Sberbank Srbija A.D

Annual Report 2012 Sberbank Srbija a.d.

Sadržaj/Contents

Sberbank Srbija i Sberbank Evropa 02 Uvodna reČ IzvrŠnog odbora 03 Ključni pokazatelji 2004-2012 04 Analiza poslovanja 05-08 Finansijski izveštaj 09-15 Bilans uspeha 10 Bilans stanja 11-12 Izveštaj o promenama na kapitalu 13 Izveštaj o novčanim tokovima 14-15 Izveštaj nezavisnog revizora 16 Izveštaj Upravnog odbora 17 About Sberbank and Sberbank Europe 18 Foreword from the Executive Board 19 Key facts 2004-2012 20 Lines of business 21-24 Financial Statements 25-31 Income statement 26 Balance sheet 27-28 Statement of changes in shareholders’ equity 29 Cash flow statement 30-31 Independent auditor’s report 32 Board of Directors annual report 33 Sberbank Srbija i Sberbank Evropa

Ukraine Czech Republic

Slovakia

Austria

Hungary

Slovenia Croatia

Bosnia and Herzegovina Serbia

U februaru 2012. godine bivšu Volksbank Internatio- ji, Hrvatskoj, Bosni i Hercegovini, Srbiji i Ukrajini. Banka nal AG – sada Sberbank Europe AG – preuzela je ruska ima ukupno 280 ekspozitura i 4 400 zaposlenih (na dan Sberbank. 31. 12. 2012.).

Sberbank je najveća banka u Rusiji i poseduje gotovo Sberbank je jedna od najprofitabilnijih finansijskih ins- jednu trećinu svih sredstava ruskog bankarskog sektora. titucija u svetu i vodeći igrač na tržištu po tome što Centralna banka Ruske Federacije je osnivač i većinski obezbeđuje inovativne proizvode zasnovane na izvrsnos- vlasnik Sberbanke, sa vlasništvom od 50% plus jedna ti i najnovijoj tehnologiji. Kombinujući lokalnu stručnost i akcija sa pravom glasa. Ostale akcije su u vlasništvu više usmerenost svojih zaposlenih na korisnike, Sberbank Eu- od 245 000 samostalnih i institucionalnih investito- rope gradi mostove ka poslovanju na istoku i jedinstveni ra u Rusiji i inostranstvu. Banka poseduje najveću dis- je bankarski partner u regionu centralne i istočne Evrope, tributivnu mrežu u Rusiji sa preko 18 000 filijala, kao i Rusije i ZND. podružnice u 20 zemalja, među kojima su ZND, zemlje centralne i istočne Evrope. Od kada nas je preuzela Sberbank, započeli smo značajnu transformaciju. Kao važan deo jedne od U septembru 2012. godine Sberbank je okončala preuzi- najvećih, najbrže rastućih i najdinamičnijih bankarskih manje DenizBank AS koja je rangirana kao 6. privatna i 9. organizacija u svetu - mi u Sberbank Europe težimo da od svih turskih banaka po konsolidovanoj ukupnoj akti- budemo prepoznati kao inovator koji menja pravila igre, vi. Sberbank je časopis “The Banker” proglasio za “banku lider u razvoju u bankarstvu centralne i istočne Evrope, godine”, a “The Economist” je rangirao kao drugu po sto- sa rastućim prisustvom i prepoznatljivošću u zapadnoj pi prinosa na kapital u proteklih deset godina. Evropi. Cilj nam je da izgradimo trajne odnose sa našim klijentima tako što ćemo ispunjavati njihove potrebe. Sberbanka Europe AG upravlja bankarskom mrežom od Kao Sberbank Europe, mi težimo da postanemo banka devet univerzalnih banaka u osam zemalja centralne i koja nikad ne prestaje da usavršava sebe i svoje poslo- istočne Evrope: Slovačkoj, Češkoj, Mađarskoj, Sloveni- vanje za dobrobit svojih klijenata.

2 SBERBANK RS | godišnji izveštaj 2012 | Sberbank srbija i Sberbank Evropa Uvodna reč Upravnog odbora

Poštovani klijenti, akcionari i prijatelji Sberbanke Kao i prethodnih godina, bankarsko poslovanje u 2012. Srbija a.d. Beograd, se odvijalo u veoma zahtevnom ekonomskom okruže- nju. Sberbank Srbija je ostala na putu stabilnog i kon- Od kada je u februaru Volksbank Srbija postala članica stantnog rasta svih parametara bankarskog poslovanja, Sberbank grupe, započet je obiman proces transfor- obeleženom uvođenjem novih proizvoda na srpsko tr- macije i integracije. Naša osnovna poslovna politika, žište, kao što je pružanje mogućnosti plaćanja, finansij- usmerenost na potrebe klijenata i blisko partnerstvo, skih transakcija i štednje u ruskim rubljama po prvi put kao i naša dugoročna orjentisanost ka visokom kvalitetu u Srbiji. Tokom 2012. godine smo podržali izvoz robe iz odrazile su se u postignutim rezultatima, koji su prema- Srbije (poljoprivreda) u Rusiju i nastavićemo da pružamo šili sva očekivanja. sistemsku podršku izvoznicima i uvoznicima u Srbiji koji posluju sa Rusijom. 2012. godina je za Sberbanku Srbija donela novi profit u iznosu od 12 miliona evra sa ukupnom aktivom od 902 Sberbank Srbija postiže izvanredne rezultate uz izuzet- miliona evra. Obim kredita za privredu i stanovništvo, uk- nu posvećenost svojih zaposlenih, čak i u godinama glo- ljučujući i one prekogranične, iznosio je 736 miliona evra, balne ekonomske krize. Svi smo uvereni da će sada kada dok su depoziti porasli za 47% u odnosu na prethodnu go- smo članica Sberbank grupe, jedne od najjačih i najbrže dinu. U okruženju prepunom izazova, podržali smo srpsku rastućih finansijskih institucija na svetu, naše uspešno privredu, što se jasno vidi iz veoma snažnog rasta kredita poslovanje biti nastavljeno. za privredu u 2012. godini od 86%, u poređenju sa 2011. godinom.

Valeriy Ovsyannikov Danilo Đurović Gordana Matić Predsednik Izvršnog odbora Član Izvršnog odbora Član Izvršnog odbora

SBERBANK RS | godišnji izveštaj 2012 | uvodna reč upravnog odbora 3 Ključni pokazatelji 2004 - 2012

Racio troškova Ukupna aktiva i prihoda u milionima RSD

. .%

, ,

. % , .%

. % ,

. % , . % . % . % .%

Plasman kredita , Proﬁt u milionima RSD u milionima RSD

, ,

4 SBERBANK RS | godišnji izveštaj 2012 | ključni pokazatelji Analiza poslovanja

Poslovanje sa stanovništvom • poboljšanje baze aktivnih klijenata za 11% ,

Kao i u prethodnih pet godina i u 2012. Sektor za rad sa • povećanju broja transakcija domaćeg platnog pro- stanovništvom Sberbank Srbije je ostao fokusiran na mak- meta za 22%, simizaciju profitabilnosti, poboljšanju kreditno-depozitnog racija, povećanju broja klijenata kao i njihovoj aktivnosti u • povećanju broja transakcija međunarodnog plat- pogledu korišćenja bankarskih proizvoda i usluga. nog prometa za 20%,

Operativna profitabilnost retail segementa od 8,7 mi- • povećanje broja platnih kartica za 7% itd. liona evra predstavlja odraz primenjenih inovacija, pre svega u pogledu kreditnih i depozitnih proizvoda, kao i Bitno je napomenuti da su navedene performanse logičnu posledicu dugoročne orijentacije ka kvalitenom ostvarene bez povećanja broja filijala (26) i zaposlenih i zadovoljenju finansijskih potreba klijenata. isključivi su odraz posvećenosti banke ka povećanju efikasnosti i organskom rastu u budućnosti.

