Godišnji izvještaj Annual Report 2007 15

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Godišnji izvještajAnnual Report 2007

SADRŽAJPredgovor direktora / Introduction by Chief Executive Officer ....................................................4-5O banci / About The Bank .......................................................................................................6-7Poslovanje banke / Bank’s Business Operations .......................................................................8-9Kreditni portfolio / Credit Portfolio .......................................................................................10-11Depoziti / Deposits .............................................................................................................12-13Unutrašnji platni promet / Internal payment system ..................................................................14Poslovi sa inostranstvom / International business activities .........................................................15Kartično poslovanje / Card business activities ...........................................................................16Tekući račun / Current account ................................................................................................17Elektronsko bankarstvo / E-banking .........................................................................................18Investiciono bankarstvo / Investment banking ...........................................................................19Dionički Kapital / Share Capital ...............................................................................................20Saradnja sa financijskim institucijama / Cooperation With Financial Institutions (IBF, IGA, IFAD) . 21Razvojni pravci banke / Development direction .........................................................................22Organizaciona struktura / Organizational structure ..................................................................23Poslovna mreža / Branch Network ...........................................................................................24Nadzorni odbor i Uprava banke / Supervisory Board and Executive Board .................................25Korespodentne banke / Correspondent Banks ..........................................................................26

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Godišnji izvještajAnnual Report


Cijenjeni dioničari i poslovni partneri (klijenti),

U ime Uprave i uposlenika Vakufske banke dd Sarajevo zadovoljstvo mi je predstaviti Vam rezultate poslovanja ostvarene u 2007. godini.

Tokom protekle godine, Vakufska banka dd Sarajevo nastavila je pozitivnan trend rasta na bosanskohercegovačkom finansijskom tržištu.

Najznačajniji poslovni događaj u 2007. godini, koji otvara novu etapu u razvoju Banke, je uspješno realizovan Plan povećanja i poboljšanja kvaliteta kapitala. Zaključno sa mjesecom augustom 2007. godine, nakon velikog interesa investitora, uspješno je okončana, u 100% iznosu, emisija redovnih dionica Vakufske banke dd Sarajevo putem zatvorene prodaje. Novi investitori, direktnim i posrednim ulaganjem, BFSE HOLDING BV iz Holandije (SIFEM/SECO, KfW, Corner Bank, kao i nekoliko američkih investitora) kojim upravlja fond menadžer DFEP iz Švicarske, te investitori iz Sau-dijske Arabije i Velike Britanije, zajedno sa domaćim investitorima, pravnim i fizičkim licima (Fabrika duhana Sarajevo, Hifa oil d.o.o.Tešanj i dr.) investirali su dodatnih KM 35.317.800,00.Kao rezultat toga, dionički kapital Vakufske banke sada iznosi KM 44,0 mio, a neto kapital 52,5 mio. U odnosu na prethodnu godinu, to je povećanje od 176,31%, odnosno 158,83% respektivno.

I pored značajnog učešća stranih ulagača, kapital Vakufske banke koji je u privatnom vlasništvu 97,4%, i dalje ostaje 54,5% u vlasništvu domaćih pravnih i fizičkih lica.

Ukupna bilansna suma (aktiva) porasla je za 45,10% u odnosu na prethodnu godinu i iznosi KM 155,0 mio, dok je godina završena sa ukupnom dobiti od KM 133 hiljada. Istovremeno, ostvaren je ukupan prihod od KM 11,0 mio, što u odnosu na 2006. godinu čini povećanje od 16.30%.

I ove godine smo, kao i do sada davali svoju podršku svim segmentima poslovanja, uz naročit naglasak na mala i srednja preduzeća. U narednoj godini naša pažnja još će više biti usmjerena ka stanovništvu, za koje ćemo pripremiti niz novih proizvoda i usluga, kako kreditnih, tako i štednih.

U 2007.godini izvršene su pripreme za otvaranje 6 novih prodajnih mjesta (po jedna poslovnicai ekspozitura i četri šaltera).

Dakle, 2007. godina bila je godina prekretnica za Vakufsku banku. Dosadašnji uspjeh, lojalnost klijenata i sti-canje novih klijenata zahvaljujemo prvenstveno trudu i profesionalnom radu uposlenika banke i rukovodstva.

U godinama koje dolaze i dalje ćemo biti usmjereni ka našem glavnom cilju, a to je biti banka koja je profesion-alan i pouzdan partner svim pravnim i fizičkim licima u Bosni i Hercegovini, te kontinuirano doprinositi otvaranju novih radnih mjesta i dugoročno podsticati razvoj i prosperitet BiH privrede i njenih građana.

DirektorAmir Rizvanović


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15 godina


Dear shareholders, dear clients,

On behalf of the Management and the employees of Vakufska banka dd Sarajevo, it is my pleasure to present to you the business results achieved in 2007.

In the past year Vakufska banka dd Sarajevo continued the positive trend of its growth on the financial market of Bosnia and Herzegovina.

The most important business event in 2007, which opened a new stage in the Bank’s development, was the suc-cessfully realised Plan on Increase and Improvement of the Capital Quality.End of August 2007, after the high interest of investors, was successfully concluded, in 100 per cent, the emission of ordinary shares of Vakufska banka dd Sarajevo, in the way of a closed bid.

The new investors, by direct or indirect investing, BFSE HOLDING BV from the Netherlands (SIFEM/SECO, KfW, Corner Bank, as well as some American investors) managed by the managing fund DFEP from Swiss, and inves-tors from Saudi Arabia, Great Britain, together with domestic investors, legal entities and individuals (Fabrika duhana Sarajevo, Hifa oil d.o.o.Tešanj itc.) invested additional KM 35.317.800,00.

As the result of it, the share capital of Vakufska banka now is the amount of KM 44 million and the net capital is 52,5 million. In comparison with the year before, it means an increase of 176,31%, or 158,83% respectively.

The total assets in the balance sheet increased by 45,10% comparing to the previous year, and the amount is now KM 155,0 million. Also, at the end of this year the total profit was KM 133.000. In the same time the total income was KM 11,0 million. It means an increase of 16,3% in comparison with the year before.

Besides the important participation of foreign investors, the share capital of Vakufska banka, which is a private ownership in 97,4%, still remains owned in 54,5% by domestic legal and natural persons.

In this year, as well as earlier, we offered our support in all segments of our business activities, especially with a stress on small and medium enterprises. In the next year our attention will be especially turned to individual clients, for whom we shall prepare a set of new products, for deposit and loan service.

In 2007 the preparations are accomplished for opening of six new sales points (one branch office, one section office and four counters).

Indeed, the year 2007 was the turning point for Vakufska banka. The results up to now, loyalty of our clients and acquiring new clients, all of it we own to the diligence and the professional attitude to the work done by the Bank’s employees and the Management.

In the years to come we shall be oriented to our main target, which is - to be a bank dedicated and confident partner to all legal entities and individuals in Bosnia and Herzegovina. We shell continuously give our contribution to employment and in long run stimulate development and prosperity of Bosnia and Herzegovina, its economy and well being of its citizens.

Chief Executive OfficerAmir Rizvanović

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15 godina



O banciAbout the Bank

Vakufska banka DD Sarajevo offers by its developed financial structure, wide network of main branches and other branches, well expanded network of cor-respondent relations with world banks, the qualified personnel, dedicated to friendly business relation with clients, as well as by already notably broad basis of clients a reliable, strong and secure coop-eration to all bank service users, in the country and abroad, particularly to prospective investors.

Vakufska banka DD Sarajevo was established in 1992 and during the passed 16 years it has shown a constant trend of growth. During that time it ac-quired the status of a successful and distinguished commercial bank.

For the last 5 years Vakufska banka DD Sarajevo has presented a steady growth of its assets. The to-tal assets of the Bank on 31st December, 2007. amounted 155.030 t/KM. and in comparison with the Bank’s assets on 31December, 2006 it increased by 45,1%.

The total assets for last five years:

Vakufska banka DD Sarajevo, sa jakom finansi-jskom strukturom, širokom mrežom filijala i ek-spozitura, razgranatom mrežom korespondentnih banaka u svijetu, izgrađenog profesionalnog i pre-danog odnosa prema klijentima, te širokom bazom klijenata, nudi pouzdano, jako i stabilno partnerstvo svim privrednim subjektima u zemlji i inostranstvu, kao i potencijalnim investitorima.

Vakufska banka DD Sarajevo osnovana je 1992. go-dine i u proteklih 16 godina bilježila je kontinuiran trend rasta. Za to vrijeme je stekla ugled uspješne i profesionalne komercijalne banke.

U posljednih 5 godina Vakufska banka DD Sarajevo je imala konstantan rast aktive. Ukupna aktiva banke na dan 31.12.2007. godine iznosi 155.030 h/KM i u poređenju sa aktivom banke na dan 31.12.2006.godine povećala se za 45,1%.

Ukupna aktiva zadnjh pet godina je iznosila:

150000

125000

100000

75000

50000

25000

02003 2004 2005 2006 2007

2003 69.350/t

2004 81.951/t

2005 100.873/t

2006 106.843/t

2007 155.030/t


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Vakufska banka DD Sarajevo has received the li-cence for performance of all banking activities in accordance with the Law.

The Bank disposes of expert and qualified personnel trained for the professional performance of banking businesses and activities. 184 workers are full time employees.

Employees educational structure in the year 2007

Number of employees in the passed 5 years

The Bank enables to its em-ployees continuous education and always asks from them to accept of new and modern banking concepts.

Vakufska banka DD Sara-jevo uses VIEW 21 Plus the Norwegian banking software that enables reliable and fast data processing, high quality of reporting and permanent possibility of upgrading and

improvement. The software offers possibility for ef-ficient management information system (MIS). In the course of 2007 was adopted Security Policy by the Bank’s Management and a guide for implemen-tation of security measures which decrease of Man-agement Information System risks, all in accordance with the BASEL 2 guidelines. In the end in 2007 was the old MIS replaced with a new version, changed with new hardware resources.

The trend in the convergence of MIS during 2008 means to follow the standards of EU in the Banking and Finance sector.

Vakufska banka DD Sarajevo je licencirana za obavljanje svih bankarskih aktivnosti u skladu sa Zakonom.

Banka raspolaže stručnim i kvalifikovanim osobljem obučenim za profesionalno obavljanje banakarskih poslova i aktivnosti.U stalnom radnom odnosu zaposleno je 184 radnika.

Kvalifikaciona struktura radnika u 2007 godini

Broj zaposlenih radnika u zadnjih 5 godina

Svojim uposlenicima Banka omogućava kontinuiranu edu-kaciju i usmjerava ih uvijek ka prihvaćanju novih i modernih bankarskih koncepata.

Vakufska banka DD Sarajevo koristi norveški bankarski soft-wer, VIEW 21, koji je sopst-venim snagama, unaprijeđen i prilagođen potrebama Banke tako da obezbjeđuje pouzdanu i brzu obradu podataka, visoki kvalitet izvještavanja i stalnu mogućnost nadograd-nje i poboljšanja. Software pruža mogućnost za efikasan menadžment informacionog sistema.

Tokom 2007. godine odobrena je politika sigurnosti od strane menadžmenta kao vodilja za implementac-iju sigurnosti i smanjivanju operativnog rizika Infor-macionog sistema , što je u skladu sa smjernicama BAZEL-a 2.U tom cilju tokom 2007. godine izvršena je zamjena operativnih sistema na nove verzije, koje su ispraćene zamjenom hardware-a resursa.

Tedencije u konvergenciji IS-a tokom 2008 godine je praćenje standarda evropske unije u sektoru ban-karstva i finansija.

VSS University Degree and higher e.

64 (34,8%)

VŠS Two-years post graduate e.

19 (10,3%)

SSS Secondary e.

78 (42,4%)

Ostali Others

23 (12,5%)

200

160

120

80

40

02003 2004 2005 2006 2007

184175

167151151

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Prihodi od kamataInterest earnings

7.322/t (65,45%)

Operativni prihodiOperational revenues

3.865/t (34,55%)

Ukupni prihodiTotal income

11.187/t (100%)

Privreda Companies

3.823/t (52,21%)

Stanovništvo Individuals

1.087/t (14,85%)

Plasmani drugim bankama Borrowings to other banks

342/t (4,67%)

Plasman kod CBBIH Deposits with CBBiH

1.611/t (22,00%)

Ostali prihodi od kamata Other interest earningsv

459/t (6,27%)

Ukupni prihodi od kamataTotal interest income

7.322/t (100%)

Poslovanje BankeBank’s Business Performances

The Bank’s business performances in last years are characterized by the permanent growth in all its seg-ments. In 2007, as well as in previous years, the Bank has realized a positive financial result i.e. the profit before taxation of KM 133/t. The total Bank’s income in 2007 amounts 11.187t/KM whereof the largest part belongs to interest earn-ings of KM 7.322.000.

Revenues

Of the total interest income, KM 3.823/t belongs to corporates, 1.087KM/t to individuals, 342 KM /t to placements to other banks, 1.611 KM/t to place-ments with Central Bank BiH, and 459/t other inter-est income.

Interest earnings

Poslovanje Banke posljednjih godina karakteriše konstantan rast u svim njenim segmentima. U 2007 godini, kao i u prethodnim godinama, Banka je os-tvarila pozitivan finansijski rezultat, dobit prije opor-ezivanja 133/h KM.Ukupni prihodi Banke u 2007. godini iznose 11.187/h KM, od čega najveći dio predstavljaju pri-hodi od kamata 7.322/h KM

Prihodi

Od ukupnih prihoda od kamata, 3.823/h KM se odnosi na privredu,1.087/h KM na stanovništvo,342 /h KM na plasmane drugim bankama 1.611/h KM na plasman kod Centralne banke BiH, 459/h ostali prihodi od kamata.

Prihodi od kamata


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Out of the operational revenue, KM 45/t are loan fees, KM 569/t guarantee fees, KM 2.144/t to ser-vices performed, KM 396/t to foreign currency deal-ings, and KM 711/t to other revenues.

Operating revenues

In the total expenditures of KM 11.054/t which have been booked in 2007, the major part of it, KM 6.569/t are operating expenses, KM 2.725/t are G&A expenses, and KM 1.760/t belongs to interest payable.

Expenditures

Od operativnih prihoda, 45/h KM se odnosi na na-knade po kreditima, 569/h KM na naknade po iz-datim garancijama, 2.144/h KM na izvršene usluge, 396/h KM na poslovanje sa devizama i 711/h KM na ostale prihode.

Operativni prihodi

U ukupnim rashodima od 11.054/h KM koji su os-tvareni u 2007 godini, najveći udio od 6.569/h KM se odnosi na dio koji predstavlja operativne rashode 2.725/h KM odnosi se na poslovne rashode, 1.760/h KM odnosi se na pasivne kamate.

Rashodi

Naknade po kreditimaLoan fees

45/t (1,16%)

Naknade po izdatim garancijamaGuarantees issued Fees

569/t (14,72%)

Izvršene uslugeServices performed

2.144/t (55,47%)

Prihodi od poslovanja sa devizamaRevenues from foreign currency transactions

396/t (10,25%)

Ostali prihodiOther income

711/t (18,40%)

Operativni prihodi ukupnoTotal operating income

3.865/t (100%)

Operativni rashodiOperating expenses

6.569/t (59,40%)

Poslovni rashodiG and A expenses

2.725/t (24,60%)

Pasivne kamateInterest payable

1.760/t (16,00%)

Ukupni rashodiTotal expenses

11.054/t (100%)

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Vakufska banka dd Sarajevo offers to and associa-tions various financial products and services. In the filed of loan services the main activities are di-vided in short term and long term loans. The activities of Vakufska banka dd Sarajevo are accomplished in the main Office in Sarajevo and well dispersed main branches, branches and offices in the Federation of Bosnia and Herzegovina. The Department for Loans and Finance in a fast and professional way reacts to loan applications and of-fers financial support to the bank’s clients. The loan products are accommodated to the market needs.On a direct and cordial communication with the clients, the officers make contacts and prepare the Bank’s services which are suited to specific needs of each client, reaching a final agreement whish aim is to find solution for development and business for the clients.

Total loan portfolio amounts to KM 70,2 mio, where-as KM 12,5 mio was placed to individuals, and KM 57,7 mio to legal entities.

Loans

Vakufska banka dd Sarajevo u FBiH nudi fizičkim, pravnim licima i udruženjima raznovrsne finansijske proizvode i usluge.Na području kreditnog poslovanja , osnovna ak-tivnost se grupiše na kratkoročne i dugoročne kred-ite.Poslovanje Vakufske banke dd Sarajevo se odvija u okviru Direkcije banke u Sarajevu i mreže dobro raspoređenih filijala, ekspozitura i poslovnih jedinica u Federaciji BiH.Putem sektora kredita i finansiranja na brz i profesi-nalan način rješavaju se kreditni zahtjevi i pruža fin-ansijska podrška klijentima Banke.Kreditni proizvodi su prilagođeni potrebama tržišta.Na direktan i ljudski neposredan način bankarski službenici kontaktiraju i pripremaju usluge Banke koje su prilagođene specifičnostima svakog klijenta , te postižu krajni dogovor čiji je cilj rješenje za razvoj i poslovni uspjeh svakog od njih.

Ukupan kreditni portfolio iznosi 70,2 mio KM. Od toga 12.5 mio KM plasirano je fizičkim licima, a 57,7 mio KM pravnim licima.

Krediti

Kreditni portfolioCredit portfolio

Pravna licaLegal entities

57,7 mio (82,20%)

Fizička licaIndividuals

12,5 mio (17,80%)

Ukupni kreditiTotal loans

70,2 mio (100%)


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15 godina


Loans to individuals: - Short-term loans KM 1,5 mio and long-term loans KM11,0 mio

Loans to individuals

Loans to legal entities- Short-term loans KM 21,4 mio, and long-term loans KM 36,3 mio

Loans to legal entities

On the day of 31st December 2007 the Bank has 631 active loan accounts of legal entities and 2.589 of individuals.

Krediti fizičkim licima:- kratkoročni krediti 1,5 mio KM i dugoročni krediti 11,0 mio KM.

Krediti fizičkim licima

Krediti pravnim licima:- kratkoročni krediti 21,4 mioKM i dugoročni krediti 36,3 mio KM.

Krediti pravnim licima

Na dan 31.12.2007.godine Banka ima 631 živih kreditnih partija za pravna lica i 2.589 za fizička lica.

Kratkoročni kreditiShort-term loans

1,5 mio (12 %)

Dugoročni kreditiLong-term loans

11,0 mio (88 %)

Ukupni krediti fizičkim licima Total loans to individuals

12,5 mio (100%)

Kratkoročni kreditiShort-term loans

21,4 mio (37,10%)

Dugoročni kreditiLong-term loans

36,3 mio (62,90%)

Ukupni krediti pravnim licima Total loans to legal entities

57,7 mio (100%)

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15 godina



In the maturity structure of the total deposits in the amount of KM 95.809/t, demand deposits par-ticipated with KM 64.681/t, short-term deposits KM 7.665/t, and long-term deposits KM 23.463/t

Deposits’ Maturity Structure

Deposits of individuals amount KM 33.801/t, and of legal entities KM 62.008/t.

Deposits

U ročnoj strukturi ukupnih depozita, koji iznose 95.809/h KM, depoziti po viđenju su imali udio od 64.681/h KM, oročeni kratkoročni depoziti 7.665/h KM i oročeni dugoročni depoziti 23.463/h KM.

Ročna struktura depozita

Depoziti fizičkih lica iznose 33.801/h KM, a pravnih lica 62.008/h KM.

Depoziti

DepozitiDeposits

Depoziti po viđenjuDemand deposits

64.681 (67,50%)

Oročeni kratkoročni depozitiShort-term deposits

7.665 (8,00%)

Oročeni dugoročni depozitiLong-term deposits

23.463 (24.50%)

Ukupni depozitiTotal deposits

95.809 (100%)

Depoziti fizičkih licaDeposits of individuals

33.801 (35,30%)

Depoziti pravnih licaDeposits of legal entities

62.008 (64,70%)

Ukupna struktura depozitaTotal deposit structure

95.809 (100%)


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In the deposits of individuals maturity structure, the demand deposits take KM 15.925/t, the short-term deposits KM 4.632/t, and the long-term deposits KM 13.244/t.

Deposits of individuals - Maturity Structure

In the deposits’ maturity structure of legal entities, demand deposits participated with KM 48.757/t, short-term deposits with KM 3.030/t, and the long-term deposits with KM 10.221/t Deposits of legal entities - Maturity Structure

U ročnoj strukturi depozita fizičkih lica, depoziti po viđenju su imali udio od 15.925/h KM, oročeni kratkoročni depoziti 4.632/h KM i oročeni dugoročni depoziti 13.244/h KM.

Depoziti fizičkih lica - Ročna struktura

U ročnoj strukturi depozita pravnih lica, depoziti po viđenju su imali udio od 48.757/h KM, oročeni kratkoročni depoziti 3.030/h KM i oročeni dugoročni depoziti 10.221/h KM.

Depoziti pravnih lica - Ročna struktura


15.925 (47,10%)


4.632 (13,70%)


13.244 (39,20%)

Ročna struktura dep.fizičkih licaMaturity structure of deposits from individuals

33.801 (100%)


48.757 (78,60%)


3.030 (4.90%)


10.221 (16,50%)

Ročna struktura depozita pravnih lica/Deposits from legal entities term structure

62.008 (100%)

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15 godina



Unutrašnji platni promet Domestic Payment Operations

On 31 December 2007 were active 2.730 transac-tion accounts of legal entities, out of which were 436 frozen. During 2007 were open 254 new transaction accounts and in the same time 255 were closed.During y2007 in the country were carried 497.801 domestic payment transactions in the total amount of KM 885,0 million out of which 53.393 were low risk transactions among the clients of Vakufska banka in total amount of KM 198,0 million. In the internal payments services were realized bank fees in the amount of KM 591/t., which means an increase of 2,4% comparing to the year before.

The Bank performs payment transactions through giro clearing and RTGS. Statements of the accounts were delivered daily, i.e. the next working day after the transaction were done or received orders.

Na dan 31.12.2007.godine, aktivno je 2.730 tran-sakcijskih računa pravnih lica , od kojih je 436 blokirano.Tokom 2007.godine otvoreno je novih 254 transakcijskih računa , a ugašeno je 255 računa.Tokom 2007 godine izvršeno je 497.801 platnih transakcija platnog prometa u zemlji u ukupnom iznosu od 885,0 miliona KM, od toga je 53.393 transakcija niskog rizika, medju klijentima Vakufske banke, u ukupnom iznosu od 198,0 milion KM. Po poslovima unutrašnjeg platnog prometa ost-varena je provizija u iznosu od K M 591/h što je povećanje u odnosu na prethodnu godinu za 2,4%.

Banka izvršava platne transakcije putem žiro klir-inga i RTGS-a. Izvodi o promjenama klijentima se dostavljaju dnevno, narednog radnog dana, nakon izvršenih, odnosno primljenih naloga.

800

600

400

200

0

Međubankarske transakcijeInterbank transactions

687/t (77,60%)

Transakcije unutar bankeIntrabank transactions

198/t (22,40%)

Ukupno transakcijeTotal transactions

885/t (100%)


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Vakufska banka DD Sarajevo successfully performs international operations through a wide network of correspondent banks.

The first class correspondents enable fast and quali-tative money transfers and joint actions of the Bank and its clients abroad.

During 2007 through the accounts of Vakufska were performed 13.527 international payment transac-tions, payment operations abroad (5.321 inflows to the account, 8.206 outflows from the account) in the total amount of KM 288,0 million. In the realized fees for foreign transactions was eaned KM 750000 which is an increase of 3,4% comparing with the year before.

Vakufska banka DD Sarajevo putem široke mreže korespondenata, uspješno obavlja poslove sa inos-transtvom.

Prvoklasni korespondenti omogućavaju brze i kvalitetne transfere novca i zajedničke nastupe Banke i njenih klijenata u inostranstvu.

Tokom 2007 godine, preko računa Vakufske banke DD Sarajevo, izvršeno je 13.527 transakcija platnog prometa sa inostranstvom (5.321 prilivi na račun, 8.206 odlivi sa računa) u ukupnom iznosu od 288,0 miliona KM.

Po poslovima platnog prometa sa inostranstvom os-tvarena je provizija u iznosu od KM 750/h što je za 3,4% više u odnosu na prethodnu godinu.

Poslovi sa inostranstvom International Operations

14

15 godina



In the well diversified services / products which are offered to our clients, we have included the use of our inland credit cards. The process of introduction of the service was completed in the first quarter of 2007.The total number of the issued inland credit cards at the end of 2007 is:Debit cards 3189 pcs.Credit cards 141 pcs.The total number of effected transactions in 2007 is 92.219 in which was the aggregate sales of KM 10.104.000.In the end to develop and widening of the Bank’s net of personal cards, as well as the cards issued by other banks members to the BamCard system, the Bank has installed 101 POS terminals and 11 ATM terminals.For the next year our plan is to introduce interna-tional cards in the form of associated membership, by which the range of our services to our clients will be brought up to date.

Bogatom asortimanu usluga / proizvoda koje stoje na raspolaganju našim klijentima omogućili smo i korištenje domaće kreditne kartice. Proces uvođenja ove usluge završen je u prvom kvartalu 2007.go-dine.Ukupan broj izdatih domaćih kartica na kraju 2007.godine iznosi:- Debitne kartice 3.189 kom- Kreditne kartice 141 komUkupan broj izvršenih transakcija u 2007 godini iznosi 92.219 sa ukupnim prometom od 10.104h/KM.U cilju unapređenja i širenja prihvatne mreže kartica banke , kao i kartica koje izdaju druge banke članice BamCard sistema Banka je instalirala 101 POS ter-minal i 11 ATM terminalaZa narednu godinu plan je da se uvede i međunarodna kartica u obliku pridruženog članstva, čime bi se upotpunio dijapazon usluga prema našim klijentima.

Kartično poslovanje Card Business


15

15 godina


As in the previous years, there was in the year 2007 also a significant growth in the number of current accounts users. The number of the clients who use their current ac-counts was 3.758 persons and the end of 2007.

Clients who receive their salary through the Bank or have regular monthly inflow have the possibility to use revolving credit under the current account (over-draft).

The Bank enables its clients to use the service of overhead expenses payment by the standing orders which enable the clients to use the time they need for contacts in the bank for other routine.

Kao i u prethodnim godinama i u ovoj godini zabilježen je značajan trend rasta broja korisnika tekućeg računa. Broj klijenata koji posluju preko tekućih računa na kraju 2007 godine iznosi 3.758.

Klijentima koji preko Banke primaju platu ili imaju redovni mjesečni priliv, omogućeno je korištenje re-volving kredita po tekućem računu (LIMIT).

