Annual Report 2010 - ProCredit Bank

Financial Statements 79
22. Other assets
24. Derivative financial liabilities
At 31 December
2010 2009
Accounts receivables 37,951 50,694
Pre-payments 194,115 359,707
Repossessed properties 54,745 28,413
Deferred items 76,353 85,412
Claims on insurances 100 48
Claims from customs and taxes 1.554 6
Inventory items 10,103 14,632
Others 873 503
375,794 539,415
Prepayments mostly relate to Interest expenses paid in advance to
the clients using Pro Advance deposit in the amount of 64,407 RSD
thousand (2009: RSD 284,983 thousand).
Derivative financial liabilities in the amount of RSD 5,649 thousand
(2009: RSD 4,832 thousand) consist of interest rate swaps in the
amount of RSD 4,460 thousand and interest rate currency swap in
the amount of RSD 1,189 thousand. Interest rate swap is used to
change commitments with floating interest rates for commitments
with fixed interest rates.
As of 31 December 2010 the Group had Fixed-for-Floating Interest
Rate Swap with Commerzbank AG of EUR 10,625 thousand. The
Group entered into swap agreements in order to hedge its open gap
between maturities of reprising of taken long term loans linked to
floating rates, and reprising of loans disbursed at floating interest
rates (Note 3.C.2 Interest rate risk).
Fair Value of interest rate swaps are presented in Income statement
in position Net result from financial assets at fair value through
profit or loss (Note 8).
Deferred items consist of following:
• Deferred expenses that are related to marketing and rent in the
amount of RSD 48,562 thousand (2009: RSD 65,944 thousand);
• Deferred invoice from ProCredit group in the amount of RSD
5,007 thousand (2009: RSD 3,431 thousand);
• Other deferred expenses in the amount of RSD 22.783 thousand
(2009:RSD 25,037 thousand);
Others represent losses in cash box and litigated receivables in the
amount of RSD 873 thousand (2009: RSD 503 thousand).
a) Financial and non-financial assets
2010 2009
Financial 124,111 112,080
Non-financial 251,683 428,661
375,794 540,741
b) All other assets are current assets
23. Deposits from banks
At 31 December
2010 2009
Liabilities for term transactions 2,194,577 349,683
Other banks deposits 9 14
Accrued interest on deposits 594 –
2,195,180 349,697
Liabilities for term transactions as of 31 December 2010 consist of
spot transactions in the amount of RSD 424,570 thousand (2009:
RSD 307,424 thousand), fx deals in the amount of RSD 53,272
thousand (2009: RSD 42,259 thousand) and other short term deposits
in the amount of RSD 1,716,735 thousand.
Other bank deposits as of 31 December 2010 consist of deposits
from banks in process of bankruptcy in the amount of RSD 5 thousand
(2009: RSD 14 thousand) and loro accounts with OECD banks
in the amount of RSD 4 thousand.
All deposits from banks are current liabilities.
25. Due to customers
At 31 December
2010 2009
Current accounts
private individuals 1,988,940 1,858,013
corporates 7,831,902 7,840,979
other customers 357,761 274,362
Savings accounts
private individuals 2,464,072 2,061,617
Term deposit accounts
private individuals 12,279,001 14,190,691
corporates 7,107,727 6,373,552
ProCredit Holding 2,637,455 2,397,220
other customers 128,308 154,262
Deposit as collateral
for credit commitment 23,863 4,722
Deposit as collateral
on balance exposure 1,667,496 1,915,184
Other liabilities 300,392 335,554
36,786,917 37,406,156
Accrued interest on deposits 345,809 238,984
Total deposits 37,132,726 37,645,140
Current 35,058,950 36,164,697
Non-current 2,073,776 1,480,443
37,132,726 37,645,140
Other liabilities as of 31st December consist of pending client transfers
the amount of RSD 300,120 thousand (2009: RSD 334,789)
and other liabilities in the amount of RSD 272 thousand (2009: RSD
765 thousand).