Krediti plasirani stanovništvu u milionima RSD

, , Poslovanje sa privredom

2012. godinu možemo nazvati najuspešnijom godinom , , za Sektor privrede Sberbank Srbija. Zabeležen je izuzetno snažan rast on i off balance portfolija, koji je prevazišao

, sva očekivanja, čime se tržišno učešće u segmentima u kojima je banka aktivna značajno povećalo. Takav rast je imao uticaja i na ostvarenje profita iznad očekivanog. , Međutim, pravi efekti rasta, kada je u pitanju profitabilnost, će se videti u 2013. godini. Pored rasta porfolija, , došlo je da izuzuetnog rasta depozitne baze, što je jasan znak poverenja koji klijenti imaju u Sberbank Srbija. Rast aktive i depozita nije bio cilj sam po sebi već da se sa klijentima uspostavi sveobuhvatna saradnja, što je i postignuto. Naime, značajno je povećan dinarski i devizni Ono što treba napomenuti u 2012-oj godini je značajno platni promet preko računa otvorenih kod banke, dok je poboljšanje kreditno depozitnog racija retail segmenta prodaja deviza prevazišla i najoptimističnija očekivanja. sa 408% na kraju 2011-e na 289% na kraju 2012-te godine. Važno je istaći da je poboljšanje ovog racija ostva- Nakon izuzetno uspešne 2012. godine u 2013. godini nas reno uz 25% veću produkciju kredita u 2012-oj u odnosu očekuje stabilizacija portfolija i podizanje profitabilnosti na 2011-u kao i povećanje depozitnog portfolija za 42% kroz uvođenje novih proizvoda, efikasnije organizacije, a zadržavanje performansi profitabilnosti. koja je postavljena u drugoj polovini prošle godine, kao i kroz intenziviranje saradnje sa članicama Sberbank gru- Potvrdu posvećenosti zaposlenih povećanju efikasnosti, pe. Pored već navedenog, 2013. godina će biti godina fo- pored napred pomenutih parametara, možemo validirati kusiranja na depozite u cilju smanjenja L/D racia. Kako kroz nekoliko sledećih pokazatelja promene u odnosu na bi se ostvarili dati ciljevi, puna pažnja će biti posvećena 2011-u: razvoju i edukaciji ljudi koji su osnovni resurs.

SBERBANK RS | godišnji izveštaj 2012 | analiza poslovanja 5 Analiza poslovanja

Sektor sredstava Informacione tehnologije

2012. godinu je obeležilo veliko slabljenje dinara, koje je U 2012. godini IT sektor banke je aktivno doprineo i us- imalo prilično negativan uticaj na kretanje celokupnog pešno pratio razvoj banke uvođenjem savremenih reše- tržišta.. nja u IT oblasti, prvenstveno orijentisanih ka klijentima banke izlazeći na taj način u susret njihovim potrebama. Dinar je u prvoj polovini godine slabio značajno, došavši skoro do nivoa od 120 dinara za jedan euro, dok je drugi Glavni akcenat je stavljen na mere povećanja efikasnosti, deo godine doneo rast. Nominalno, dinar je depresirao kao i na podizanje kvaliteta pruženih servisa klijentima preko 8%. prvenstveno kroz:

Tokom 2012. godine nekoliko puta je menjan iznos oba- • Proširenje funkcionalnosti Call Center-a vezne rezerve, uz povećanje dinarskog dela u deviznoj obaveznoj rezervi, što je doprinelo povlačenju dinarskih • Interni razvoj aplikacija koje efikasno podržavaju sredstava sa tržišta. poslovne procese

Evidentno je bilo i povlačenje stranih investitora iz zapisa • Implementaciju raznih dodatnih funkcionalnosti u Ministarstva finansija, zbog veoma nestabilne situacije. okviru glavnog bankarskog sistema Međutim, krajem godine, uz povećanje referetne stope, povećao se njihov interes, uz rasprodate aukcije. • Unapređenje IT infrastrukture – Data Storage si- stem i virtuelizacija sistemskog okruženja. U 2012. godini značajno su povećani prometi koje smo ostvarili u trgovanju kako sa klijentima, tako i sa bankama. Uspeli smo da povećamo tržišna učešća i da posti- gnemo rekordnu profitabilnost.

U 2013. godini ćemo se fokusirati na dalju integraciju sa grupom kroz uvođenje novih procedura, standarda i proizvoda. Takođe, fokusiraćemo se i na korišćenje glo- balnog Sberbank brenda za uspostavljanje komunikacije sa svetskim bankama, a sa ciljem postizanja veće prisut- nosti i uticaja na lokalnom tržištu.

6 SBERBANK RS | godišnji izveštaj 2012 | analiza poslovanja Analiza poslovanja

Ljudski resursi Marketing i komunikacije

2012. godina je za zaposlene naše banke bila različita u Odeljenje marketinga i komunikacija je i tokom 2012. odnosu na sve prethodne. Veliki broj projekata od strane godine promovisalo čitav niz novih proizvoda putem Sberbank Evropa i Sberbank Rusija je doveo do snažnog elektronskih, outdoor i štampanih medija sa fokusom na razvoja zaposlenih u strateškom pogledu. dinarske kredite sa fiksnom kamatnom stopom tokom celog perioda otplate. Cela godina je protekla u radu na liderskim i menadžer- skim veštinama direktora banke. Ovim se menjala kultu- Uspešno su organizovane kampanje za depozite i speci- ra unutar banke. fičnu D„ obro jutro“ štednju, kredite za mikro preduzeća, keš kredite i kredite za refinansiranje, kao i tokom cele Ispitivanje zadovoljstva zaposlenih je sporovedeno kra- godine kontinuirana promocija kredita za energetsku jem 2011. godine je bilo tema tokom cele 2012. godine. efikasnost.T radicija kreiranja pionirskih i jedinstvenih Na radionicama smo, zajedno sa zaposlenima identifiko- bankarskih proizvoda je nastavljena uvođenjem platnog vali bitne i hitne nalaze na koje smo se fokusirali tokom prometa i svih finansijskih transakcija u ruskim rubljama godine. što je potpuna novina na srpskom bankarskom tržištu.