Banka svojim klijentima omogućava usluge plaćanja režijskih troškova putem trajnog naloga, čime kli-jenti vrijeme provedeno u Banci mogu iskoristiti za završavanje drugih obaveza.

Tekući račun Current Account

16

15 godina



E-banking service that was successfully implemented during 2004 continued also in 2007. A significant increase of this service in the number of users was registered.

By introduction of e-banking, as one of many prod-ucts of Vakufska banka DD Sarajevo, our clients have got the possibility to carry out their business via Internet from their work places or from home. The service is available 24h/7 days during the whole year.For security of transactions that are carried out via e-banking the most modern and most safe data pro-tection methods are used.

All arguments and reasons for introduction of this service appeared to be accurate and justified:- Fast and efficient approach to the funds and execu-tion of interior payment operations without physical arrival into the bank,- Lower service costs;- Quick insight into the state on the accounts;- Availability of service.

It is necessary to mention that so far the users of the service expressed their satisfaction with the quality of the offered services and software.

The electronic banking services used 96 clients, who paid KM 41.000 of bank fees.

Usluga elekronskog bankarstva koja je uspješno implementirana tokom 2004 godine, nastavljena je i u 2007 godini. Zabilježen je značaj porast broja korisnika ove usluge.

Uvođenjem elektronskog bankarstva, kao jednog od niza proizvoda Vakufke banke DD Sarajevo, našim klijentima je omogućeno da svoje poslovanje obav-ljaju putem Interneta sa svojih radnih mjesta ili od kuće. Usluga je dostupna 24 sata dnevno, tokom cijele godine. Za sigurnost transakcija koje se vrše putem elektron-skog bankarstva koriste se najsavremenije i najsig-urnije metode zaštite podataka.

Svi argumenti i razlozi za uvođenje ove usluge su se pokazali tačnim i opravdanim:- brz i efikasan pristup sredstvima i obavl-janje transakcija unutrašnjeg platnog prometa bez fizičkog dolaska u banku, - niži troškovi usluge;- brz uvid u stanje na računima;- dostupnost usluge

Važno je spomenuti da su dosadašnji korisnici ove usluge izrazili zadovoljstvo kvalitetom ponuđenih us-luga i software-a.

Usluge elektronskog bankarstva koristi 96 klijenata, naplaćena je provizija u iznosu KM 41/h .

Elektronsko bankarstvo E - Banking


17

15 godina


The sector of investment banking executes all servic-es for investment funds depositors and the services for depositors in emission and securities’ trade. The Bank is since 2001 in possession of the Licence for execution of private investment fund activities. By the Decision no. 05/2-19-428/5 dated 25th of Au-gust 2005 the Federation of BiH Securities Commis-sion renewed that Permit.

The mentioned functions are realized through- Activities for contracting deposit with the clients;- Registration and receipt of incoming cash payments for the stocks/investment coupons of IF;- Creation of the reports on registered and paid stocks/investment coupons of IF;- Determine real costs of IF establishing;- Makes valuation of net value of IF’s property;- Proves validity of each order given by a company, related to fee and IF’s management costs;- Execution of the orders given by the Privatization Company;- Inform The Privatization Company and Security Commission of FBiH concerning the regulations in force;- Perform other activities in accordance with regula-tions in force.

By the Decision No. 04/3-19-656/05 of 24th No-vember, 2005 The Securities Commission issued to the Bank The Licence for Execution of Depositor’s Business in Emission and Turnover of Securities.The mentioned business is realized through: - Keeping of specific purpose account for execution of broker’s and dealer’s functions, the authorized mediators for business with the securities, - Depositor’s business on occasion of the new emis-sion of securities (open and closed shares emis-sion);- Depositors´ functions in taking over companies by tender offers.

Although the Bank effects the service without an ex-pressed engagement, the total gain from the service to the clients performed by the Department were KM 56.000.

Sektor investicionog bankarstava obavlja poslove depozitara investicijskih fondova i poslove depozi-tara u emisiji i prometu vrijednosnih papira.Dozvolu za obavljanje poslova depozitara investici-jskog fonda Banka posjeduje od 2001 godine, a Rješenjem br. 05/2-19-428/5 od 25.08.2005 go-dine, Komisija za vrijednosne papire Federacije BiH je obnovila tu dozvolu.

Navedene funkcije se ostvaruju kroz- Ugovaranje depozitarskih poslova sa klijentima;- Upis i prijem uplata u novcu za dionice/investicijske kupone IF-a;- Kreiranje izvještaja o upisanim i uplaćenim dioni-cama/investicionim kuponima IF-a;- Utvrđuje stvarne troškove osnivanja IF-a;- Obračunava neto vrijednost imovine IF-a;- Utvrđuje ispravnost svakog naloga društva koji se odnosi na naknadu provizije i troškova upravljanja IF-a;- Izvršavanje naloga privatizacijskog društva;- Informisanje privatizacijskog društva i Komisije za vrijednosne papire FBiH po osnovama predviđenim važećim propisima;- Obavljanje i drugih poslova predviđenim zakons-kim propisima.

Komisija za vrijednosne papire Rješenjem br. 04/3-19-656/05 od 24.11.2005.godine izdala dozvolu Banci za obavljanje poslova depozitara u emisiji i prometu vrijednosnim papirima.Navedeni poslovi se ostvaruju kroz:- vođenje namjenskog računa za obavljanje broker-skih poslova i dilerskih poslova, ovlaštenih posred-nika za poslovanje vrijednosnim papirima,- poslovi depozitara prilikom nove emisije vrijednos-nih papira (otvorena i zatvorena emisija dionica),- poslovi depozitara u poslovima preuzimanja dioničkih društava putem tender ponuda.

Iako Banka ove poslove obavlja bez posebnog angažmana ukupni prihodi iz poslovanja sa klijen-tima ovog sektora iznosili su KM 56/h

Investiciono bankarstvo Investment Banking

18

15 godina



The shareholders’ capital amounts KM 44.010/t out of it 436.104 of common shares and 4,000 of pref-erence shares, each of nominal value KM 100,00.

In the structure of share capital in the Bank, the pri-vate capital participates in 97,4% of which 51,9% represents the domestic private capital and 45,5% is foreign capital. The rest of the share capital (2,6%) is the state owned capital that is in process of capi-talisation. Net capital amounts KM 52.502/t and includes the amount of KM 1.355/t of additional capital that was approved for purpose of crediting and financing ag-ricultural development and foster the employment on the territory of HN Canton.

The capital adequacy ratio as per on 31st Decem-ber, 2007 was 55,8%.

Dionički kapital iznosi 44.010/h KM, i sastoji se od 436.104 običnih dionica i 4.000 priortetnih dionica svaka nominalne vrijednosti 100,00 KM .

U strukturi dioničkog kapitala banke privatni kapi-tal učestvuje sa 97,4%, od čega 51,9% predstavlja privatni domaći kapital i 45,5% strani kapital. Os-tatak kapitala (2,6%) predstavlja državni kapital koji je u procesu privatizacije.

Neto kapital iznosi 52.502/h KM i uključuje iznos od 1.355/h KM dopunskog kapitala koji je odobren u svrhu kreditiranja i finansiranja razvoja poljoprivrede i poboljšanja zapošljavanja na području HNK.

Stopa adekvatnosti kapitala na dan 31.12.2007 go-dine iznosi 55,8% .

Dionički kapital Share Capital


19

15 godina


In order to provide high-grade credit funds and fa-vourable credit lines, Vakufska banka DD Sarajevo, besides using its own funds, cooperates with high rank financial institutions in FBiH, i.e. with the repre-sentatives of world banks, funds. Among domestic fi-nancial institutions cooperation was established with Investment Bank of FBiH in realization of favourable credit lines: SME – investment loans, restructured loans to commercial banks and revolving credit line for employment improvements.

Vakufska banka DD Sarajevo has years-long coop-eration with IGA d.o.o. Sarajevo (Agency for Issuing of Guarantees of Political and War Risk). By this co-operation Vakufska banka DD Sarajevo supports its export-oriented clients.

Vakufska banka DD Sarajevo signed Subsidiary Credit Agreement with Federal Ministry of Finance concerning the international fund IFAD – special fund for the Development Project of Cattle Breeding and Rural Financing.

Vakufska banka DD Sarajevo supports by the partici-pation in this project the development of the sectors and population groups which more that others need support and initial funds for self-employment..

U cilju obezbjeđivanja kvalitetnih kreditnih sredstava i povoljnih kreditnih linija Vakufska banka dd Sara-jevo pored korištenja vlastitih sredstava sarađuje sa visoko rangiranim finansijskim institucijama u FBiH odnosno predstavništvima svjeskih banaka , fon-dova. Od domaćih institucija ostvaruje se sardanja sa IBFBiH koja omogućava banci kreditne linije za SME- investicioni krediti, restruktuirani krediti komer-cijalnim bankama i revolving kreditnu liniju za pod-sticanje zapošljavanje.

Vakufska banka dd Sarajevo ostvaruje dugogodišnju saradnju sa IGA- Agencija za izdavanje garancija od političkog i ratnog rizika putem koje se izvozno or-jentisani klijenti kreditiraju uz mogućnost korištenja faktoringa.

Vakufska banka dd Sarajevo je potpisala subsidi-jarni ugovor sa Federalnim ministarstvom finansija vezano za međunarodni fond IFAD-posebni fond za projekte razvoja stočarstva i finansiranje seoskih domaćinstava. Putem ovog fonda Vakufska banka dd Sarajevo direktno pomaže razvoj ovih sektora i grupa stanovništva kojima je najviše potrebna podrška i incijalna sredstva za samozapošljavanje.

Saradnja sa financijskim institucijama Cooperation With Financial Institutions (IBF, IGA, IFAD)

20

15 godina



The successfully realised Plan on Increase and Improve-ment of the Capital Quality in which the share capital of Vakufska Banka, by the foreign and domestic invest-ments of the additional KM 35.3 million, was increased to KM 44.0 million and the net capital to KM 52,5 mil-lion. In comparison to the previous year that means an increase of 176.31% and 158.83% respectively. One of the most important development objectives of the previous reporting period was in this manner realised and achieved the conditions for further acceleration and improvement of all business segments of the Bank.

The Bank objectives for the future are to provide new long term resources through new credit lines and long term deposits, which will enable it to offer more diversi-fied and improved quality of its products.

In the end to bring the Bank closer possible to its cli-ents, we plan to introduce micro financing. This project is oriented to micro enterprises, which number is about 1300, within the Bank’s records. The aim of the Bank is to approach this special segment of its clients. This target, together with the aim of direct relations with its clients, requires the possibility to engage mobile credit officers. We think that such approach will give added value to the Bank’s image as “our bank”. At the mo-ment, it is also convenient for the negotiations with the institutions which offer credit lines (EFSE, EBRD etc.) and which are willing to credit such projects.

In the next year plan is to initiate the negotiations for introduction in our products offer the international credit cards – Visa International and/or MasterCard by getting the status of an associated member. In our efforts to strengthen and improve in the year 2008 the market position of the Bank, but also to be nearer to our clients, we plan to open new branches and so increase in the Bank’s net of branches. The preparations are accomplished for opening of six new sales points (one branch office, one section office and four counters).

The Bank will continuously introduce new technologies, improvement of work process and continuing on-the-job training of the staff.

In the years to come we shall be oriented to our main target, which is - to be a bank dedicated and confident partner to all legal entities and individuals in Bosnia and Herzegovina. We shell continuously give our contribu-tion to employment and in long run stimulate develop-ment and prosperity of Bosnia and Herzegovina, its economy and well being of its citizens.

Kroz uspješno realizovan Plan povećanja i poboljšanja kvaliteta kapitala, stranim i domaćim ulaganjem do-datnih KM 35,3 mio, dionički kapital Vakufske banke povećan je na KM 44,0 mio, a neto kapital na KM 52,5 mio. U odnosu na prethodnu godinu, to je povećanje od 176,31%, odnosno 158,83% respektivno. Na taj način ostvaren je jedan od najznačajnijih razvojnih pravaca prethodnog perioda i stečeni su uslovi za dalji ubrzan razvoj i unapređenje, u svim segmentima poslo-vanja Banke.

U budućnosti Banka ima za cilj obezbijediti dugoročne izvore sredstava kroz nove kreditne linije i dugoročne depozite, koji bi joj omogućili da pruži raznovrsniju i još kvalitetniju ponudu.

Sa ciljem da se Banka, što je moguće više, približi kli-jentima, planirano je uvodjenje mikrokreditiranja. Ovaj projekat je orijentisan na mikropreduzeća kojih u evi-dencijama Banke ima oko 1.300. Namjera je da se Vakufska Banka približi ovoj kategoriji klijenata. S tim ciljem i sa ciljem izraženije neposrednosti sa klijentima, neophodno je ići njima u susret sa mobilnim kreditnim službenikom. Mislimo da će ovaj pristup imati dodatnu vrijednost kad je u pitanju jačanje slike Vakufske Banke kao “naše banke”. Ocjena je da je ovakav pristup tre-nutno pogodan i za pregovore sa institucijama koje nude kreditne linije (EFSE, EBRD, itd) i koje su trenutno raspoložene za kreditiranje ovakvih projekata.

U narednoj godini, planira se otpočinjanje pregovora za uvođenje internacionalne kartice - Visa international i/ili MasterCard, putem pridruženog članstva.

U nastojanju da učvrsti i ojača poziciju na tržištu, ali i da bude što bliže svojim klijentima, u 2008. godini planirano je širenje poslovne mreže Banke. Izvršene su pripreme I planirano je otvaranje šest novih proda-jnih mjesta (po jedna poslovniva i ekspozitura i četiri šaltera).

Banka će kontinuirano raditi na uvođenju novih tehnol-gija, unapređenju poslovnih procesa i kontinuiranom usavršavanju uposlenika.

U godinama koje dolaze i dalje ćemo biti usmjereni ka našem glavnom cilju, a to je biti banka koja je pro-fesionalan i pouzdan partner svim pravnim i fizičkim licima u Bosni i Hercegovini, te kontinuirano doprinositi otvaranju novih radnih mjesta i dugoročno podsticati razvoj i prosperitet BiH privrede i njenih građana.

Razvojni pravci bankeDevelopment Objectives


21


Organizaciona strukturaOrganizational Structure

SKUPŠTINA BANKEGENERAL ASSEMBLY

NADZORNI ODBORSUPERVISIORY BOARD

DIREKTORDIRECTOR

KUPITAnti Money Laundry Unit

Sekretar bankeBank’s Secretary

Sektor upravljanja sredstvimaLiability Managment Division

Služba interne revizijeInternal Auditor

ODBOR ZA REVIZIJUAUDIT BOARD

IZVRŠNI DIREKTOREXECUTIVE DIRECTOR



Sekreterijat i pravni poslovi

Legal & Administration Division

Sektor poslovanja sa inostranstvom i operacije

platnog prometa

International division &Internal payment trans

Credit and Finance Division

Sektor za investiciono bankarstvo

Invenstment bankig Division

Sektor poslovnja sastanovništvom

Retail Banking Division

Sektor poslovnog razvoja

Business Development Division

Centar za informacione sisiteme (CIS)

Information Technology Division (IT)

Sektor računovodstva

Accounting Division

Posebni organizacioni dijelovi - Poslovne jedinice

Special organization Units - Branches

22

15 godina



Poslovna mre`aBranch Network

DIREKCIJA M.Tita 13, 71000 Sarajevo, BiHTel: ++ 387 33 280 100, Fax: ++ 387 33 663 399B. Mutevelića 2A , 71000 SarajevoTel:++ 387 33 661 531(6) (8), Fax: ++ 387 33 661 533

E-mail:[email protected]

FILIJALE

FILIJALA SARAJEVO

Ekspozitura FERHADIJA Ekspozitura Centar 1

Ekspozitura Centar 2

Ekspozitura ILIJAŠ

Ekspozitura ILIDŽA

Ekspozitura HRASNO

Ekspozitura BREZA

FILIJALA MO MOSTAR

Šalter STARI MOST Šalter POTOCI

Poslovnica JABLANICA

Poslovnica KONJIC

Šalter D.C.KONJIC FILIJALA TEŠANJ

FILIJALAGRAČANICA

FILIJALA ZENICA

Poslovnica BUGOJNO

FILIJALA BIHAĆ

M.Tita 13, 71000 Sarajevo BiHTel: ++ 387 33 200 100, Fax: ++ 387 33 663 399Ferhadija 4, 71000 Sarajevo, BiHTel: ++ 387 33 200 598, Fax: ++ 387 33 200 597B.\urđeva 8, 71000 Sarajevo, BiHTel/Fax: ++ 387 33 666 899V.Perića 11, 71000 Sarajevo, BiHTel:++ 387 33 206 930,Fax:++ 387 33 272 110Ul. 126 brigade 58, 71380 Ilijaš, BiHTel/Fax: ++ 387 33 400 230,Dr.Mustafe Pintola 27, 71210 Ilidža, BiHTel:++ 387 33 764 160(1) Fax: ++387 33 762 906Trg Heroja 17, 71000 Sarajevo, BiHTel: ++ 387 33 716 995 , Fax: ++387 33 716 996Bosanska 28, 71370 Breza, BiHTel:++387 32 789 440,Fax: ++ 387 32 783 636

Musala 4, 88000 Mostar, BiHTel: ++ 387 36 502 200 , 502 201, Fax: ++ 387 36 502 217Mala Tepa 28, 88000 Mostar BiHTel: ++ 387 36 555 571, Fax:++387 36 555 570Potoci bb,88000 Mostar,BiHTel/Fax:++387 36 556 871Željeznička bb,88420 JablanicaTel:++387 36 750 381 Fax:++ 387 36 750 380Šehidska 2, 88400 Konjic, BiHTel: ++ 387 36 735 010 ,Fax: ++ 387 36 735 011Sarajevska 43,88400 Konjic,BiHTel:++387 36 735 210, Fax: ++387 36 735 211Osmana Pobrića bb, 74260 Tešanj, BiHTel: ++ 387 32 656 421, Fax: ++ 387 32 656 431Alije Izetbegovića 31B, 75320 Gračanica, BiHTel: ++ 387 35 700 272, Fax: ++ 387 35 703 185M.Tita 28, 72000 Zenica, BiHTel:++387 32 449 984,449 980(1)(2), Fax:++387 32 449 989Zlatnih Ljiljana 8, 72300 Bugojno, BiHTel/Fax: ++ 387 30 260 150Ešrefa Kovačevića H-2/IV, 77000 Bihać, BiHTel/Fax: ++ 387 37 223 592


E-mail: [email protected]


E-mail:teš[email protected]

E-mail:grač[email protected]



E-mail: [email protected]


23

15 godina


Nadzorni odborUprava banke Supervisory BoardExecutive Board

NADZORNI ODBOR / SUPERVISORY BOARD

Namik Silajdžić predsjednik / presidentMuhamed Mujić član / memberIzet Šahović član / memberEnver Trepić član / memberFaik Puščul član / memberBakir Čengić član / memberMuhamed Salkić član / member

UPRAVA BANKE / EXECUTIVE BOARD

Amir Rizvanovi} Direktor / DirectorEdis Kusturica Izvršni direktor / Executive DirectorBahra Imamovi} Izvršni direktor / Executive DirectorBelma Mulaosmanovi} Izvršni direktor / Executive Director

24

15 godina



Korespodentne bankeCorespodent Banks

CountryZemlja

BankBanka

SWIFT Code

CurrencyValuta

Account Number

Broj računa

Austria

BAWAG P.S.K. (FORMERLY BANK FUER ARBEIT UND WIRTSCHAFT AG)Vienna 1010

BAWAATWW

EURUSD

0011880007900151082106

BANK AUSTRIA CREDITANSTALT AGVienna 1011

BKAUATWW EURUSD

126-154672/02 EUR126-154672/00 USD

Croatia ZAGREBACKA BANKA DD10000 Zagreb

ZABAHR2X EURUSDCHFAUDCADHRK

5180001294-9785180001294-8405180001294-7565180001294-0365180001294-1245180001309-191

Germany DRESDNER BANK AG60301 Frankfurt Am Main

DRESDEFF EURUSDGBPCHF

499/08081268/00/888499/08081268/00/400499/08081268/00/006499/08081268/00/039

COMMERZBANK AG60261 Frankfurt Am Main

COBADEFF EUR 400876813701 EUR

LHB INTERNATONALE HANDELSBANK AG60311 Frankfurt Am Main

LHBIDEFF EURUSDGBP

000993500800099353050009935313

Slovenia ABANKA VIPA DD1517 Ljubljana

ABANSI2X EURUSD

SI56051001010004616SI56051001010004616

NOVA LJUBLJANSKA BANKA DD1520 Ljubljana

LJBASI2X EURUSD

81800-04030/087010-04030/08

Sweden SKANDINAVISKA ENSKILDA BANKEN 106 40 Stockholm

ESSESESS SEKEUR

SE7450000000052018507095SE3450000000055528202264

Turkey ALBARAKA TURK PARTICIPATION BANK34387 Istanbul

BTFHTRIS EURUSD

910419-4910419-3


25

15 godina


26

Finansijski izvještaji i izvještaj nezavisnog revizora

15 godina



VAKUFSKA BANKA D.D. SARAJEVO Financial statements for the year ended 31 December 2007 prepared in accordance with International Financial Reporting Standards as modified by regulatory requirements of the Federal Banking Agency of Bosnia and Herzegovina and independent auditors’ report

VAKUFSKA BANKA D.D. SARAJEVO Finansijski izvještaji za godinu koja je završila 31. decembra 2007. pripremljeni u skladu sa Međunarodnim standardima finansijskog izvještavanja modifikovanih u skladu sa regulativnim zahtjevima Agencije za bankarstvo Federacije Bosne i Hercegovine i izvještaj nezavisnog revizora


27

Financial Statements and Independent Auditors’ Report

15 godina


VAKUFSKA BANKA D.D. SARAJEVO Financial statements for the year ended 31 December 2007 prepared in accordance with International Financial Reporting Standards as modified by regulatory requirements of the Federal Banking Agency of Bosnia and Herzegovina and independent auditors’ report

28


15 godina



Contents

Vakufska banka d.d. Sarajevo

Page

Responsibility for the financial statements 1

Independent auditors’ report 2

Statement of income 3

Balance sheet 4

Statement of cash flows 5

Statement of changes in shareholders’ equity 6

Notes to the financial statements 7-38

Sadržaj


Stranica

Odgovornost za finansijske izvještaje 1

Izvještaj nezavisnog revizora 2

Bilans uspjeha 3

Bilans stanja 4

Izvještaj o novčanim tokovima 5

Izvještaj o promjenama na kapitalu 6

Napomene uz finansijske izvještaje 7-38

Stranica

32

34

36

38

40

42

44-108


29


15 godina


Contents


Page

Responsibility for the financial statements 1

Independent auditors’ report 2

Statement of income 3

Balance sheet 4

Statement of cash flows 5

Statement of changes in shareholders’ equity 6

Notes to the financial statements 7-38

Page

33

35

37

39

41

43

45-109

30


15 godina



Responsibility for the financial statements

Vakufska banka d.d. Sarajevo 1

Pursuant to the Law on Accounting and Audit of Federation of Bosnia and Herzegovina (Official Gazette No. 32/05), the Management Board is responsible for ensuring that financial statements are prepared for each financial year in accordance with International Financial Reporting Standards (IFRS) as published by the International Accounting Standards Board (IASB) which give a true and fair view of the state of affairs and results of the Bank for that period.

After making enquiries, the Management Board has a reasonable expectation that the Bank has adequate resources to continue in operational existence for the foreseeable future. For this reason, the Management Board continues to adopt the going concern basis in preparing the financial statements.

In preparing those financial statements, the responsibilities of the Management Board include ensuring that:

suitable accounting policies are selected and then applied consistently;

judgments and estimates are reasonable and prudent;

applicable accounting standards are followed, subject to any material departures disclosed and explained in the financial statements; and

the financial statements are prepared on the going concern basis unless it is inappropriate to presume that the Bank will continue in business.

The Management Board is responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the Bank and must also ensure that the financial statements comply with the Accounting and Auditing Law of Federation of Bosnia and Herzegovina. The Management Board is also responsible for safeguarding the assets of the Bank and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed on behalf of the Management Board:

Amir Rizvanović, director


Maršala Tita 13

71000 Sarajevo

Bosnia and Herzegovina

14 July 2008

Odgovornost za finansijske izvještaje


U skladu sa Zakonom o računovodstvu i reviziji Federacije Bosne i Hercegovine ("Službene novine Federacije Bosne i Hercegovine", broj 32/05), Uprava je dužna osigurati da za svaku finansijsku godinu budu sastavljeni finansijski izvještaji u skladu s Međunarodnim standardima finansijskog izvještavanja (MSFI), koje je objavio Odbor za međunarodne računovodstvene standarde, koji pružaju istinit i fer pregled stanja u Banci, kao i njene rezultate poslovanja za navedeni period.

Nakon provedbe ispitivanja, Uprava opravdano očekuje da će Banka u dogledno vrijeme raspolagati odgovarajućim resursima, te stoga pri sastavljanju finansijskih izvještaja i dalje usvaja načelo vremenske neograničenosti poslovanja.

Odgovornosti Uprave pri izradi finansijskih izvještaja obuhvataju slijedeće:

odabir i dosljednu primjenu odgovarajućih računovodstvenih politika,

davanje opravdanih i razboritih prosudbi i procjena,

postupanje u skladu s važećim računovodstvenim standardima, uz objavljivanje i obrazloženje svih materijalno značajnih odstupanja u finansijskim izvještajima, te

sastavljanje finansijskih izvještaja pod pretpostavkom vremenske neograničenosti poslovanja, osim ako pretpostavka da će Banka nastaviti poslovati nije primjerena.

Uprava je odgovorna za vođenje odgovarajućih računovodstvenih evidencija, koje u svakom trenutku s opravdanom tačnošću prikazuju finansijski položaj Banke. Također, Uprava je dužna pobrinuti se da finansijska izvještaji budu u skladu sa Zakonom o računovodstvu i reviziji Federacije Bosne i Hercegovine. Pored toga, Uprava je odgovorna za čuvanje imovine Banke te za poduzimanje opravdanih koraka za sprječavanje i otkrivanje prijevare i drugih nepravilnosti.

Potpisao za i u ime Uprave

Amir Rizvanović, direktor


Maršala Tita 13

71000 Sarajevo

Bosna i Hercegovina

14. juli 2008. godine


31


15 godina


Responsibility for the financial statements


Pursuant to the Law on Accounting and Audit of Federation of Bosnia and Herzegovina (Official Gazette No. 32/05), the Management Board is responsible for ensuring that financial statements are prepared for each financial year in accordance with International Financial Reporting Standards (IFRS) as published by the International Accounting Standards Board (IASB) which give a true and fair view of the state of affairs and results of the Bank for that period.

