Annual Report 2008 - ProCredit Bank

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64 Annual Report 2008 In 2008, depreciation rate for buildings has changed from 10% to 2.5%. Had the depreciation rate not changed, respective depreciation charge in 2008 would have been higher for 39 thousand. The cost of property and equipment and related depreciation for 2007 is presented below: 2007 Buildings Leasehold Furniture & Assets in course Total improvements equipment of construction Cost Balance at 1 January 2007 348 2,767 8,182 1,642 12,939 Additions 100 999 2,916 1,415 5,430 Transfers – 193 1,193 (1,386) – Disposals and write off – – (417) – (417) Balance at 31 December 2007 448 3,959 11,874 1,671 17,952 Accumulated depreciation Balance at 1 January 2007 156 828 4,046 – 5,030 Charge for the year 100 472 1,808 – 2,380 Disposals and write off – – (403) – (403) Balance at 31 December 2007 256 1,300 5,451 – 7,007 Carrying amount at 31 December 2007 192 2,659 6,423 1,671 10,945 1 January 2007 192 1,939 4,136 1,642 7,909 17. Intangible assets 18. Deferred income tax assets 2008 Software Licenses and Total other intangible assets Cost Balance at 1 January 2008 175 1,431 1,606 Additions 87 357 444 Balance at 31 December 2008 262 1,788 2,050 Accumulated amortisation Balance at 1 January 2008 92 553 645 Charge for the year 40 373 413 Balance at 31 December 2008 132 926 1,058 Carrying amount at 31 December 2008 130 862 992 1 January 2008 83 878 961 Deferred income taxes are calculated on all temporary differences under the liability method using an effective tax rate of 10% (2007: 30%). Movement in deferred tax assets Loan Other Total impairment items Balance at 1 January 2008 26 – 26 Origination and reversal of temporary differences 88 7 95 Reduction in tax rate (74) – (74) Balance at 31 December 2008 40 7 47 Balance at 1 January 2007 66 (3) 63 (Decrease)/increase in deferred tax asset (40) 3 (37) Balance at 31 December 2007 26 – 26 2007 Software Licenses and Total other intangible assets Cost Balance at 1 January 2007 113 872 985 Additions 62 559 621 Balance at 31 December 2007 175 1,431 1,606 Accumulated amortisation Balance at 1 January 2007 66 281 347 Charge for the year 26 272 298 Balance at 31 December 2007 92 553 645 19. Other assets 2008 2007 Prepaid rent 816 5 Prepaid income tax 855 1,091 Advance payments 611 278 Receivables from card operators 290 415 Other assets 486 164 Impairment allowance (109) (38) 2,949 1,915 Current (net) 2,920 1,886 Non-current (net) 29 29 Carrying amount at 31 December 2007 83 878 961 1 January 2007 47 591 638
Financial Statements 65 Movement in allowances for other assets impairment are as follows: 2008 2007 Balance at 1 January 38 15 Net charge to income statement (Note 10) 129 32 Amounts written off (58) (9) Balance at 31 December 109 38 20. Deposits from customers 2008 2007 Corporate – Current accounts and demand deposits 45,080 39,565 – Term deposits 135,454 111,662 Individual customers – Current accounts and demand deposits 44,563 39,279 – Term deposits 110,494 89,361 335,591 279,867 Current 223,773 202,350 Non-current 111,818 77,517 21. Borrowings 2008 2007 The Commission of the European Union 20,569 20,829 Royal Ministry of Foreign Affairs of Norway – 605 Kreditanstalt fur Wiederaufbau 8,279 10,349 The European Fund for Southeast Europe 19,886 24,830 Commerzbank 10,996 10,990 European Bank for Reconstruction and Development 2,370 7,111 United States Agency for International Development – 397 ProCredit Holding 23 10,043 International Fund for Agricultural Development 2,552 2,122 Partners for Development 987 987 65,662 88,263 22. Subordinated debt 2008 2007 Subordinated debt 16,081 16,095 16,081 16,095 Current 434 448 Non-current 15,647 15,647 Subordinated loan agreement has been signed between ProCredit Bank d.d. Sarajevo and ProCredit Holding AG on 31 August 2005. The loan bears interest of 8.9 % p.a. The loan