KOMERCIJALNA BANKA A.D., BEOGRAD Consolidated Financial Statements Year Ended December 31, 2013 and Independent Auditors' Repo
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KOMERCIJALNA BANKA A.D., BEOGRAD Consolidated Financial Statements Year Ended December 31, 2013 and Independent Auditors’ Report Translation of the Auditors’ Report issued in the Serbian language KOMERCIJALNA BANKA A.D., BEOGRAD CONTENTS Page Independent Auditors' Report 1 Consolidated Financial Statements: Consolidated Income Statement 2 Consolidated Balance Sheet 3 Consolidated Statement of Changes in Equity 4 Consolidated Cash Flow Statement 5 Statistical Annex 6 Notes to the Consolidated Financial Statements 7 - 97 Translation of the Auditors’ Report issued in the Serbian language Deloitte d.o.o. Terazije 8 11000 Belgrade Serbia Tax Identification Number: 10048772 Registration Number: 07770413 Tel: +381 11 3812 100; + 381 11 3812 200 Fax: +381 11 3812 101; + 381 11 3812 201 Translation of the Independent Auditors’ Report Issued in the Serbian language INDEPENDENT AUDITORS’ REPORT To the Board of Directors and Shareholders of Komercijalna banka a.d., Beograd We have audited the accompanying consolidated financial statements of Komercijalna banka A.D., Beograd (the “Parent Bank”), its subsidiary banks and a subsidiary company (jointly: the “Group”), which comprise the consolidated balance sheet as of December 31, 2013 and the related consolidated income statement, consolidated statement of changes in equity and consolidated cash flow statement for the year than ended, a summary of significant accounting policies and other explanatory notes and the statistical annex. Management’s Responsibility for the Consolidated Financial Statements Management of the Parent Bank is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with the Law on Accounting of the Republic of Serbia and regulations of the National Bank of Serbia governing financial reporting of banks, as well as for such internal control as management determines is necessary to enable the preparation of consolidated 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 consolidated financial statements based on the conducted audit. We conducted our audit in accordance with International Standards on Auditing and the Law on Audit of the Republic of Serbia. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Group’s preparation and fair presentation of the consolidated 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 Group’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 consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group as at December 31, 2013, and its financial performance and its cash flows for the year then ended in accordance with the accounting regulations of the Republic of Serbia and regulations of the National Bank of Serbia governing financial reporting of banks. Belgrade, April 15, 2014 Miroslav Tončić Certified Auditor Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see http://www.deloitte.com/rs/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms. Member of Deloitte Touche Tohmatsu Limited KOMERCIJALNA BANKA A.D., BEOGRAD CONSOLIDATED INCOME STATEMENT Year Ended December 31, 2013 (Thousands of RSD) Note 2013 2012 INCOME AND EXPENSES FROM CONTINUING OPERATIONS Interest income 5 a 23,657,731 21,721,618 Interest expenses 5 b (9,518,238) (9,588,179) Net interest income 14,139,493 12,133,439 Fee and commission income 6 a 5,827,288 5,671,372 Fee and commission expense 6 b (998,007) (841,098) Net fee and commission income 4,829,281 4,830,274 Net gains on the sale of securities carried at fair value through profit and loss 7 16,340 890 Net gains on the sale of securities available for sale 8 1,738 83,895 Net gains on the sale of other investments 9 484 2,124 Net foreign exchange losses 10 (944,477) (8,027,572) Dividend and other income from equity investments 11 4,127 2,251 Other operating income 12 355,999 252,106 Net impairment losses and provisions 13 (2,993,930) (1,946,369) Staff costs 14 (4,773,358) (4,708,699) Depreciation and amortization 15 (878,972) (842,991) Operating and other expenses 16 (6,085,901) (5,488,704) Gains on the valuation of assets and liabilities 17 6,945,903 17,989,672 Losses on the valuation of assets and liabilities 18 (6,216,085) (9,855,866) PROFIT FROM CONTINUING OPERATIONS 4,400,642 4,424,450 PROFIT BEFORE TAXES 4,400,642 4,424,450 Income taxes 19 (24,679) (499,462) Gains from creation of deferred tax assets and decrease in deferred tax liabilities 20 89,038 33,549 Losses on decrease in deferred tax assets and creation of deferred tax liabilities 21 (3,063) (12,218) NET PROFIT 4,461,938 3,946,319 Net profit attributable to non-controlling interests 55 - 1 Net profit attributable to the owners of the parent entity 55 4,461,938 3,946,318 Basic earnings per share (in RSD, rounded) 42 468 469 Diluted earnings per share (in RSD, rounded) 42 242 290 The accompanying notes on the following pages form an integral part of these consolidated financial statements. These consolidated financial statements were approved by the Executive Board of the Bank on April 14, 2014. Signed on behalf of Komercijalna banka a.d., Beograd by: Savo Petrović Ivica Smolić Finance and Accounting President Executive Director of the Executive Board 2 Translation of the Auditors’ Report issued in the Serbian language KOMERCIJALNA BANKA A.D., BEOGRAD CONSOLIDATED BALANCE SHEET As of December 31, 2013 (Thousands of RSD) Note 2013 2012 ASSETS Cash and cash equivalents 22 43,564,518 42,052,826 Revocable deposits and loans 23 56,236,152 45,826,369 Receivables arising from interest, fee and commission, trade, fair value adjustments of derivatives and other receivables 24 3,033,725 1,744,180 Loans and advances to customers 25 201,208,895 194,416,122 Securities (excluding treasury shares) 26 59,379,855 42,216,159 Equity investments (interests) 27 573,288 436,210 Other investments 28 2,931,239 3,230,128 Intangible assets 29 589,010 644,837 Property, equipment and investment property 30 8,806,919 7,871,320 Non-current assets held for sale and assets of discontinued operations 31 75,968 78,763 Deferred tax assets 19; 20; 32 47 4,896 Other assets 33 8,861,932 4,648,711 TOTAL ASSETS 385,261,548 343,170,521 LIABILITIES AND EQUITY Transaction deposits 34 61,608,788 45,840,849 Other deposits 35 211,158,677 204,644,393 Borrowings 36 2,585,700 1,411,962 Interest, fee and commission payables and change in the value of derivatives 37 259,137 191,129 Provisions 38 835,311 2,406,634 Taxes payable 39 24,425 24,571 Tax and dividend payables 40 167,889 105,081 Deferred tax liabilities 19; 20; 32 13,131 948 Other liabilities 41 41,566,794 26,471,804 Total liabilities 318,219,852 281,097,371 EQUITY Share capital 42 40,034,550 40,034,550 Reserves from profit for estimated losses 43 17,063,828 15,149,322 Revaluation reserves 44 1,820,229 867,774 Unrealized losses on securities available for sale 45 (187,011) (7,016) Retained earnings 46 6,868,962 4,640,004 Translation reserves – accumulated positive effects of foreign exchange translation of foreign currency transactions 52; 55 1,441,075 1,388,454 Equity attributable to the majority owner 67,041,633 62,073,088 Non-controlling interests 55 63 62 Total equity 67,041,696 62,073,150 TOTAL LIABILITIES AND EQUITY 385,261,548 343,170,521 OFF-BALANCE-SHEET ITEMS 227,797,499 207,913,711 Managed funds 47 5,439,678 5,050,021 Commitments 48 32,103,293 43,695,943 Other off-balance sheet items 49 190,254,528 159,167,747 The accompanying notes on the following pages form an integral part of these consolidated financial statements. 3 Translation of the Auditors’ Report issued in the Serbian language KOMERCIJALNA BANKA A.D., BEOGRAD CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Year Ended December 31, 2013 (Thousands of RSD) Reserves from Profit for Equity Non- Share Share Estimated Revaluation Translation Unrealized Retained Attributable Controlling Total Capital Premium Losses Reserves Reserves Losses Earnings to the Owner Interests Equity Balance at January 1, 2012 13,881,008 14,581,543 12,261,615 689,620 863,532 (63,940) 3,830,588 46,043,966 56 46,044,022 Capital increase 3,310,456 8,261,541 - - - - - 11,571,997 6 11,572,003 Transfer of 2011 retained earnings