABILITIES Transaction deposits Other deposits Borrowings Liabilities under interest, fees and change in value of derivatives Provisioning Tax liabilities Other liabilities TOTAL LIABILITIES Capital Reserves from profit Revaluation reserves Profit Losses up to the level of capital TOTAL CAPITAL TOTAL LIABILITIES 5,18,878 12,918,276 8,792,485 19,42 111,369 3,365 1,961,642 28,825,417 3,48,483 1,71, ,85 7,291 86,919 4,99,725 33,816,142 3,594,744 13,84,632 8,45,382 16,31 124,644 1,921 2,526,739 27,754,363 3,48,483 1,66, ,376 49,892 5,77,644 32,832,7 OFF-BALANCE SHEET ITEMS Operations performed for and on behalf of third parties Contingent liabilities Derivatives Other off-balance sheet items 12,971,534 3,45 5,26,63 1,384,923 6,26,98 12,756, ,697 5,956,11 1,646,4 4,874,576

50 48 CASH FLOW STATEMENT IN THE PERIOD FROM 1 JANUARY 31 DECEMBER in RSD 212 CASH FLOWS FROM OPERATING ACTIVITIES Cash inflows from operating activities Interest receipts Fee and commission receipts Receipts from other operating income Receipts from dividends and profit distribution Cash outflows from operating activities Interest payments Fee and commission payments Payments to, and on behalf of, employees Taxes, contributions and other duties paid Payments of other operating expenses Net cash inflows from operating activities prior to increases and decreases in placements and deposits Net cash outflows from operating activities prior to increases and decreases in placements and deposits Decrease of placements and increase in deposits Decrease in securities carried at fair value through profit and loss, trading placements and short-term securities held-to-maturity Increase in bank and customer deposits Increase in loans and decrease in deposits held Increase in loans and advances to banks and customers Net cash inflows from operating activities before income taxes Net cash outflows from operating activities before income taxes Income taxes paid Net cash inflows from operating activities Net cash outflows from operating activities 2,498,413 1,786,58 76,722 5, (1,882,367) (817,642) (73,843) (492,684) (115,163) (383,35) 616,46 2,74,55 96,41 1,113,645 (1,765,824) (1,765,824) 924,277 (11,443) 912,834 2,725,258 2,9,78 75,798 9, (2,48,899) (1,3,452) (56,436) (455,94) (16,415) (4,52) 676,359 1,47, ,699 1,257,757 (2,324) (2,324) 2,63,491 (14,855) 2,48,636 CASH FLOWS FROM INVESTING ACTIVITIES Cash inflows from investing activities Proceeds from the sale of intangible and fixed assets Proceeds from the sale of investment property Other proceeds from investing activities Cash outflows from investing activities Outflows for purchase of intangible and fixed assets Other outflows from investing activities Net cash inflows from investing activities Net cash outflows from investing activities CASH FLOWS FROM FINANCING ACTIVITIES Cash inflows from financing activities Net cash inflows from borrowings Cash outflows from financing activities Net cash outflows under subordinated liabilities Net cash outflows under borrowings Net cash outflows under securities Net cash inflows from financing activities Net cash outflows from financing activities TOTAL NET CASH INFLOWS TOTAL NET CASH OUTFLOWS NET INCREASE IN CASH NET DECREASE IN CASH CASH, BEGINNING OF YEAR FOREIGN EXCHANGE GAINS FOREIGN EXCHANGE LOSSES CASH, END OF YEAR 52,33 14,91 9,618 27,811 (137,765) (82,331) (55,434) (85,435) 293, ,686 (987,623) (446,762) (54,861) (693,937) 4,918,484 (4,785,22) 133,462 3,5,58 68,94 (86,47) 3,121,17 1,193 1,697 8,496 (47,96) (47,96) (36,93) (728,18) (346,11) (333,413) (48,495) (728,18) 4,142,97 (2,859,192) 1,283,715 1,643,736 28,893 (13,836) 3,5,58

51 49 STATEMENT OF CHANGES IN EQUITY IN THE PERIOD FROM 1 JANUARY 31 DECEMBER in RSD 212 SHARE CAPITAL Balance, beginning of year Balance, end of year 1,821,16 1,821,16 1,821,16 1,821,16 SHARE PREMIUM Balance, beginning of year Balance, end of year 1,227,323 1,227,323 1,227,323 1,227,323 BANK'S RESERVES RESERVES FROM PROFIT Balance, beginning of year Retained earnings 1,66,893 49,892 1,538, ,727 Balance, end of year 1,71,785 1,66,893 REVALUATION RESERVES Balance, beginning of year Effect of fixed assets assessment 318,376 (7,291) 314,963 3,413 Balance, end of year 311,85 318,376 RETAINED EARNINGS Balance, beginning of year Transfer to reserves Profit for the year 49,892 (49,892) 7, ,728 (122,728) 49,892 Balance, end of year 7,291 49,892 LOSS UP TO THE LEVEL OF CAPITAL Increase over the year (86,919) TOTAL EQUITY 4,99,725 5,77,644

52

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54 32 Čačak - Pivarska 1; Tel: , 32 2, 32 23; Fax: , [email protected]