After making enquiries, the Management Board has a reasonable expectation that the Bank has adequate resources to continue in operational existence for the foreseeable future. For this reason, the Management Board continues to adopt the going concern basis in preparing the financial statements.

In preparing those financial statements, the responsibilities of the Management Board include ensuring that:

suitable accounting policies are selected and then applied consistently;

judgments and estimates are reasonable and prudent;

applicable accounting standards are followed, subject to any material departures disclosed and explained in the financial statements; and

the financial statements are prepared on the going concern basis unless it is inappropriate to presume that the Bank will continue in business.

The Management Board is responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the Bank and must also ensure that the financial statements comply with the Accounting and Auditing Law of Federation of Bosnia and Herzegovina. The Management Board is also responsible for safeguarding the assets of the Bank and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


Amir Rizvanović, director


Maršala Tita 13

71000 Sarajevo

Bosnia and Herzegovina

14 July 2008

32


15 godina



Deloitte d.o.o.

Jadranska bb/III

71 000 Sarajevo

Bosnia & Herzegovina

Tel: +387 (0) 33 277 560

Fax: +387 (0) 33 277 561

www.deloitte.com

To the shareholders of Vakufska banka d.d. Sarajevo:

Independent Auditors’ report

We have audited the accompanying financial statements of Vakufska banka d.d. Sarajevo (the ‘Bank’), set out on pages 3 to 38, which comprise of the balance sheet as at 31 December 2007, and the income statement, statement of changes in equity and cash flow statement 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 International Financial Reporting Standards as modified by the regulatory requirements of the Banking Agency of Federation of Bosnia and Herzegovina. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

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. 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 entity’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 entity’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 give a true and fair view of the financial position of Vakufska banka d.d. Sarajevo as of 31 December 2007, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards as modified by the regulatory requirements of the Banking Agency of Federation of Bosnia and Herzegovina.

Deloitte d.o.o.

Sarajevo, 14 July 2008

Deloitte d.o.o.

Jadranska bb/III

71 000 Sarajevo


Tel: +387 (0) 33 277 560

Fax: +387 (0) 33 277 561

www.deloitte.com

Dioničarima Vakufske Banke d.d. Sarajevo:

Izvještaj nezavisnog revizora

Obavili smo reviziju priloženih finansijskih izvještaja Vakufske banke d.d. Sarajevo (u daljnjem tekstu: "Banka"), prikazanih na stranicama 3 do 38 koji se sastoje od bilansa stanja na dan 31. decembra 2007. godine, i bilansa uspjeha, izvještaja o promjenama na kapitalu i izvještaja o novčanim tokovima za godinu koja je tada završila, kao i sažetka značajnih računovodstvenih politika i ostalih napomena.

Odgovornost Uprave za finansijske izvještaje

Uprava je odgovorna za pripremanje i fer prezentiranje priloženih finansijskih izvještaja u skladu sa Međunarodnim standardima finansijskog izvještavanja modifikovanih u skladu sa regulativnim zahtjevima Agencije za bankarstvo Federacije Bosne i Hercegovine. Ta odgovornost obuhvata slijedeće: dizajniranje, uspostavljanje i održavanja sistema internih kontrola vezanih za pripremanje i fer prezentiranje finansijskih izvještaja koji ne sadrže materijalno značajne pogreške, bilo zbog prevare ili grešaka; odabir i dosljednu primjenu odgovarajućih računovodstvenih politika; te davanje razboritih računovodstvenih procjena u datim uvjetima.

Odgovornost Revizora

Naša je odgovornost izraziti nezavisno mišljenje o priloženim finansijskim izvještajima na temelju naše revizije. Reviziju smo obavili u skladu sa Međunarodnim standardima revizije. Navedeni standardi zahtijevaju da se pridržavamo etičkih kodeksa i reviziju planiramo i obavimo kako bismo se u razumnoj mjeri uvjerili da finansijski izvještaji ne sadrže materijalno značajne pogreške.

Revizija uključuje primjenu postupaka kojima se prikupljaju revizijski dokazi o iznosima i drugim podacima objavljenim u finansijskim izvještajima. Odabir postupaka zavisi od prosudbe revizora, uključujući i procjenu rizika materijalno značajnog pogrešnog prikaza finansijskih izvještaja, bilo kao posljedica prevare ili greške. U procjenjivanju rizika, revizor procjenjuje interne kontrole koje su relevantne za sastavljanje te objektivno prezentiranje finansijskih izvještaja, kako bi odredio revizijske postupke primjerene datim okolnostima, a ne kako bi izrazio mišljenje o učinkovitosti internih kontrola u Društvu. Revizija također uključuje i ocjenjivanje primjerenosti primijenjenih računovodstvenih politika te značajnih procjena Uprave, kao i prikaza finansijskih izvještaja u cjelini.

Uvjereni smo da su revizijski dokazi koje smo prikupili dostatni i primjereni kao osnova za izražavanje našeg mišljenja.

Mišljenje

Po našem mišljenju, finansijski izvještaji prikazuju objektivno i fer finansijski položaj Vakufske banke d.d. Sarajevo na dan 31. decembra 2007. godine, te rezultate njenog poslovanja i promjene u novčanom toku, za godinu koja je tada završila, i sastavljeni su u skladu sa Međunarodnim standardima finansijskog izvještavanja modifikovanim u skladu sa regulativnim zahtjevima Agencije za bankarstvo Federacije Bosne i Hercegovine.

Deloitte d.o.o.


33


15 godina


Deloitte d.o.o.

Jadranska bb/III

71 000 Sarajevo


Tel: +387 (0) 33 277 560

Fax: +387 (0) 33 277 561

www.deloitte.com

To the shareholders of Vakufska banka d.d. Sarajevo:

Independent Auditors’ report

We have audited the accompanying financial statements of Vakufska banka d.d. Sarajevo (the ‘Bank’), set out on pages 3 to 38, which comprise of the balance sheet as at 31 December 2007, and the income statement, statement of changes in equity and cash flow statement 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 International Financial Reporting Standards as modified by the regulatory requirements of the Banking Agency of Federation of Bosnia and Herzegovina. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

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. 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 entity’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 entity’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 give a true and fair view of the financial position of Vakufska banka d.d. Sarajevo as of 31 December 2007, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards as modified by the regulatory requirements of the Banking Agency of Federation of Bosnia and Herzegovina.

Deloitte d.o.o.

Sarajevo, 14 July 2008

34


15 godina



Bilans uspjeha za godinu koja je završila 31. decembra 2007. (Svi iznosi izraženi su u hiljadama KM)


Napomena

2007. (izmjenjeno,

Napomena 1) 2006. Prihodi od kamata 5 7.322 5.997 Rashodi od kamata 6 (1.760) (1.415) Neto prihod od kamata 5.562 4.582 Prihodi od naknada i provizija 7 2.759 2.719 Rashodi od naknada i provizija 8 (322) (278) Neto prihod od naknada i provizija 2.437 2.441 Neto prihodi od kursnih razlika 395 451 Ostali prihodi iz poslovanja 206 96 Prihod iz redovnog poslovanja 8.600 7.570 Troškovi zaposlenih 10 (4.405) (4.136) Trošak amortizacije stalnih sredstava 22 (398) (308) Trošak amortizacije nematerijalne imovine 22 (135) (157) Opšti i administrativni troškovi 11 (2.296) (2.037)

Rashod iz redovnog poslovanja (7.234)

(6.638) DOBIT PRIJE REZERVISANJA I POREZA NA DOBIT 1.366

932

Naplaćena otpisana potraživanja 12 505

314

Umanjenja vrijednosti i rezervisanja 13 (1.738) (716) DOBIT PRIJE POREZA NA DOBIT 133

530

Porez na dobit 14 - (38) NETO DOBIT TEKUĆE GODINE 133

492

ZARADA PO DIONICI (KM) 36 0,55

3,17

Računovodstvene politike i napomene u nastavku čine sastavni dio ovih finansijskih izvještaja.


35


15 godina


Statement of Income

for the year ended 31 December 2007 (all amounts are expressed in thousands of KM)


Notes

2007 (revised, see

Note 1) 2006

Interest income 5 7,322 5,997 Interest expense 6 (1,760) (1,415)

Net interest income 5,562 4,582

Fee and commission income 7 2,759 2,719 Fee and commission expense 8 (322) (278)

Net fee and commission income 2,437 2,441

Net gain on foreign exchange transactions 395 451 Other operating income 206 96

Operating Income 8,600 7,570

Personnel expenses 10 (4,405) (4,136) Depreciation and amortization on fixed assets 22 (398) (308) Amortization on intangible assets 22 (135) (157) Administrative expenses 11 (2,296) (2,037)

Operating Expense (7,234) (6,638) PROFIT BEFORE IMPAIRMENT LOSSES, PROVISIONS AND INCOME TAX 1,366

932 Collected written-off receivables 12 505 314 Impairment losses and provisions 13 (1,738) (716) PROFIT BEFORE INCOME TAX 133

530

Income tax 14 -

(38)

NET PROFIT FOR THE YEAR 133

492

EARNINGS PER SHARE (KM) 36 0.55

3.17

The accompanying notes form an integral part of these financial statements.

36


15 godina



Bilans stanja na dan 31. decembra 2007. godine (Svi iznosi izraženi su u hiljadama KM)


Napomena

31. decembar 2007.

(izmjenjeno, Napomena 1)

31. decembar 2006.

SREDSTVA Novac i novčani ekvivalenti 15 53.593 30.400 Obavezna rezerva kod Centralne banke 16 15.062 13.230 Plasmani kod drugih banaka 17 10.566 5.457 Dati krediti i potraživanja 18 67.220 50.726 Ostala imovina 19 600 478 Imovina raspoloživa za prodaju 21 325 312 Nekretnine, oprema i nematerijalna imovina 22 6.048 5.969 UKUPNA SREDSTVA 153.414

106.572

OBAVEZE

Obaveze prema drugim bankama i finansijskim institucijama 23 4.669

4.547 Obaveze prema klijentima 24 95.918 81.923 Subordinirani dug 25 1.355 1.328 Rezervisanja za preuzete i potencijalne obaveze 28 603

470

Ostale obaveze 26 1.388 420 UKUPNE OBAVEZE 103.933

88.688

DIONIČKI KAPITAL Dionički kapital 44.010 15.924 Dionička premija 3.818 - Revalorizacione rezerve 3 - Akumulirana dobit i rezerve 1.650 1.960 UKUPAN DIONIČKI KAPITAL 49.481

17.884

UKUPNO OBAVEZE I DIONIČKI KAPITAL 153.414

106.572

Računovodstvene politike i napomene u nastavku čine sastavni dio ovih finansijskih izvještaja.

Potpisali u ime Vakufske Banke d.d. Sarajevo dana 14. jula 2008. godine:

Direktor Banke Šef računovodstva

Amir Rizvanović Feriha Šehić


37


15 godina


Balance sheet

as at 31 December 2007 (all amounts are expressed in thousands of KM)


Notes

31 December 2007

(revised, see Note 1)

31 December 2006

ASSETS Cash and cash equivalents 15 53,593 30,400 Obligatory reserve with the Central Bank 16 15,062 13,230 Placements with other banks 17 10,566 5,457 Loans and receivables 18 67,220 50,726 Other assets 19 600 478 Assets available for sale 21 325 312 Property and equipment 22 6,048 5,969 TOTAL ASSETS 153,414

106,572

LIABILITIES Due to banks and other financial institutions 23 4,669 4,547 Due to customers 24 95,918 81,923 Subordinated debt 25 1,355 1,328 Provisions for commitments and contingencies 28 603 470 Other liabilities 26 1,388 420 TOTAL LIABILITIES 103,933

88,688

SHAREHOLDERS’ EQUITY Share capital 44,010 15,924 Share premium 3,818 - Revalorization reserves 3 - Retained earnings and reserves 1,650 1,960 TOTAL SHAREHOLDER’S EQUITY 49,481

17,884

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 153,414

106,572


Signed on behalf of Vakufska banka d.d. Sarajevo on 14 July 2008:

Director of the Bank Chief accountant

Amir Rizvanović Feriha Šehić

38


15 godina



Izvještaj o novčanim tokovina za godinu koja je završila 31. decembra 2007. (Svi iznosi izraženi su u hiljadama KM)


2007. (izmjenjeno,

Napomena 1)

2006. Poslovne aktivnosti Neto dobit 133

492

Usklađenje na neto novčana sredstva ostvarena poslovnim aktivnostima:

Amortizacija 533 465 Umanjenja vrijednosti i rezervisanja 1.738 716 Dobit od prodaje imovine i opreme (8) - Promjene na imovini i obavezama: Neto povećanje obavezne rezerve od Centralne banke (1.832) (1.909) Neto (povećanje)/smanjenje plasmana kod drugih banaka prije rezervisanja (5.139)

668

Neto (povećanje)/smanjenje kredita i potraživanja prije rezervisanja (18.041)

1.426

Neto (povećanje)/smanjenje ostale aktive, prije rezervisanja (150) 58 Neto povećanje oročenih i depozita po viđenju 122 4.297 Neto povećanje ostalih obaveza 968 327 NETO NOVAC (KORIŠTEN)/OSTVAREN U POSLOVNIM AKTIVNOSTIMA (21.676)

6.540

Investicijske aktivnosti

Povećanje imovine raspoložive za prodaju (10) (6) Primici od prodaje materijalne i nematerijalne imovine 12 177 Neto nabavke nekretnina i opreme (616) (783) NETO NOVAC KORIŠTEN U INVESTICIJSKIM AKTIVNOSTIMA (614)

(612)

Finansijske aktivnosti

Uplaćeni kapital 35.318 - Isplate za sticanje trezorskih dionica (3.827) - Isplaćena dividenda (30) (30) Neto povećanje subordiniranog duga 27 31 Neto povećanje obaveza po kreditima 13.995 827 NETO NOVAC OSTVAREN U FINANSIJSKIM AKTIVNOSTIMA 45.483

828 NETO POVEĆANJE NOVCA I NOVČANIH EKVIVALENATA 23.193 6.756

NOVAC I NOVČANI EKVIVALENTI 1. JANUARA 30.400 23.644

NOVAC I NOVČANI EKVIVALENTI 31. DECEMBRA 53.593

30.400

Računovodstvene politike i napomene u nastavku čine sastavni dio finansijskih izvještaja.


39


15 godina


Statements of cash flows



2007 (revised, see

Note 1) 2006

Operating Activities Net Income 133 492 Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization 533 465 Impairment losses and provisions 1,738 716 Gain on sale or disposal of property and equipment (8) -

Changes in operating assets and liabilities:

Net increase in due from Central Bank (1,832) (1,909) Net (increase)/decrease in placements with other banks, before impairment losses (5,139) 668 Net (increase)/decrease in loans and receivables, before impairment losses (18,041) 1,426 Net (increase)/decrease in other assets, before impairment losses (150) 58 Net increase in demand and term deposits 122 4,297 Net increase in other liabilities 968 327 NET CASH (USED IN)/PROVIDED BY OPERATING ACTIVITIES (21,676) 6,540

Investing Activities Increase in assets available for sale (10) (6) Proceeds from sale or disposal of property, and equipment and intangible assets 12 177 Purchase of property, equipment and intangible assets (616) (783)

NET CASH USED BY INVESTING ACTIVITIES (614) (612)

Financing Activities Paid-in equity 35,318 - Payments for acquisition of treasury shares (3,827) - Dividends paid (30) (30) Increase in subordinated debt 27 31 Net increase in borrowings 13,995 827 NET CASH PROVIDED FROM FINANCING ACTIVITIES 45,483 828 NET INCREASE IN CASH AND CASH EQUIVALENTS 23,193 6,756

CASH AND CASH EQUIVALENTS AT 1 JANUARY 30,400 23,644

CASH AND CASH EQUIVALENTS AT 31 DECEMBER 53,593 30,400


40


15 godina



Statements of changes in shareholders’ equity



Share

capital Treasury shares

Share premium

Revaluation reserves

Retained earnings and

reserves Total 31 December 2005 15,924

-

- - 1,498 17,422

Dividends paid - - - - (30) (30) Net profit for the year - - - - 492 492 31 December 2006 15,924 - - - 1,960 17,884 8th closed issue of ordinary shares 31,500 - 3,818 - - 35,318 Acquisition of treasury shares - (3,827) - - - (3,827) Disposal of treasury shares (3,414) 3,827 - - (413) - Dividends paid - - - - (30) (30) Gain on available-for-sale investments - - - 3 - 3 Net profit for the year - - - - 133 133 31 December 2007 (revised, see Note 1) 44,010 - 3,818 3 1,650 49,481


Izvještaj o promjenama na kapitalu za godinu koja je završila 31. decembra 2007. (Svi iznosi izraženi su u hiljadama KM)


Dionički kapital

Trezorske

dionice

Dionička premija

Revaloriza-cione rezerve

Akumulirana dobit i rezerve Ukupno

31. decembar 2005. 15.924

-

- - 1.498 17.422 Isplata dividende - - - - (30) (30) Neto dobit za godinu - - - - 492 492 31. decembar 2006. 15.924 - - - 1.960 17.884 8. zatvorena emisija dionica 31.500 - 3.818 - - 35.318 Sticanje trezorskih (vlastitih) dionica - (3.827) - - - (3.827) Povlačenje trezorskih (vlastitih) dionica (3.414) 3.827 - - (413) - Isplata dividende - - - - (30) (30) Usklađenje fer vrijednosti imovine - - - 3 - 3 Neto dobit za godinu - - - - 133 133 31. decembar 2007. (izmjenjeno, Napomena 1) 44.010 - 3.818 3 1.650 49.481

Računovodstvene politike i napomene u nastavku čine sastavni dio finansijskih izvještaja.


41


15 godina


Statements of changes in shareholders’ equity



Share

capital Treasury shares

Share premium

Revaluation reserves

Retained earnings and

reserves Total 31 December 2005 15,924

-

- - 1,498 17,422

Dividends paid - - - - (30) (30) Net profit for the year - - - - 492 492 31 December 2006 15,924 - - - 1,960 17,884 8th closed issue of ordinary shares 31,500 - 3,818 - - 35,318 Acquisition of treasury shares - (3,827) - - - (3,827) Disposal of treasury shares (3,414) 3,827 - - (413) - Dividends paid - - - - (30) (30) Gain on available-for-sale investments - - - 3 - 3 Net profit for the year - - - - 133 133 31 December 2007 (revised, see Note 1) 44,010 - 3,818 3 1,650 49,481


42


15 godina



Notes to the financial statements



1. GENERAL

History and incorporation

Vakufska banka d.d. Sarajevo (the “Bank”) was established in July 1992 and registered at the High Court Sarajevo in September 1992. The Bank’s main office is located in Maršala Tita 13, Sarajevo, Bosnia and Herzegovina. As at 31 December 2007 the Bank operated through 6 branches, in Sarajevo, Mostar, Zenica, Tešanj, Gračanica and Bihać, and 2 business offices, in Jablanica and Konjic.

In April 1999, based on appropriate decision of the Shareholders' Assembly, MO banka d.d. Mostar was merged to the Bank.

The Merger of Depozitna banka d.d. Sarajevo to the Bank started in 2001, based on appropriate decision of the Shareholders' Assembly. The merger of Depozitna banka d.d. Sarajevo was completed in March 2002 and approved by the Banking Agency of Federation of Bosnia and Herzegovina decision dated 28 March 2002, and the Securities Commission of Federation of Bosnia and Herzegovina approval dated 19 March 2002.

Principal activities of the Bank

The Bank’s main operations are as follows:

accepting deposits from the public and placing of deposits;

providing current and term deposit accounts;

granting short and long-term loans and guarantees ;

transactions on the interbank money market;

performing local and international payments;

debit and credit card operations;

providing banking services through an extensive branch network in the Federation of BiH;

Napomene uz finansijske izvještaje za godinu koja je završila 31. decembra 2007. (Svi iznosi izraženi su u hiljadama KM)


1. OPĆI PODACI Historija i osnivanje

Vakufska banka d.d. Sarajevo (“Banka”) osnovana je u julu 1992. godine, a registrovana je kod Vrhovnog Suda u septembru 1992. godine. Sjedište Banke je u ulici Maršala Tita 13., Sarajevo, Bosna i Hercegovina. Na dan 31. decembra 2007. godine Banka je imala 6 filijala u Sarajevu, Mostaru, Zenici, Tešnju, Gračanici i Bihaću i 2 poslovnice u Jablanici i Konjicu.

U aprilu 1999. godine, na osnovu istovjetnih odluka skupština dioničara banaka, Vakufska banka d.d. Sarajevo je pripojila MO banku d.d. Mostar.

Na osnovu istovjetnih odluka skupština dioničara Depozitne banke d.d. Sarajevo i Banke, iz juna 2001. godine, te na osnovu saglasnosti Federalne bankarske Agencije Bosne i Hercegovine (Odluka od 28. marta 2002. godine) i Rješenja Komisije za vrijednosne papire Federacije Bosne i Hercegovine od 19. marta 2002. godine Banka je pripojila i Depozitnu banku d.d. Sarajevo.

Osnovne djelatnosti Banke

Glavne djelatnosti Banke su:

1. primanje i plasiranje depozita;

2. primanje depozita po viđenju i oročenih depozita;

3. davanje dugoročnih i kratkoročnih kredita i izdavanje dugoročnih i kratkoročnih garancija;

4. aktivnosti na međubankarskom tržištu;

5. obavljanje unutrašnjeg i vanjskog platnog prometa;

6. kartičarsko poslovanje (debitne i kreditne kartice);

7. pružanje bankarskih usluga putem razvijene mreže filijala u Bosni i Hercegovini.


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1. GENERAL

History and incorporation

Vakufska banka d.d. Sarajevo (the “Bank”) was established in July 1992 and registered at the High Court Sarajevo in September 1992. The Bank’s main office is located in Maršala Tita 13, Sarajevo, Bosnia and Herzegovina. As at 31 December 2007 the Bank operated through 6 branches, in Sarajevo, Mostar, Zenica, Tešanj, Gračanica and Bihać, and 2 business offices, in Jablanica and Konjic.

In April 1999, based on appropriate decision of the Shareholders' Assembly, MO banka d.d. Mostar was merged to the Bank.

The Merger of Depozitna banka d.d. Sarajevo to the Bank started in 2001, based on appropriate decision of the Shareholders' Assembly. The merger of Depozitna banka d.d. Sarajevo was completed in March 2002 and approved by the Banking Agency of Federation of Bosnia and Herzegovina decision dated 28 March 2002, and the Securities Commission of Federation of Bosnia and Herzegovina approval dated 19 March 2002.

Principal activities of the Bank

The Bank’s main operations are as follows:

accepting deposits from the public and placing of deposits;

providing current and term deposit accounts;

granting short and long-term loans and guarantees ;

transactions on the interbank money market;

performing local and international payments;

debit and credit card operations;

providing banking services through an extensive branch network in the Federation of BiH;

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15 godina






1. GENERAL (CONTINUED) Supervisory Board

Namik Silajdžić President (since 2 March 2007) Bedrija Gavranović President (until 2 March 2007) Izet Šahović Member Muhamed Mujić Member (since 2 March 2007) Enver Trepić Member (since 2 March 2007) Muhamed Salkić Member (since 2 March 2007) Faik Puščul Member (since 2 March 2007) Bakir Čengić Member (since 2 March 2007) Smajo Abaza Member (until 2 March 2007) Dr. Mustafa Jahić Member (until 2 March 2007) Sulejman Vranj Member (until 2 March 2007) Mujo Ahmetspahić Member (until 2 March 2007) Džemaludin Peljto Member (until 2 March 2007)

Management Board

Amir Rizvanović Director Edis Kusturica Executive director Bahra Imamović Executive director Belma Mulaosmanović Executive director

Audit Committee

Edah Bećirbegović President Ibro Sofović Member Izudin Ahmetlić Member Bedrija Gavranović Member (since 18 June 2007) Smajo Abaza Member (since 18 June 2007) Faik Puščul Member (until 2 March 2007) Sejo Kamarašević Member (until 18 June 2007)



1. OPĆI PODACI (NASTAVAK)

Nadzorni odbor

Namik Silajdžić Predsjednik (od 2. marta 2007.)

Bedrija Gavranović Predsjednik (do 2. marta 2007.)

Izet Šahović Član Muhamed Mujić Član (od 2. marta 2007.) Enver Trepić Član (od 2. marta 2007.) Muhamed Salkić Član (od 2. marta 2007.) Faik Puščul Član (od 2. marta 2007.) Bakir Čengić Član (od 2. marta 2007.) Smajo Abaza Član (do 2. marta 2007.) Dr. Mustafa Jahić Član (do 2. marta 2007.) Sulejman Vranj Član (do 2. marta 2007.) Mujo Ahmetspahić Član (do 2. marta 2007.) Džemaludin Peljto Član (do 2. marta 2007.)

Uprava Banke

Amir Rizvanović Direktor

Edis Kusturica Izvršni direktor

Bahra Imamović Izvršni direktor

Belma Mulaosmanović Izvršni direktor

Odbor za reviziju Edah Bećirbegović Predsjednik Ibro Sofović Član Izudin Ahmetlić Član Bedrija Gavranović Član (od 18. juna 2007.) Smajo Abaza Član (od 18. juna 2007.) Faik Puščul Član (do 2. marta 2007.) Sejo Kamarašević Član (do 18. juna 2007.)