U januaru 2012. godine pokrenut program za studente Nastavljena je i saradnja na promotivnim aktivnostima treće godine Ekonomskog fakulteta, Univerziteta u Beo- za transfere novca MoneyGram i Western union. Marke- gradu, kojim smo uspostavili odličnu saradnju sa fakulte- tinški je ispraćen nastup banke na Sajmu zapošljavanja tom. Rezultat je stipendiranje 2 studenta treće godine i dok su na polju internih komunikacija kroz niz aktivnosti potpuna podrška njima tokom trajanja studija. promovisane informacije o Sberbanci.

Sproveden je „Junior program“ u kome smo zaposlili 13 Uspešno je organizovana prva konferencija za novinare diplomaca ekonomskog usmerenja. Oni su imali dvome- Sberbanke u Srbiji koja je odlično medijski ispraćena. sečni program obuke pri čemu su se upoznali sa radom cele banke, obišli sva odeljenja i prošli obuke znanja i ve- Nakon promene imena banke, učinjen je prvi korak ka ština. punom rebrandingu banke: uspešno je proizveden novi Sberbank promotivni materijal kojim je zamenjen sav re- Plan za narednu godinu je razvoj višeg i srednjeg menad- klamni materijal i obavešteni svi klijenti banke kao i jav- žmenta, kontinuirani rad na akcionim koracima proizaš- nost u zemlji o promeni imena. lim iz istraživanja zadovoljstva zaposlenih i dalje unapre- đivanje funkcije same službe. I pored stalnog trenda smanjenja medijskog prostora jer je određeni broj štampanih i elektronskih medija ugašen, održana je odlična komunikacija sa svim relevantnim medijima. Kroz PR aktivnosti obezbeđena je kontinuirana prisutnost banke na svim relevantnim televizijskim stanicama sa nacionalnom frekvencijom, u najtiražnijim novinama i specijalizovanim časopisima kao i na velikom broju veb sajtova na internetu.

Sve ovo je rezultiralo održanjem istog nivoa PR vrednosti objava banke u medijima sa rekordnih 71% primarnih pozicija banke u novinskim člancima i TV prilozima.

SBERBANK RS | godišnji izveštaj 2012 | analiza poslovanja 7 Analiza poslovanja

Upravljanje rizicima

Godinu 2012. je označilo konstantno jačanje funkcije U pogledu konstantnog trenda rasta nenaplativih kredi- upravljanja rizicima u Sberbanci Srbije. U skladu sa Sber- ta na tržištu Srbije tokom 2012. godine, snažan fokus je bank grupom i najboljim međunarodnim praksama, Ban- stavljen na dalji razvoj naplata i funkcija restruktuisanja ka je reorganizovala organizacionu strukturu sektora za Banke, što je dovelo do značajnog unapređenja poslova- upravljanje rizicima i lansirala niz projekata namenjenih nja u odnosu na 2011. godinu. uvođenju novih alata, modela i infrastrukture u sektor upravljanja rizicima, što će u budućnosti u isto vreme do- Kako idemo napred, i dok glavni rizik i dalje ostaje razvoj neti manji nivo ukupnog rizika, kao i bolji kvalitet usluga kvaliteta našeg portfolija u svetlu aktuelne ekonomske klijentima Banke. situacije, akcenat u našem razvoju će biti stavljen na upravljanje kreditnim rizicima. Tokom godine, veliki broj važnih regulatornih promena je uspešno uveden, a Banka je u potpunosti usklađena sa svim relevantnim odredbama u domenu upravljanja rizicima.

Ostvareni pokazatelji poslovanja Banke na dan 31. decembra 2012. godine bili su sledeći:

Pokazatelji poslovanja 31.12.2012. Zakonski propisano

Kapital EUR 92.251.564 min. EUR 10.000.000

Adekvatnost kapitala 16,56% min. 12%

Izloženost prema licima povezanim sa Bankom u odnosu na kapital 3,99% max 20%

Pokazatelj zbira velikih izloženosti banke 103,06% max. 400%

Pokazatelj likvidnosti 2,08 min. 1

Pokazatelj deviznog rizika 0,54% max. 20%

Na dan 31. decembra 2012. godine, svi pokazatelji Banke su usaglašeni sa propisanim vrednostima, a u skladu sa zahtevima Narodne banke Srbije koji su propisani u Odluci o adekvatnosti kapitala banke (“Službeni glasnik Republike Srbije“, br. 46/2011 i 6/2013) i Odluci o upravljanju rizicima (“Službeni glasnik Republike Srbije“, br. 45/2011, 94/2011, 119/2012 i 123/2012).

8 SBERBANK RS | godišnji izveštaj 2012 | analiza poslovanja Finansijski izveštaj

9 Bilans uspeha Za godinu završenu 31. decembra 2012. godine

U hiljadama dinara 2012. 2011.

Prihodi od kamata 5.605.076 5.301.524 Rashodi kamata (1.709.822) (1.403.933) Dobitak po osnovu kamata 3.895.254 3.897.591 Prihodi od naknada i provizija 749.194 742.329 Rashodi naknada i provizija (75.240) (81.931) Dobitak po osnovu naknada i provizija 673.954 660.398 Neto gubitak po osnovu prodaje hartija od vrednosti koje su raspoložive za prodaju (84) - Neto dobitak po osnovu prodaje hartija od vrednosti koje se drže do dospeća - 4 Neto gubitak po osnovu prodaje udela (učešća) - (31.417) Neto prihodi od kursnih razlika 395.064 311.845 Ostali poslovni prihodi 14.599 19.853 Neto rashodi po osnovu indirektnih otpisa plasmana i rezervisanja (1.276.974) (1.210.154) Troškovi zarada, naknada zarada i ostali lični rashodi (921.402) (750.372) Troškovi amortizacije (140.970) (158.203) Operativni i ostali poslovni rashodi (1.283.370) (1.065.900) Prihodi od promene vrednosti imovine i obaveza 739 453 Rashodi od promene vrednosti imovine i obaveza (6.696) (3.829) Rezultat perioda – dobitak pre oporezivanja 1.350.114 1.670.269 Porez na dobit (142.617) (174.893) Dobitak od kreiranih odloženih poreskih sredstava i smanjenja odloženih poreskih obaveza 18.989 1.297 Dobitak 1.226.486 1.496.673 Zarada po akciji (u dinarima bez para) 212 259

10 SBERBANK RS | godišnji izveštaj 2012 | bilans uspeha Bilans stanja Na dan 31. decembra 2012. godine

U hiljadama dinara 2012. 2011.

AKTIVA Gotovina i gotovinski ekvivalenti 7.822.042 2.884.346 Opozivi depoziti i krediti 12.419.975 15.526.966 Potraživanja po osnovu kamata, naknada, prodaje, promene fer vrednosti derivata i druga potraživanja 1.394.899 1.145.137 Dati krediti i depoziti 69.346.673 47.860.726 Hartije od vrednosti (bez sopstvenih akcija) 8.254.409 11.250.390 Udeli (učešća) 199 267 Ostali plasmani 1.979.285 781.187 Nematerijalna ulaganja 134.713 131.860 Osnovna sredstva i investicione nekretnine 184.335 237.626 Odložena poreska sredstva 31.848 12.859 Ostala sredstva 315.998 185.280 UKUPNA AKTIVA 101.884.376 80.016.644 OBAVEZE Transakcioni depoziti 9.153.509 4.549.314 Ostali depoziti 20.148.529 11.887.088 Primljeni krediti 44.612.187 40.440.958 Obaveze po osnovu hartija od vrednosti 5.547 19.766 Obaveze po osnovu kamata, naknada i promene fer vrednosti derivata 28.193 19.898 Rezervisanja 447.963 336.476 Obaveze za poreze 12.078 8.316 Obaveze iz dobitka - 51.138 Ostale obaveze 6.946.695 4.570.609 UKUPNO OBAVEZE 81.354.701 61.883.563

SBERBANK RS | godišnji izveštaj 2012 | bilans stanja 11 Bilans stanja Na dan 31. decembra 2012. godine

U hiljadama dinara 2012. 2011.

