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World Bank Document Public Disclosure Authorized CROATIAN BANK FOR RECONSTRUCTION AND DEVELOPMENT Public Disclosure Authorized Annual financial statements for 2016 Public Disclosure Authorized Public Disclosure Authorized Zagreb, March 2017 Contents Page Annual report of Croatian Bank for Reconstruction and Development Group 1 Responsibility for the Financial Statements 59 Independent Auditor's Report 60 Financial Statements of the Group: 65 Statement of Profit or Loss 65 Statement of Profit or Loss and Other Comprehensive Income 66 Statement of Financial Position 67 Statement of Cash Flows 68 Statement of Changes in Equity 69 Financial Statements of the Bank: 70 Statement of Profit or Loss 70 Statement of Profit or Loss and Other Comprehensive Income 71 Statement of Financial Position 72 Statement of Cash Flows 73 Statement of Changes in Equity 74 Notes to the Financial Statements include significant accounting policies and other explanations 75-201 Appendix - financial performance of the HKO Group 202 -205 H§OR Hrvatska banka za obnovu i razvitak ANNUAL REPORT OF THE CROATIAN BANK FOR RECONSTRUCTION AND DEVELOPMENT GROUP FOR 2016 March 2017 CONTENTS STATEMENT OF PERSONS RESPONSIBLE FOR THE PREPARATION OF THE ANNUAL REPORT................................................................................................................3 MANAGEMENT REPORT FOR 2016................................................................................ 4 GENERAL INFORMATION................................................................................................. 4 DESCRIPTION OF OPERATIONS OF HBOR GROUP IN 2016.................................. 13 CROATIAN BANK FOR RECONSTRUCTION AND DEVELOPMENT.......................... 13 SMALL AND MEDIUM-SIZED ENTERPRISES - 85 PERCENT HIGHER AMOUNT OF LOANS APPROVED................................................................................................................................14 MORE THAN HRK 500 MILLION APPROVED FOR INVESTMENTS IN AGRICULTURE.............15 TOURISM - INCREASE IN NUMBER OF APPROVALS BY 17 PERCENT................................... 15 FINANCING OF PROJECTS CO-FINANCED OUT OF THE EU FUNDS....................................... 16 NEW MEASURES AND ENHANCEMENT OF OPERATIONS IN 2016.........................................17 ENHANCEMENT OF CO-OPERATION WITH FINANCIAL INTERMEDIARIES (COMMERCIAL BANKS AND LEASING COMPANIES).....................................................................................17 REDUCED INTEREST RATES AS INCENTIVE TO INVESTMENTS............................................18 REDUCED INTEREST RATES UNDER INDIVIDUAL LOAN PROGRAMMES........................... 19 REDUCTION IN INTEREST RATES FOR YOUTH EMPLOYMENT AND INNOVATIVE COMPANIES..........................................................................................................................20 INVESTMENT PLAN FOR EUROPE............................................................................................20 ECONOMIC CO-OPERATION FUNDS........................................................................................21 HBOR AS EXPORT BANK AND EXPORT CREDIT AGENCY OF THE REPUBLIC OF CROATIA............................................................................................................................. 22 EXPORT CREDIT INSURANCE IN 2016......................................................................................23 FUND RAISING: FAVOURABLE SOURCES OF FINANCE PROVIDED......................................... 30 RISK MANAGEMENT.......................................................... 30 CONTROL AND AUDIT........... .................................................................................................. 36 COMPLIANCE MONITORING FUNCTION................................................................................ 36 HUMAN RESOURCES............................................................................................................... 36 OTHER ACTIVITIES................................................................................................................... 38 HRVATSKO KREDITNO OSIGURANJE GROUP............................................................40 HRVATSKO KREDITNO OSIGURANJE D.D. and POSLOVNI INFO SERVIS D.O.O......................40 PRINCIPLES OF FINANCIAL REPORTING..................................................................... 44 OVERVIEW OF FINANCIAL PERFORMANCE IN 2016................................................45 OVERVIEW OF FINANCIAL OPERATIONS OF THE GROUP............................................... 