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First Investment Bank AD As at 31 Dec 2015

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First Investment Bank AD As at 31 Dec 2015 To: Financial Supervision Commission Investment Activity Supervision Department 16 Budapest Str. Sofia Cc: Bulgarian Stock Exchange - Sofia AD 6 Tri Ushi Str. Sofia Re: Annual non-consolidated (audited) financial statements of First Investment Bank AD as at 31 Dec 2015 Dear Sirs, In compliance with the requirements of the Public Offering of Securities Act (POSA) and the regulations for its implementation, in our capacity as public company and issuer of bonds admitted for trading at a regulated market, we hereby submit the audited non-consolidated financial statements of First Investment Bank AD as at 31 December 2015, containing Audited unconsolidated financial statements as at 31.12.2015 and notes thereto, accompanied by the auditor’s report as per Art. 100m, para. 4(1) of POSA; 2015 Annual Report of First Investment Bank pursuant to Art. 100m, Para. 4(2) of POSA; Corporate Governance Code and Disclosure Policy of First Investment Bank in compliance with the requirement of Article 100m, para. 4(3) of POSA regarding the programme for implementation of the international standards for good corporate governance; Declaration under Art. 100о, para. 4(4) of POSA; Information on First Investment Bank under Annex 11 to Ordinance №2 of the Financial Supervision Commission on the prospects of public offering and admittance for trade on a regulated market of securities and for the disclosure of information by public companies and other issuers of securities; We are also sending you the Score Card for assessment of corporate governance in Bulgaria. Sincerely, (signed) (signed) Vassil Christov Dimitar Kostov Chief Executive Officer Executive Director Chairman of the MB Member of the MB WorldReginfo - 18b92c21-afdd-4dbf-96af-2e9a379cc361 Translation from Bulgarian tel: +359 2 421 0656 51 b, Bulgaria Blvd, floor 4 tel: +359 2 421 0657 1404 Sofia ULGARIA BDO B fax: +359 2 421 0655 Bulgaria [email protected], www.bdo.bg TO THE SHAREHOLDERS OF FIRST INVESTMENT BANK AD INDEPENDENT AUDITOR’S REPORT Report on the financial statements We have audited the accompanying financial statements of First Investment Bank AD, which comprise the statement of the financial position as at 31 December 2015, the statement of comprehensive income, the statement of changes in equity and the statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory notes. Management's Responsibility for the Financial Statements The Management is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union, and for the introduction of such internal control as management determines is sufficient to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an auditor’s opinion on these financial statements based on our audit. We conducted our audit in accordance with the professional requirements of the International Standards on Auditing. Those standards require that we comply with the ethical requirements and plan and perform the audit, so as 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 the auditor’s 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, the auditor considers the internal control system relevant to the company‘s preparation and fair presentation of the 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 company’s internal control system. An audit also includes evaluating the appropriateness of the accounting principles used and the reasonableness of accounting estimates made by the management, as well as evaluating the overall presentation of the financial statements. We believe that the audit we have conducted provides a sufficient and appropriate basis for our auditor’s opinion. WorldReginfo - 18b92c21-afdd-4dbf-96af-2e9a379cc361 Translation from Bulgarian Opinion In our opinion, the financial statements give a true and fair view of the financial position of First Investment Bank AD as at 31 December 2015, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by the European Union. Report on other legal and supervisory requirements We have checked the annual activity report of First Investment Bank AD as regards the correspondence between the annual report and the annual financial statements for the same reporting period in compliance with the provisions of the Accountancy Act. As a result we confirm that the financial data contained in the annual report