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1. GENERAL (CONTINUED) Supervisory Board

Namik Silajdžić President (since 2 March 2007) Bedrija Gavranović President (until 2 March 2007) Izet Šahović Member Muhamed Mujić Member (since 2 March 2007) Enver Trepić Member (since 2 March 2007) Muhamed Salkić Member (since 2 March 2007) Faik Puščul Member (since 2 March 2007) Bakir Čengić Member (since 2 March 2007) Smajo Abaza Member (until 2 March 2007) Dr. Mustafa Jahić Member (until 2 March 2007) Sulejman Vranj Member (until 2 March 2007) Mujo Ahmetspahić Member (until 2 March 2007) Džemaludin Peljto Member (until 2 March 2007)

Management Board

Amir Rizvanović Director Edis Kusturica Executive director Bahra Imamović Executive director Belma Mulaosmanović Executive director

Audit Committee

Edah Bećirbegović President Ibro Sofović Member Izudin Ahmetlić Member Bedrija Gavranović Member (since 18 June 2007) Smajo Abaza Member (since 18 June 2007) Faik Puščul Member (until 2 March 2007) Sejo Kamarašević Member (until 18 June 2007)

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Vlasnička struktura

Vlasnička struktura Banke je kako slijedi:

31. decembar 2007. 31. decembar 2006. Dioničari

Broj dionica

Iznos ('000 KM) %

Broj dionica

Iznos ('000 KM) %

BFSE Holding BV, Amsterdam, Netherland 122.000 12.200 27,72 - - - Fabrika Duhana Sarajevo d.d. Sarajevo 85.986 8.599 19,54 7.986 799 5,02 Mahmal Investment Co. Limited, United Kingdom 55.457 5.546 12,60 34.057 3.406 21,39

Hifa Oil d.o.o. Tešanj 26.750 2.675 6,08 - - -

Urban Katharina, Wien, Austria 22.565 2.256 5,13 22.565 2.256 14,17

Fondacija 'Bošnjaci' Mostar 14.165 1.417 3,22 14.165 1.417 8,89 El-Tarik Oil benzinske stanice d.o.o. Sarajevo 13.494 1.349 3,06 7.494 749 4,70

Ministarstvo finansija FBiH 11.527 1.153 2,62 11.527 1.153 7,24 Islamska Zajednica u BiH, Sarajevo 8.304 830 1,89 8.304 830 5,21

Ostala fizička lica 52.758 5.275 11,99 38.321 3.832 24,07

Ostali dioničari – pravna lica 27.098 2.710 6,15 14.818 1.482 9,31 Ukupno 440.104 44.010 100,00 159.237 15.924 100,00

Odlukom Skupštine dioničara tokom 2001. godine Banka je započela proces spajanja sa Depozitnom bankom d.d. Sarajevo. Agencija za bankarstvo Federacije Bosne i Hercegovine (FBA) je konačno odobrila spajanje 28. marta 2002. godine.

Prema zahtjevu FBA broj 01-1006/01 od 23. oktobra 2001. godine, dioničarska prava jedne osobe, koja je bila vlasnik 34.133 običnih dionica su privremeno suspendirana zbog sumnje u povezanost finansiranja terorističkih aktivnosti. Osoba je postala dioničar Banke kroz spajanje sa Depozitnom bankom d.d. Sarajevo. Ta osoba je postala vlasnik 44,90% dionica Depozitne banke u periodu od 1996. do 2000. godine.

Dana 15. februara 2007. godine FBA je svojim dopisom broj 03-1-429-13/06 uputila Banku da pripremi plan za uvećanje kapitala koji treba da se temelji na mogućnosti zamjene zamrznutih upravljačkih prava ovoga dioničara za zamrzavanje depozita koji bi se dobio prodajom dionica ovog dioničara.

Dana 24. maja 2007. godine, Nadzorni odbor je donio Odluku o usvajanju plana za održavanje adekvatnog kapitala koji predviđa korake kako bi se prevladali problemi isključenja blokiranog dioničkog kapitala. Na osnovu dozvole Komiteta Vijeća sigurnosti UN uspostavljenog prema rezoluciji 1267 (1999) broj S/AC.37/2007/OC.12 od 08.03.2007. godine, FBA je odobrila plan za održavanje


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1. GENERAL (CONTINUED)

Shareholding structure

The shareholding structure is as follows:

31 December 2007 31 December 2006

Shareholders

No. of shares

Amount (KM '000) %

No. of shares

Amount (KM '000) %

BFSE Holding BV, Amsterdam, Netherland 122,000 12,200 27.72 - - - Fabrika Duhana Sarajevo d.d. Sarajevo 85,986 8,599 19.54 7,986 799 5.02 Mahmal Investment Co. Limited, United Kingdom 55,457 5,546 12.60 34,057 3,406 21.39

Hifa Oil d.o.o. Tešanj 26,750 2,675 6.08 - - -

Urban Katharina, Wien, Austria 22,565 2,256 5.13 22,565 2,256 14.17

Fondacija 'Bošnjaci' Mostar 14,165 1,417 3.22 14,165 1,417 8.89 El-Tarik Oil benzinske stanice d.o.o. Sarajevo 13,494 1,349 3.06 7,494 749 4.70

Ministarstvo finansija FBiH 11,527 1,153 2.62 11,527 1,153 7.24

Islamska Zajednica u BiH, Sarajevo 8,304 830 1.89 8,304 830 5.21

Other individual shareholders 52,758 5,275 11.99 38,321 3,832 24.07

Other shareholders - legal entities 27,098 2,710 6.15 14,818 1,482 9.31 Total 440,104 44,010 100.00 159,237 15,924 100.00

The Bank started the merger process with Depozitna banka d.d. Sarajevo during 2001, based on the decision of the Shareholders' Assembly. The merger was finally approved by the Federal Banking Agency (''FBA'') on 28 March 2002.

As per request from FBA no. 01-1006/01 dated 23 October 2001, the shareholding rights of one individual, who was a shareholder of 34,133 ordinary shares, were temporary suspended due to suspicion of a connection with the financing of terrorist activities. The individual had become a shareholder in the Bank through the merger with Depozitna banka d.d. Sarajevo. The individual had become the shareholder of 44.90% of shares in Depozitna banka in a period from 1996 and 2000.

As at 15 February 2007, the FBA instructed the Bank to prepare a plan for a capital increase taking into consideration the possibility to replace the blocked shareholder rights of the individual through the blocked deposit and then sale of his shares.

On 24 May 2007, the Supervisory Board decided to adopt the plan for maintaining the adequacy of capital which anticipated steps to overcome the problem of transferring the respective individual shareholder’s capital. Based on approval issued by UN Security Council, Resolution 1267 (1999) number S/AC.37/2007/OC.12 dated 8 March 2007, the FBA approved the plan for capital adequacy maintenance and the Bank has, following the FBA and Securities Committee of FBiH approvals of closed share issuance, been recapitalized with KM 31,5 million. During July and August 2007, this was realized, by the issue of new 315,000 ordinary shares with nominal value of KM 100 per share.

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adekvatnog kapitala, a Banka je, slijedeći odobrenje Komisije za vrijednosne papire o zatvorenom izdavanju dionica, dodatno kapitalizirana sa 31,5 milliona KM. Ovo je i realizirano tokom jula i augusta 2007. godine sa izdavanjem novih 315.000 običnih dionica nominalne vrijednosti od 100 KM po dionici.


Prodajna cijena dionice je iznosila 112,12 KM po dionici što je jednako knjigovodstvenoj vrijednosti. Razlika između cijene dionice i njene nominalne vrijednosti predstavlja dioničku premiju koja je iznosila 3.818 hiljada KM na dan 31. decembra 2007. godine.

Na osnovu Naloga o prenosu sredstava na specijalni račun Centralne Banke BiH izdatog dana 8. oktobra 2007. godine od strane FBA, broj. 4705/07, Banka je prenijela 3,8 miliona KM i na taj način stekla svoje vlastite dionice. Banka je registrovala 7,2587% svog dioničkog kapitala kao svoje vlastite dionice kod Registra vrijednosnih papira FBiH. Od momenta prenosa ovih sredstava, ista su zamrznuta na specijalnom računu kod Centralne Banke BiH, te u isto vrijeme tretirana kao blokiran depozit u Banci.

Tokom novembra 2007. godine, nakon odobrenja FBA i Komisije za vrijednosne papire Federacije Bosne i Hercegovine, Banka je stekla i povukla 34.133 trezorske dionice, tako da je smanjila dionički kapital za iznos od 3.413.300 KM (nominalna vrijednost dionica) i dioničku premiju za iznos od 413.692 KM. Na dan 31. decembra 2007. godine dionički kapital Banke se sastoji od 436.104 običnih i 4.000 preferencijalnih dionica nominalne vrijednosti 100 KM po dionici (2006.: 155.237 običnih i 4.000 preferencijalnih dionica). Prava koja nose preferencijalne dionice odnose se samo na prioritet u naplati u slučaju procesa likvidacije.

Međutim, poslije kontrole provedene u martu 2008. godine, FBA je izdala Rješenje o izdavanju pismenog naloga dana 25. juna 2008. godine. Ovim nalogom zahtijeva se od Banke da u svojim analitičkim evidencijama prikaže kao obavezu i odgovarajući plasman zamrznuta sredstva koja ima na specijalnom računu Centralne Banke. S obzirom da Banka nema pravo raspolagati ovim sredstvima, umanjenje vrijednosti sredstava urađeno je u ukupnom iznosu (Napomena 20), kao i usklađenje fer vrijednosti korespodentne obaveze (Napomena 27). Efekti umanjenja imovine i usklađenja fer vrijednosti u iznosu of 3,8 miliona KM su priznati i po neto principu prikazani u bilansu uspijeha Banke za godinu koja je završila 31. decembra 2007. godine (vidi napomene 20 i 27).

Izmijenjeni finansijski izvještaji za 2007. godinu

Nadalje, prateći instrukcije FBA, od Banke se zahtjevalo da poveća rezervisanja za kredite na dan 31. decembra 2007. godine za 464 hiljade KM (Napomena 13 i 18), da otpiše dio ostale aktive koja je za vrijeme nadzora FBA klasifikovana u E kategoriju u iznosu od 31 hiljadu KM (Napomena 28) i da proknjiži dobit na revalorizacionim rezervama u iznosu od 3 hiljade KM (Note 21). Kao rezultat navedenog, na dan 31. decembra 2007. godine, ukupna imovina je smanjena sa 153.885 hiljada KM na 153.414 hiljade KM, a profit, za period koji je tada završio, je smanjen sa 597 hiljada KM na 133 hiljade KM.

Trenutni kapital od 44.010 hiljada KM je registrovan dana 21. novembra 2007. godine kod Komisije za vrijednosne papire Federacije BiH. Na dan bilansa stanja rezerve u iznosu od 2.114 hiljada KM se mogu distribuirati dok se dionički kapital i dionička premija ne mogu.

Dividende se priznaju i isplaćuju samo ako su odobrene od strane Skupštine Banke. Banka smatra da posluje u jednom poslovnom i geografskom segmentu i da pruža bankarske usluge u Bosni i Hercegovini.





Share price amounted to KM 112.12 per share. The difference between the share price and its nominal value represents the share premium which amounted to KM 3,818 thousand as of 31 December 2007.

Based on the FBA order to transfer the blocked funds to a special account held by the Central Bank of BiH, no. 4705/07, dated 8 October 2007, the Bank transferred KM 3.8 million and thus acquired its own shares. The Bank registered 7.2587% of its share capital as Bank’s own shares at the Securities Registry of FBiH. As of transfer date, these funds have been frozen at special account at Central Bank of Bosnia and Herzegovina and along with the corresponding placement were derecognised by the Bank.

During November 2007, upon approval of Banking Agency of Federation of Bosnia and Herzegovina and the Security Exchange Commission of Federation of Bosnia and Herzegovina, the Bank has acquired and disposed off 34,133 treasury shares, so the capital decreased by KM 3,413,300 (nominal share value) and KM 413,692 (share premium). As of 31 December 2007 shareholders’ equity of the Bank consists of 436,104 ordinary shares and 4,000 of preference shares with nominal value of 100 KM per share (2006: 155,237 ordinary shares and 4,000 preference shares). Preference share rights relate only to priority in payments in case of liquidation process.

Subsequently, during an inspection in March 2008, FBA has issued an Order dated 25 June 2008. By this Order the Bank is required to recognize in its underlying books and records the liability and corresponding placement for these frozen funds at special account held by the Central Bank of BiH. Due to the fact that the Bank has no right to use these funds, the assets are considered to be fully impaired (Note 20) and a fair value adjustment has been recorded for respective liability (Note 27). The effects of the impairment and fair value adjustment of KM 3,8 million was recorded net in the statement of income Bank for the year ended 31 December 2007 (See Notes 20 and 27).

Revision of 2007 financial statements

Additionally following the FBA inspection, the Bank was required to increase its loan provisions as of 31 December 2007 by KM 464 thousand (notes 13 and 18), to write of part of other assets classified during the inspection in category E amounting to KM 31 thousand (Note 28), and to record a gain in revaluation reserves of KM 3 thousands (Note 21). As result of this, total assets as of 31 December 2007 have decreased from KM 153,885 thousand to KM 153,414 and profit for the period then ended has decreased from KM 597 thousand to KM 133 thousand.

Current capital of 44,010 KM thousand was registered at Securities Commission Register of Federation of Bosnia and Herzegovina on 21 November 2007. As of the balance sheet date the reserves in amount of KM 2,114 thousands are distributable. Share capital and share premium are not.

Dividends are recognized and paid only if approved by the Bank's General Assembly.

The Bank considers that it operates in a single business segment, and a single geographical segment, that is the provision of banking services in Bosnia and Herzegovina.


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adekvatnog kapitala, a Banka je, slijedeći odobrenje Komisije za vrijednosne papire o zatvorenom izdavanju dionica, dodatno kapitalizirana sa 31,5 milliona KM. Ovo je i realizirano tokom jula i augusta 2007. godine sa izdavanjem novih 315.000 običnih dionica nominalne vrijednosti od 100 KM po dionici.


Prodajna cijena dionice je iznosila 112,12 KM po dionici što je jednako knjigovodstvenoj vrijednosti. Razlika između cijene dionice i njene nominalne vrijednosti predstavlja dioničku premiju koja je iznosila 3.818 hiljada KM na dan 31. decembra 2007. godine.

Na osnovu Naloga o prenosu sredstava na specijalni račun Centralne Banke BiH izdatog dana 8. oktobra 2007. godine od strane FBA, broj. 4705/07, Banka je prenijela 3,8 miliona KM i na taj način stekla svoje vlastite dionice. Banka je registrovala 7,2587% svog dioničkog kapitala kao svoje vlastite dionice kod Registra vrijednosnih papira FBiH. Od momenta prenosa ovih sredstava, ista su zamrznuta na specijalnom računu kod Centralne Banke BiH, te u isto vrijeme tretirana kao blokiran depozit u Banci.

Tokom novembra 2007. godine, nakon odobrenja FBA i Komisije za vrijednosne papire Federacije Bosne i Hercegovine, Banka je stekla i povukla 34.133 trezorske dionice, tako da je smanjila dionički kapital za iznos od 3.413.300 KM (nominalna vrijednost dionica) i dioničku premiju za iznos od 413.692 KM. Na dan 31. decembra 2007. godine dionički kapital Banke se sastoji od 436.104 običnih i 4.000 preferencijalnih dionica nominalne vrijednosti 100 KM po dionici (2006.: 155.237 običnih i 4.000 preferencijalnih dionica). Prava koja nose preferencijalne dionice odnose se samo na prioritet u naplati u slučaju procesa likvidacije.

Međutim, poslije kontrole provedene u martu 2008. godine, FBA je izdala Rješenje o izdavanju pismenog naloga dana 25. juna 2008. godine. Ovim nalogom zahtijeva se od Banke da u svojim analitičkim evidencijama prikaže kao obavezu i odgovarajući plasman zamrznuta sredstva koja ima na specijalnom računu Centralne Banke. S obzirom da Banka nema pravo raspolagati ovim sredstvima, umanjenje vrijednosti sredstava urađeno je u ukupnom iznosu (Napomena 20), kao i usklađenje fer vrijednosti korespodentne obaveze (Napomena 27). Efekti umanjenja imovine i usklađenja fer vrijednosti u iznosu of 3,8 miliona KM su priznati i po neto principu prikazani u bilansu uspijeha Banke za godinu koja je završila 31. decembra 2007. godine (vidi napomene 20 i 27).

Izmijenjeni finansijski izvještaji za 2007. godinu

Nadalje, prateći instrukcije FBA, od Banke se zahtjevalo da poveća rezervisanja za kredite na dan 31. decembra 2007. godine za 464 hiljade KM (Napomena 13 i 18), da otpiše dio ostale aktive koja je za vrijeme nadzora FBA klasifikovana u E kategoriju u iznosu od 31 hiljadu KM (Napomena 28) i da proknjiži dobit na revalorizacionim rezervama u iznosu od 3 hiljade KM (Note 21). Kao rezultat navedenog, na dan 31. decembra 2007. godine, ukupna imovina je smanjena sa 153.885 hiljada KM na 153.414 hiljade KM, a profit, za period koji je tada završio, je smanjen sa 597 hiljada KM na 133 hiljade KM.

Trenutni kapital od 44.010 hiljada KM je registrovan dana 21. novembra 2007. godine kod Komisije za vrijednosne papire Federacije BiH. Na dan bilansa stanja rezerve u iznosu od 2.114 hiljada KM se mogu distribuirati dok se dionički kapital i dionička premija ne mogu.

Dividende se priznaju i isplaćuju samo ako su odobrene od strane Skupštine Banke. Banka smatra da posluje u jednom poslovnom i geografskom segmentu i da pruža bankarske usluge u Bosni i Hercegovini.





Share price amounted to KM 112.12 per share. The difference between the share price and its nominal value represents the share premium which amounted to KM 3,818 thousand as of 31 December 2007.

Based on the FBA order to transfer the blocked funds to a special account held by the Central Bank of BiH, no. 4705/07, dated 8 October 2007, the Bank transferred KM 3.8 million and thus acquired its own shares. The Bank registered 7.2587% of its share capital as Bank’s own shares at the Securities Registry of FBiH. As of transfer date, these funds have been frozen at special account at Central Bank of Bosnia and Herzegovina and along with the corresponding placement were derecognised by the Bank.

During November 2007, upon approval of Banking Agency of Federation of Bosnia and Herzegovina and the Security Exchange Commission of Federation of Bosnia and Herzegovina, the Bank has acquired and disposed off 34,133 treasury shares, so the capital decreased by KM 3,413,300 (nominal share value) and KM 413,692 (share premium). As of 31 December 2007 shareholders’ equity of the Bank consists of 436,104 ordinary shares and 4,000 of preference shares with nominal value of 100 KM per share (2006: 155,237 ordinary shares and 4,000 preference shares). Preference share rights relate only to priority in payments in case of liquidation process.

Subsequently, during an inspection in March 2008, FBA has issued an Order dated 25 June 2008. By this Order the Bank is required to recognize in its underlying books and records the liability and corresponding placement for these frozen funds at special account held by the Central Bank of BiH. Due to the fact that the Bank has no right to use these funds, the assets are considered to be fully impaired (Note 20) and a fair value adjustment has been recorded for respective liability (Note 27). The effects of the impairment and fair value adjustment of KM 3,8 million was recorded net in the statement of income Bank for the year ended 31 December 2007 (See Notes 20 and 27).

Revision of 2007 financial statements

Additionally following the FBA inspection, the Bank was required to increase its loan provisions as of 31 December 2007 by KM 464 thousand (notes 13 and 18), to write of part of other assets classified during the inspection in category E amounting to KM 31 thousand (Note 28), and to record a gain in revaluation reserves of KM 3 thousands (Note 21). As result of this, total assets as of 31 December 2007 have decreased from KM 153,885 thousand to KM 153,414 and profit for the period then ended has decreased from KM 597 thousand to KM 133 thousand.

Current capital of 44,010 KM thousand was registered at Securities Commission Register of Federation of Bosnia and Herzegovina on 21 November 2007. As of the balance sheet date the reserves in amount of KM 2,114 thousands are distributable. Share capital and share premium are not.

Dividends are recognized and paid only if approved by the Bank's General Assembly.

The Bank considers that it operates in a single business segment, and a single geographical segment, that is the provision of banking services in Bosnia and Herzegovina.

50


15 godina






2. ADOPTION OF NEW AND REVISED STANDARDS

In the current year, the Bank has adopted all of the new and revised Standards and Interpretations issued by the International Accounting Standards Board (the IASB) and the International Financial Reporting Interpretations Committee (the IFRIC) of the IASB that are relevant to its operations and effective for annual reporting periods commencing on 1 January 2007. The adoption of these new and revised Standards and Interpretations has not resulted in changes to the Bank’s accounting policies and accordingly has not materially affected the amounts reported for the current or prior years.

In addition to this, the Bank has also adopted IFRS 7: “Financial Instruments: Disclosures” as of 1 January 2007 as well as amendments to IAS 1: ‘’Presentation of Financial Statements’’. The effect of the new standard is an expanded presentation of the Bank’s financial instruments in these financial statements.

At the date of authorization of these financial statements, the following Standards and Interpretations were in issue but not yet effective: (a) IFRS 8 Business Segments Effective for annual periods beginning on or after

1 January 2009 (b) IAS 23 (Revised) Borrowing Cost Effective for annual periods beginning on or after

1 January 2009 (c) IFRIC 11 IAS 2, Group and Treasury Share

Transactions

Effective for annual periods beginning on or after 1 March 2007

(d) IFRIC 12 Service Concession Arrangements Effective for annual periods beginning on or after 1 January 2008

(e) IFRIC 13 Customer Loyalty Programs Effective for annual periods beginning on or after 1 July 2008

(f) IFRIC 14 IAS 19 Defined Benefit Assets and Minimum Funding Requirements

Effective for annual periods beginning on or after 1 January 2008

Management of the Bank anticipates that the adoption of these Standards and Interpretations in future periods will have no material financial impact on the financial statements of the Bank.



2. USVAJANJE NOVIH I REVIDIRANIH STANDARDA

U tekućoj godini, Banka je usvojila sve nove i revidirane Standarde i Interpretacije koje je objavio Odbor za Međunarodne računovodstvene standarde i Komitet za interpretaciju standarda međunarodnog izvještavanja, koji se odnose na bančine operacije i koje su na snazi za period izvještavanja počevši od 1. januara 2007. godine. Usvajanje ovih Standarda nije uticalo na promjene u Računovodstvenim politikama Banke, te nema materijalan efekt na iznose u izvještajima ovog i prethodnih perioda.

Banka je takođe usvojila MSFI 7 – “Finansijski instrumenti: Objavljivanje“ od 1. januara 2007. godine kao i dodatak MRS 1:” Prezentacija finansijskih izvještaja” Zahtjev novog Standarda bilo je šire objavljivanje uključeno u ove finansijske izvještaje, a vezano za finansijske instrumente Banke. Na dan izdavanja ovih finansijskih izvještaja, slijedeći Standardi i Interpretacije su bili izdati, ali nisu još na snazi: (a) MSFI 8 Poslovni segmenti Na snazi za godišnje periode koji počinju na

dan ili nakon 1. januara 2009. godine

(b) MRS 23 Troškovi pozajmljivanja (revidirano)

Na snazi za godišnje periode koji počinju na dan ili nakon 1. januara 2009. godine

(c) IFRIC 11 / MSFI 2 Transakcije dionicama grupe i trezorskim dionicama

Na snazi za godišnje periode koji počinju na dan ili nakon 1. marta 2007. godine

(d) IFRIC 12 Koncesije za pružanje usluga Na snazi za godišnje periode koji počinju na dan ili nakon 1. januara 2008. godine

(e) IFRIC 13 Programi lojalnosti potrošača Na snazi za godišnje periode koji počinju na dan ili nakon 1. jula 2008. godine

(f) IFRIC 14 MRS 19 Ograničenje definisanih primanja, minimalni zahtjevi finansiranja i njihova interakcija

Na snazi za godišnje periode koji počinju na dan ili nakon 1. januara 2008. godine

Uprava Banke predviđa da usvajanje spomenutih standarda i tumačenja u budućim periodima neće značajno utjecati na finansijske izvještaje Banke.


51


15 godina





2. ADOPTION OF NEW AND REVISED STANDARDS

In the current year, the Bank has adopted all of the new and revised Standards and Interpretations issued by the International Accounting Standards Board (the IASB) and the International Financial Reporting Interpretations Committee (the IFRIC) of the IASB that are relevant to its operations and effective for annual reporting periods commencing on 1 January 2007. The adoption of these new and revised Standards and Interpretations has not resulted in changes to the Bank’s accounting policies and accordingly has not materially affected the amounts reported for the current or prior years.

In addition to this, the Bank has also adopted IFRS 7: “Financial Instruments: Disclosures” as of 1 January 2007 as well as amendments to IAS 1: ‘’Presentation of Financial Statements’’. The effect of the new standard is an expanded presentation of the Bank’s financial instruments in these financial statements.

At the date of authorization of these financial statements, the following Standards and Interpretations were in issue but not yet effective: (a) IFRS 8 Business Segments Effective for annual periods beginning on or after

1 January 2009 (b) IAS 23 (Revised) Borrowing Cost Effective for annual periods beginning on or after

1 January 2009 (c) IFRIC 11 IAS 2, Group and Treasury Share

Transactions

Effective for annual periods beginning on or after 1 March 2007

(d) IFRIC 12 Service Concession Arrangements Effective for annual periods beginning on or after 1 January 2008

(e) IFRIC 13 Customer Loyalty Programs Effective for annual periods beginning on or after 1 July 2008

(f) IFRIC 14 IAS 19 Defined Benefit Assets and Minimum Funding Requirements

Effective for annual periods beginning on or after 1 January 2008

Management of the Bank anticipates that the adoption of these Standards and Interpretations in future periods will have no material financial impact on the financial statements of the Bank.

52


15 godina






3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

As required by local legislation, the Bank prepares financial statements in accordance with International Financial Reporting Standards (IFRSs) as published by the International Accounting Standards Board and as modified by the regulatory requirements prescribed by the Banking Agency of Federation of Bosnia and Herzegovina (the FBA) with respect to the calculation of provision for impairment of financial instruments.

Management of the Bank believes that provisions made under IFRSs as modified by the regulatory requirements prescribed by the Banking Agency of Federation of Bosnia and Herzegovina are not significantly different from provisions that would be made under IFRSs.

The financial statements have been prepared under the historical cost basis, except for the revaluation of certain financial instruments at fair value. The principal accounting policies are set out below. The financial statements are presented in thousands of convertible mark (KM ’000) that is the functional currency of the Bank.

The financial statements are prepared on an accrual basis of accounting, under the going concern assumption.

The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and their reported amounts of revenues and expenses during the reporting period. These estimates are based on the information available as at the balance sheet date and actual results could differ from those estimates.

The Bank maintains its books of accounts and prepares financial statements for regulatory purposes in accordance with the regulations of the Federal Banking Agency (‘FBA”) and Law on Banks of the Federation of Bosnia and Herzegovina.

Interest Income and Expense

Interest income and expense are recognized in the income statement for all interest bearing instruments on a time proportion basis that takes into account the effective yield on the assets. Interest revenue includes the amount of amortization of any discount, premium or other difference between the initial carrying amount of a debt security and its amount at maturity including any material loan origination fees.

Interest charged on deposits is added to the principal where this is foreseen by the agreement. Interest income is suspended when it is considered that recovery of the income is unlikely. Suspended interest is recognized as income when collected.



3. SAŽETAK TEMELJNIH RAČUNOVODSTVENIH POLITIKA

Temelj prezentiranja

U skladu s lokalnim propisima, Banka priprema ove finansijske izvještaje u skladu s Međunarodnim standardima finansijskog izvještavanja (''MSFI'') koje je objavio Odbor za međunarodne računovodstvene standarde, prilagođenim u skladu sa regulatornim zahtjevima Agencije za bankarstvo Federacije Bosne i Hercegovine (FBA), a vezano za obračun rezervacija za umanjenje vrijednosti finansijskih instrumenata.