shall expire on 7 September 2015 and is repayable upon maturity. Additional Subordinated loan agreement has been signed between ProCredit Bank d.d. Sarajevo and ProCredit Holding AG on 26 September 2007. The loan bears interest of 10.51 % p.a. The loan shall expire on 26 September 2022 and is repayable upon maturity. The Bank has not had any defaults of principal, interest or other breaches with respect to its subordinated debt. 23. Provisions 2008 2007 Provisions for contingencies and commitments 129 123 Provisions for other long-term employee benefits 193 137 322 260 Movement in provisions for contingencies and commitments are as follows: 2008 2007 Balance at 1 January 123 487 Net release/(charge) to income statement (Note 10) 6 (364) Balance at 31 December 129 123 Movement in provisions for other long-term employee benefits are as follows: 2008 2007 Balance at 1 January 137 – Net charge to income statement (Note 9) 56 137 Balance at 31 December 193 137 24. Other liabilities Current 25,914 24,855 Non-current 39,748 63,408 The Bank obtains long term financing from institutions sponsored by European Union and the government of the Republic of Norway at interest rates at which such institutions ordinarily lend in Bosnia and Herzegovina and other emerging markets and which may be lower than rates at which the Bank could source the funds from other local lenders. As a result of such financing, the Bank advances funds to specific customers at favourable rates. The Bank has not had any defaults of principal, interest or other breaches with respect to its borrowings. As of 31 December 2008 Bank has signed contract with ProCredit Holding AG in amount of EUR 15 million, which has not been drawn as yet. 2008 2007 Fees and interest received in advance 279 350 Payables to suppliers 217 336 Accrued expenses 851 274 Other liabilities 353 394 1,700 1,354 25. Share capital Ordinary shares 2008 2007 On issue at 1 January 25,679 15,679 New shares issued 9,779 10,000 At 31 December 35,458 25,679
Page 1 and 2:
Annual Report 2008 Bosnia and Herze
Page 3 and 4:
Contents 3 Mission Statement 4 Lett
Page 5 and 6:
Letter from the Supervisory Board 5
Page 7 and 8:
The Bank and its Shareholders 7 Com
Page 9 and 10:
The ProCredit Group: Responsible Ba
Page 11 and 12:
ProCredit in Eastern Europe 11 ProC
Page 13 and 14: ProCredit in Eastern Europe 13 Name
Page 15 and 16: Highlights in 2008 15 • Financial
Page 17 and 18: Management Business Review 17 Polit
Page 19 and 20: Management Business Review 19 Busin
Page 21 and 22: Management Business Review 21 banks
Page 23 and 24: Management Business Review 23 The g
Page 25 and 26: Special Feature 25 the comments mad
Page 27 and 28: Risk Management 27 basis; we do not
Page 29 and 30: Risk Management 29 In light of the
Page 31 and 32: Branch Network 31 ProCredit Bank in
Page 33 and 34: Organisation, Staff and Staff Devel
Page 35 and 36: Business Ethics and Environmental S
Page 37 and 38: Our Clients 37 Enver Šuvalija, Ind
Page 39 and 40: Our Clients 39 Borivoje Glogovac, S
Page 41 and 42: Financial Statements 41
Page 43 and 44: Financial Statements 43 Income Stat
Page 45 and 46: Financial Statements 45 Statement o
Page 47 and 48: Financial Statements 47 Notes to th
Page 49 and 50: Financial Statements 49 The Bank co
Page 51 and 52: Financial Statements 51 2.19 Deposi
Page 53 and 54: Financial Statements 53 The interna
Page 55 and 56: Financial Statements 55 (e) Loans a
Page 57 and 58: Financial Statements 57 As at 31 De
Page 59 and 60: Financial Statements 59 3.6 Maturit
Page 61 and 62: Financial Statements 61 3.8. Capita
Page 63: Financial Statements 63 Loans and a
Page 67 and 68: Financial Statements 67 Related par
Page 69 and 70: Financial Statements 69
Page 71: Contact Addresses 71 Ljubuški Kral
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Annual Report 2008 - ProCredit Bank

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