KAPITAL Kapital 14.820.961 13.678.896 Rezerve iz dobiti 4.459.838 2.963.165 Revalorizacione rezerve 27.937 14.113 Nerealizovani gubici po osnovu hartija od vrednosti raspoloživih za prodaju (5.547) (19.766) Dobitak 1.226.486 1.496.673 UKUPAN KAPITAL 20.529.675 18.133.081 UKUPNO PASIVA 101.884.376 80.016.644 VANBILANSNE POZICIJE 143.191.756 168.083.873

12 SBERBANK RS | godišnji izveštaj 2012 | bilans stanja Izveštaj o promenama na kapitalu Za godinu završenu 31. decembra 2012. godine

U hiljadama dinara 2012. 2011.

AKCIJSKI KAPITAL Stanje na početku godine 5.774.153 5.774.153 Ukupna povećanja u tekućoj godini 327.991 - Stanje na kraju godine 6.102.144 5.774.153 EMISIONA PREMIJA Stanje na početku godine 7.904.743 7.904.743 Ukupna povećanja u tekućoj godini 814.074 - Stanje na kraju godine 8.718.817 7.904.743 REZERVE IZ DOBITI I OSTALE REZERVE Stanje na početku godine 2.963.165 1.992.245 Ukupna povećanja u tekućoj godini 4.459.543 970.920 Ukupna smanjenja u tekućoj godini (2.962.870) - Stanje na kraju godine 4.459.838 2.963.165 REVALORIZACIONE REZERVE Stanje na početku godine 14.113 - Ukupna povećanja u tekućoj godini 27.937 14.113 Ukupna smanjenja u tekućoj godini (14.113) - Stanje na kraju godine 27.937 14.113 NEREALIZOVANI GUBICI PO OSNOVU HOV RASPOLOŽIVIH ZA PRODAJU Stanje na početku godine (19.766) - Ukupna povećanja/smanjenja u tekućoj godini 14.219 (19.766) Stanje na kraju godine (5.547) (19.766) DOBITAK Stanje na početku godine 1.496.673 970.920 Ukupna povećanja u tekućoj godini 1.226.486 1.496.673 Ukupna smanjenja u tekućoj godini (1.496.673) (970.920) Stanje na kraju godine 1.226.486 1.496.673 UKUPNO Stanje na početku godine 18.133.081 16.642.061 Ukupna povećanja u tekućoj godini 6.856.031 2.461.940 Ukupna smanjenja u tekućoj godini (4.459.437) (970.920) Stanje na kraju godine 20.529.675 18.133.081

SBERBANK RS | godišnji izveštaj 2012 | izveštaj o promenama na kapitalu 13 Izveštaj o novčanim tokovima U periodu od 1. januara do 31. decembra 2012. godine

U hiljadama dinara 2012. 2011.

Tokovi gotovine iz poslovnih aktivnosti Prilivi gotovine iz poslovnih aktivnosti 6.190.213 5.583.821 Prilivi od kamata 5.188.421 4.840.494 Prilivi od naknada 992.652 728.878 Prilivi po osnovu ostalih poslovnih prihoda 9.140 14.449 Odlivi gotovine iz poslovnih aktivnosti (3.680.364) (3.124.764) Odlivi po osnovu kamata (1.619.121) (1.427.469) Odlivi po osnovu naknada (79.061) (77.210) Odlivi po osnovu bruto zarada, naknada zarada i drugih ličnih rashoda (921.402) (720.867) Odlivi po osnovu poreza, doprinosa i drugih dažbina na teret prihoda (147.199) (121.487) Odlivi po osnovu drugih troškova poslovanja (913.581) (777.731) Neto priliv gotovine iz poslovnih aktivnosti pre povećanja ili smanjenja u plasmanima i depozitima 2.509.849 2.459.057 Smanjenje plasmana i povećanje uzetih depozita 15.291.788 4.481.167 Smanjenje kredita i plasmana bankama i komitentima - 4.481.167 Povećanje depozita od banaka i komitenata 12.148.227 - Smanjenje hartija od vrednosti po fer vrednosti kroz bilans uspeha, plasmana kojima se trguje i kratkoročnih hartija od vrednosti koje se drže do dospeća 3.143.561 - Povećanje plasmana i smanjenje uzetih depozita (15.064.565) (5.361.839

14 SBERBANK RS | godišnji izveštaj 2012 | izveštaj o novčanim tokovima Izveštaj o novčanim tokovima U periodu od 1. januara do 31. decembra 2012. godine

U hiljadama dinara 2012. 2011.

Povećanje kredita i plasmana bankama i komitentima (15.064.565) - Smanjenje depozita od banaka i komitenata - (5.361.839) Neto priliv gotovine iz poslovnih aktivnosti pre poreza na dobit 2.737.072 1.578.385 Plaćeni porez na dobit (215.009) (151.075) Neto priliv gotovine iz poslovnih aktivnosti 2.522.063 1.427.310 Tokovi gotovine iz aktivnosti investiranja Prilivi gotovine iz aktivnosti investiranja 68 40.552 Prilivi od prodaje udela (učešća) 68 40.552 Odlivi gotovine iz aktivnosti investiranja (88.413) (108.205) Odlivi za kupovinu nematerijalnih ulaganja i osnovnih sredstava (88.413) (108.205) Neto priliv/(odliv) gotovine iz aktivnosti investiranja (88.345) (67.653) Tokovi gotovine iz aktivnosti finansiranja Prilivi gotovine iz aktivnosti finansiranja 2.848.836 713.733 Prilivi po osnovu uvećanja kapitala 1.142.065 - Neto prilivi gotovine po osnovu subordiniranih obaveza 1.706.771 - Neto prilivi gotovine po osnovu uzetih kredita - 713.733 Odlivi gotovine iz aktivnosti finansiranja (417.335) (4.995.271) Neto odlivi gotovine po osnovu subordiniranih obaveza - (34.292) Neto odlivi gotovine po osnovu uzetih kredita (417.298) - Neto odlivi po osnovu hartija od vrednosti - (4.960.979) Ostali odlivi iz aktivnosti finansiranja (37) - Neto priliv/(odliv) gotovine iz aktivnosti finansiranja 2.431.501 (4.281.538) Svega neto prilivi gotovine 24.330.905 10.819.273 Svega neto odlivi gotovine (19.465.686) (13.741.154) Neto povećanje gotovine 4.865.219 - Neto smanjenje gotovine - (2.921.881) Gotovina na početku godine 2.884.346 5.494.382 Pozitivne kursne razlike 966.050 19.711.516 Negativne kursne razlike (893.573) (19.399.671) Gotovina na kraju perioda (Napomena 17) 7.822.042 2.884.346