Uprava banke vjeruje da rezervacije obračunate prema MSFI prilagođenim u skladu s regulatornim zahtjevima Agencije za bankarstvo Federacije Bosne i Hercegovine značajno ne odstupaju od rezervacija koje bi bile napravljene u skladu s MSFI.

Finansijski izvještaji Banke, pripremljeni su po načelu historijskog troška usklađenog za revalorizaciju određenih dugotrajnih sredstava i finansijske imovine. Osnovne računovodstvene politike prikazane su u nastavku. Finansijski izvještaji iskazani su u hiljadama konvertibilnih maraka (’000 KM), što je i funkcionalna valuta Banke.

Finansijski izvještaji su pripremljeni na obračunskoj osnovi, i to pod pretpostavkom neograničenog poslovanja.

Sastavljanje finansijskih izvještaja u skladu s MSFI zahtijeva od Uprave da daje procjene i pretpostavke koje utiču na iskazane iznose sredstava i obaveza, te objavu potencijalne imovine i obaveza na datum finansijskih izvještaja, kao i iznose prihoda i rashoda za izvještajni period. Procjene se temelje na informacijama koje su dostupne na datum sastavljanja finansijskih izvještaja, dok se stvarni rezultati mogu razlikovati od procijenjenih.

Banka vodi svoje računovodstvene evidencije i priprema statutarne finansijske izvještaje u skladu sa bankarskim, privrednim i fiskalnim propisima važećim u Federaciji Bosne i Hercegovine.

Prihodi i rashodi od kamata

Prihodi od kamata iskazuju se po načelu vremenske osnove, u odnosu na ostatak glavnice i primjenjenoj efektivnoj kamatnoj stopi, koja je jednaka diskontiranom procjenjenom budućem novčanom toku tokom očekivanog operativnog vijeka finansijskog sredstva do njenog neto knjigovodstvenog iznosa.

Kamate na depozite se pripisuju glavnici ako je to ugovorom predviđeno. Prihod od kamata se suspendira kada se ustanovi da nije izvjestan. Suspendirana kamata se iskazuje kao prihod kada se naplati.


53


15 godina





3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

As required by local legislation, the Bank prepares financial statements in accordance with International Financial Reporting Standards (IFRSs) as published by the International Accounting Standards Board and as modified by the regulatory requirements prescribed by the Banking Agency of Federation of Bosnia and Herzegovina (the FBA) with respect to the calculation of provision for impairment of financial instruments.

Management of the Bank believes that provisions made under IFRSs as modified by the regulatory requirements prescribed by the Banking Agency of Federation of Bosnia and Herzegovina are not significantly different from provisions that would be made under IFRSs.

The financial statements have been prepared under the historical cost basis, except for the revaluation of certain financial instruments at fair value. The principal accounting policies are set out below. The financial statements are presented in thousands of convertible mark (KM ’000) that is the functional currency of the Bank.

The financial statements are prepared on an accrual basis of accounting, under the going concern assumption.

The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and their reported amounts of revenues and expenses during the reporting period. These estimates are based on the information available as at the balance sheet date and actual results could differ from those estimates.

The Bank maintains its books of accounts and prepares financial statements for regulatory purposes in accordance with the regulations of the Federal Banking Agency (‘FBA”) and Law on Banks of the Federation of Bosnia and Herzegovina.

Interest Income and Expense

Interest income and expense are recognized in the income statement for all interest bearing instruments on a time proportion basis that takes into account the effective yield on the assets. Interest revenue includes the amount of amortization of any discount, premium or other difference between the initial carrying amount of a debt security and its amount at maturity including any material loan origination fees.

Interest charged on deposits is added to the principal where this is foreseen by the agreement. Interest income is suspended when it is considered that recovery of the income is unlikely. Suspended interest is recognized as income when collected.

54


15 godina






3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Fee and commission income and expense

Fees and commissions consist mainly of fees earned on domestic and foreign payment transactions, and fees for loans and other credit instruments issued by the Bank. Fees for payment transactions are recognized in the period when services are rendered.

Loan origination fees, after approval and drawdown of loans, are deferred (together with related direct costs) and recognized as an adjustment to the effective yield of the loan over its life.

Employee benefits

On behalf of its employees, the Bank pays pension and health insurance on and from salaries, which are calculated on the gross salary paid, as well as taxes, which are calculated on the net salary paid. In addition, meal allowances, transport allowances and vacation bonuses are paid in accordance with the local legislation. These expenses are recorded in the income statement in the period in which the salary expense is incurred.

The Bank does not provide any other pension scheme nor post retirement benefits plan and consequently, has no obligations in respect of pensions. During 2006, the Bank has introduced provision relating to future payments of benefits to employees.

Taxation

The tax expense is based on taxable income for the year. Taxable income differs from net income as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Bank’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized.

The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realized. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Bank has the ability and intention to settle on a net basis.



3. SAŽETAK TEMELJNIH RAČUNOVODSTVENIH POLITIKA (NASTAVAK)

Prihodi i rashodi od naknada i provizija

Naknade i provizije sastoje se uglavnom od provizija u domaćem i inostranom platnom prometu, te naknada za odobrenje kredita i drugih kreditnih instrumenata Banke. Provizije od platnog prometa priznaju se u periodu u kojem su usluge pružene.

Naknade za odobrenje kredita se nakon odobrenja i povlačenja kreditnih sredstava odgađaju, (zajedno s povezanim direktnim troškovima odobrenja) i priznaju kao usklađenje efektivnog prinosa na kredit tokom perioda kreditiranja.

Naknade zaposlenim

Banka, u normalnom toku poslovanja, plaća u ime zaposlenih penziono i zdravstveno osiguranje, poreze na i iz plate koji se obračunavaju na bruto plate, kao i topli obrok, prevoz na posao i regres za godišnji odmor prema propisima. Ovi troškovi terete bilans uspjeha u istom periodu na koji se odnose.

Banka nema druge penzione aranžmane, odnosno nema nikakvih obaveza isplate penzija zaposlenima nakon penzionisanja. Banka od 2006. godine formira rezervisanja na ime budućih isplata svim zaposlenim.

Oporezivanje

Porezni rashod s temelja poreza na dobit jest zbirni iznos tekuće porezne obaveze i odgođenih poreza. Tekuća porezna obaveza temelji se na oporezivoj dobiti za godinu. Oporeziva dobit razlikuje se od neto dobiti perioda iskazanoj u bilansu uspjeha jer uključuje stavke prihoda i rashoda koje su oporezive ili neoporezive, kao i stavke koje nikada nisu oporezive ni odbitne. Tekuća porezna obaveza Društva izračunava se primjenom poreznih stopa koje su na snazi, odnosno u postupku donošenja na datum bilansa.

Odgođeni porez jest iznos za koji se očekuje da će po njemu nastati obaveza ili povrat temeljem razlike između knjigovodstvene vrijednosti imovine i obaveza u finansijskim izvještajima i pripadajuće porezne osnovice koja se koristi za izračunavanje oporezive dobiti a obračunava se metodom bilansne obaveze. Odgođene porezne obaveze općenito se priznaju za sve oporezive privremene razlike, a odgođena porezna imovina se priznaje u onoj mjeri u kojoj je vjerojatno da će biti raspoloživa oporeziva dobit na temelju koje je moguće iskoristiti privremene razlike koje se odbijaju.

Knjigovodstveni iznos odgođene porezne imovine preispituje se na svaki datum bilanse i umanjuje u onoj mjeri u kojoj više nije vjerojatno da će biti raspoloživ dostatan iznos oporezive dobiti za povrat cijelog ili dijela porezne imovine. Odgođeni porez obračunava se po poreznim stopama za koje se očekuje da će biti u primjeni u periodu u kojem će doći do podmirenja obaveze ili realizacije sredstva. Odgođeni porez knjiži se na teret ili u korist bilansa uspjeha, osim ako se odnosi na stavke koje se knjiže direktno u korist ili na teret glavnice, u kojem slučaju se odgođeni porez također iskazuje u okviru glavnice.

Odgođena porezna imovina i obaveze se prebijaju ako se odnose na poreze na dobit koje je nametnula ista porezna vlast i ako Banka namjerava podmiriti svoju tekuću poreznu imovinu i obaveze na neto osnovi.


55


15 godina






Fee and commission income and expense

Fees and commissions consist mainly of fees earned on domestic and foreign payment transactions, and fees for loans and other credit instruments issued by the Bank. Fees for payment transactions are recognized in the period when services are rendered.

Loan origination fees, after approval and drawdown of loans, are deferred (together with related direct costs) and recognized as an adjustment to the effective yield of the loan over its life.

Employee benefits

On behalf of its employees, the Bank pays pension and health insurance on and from salaries, which are calculated on the gross salary paid, as well as taxes, which are calculated on the net salary paid. In addition, meal allowances, transport allowances and vacation bonuses are paid in accordance with the local legislation. These expenses are recorded in the income statement in the period in which the salary expense is incurred.

The Bank does not provide any other pension scheme nor post retirement benefits plan and consequently, has no obligations in respect of pensions. During 2006, the Bank has introduced provision relating to future payments of benefits to employees.

Taxation

The tax expense is based on taxable income for the year. Taxable income differs from net income as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Bank’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized.

The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realized. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Bank has the ability and intention to settle on a net basis.

56


15 godina







Cash and cash equivalents

For the purpose of reporting cash flows, cash and cash equivalents are defined as cash, balances with the Central Bank (‘CBBH’) and accounts with other banks.

Cash and cash equivalents excludes the compulsory minimum reserve with the Central Bank as these funds are not available for the Bank’s day to day operations. The compulsory minimum reserve with the CBBH is a required reserve to be held by all commercial banks licensed in Bosnia and Herzegovina.

Financial assets and liabilities

Financial assets are recognized and derecognized on a trade date where the purchase or sale of an investment is under a contract whose terms require delivery of the instrument within the timeframe established by the market concerned, and are initially measured at fair value, net of transaction costs, except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value.

Financial assets are classified into the following specified categories: ‘available-for-sale’ (AFS) financial assets and ‘loans and receivables’. The classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition.

AFS financial assets

Listed shares and listed redeemable notes held by the Bank that are traded in an active market are classified as being AFS and are stated at fair value. Fair value is determined in the manner described in the previous paragraph. Gains and losses arising from changes in fair value are recognized directly in equity in the investments revaluation reserve with the exception of impairment losses, interest calculated using the effective interest rate method and foreign exchange gains and losses on monetary assets, which are recognized directly in profit or loss. Where the investment is disposed of or is determined to be impaired, the cumulative gain or loss previously recognized in the investments revaluation reserve is included in profit or loss for the period.

Dividends on AFS equity instruments are recognized in profit or loss when the Bank’s right to receive payments is established.

The fair value of AFS monetary assets denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the balance sheet date. The change in fair value attributable to translation differences that result from a change in amortized cost of the asset is recognized in profit or loss, and other changes are recognized in equity.




Novac i novčani ekvivalenti

Za potrebe izvještavanja o novčanim tokovima, novac i novčani ekvivalenti obuhvataju sredstva u blagajni, stanja na računu kod Centralne banke Bosne i Hercegovine (“CBBiH”) i stanja na računima kod drugih banaka.

Novac i novčani ekvivalenti isključuju obaveznu minimalnu rezervu kod CBBiH, budući da sredstva obvezne rezerve nisu na raspolaganju Banci u njenom svakodnevnom poslovanju. Obvezna minimalna rezerva kod CBBiH je iznos koji su obavezne izdvajati sve poslovne banke koje imaju dozvolu za rad u Bosni i Hercegovini.

Finansijska imovina i finansijske obaveze

Sva finansijska imovina i sve finansijske obaveze priznaju se, odnosno prestaju se priznavati na datum trgovanja kad je kupoprodaja finansijskog sredstva ili finansijske obaveze definirana ugovorenim datumom isporuke finansijskog sredstva u rokovima utvrđenima prema konvencijama na predmetnom tržištu. Finansijska imovina Banke razvrstana je u kategorije ovisno o namjeri Banke u trenutku sticanja finansijskog sredstva i u skladu s ulagačkom strategijom Banke. Finansijska imovina i finansijske obaveze svrstane su u: "raspoložive za prodaju" ili "dati krediti i potraživanja". Osnovna razlika među spomenutim kategorijama je u pristupu mjerenja finansijske imovine i priznavanja fer vrijednosti u finansijskim izvještajima. Finansijska sredstva "raspoloživa za prodaju"

Kotirane dionice i vrijednosni papiri s mogućnošću otkupa koje drži Banka i kojima se trguje na aktivnim tržištima se klasifikuju kao "raspoloživa za prodaju" i vode po fer vrijednosti. Fer vrijednost se određuje na način spomenut u prethodnim paragrafima. Dobit i gubitak koji nastaju zbog promjena u fer vrijednosti se priznaju direktno kao kapital tj. revalorizacione rezerve sa izuzetkom gubitaka po ispravci vrijednosti, kamate kalkulisane po metodu efektivne kamatne stope, i dobiti i gubitaka po osnovu kursnih razlika na monetarnim sredstvima, koji se priznaju u bilans upjeha. U slučaju prodaje sredstva ili je sredstvo amortizovano, kumulativna dobit ili gubitak koja je prethodno bila priznata kao revalorizaciona rezerva se uključuje u bilans uspjeha perioda. Dividende po ovim sredstvima se priznaju u bilans upjeha kada Banka uspostavi pravo da prima uplate. Fer vrijednost finansijskih sredstava "raspoloživa za prodaju", denominiranih u stranoj valuti se određuje u toj valuti i preračunava se po važećoj kursnoj stopi na dan bilansa stanja. Promjena u fer vrijednosti koja se može pripisati promjenama kursa i koja rezultira promjeni amortizovanog troška sredstva priznaje se u bilansu uspjeha, dok se ostale promjene priznaju kao promjene u kapitalu.


57


15 godina






Cash and cash equivalents

For the purpose of reporting cash flows, cash and cash equivalents are defined as cash, balances with the Central Bank (‘CBBH’) and accounts with other banks.

Cash and cash equivalents excludes the compulsory minimum reserve with the Central Bank as these funds are not available for the Bank’s day to day operations. The compulsory minimum reserve with the CBBH is a required reserve to be held by all commercial banks licensed in Bosnia and Herzegovina.

Financial assets and liabilities

Financial assets are recognized and derecognized on a trade date where the purchase or sale of an investment is under a contract whose terms require delivery of the instrument within the timeframe established by the market concerned, and are initially measured at fair value, net of transaction costs, except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value.

Financial assets are classified into the following specified categories: ‘available-for-sale’ (AFS) financial assets and ‘loans and receivables’. The classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition.

AFS financial assets

Listed shares and listed redeemable notes held by the Bank that are traded in an active market are classified as being AFS and are stated at fair value. Fair value is determined in the manner described in the previous paragraph. Gains and losses arising from changes in fair value are recognized directly in equity in the investments revaluation reserve with the exception of impairment losses, interest calculated using the effective interest rate method and foreign exchange gains and losses on monetary assets, which are recognized directly in profit or loss. Where the investment is disposed of or is determined to be impaired, the cumulative gain or loss previously recognized in the investments revaluation reserve is included in profit or loss for the period.

Dividends on AFS equity instruments are recognized in profit or loss when the Bank’s right to receive payments is established.

The fair value of AFS monetary assets denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the balance sheet date. The change in fair value attributable to translation differences that result from a change in amortized cost of the asset is recognized in profit or loss, and other changes are recognized in equity.

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15 godina







Financial assets and liabilities (Continued)

Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market.

Loan and receivables are measured at initial recognition at fair value, and are subsequently measured at amortized cost using the effective interest method, less any allowance for impairment. Third party expenses, such as legal fees, incurred in securing a loan are treated as part of the cost of the transaction as well as fees received from customers.

An allowance for loan impairment is established if there is objective evidence that the Bank will not be able to collect all amounts due. The amount of the allowance is the difference between the carrying amount and the recoverable amount, being the present value of expected cash flows, including amounts recoverable from guarantees and collateral, discounted at the original effective interest rate of loans computed at initial recognition. Specific allowances are assessed with reference to the credit standing and performance of the borrower and take into account the value of any collateral or third party guarantees.

If the Bank determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, it includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is or continues to be recognized are not included in a collective assessment of impairment.

Objective evidence of impairment for financial assets assessed collectively for impairment are the adverse changes in the payment status of borrowers in the group (e.g. an increased number of delayed payments) or national or local economic conditions that correlate with defaults on the assets in the group. When a loan is uncollectible, it is written off against the related allowance for impairment; subsequent recoveries are credited to the ‘Collected write-offs’ line in the income statement.

Property, equipment and intangible assets

Property, equipment and intangible assets are started at historical cost less accumulated depreciation and accumulated impairment losses, if any. Cost includes the purchase price and directly associated cost of bringing the asset to a working condition for its intended use. Maintenance and repairs, replacements and improvements of minor importance are expensed as incurred. Significant improvements and replacement of assets are capitalized. Gains or losses on the retirement or disposal of property and equipment are included in the statement of income in the period in which they occur.

Properties in the course of construction are carried at cost, less impairment loss, if any. Depreciation commences when the assets are ready for their intended use. Depreciation is calculated on a straight-line basis over the estimated useful life of the applicable assets and based upon the application of the following annual percentages to historical costs:

2007 2006 Buildings 1.3% 1.3% Computers 20% 20% Vehicles and equipment 10-16.5% 10-16.5% Intangible assets 20% 20%




Finansijska imovina i finansijske obaveze (Nastavak)

Dati krediti i potraživanja

Dati krediti i potraživanja su nederivacijska finansijska imovina s fiksnim ili odredivim plaćanjima koja ne kotira na aktivnom tržištu.

Zajmovi i potraživanja mjere se početno po fer vrijednosti i kasnije po amortiziranom trošku primjenom metode efektivne kamatne stope, umanjenom za ispravku vrijednosti zbog umanjenja. Troškovi prema trećim stranama, kao što su tarife za osiguranje zajma, tretiraju se kao dio troška transakcije, kao i naknade klijenata.

Ispravka vrijednosti zajmova zbog umanjenja knjiži se ako postoji objektivan dokaz da Banka neće biti u mogućnosti naplatiti cijeli iznos potraživanja o dospijeću. Ispravka vrijednosti predstavlja razliku između knjigovodstvenog i nadoknadivog iznosa, koji predstavlja sadašnju vrijednost očekivanih novčanih tokova, uključivši nadoknadive iznose po garancijama i kolateralima, diskontiranih primjenom efektivne kamatne stope na zajam utvrđene pri početnom priznavanju. Ispravka vrijednosti za gubitke od umanjenja po pojedinačnim zajmovima procjenjuje se temelju kreditne sposobnosti i rezultata poslovanja zajmoprimatelja, uzimajući u obzir vrijednost instrumenta osiguranja za naplatu zajma ili jamstvo treće strane.

Ako Banka utvrdi da ne postoji objektivan dokaz o umanjenju određenog finansijskog sredstva, bilo ono značajno ili ne, spomenuto se sredstvo svrstava u grupu finansijske imovine sličnih obilježja kreditnog rizika i sva sredstva u istoj grupi podvrgava zajedničkoj procjeni u svrhu umanjenja vrijednosti. Imovina kod koje se umanjenje procjenjuje pojedinačno i kod koje se gubici od umanjenja priznaju, odnosno nastavljaju priznavati, ne uključuje se u zajedničku procjenu umanjenja vrijednosti.

Objektivan dokaz o umanjenju finansijskog sredstva kod kojeg se procjena umanjenja obavlja zajednički može biti negativna promjena u platnom statusu dužnika u istoj grupi (npr. veći broj dospjelih neizmirenih iznosa) ili promjene u privrednim uslovima u zemlji ili mjestu poslovanja koji se mogu povezati s neurednošću plaćanja, odnosno pogoršanjem imovine u toj grupi. Nenaplativi zajmovi otpisuju se u iznosu povezane ispravke vrijednosti zbog umanjenja, a svi kasnije naplaćeni iznosi knjiže se u korist bilansa uspjeha.

Nekretnine, oprema i nematerijalna imovina

Nekretnine, oprema i nematerijalna imovina početno se iskazuju po trošku nabavke umanjenom za ispravku vrijednosti i akumulirane gubitke od umanjenja vrijednosti. Trošak nabavke obuhvata nabavnu cijenu i sve troškove direktno povezane s dovođenjem sredstva u radno stanje za namjeravanu upotrebu. Troškovi tekućeg održavanja i popravaka, zamjene te investicijskog održavanja manjeg obima priznaju se kao rashod kad su nastali. Troškovi značajnih investicijskih održavanja i zamjene se kapitaliziraju. Dobici i gubici temeljem rashodovanja ili otuđenja dugotrajne materijalne imovine iskazuju se u bilansu uspjeha u periodu u kojem su nastali.

Nekretnine u izgradnji iskazane su po trošku nabavke umanjenom za eventualne gubitke od umanjenja. Obračun amortizacije započinje u trenutku u kojem je sredstvo spremno za namjeravanu upotrebu. Amortizacija se obračunava na temelju procijenjenog vijeka upotrebe sredstva, koji je kako slijedi:

2007. 2006. Zgrade 1,3% 1,3% Računari 20% 20% Vozila i namještaj 10-16,5% 10-16,5% Nematerijalna imovina 20% 20%


59


15 godina






Financial assets and liabilities (Continued)

Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market.

Loan and receivables are measured at initial recognition at fair value, and are subsequently measured at amortized cost using the effective interest method, less any allowance for impairment. Third party expenses, such as legal fees, incurred in securing a loan are treated as part of the cost of the transaction as well as fees received from customers.

An allowance for loan impairment is established if there is objective evidence that the Bank will not be able to collect all amounts due. The amount of the allowance is the difference between the carrying amount and the recoverable amount, being the present value of expected cash flows, including amounts recoverable from guarantees and collateral, discounted at the original effective interest rate of loans computed at initial recognition. Specific allowances are assessed with reference to the credit standing and performance of the borrower and take into account the value of any collateral or third party guarantees.

If the Bank determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, it includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is or continues to be recognized are not included in a collective assessment of impairment.

Objective evidence of impairment for financial assets assessed collectively for impairment are the adverse changes in the payment status of borrowers in the group (e.g. an increased number of delayed payments) or national or local economic conditions that correlate with defaults on the assets in the group. When a loan is uncollectible, it is written off against the related allowance for impairment; subsequent recoveries are credited to the ‘Collected write-offs’ line in the income statement.

Property, equipment and intangible assets

Property, equipment and intangible assets are started at historical cost less accumulated depreciation and accumulated impairment losses, if any. Cost includes the purchase price and directly associated cost of bringing the asset to a working condition for its intended use. Maintenance and repairs, replacements and improvements of minor importance are expensed as incurred. Significant improvements and replacement of assets are capitalized. Gains or losses on the retirement or disposal of property and equipment are included in the statement of income in the period in which they occur.

Properties in the course of construction are carried at cost, less impairment loss, if any. Depreciation commences when the assets are ready for their intended use. Depreciation is calculated on a straight-line basis over the estimated useful life of the applicable assets and based upon the application of the following annual percentages to historical costs:

2007 2006 Buildings 1.3% 1.3% Computers 20% 20% Vehicles and equipment 10-16.5% 10-16.5% Intangible assets 20% 20%

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15 godina







Foreign currency translation

Transactions in currencies other than Bosnia and Herzegovina KM are initially recorded at the rates of exchange prevailing on the dates of the transactions. Monetary assets and liabilities are translated at the rates prevailing on the balance sheet date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Profits and losses arising on translation are included in the statement of income for the period.

The Bank values its assets and liabilities by middle rate of Central Bank of Bosnia and Herzegovina valid at the date of balance sheet. The principal rates of exchange set forth by the Central Bank and used in the preparation of the Bank’s balance sheet at the reporting dates were as follows:

31 December 2007 EUR 1= KM 1.95583 USD 1=KM 1.331221 31 December 2006 EUR 1= KM 1.95583 USD 1=KM 1.485065

Off-balance sheet commitments

In the ordinary course of business, the Bank enters into credit related commitments, which are recorded in off-balance sheet accounts and primarily include guarantees, letters of credit and un drawn loan commitments. Financial guarantee contract liabilities are measured initially at their fair values and are subsequently measured at the higher of:

the amount of the obligation under the contract, as determined in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets; and

the amount initially recognized less, where appropriate, cumulative.

Provisions

Provisions are recognized when the Bank has a present obligation as a result of a past event, and it is probable that the Bank will be required to settle that obligation. Management Board estimates the provisions based at the best estimate of expenditure to settle the Bank’s obligation. Provisions are discounted to present value where the effect is material.

Reclassification

Certain amounts in the previous year financial statements have been reclassified to conform to the current year presentation.

Regulatory requirements

The Bank is subject to the regulatory requirements of the Federal Banking Agency. These regulations include limits and other restrictions pertaining to minimum capital adequacy requirements, classification of loans and off balance sheet commitments and forming allowances to cover credit risk, liquidity, interest rate and foreign currency position.




Preračunavanje stranih valuta

Poslovni događaji koji nisu u konvertibilnim markama početno se knjiže preračunavanjem po važećem kursu na datum transakcije. Monetarna imovina i obaveze iskazani u stranim valutama ponovno se preračunavaju na dan bilansa primjenom kursa važećeg na taj datum. Nenovčane stavke u stranoj valuti iskazane po fer vrijednosti preračunavaju se primjenom valutnog kursa važećeg na datum procjene fer vrijednosti. Nenovčane stavke u stranoj valuti iskazane po historijskom trošku se nepreračunavaju ponovno na dan bilansa. Dobici i gubici nastali preračunavanjem uključuju se u bilans uspjeha perioda.

Banka vrednuje svoju imovinu i obaveze prema srednjem kursu Centralne banke Bosne i Hercegovine koji je važeći na dan bilansa stanja. Kursevi Centralne banke za najznačajnije valute koje je Banka primjenjivala u izradi bilansa na izvještajne datume su kako slijedi:

31. decembar 2007. 1 EUR = 1,95583 KM 1 USD = 1,331221 KM 31. decembar 2006. 1 EUR = 1,95583 KM 1 USD = 1,485065 KM

Preuzete obaveze u vanbilansnoj evidenciji

U okviru redovnog poslovanja Banka preuzima obaveze za kreditiranjem, koje vodi u vanbilansnoj evidenciji a koje prvenstveno obuhvataju garancije, akreditive i nepovučene odobrene kredite. Ugovori koji sadrže obaveze po osnovu finansijskih garancija se mjere inicijalno po njihovim fer vrijednostima a naknadno po onome šta je veće od:

Iznos obaveze po ugovoru, prema MRS-u 37 Rezervisanja, nepredviđene obaveze i imovina; i

Iznos inicijalno priznat umanjen, gdje je moguće, kumulativno.

