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Annual Report 2018 ABOUT THIS REPORT 02 AnnuAl RepoRt 2018 ABOUT THIS REPORT 02 1 / 2 ABOUT THIS REPORT Approach to the Report Boundaries of the Report Approval of the Report This Annual Report of Sberbank of Russia ¹ for 2018 (the “Report”) The financial data are presented in the Report Information on sustainable development is consoli- This Report received preliminary approv- in accordance with the IFRS consolidated financial dated by the major participants of the Group, which al by the Supervisory Board of Sberbank includes the performance results of Sberbank and its subsidiaries ² statements, unless otherwise specified in the text of have a significant impact on their regions of pres- (Minutes No. 11 of April 16, 2019). for the reporting period from January 1, 2018, to December 31, 2018. the Report. ence, and Sberbank Corporate University. The reliability of the data in the Report was con- Operational data are presented for PJSC Sberbank firmed by the Audit Committee of Sberbank. unless otherwise specified in the text of the Report. The Report has been prepared in accordance with In addition, the contents of the Report The Report was approved by the Annual General the legislation of the Russian Federation, including: comply with the following documents: Shareholder Meeting of Sberbank as of May 24, 2019 (Minutes No 32 as of May 29, 2019). ♦ Federal Law No. 39-FZ “On the Securities ♦ Requirements of the Moscow Stock The term “Group” as used in the sections “People: Nurturing New Skills in Effective Teams” Market” dated April 22,1996; Exchange on the preparation of annu- and “Impact on Society” includes Sberbank Corporate University and the following: al reports by joint stock companies; ♦ Federal Law No. 208-FZ “On Joint Stock Sberbank Companies” dated December 26, 1995; ♦ Provisions of ISO 26000 Standard; SubSidiARy bAnkS SubSidiary compAnieS ♦ Bank of Russia Regulation No. 660-P ♦ Sustainable Development Goals adopt- “On General Meetings of Shareholders” ed by the UN General Assembly in 2015, Cetelem Bank LLC ActiveBusinessCollection LLC dated 16 November 16, 2018;Bank of Russia where relevant to the Bank’s activity; DenizBank A.Ş. Delovaya Sreda LLC ♦ Regulation No. 454-P “On Information ♦ Standards and requirements of legisla- BPS-Sberbank OJSC (Belarus) DocDoc LLC Disclosures by Issuers of Issue-Grade tion on the international capital markets, SB AO Sberbank (Kazakhstan) Sberbank Private Pension Fund JSC Securities” dated December 30, 2014; including the disclosure requirements of the UK financial regulator and the Listing Sberbank Europe AG PS Yandex.Money LLC Code of Corporate Governance of the Bank Rules of the London Stock Exchange. ♦ Sberbank (Switzerland) AG Sberbank-Automated Trading System CJSC of Russia, recommended for use by joint stock companies by Bank of Russia Letter JSC Sberbank (Ukraine) Sberbank Leasing JSC No. 06-52/2463 dated April 10, 2014. Sberbank-Service LLC This report has been prepared in accordance with Sberbank Life Insurance LLC the Core option of the Global Reporting Initiative Standards (GRI). This is another step to increas- Sberbank-Telecom LLC ing the Bank’s information transparency, and also Sberbank-Technologies JSC to developing the practice of corporate social responsibility in the Group. Sovremenniye tekhnologii LLC In addition, the Report reflects the contribu- tion that Sberbank has made to achieving the Information on the subsidiary banks/companies (listed in the table above) that are the parent organizations Sustainable Development Goals adopted by of a group of companies is presented at the group level. the United Nations in 2015 in the document “Transforming Our World: The 2030 Agenda When disclosing information with reporting boundaries that differ from the above, information will be given for Sustainable Development”. in the description of the indicator. 1 Public Joint Stock Company Sberbank of Russia, hereinafter Sberbank or the Bank. 2 Sberbank and its subsidiaries, hereinafter together the Group or the Sberbank Group. Sberbank — annual report www.SbeRbAnk.com ABOUT THIS REPORT 03 2 / 2 ABOUT THIS REPORT Disclaimer This annual report is prepared by Sberbank and does results of the Bank’s activities, its financial posi- not represent — in full or in part — an offer for sale tion, liquidity, and developments in the industry, or issue, an invitation to submit offers for sale or in which Sberbank conducts its activities, may dif- issue, or a recommendation regarding the purchase, fer significantly from those expressly stated or subscription, guarantee of placement, or other implied in such forward-looking statements pro- acquisition of any shares of Sberbank or any mem- vided in this report or expressed in the oral state- ber of Sberbank Group, or any securities repre- ments of