SBERBANK RS | godišnji izveštaj 2012 | izveštaj o novčanim tokovima 15 Izveštaj nezavisnog revizora Akcionarima Sberbank Srbija a.d., Beograd

Izvršili smo reviziju finansijskih izveštaja Sberbank Srbija Smatramo da su revizorski dokazi koje smo prikupili do- a.d., Beograd (u daljem tekstu: „Banka”) koji obuhvataju voljni i odgovarajući da obezbede osnovu za izražavanje bilans stanja na dan 31. decembra 2012. godine, bilans našeg mišljenja. uspeha, izveštaj o promenama na kapitalu i izveštaj o tokovima gotovine za godinu koja se završila na taj dan, Mišljenje kao i pregled značajnih računovodstvenih politika i ostalih napomena uz finansijske izveštaje. Po našem mišljenju, finansijski izveštaji prikazuju istini- to i objektivno po svim materijalno značajnim pitanjima, Odgovornost rukovodstva finansijski položaj Banke na dan 31. decembra 2012. go- za finansijske izveštaje dine i rezultate njenog poslovanja i tokove gotovine za godinu koja se završila na taj dan, u skladu sa Zakonom o Rukovodstvo Banke je odgovorno za pripremu i objek- računovodstvu i reviziji i propisima Narodne banke Srbije tivno prikazivanje ovih finansijskih izveštaja u skladu sa koji regulišu finansijsko izveštavanje banaka. Zakonom o računovodstvu i reviziji i propisima Narodne banke Srbije koji regulišu finansijsko izveštavanje bana- Ostale informacije ka, kao i za interne kontrole koje rukovodstvo smatra neophodnim da omoguće pripremu finansijskih izveštaja Finansijski izveštaji Banke za godinu koja se završila 31. koji ne sadrže materijalno značajne pogrešne iskaze, na- decembra 2011. godine su bili predmet revizije drugog stale usled prevare ili greške. revizora koji je izrazio mišljenje bez rezerve u svom izve- štaju od 16. marta 2012. godine. Odgovornost revizora Beograd, Naša je odgovornost da izrazimo mišljenje o priloženim 15. mart 2013. godine. finansijskim izveštajima, na osnovu revizije koju smo izvršili. Reviziju smo izvršili u skladu sa Međunarodnim standardima revizije. Ovi standardi nalažu da se pridrža- vamo etičkih normi i da reviziju planiramo i izvršimo na način koji omogućava da se, u razumnoj meri, uverimo da finansijski izveštaji ne sadrže materijalno značajne pogrešne iskaze.

Revizija obuhvata sprovođenje procedura u cilju priku- pljanja revizorskih dokaza o iznosima i obelodanjivanji- ma u finansijskim izveštajima. Izbor revizorskih proce- Stephen Fish Vladimir Ilić dura zasnovan je na procenama revizora pri čemu je u Ernst & Young d.o.o., Beograd Ovlašćeni revizor obzir uzeta i ocena rizika postojanja materijalno značaj- nih pogrešnih iskaza u finansijskim izveštajima nasta- lih usled prevare ili greške. Prilikom procene ovih rizika, revizor razmatra i interne kontrole bitne za pripremu i objektivno prikazivanje finansijskih izveštaja pravnog lica, u cilju kreiranja odgovarajućih revizorskih procedura u skladu sa okolnostima, ali ne i u cilju izražavanja mišljenja o efikasnosti internih kontrola Banke. Revizija takođe uključuje ocenu opravdanosti primene odgova- rajućih računovodstvenih politika i računovodstvenih procena izvršenih od strane rukovodstva, kao i ocenu opšte prezentacije finansijskih izveštaja.

16 SBERBANK RS | godišnji izveštaj 2012 | izveštaj nezavisnog revizora Godišnji izveštaj Upravnog odbora

Tokom 2012. godine, Upravni odbor se sastajao na če- Prema IFRS, profit pre oporezivanja za 2012. godinu tiri redovne sednice gde su usvojene 22 pisane rezoluci- iznosio je 1,350,114 hiljada dinara (12.05 miliona evra). je. Tokom ovih sastanaka, Izvršni odbor je obaveštavao Upravni odbor o zakonitom, prikladnom i efikasnom po- Na kraju, Upravni odbor želi da se zahvali svim zaposle- slovanju Sberbank Srbija u Beogradu. Upravni odbor je nima Sberbanke Srbije na njihovom velikom trudu ulože- proučio izveštaje podnete od strane Izvršnog odbora i na nom tokom prethodne godine, posebno što se tiče odlič- osnovu toga doneo odgovarajuće odluke. ne realizacije planova i ciljeva za širenje aktivnosti banke u 2012. i kasnije. Finansijski izveštaj Sberbanke od dana 31. 12. 2012. godine je revidiran od strane Ernst & Young agencije u Be- ogradu. Prilikom njihove analize, revizori nisu imali pri- medbi te su u skladu sa tim dali mišljenje bez rezerve. Revizorski komitet Sberbanke Srbije pregledao je finansijske izveštaje i predložio njihovo usvajanje na sednici deoničara i Upravnog odbora.

SBERBANK RS | godišnji izveštaj 2012 | godišnji izveštaj borda direktora 17 About Sberbank and Sberbank Europe

Ukraine Czech Republic

Slovakia

Austria

Hungary

Slovenia Croatia

Bosnia and Herzegovina Serbia

In February 2012 former Volksbank International AG – Croatia, Bosnia and Herzegovina, Serbia and the Ukraine. now Sberbank Europe AG – was acquired by Sberbank In total the bank operates 280 branches and has 4,400 of Russia. employees (as at 31.12.2012).

Sberbank is the largest bank in Russia that accounts for Sberbank is one of the most profitable financial in- almost one third of all Russian banking sector assets. The stitutions in the world and a leading market player in Central Bank of the Russian Federation is the founder delivering innovative products based on excellence and and major shareholder of Sberbank, owning 50% of the state-of-the-art technology. Combined with the local total share capital plus one voting share. Other shares expertise and customer focus of our employees, Sber- are held by more than 245.000 individual and institu- bank Europe is building bridges to Eastern business and tional investors in Russia and internationally. The bank is a unique banking partner in the CEE region, Russia and has the largest distribution network in Russia with over CIS countries. 18.000 offices as well as subsidiaries in 20 countries including the CIS, Central and Eastern Europe. Since the acquisition by Sberbank we have started a significant transformation. As an important part of one In September 2012, Sberbank completed the acquisition of the largest, fastest growing, and dynamic banking of DenizBank AS which is ranked 6th among private and organisations in the world – we at Sberbank Europe 9th among all Turkish banks by consolidated total assets. aspire to be recognized as a game-changing innova- Sberbank was named by The Banker magazine as “Bank tor, an emerging leader in CEE banking with growing of the Year” and placed second in a ranking of company presence and recognition in Western Europe. We aim stock returns over the past ten years by The Economist. to build enduring relationships with our customers by being attentive to their needs. As Sberbank Europe, Sberbank Europe AG manages a banking network of nine we are striving to become a bank that never stops in universal banks in eight Central and Eastern European further developing itself and its operations for the countries: Slovakia, Czech Republic, Hungary, Slovenia, benefit of our customers.