Rezervisanja

Banka priznaje rezerviranje ako ima sadašnju obavezu koja je nastala temeljem prošlih događaja, ako postoji vjerovatnost da će za podmirenje obaveze biti potreban odliv resursa. Uprava Banke određuje iznos rezervirsanja na temelju najbolje moguće procjene troškova koji će nastati podmirenjem obaveze. Ako je učinak materijalno značajan, rezervisanja se diskontiraju do sadašnje vrijednosti.

Reklasifikacija

Određeni iznosi iz finansijskih izvještaja za prethodnu godinu reklasificirani su da bi bili u skladu sa prikazom tekuće godine.

Regulatorno okruženje

Banka podliježe regulativi Agencije za bankarstvo Federacije Bosne i Hercegovine, kojom se propisuju limiti i druga ograničenja vezana za minimalnu razinu adekvatnosti kapitala, klasifikaciju kredita i vanbilansnih preuzetih obaveza, te utvrđivanje rezervisanja za kreditni rizik, kamatni rizik i valutni rizik, rizik likvidnosti i deviznu poziciju.


61


15 godina






Foreign currency translation

Transactions in currencies other than Bosnia and Herzegovina KM are initially recorded at the rates of exchange prevailing on the dates of the transactions. Monetary assets and liabilities are translated at the rates prevailing on the balance sheet date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Profits and losses arising on translation are included in the statement of income for the period.

The Bank values its assets and liabilities by middle rate of Central Bank of Bosnia and Herzegovina valid at the date of balance sheet. The principal rates of exchange set forth by the Central Bank and used in the preparation of the Bank’s balance sheet at the reporting dates were as follows:

31 December 2007 EUR 1= KM 1.95583 USD 1=KM 1.331221 31 December 2006 EUR 1= KM 1.95583 USD 1=KM 1.485065

Off-balance sheet commitments

In the ordinary course of business, the Bank enters into credit related commitments, which are recorded in off-balance sheet accounts and primarily include guarantees, letters of credit and un drawn loan commitments. Financial guarantee contract liabilities are measured initially at their fair values and are subsequently measured at the higher of:

the amount of the obligation under the contract, as determined in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets; and

the amount initially recognized less, where appropriate, cumulative.

Provisions

Provisions are recognized when the Bank has a present obligation as a result of a past event, and it is probable that the Bank will be required to settle that obligation. Management Board estimates the provisions based at the best estimate of expenditure to settle the Bank’s obligation. Provisions are discounted to present value where the effect is material.

Reclassification

Certain amounts in the previous year financial statements have been reclassified to conform to the current year presentation.

Regulatory requirements

The Bank is subject to the regulatory requirements of the Federal Banking Agency. These regulations include limits and other restrictions pertaining to minimum capital adequacy requirements, classification of loans and off balance sheet commitments and forming allowances to cover credit risk, liquidity, interest rate and foreign currency position.

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15 godina






4. CRITICAL ACCOUNTING JUDGMENTS AND ESTIMATIONS

In the application of the Bank’s accounting policies, which are described in note 3, the directors are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.



4. ZNAČAJNE RAČUNOVODSTVENE PROCJENE I PRETPOSTAVKE

Kod primjene računovodstvenih politika, opisanih u Napomeni 3, Uprava donosi odluke, te daje procjene i pretpostavke koje utiču na iznose imovine i obaveza, koji se ne mogu izvesti iz ostalih izvora. Procjene i pretpostavke zasnivaju se na prijašnjim i ostalim relevantnim faktorima. Stvarni iznosi mogu se razlikovati od procijenjenih.

Procjene i pretpostavke se stalno preispituju. Izmjene knjigovodstvenih procjena priznaju se u periodu izmjene ukoliko se odnose na taj period, ili u periodu izmjene i budućim periodima ukoliko utiče na tekući i buduće periode.


63


15 godina





4. CRITICAL ACCOUNTING JUDGMENTS AND ESTIMATIONS

In the application of the Bank’s accounting policies, which are described in note 3, the directors are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

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15 godina






5. INTEREST INCOME

2007 2006 Interest on loans to companies 4,194

4,022

Interest on loans to individuals 1,175 1,119 Interest on funds at Central bank of BiH 1,611 602 Interest on placements with banks 342 254 Total 7,322

5,997

6. INTEREST EXPENSE

2007 2006

Interest on companies’ deposits 909

1,110

Interest on individuals deposits 736 179 Interest on amounts due to other banks and financial institutions 115

126

Total 1,760

1,415

7. FEE AND COMMISSION INCOME

2007 2006

Domestic and international payment transactions 2,190

2,080

Fee from guarantees 569 639 Total 2,759

2,719

8. FEE AND COMMISSION EXPENSE

2007 2006 Internal payment transactions 163

153

E-banking and SWIFT 159 125 Total 322

278

9. FAIR VALUE OF ASSETS AND LIABILITIES

2007 2006 Fair value adjustment of liabilities (Note 27) 3,827

-

Impairment of assets (Note 20) (3,827) - Total -

-



5. PRIHODI OD KAMATA

2007. 2006. Kamate na kredite date preduzećima 4.194

4.022

Kamate na kredite date stanovništvu 1.175 1.119 Kamate na sredstva kod Centralne banke BiH 1.611 602 Kamate na kredite date drugim bankama 342 254 Ukupno 7.322

5.997

6. RASHODI OD KAMATA

2007.

2006.

Kamate na depozite od preduzeća 909

1.110

Kamate na depozite od stanovništva 736 179 Kamate na sredstva drugih banaka i finansijskih institucija 115 126 Ukupno 1.760

1.415

7. PRIHODI OD NAKNADA I PROVIZIJA

2007.

2006.

Naknade od unutrašnjeg i vanjskog platnog prometa 2.190

2.080

Naknade po garancijama 569 639 Ukupno 2.759

2.719

8. RASHODI OD NAKNADA I PROVIZIJA

2007.

2006. Unutrašnji platni promet 163

153

Elektronsko bankarstvo i SWIFT 159 125 Ukupno 322

278

9. FER VRIJEDNOST IMOVINE I OBAVEZA

2007.

2006. Usklađenje fer vrijednosti obaveza (Napomena 27) 3.827

-

Umanjenje vrijednosti imovine (Napomena 20) (3.827) - Ukupno -

-


65


15 godina





5. INTEREST INCOME

2007 2006 Interest on loans to companies 4,194

4,022

Interest on loans to individuals 1,175 1,119 Interest on funds at Central bank of BiH 1,611 602 Interest on placements with banks 342 254 Total 7,322

5,997

6. INTEREST EXPENSE

2007 2006

Interest on companies’ deposits 909

1,110

Interest on individuals deposits 736 179 Interest on amounts due to other banks and financial institutions 115

126

Total 1,760

1,415

7. FEE AND COMMISSION INCOME

2007 2006

Domestic and international payment transactions 2,190

2,080

Fee from guarantees 569 639 Total 2,759

2,719

8. FEE AND COMMISSION EXPENSE

2007 2006 Internal payment transactions 163

153

E-banking and SWIFT 159 125 Total 322

278

9. FAIR VALUE OF ASSETS AND LIABILITIES

2007 2006 Fair value adjustment of liabilities (Note 27) 3,827

-

Impairment of assets (Note 20) (3,827) - Total -

-

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15 godina






10. PERSONNEL EXPENSES

2007 2006

Net salaries 2,023

1,848

Taxes and contributions 1,416 1,294 Other 966 994 Total 4,405

4,136

The Bank does not have pension arrangements separate from Bosnia and Herzegovina pension system. This system requires that current contributions by the employer be calculated as a percentage of current gross salary payments and taxes on net salary and these expenses are charged to the profit and loss statement in the period the related compensation is earned by the employee. Since 2006, the Bank forms provisions for employees’ benefits.

The number of personnel employed as of 31 December 2007 and 2006 was 184 and 172, respectively.

11. ADMINISTRATIVE EXPENSES 2007 2006 Energy, utilities and telecommunication expenses 468

437

Rent 461 357 Professional services and fees to regulatory bodies 244 186 Other services 152 88 Advertising and representation 151 124 Insurance of deposits 147 172 Fixed assets maintenance 132 102 Supervisory board and Audit committee members’ fees 126 129 Other taxes and contributions 109 98 Offices supplies and consumables 124 127 Security 67 83 Other expenses 115 134 Total 2,296

2,037

12. COLLECTED WRITTEN-OFF RECEIVABLES

2007 2006

Income from collection of written-off loan principle 234

109

Income from collection of written-off interest receivables 123 205 Income from collection of written-off other receivables 148 - Total 505

314



10. TROŠKOVI ZAPOSLENIH

2007.

2006.

Neto plate 2.023

1.848

Porezi i doprinosi 1.416 1.294 Ostalo 966 994 Ukupno 4.405

4.136

Banka nema penzioni fond odvojen od postojećeg penzionog Fonda Federacije Bosne i Hercegovine. Prema tom sistemu, poslodavac je dužan obračunati tekuće doprinose u procentu od bruto plaća i porez na neto plaće, a troškovi terete bilans uspjeha za period za koji je uposlenik zaradio plaću ili naknadu. Banka od 2006. godine formira rezervisanja na ime budućih isplata svim zaposlenim.

Broj zaposlenih u Banci na dan 31. decembra 2007. i 2006. bio je 184 odnosno 172.

11. ADMINISTRATIVNI TROŠKOVI

2007.

2006.

Energija, režije, pošta i telefon 468

437

Zakupnina 461 357 Profesionalne usluge i naknade regulatornim tijelima 244 186 Ostale usluge 152 88 Reklama i reprezentacija 151 124 Osiguranje depozita 147 172 Održavanje materijalne imovine 132 102 Naknade članovima Nadzornog odbora i Odbora za reviziju 126 129 Ostali porezi i doprinosi 109 98 Kancelarijski materijal i sitan inventar 124 127 Osiguranje imovine 67 83 Ostali troškovi 115 134 Ukupno 2.296

2.037

12. NAPLAĆENA OTPISANA POTRAŽIVANJA

2007.

2006.

Prihodi od naplaćene glavnice 234

109

Prihodi od naplaćene kamate 123 205 Prihod od naplaćenih ostalih potraživanja 148 - Ukupno 505

314


67


15 godina





10. PERSONNEL EXPENSES

2007 2006

Net salaries 2,023

1,848

Taxes and contributions 1,416 1,294 Other 966 994 Total 4,405

4,136

The Bank does not have pension arrangements separate from Bosnia and Herzegovina pension system. This system requires that current contributions by the employer be calculated as a percentage of current gross salary payments and taxes on net salary and these expenses are charged to the profit and loss statement in the period the related compensation is earned by the employee. Since 2006, the Bank forms provisions for employees’ benefits.

The number of personnel employed as of 31 December 2007 and 2006 was 184 and 172, respectively.

11. ADMINISTRATIVE EXPENSES 2007 2006 Energy, utilities and telecommunication expenses 468

437

Rent 461 357 Professional services and fees to regulatory bodies 244 186 Other services 152 88 Advertising and representation 151 124 Insurance of deposits 147 172 Fixed assets maintenance 132 102 Supervisory board and Audit committee members’ fees 126 129 Other taxes and contributions 109 98 Offices supplies and consumables 124 127 Security 67 83 Other expenses 115 134 Total 2,296

2,037

12. COLLECTED WRITTEN-OFF RECEIVABLES

2007 2006

Income from collection of written-off loan principle 234

109

Income from collection of written-off interest receivables 123 205 Income from collection of written-off other receivables 148 - Total 505

314

68


15 godina





13. UMANJENJA VRIJEDNOSTI I REZERVISANJA

2007. (izmjenjeno)

2006.

Povećanje rezervisanja za plasmane kod drugih banaka (Napomena 17) 30

-

Povećanje rezervisanja na kredite date klijentima (Napomene 1 i 18) 1.547

525

Rezervisanja za garancije i ostale obaveze vezane za kredite (Napomene 1 i 28) 133

27

Povećanje rezervisanja ostale aktive (Napomena 19) 28 164 Ukupno 1.738

716

14. POREZ NA DOBIT

2007. (izmjenjeno)

2006.

Dobit prije poreza 133 530 Porezno nepriznati troškovi 948 63 Prenos na rezerve (20) (80) Oporeziva dobit 1.061 513 Porez na dobit 30% 318 154 Smanjenje poreza na dobit (318) (116) Obaveza za porez na dobit -

(38)

Porezna obaveza Banke izračunava se na temelju računovodstvene dobiti, uzimajući u obzir porezno nepriznate troškove i neoporezive prihode. Stopa poreza na dobit za godine koje su završile 31. decembra 2007. i 2006. bila je 30%. U skladu sa fiskalnim propisima porezno oslobođenje od poreza na dobit je zasnovano na planiranim ulaganjima u stalna sredstva u narednoj godini. Oslobađanje od poreza na dobit zasnovano na planiranim ulaganjima u stalna sredstva provodi se kontinuirano.

U skladu sa fiskalnim propisima porezno oslobođenje od poreza na dobit je također zasnovano na direktnim stranim ulaganjima u kapital. Iznos poreznog oslobođenja zasnovanog na bazi direktnih stranih investicija jednako je udjelu povećanja kapitala od strane nerezidenata u ukupnom kapitalu Banke.

15. NOVAC I NOVČANI EKVIVALENTI 2007.

2006.

Novac u blagajni 4.509 2.650 Tekući računi kod drugih banaka 2.270 3.649

Novac na žiro računu kod Centralne banke 46.787

24.097 Čekovi 27 4 Ukupno 53.593

30.400


69


15 godina





13. IMPAIRMENT LOSSES AND PROVISIONS

2007 (revised) 2006

Impairment losses for placements with banks (Note 17) 30

-

Impairment losses for loans and receivables (Notes 1, 18) 1,547 525 Provision for commitments and contingencies (Notes 1, 28) 133 27 Impairment losses for other assets (Note 19) 28 164 Total 1,738

716

14. INCOME TAX

2007 (revised) 2006

Profit before income tax 133 530 Non-deductible expenses 948 63 Transfer to reserves (20) (80) Taxable income 1,061 513 Income tax liability of 30% 318 154 Income tax exemption (318) (116) Income tax liability -

38

Tax liability is based on accounting income taking into the account non-deductible expenses and non-taxable income. Tax income rate for the years ended 31 December 2007 and 2006 was 30%. According to the fiscal legislation, the Bank’s exemption from income tax is based on planned investments in fixed assets in the next year. Income tax exemptions for investments in fixed assets are available on continuous basis.

In accordance to the fiscal legislation, exemption from income tax is also permissible based on direct foreign investment in the shareholders’ capital. The amount of exemption based on such foreign investment corresponds to the foreign capital share in the total shareholders’ capital.

15. CASH AND CASH EQUIVALENTS

2007

2006

Cash on hand 4,509 2,650 Current accounts with other banks 2,270 3,649

Current accounts with Central bank of BiH 46,787

24,097 Cheques 27 4 Total 53,593

30,400

70


15 godina





16. OBAVEZNA REZERVA KOD CENTRALNE BANKE 2007.

2006.

Minimalna obavezna rezerva kod Centralne banke Bosne i Hercegovine 15.062

13.230 Ukupno 15.062

13.230

Obavezna rezerva se izračunava na dan 31. decembra 2007. godine odnosno 31. decembra 2006. godine u visini od 15% prosječnog iznosa ukupnih depozita i pozajmljenih sredstava u posljednjih deset dana obračuna obavezne rezerve.

Kamatna stopa na minimalnu obaveznu rezervu je 1%. Novac na računu obaveznih rezervi kod Centralne banke BiH nije na raspolaganju za dnevno poslovanje bez određenog odobrenja Centralne banke BiH i Federalne bankarske agencije.

17. PLASMANI KOD DRUGIH BANAKA 2007.

2006.

Kratkoročni depoziti kod banaka u slijedećim zemljama:

Zemlje OECD-a 9.097 5.458 Bosna i Hercegovina 1.500 - Manje: Rezervisanja za moguće gubitke (31) (1) Ukupno 10.566

5.457

Kamatna stopa na plasmane u EUR kretala se od 3,43 – 4,37% godišnje u 2007. godini (2006: 2,25 – 3,57% godišnje), za plasmane u USD od 4,50 – 4,91% godišnje u 2007. godini (2006: 4,20 – 5,25% godišnje), a za plasmane u KM 4,7% godišnje. Promjene u rezervisanjima za umanjenja mogu se prikazati kako slijedi:

2007. 2006.

Stanje na dan 1. januara 1 1 Povećanje rezervisanja (Napomena 13) 30 -

Stanje na dan 31. decembra 31 1


71


15 godina





16. OBLIGATORY RESERVE WITH THE CENTRAL BANK

2007

2006

Obligatory reserve at Central Bank of Bosnia and Herzegovina 15,062

13,230

Total 15,062

13,230

Minimum obligatory reserve as at 31 December 2007 and 2006 is calculated in amount of 15% of the average amount of total deposits and the borrowings for each working day during 10 calendar days following the period of maintaining the obligatory reserve.

Interest rate on funds kept up to minimum obligatory reserve is 1%. Cash held at the obligatory reserve account with Central Bank of Bosnia and Herzegovina is not available for daily operations without specific approval from the Central Bank and Federal Banking Agency.

17. PLACEMENTS WITH OTHER BANKS

2007

2006

Short-term placements with banks in following countries:

OECD countries 9,097 5,458 Bosnia and Herzegovina 1,500 - Less: Provision for impairment (31) (1) Total 10,566

5,457

The interest rate for placements in EUR was 3.43% - 4.37% p.a. in 2007 (2006: 2.25% - 3.57% p.a.), for placements in USD was 4.50% - 4.91% p.a. in 2007 (2006: 4.20% - 5.25% p.a.), and for placements in KM was 4.70% p.a.

The movements in the provision for impairment of loans are summarized as follows:

2007

2006 Balance as at 1 January 1 1 Impairment losses (Note 13) 30 - Balance as at 31 December 31 1

72


15 godina





18. DATI KREDITI I POTRAŽIVANJA

2007. (izmjenjeno)

2006.

Kratkoročni krediti: Pravna lica 21.537 18.929 Fizička lica 1.622 1.153 Tekuće dospjeće dugoročnih kredita 17.627 12.573

Ukupno kratkoročni krediti 40.786 32.655

Dugoročni krediti: Pravna lica 36.013 22.540 Fizička lica 10.866 10.882 Manje:Tekuće dospjeće dugoročnih kredita (17.627) (12.573)

Ukupno dugoročni krediti 29.252 20.849

Ukupno krediti prije rezervisanja za moguće gubitke 70.038 53.504

Manje: Rezervisanja za moguće gubitke (2.818) (2.778) Ukupno 67.220

50.726

Svi krediti komitentima odobreni su u Federaciji Bosne i Hercegovine. Promjene na rezervisanjima za moguće gubitke po kreditima su prikazani kako slijedi:

2007.

2006. Stanje na dan 1. januara 2.778

2.556

Povećanje rezervisanja (Napomene 1 i 13) 1.547 525 Otpisi (1.507) (303) Stanje na dan 31. decembra 2.818

2.778

Analiza bruto kredita pravnim i fizičkim licima prije rezervisanja po poslovnim granama:

2007.

2006.

Trgovina 22.523 14.050 Građevinarstvo 10.680 7.090 Proizvodnja i industrija 10.328 8.081 Turizam 1.824 1.873 Ostalo 24.683 22.410 Ukupno 70.038

53.504

Ukupan iznos glavnice za kredite u kašnjenju na koje banka ne obračunava kamatu dan 31. decembra 2007. i 2006. godine iznosio je 2.456 hiljada KM, odnosno 3.266 hiljada KM. Kamatne stope po kreditima na dan 31. decembra 2007. i 2006. mogu se prikazati kako slijedi:

2007. 2006.

Pravna lica 6,5 - 10% 8 - 12% Fizička lica 7,5 - 10,5% 8 -11,5%


73


15 godina





18. LOANS AND RECEIVABLES 2007

(revised)

2006 Short-term loans:

Corporate 21,537 18,929 Retail 1,622 1,153 Current portion of long-term loans 17,627 12,573 Subtotal short-term loans 40,786 32,655

Long-term loans: Corporate 36,013 22,540 Retail 10,866 10,882 Less: Current portion of long-term loans (17,627) (12,573) Subtotal long-term loans 29,252 20,849

Total loans before provision for impairment 70,038 53,504 Less: Provision for loan impairment (2,818) (2,778) Total 67,220

50,726

Loans to customers are granted within the Federation of Bosnia and Herzegovina.

The movements in the provision for impairment of loans are summarized as follows:

2007

2006 Balance as at 1 January 2,778

2,556

Increase in provisions (Notes: 1,13) 1,547 525 Write-offs (1,507) (303) Balance as at 31 December 2,818

2,778

An industry analysis of the gross portfolio of loans and advances to corporate customers before provision for impairment is as follows:

2007

2006

Trade 22,523

14,050

Construction 10,680 7,090 Manufacturing and industry 10,328 8,081 Tourism 1,824 1,873 Other 24,683 22,410 Total 70,038

53,504

Total amount of non-performing loans is KM 2,456 thousand and KM 3,266 thousand as at 31 December 2007 and 2006, respectively.

Interest rates for granted loans as at 31 December 2007 and 2006 are summarized as follows:

2007

2006 Corporate 6.5 - 10% 8 – 12% Retail 7.5 – 10.5% 8 -11.5%

74


15 godina





19. OSTALA IMOVINA 2007.

2006.

Pretplata poreza na dobit 262

262

Unaprijed plaćeni troškovi 180 141 Potraživanja za naknade 68 58 Ostala imovina 160 84

Ukupno ostala imovina prije rezervisanja 670 545

Manje: Rezervisanja za moguće gubitke (70) (67) Ukupno 600 478

Promjene na rezervisanjima za moguće gubitke po ostaloj aktivi mogu se prikazati kako slijedi:

2007.

2006.

Stanje na dan 1. januara 67 86 Povećanje rezervisanja 28 164 Otpisi (25) (183) Stanje na dan 31. decembra 70

67

20. BLOKIRANA SREDSTVA KOD CENTRALNE BANKE BIH

2007

2006

Blokirana sredstva bivšeg dioničara 3.827 - Umanjenje imovine (3.827) - Total - -

Po nalogu FBA broj 01-1006/01 izdatog 23. oktobra 2001. godine, dioničarska prava jedne osobe, koja vlasnika 34.133 dionice, su privremeno suspendovana s obzirom na sumnju na povezanost sa finansiranjem terorističkih aktivnosti.

Na osnovu Naloga o prenosu sredstava na specijalni račun Centralne banke BiH izdatog dana 8. oktobra 2007. godine od strane FBA, broj. 4705/07, Banka je prenijela 3,8 miliona KM i na taj način stekla svoje vlastite dionice.

S obzirom da Banka nema pravo koristiti ova sredstva, 31. decembra 2007. godina izvršeno je umanjenje vrijedosti imovine u cjelokupnom iznosu, te priznato u bilansu uspijeha za godinu koja je završila 31. decembra 2007. (vidi napomene 1 i 27).


75


15 godina





19. OTHER ASSETS

2007

2006

Prepaid income tax 262

262

Prepaid expenses 180 141 Fees receivable 68 58 Other 160 84 Total other assets before provision 670 545 Less: Provision for impairment (70) (67) Total 600 478

The movements in the provision for impairment of other assets are summarized as follows:

2007

2006

Balance as at 1 January 67

86

Increase in provisions 28 164 Write-offs (25) (183) Balance as at 31 December 70

67

20. BLOCKED ASSETS AT CENTRAL BANK OF BIH

2007

2006

Blocked funds of preceding shareholder 3,827 - Impairment of assets (3,827) - Total - -

In accordance with FBA no. 01-1006/01 dated 23 October 2001, the shareholding rights of one individual, who was a shareholder of 34,133 ordinary shares, were temporary suspended due to suspicion of a connection with the financing of terrorist activities.

Based on the FBA order to transfer the funds to a special account held by the Central Bank of BiH, no. 4705/07, dated 8 October 2007, the Bank transferred KM 3,8 million and thus acquired its own shares.

As of 31 December 2007, due to the fact that the Bank has no right to use these funds, a provision for impairment was recorded in the statement of income for the year ended 31 December 2007 (see Notes 1 and 27).

76


15 godina





21. IMOVINA RASPOLOŽIVA ZA PRODAJU

2007.

(izmjenjeno) 2006.

