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AIK BANKA A.D., NIŠ Financial Statements Year Ended December

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AIK BANKA A.D., NIŠ Financial Statements Year Ended December 31, 2014 and Independent Auditors’ Report Translation of the Auditors’ Report issued in the Serbian language AIK BANKA A.D., NIŠ CONTENTS Page Independent Auditors' Report 1 Financial Statements: Balance Sheet 2 Income Statement 3 Statement of Other Comprehensive Income 4 Statement of Changes in Equity 5 Statement of Cash Flows 6 Notes to the Financial Statements 7 - 94 Appendix: Annual Business Report Translation of the Auditors’ Report issued in the Serbian language Translation of the Auditors’ Report issued in the Serbian language INDEPENDENT AUDITORS’ REPORT To the Board of Directors and Owners of AIK banka A.D., Niš We have audited the accompanying financial statements of AIK banka A.D., Niš ((hereinafter: the “Bank”), enclosed on pages 2 to 94, which comprise the balance sheet as of December 31, 2014 and the related income statement, statement of other comprehensive income, statement of changes in equity and 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 Management is responsible for the preparation and fair presentation of these financial statements in accordance with the International Financial Reporting Standards as per 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 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 financial statements based on our 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 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 internal control relevant to the Bank’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 Bank’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. Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of the Bank as at December 31, 2014, and its financial performance and cash flows for the year then ended in accordance with the International Financial Reporting Standards as per the Law on Accounting of the Republic of Serbia and regulations of the National Bank of Serbia governing financial reporting of banks. Report on Other Legal and Regulatory Requirements Management of the Bank is responsible for the preparation of the annual business report in accordance with the requirements of the Law on Accounting of the Republic of Serbia. In accordance with the Law on Audit of the Republic of Serbia and Decision on Amendments and Supplements to the Decision on External Audit of Banks, it is our responsibility to express an opinion on the compliance of the Bank's annual business report for the year 2014 with the audited financial statements for the same financial year. In our opinion, the financial information disclosed in the annual business report for 2014 is consistent with the Bank's audited financial statements for the year ended December 31, 2014. Belgrade, April 15, 2015 Nada Suđić Certified Auditor AIK BANKA A.D., NIŠ BALANCE SHEET As of December 31, 2014 (Thousands of RSD) Note 2014 2013 2012 (Restated) ASSETS Cash and cash funds held with the central bank 20 27,320,656 22,439,278 37,141,632 Pledged financial assets 21 2,409,154 - - Financial assets at fair value through profit and loss, held for trading 22 - 2,714 21,689 Financial assets available for sale 23 41,668,406 28,523,155 - Financial assets held to maturity 24 510,331 2,991,546 27,868,417 Loans and receivables due from banks and other financial institutions 25 12,399,507 12,032,676 5,497,957 Loans and receivables due from customers 26 74,738,626 71,151,336 70,286,050 Intangible assets 27 194,488 128,783 66,740 Property, plant and equipment 28 956,288 1,070,778 1,047,321 Investment property 29 9,905,590 8,827,511 8,528,607 Current tax assets 31 498,938 522,882 - Deferred tax assets 32 81,695 250,338 - Non-current assets held for sale and assets from discontinued operations 30 56,279 - - Other assets 33 2,561,312 4,050,034 3,615,957 TOTAL ASSETS 173,301,270 151,991,031 154,074,370 LIABILITIES AND EQUITY Financial assets at fair value through profit and loss, held for trading 34 - 110 - Deposits and other liabilities due to banks, other financial institutions and the central bank 35 6,700,390 1,434,452 4,631,935 Deposits and other liabilities due to customers 36 111,848,977 97,424,448 97,134,221 Provisions 37 722,532 733,558 696,761 Current tax liabilities 38 - 179,228 103,645 Deferred tax liabilities 32 - 80,271 16,151 Other liabilities 39 877,168 981,530 1,330,137 TOTAL LIABILITIES 120,149,067 100,833,597 103,912,850 EQUITY 40 Issued (share) capital 26,920,470 26,920,470 26,517,651 Profit 1,818,028 1,229,005 3,641,848 Loss (336,262) (336,262) (100,493) Reserves 24,749,967 23,344,221 20,102,514 TOTAL EQUITY 53,152,203 51,157,434 50,161,520 TOTAL LIABILITIES AND EQUITY 173,301,270 151,991,031 154,074,370 Notes on the following pages form an integral part of these financial statements. These financial statements were adopted by the Board of Directors of AIK banka A.D., Niš on February 27, 2015 and submitted to the Serbian Business registers Agency on March 19, 2015. Signed on behalf of AIK banka A.D., Niš by: Dostinja Mentov Jelena Galić Head of Accounting and Reporting Executive Board Chairperson since March 27, 2015 Siniša Mihajlović Executive Board Member 2 Translation of the Auditors’ Report issued in the Serbian language AIK BANKA A.D., NIŠ INCOME STATEMENT Year Ended December 31, 2014 (Thousands of RSD) Note 2014 2013 (Restated) Interest income 8 10,403,936 11,837,198 Interest expenses 8 (3,679,497) (5,087,782) Net interest income 6,724,439 6,749,416 Fee and commission income 9 974,655 776,821 Fee and commission expenses 9 (156,381) (132,390) Net fee and commission income 818,274 644,431 Net losses on the financial assets held for trading 10 (2,714) (6,217) Net gains on risk hedges 11 4,130 14,721 Net gains on the financial assets available for sale 12 1,157 - Net foreign exchange gains and positive currency clause effects 13 282,224 313,840 Other operating income 14 591,785 1,787,369 Net losses from impairment of financial assets and credit risk-weighted off-balance sheet assets 15 (3,114,667) (4,008,760) Total operating income 5,304,628 5,494,800 Staff costs 16 (1,142,786) (828,630) Depreciation and amortization charge 17 (170,158) (264,391) Other expenses 18 (2,105,119) (3,532,494) Profit before taxes 1,886,565 869,285 Current income tax expense 19 (11,377) (100,781) Deferred tax benefits 19 - 250,338 Deferred tax expenses 19 (57,160) (25,606) Net profit for the year 1,818,028 993,236 Earnings per share Basic earnings per share 184 94 Diluted earnings per share - - Notes on the following pages form an integral part of these financial statements. These financial statements were adopted by the Board of Directors of AIK banka A.D., Niš on February 27, 2015 and submitted to the Serbian Business registers Agency on March 19, 2015. Signed on behalf of AIK banka A.D., Niš by: Dostinja Mentov Jelena Galić Head of Accounting and Reporting Executive Board Chairperson since March 27, 2015 Siniša Mihajlović Executive Board Member 3 Translation of the Auditors’ Report issued in the Serbian language AIK BANKA A.D., NIŠ STATEMENT OF OTHER COMPREHENSIVE INCOME Year Ended December 31, 2014 (Thousands of RSD) Note 2014 2013 (Restated) Profit for the year 1,818,028 993,236 Other comprehensive income Actuarial gains (474) - Positive effects of changes in fair value of financial assets available for sale 196,490 271,974 Unrealized gains/(losses) on securities available for sale 11,938 (16,029) Income tax expense in respect of the other comprehensive income (31,213) (38,513) Other comprehensive income, net of taxes 176,741 217,432 Total positive other comprehensive income for the year 1,994,769 1,210,668 Notes on the following pages form an integral part of these financial statements. These financial statements were adopted by the Board of Directors of AIK banka A.D., Niš on February 27, 2015 and submitted to the Serbian Business registers Agency on March 19, 2015.
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