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Azerbaijan Industry Bank OJSC

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Azerbaijan Industry Bank OJSC Azerbaijan Industry Bank OJSC Consolidated Financial Statements and Independent Auditors’ Report For the year ended 31 December 2016 Azerbaijan Industry Bank OJSC Consolidated financial statements and independent auditors report Table of contents Page Statement of management' s responsibilities for the preparation and approval of the consolidated financial statements for the year ended 31 December 2016 1 Independent auditors' report 2-3 Consolidated statement of financial position 4 Consolidated statement of comprehensive income 5 Consolidated statement of changes in equity 6 Consolidated statement of cash flows 7-8 Notes to the consolidated financial statements 9-65 Statement of management's responsibilities for the preparation and approval of the co nsolidated frnancial s tatements For the year ended 31 Decernber 2016 The following statement is made with a view to distingushrng tespective responsibilities of the management and those of the tndependent auditors in relation to the consolidated financial statements of " Azerbarjan Industry Bank" Open Joint Stock Company (the "Bank") and its subsidiary (collectively refered to as the "Gtoup"). The management is responsible fot the prepatation of the consolidated financial statements that present fafuly the financial position of the Group as at31. Decembet 2016,the tesults of its operations, cash flows and changes m equlty for the year then ended, in accotdance with Intetnational Financial Repotrng Standards ("IFRS"). In ptepadng the consolidated financial statements, management is responsible for: . Propedy selecting and app\ang accounting policies; . Ptesenting information, including accounting policies, in a manner that plovides televant, reliable, compatable and understandable information; o Ptoviding additional disclosures when compliance with the specific requilements in IFRSs are insuffrcient to enable users to undetstand the impact of particular transactions, other events and conditions on the Group's consolidated financial position and financial performance; . Making an assessment of the Group's abi]ity to continue as a going concern. Management is also tesponsible for: Desigmng implementing and maintaining an effective and sound system of internal controls, throughout the Gtoup; Maintaining ptopet accounting recotds with teasonable accvracy at any time to ensrffe that these tecords enable them to ptepate the consolidated financial statement of the Gtoup in compliance with IFRS; Maintaining statutory accountingrecotds in compliance with legislation and accounting standards of the Repubhc of Azetbatjan; a Taking such steps are reasonably available to them to safeguard the assets of the Group; and a Detecting and preventing fraud, etrors and other irregulatities. The consolidated financial statements of the Group fot the year ended 31 December 20'1,6 were authorized for issue on 28 Aptil 2017 by the management of the Group: On behalf of the Management ,,ry )F co A$B .i- ..? r1 Dogan Tandogan j'--s rlov i a ) Chairman of the rJ ltl I Chief Accountant/Finance Ditector Baku, Republtc of Azerbaljan Baku, Republic of Azerbaijan Date:28 Apitl2017 Date:28 Aorl,2017 GrantThornton Grant Thornton Azerbaijan An instinct for growth" Damirchi Tower 22nd floor 37 Khojali Avenue Baku, Azerbaijan I +994124047537 +994 12 4047538 F. +994 12 4047543 E [email protected] M grantthornton,az Independent auditors t report To the Shareholders of Azerbaiian Industry Bank OJSC Report on the Audit of the Consolidated Financial Statements Opinion We have audited the consolidated financial statements of Azetbaljan Industry Bank OpenJoint Stock Company (the "Bank") and its subsidiary (collectively referted to as the "Gtoup"), which comprise the consolidated statement of financial position as at Decemb et 31,2016, the consolidated statements of profit or loss and other comptehensive income, changes in equity and cash flows for the yeat then ended, and notes to the consolidated frnancial statements, including a summary of signifrcant accounting policies. In out opinion, the accompanFng consolidated ftnancial statements give a true and fair view of the consolidated financial position of the Gtoup as at December 31,,201,6, and its consolidated ftnancral petformance and its consolidated cash flows fot the year then ended in accotdance with Intetnational Financial Reporting Standards OFRS). Basis fot Opinion 'We conducted our audit in accordance with Intetnaional Standatds on Auditing (ISAt. Out tesponsibilities under those standards are