Tuzlatransport d.d. Tuzla 103 103 BOR banka d.d. Sarajevo (Napomena 1) 118 115 Union banka d.d. Sarajevo 80 80 Registar vrijednosnih papira FBiH 15 5 BiH POS - Card Business Sarajevo 4 4 SWIFT 5 5 Ukupno 325 312

% vlasništva Djelatnost Zemlja

Tuzlatransport d.d. Tuzla 5,26 Transport Bosna i Hercegovina

BOR banka d.d. Sarajevo 0,54 Bankarstvo Bosna i Hercegovina

Union banka d.d. Sarajevo 0,23 Bankarstvo Bosna i Hercegovina

BiH POS - Card Business 0,16 Bankarske kartice Bosna i Hercegovina

Registar vrijednosnih papira FBiH 0,27 Vrijednosni papiri Bosna i Hercegovina

SWIFT - Komunikacije Belgija


77


15 godina





21. ASSETS AVAILABLE FOR SALE

2007

(revised)

2006

Tuzlatransport d.d. Tuzla 103 103 BOR banka d.d. Sarajewo (Note 1) 118 115 Union banka d.d. Sarajevo 80 80 Registry of Securities FBiH 15 5 BiH POS - Card Business Sarajevo 4 4 SWIFT 5 5 Total 325 312

% held Industry Country of origin Tuzlatransport d.d. Tuzla 5.26 Transportation Bosnia and Herzegovina BOR banka d.d. Sarajevo 0.45 Banking Bosnia and Herzegovina Union banka d.d. Sarajevo 0.23 Banking Bosnia and Herzegovina BiH POS - Card Business 0.16 Bank cards Bosnia and Herzegovina Registry of Securities FBiH 0.27 Securities Bosnia and Herzegovina SWIFT - Communication Belgium

78


15 godina





22. NEKRETNINE I OPREMA Zgrade i

zemljište

Kancelarijska oprema i vozila

Računari Investicije u toku

Nematerijalna imovina Ukupno

NABAVNA VRIJEDNOST

31. decembra 2005. 2.894 1.268 944 1.730 1.639 8.475 Nabavka - - - 783 - 783 Prenos sa/na 1.841 295 229 (2.395) 30 -Otuđenja (95) (197) (51) - (285) (628)

31. decembra 2006. 4.640 1.366 1.122 118 1.384 8.630 ISPRAVKA VRIJEDNOSTI

31. decembra 2005. 182 669 562 - 1.234 2.647 Amortizacija za 2006. 38 130 140 - 157 465 Otuđenja (21) (113) (32) - (285) (451)

31. decembra 2006. 199 686 670 - 1.106 2.661 SADAŠNJA VRIJEDNOST

31. decembra 2006. 4.441 680 452 118 278 5.969

Zgrade i

zemljište

Kancelarijska oprema i

vozila Računari Investicije

u toku Nematerijalna

imovina Ukupno

NABAVNA VRIJEDNOST 31. decembra 2006. 4.640 1.366 1.122 118 1.384 8.630Nabavka - - - 616 - 616Prenos sa/na 8 154 296 (511) 53 -Otuđenja - (65) (84) - - (149)

31. decembra 2007. 4.648 1.455 1.334 223 1.437 9.097ISPRAVKA VRIJEDNOSTI -31. decembra 2006. 199 686 670 - 1.106 2.661Amortizacija za 2007. 60 144 194 - 135 533Otuđenja - (61) (84) - - (145)

31. decembra 2007. 259 769 780 - 1.241 3.049SADAŠNJA VRIJEDNOST

31. decembra 2007. 4.389 686 554 223 196 6.048


79


15 godina





22. PROPERTY AND EQUIPMENT

Land and buildings

Office equipment

and vehicles

Computers Investments in progress

Intangible assets Total

HISTORICAL COST 31 December 2005 2,894 1,268 944 1,730 1,639 8,475 Additions - - - 783 - 783 Transfers (from)/to 1,841 295 229 (2,395) 30 -Disposals (95) (197) (51) - (285) (628) 31 December 2006 4,640 1,366 1,122 118 1,384 8,630 ACCUMULATED DEPRECIATION 31 December 2005 182 669 562 - 1,234 2,647 Charge for 2006 38 130 140 - 157 465 Disposals (21) (113) (32) - (285) (451) 31 December 2006 199 686 670 - 1,106 2,661 NET BOOK VALUE 31 December 2006 4,441 680 452 118 278 5,969

Land and buildings

Office equipment

and vehicles Computers

Investments in progress

Intangible assets Total

HISTORICAL COST 31 December 2006 4,640 1,366 1,122 118 1,384 8,630Additions - - - 616 - 616Transfers (from)/to 8 154 296 (511) 53 -Disposals - (65) (84) - - (149) 31 December 2007 4,648 1,455 1,334 223 1,437 9,097ACCUMULATED DEPRECIATION -31 December 2006 199 686 670 - 1,106 2,661Charge for 2007 60 144 194 - 135 533Disposals - (61) (84) - - (145) 31 December 2007 259 769 780 - 1,241 3,049 NET BOOK VALUE 31 December 2007 4,389 686 554 223 196 6,048

80


15 godina





23. OBAVEZE PREMA DRUGIM BANKAMA I FINANSIJSKIM INSTITUCIJAMA 2007.

2006.

Investicijska banka Federacije Bosne i Hercegovine 656 852 Ministarstvo finansija Federacije BiH 3.863 3.493 BOR Banka, Sarajevo 150 202 Ukupno 4.669

4.547

Dugoročna pozajmljena sredstva od Investicijske banke Federacije Bosne i Hercegovine su namijenjena restruktuiranju postojećih kredita za obrtna sredstva koje su klijenti koristili iz izvora Banke kao i za finansiranje investicija razvojnih programa i projekata malih i srednjih preduzeća u Federaciji BiH. Pozajmljena sredstva su odobrena na period od 2,5 do 5 godina sa kamatnom stopom na nivou šestomjesečnog EURIBOR-a, na godišnjem nivou. Otplata kredita se vrši u jednakim mjesečnim ratama.

Dana 17. maja 2005. godine Banka je sklopila Subsidijarni kreditni ugovor sa Ministarstvom finansija Federacije BiH o korištenju sredstava iz zajma koji je Bosni i Hercegovini osigurao Međunarodni fond za poljoprivredni razvoj (IFAD), od kojih je jedan dio namijenjen za pružanje pozajmica komercijalnim bankama za dalje kreditiranje fizičkih lica i pravnih subjekata u ruralnim područjima, koja se odnose na poljoprivredu. Ukupan iznos iskorištenih pozajmica bit će vraćan u jednom iznosu (jednokratno) nakon 12 (dvanaest) godina od datuma povlaćenja prve, odnosno svake tranše sredstava. Kamata na sredstva pozajmica od 2% (fiksna) će se plaćati na godišnjem nivou u dvije polugodišnje rate i to: 1. marta i 1. septembra.

Banka je obavezna da sredstva pozajmice koristi isključivo za kreditiranje krajnjih korisnika pod uslovima iz Projekta koji su definisani u unaprijed pomenutom ugovoru. Sredstva pozajmica imaju karakter revolving sredstava koje će Banka isključivo koristiti za iste namjene i pod uslovima koji su definisani za sredstva pozajmica. Banka preuzima rizik u slučajevima da korisnik (primaoc kredita) ne ispunjava uslove svoje obaveze prema Banci.


81


15 godina





23. DUE TO BANKS AND OTHER FINANCIAL INSTITUTIONS

2007

2006

Investment bank of Federation of Bosnia and Herzegovina 656

852

BH Federal Ministry of finance 3,863 3,493 BOR Banka, Sarajevo 150 202 Total 4,669

4,547

Borrowed funds from the Investment Bank of Federation of Bosnia and Herzegovina are with the purpose of restructuring of existing loans for working capital as well as financing of development programs and projects of small and medium size enterprises in Federation of Bosnia and Herzegovina. The funds are approved for periods ranging between 2.5 – 5 years, with interest rate of 6-month EURIBOR p.a. Repayments are made in equal monthly installments.

On 17 May 2005, the Bank made a subsidiary loan agreement with BH Federal Ministry of finance on utilization of International Fund for Agricultural Development (IFAD) for financing agricultural activities of citizens and legal entities in rural areas. Total amount of borrowed funds shell be repaid fully after 12 years of withdrawal of each installment. Interest of 2% is charged on annual basis and paid through 2 semi-annual installments, on 1 March and 1 September.

The Bank is obliged to finance ultimate clients in accordance with conditions prescribed by the annex to the above-mentioned agreement. The funds will be used as revolving credit line for the same purposes as defined in agreement. The Bank bears risk if ultimate customer fails to repay loan.

82


15 godina





24. OBAVEZE PREMA KLIJENTIMA 2007.

2006.

Depoziti po viđenju: Fizička lica: U domaćoj valuti 7.672 4.693 U stranim valutama 5.976 4.688 Podzbir 13.648 9.381 Pravna lica: U domaćoj valuti 21.880 17.463 U stranim valutama 2.817 4.793 Podzbir 24.697 22.256 Ostale vladine i nevladine organizacije: U domaćoj valuti 19.341 17.794 U stranim valutama 7.103 7.690 Podzbir 26.444 25.484 Ukupno depoziti po viđenju 64.789 57.121 Oročeni depoziti: Fizička lica: U domaćoj valuti 4.670 3.468 U stranim valutama 13.207 8.776 Podzbir 17.877 12.244 Pravna lica: U domaćoj valuti 8.055 8.210 U stranim valutama 2.271 1.488 Podzbir 10.326 9.698 Ostale vladine i nevladine organizacije: U domaćoj valuti 2.507 2.336 U stranim valutama 419 524 Podzbir 2.926 2.860

Ukupno oročeni depoziti 31.129 24.802

Ukupno 95.918 81.923

Godišnje kamatne stope na depozite po viđenju u 2007. i 2006. godini kretale su se od 0,6% do 2,0%. Godišnje kamatne stope na oročene depozite u 2007. i 2006. godini kretale su se od 2,5% do 6,5%, zavisno od perioda oročenja.


83


15 godina





24. DUE TO CUSTOMERS

2007

2006

Demand deposits: Retail: In KM 7,672 4,693 In foreign currencies 5,976 4,688 Subtotal 13,648 9,381 Corporate: In KM 21,880 17,463 In foreign currencies 2,817 4,793 Subtotal 24,697 22,256 Other governmental and non-governmental organizations: In KM 19,341 17,794 In foreign currencies 7,103 7,690 Subtotal 26,444 25,484 Total demand deposits 64,789

57,121

Term deposits: Retail: In KM 4,670 3,468 In foreign currencies 13,207 8,776 Subtotal 17,877 12,244 Corporate: In KM 8,055 8,210 In foreign currencies 2,271 1,488 Subtotal 10,326 9,698 Other governmental and non-governmental organizations: In KM 2,507 2,336 In foreign currencies 419 524 Subtotal 2,926 2,860 Total term deposits 31,129

24,802

Total 95,918

81,923

Interest rates on demand deposits ranged from 0.6% to 2.0% in 2007 (0.6% to 2.0% in 2006). Interest rates on term deposits ranged from 2.5% to 6.5% in 2007 (2.5% to 6.5% in 2006), depending on the term of deposits.

84


15 godina





25. SUBODINIRANI DUG 2007.

2006.

Fondacija Bošnjaci Mostar 325 320 Vlada Hercegovačko-neretvanskog Kantona 1.030 1.008 Ukupno 1.355

1.328

Iznos od 325 i 320 hiljada KM na dan 31. decembra 2007 i 2006 godine predstavlja Bančina sredstva dobijena od Fondacije Bošnjaci, Mostar u svrhu daljeg kreditiranja i finansiranja. Sredstva su odobrena bespovratno i na njih se ne obračunava kamata. Ova sredstva su priznata kao dodatni kapital, bazirano na Odluci Agencije za bankarstvo Federacije Bosne i Hercegovine od 10. januara 2001. godine.

Također, Banka ima sredstva u iznosu od 1.030 hiljada KM sa 31. decembrom 2007. i 988 hiljada KM sa 31. decembrom 2006., koja su data nepovratno od Vlade HNK u svrhu daljeg kreditiranja i finansiranja razvoja poljoprivrede i poboljšanja zaposlenosti. Ova sredstva su također priznata kao dodatni kapital, bazirano na Odluci Agencije za bankarstvo Federacije Bosne i Hercegovine od 17. aprila 2003. godine. Od naplaćene kamate tokom godine, 50% se prizna kao prihod Banke, a drugih 50% se pripisuje dodatnom kapitalu. 26. OSTALE OBAVEZE

2007.

2006.

Obaveze za isplatu stipendija 880 - Obaveze za neraspoređeni priliv 18 5 Dugoročno razgraničeni rashodi (ukalkulisana sredstva na ime budućih isplata zaposlenicima)* 169

127

Poslovi u ime i za tuđi račun (Napomena 31) 120 95 Obaveze prema zaposlenim 67 67 Obaveze prema dobavljačima 37 59 Ostale obaveze 97 67 Ukupno 1.388

420

Dana 31. decembra 2007. godine Banka je dobila sredstva u iznosu od 880 hiljada KM od Fondacije IKRE, Sarajevo za stipendiranje 2.200 djece, civilnih žrtava rata. Cijeli iznos je isplaćen u januaru 2008. godine.

* Kretanje na rezervisanjima za naknade zaposlenima predstavljaju rezervisanja za otpremnine prilikom odlaska u penziju.

Kretanje na rezervisanjima za naknade zaposlenima se mogu prikazati kako slijedi: Stanje na 1. januar 2006. - Priznata dodatna rezervisanja 127 Stanje na 1. januar 2007. 127 Priznata dodatna rezervisanja 42 Smanjenje zbog ponovnog mjerenja ili podmirenja bez troška -

Stanje na 31. decembar 2007. 169


85


15 godina





25. SUBORDINATED DEBT 2007

2006

Foundation 'Bošnjaci' Mostar 325

320

Government of Herzegovina Canton 1,030 1,008 Total 1,355

1,328

The amount of KM 325 thousand and KM 320 thousand as of 31 December 2007 and 2006, respectively, represents funds granted by Foundation ‘Bošnjaci’, Mostar, for further lending and financing. Funds are approved for indefinite period and bear no interest. These funds are considered as additional equity for regulatory purposes based on the Decision of Banking Agency of the Federation of Bosnia and Herzegovina, dated 10 January 2001.

The amount of KM 1,030 thousand and KM 988 thousand as of 31 December 2007 and 2006, respectively, represent funds granted by the Government of Herzegovina Canton for lending and financing of agriculture development and improvement of employment situation. These funds are also considered as additional equity for regulatory purposes based on the Decision of Banking Agency of the Federation of Bosnia and Herzegovina, dated 17 April 2003. In accordance with agreement 50% of collected interest is recognized as income and other 50% as increase of subordinated debt. 26. OTHER LIABILITIES

2007

2006

Liabilities for scholarships payment 880

-

Undistributed inflow 18 5 Provision for employees’ benefits* 169 127 Difference in managed funds (Note 31) 120 95 Liabilities to employees 67 67 Liabilities to suppliers 37 59 Other 97 67 Total 1,388

420

On 31 December 2007 the Bank has received funds amounted to KM 880 thousands from Foundation IKRE, Sarajevo for War victims-Children 2,200 scholarships. Those were distributed in full amount in January 2008.

* The amount of provision for employees’ benefits employees relate to provisions for compensations to employees for severance payments:

The movement of the provision for employees’ benefits can be shown as follows: Balance 1 January 2006 - Additional provisions recognized 127 Balance 1 January 2007 127 Additional provisions recognized 42 Decreases from revaluation -

Balance 31 December 2007 169

86


15 godina





27. OBAVEZA ZA BLOKIRANA SREDSTVA KOD CENTRALNE BANKE BIH

2007

2006

Obaveza za blokirana sredstva bivšeg dioničara 3.827 - Usklađenje fer vrijednosti (3.827) - Total - -

Na osnovu Naloga br. 4705/07, izdatog dana 8. oktobra 2007. godine od strane FBA, Banka je prenijela iznos od 3,8 miliona KM na specijalni račun kod Centralne banke Bosne i Hercegovine. Ova sredstva su zamrznuta i ne mogu se koristiti od strane Banke ili Centralne banke BiH bez predhodnog odobrenja FBA.

Na dan 31. decembra 2007. godine izvršeno je usklađenje fer vrijednosti obaveza u cjelokupnom iznosu. Efekat je priznat u bilansu uspijeha za godinu koja je završila 31. decembra 2007.(napomene 1 i 20).

28. POTENCIJALNE I PREUZETE FINANSIJSKE OBAVEZE

2007.

2006.

Plative garancije 6.569 7.412 Činidbene garancije 13.180 11.156 Akreditivi 10.359 5.008 Okvirni ugovori 248 103 Ukupno finansijske obaveze 30.356

23.679

Rezervisanja za potencijalne i preuzete obaveze 603 470 U okviru redovnog poslovanja Banka preuzima obaveze za kreditiranjem, koje vodi u vanbilansnoj evidenciji, a koje prvenstveno obuhvataju garancije, akreditive i nepovučene odobrene kredite. Rezervisanja za preuzete obaveze se priznaju kad Banka ima sadašnju obavezu kao rezultat prošlih događaja i kada je vjerovatno da će Banka morati izmirit tu obavezu. Na dan 31. decembra 2007. godine Banka ima potencijalno sredstvo i obavezu u iznosu od 3.8 miliona KM, a vezano za blokirana sredstva na računu kod Centralne banke BiH (Napomena 20 i 27). Uprava Banke pravi procjenu rezervisanja u poređenju s potencijalnim troškom za Banku u slučaju izmirenja ovih obaveza. Promjene u rezervisanjima za potencijalne i preuzete finansijske obaveze:

2007.

(izmjenjeno)

2006. Stanje na dan 1. januara 470 443 Dodatna rezervisanja (Napomene 1 i 13) 133 27 Stanje na dan 31. decembra 603

470


87


15 godina





27. LIABILITIES FOR BLOCKED FUNDS AT CENTRAL BANK OF BIH

2007

2006

Blocked funds of preceding shareholder 3,827 - Fair value adjustment (3,827) - Total - -

In accordance with FBA Order No. 4705/07, dated 8 October 2007, the Bank transfered the amount of KM 3,8 million to a special account with Central Bank of Bosnia and Herzegovina. These funds are frozen and can not be used by the Bank or the Central Bank of BiH unless previously approved by the FBA.

As of 31 December 2007 a fair value adjustment of liabilities was measured and adjustment has been made in full amount. The effect is recognized in profit and loss account for the year ended 31 December 2007 (see Notes 1 and 20).

28. PROVISIONS FOR COMMITMENTS AND CONTINGENCIES

2007

2006

Payment guarantees 6,569 7,412 Performance guarantees 13,180 11,156 Letters of credit 10,359 5,008 Contracted loans 248 103 Total financial commitments 30,356

23,679

Provision for commitments and contingencies 603

470

In the ordinary course of business, the Bank enters into credit related commitments that are recorded in off-balance sheet accounts and primarily include guarantees, letters of credit and un drawn loan commitments. Provisions for contingent liabilities are recognized when the Bank has a present obligation as a result of a past event, and it is probable that the Bank will be required to settle that obligation. As of 31 December 2007 the Bank has a contingent asset and liability of KM 3.8 million in connection with blocked deposits at the Central Bank of BiH (see Notes 20 and 27). Management Board estimates the provisions based at the best estimate of expenditure to settle the Bank’s obligation.

A movement in provision for financial commitments is as follows:

2007

(revised)

2006 Balance as at 1 January 470

443

Additional provision (Notes 1,13) 133 27 Balance as at 31 December 603

470

88


15 godina





29. TRANSAKCIJE S POVEZANIM STRANAMA

Prema definiciji iz MRS-a 24, povezane strane su strane koje predstavljaju:

društva koja direktno ili indirektno putem jednog ili više posrednika, kontrolišu izvještajno društvo ili su pod njegovom kontrolom, odnosno koja izvještajno društvo kontroliše zajedno s drugim subjektima (što uključuje maticu, ovisne subjekte i sestrinska društva);

pridružena lica – društva u kojima Banka ima značajan utjecaj a koja nisu ni povezano lice, niti zajedničko ulaganje investitora;

fizičke osobe koje direktno ili indirektno imaju pravo glasa u Banci koje im omogućava značajan uticaj na Banku, kao i bilo koji drugi subjekt za koji se očekuje da će uticati ili biti pod uticajem povezane osobe u poslovanju s Bankom;

rukovodioci na ključnim položajima, odnosno osobe koje imaju ovlaštenja i odgovornosti za planiranje, usmjeravanje i kontrolisanje aktivnosti Banke, uključujući direktore i službene osobe Banke i članove njihovih užih obitelji; i

društva u kojima bilo koja osoba navedena pod (c) ili (d) ima značajan interes u glasačkim pravima ili koje je direktno ili indirektno u vlasništvu navedenih osoba, odnosno u kojima iste mogu imati značajan uticaj. To uključuje društva u vlasništvu direktora ili većinskih dioničara Banke, kao i preduzetnike čiji rukovoditelji na ključnim položajima su istovremeno na istim ili sličnim položajima u Banci.

Prilikom razmatranja svake moguće transakcije s povezanom stranom pozornost je usmjerena na suštinu odnosa, a ne samo na pravni oblik. Transakcije sa povezanim stranama mogu se prikazati kako slijedi:

2007. 2006.

Potraživanja Obaveze Potraživanja Obaveze

Dioničari sa udjelom većim od 5% u dioničkom kapitalu i sa njima povezane strane 1.280 327 - 64

Uprava i članovi Nadzornog odbora i sa njima povezane strane 4.779 7.640 2.341 6.772

Ukupno 6.059 7.967 2.341 6.836

2007. 2006.

Prihodi Troškovi Prihodi Troškovi

Dioničari sa udjelom većim od 5% u dioničkom kapitalu i sa njima povezane strane 95 1 - -

Uprava i članovi Nadzornog odbora i sa njima povezane strane 157 12 132 6

Ukupno 252 13 132 6


89


15 godina





29. RELATED-PARTY TRANSACTIONS

Related parties, as defined by IAS 24, are those counter parties that represent:

enterprises that directly, or indirectly through one or more intermediaries, control, or are controlled by, or are under common control with, the reporting enterprise. (This includes holding companies, subsidiaries and fellow subsidiaries);

associates – enterprises in which the Bank has significant influence and which is neither a subsidiary nor a joint venture of the investor;

individuals owning, directly or indirectly, an interest in the voting power of the Bank that gives them significant influence over the Bank, and anyone expected to influence, or be influenced by, that person in their dealings with the Bank;

key management personnel, that is, those persons having authority and responsibility for planning, directing and controlling the activities of the Bank, including directors and officers of the Bank and close members of the families of such individuals; and

enterprises in which a substantial interest in the voting power is owned, directly or indirectly, by any person described in (c) or (d) or over which such a person is able to exercise significant influence. This includes enterprises owned by directors or major shareholders of the Bank and enterprises that have a member of key management in common with the Bank.

In considering each possible related party relationship, attention is directed to the substance of the relationship, and not merely the legal form.

Transactions with shareholders can be presented as follows:

2007 2006

Receivables Liabilities Receivables

Liabilities

Shareholders with over 5% share in capital and related parties 1,280 327 - 64

Management, Supervisory board members and other related parties 4,779 7,640 2,341 6,772

Total 6,059 7,967 2,341 6,836

2007 2006

Income Expenses Income Expenses

Shareholders with over 5% share in capital and related parties 95 1 - -

Management, Supervisory board members and related parties 157 12 132 6

Total 252 13 132 6

90


15 godina





29. TRANSAKCIJE S POVEZANIM STRANAMA (NASTAVAK)

2007.

2006. Krediti dati dioničarima (osim onih uključenih u gornju tabelu) 6.695 7.204 Potencijalne obaveze prema dioničarima 1.474 2.959 8.169

10.163

Sve gore prikazane transakcije su nastale pod komercijalnim bankarskim uslovima. Naknade direktorima, članovima Nadzornog odbora, Odbora za reviziju i ostalim članovima menadžmenta prikazane su kako slijedi:

2007.

2006. Naknade Upravi i ostalom menadžmentu 482 418 Porezi i doprinosi na naknade 275 230 Ukupno 757 648 30. PROCJENA FER VRIJEDNOSTI FINANSIJSKE IMOVINE I FINANSIJSKIH OBAVEZA Fer vrijednost finansijskog instrumenta je iznos po kojem se sredstvo može razmijeniti ili obaveza podmiriti između obaviještenih i spremnih strana u transakciji pred nagodbom. Fer vrijednost se temelji na kotiranim tržišnim cijenama ako su dostupne. Međutim, tržišne cijene za značajan dio finansijskih instrumenata Banke nisu dostupne. U tim okolnostima, fer vrijednost se procjenjuje primjenom modela diskontiranog novčanog toka ili drugih odgovarajućih tehnika za utvrđivanje cijena. Promjene u pretpostavkama na kojima se temelje procjene, uključujući diskontne stope i procijenjene buduće novčane tokove, značajno utiču na procjene. Iz tog razloga, procijenjene fer tržišne vrijednosti ne moraju se nužno realizirati prodajom finansijskog instrumenta u sadašnjem trenutku.

Prema mišljenju Uprave Banke, fer vrijednost finansijske imovine i finansijskih obaveza Banke ne razlikuje se značajno od iznosa iskazanih na dan 31. decembra 2007. i 2006. U procjeni fer vrijednosti finansijskih instrumenata Banke korištene su sljedeće metode i pretpostavke:

(a) Novac i sredstva kod Centralne banke Knjigovodstveni iznosi novca i sredstava kod Centralne banke općenito su približni njihovim fer vrijednostima. (b) Potraživanja od drugih banaka Procijenjena fer vrijednost potraživanja od drugih banaka koja dospijevaju u roku od najviše 180 dana približne su njihovim knjigovodstvenim iznosima. Fer vrijednost drugih potraživanja od banaka procjenjuje se na temelju analize diskontiranog novčanog toka primjenom kamatnih stopa koje se trenutno nude za ulaganja pod sličnim uvjetima (tržišne stope usklađene za kreditni rizik). Fer vrijednost potraživanja koja nije moguće naplatiti redovnim putem procjenjuje se na temelju analize diskontiranog novčanog toka za predmetni instrument osiguranja. Prilikom izračunavanja fer vrijednosti, ne uzima se u obzir ispravka vrijednosti.


91


15 godina





29. RELATED-PARTY TRANSACTIONS (CONTINUED) 2007

2006

Loans to shareholders (other than included in tables above) 6,695 7,204 Guarantees and letter of credits issued to shareholders 1,474 2,959 8,169 10,163

The transactions presented above are made under regular commercial terms. The compensations of directors, supervisory board members, Audit committee and other members of key management were as follows: 2007

2006

Compensations for directors and other key management 482 418 Taxes and contributions 275 230 Total 757 648 30. ESTIMATED FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

Fair value of financial instruments is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s-length transaction. Where available, fair value is based on quoted market prices. However, no readily available market prices exist for a significant portion of the Bank’s financial instruments. In circumstances where the quoted market prices are not readily available, the fair value is estimated using discounted cash flow models or other pricing techniques as appropriate. Changes in underlying assumptions, including discount rates and estimated future cash flows, significantly affect the estimates. Therefore, the calculated fair market estimates may not be realizable in a current sale of the financial instrument.

It is the opinion of the management of the Bank that the fair value of the Bank financial assets and liabilities are not materially different from the amounts stated in the balance sheets as at 31 December 2007 and 31 December 2006 In estimating the fair value of the Bank’s financial instruments, the following methods and assumptions were used: (a) Cash balances with the Central bank

The carrying values of cash and balances with the Central bank are generally deemed to approximate their fair value. (b) Due from banks

The estimated fair value of amounts due from banks that mature in 180 days or less approximates their carrying amounts. The fair value of other amounts due from banks is estimated based upon discounted cash flow analyses using interest rates currently offered for investments with similar terms (market rates adjusted to reflect credit risk). The fair value of non-performing amounts due from banks is estimated using a discounted cash flow analysis or the appraised value of the underlying collateral. Allowances are not taken into consideration when calculating fair values.

92


15 godina





30. PROCJENA FER VRIJEDNOSTI FINANSIJSKE IMOVINE I FINANSIJSKIH OBAVEZA (NASTAVAK)

(c) Krediti i avansi klijentima Fer vrijednost kredita s fiksnom kamatnom stopom procjenjuje se na temelju analize diskontiranog novčanog toka primjenom trenutno važećih kamatnih stopa na kredite na koje se primjenjuju slični uvjeti ili koji imaju slična kreditna obilježja. Fer vrijednost kredita klijentima koji ne otplaćuju svoje obaveze procjenjuje se na temelju analize diskontiranog novčanog toka ili procijenjene vrijednosti instrumenta osiguranja za predmetni kredit. Fer vrijednost ukupnih kredita i avansa klijentima približna je knjigovodstvenim iznosima na datum bilansa stanja. (d) Obaveze prema drugim bankama i klijentima Fer vrijednost oročenih depozita koji dospijevaju na poziv predstavlja knjigovodstveni iznos obaveze plative na datum bilansa stanja. Fer vrijednost oročenih depozita s varijabilnom kamatnom stopom procjenjuju se približno po njihovoj knjigovodstvenoj vrijednosti na datum bilansa stanja. Fer vrijednost depozita s fiksnom kamatnom stopom procjenjuje se diskontiranjem budućih novčanih tokova primjenom kamatnih stopa koje se trenutno primjenjuju na depozite sa sličnim preostalim periodom do dospijeća. 31. KOMISIONI POSLOVI

Sredstva kojima Banka upravlja kao povjerenik za i u ime trećih lica ne predstavljaju sredstva Banke, pa se s toga vode odvojeno od imovine Banke. Za ove usluge banka naplaćuje proviziju u skladu sa ugovorom zaključenim sa vlasnikom sredstava.

