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Blank Document kpmg KPMG d.o.o. Beograd Tel.: +381 (0)11 20 50 500 Kraljice Natalije 11 Fax: +381 (0)11 20 50 550 11000 Belgrade www.kpmg.com/rs Serbia T R A N S L A T I O N Independent Auditors’ Report TO THE SHAREHOLDERS OF BANCA INTESA A.D. BEOGRAD Report on separate financial statements We have audited the accompanying separate financial statements of Banca Intesa a.d. Beograd (“the Bank”), which comprise the separate balance sheet as at 31 December 2018, the separate income statement, separate statement of other comprehensive income, separate statement of changes in equity and separate cash flow statement for the year then ended, and notes, comprising a summary of significant accounting policies and other explanatory information. Management’s Responsibility for the Separate Financial Statements Management is responsible for the preparation and true and fair view of these separate financial statements in accordance with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of separate financial statements that are free from material misstatement, whether due to fraud or error. Auditors’ Responsibility Our responsibility is to express an opinion on these separate financial statements based on our audit. We conducted our audit in accordance with the Law on Auditing of the Republic of Serbia, the Decision on External Audit of Banks and applicable audit standards in the Republic of Serbia. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the preparation and true and fair view of financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. KPMG d.o.o. Beograd, a Serbian limited liability company and a member Matični broj:17148656 firm of the KPMG network of independent member firms affiliated with PIB: 100058593 KPMG International Cooperative (“KPMG International”), a Swiss entity. Račun: 265-1100310000190-61 kpmg T R A N S L A T I O N Opinion In our opinion, the separate financial statements give a true and fair view of the unconsolidated financial position of the Bank as at 31 December 2018, and of its unconsolidated financial performance and its unconsolidated cash flows for the year then ended in accordance with International Financial Reporting Standards. Other matter The separate financial statements of the Bank as at and for the year ended 31 December 2017 were audited by another auditor who expressed an unmodified opinion on those separate financial statements on 14 February 2018. Report on Other Legal and Regulatory Requirements In accordance with the Law on Accounting of the Republic of Serbia, the Bank is responsible for the preparation of the accompanying separate annual business report. Our responsibility is to express an opinion on consistency of the separate annual business report with the separate financial statements for the year ended 31 December 2018. In this regard, we performed procedures in accordance with the applicable audit standard - The Auditor’s responsibilities relating to other information in documents containing audited financial statements, which are limited to the assessment of consistency of the annual business report with the financial statements. In our opinion, the separate annual business report is consistent with the separate financial statements. Belgrade, 13 February 2019 KPMG d.o.o. Beograd (L.S.) Katarina Kecko Nikola Đenić Partner Certified Auditor This is a translation of the original Independent Auditors’ Report issued in the Serbian language. All due care has been taken to produce a translation that is as faithful as possible to the original. However, if any questions arise related to interpretation of the information contained in the translation, the Serbian version of the document shall prevail. We assume no responsibility for the correctness of the English translation of the Bank’s separate financial statements Belgrade, 13 February 2019 KPMG d.o.o. Beograd (L.S.) Katarina Kecko Nikola Đenić Partner Certified Auditor 2 T R A N S L A T I O N Banca Intesa a.d. Beograd Separate Financial Statements SEPARATE BALANCE SHEET as at 31 December 2018 in RSD thousand Note December 31, December 31, 2018 2017 ASSETS Cash and assets held with the central bank 16, 2.15 86,962,607 82,851,636 