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Otkritie Holding Joint Stock Company and Its Subsidiaries

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Otkritie Holding Joint Stock Company and Its Subsidiaries Otkritie Holding Joint Stock Company and its subsidiaries Consolidated financial statements Year ended 31 December 2016 Otkritie Holding JSC Consolidated financial statements Contents Independent auditor’s report Consolidated financial statements Consolidated statement of financial position ..................................................................................................................... 8 Consolidated statement of profit or loss ........................................................................................................................... 9 Consolidated statement of comprehensive income ........................................................................................................ 10 Consolidated statement of changes in equity ................................................................................................................. 11 Consolidated statement of cash flows ............................................................................................................................ 12 Notes to the consolidated financial statements 1. Principal activities ................................................................................................................................................ 13 2. Basis of preparation ............................................................................................................................................. 14 3. Summary of accounting policies .......................................................................................................................... 15 4. Significant accounting estimates and judgments ................................................................................................. 29 5. Cash and cash equivalents ................................................................................................................................. 30 6. Precious metals ................................................................................................................................................... 31 7. Amounts due from credit institutions .................................................................................................................... 31 8. Financial assets at fair value through profit or loss .............................................................................................. 32 9. Loans to customers ............................................................................................................................................. 35 10. Investment securities available for sale ............................................................................................................... 40 11. Investment securities held to maturity ................................................................................................................. 41 12. Investment property ............................................................................................................................................. 43 13. Property and equipment ...................................................................................................................................... 44 14. Intangible assets.................................................................................................................................................. 45 15. Taxation ............................................................................................................................................................... 46 16. Other impairment ................................................................................................................................................. 50 17. Other assets ........................................................................................................................................................ 51 18. Amounts due to credit institutions ........................................................................................................................ 52 19. Amounts due to customers and borrowings ........................................................................................................ 53 20. Debt securities issued ......................................................................................................................................... 56 21. Other liabilities ..................................................................................................................................................... 57 22. Subordinated loans .............................................................................................................................................. 57 23. Equity .................................................................................................................................................................. 58 24. Commitments and contingencies......................................................................................................................... 58 25. Gains and losses from operations with financial instruments .............................................................................. 60 26. Net fee and commission income.......................................................................................................................... 60 27. Other income ....................................................................................................................................................... 60 28. Personnel and administrative expenses .............................................................................................................. 61 29. Risk management ................................................................................................................................................ 61 30. Fair value of assets and liabilities ........................................................................................................................ 73 31. Transferred financial assets and assets held or pledged as collateral................................................................. 79 32. Offsetting of financial instruments........................................................................................................................ 80 33. Maturity analysis of assets and liabilities ............................................................................................................. 81 34. Major subsidiaries and associates ....................................................................................................................... 84 35. Business combinations and disposals ................................................................................................................. 87 36. Segment analysis ................................................................................................................................................ 89 37. Related party disclosures .................................................................................................................................... 92 38. Capital management ........................................................................................................................................... 93 39. Events after the reporting period ......................................................................................................................... 93 2 Independent auditor’s report To the Shareholders of Otkritie Holding Joint Stock Company Opinion We have audited the consolidated financial statements of Otkritie Holding Joint Stock Company and its subsidiaries (the Group), which comprise the consolidated statement of financial position as of 31 December 2016, and the consolidated statement of profit or loss, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year ended 31 December 2016, and notes to the consolidated financial statements, including a summary of significant accounting policies. In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Group as at 31 December 2016 and its financial performance and its cash flows for 2016 in accordance with International Financial Reporting Standards (IFRSs). Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the consolidated financial statements section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to our audit of the consolidated financial statements in the Russian Federation, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Emphasis of matter Without qualifying our opinion on reliability of consolidated financial statements, we draw attention to the information set out in Note 29 “Risk management” to the consolidated financial statements, describing a significant concentration of financial investments in the Russian Government Eurobonds maturing by 2030, as well as
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