46 OVERVIEW OF FINANCIAL OPERATIONS OF HBOR................................................................. 50 2 H^OR Hrvatska banka za obnovu i razvitak STATEMENT OF PERSONS RESPONSIBLE FOR THE PREPARATION OF THE ANNUAL REPORT To the best of our knowledge the 2016 Annual Report contains a truthful development of events and business results as well as the position of the Croatian Bank for Reconstruction and Development and the Group and the description of the most significant risks and contingencies the Croatian Bank for Reconstruction and Development and the Group are exposed to. President of the Management Board Member of the Management Board Zagreb, 17 March 2017 3 MANAGEMENT REPORT FOR 2016 The Annual Report includes the summary of financial information, description of operations and audited Annual Financial Statements with the Independent auditor's report for the year ended 31 December 2016. Revised Financial Statements are shown for the Croatian Bank for Reconstruction and Development Group and the Croatian Bank for Reconstruction and Development. Legal status The Annual Report includes the annual financial statements prepared in accordance with the International Financial Reporting Standards and the Accounting Act and audited in accordance with the International Standards on Auditing. The compliance of the Annual Report with the Annual Financial Statements has been confirmed by auditors, pursuant to Article 17 of the Accounting Act. Exchange rate For the purpose of converting amounts in foreign currencies into HRK, the following middle exchange rates of the Croatian National Bank have been applied: 31 December 2016 EUR 1 = HRK 7.557787 USD 1 = HRK 7.168536 31 December 2015 EUR 1 = HRK 7.635047 USD 1 = HRK 6.991801 GENERAL INFORMATION Establishment HBOR was established on 12 June 1992 by the Act on Hrvatska kreditna banka za obnovu (HKBO). The Bank was renamed Hrvatska banka za obnovu i razvitak (Croatian Bank for Reconstruction and Development) by changes and amendments to the above Act in December 1995. In December 2006, the Croatian Parliament passed a new Act on HBOR, which came into force on 28 December 2006. On 15 February 2013, the Croatian Parliament passed the Act on Amendments to the Act on the Croatian Bank for Reconstruction and Development, whereby the Supervisory Board of HBOR was amended and increased by one member - the Minister of Regional Development and EU Funds, and now consists often members. 4 Hrvatska banka za obnovu i razvitak Group HBOR is the parent company of the HBOR group that was formed in 2010. The Group consists of the parent company, Hrvatsko kreditno osiguranje d.d. (HKO d.d.) and Poslovni info servis d.o.o. (PIS d.o.o.). Role within % of Name Headquarters Business activities the Group participation Hrvatsko Subsidiary 100% HBOR Republic of Insurance for kreditno company, Croatia company's foreign and osiguranje direct equity domestic short-term d.d. participation receivables, regarding shipments of goods and services Poslovni Subsidiary 100% Republic of Providing analysis, info servis company, Hrvatsko Croatia credit risk assessment d.o.o. indirect equity kreditno and information on participation osiguranje d.d. creditworthiness Illustration of the Group structure HBOR Hrvatsko kreditno osiguranje d.d. Poslovni Info sorvis d.o.o. 5 Strategic goals of the Bank In its operations, and within the framework of its powers and authorisations, HBOR promotes systematic, sustainable and balanced economic and social development pursuant to the overall strategic goals of the Republic of Croatia. Priority activity areas Promoting start-ups and the development of SMEs Promoting exports Developing tourism Financing innovation and development of new technologies Financing the development of agriculture Promoting the EU Funds utilisation - Financing projects for environmental protection, energy efficiency and renewable energy resources Breakdown of the most significant financial information for HBOR - In HRK million - 2012 2013 2014 2015 2016 Total assets 25,763.23 26,162.59 25,777.05 25,540.78 27,374.92 i Gross loans 24,106.96 24,941.60 24,721.41 24,722.82 26,343.12 Total equity 8,111.41 8,888.79 9,430.13 9,662.45 10,037.98 Total income 979.39 983.08 918.13 917.11 924.00 Total expense (844.97) (793.92) (749.79) (711.88) (610.47) Profit 134.42 189.16 168.34 205.23 313.53 Interest income 965.85 955.25 903.57 872.61 870.34 Interest expense (555.79) (520.91) (490.16) (474.53) (452.67) Net interest income 410.06 434.34 413.41 398.08 417.67 6 Credit rating as at 31 December 2016 • Bal by Moody's • BB by Standard & Poor's Ftegional offices • Regional office for Slavonia and Baranja • Regional office for Dalmatia • Regional office for Istria • Regional office for Lika • Regional office for Primorje and Gorski Kotar Number of employees On 31 December 2016, there were 349 employees in HBOR. On 31 December 2016, there were 364 employees in HBOR Group. STATEMENT ON THE CODE OF CORPORATE GOVERNANCE APPLICATION
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