Sberbank management. In addition, even senting such shares, or any other securities of said if the actual results of the activities, financial posi- entities and shall not be interpreted as such; nei- tion, liquidity, and events in the industry, in which ther this report, any part thereof, nor the fact of its Sberbank conducts its activities, correspond to presentation or distribution shall give the grounds the forward-looking statements provided in this for any contract, obligation, or investment decision report or expressed in oral statements, these results and shall not be relied upon in connection with any or events cannot be viewed as an indicator of future contract, obligation, or investment decision. performance and events. The information provided in this report or The information and opinions included in this expressed in the oral communications of Sberbank report or expressed in the oral statements of management may contain forward-looking state- Sberbank management are provided as of the date ments. Forward-looking statements can be made of this report and may be modified without notice. in respect to any facts, excluding facts attributed to prior periods, and include statements regarding the intentions, beliefs, and current expectations of Sberbank in relation to, among other things, the results of its activities, financial position, liquidity, prospects, growth, targets, strategy, and the industry, in which Sberbank conducts its activities. By their nature, forward-looking statements involve risks and uncertainties as they relate to events and depend on circumstances that may either occur or not occur in the future. Sberbank cautions readers of this report that forward-looking statements are not a guarantee of future performance, and the actual Sberbank — annual report www.SbeRbAnk.com CONTENTS 04 CONTENTS Portrait Performance corPorate imPact foreiGn 1 of the GrouP 3 overview 4 Governance 5 on the Society 7 Subsidiary BankS 06 Sberbank Today 79 Corporate governance system 121 Sberbank’s approach to managing 152 Kazakhstan (SB Sberbank JSC) its impact on society Key financial highlights 3.1 BeSt cuStomer exPerience Description of the corporate governance system Belarus (BPS-Sberbank OJSC) 07 and ecoSyStem 80 153 122 Charity and sponsorship projects 08 Sustainable development 82 Main events of the 2018 corporate year 154 Ukraine (Sberbank JSC) 23 Retail clients 128 Enhancing financial literacy 09 Sustainable business model 83 Corporate governance development vector 155 Turkey (DenizBank A.S.) 38 Wealth management 130 Corporate volunteering 10 Stakeholder engagement 85 General shareholders’ meeting 156 Central and Eastern Europe 42 Corporate clients 131 Financing of projects of social significance (Sberbank Europe AG) 11 Corporate governance 86 Supervisory Board 50 Creation of the ecosystem 132 Role of Sberbank in improving 12 Investment appeal 94 Committees of the Supervisory Board 53 Client security the efficiency of state administration 1 13 Development prospects. Sberbank 99 Corporate Secretary 134 Development of procurement infrastructure riSk 2 financial targets 2020 and interaction with suppliers rePort 3.2 TechnoloGical leaderShiP 100 Executive bodies 8 3 136 Environmental impact management 56 Technological transformation of Sberbank 105 Remuneration system 4 158 Risk management strategy 5 57 Key advances in technology platform 107 Control and audit system StrateGic 158 Development of the risk management system development in 2018 6 rePort 112 Share capital and securities 2 162 Identified Group risks in 2018 58 Infrastructure and reliability Financial 7 115 Credit ratings reSultS 15 Address of the Chairman 6 163 Approach to management of the key 8 59 Artificial intelligence of the Supervisory Board 116 Shareholder and investor relations risks of Sberbank Group 61 Innovations 139 Dynamics of major performance indicators 16 Address of the CEO and Chairman 119 Major transactions of the Executive Board 142 Analysis of the Statement of Profit and Loss 62 Accelerators SectionS 119 Interested-party transactions 17 Market overview 146 Analysis of the assets structure 19 Mission and values 149 Analysis of the liabilities and equity of the Group 3.3 PeoPle: nurturinG 20 Strategy 2020 Status new SkillS in effective teamS 21 The status of implementation 64 Personnel structure of the Strategy 2020 financial goals 65 Employee journey addendum 71 Effective manager 168 Report on Compliance with the Principles and Recommendations of the Code of Corporate Governance 182 Summary IFRS Consolidated Financial Statements Prepared from the Audited Consolidated Financial Statements 73 Corporate Culture and internal environment 186 The summary annual accounting (financial) statements of Sberbank (RAS) 193 List of the main subsidiaries and
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