18 SBERBANK RS | Annual Report 2012 | about Sberbank and Sberbank Europe Foreword of the Executive Board

Dear clients, shareholders and friends As in previous years, banking business in 2012 was con- of Sberbank Serbia a.d Beograd, ducted in very demanding economic environment. Sber- bank Serbia remained on track of steady and constant Since Volksbank Serbia has become a member of Sber- growth of all parameters of banking business, marked bank Group in February, an extensive transformation with introducing of new products on Serbian market, such and integration process program has been started. Our as payments, financial transactions and savings in Russian business policy based on focus on client’s needs and close ruble for the first time in Serbia. In 2012 we have support- partnership and our long term orientation toward high ed the export of Serbian goods (agriculture) to Russia and quality reflected on achieved results which exceeded all will continue to provide systemic support to exporters and expectations. importers in Serbia who do business with Russia.

2012 was resulting in a new profit for Sberbank Serbia Sberbank Serbia has been achieving exceptional results of EUR 12 million with total assets of EUR 902 million. with extraordinary commitment of its employees even Corporate and Retail Loan volume including cross bor- in years of global economic crises. We are all convinced der reached EUR 736 million, while deposits increased by that as a member of Sberbank group, one of the strong- 47% in comparison to previous year. In more than chal- est and fastest growing financial institutions in the lenging surrounding we supported the Serbian economy world, successful business will be continued. as very strong growth of corporate loans of 86% in comparison to 2011 in 2012 clearly shows.

Valeriy Ovsyannikov Danilo Đurović Gordana Matić President of Executive Board Member of Executive Board Member of Executive Board

SBERBANK RS | Annual Report 2012 | foreword of the executive board 19 Key facts 2004 - 2012

Cost income Total assets ratio in mio RSD

. .%

, ,

.% , .%

.% ,

.% , . % . % .% .%

Loans to customers , Proﬁt in mio RSD in mio RSD

, ,

20SBERBANK RS | Annual Report 2012 | key facts Lines of business

Retail sector • 11% increase of active clients’ base

As well as in the last five years, in 2012 too, the retail • 22% increase of the number of transactions of do- sector of Sberbank Serbia remained focused on maxi- mestic payment operations mization of profit, improving the loan-deposit ratio, increase of the number of clients, as well as their activity • 20% increase of the number of transactions of in- with regard to use of banking products and services. ternational payment operations

Operating profit of the retail segment (Contribution • 7% increase of the number of payment cards, etc. Margin I) of €8.7 million is a reflection of implemented innovations primarily with regard to loan and deposit It is important to mention that the stated performanc- products, as well as a logical consequence of long-term es were achieved without increasing the number of orientation toward quality satisfaction of the financial subsidiaries (26) and employees and solely reflect the needs of clients. bank’s commitment to increase of efficiency and organic growth in the future.

Loans to retail customers in mio RSD Corporate sector , , , 2012 may be considered the most successful year for Sber- bank Serbia corporate sector. A very strong growth of on , , and off balance portfolios was recorded, which exceeded all expectations, with which the market share in segments in which the bank is active increased considerably. Such growth , also influenced the recording profit more than expected. Yet, real effects of the growth, when it comes to profitability, will be seen in 2013. Beside the portfolio growth, an ex- , traordinary growth of deposit base took place, which clearly

, indicates the confidence of clients in Sberbank Serbia. The growth of the active capital and deposits was not the goal for itself, but was aimed at establishing encompass- ing cooperation with clients, which was achieved. Namely, RSD and fx transactions through accounts opened in the What ought to be mentioned regarding 2012 is the sig- bank increased considerably, while the sale of foreign cur- nificant improvement of loan-deposit ratio of the retail rency exceeded even the most optimistic expectations. segment from 408% at the end of 2011, to 289% at the end of 2012. It is important to emphasize that improve- Following very successful 2012, in 2013 we are to witness ment of this ratio was achieved with 25% higher loan stabilisation of the portfolio and increasing of profitability production in 2012, in comparison with 2011, as well as through introduction of new products and more efficient with increase of deposit portfolio by 42%, with main- organisation, which was established in the second half of tained profit performance. the last year, as well as through intensifying cooperation with Sberbank Group members. Beside the abovemen- The confirmation of the employees’ commitment to in- tioned, 2013 will be the year of focusing on deposits with crease of efficiency, beside the mentioned parameters, the goal of decreasing L/D ratio. In order to achieve the set can be validated through following indicators of change goals, full attention will be paid to development and edu- in comparison with 2011: cation of employees, who are the basic resources.

SBERBANK RS | Annual Report 2012 | LINES OF BUSINESS 21 Lines of business

Treasury Information Technologies

The year of 2012 was marked by large depreciation of In 2012, the Bank’s IT sector actively contributed and dinar, which influenced the development of the whole successfully followed bank’s development through in- market very negatively. troduction of modern solutions in IT sector, primarily oriented towards bank’s clients, thus meeting their RSD depreciated considerably in the first half of the year, needs. reaching nearly the level of RSD 120 for €1, while the second half of the year brought growth. Nominally, the The main accent was placed on measured for efficiency dinar depreciated by over 8%. increase and on increase of the quality of offered services to clients, primarily through: During 2012, the amount of reserve requirement was changed several times, with increase of the dinar part in • Expansion of Call Centre’s functionality required RSD deposit, which contributed to withdrawal of RSD resources from the market. • Internal development of applications that effi- ciently support business procedures Withdrawing of foreign investors from the bonds of the Ministry of Finance was evident, due to a very unstable • Implementation of various additional functionali- situation. Yet, by the end of the year, with increase of ties within the main banking system the key policy rate, their interest increased, with sold out auctions. • Improvement of IT infrastructure – Data Storage System and virtualization of system environment In 2012 turnovers in trading with clients and the banks were significantly increased. We were able to increase our market share and to achieve record profitability.

In 2013 we will focus on further integration with a group through the introduction of new procedures, standards and products. Also, we will focus on the use of global brand Sberbank to establish communication with the world banks, with the aim of achieving greater presence and influence in the local market.