2007.

2006.

Izvori Ministarstvo poljoprivrede FBiH 2.802 2.805 Kanton Sarajevo 1.422 1.464 Agencija za zapošljavanje Kantona Sarajevo 1.157 1.402 BH Pošta 665 665 Privredna komora Kantona Sarajevo 419 415 IGA 340 390 Agencija za zapošljavanje FBiH 130 124 Fondacija Bošnjaci 127 130 Ukupno 7.062

7.395

Plasmani Pravna lica 3.701 2.661 Stanovništvo 3.241 4.639 Ukupno 6.942

7.300

Razlika (Napomena 24) (120)

(95)

Banka upravlja imovinom za i u ime trećih lica kroz dugoročne kredite date pravnim i fizičkim licima. Banka ne nosi rizik za ova sredstva te naplaćuje proviziju za svoje usluge.


93


15 godina





30. ESTIMATED FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (CONTINUED) (c) Loans and advances to customers

The fair value of variable yield loans that regularly re-price, with no significant change in credit risk, generally approximates their carrying value. The fair value of loans at fixed interest rates is estimated using discounted cash flow analyses, based upon interest rates currently offered for loans with similar terms to borrowers of similar credit quality. The fair value of non-performing loans to customers is estimated using a discounted cash flow analysis or the appraised value of the underlying collateral, where available. Loans at fixed interest rates represent only a fraction of the total carrying value and hence the fair value of total loans and advances to customers approximates the carrying values as at the balance sheet date. (d) Amounts due to banks and customers

The fair value of term deposits payable on demand represents the carrying value of amounts payable on demand as at the balance sheet date. The fair value of term deposits at variable interest rates approximates their carrying values as at the balance sheet date. The fair value of deposits at fixed interest rates is estimated by discounting their future cash flows using rates currently offered for deposits of similar remaining maturities. 31. MANAGED FUNDS

The Bank manages assets on behalf of third parties. These assets are recorded separately from the Bank’s assets. For its services, the Bank charges a fee in accordance with agreements made with the funds’ owners.

2007

2006

Sources FBiH Ministry of Agriculture 2,802 2,805 Canton Sarajevo 1,422 1,464 Employment Agency in Canton Sarajevo 1,157 1,402 BH Post Office 665 665 Chamber of commerce of Sarajevo Canton 419 415 International Guarantee Agency 340 390 Employment Agency of FBiH 130 124 Foundation ‘Bošnjaci’ Mostar 127 130 Total 7,062 7,395 Placements Retail 3,701 2,661 Corporate 3,241 4,639 Total 6,942

7,300

Difference (Note 24) (120) (95)

The Bank manages certain amount of assets on behalf of third entities through long-term loans granted to companies and individuals. The Bank does not bear the risk for these placements and charges a fee for its services.

94


15 godina





32. UPRAVLJANJE RIZIKOM STRANE VALUTE

Banka obavlja određene transakcije denominirane u stranim valutama. U vezi sa navedenim, dolazi do izloženosti promjenama kursa stranih valuta. Izloženošću kursu valute se upravlja u okviru odobrenih parametara politika.

Knjigovodstvena vrijednost novčanih sredstava i obaveza Banke denominiranih u stranoj valuti je na dan izvještavanja kako slijedi:

Imovina Obaveze

2007. 2006. 2007. 2006.

EUR 8.399 5.021 29.739 24.283 USD 4.097 3.961 4.024 3.917 Druge valute 693 1.155 537 1.135

Određeni finansijski instrumenti koji se vode u domaćoj valuti imaju ugovorenu deviznu kaluzulu u valuti EUR i to:

Imovina Obaveze

2007. 2006. 2007. 2006.

Finansijski instrumenti s valutnom klauzulom EUR

42.802

30.565

5.624

8.324

Analiza osjetljivosti strane valute

Banka je uglavnom izložena valutama EUR i USD. Prema važećim propisima u Bosni i Hercegovini, domaća valuta (konvertibilna marka) ima fiksni devizni kurs prema valuti EUR, odnosno, znači da Banka u prethodnom periodu nije bila izložena ovoj valuti. Uzimajući u obzir deviznu klauzulu, Banka je osjetljiva na EUR samo u slučaju da poraste kurs domaće valute u odnosu na EUR. Osjetljivost na USD i ostale valute nije značajna jer su niski iznosi devizne pozicija svih valuta na dan 31.12.2007. i 2006. godine. Npr., ako bi se kurs USD promijenio za 10%, efekat bi bio slijedeći:

Dobit Gubitak

2007. 2006. 2007. 2006.

Povećanje kursa 10 6 - -

Smanjenje kursa - - (10) (6)


95


15 godina





32. FOREIGN CURRENCY RISK

The Bank takes on exposure to effects of fluctuations in the prevailing foreign currency exchange rates on its financial position and cash flows. The exposure to foreign currency risk is managed within approved procedural parameters.

The carrying amounts of the Bank’s foreign currency denominated monetary assets and liabilities at the reporting date are as follows:

Assets Liabilities

2007 2006 2007 2006

EUR 8,399 5,021 29,739 24,283 USD 4,097 3,961 4,024 3,917 Other currencies 693 1,155 537 1,135

Certain financial instruments denominated in local currency (KM) are also pegged to EUR by mean of foreign currency clause within related agreements: Assets Liabilities

2007 2006 2007 2006

Financial instruments with foreign currency clause - EUR 42,802 30,565 5,624 8,324

Foreign currency sensitivity analysis

The Bank is mainly exposed to EUR and USD. According to legal regulations in Bosnia and Herzegovina, the local currency (KM) is pegged to EUR, and accordingly, the Bank has not been exposed to foreign currency risk related to this currency. Considering the foreign currency clauses within agreements, the Bank would be exposed to EUR currency risk only if the exchange rate of the local currency changes in regards with EUR. The exposure to USD and other currencies risk is not prominent since the foreign currency financial instruments in these currencies are relatively low as of 31 December 2007 and 2006. For example, if the USD exchange rate would change for 10%, the effect would be as follows:

Gain Loss

2007 2006 2007 2006

Increase of exchange rate 10 6 - -

Decrease of exchange rate - - (10) (6)

96


15 godina





32. UPRAVLJANJE RIZIKOM STRANE VALUTE (NASTAVAK)

Niže u tabeli analizirane su osnovne valute po kojima je Banka izložena riziku. Ostale valute obuhvaćene su u okviru stavke "Ostale valute". Banka prati svoj valutni položaj u odnosu na udovoljavanje regulatornim zahtjevima koje je Agencija za bankarstvo Federacije Bosne i Hercegovine definirala kao limite otvorenih pozicija. Banka nastoji sučeliti svoju imovinu i obaveze u stranim valutama kako bi izbjegla izloženost valutnom riziku.

KM EUR USD Ostale valute Ukupno

IMOVINA Novac i sredstva kod banaka 49.644 2.361 895 693 53.593 Obavezna rezerva kod Centralne banke 15.062 - - - 15.062 Plasmani kod drugih banaka 1.469 5.902 3.195 - 10.566 Dati krediti i potraživanja 24.389 42.831 - - 67.220 Imovina raspoloživa za prodaju 320 5 - - 325

Ukupno finansijska imovina 90.884 51.099 4.090 693 146.766 OBAVEZE Obaveze prema klijentima 55.994 35.363 4.024 537 95.918 Obaveze prema bankama 4.669 - - - 4.669 Subordinirani dug 1.355 - - - 1.355 Ukupno finansijske obaveze 62.018 35.363 4.024 537 101.942 Neusklađenost na dan 31. decembra 2007. godine 28.866 15.736 66 156 44.824 Ukupno finansijska imovina na dan 31. decembra 2006. 59.417 35.586 3.961 1.155 100.119 Ukupno finansijske obaveze na dan 31. decembra. 2006. 48.811 32.607 3.917 1.135 86.470 Neusklađenost na dan 31. decembra 2006. godine 10.606 2.979 44 20 13.649

33. UPRAVLJANJE RIZIKOM KAMATNE STOPE

Banka utvrđuje kamatne stope na bazi kretanja i visine kamatnih stopa u okruženju uzimajući u obzir kvalitet i strukturu stavki aktive i pasive bilansa Banke i adekvatan povrat uloženih sredstava.

Izloženost Banke kamatnim stopama na finansijsku imovinu i obaveze je detaljno prikazana u dijelu koji govori o upravljanju rizikom likvidnosti (Napomena 34).

Analiza osjetljivosti na kamatne stope

Analize osjetljivosti ispod su urađene na osnovu izloženosti kamatnim stopama i za derivativne i ne-derivativne instrumente na datum bilansa stanja. Pri internom izvještavanju o riziku kamatnih stopa, priprema se periodična analiza na osnovu koje uprava donosi procjenu o razumno mogućim promjenama kamatnih stopa. Analiza podrazumjeva promjene ciljanih segmenata na više ili niže a da su se druge varijable održale konstantnim.


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32. FOREIGN CURRENCY RISK (CONTINUED)

The table below provides an analysis of the Bank’s main currency exposures. The remaining currencies are shown within ‘Other currencies.’ The Bank monitors its foreign exchange (FX) position for compliance with the regulatory requirements of the Federal Banking Agency established in respect of limits on open positions. The Bank seeks to match financial assets and financial liabilities denominated in foreign currencies to avoid foreign currency exposures.

KM EUR USD Other

currencies Total ASSETS

Cash and cash equivalents 49,644 2,361 895 693 53,593 Obligatory reserves with the Central Bank 15,062 - - - 15,062 Placement with other banks 1,469 5,902 3,195 - 10,566 Loans and receivables 24,389 42,831 - - 67,220 Assets available for sale 320 5 - - 325 Total financial assets 90,884 51,099 4,090 693 146,766 LIABILITIES

Due to customers 55,994 35,363 4,024 537 95,918 Amounts due banks and borrowings 4,669 - - - 4,669 Subordinated debt 1,355 - - - 1,355 Total financial liabilities 62,018 35,363 4,024 537 101,942 Mismatch as at 31 December 2007 28,866 15,736 66 156 44,824 Total financial assets as of 31 December 2006 59,417 35,586 3,961 1,155 100,119 Total financial liabilities as of 31 December 2006 48,811 32,607 3,917 1,135 86,470 Mismatch as at 31 December 2006 10,606 2,979 44 20 13,649

33. INTEREST RATE RISK

The Bank determines interest rates on the basis on local market interest rates, considering the quality and structure of assets and liabilities within its balance sheet, and adequate return on funds employed.

The exposure of Bank to interest rate risk to its financial assets and liabilities is presented in details in the note related to liquidity risk (Note 34).

Interest rate sensitivity analysis

The sensitivity analyses below have been determined based on the exposure to interest rates for both financial assets and financial liabilities. For purpose of internal reporting on interest rate risk, periodic analysis is prepared based on which an assessment of reasonable possible changes in interest rates is considered. The analysis implies changes in certain positions, keeping the other variable stable.

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33. UPRAVLJANJE RIZIKOM KAMATNE STOPE (NASTAVAK)

Npr. da su prosječne kamatne stope na oročene depozite bile više za 0,25%, odnosno da su se uvećale sa 5,25% na 5,5%, Banka bi imala umanjen profit za 103 hiljada KM za godinu koja je završila 31. decembra 2007. (2006: umanjenje za 66 hiljada KM). S druge strane, ovaj negativan efekat moguće je neutralisati povećanjem prosječne kamatne stope na kredite za 0,1%, odnosno sa 8,75% na 8,85%.

34. UPRAVLJANJE KREDITNIM RIZIKOM

Kreditni rizik odnosi se na nemogućnosti druge strane da podmiri svoje ugovorne obaveze što rezultira finansijskim gubitkom Banke. Banka je usvojila politiku da posluje samo sa kreditno pouzdanim strankama i da obezbijedi dovoljno kolaterala, gdje se pokaže kao potrebno, kao sredstvo za umanjenje rizika i finansijskih gubitaka.

Izloženost Banke i kreditni rejtinzi klijenata se stalno nadgledaju, a ukupna vrijednost zaključenih transakcija je disperzirana između prihvaćenih klijenata. Izloženost kreditima se kontrolira ograničenjima klijenata koje godišnje pregleda i odobrava Odbor za sredstva i plasmane.

Knjigovodstvena vrijednost finansijske imovine knjižena u finansijskim izvještajima, što je neto iznos gubitaka umanjenja, predstavlja maksimalnu izloženost Banke kreditnom riziku bez uzimanja u obzir vrijednost bilo kojih prikupljenih kolaterala.

Finansijska imovina

Finansijska imovina Ukupna bruto

knjigovodstvena vrijednost

Imovina čija vrijednost

nije umanjena

Imovina čija je vrijednost

umanjena Rezervisanja

za gubitke

Ukupna neto knjigovodstven

a vrijednost

31. decembar 2007. Gotovina i računi kod banaka 53.593 53.593 - - 53.593 Obavezna rezerva kod CBBiH 15.062 15.062 - - 15.062 Plasmani kod drugih banaka, neto 10.597 10.597 - (31) 10.566 Dati krediti i avansi klijentima, neto 70.038 3.029 67.009 (2.818) 67.220 Finan. imovina raspoloživa za prodaju 325 325 - - 325

Ukupno 149.615 82.606 67.009 (2.849) 146.766 31. decembar 2006. Gotovina i računi kod banaka 30.400 30.400 - - 30.400 Obavezna rezerva kod CBBiH 13.230 13.230 - - 13.230 Plasmani kod drugih banaka 5.458 5.458 - (1) 5.457 Dati krediti i avansi klijentima, neto 53.504 2.492 51.012 (2.778) 50.726 Finan. imovina raspoloživa za prodaju 312 312 - - 312

Ukupno 102.904 51.892 51.012 (2.779) 100.125


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33. INTEREST RATE RISK (CONTINUED)

For example, if the average interest rate on term deposits would be higher for 0.25, meaning increase from 5.25% to 5.5%, the Bank’s profit for the year ended 31 December 2007 would decrease for KM 103 thousand (2006: decrease for KM 66 thousand). However, this effect would be neutralized by increasing the average interest rate on loans for 0.1, meaning from 8.75% to 8.85%. 34. CREDIT RISK MANAGEMENT

Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the Bank. The Bank has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults.

Exposure to credit risk is managed through regular analysis of the ability of borrowers and potential borrowers to meet interest and capital repayment obligations and by changing these lending limits where appropriate. The lending limits are annually reviewed and approved by Assets and Liabilities Committee.

The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the Bank’s maximum exposure to credit risk without taking account of the value of any collateral obtained.

Financial assets Total gross

carrying amount

Unimpaired assets

Individually impaired

assets Provisions

Total net carrying amount

31 December 2007 Cash and cash equivalents 53,593 53,593 - - 53,593 Obligatory reserves with Central bank of BiH 15,062 15,062 - - 15,062 Placements with other banks 10,597 10,597 - (31) 10,566

Loans receivable, net 70,038 3,029 67,009 (2,818) 67,220

Assets available for sale 325 325 - - 325

Total 149,615 82,606 67,009 (2,849) 146,766

31 December 2006 Cash and cash equivalents 30,400 30,400 - - 30,400 Obligatory reserves with Central bank of BiH 13,230 13,230 - - 13,230 Placements with other banks 5,458 5,458 - (1) 5,457

Loans receivable, net 53,504 2,492 51,012 (2,778) 50,726 Assets available for sale 312 312 - - 312

Total 102,904 51,892 51,012 (2,779) 100,125

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34. UPRAVLJANJE KREDITNIM RIZIKOM (NASTAVAK)

Izloženost kreditnom riziku i kolateral

Izloženost kreditnom riziku

Fer vrijedost kolaterala Dati krediti

Nepovučena kreditna sredstva

i neiskorišteni odobreni

(overdraft) limiti Garancije / akreditivi

31. decembar 2007.

Pravna lica 57.550 9.853 19.998 34.549

Stanovništvo 12.488 888 - 3.974

Ukupno 70.038 10.741 19.998 38.523

31. decembar 2006.

Pravna lica 41.469 4.543 23.679 25.631

Stanovništvo 12.035 465 - 2.270

Ukupno 53.504 5.008 23.679 27.901

Fer vrijednost kolaterala

31. decembar 2007.

31. decembar 2006.

Nekretnine 35.463 25.409 Garancije 31 - Depoziti 3.029 2.492

Ukupno 38.523 27.901

Kašnjenje po danima

Ukupni bruto dati krediti i

avansi klijentima Nedospjelo

do 30 dana

31 – 90 dana

91 – 180 dana

181 – 270 dana

preko 270

dana 31. decembar 2007. Pravna lica 57.550 50.933 1.835 1.930 1.173 438 1.240 Stanovništvo 12.488 12.079 122 51 27 178 32

Ukupno 70.038 63.012 1.957 1.981 1.200 616 1.272 31. decembar 2006. Pravna lica 41.469 34.203 991 983 1.436 1.464 2.392 Stanovništvo 12.035 11.250 559 32 138 29 27

Ukupno 53.504 45.453 1.550 1.015 1.574 1.493 2.419


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34. CREDIT RISK MANAGEMENT (CONTINUED)

Credit exposure and collateral

Maximal credit risk exposure Fair value of

collateral

Loans issued Unused credits

approved and overdraft limits

Commitments / guarantees

issued

31 December 2007 Legal entities 57,550 9,853 19,998 34,549 Individuals 12,488 888 - 3,974

Total 70,038 10,741 19,998 38,523

31 December 2006 Legal entities 41,469 4,543 23,679 25,631 Individuals 12,035 465 - 2,270

Total 53,504 5,008 23,679 27,901

Estimated fair value of collaterals

31 December 2007

31 December 2006

Property 35,463 25,409 Guarantees 31 - Deposits 3,029 2,492

Total 38,523 27,901

Aging analysis

Gross value of loans and

advances receivable

Matured 30 days 31-90 days 91-180 days

181-270 days

Over 270 days

31 December 2007 Legal entities 57,550 50,933 1,835 1,930 1,173 438 1,240 Individuals 12,488 12,079 122 51 27 178 32

Total 70,038 63,012 1,957 1,981 1,200 616 1,272

31 December 2006 Legal entities 41,469 34,203 991 983 1,436 1,464 2,392 Individuals 12,035 11,250 559 32 138 29 27

Total 53,504 45,453 1,550 1,015 1,574 1,493 2,419

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35. UPRAVLJANJE RIZIKOM LIKVIDNOSTI

Krajnja odgovornost za upravljanje rizikom likvidnosti leži na Nadzornom odboru, koja je izgradila odgovarajući okvir za upravljanje rizikom likvidnosti, a u svrhu upravljanja kratkoročnim, srednjoročnim i dugoročnim potrebama Banke za likvidnim sredstvima. Banka upravlja ovim rizikom održavanjem adekvatnih rezervi, pozajmicama od strane ostalih banaka i drugih finansijskih institucija, kao i ostalim izvorima finansiranja, a time što konstantno nadgleda prognozirane i stvarne novčane tokove i uspoređuje rokove dospijeća finansijske imovine i obaveza.

Tabele rizika likvidnosti i kamatnih stopa

Slijedeća tabela detaljno prikazuje preostala ugovorena dospijeća Banke za nederivativne finansijske obaveze. Tabela je pripremljena na osnovu nediskontiranih novčanih tokova finansijskih obaveza na osnovu najranijeg datuma na koji se od Banke može tražiti da plati. Tabela uključuje novčane tokove kamata i glavnica.

Ponderirana prosječna efektivna kamatna

stopa

Manje od 1

mjeseca 1 do 3

mjeseca

3 mjeseca do

1 godine 1 do 5

godina Preko 5 godina Ukupno

% 31. decembar 2007.

Bez kamata - 14.749 109 910 1.889 10 17.667 Instrumenti varijabilne

kamatne stope - - - - - - - Instrumenti fiksne

kamatne stope 5,24 52.840 4.194 12.424 11.401 4.389 85.248

67.589 4.303 13.334 13.290 4.399 102.915 31. decembar 2006.

Bez kamata - 16.287 294 906 901 665 19.053 Instrumenti varijabilne

kamatne stope - - - - - - - Instrumenti fiksne

kamatne stope 5,04 42.702 3.643 11.719 5.989 - 64.053

58.989 3.937 12.625 6.890 665 83.106


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35. LIQUIDITY RISK

The ultimate responsibility for liquidity risk management lies with the Supervisory Board, which has created an adequate framework for the management of liquidity risk to be used for the management of long-, mid- and short-term needs for the management of the Bank’s liquidity. The Bank manages this type of risk by maintaining adequate reserves, loans from other banks and other sources of financing, by constantly monitoring the projected and actual cash flows and by comparing maturity profiles of financial assets and liabilities.

Liquidity and interest risk tables

The following tables detail the Bank’s remaining contractual maturity for its non-derivative financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Bank can be required to pay. The table includes both interest and principal cash flows.

Weighted average effective interest

rate Less than

1 month 1-3

months

3 months to

1 year 1-5 years 5+

years

Total % KM KM KM KM KM KM 31 December 2007

Non-interest bearing - 14,749 109 910 1,889 10 17,667 Variable interest rate instruments - - - - - - - Fixed interest rate instruments 5.24 52,840 4,194 12,424 11,401 4,389 85,248

67,589 4,303 13,334 13,290 4,399 102,915 31 December 2006 Non-interest bearing - 16,287 294 906 901 665 19,053 Variable interest rate instruments - - - - - - - Fixed interest rate instruments 5.04 42,702 3,643 11,719 5,989 - 64,053

58,989 3,937 12,625 6,890 665 83,106

The following tables detail the Bank’s remaining contractual maturity for its undiscounted financial assets. The tables have been drawn up based on the undiscounted contractual maturities of the financial assets including interest that will be earned on those assets except where the Bank anticipates that the cash flow will occur in a different period.

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35. UPRAVLJANJE RIZIKOM LIKVIDNOSTI (NASTAVAK)

Slijedeća tabela detaljno prikazuje preostala ugovorena dospijeća Banke za nederivativnu finansijsku imovinu. Tabela je pripremljena na osnovu nediskontiranih novčanih tokova finansijske imovine, uključujući i kamate na tu imovinu koje će biti zarađene osim na sredstva na koja Banke očekuje da će se novčani tok pojaviti u drugom periodu.

Ponderirana prosječna efektivna kamatna

stopa

Manje od

1 mjeseca

1 do 3 mjeseca

3 mjeseca do

1 godine 1 do 5

godina Preko 5 godina Ukupno

% 31. decembar 2007.

Bez kamata - 6.399 132 1.031 892 82 8.536 Instrumenti varijabilne

kamatne stope 3,65 46.779 284 1.277 6.809 1.702 56.851 Instrumenti fiksne

kamatne stope 8,75 24.636 12.132 19.617 32.547 2.280 91.212

77.814 12.548 21.925 40.248 4.064 156.599 31. decembar 2006. Bez kamata - 6.157 1.412 2.000 2.014 1.122 12.705 Instrumenti varijabilne

kamatne stope 3,63 24.042 145 653 3.480 - 28.320 Instrumenti fiksne

kamatne stope 9,47 21.946 7.958 12.611 20.554 1.309 64.378

52.145 9.515 15.264 26.048 2.431 105.403

36. ZARADA PO DIONICI Osnovna zarada po dionici računa se dijeljenjem neto dobiti od običnih dionica sa ponderisanim prosjekom običnih dionica izdatih tokom godine, ne uzimajući u obzir prosječan broj običnih dionica koje ja Banka kupila i zadržala ih kao vlastite dionice.

2007. 2006. Dobit od običnih dionica (‘000 KM) 133 492 Ponderisani prosjek broja običnih dionica izdatih u toku godine 241.407 155.237 Osnovna zarada po dionici (KM) 0,55 3,17

Razrijeđena zarada po dionici nije prezentirana jer Banka nije izdala razrjedive ili nerazrjedive instrumente.


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35. LIQUIDITY RISK (CONTINUED)

The following tables detail the Bank’s remaining contractual maturity for its undiscounted financial assets. The tables have been drawn up based on the undiscounted contractual maturities of the financial assets including interest that will be earned on those assets except where the Bank anticipates that the cash flow will occur in a different period.

Weighted average effective interest

rate Less than

1 month 1-3

months

3 months to

1 year 1-5 years 5+

years

Total % KM KM KM KM KM KM 31 December 2007

Non-interest bearing - 6,399 132 1,031 892 82 8,536 Variable interest rate instruments 3.65 46,779 284 1,277 6,809 1,702 56,851 Fixed interest rate instruments 8.75 24,636 12,132 19,617 32,547 2,280 91,212

77,814 12,548 21,925 40,248 4,064 156,599 31 December 2006 Non-interest bearing - 6,157 1,412 2,000 2,014 1122 12,705 Variable interest rate instruments 3.63 24,042 145 653 3,480 - 28,320 Fixed interest rate instruments 9.47 21,946 7,958 12,611 20,554 1,309 64,378

52,145 9,515 15,264 26,048 2,431 105,403

36. EARNINGS PER SHARE

Basic earnings per share is calculated by dividing the net profit attributable to ordinary shareholders by weighted average number of ordinary shares in issue during the year, excluding the average number of ordinary shares purchased by the Bank and held as treasury shares.

2007 2006 Income attributable to ordinary shareholders (KM ‘000) 133 492 Weighted average number of regular shares for the year 241,407 155,237 Basic earnings per share (KM) 0.55 3.17

Diluted earnings per share are not presented, as the Bank has not issued dilutive or ant dilutive equity instruments.

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37. ODOBRAVANJE FINANSIJSKIH IZVJEŠTAJA

Ove finansijske izvještaje odobrila je Uprava Banke dana 14. juli 2008. godine.

Potpisali u ime Uprave:

Direktor Amir Rizvanović

Šef računovodstva Feriha Šehić


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37. APPROVAL OF THE FINANCIAL STATEMENTS

These financial statements were approved by the Management Board on 14 July 2008.


Director Amir Rizvanović

Chief accountant Feriha Šehić

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Godišnji izvještaj Annual Report 2007 15

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