corresponds to the annual financial statements as at 31 December 2015. Stoyanka Apostolova Nedyalko Apostolov Expert Accountant, Registered Manager Auditor BDO Bulgaria OOD Sofia, 11.03.2015 2 WorldReginfo - 18b92c21-afdd-4dbf-96af-2e9a379cc361 Translation from Bulgarian FIRST INVESTMENT BANK AD UNCONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015 WITH INDEPENDENT AUDITOR’S REPORT THEREON WorldReginfo - 18b92c21-afdd-4dbf-96af-2e9a379cc361 Unconsolidated statement of comprehensive income for the year ended 31 December 2015 in BGN ‘000 Note 2015 2014 Interest income 470,650 503,731 Interest expense (218,270) (227,462) Net interest income 6 252,380 276,269 Fee and commission income 99,384 101,450 Fee and commission expense (17,914) (19,421) Net fee and commission income 7 81,470 82,029 Net trading income 8 11,340 12,934 Other net operating income 9 62,785 14,060 TOTAL INCOME FROM BANKING OPERATIONS 407,975 385,292 Administrative expenses 10 (172,518) (178,310) Allowance for impairment 11 (327,422) (291,827) Other income, net 12 106,305 119,406 PROFIT BEFORE TAX 14,340 34,561 Income tax expense 13 (1,797) (3,980) NET PROFIT 12,543 30,581 Other comprehensive income for the period Items which should or may be reclassified as profit or loss Revaluation reserve on available for sale investments 4,430 3,811 Total other comprehensive income 4,430 3,811 TOTAL COMPREHENSIVE INCOME 16,973 34,392 The statement of comprehensive income is to be read in conjunction with the notes to and forming part of the financial statements set out on pages 5 to 67. Vassil Christov Svetoslav Moldovansky Maya Oyfalosh Chief Executive Officer Chief Operations Officer Chief Corporate Banking Officer Dimitar Kostov Yanko Karakolev Chief Risk Officer Director of Finance According to independent auditor’s report: BDO Bulgaria OOD Nedyalko Apostolov Stoyanka Apostolova Partner Registered auditor 1 WorldReginfo - 18b92c21-afdd-4dbf-96af-2e9a379cc361 Translation from Bulgarian Unconsolidated statement of the financial position as at 31 December 2015 in BGN ‘000 Note 2015 2014 ASSETS Cash and balances with Central Banks 14 1,489,865 1,629,121 Financial assets held for trading 15 9,913 8,887 Available for sale investments 16 507,269 449,303 Financial assets held to maturity 17 56,354 29,253 Loans and advances to banks and other financial institutions 18 109,435 80,559 Loans and advances to customers 19 5,131,731 5,734,295 Property and equipment 20 101,572 104,806 Intangible assets 21 10,660 13,410 Derivatives held for risk management 3,357 4,019 Current tax assets 1,847 94 Repossessed assets 23 926,336 517,391 Investment Property 23а 206,244 - Investments in subsidiaries 23b 36,357 36,371 Other assets 23c 90,447 38,326 TOTAL ASSETS 8,681,387 8,645,835 LIABILITIES AND CAPITAL Due to banks 24 10,344 10,229 Due to other customers 25 7,002,880 6,507,864 Ministry of Finance deposit 25а 450,922 901,844 Liabilities evidenced by paper 26 133,802 177,544 Perpetual debt 27 45,528 103,160 Hybrid debt 28 202,044 195,447 Deferred tax liability 22 5,214 3,333 Current tax liabilities 409 912 Other liabilities 29 84,862 17,093 TOTAL LIABILITIES 7,936,005 7,917,426 Issued share capital 30 110,000 110,000 Share premium 30 97,000 97,000 Statutory reserve 30 39,861 39,861 Revaluation reserve on available for sale investments 11,273 6,843 Revaluation reserve on property 4,500 4,500 Retained earnings 30 482,748 470,205 TOTAL SHAREHOLDERS’ EQUITY 745,382 728,409 TOTAL LIABILITIES AND GROUP EQUITY 8,681,387 8,645,835 The statement of the financial position is to be read in conjunction with the notes to and forming part of the financial statements set out on pages 5 to 67. Vassil Christov Svetoslav Moldovansky Maya Oyfalosh Chief Executive Officer Chief Operations Officer Chief Corporate Banking Officer Dimitar Kostov Yanko Karakolev Chief Risk Officer Director of Finance According to independent auditor’s report: BDO Bulgaria OOD Nedyalko Apostolov Stoyanka Apostolova Partner Registered auditor 2 WorldReginfo - 18b92c21-afdd-4dbf-96af-2e9a379cc361 Translation from Bulgarian Unconsolidated statement of cash flows for the year ended 31 December 2015 in BGN ‘000 2015 2014 Net cash flow from operating activities Net profit 12,543 30,581 Adjustment for non-cash items Allowance for impairment 327,422 291,827 Net interest income (252,380) (276,269) Depreciation and amortization 17,150 18,966 Tax expense 1,797 3,980
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