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ANNUAL REPORT Contents 2018 ANNUAL REPORT Contents Compliance Opinion 2 Presentation Corporate Profile 4 Financial Summary 8 Chairman’s Message 12 General Manager’s Message 14 Historical Background 22 Changes in the Articles of Association 24 Capital Structure 24 Turk Eximbank’s Position in the Turkish Banking Sector 25 The Assessment of the Activities of Turk Eximbank in 2018 26 Domestic Loans 27 International Loans Programs 29 Credit Insurance 31 Funding and Treasury Operations 34 International Relations 36 Information Technologies 38 Targets and Activities of Turk Eximbank in the Forthcoming Period 40 International Obligations 43 Information on Management and Corporate Governance Practices at Turk Eximbank Board of Directors and Audit Committee 46 Senior Management and Managers of Internal System Units 48 The Committees for Risk Management and Bank Transactions at Turk Eximbank 50 Summary Report for 2018 Submitted by the Board of Directors to the General Assembly of Türkiye İhracat Kredi Bankası A.Ş. (Turk Eximbank) 52 Human Resources Practices 57 Sustainability 57 Financial Information and Assessment on Risk Management Relations of Turk Eximbank with Its Risk Group 58 Support Services Obtained by Turk Eximbank 58 The General Assessment of the Audit Committee for the Year 2018 Regarding Activities and Risk Management, Internal Control and Internal Audit Systems at Turk Eximbank 59 Evaluation of Financial Position 63 Risk Management Policies Based on Risk Types 64 Credit Ratings Assigned to Turk Eximbank by International Rating Agencies 69 Financial Indicators for the 2014-2018 Period 69 Unconsolidated Financial Statements as of and for Year Ended 31 December 2018 with Independent Auditors’ Report Thereon 70 Directory 203 The PDF version of the report is available at: https://www.eximbank.gov.tr/en/investor-relations/annual-reports TURK EXIMBANK 2018 ANNUAL REPORT 1 Turk Eximbank has a central role through its policies in support of exports. The Bank’s main objectives are to increase the volume of exports, to diversify of export goods and services, to develop new export markets, to increase the exporters’ share of international trade and providing necessary support for their initiatives, to gain competitiveness and bringing assurance to exporters, overseas contractors and investors on the international markets, and to promote and support the production and sale of investment goods for export through overseas investments. 2 TURK EXIMBANK 2018 ANNUAL REPORT Compliance Opinion KPMG Bağımsız Denetim ve Tel +90 (212) 316 60 00 Serbest Muhasebeci Mali Fax +90 (212) 316 60 60 Müşavirlik A.Ş. www.kpmg.com.tr İş Kuleleri Kule 3 Kat: 2-9 Levent 34330 İstanbul CONVENIENCE TRANSLATION INTO ENGLISH OF INDEPENDENT AUDITOR’S REPORT ON THE BOARD OF DIRECTORS’ ANNUAL REPORT ORIGINALLY ISSUED IN TURKISH To the Shareholders of Türkiye İhracat Kredi Bankası Anonim Şirketi Opinion We have audited the annual report of Türkiye İhracat Kredi Bankası Anonim Şirketi (the “Bank”) for the period between 1 January 2018 and 31 December 2018, since we have audited the complete set unconsolidated financial statements for this period. In our opinion, the unconsolidated financial information included in the annual report and the analysis of the Board of Directors by using the information included in the audited unconsolidated financial statements regarding the position of the Bank are consistent, in all material respects, with the audited complete set of unconsolidated financial statements and information obtained during the audit and provides a fair presentation. Basis for Opinion We conducted our audit in accordance with “Regulation on Independent Audit of the Banks” published in the Official Gazette No.29314 dated 2 April 2015 by Banking Regulation and Supervision Agency (“BRSA Auditing Regulation”) and Standards on Auditing which is a component of the Turkish Auditing Standards published by the Public Oversight Accounting and Auditing Standards Authority (“POA”) (“Standards on Auditing issued by POA”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Annual Report section of our report. We declare that we are independent of the Bank in accordance with the Code of Ethics for Auditors issued by POA (POA’s Code of Ethics) and the ethical requirements in the regulations issued by POA that are relevant to audit of financial statements, and we have fulfilled our other ethical responsibilities in accordance with the POA’s Code of Ethics and regulations. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Auditor’s Opinion on Complete Set of Unconsolidated Financial Statements We have expressed an unqualified opinion on the complete set of unconsolidated financial statements of the Bank for the period between 1 January 2018 and 31 December 2018 on 21 February 2019. Board of Directors’ Responsibility for the Annual Report In accordance with the Articles 514 and 516 of the Turkish Commercial Code numbered 6102 (“TCC”) and Regulation on the Principles and Procedures Concerning the Preparation of and Publishing Annual Reports by the Bank (“Regulation”) published in the Official Gazette dated 1 November 2006 and Numbered 26333, the Bank’s management is responsible for the following regarding the annual report: a) The Bank’s management prepares its annual report within the first three months following the date of statement of financial position and submits it to the general assembly. b) The Bank’s management prepares its annual report in such a way that it reflects the operations of the year and the unconsolidated financial position of the Bank accurately, completely, directly, true and fairly in all respects. In this report, the financial position is assessed in accordance with the Bank’s unconsolidated financial statements. The annual report shall also clearly indicates the details about the Bank’s development and risks that might be encountered. The assessment of the Board of Directors on these matters is included in the report. TURK EXIMBANK 2018 ANNUAL REPORT 3 c) The annual report also includes the matters below: • Significant events occurred in the Company after the reporting period, • The Bank’s research and development activities. • Financial benefits such as wages, premiums and bonuses paid to board members and key management personnel, appropriations, travel, accommodation and representation expenses, benefits in cash and kind, insurance and similar guarantees. When preparing the annual report, the Board of Directors also considers the secondary legislation arrangements issued by the Ministry of Trade and related institutions. Auditor’s Responsibility for the Audit of the Annual Report Our objective is to express an opinion on whether the unconsolidated financial information included in the annual report in accordance with the TCC and the Regulation, and analysis of the Board of Directors by using the information included in the audited unconsolidated financial statements regarding the position of the Bank are consistent with the audited unconsolidated financial statements of the Bank and the information obtained during the audit and give a true and fair view and form a report that includes this opinion. We conducted our audit in accordance with BRSA Auditing Regulation and Standards on Auditing issued by POA. Those standards require compliance with ethical requirements and planning of audit to obtain reasonable assurance on whether the unconsolidated financial information included in the annual report and analysis of the Board of Directors by using the information included in the audited unconsolidated financial statements regarding the position of the Bank are consistent with the unconsolidated financial statements and the information obtained during the audit and provides a fair presentation. 4 TURK EXIMBANK 2018 ANNUAL REPORT PRESENTATION Corporate Profile Export Credit Bank of Turkey (Turk Strong performance Eximbank) is the only official export Founded in 1987, Turk Eximbank’s performance enabled it to quickly join credit agency in Turkey. the ranks of the world’s leading issuers Founded in 1987, Turk Eximbank’s performance enabled of export financing it to quickly join the ranks of the world’s leading issuers of export financing even though it was set up nearly half a century later than similar institutions in advanced economies like COFACE (France), Euler Hermes (Germany), SACE (Italy), Atradius (Netherlands), ECGD (UK), etc. Turk Eximbank supplies an extensive lineup of financing products to international contractors, investors, shippers, tourism operators, and other cross-border businesses. Furthermore, unlike the export credit agencies of many other countries, Turk Eximbank’s ability to combine credit, guarantee, and insurance products under the same roof allows it to provide its customers with fully-integrated service. PRESENTATION TURK EXIMBANK 2018 ANNUAL REPORT 5 As the first financial institution in Having undergone reorganization Turkey to provide export credit with the purpose of working insurance, Turk Eximbank fostered with the exporters directly, Turk awareness of the concept and Eximbank converted its liaison promoted its widespread adoption. offices into branches in order to Turk Eximbank insurance programs provide on-site service to more today provide Turkish exporters with exporters. Accordingly, the Bank is coverage against their commercial headquartered in İstanbul (Asian (importer) and political (importing Side) and has Ankara
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