22 SBERBANK RS | Annual Report 2012 | Lines of business Lines of business

Human resources Marketing and Communication

The year 2012 was different from all others for employ- During 2012, the Marketing and Communications de- ees of our bank. A great number of projects from Sber- partment promoted a number of new products through bank Europe and Sberbank Russia caused a strong de- electronic, outdoor and print media, focusing on RSD velopment of employees in a strategic sense. loans with fixed interest rate during the entire repay- ment period. The entire year passed by in work on leadership and managerial skills of bank managers. This changed the The campaigns for deposits and specific “Dobro jutro” culture within the bank. saving, loans for micro-enterprises, cash loans and re- financing loans were organised successfully, as well as A survey about employees’ satisfaction conducted at the continuous all-year-long promotion of loans for energy end of 2011 was the topic during the entire 2012. In co- efficiency. The tradition of creating pioneer and unique operation with the employees, we identified important banking products was continued with introduction of and urgent findings at workshops, and we focused on payment operations and all financial transactions in them throughout the year. Russian rubles, which was a complete novelty in Serbian banking market. In January 2012, we started a program for third-year students from the Faculty of Economics of the University Also, cooperation was continued on promotional activi- in Belgrade, through which we established excellent co- ties for MoneyGram and Western union money trans- operation with the Faculty. The result of this are scholar- fers. The bank’s participation at the Employment Fair ships for 2 third-year students and complete support for was monitored from a marketing aspect, while in the them during the studies. segment of internal communications, information about Sberbank was promoted through a number of activities. We carried out a Junior Program, in which we employed 13 graduates of economic profile. They attended a First Sberbank conference in Serbia was organised suc- 2-month training program, during which they were in- cessfully, with excellent media coverage. troduced to the work of the entire bank, they worked in all the sectors and passed trainings of knowledge and After the change of name of the bank, the first step was skills. made toward complete rebranding of the bank: new Sberbank promotional material was created successful- The plan for next year is development of senior and me- ly, replacing complete marketing material and informing dium management, continuing work on action steps all clients of the bank, as well as the public in the country that came out from a survey about employees’ satisfac- about the change of name. tion and further improvement of functions of the service itself. In spite of the constant trend of downsizing of media space, due to closure of a number of print and electronic media, excellent communication with all the relevant media was maintained. Through PR activities, continuous presence of the bank in all the relevant TV stations with national frequencies was secured, as well as in the newspapers with the biggest circulation and specialised newspapers, and in a great number of websites.

All this resulted in maintaining the same level of PR val- ues of the bank’s media announcements with record- breaking 71% primary positions of the banks in newspa- per articles and TV reports.

SBERBANK RS | Annual Report 2012 | LINES OF BUSINESS 23 Lines of business

Risk management

Year 2012 was marked by the continued strengthening In view of the continuing trend of growing NPLs on the of the Risk Management function in Sberbank Serbia Serbian market, during 2012 there was a strong focus on In accordance with Sberbank Group and international further development of the collections and restructuring best practices, the Bank reorganized the risk manage- functions of the Bank, leading to significant improvement organizational structure and launched a series of ment in recoveries compared to 2011. projects aimed at implementing new risk management tools, models and infrastructure which will in the future Going forward, as the main risk remains the develop- bring lower level of overall risk and at the same time bet- ment of the portfolio quality in view of the current eco- ter quality of services to Bank’s customers nomic situation, credit risk management will be the focus of development. During the year, a number of important regulatory changes have been successfully implemented and the Bank fully complies with all the relevant regulations in the risk management area.

As of 31 December 2012, the Bank achieved the following performance indicators:

Regulatory Performance indicators 31.12.2012. requirement

Capital EUR 92.251.564 min. EUR 10.000.000

Capital adequacy ratio 16,56% min. 12%

Related parties exposure 3,99% max 20%

Indicator of large and the largest permissible 103,06% max. 400%

Liquidity ratio 2,08 min. 1

Foreign currency risk indicator 0,54% max. 20%

As at 31 December, 2012 all indicators of the Bank are in compliance with prescribed performance indicators in accordance with requirements of the National Bank of Serbia, set out in the Decision on the capital adequacy of the banks (Official Gazette of the Republic of Serbia, no. 46/2011 and 6/2013) and Decision on risk management by banks (Official Gazette of the Republic of Serbia, no. 45/2011, 94/2011, 119/2012 and 123/2012).

24 SBERBANK RS | Annual Report 2012 | lines of business Financial Statements

25 Income statement For the year ended 31 December 2012

In RSD thousand 2012. 2011.

Interest income 5,605,076 5,301,524 Interest expenses (1,709,822) (1,403,933) Net interest income 3,895,254 3,897,591 Fee and commission income 749,194 742,329 Fee and commission expenses (75,240) (81,931) Net fee and commission income 673,954 660,398 Net loss on sell of securities available for sale (84) - Net gain on sell of securities held to maturity - 4 Net loss on sale of investments in subsidiary - (31,417) Net foreign exchange gains 395,064 311,845 Other operating income 14,599 19,853 Impairment losses of financial assets and provisions, net (1,276,974) (1,210,154) Salaries, wages and other personal expenses (921,402) (750,372) Depreciation and amortization (140,970) (158,203) Other operating expenses (1,283,370) (1,065,900) Gains from changes in value of assets and liabilities 739 453 Losses from changes in value of assets and liabilities (6,696) (3,829) Profit before tax 1,350,114 1,670,269 Income tax (142,617) (174,893) Deferred tax income 18,989 1,297 Profit 1,226,486 1,496,673 Earnings per share (in RSD) 212 259

26SBERBANK RS | Annual Report 2012 | income statement Balance sheet As at 31 December 2012

In RSD thousand 2012. 2011.

ASSETS Cash and cash equivalents 7,822,042 2,884,346 Revocable deposits and loans 12,419,975 15,526,966 Interest and fee receivables, receivables from sales, changes in fair value of derivatives and other receivables 1,394,899 1,145,137 Loans and advances 69,346,673 47,860,726 Securities (excluding treasury shares) 8,254,409 11,250,390 Equity investments 199 267 Other placements 1,979,285 781,187 Intangible assets 134,713 131,860 Property, equipment and investment property 184,335 237,626 Deferred tax assets 31,848 12,859 Other assets 315,998 185,280 TOTAL ASSETS 101,884,376 80,016,644 LIABILITIES Transaction deposits 9,153,509 4,549,314 Other deposits 20,148,529 11,887,088 Borrowings 44,612,187 40,440,958 Liabilities arising from securities 5,547 19,766 Liabilities arising from interest, fee and changes in fair value of derivatives 28,193 19,898 Provisions 447,963 336,476 Tax liabilities 12,078 8,316 Liabilities from profit - 51,138 Other liabilities 6,946,695 4,570,609 TOTAL LIABILITIES 81,354,701 61,883,563

SBERBANK RS | Annual Report 2012 | balance sheet 27 Balance sheet As at 31 December 2012

In RSD thousand 2012. 2011.

EQUITY Share capital 14,820,961 13,678,896 Reserves from profit 4,459,838 2,963,165 Revaluation reserves 27,937 14,113 Unrealized losses arising on securities available for sale (5,547) (19,766) Retained earnings 1,226,486 1,496,673 TOTAL EQUITY 20,529,675 18,133,081 TOTAL LIABILITIES AND EQUITY 101,884,376 80,016,644 OFF-BALANCE SHEET ITEMS 143,191,756 168,083,873

28SBERBANK RS | Annual Report 2012 | balance sheet Statement of changes in shareholders’ equity For the year ended 31 December 2012

In RSD thousand 2012. 2011.