Receivables under derivatives 17, 2.10 331,839 802,299 Securities 17, 2.9 92,872,485 129,425,899 Loans and receivables from banks and other financial organisations 18, 2.8 33,039,264 29,253,557 Loans and receivables from clients 18, 2.8 339,749,114 301,894,205 Investments in associated companies and joint ventures 17, 2.7 1,199,472 962,496 Intangible investments 19, 2.16 3,774,866 2,610,573 Property, plant and equipment 20, 2.17 7,951,099 7,871,143 Investment property 20, 2.17 30,995 51,251 Deferred tax assets 14, 2.24 704,800 153,397 Non-current assets held for sale and discontinued operations 20, 2.17 143,015 1,653,117 Оther assets 21 4,315,623 7,330,005 TOTAL ASSETS 571,075,179 564,859,578 LIABILITIES Liabilities under derivatives 22, 2.10 21,497 4,847 Deposits and other liabilities to banks, other financial organisations and central bank 23, 2.11 50,746,761 32,375,037 Deposits and other financial liabilities to clients 23, 2.11 405,175,217 397,705,235 Provisions 24, 2.3 1,801,197 1,277,294 Current tax liabilities 14, 2.24 21,386 387,008 Deferred tax liabilities 14, 2.24 106,337 - Оther liabilities 25 6,601,598 14,103,355 TOTAL LIABILITIES 464,473,993 445,852,776 CAPITAL Share capital 26, 2.22 41,748,469 41,759,627 Profit 26, 2.22 16,080,705 28,220,984 Reserves 26, 2.22 48,772,012 49,026,191 TOTAL CAPITAL 106,601,186 119,006,802 TOTAL CAPITAL SHORTFALL 571,075,179 564,859,578 Belgrade, 11 February 2019 Rada Radović Dragica Mihajlović Draginja Đurić Head of Accounting Department CFO CEO T R A N S L A T I O N Banca Intesa a.d. Beograd Separate Financial Statements SEPARATE INCOME STATEMENT in the period from 1 January to 31 December 2018 in RSD thousand Note number 2018. 2017. Interest income 3, 2.4 23,371,120 22,840,992 Interest expenses 3, 2.4 (2,883,264) (3,592,295) Net interest gains 20,487,856 19,248,697 Income from fees and commissions 4, 2.5 11,766,485 10,595,219 Expenses on fees and commissions 4, 2.5 (4,574,927) (4,019,393) Net gains from fees and commissions 7,191,558 6,575,826 Net gains from change in fair value of financial instruments 5, 2.7 299,658 795,981 Net gains from derecognition of the financial instruments measured at fair value 6, 2.7 33,765 165,167 Net exchange rate gains and gains from agreed currency clause 7, 2.6 2,047,748 2,059,207 Net expenses on impairment of financial assets not measured at fair value through income statement 8, 2.7 (3,257,274) (3,071,947) Other operating income 9 234,068 329,551 Total net operating income 27,037,379 26,102,482 Salaries, salary compensations and other personal expenses 10, 2.23 (5,999,255) (5,701,726) Depreciation costs 11, 2.17 (1,057,751) (987,173) Other income 12 1,069,660 914,209 Other expenses 13 (7,815,864) (7,316,034) Profit before tax 13,234,169 13,011,758 Profit tax 14, 2.24 (630,059) (1,164,064) Profit after tax 12,604,110 11,847,694 Earnings per share (in RSD) 15 59,130 55,581 Belgrade, 11 February 2019 Rada Radović Dragica Mihajlović Draginja Đurić Head of Accounting Department CFO CEO T R A N S L A T I O N Banca Intesa a.d. Beograd Separate Financial Statements SEPARATE STATEMENT OF OTHER COMPREHENSIVE INCOME in the period from 1 January to 31 December 2018 in RSD thousand 2018 2017 Profit for the period 12,604,110 11,847,694 Components of other comprehensive income which cannot be reclassified to profit or loss: (Decrease)/increase in revaluation reserves based on intangible assets and fixed assets (10,523) 721,294 Negative effects of change in value of equity instruments measured at fair value through other comprehensive income (1,477) - Components of other comprehensive income that may be reclassified to profit or loss: (Negative)/ positive effects of change in value of debt instruments measured at fair value through other comprehensive income (1,057,906) 516,182 Tax losses relating to other comprehensive income for the period - (108,194) Total (negative)/positive comprehensive income for the period (1,069,906) 1,129,282 Total positive comprehensive income for the period 11,534,204 12,976,976 Belgrade, 11 February, 2019 Rada Radović Dragica Mihajlović Draginja Đurić Head of Accounting Department CFO CEO T R A N S L A T I O N Banca Intesa a.d.
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