further descdbed in the Auditors' Responsibilities for the Audit of the Consolidated Financial Statements section of out report. We ate independent of the Group in accordance with Intetnational Ethics Standatds Boatd fot Accountants Code of Ethics fot Ptofessional Accountants (IESBA Code), and we have fulfilled our other ethical responsibilities in accotdance with these requirements and the IESBA Code. lWe believe that the audit evidence we have obtained is sufficient and appropdate to ptovide a basis for our opinion. Responsibilities of Management and Those Chatged with Govetnance for the Consolidated Financial Statements Management is responsible for the ptepatation and far presentation of the consolidated ftnancial statements in accordance with IFRS, and fot such intetnal control as management detetmines is necessary to enable the preparation of consolidated financial statements that are ftee fiom material misstatement, whethet due to fraud of erro.r. In preparing the consolidated financial statements, management is responsible for assessing the Group's ability to continue as a going concetn, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Gtoup or to cease operatrons, or has no realistic altetnative but to do so. Those charged with govern^flce are responsible fot overseeing the Group's financial reporing process. GranLThorntonAzerbaijan, amembor jormof GranLThornton lntgmational Ltd jlms Gran L Thornton I nlernadon al and i ts membel ale not a wor dude partnershi p SeRices are deliver€d i ndopendenlly by the member llrms Independent auditorsf report Auditors' Responsibilities for the Audit of the Consolidated Financial Statements Out objectives are to obtain reasonable assutance about whethet the consolidated lrrancial statements as a whole are free ftom rnatetial misstatement, whedret due to fraud or errot, and to issue an auditors' report that includes ont opinion. Reasonable assurance is a hrgh level of assurance, but is not a goar^rrtee that an audit conducted in accordance with ISAs will always detect a nlratet:tal misstatement when it exists. Misstatements can atise ftom fraud or ertor and are considered material if, individually or in the te, they could teasonably ^ggrcg be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. As part of an audit in accordance with ISAs, we exetcise professional iudgment and maintain professional skepticism throughout the audit. We also: o Identr& and assess the tisks of matedal misstatement of the consolidated financial statements, whether due to fraud or error, design and perfotm audit ptocedures tesponsive to those tisks, and obtain audit evidence that is sufficient and appropdate to provide a basis fot out opinion. The risk of not detecting a mater:ral misstatement resulting ftom ftaud is highet than fot one resulting from erot, as fraud may involve collusion, forgery, intentional omissions, mistepresentations, or the ovetride of intemal control. Obtam an understanding of intetnal conttol televant to the audit in otder to design audit procedutes that ate apptopriate in the citcumstances, but not for the purpose of exptessing an opinion on the effectiveness of the Group's internal conmol. r Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosutes made by management. o Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a rnaterial uncertainty exists telated to events or conditions that may cast sigrufrcant doubt on the Gtoup's abiJity to continue as a going concern. If we conclude that a matedal uncertainty exists, we ate tequired to draw attention in our auditors' report to the related disclosures in the consolidated frnancial statements ot, if such disclosutes are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. Flowever, future events ot conditions may cause the Group to cease to conilnue as a gomg concern. o Evaluate the overall presentation, structure and content of the consolidated financial statements, rncludrng the disclosutes, and whether the consolidated ftnancial statements tepresent the underhing transactions and events in a manner that achieves fair presentation. Obtain suff,rcient and appropriate audit evidence regarding the financial information of the entities or business activities wrthin the Gtoup to express an opinion on the consolidated financial statements. !7e are tesponsible for the direction, supewision and petformance of the Group audit. We temain solely responsible for our audit opinion. We communicate with those charged with govetnance regarding, among other matters, the planned scope and timing of the audit and significant audit findrngs, includtng any significant deficiencies in internal
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