SHARE CAPITAL Balance at the beginning of the year 5,774,153 5,774,153 Total increase during the year 327,991 - Balance at the end of the year 6,102,144 5,774,153 SHARE PREMIUM Balance at the beginning of the year 7,904,743 7,904,743 Total increase during the year 814,074 - Balance at the end of the year 8,718,817 7,904,743 RESERVES FROM PROFIT AND OTHER RESERVES Balance at the beginning of the year 2,963,165 1,992,245 Total increase during the year 4,459,543 970,920 Total decrease during the year (2,962,870) - Balance at the end of the year 4,459,838 2,963,165 REVALUATION RESERVES Balance at the beginning of the year 14,113 - Total increase during the year 27,937 14,113 Total decrease during the year (14,113) - Balance at the end of the year 27,937 14,113 UNREALISED LOSSES ON SECURITIES AVAILABLE FOR SALE Balance at the beginning of the year (19,766) - Total increase/decrease during the year 14,219 (19,766) Balance at the end of the year (5,547) (19,766) RETAINED EARNINGS Balance at the beginning of the year 1,496,673 970,920 Total increase during the year 1,226,486 1,496,673 Total decrease during the year (1,496,673) (970,920) Balance at the end of the year 1,226,486 1,496,673 TOTAL Balance at the beginning of the year 18,133,081 16,642,061 Total increase during the year 6,856,031 2,461,940 Total decrease during the year (4,459,437) (970,920) Balance at the end of the year 20,529,675 18,133,081

SBERBANK RS | Annual Report 2012 | statement of changes in shareholder’s equity29 Cash flow statement For the year ended 31 December 2012

In RSD thousand 2012. 2011.

Cash flow from operating activities Cash inflow from operating activities 6,190,213 5,583,821 Interest 5,188,421 4,840,494 Fees 992,652 728,878 Other operating income 9,140 14,449 Cash outflow from operating activities (3,680,364) (3,124,764) Interest (1,619,121) (1,427,469) Fees (79,061) (77,210) Salaries, wages and other personal expenses (921,402) (720,867) Taxes, contributions and other duties paid (147,199) (121,487) Other operating expenses (913,581) (777,731) Net cash inflow from operating activities before increase or decrease in placements and deposits 2,509,849 2,459,057 Decrease in placements and increase in taken deposits 15,291,788 4,481,167 Decrease in loans and placements to banks and clients - 4,481,167 Increase in deposits with banks and clients 12,148,227 - Decrease in securities at fair value through profit and loss, Investments held for trading and short-term securities held to maturity 3,143,561 - Increase in placements and decreases in taken deposits (15,064,565) (5,361,839)

30SBERBANK RS | Annual Report 2012 | cash flow statement Cash flow statement For the year ended 31 December 2012

In RSD thousand 2012. 2011.

Increase in loans and placements to bank and clients (15,064,565) - Decrease in deposits with banks and clients - (5,361,839) Net cash inflow from operating activities before tax 2,737,072 1,578,385 Income tax paid (215,009) (151,075) Net cash inflow from operating activities 2,522,063 1,427,310 Cash flow from investing activities Cash inflow from investing activities 68 40,552 Inflow from sales of equity investments 68 40,552 Cash outflow from investing activities (88,413) (108,205) Outflow from purchase of intangible and tangible fixed assets (88,413) (108,205) Net cash inflow/(outflow) from investing activities (88,345) (67,653) Cash flow from financing activities Cash inflows from financing activities 2,848,836 713,733 Inflow from capital increase 1,142,065 - Net inflow from subordinated liabilities 1,706,771 - Net inflow from borrowings - 713,733 Cash outflows from financing activities (417,335) (4,995,271) Net outflow from subordinated liabilities - (34,292) Net outflow from borrowings (417,298) - Net outflow from securities - (4,960,979) Other outflows from financing activities (37) - Net cash inflow/outflow from financing activities 2,431,501 (4,281,538) Total net cash inflow 24,330,905 10,819,273 Total net cash outflow (19,465,686) (13,741,154) Net increase in cash 4,865,219 - Net decrease in cash - (2,921,881) Cash at the beginning of the year 2,884,346 5,494,382 Foreign exchange gains 966,050 19,711,516 Foreign exchange losses (893,573) (19,399,671) Cash at the end of the year (Note 17) 7,822,042 2,884,346

SBERBANK RS | Annual Report 2012 | cash flow statement 31 Independent auditor’s report To the shareholders of Sberbank Serbia JSC, Belgrade

We have audited the accompanying financial statements We believe that the audit evidence we have obtained is of Sberbank Serbia JSC, Belgrade (hereinafter referred as sufficient and appropriate to provide a basis for our audit to: ”the Bank”), which comprise the balance sheet as of opinion. 31 December 2012, the income statement, statement of changes in equity and cash flow statement for the year Opinion then ended, and a summary of significant accounting policies and other explanatory notes. In our opinion, the financial statements give a true and fair view, in all material respects, of the financial position Management‘s Responsibility for the Financial of the Bank as of 31 December 2012 and of the results of Statements its operations and its cash flows for the year then ended in accordance with the Law on Accounting and Auditing Management is responsible for the preparation and fair and regulations of the National Bank of Serbia governing presentation of these financial statements in accord- the financial reporting of banks. ance with Law on Accounting and Auditing and regulations of the National Bank of Serbia governing financial Other matter reporting of banks, and for such internal control as management determines is necessary to enable the prepara- The financial statements of the Bank for the year ended tion of financial statements that are free from material 31 December 2011 were audited by another auditor misstatement, whether due to fraud or error. who expressed an unmodified opinion on those statements on 16 March 2012. Auditor‘s Responsibility Belgrade, Our responsibility is to express an opinion on these fi- 15 March 2013 nancial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. These standards require that we respect ethi- cal standards, plan and perform the audit to obtain reasonable assurance about whether the financial reports are free from material misstatements.

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 Stephen Fish Vladimir Ilić of the risks of material misstatement of the financial for Ernst & Young d.o.o., Beograd Authorized auditor statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity‘s preparation and fair presentation of the financial statements in order to de- sign audit procedures that are appropriate in the cir- cumstances, but not for the purpose of expressing an opinion on the effectiveness of the Bank‘s internal control. An audit also includes evaluating the appropriate- ness of accounting policies used and the reasonable- ness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

32 SBERBANK RS | Annual Report 2012 | INDEPENDENT AUDITOR’S REPORT Board of Directors annual report

During 2012, the Board of Directors convened at four Profit before taxes for the year 2012, according to IFRS, regular sessions and passed 22 written resolutions. Dur- amounted to TRSD 1,350,114 (MEUR 12.05 million). ing its meetings, the Board of Directors was kept fully informed by the Executive Board about the lawful, ap- In conclusion, the Board of Directors would like to thank propriate and efficient conduct of business of Sberbank all staff members of Sberbank Serbia for their great ef- Serbia JSC Belgrade. The Board of Directors examined forts during the past year, in particular in view of the ex- the reports submitted by the Executive Board and took cellent implementation of plans and realization of goals appropriate decisions on that basis. for expansion of the bank activities in 2012 and beyond.

Sberbank’s financial statements as of December 31, 2012, were audited by Ernst & Young, Belgrade. In their examination, the auditors found no objections and ac- cordingly approved the accounts without qualifications. The Audit Committee of Sberbank Serbia has reviewed the financial statements and proposed them for adop- tion to the General Meeting of Shareholders and the Board of Directors.

SBERBANK RS | Annual Report 2012 | board of directors annual report 33