Annual Report 2010 - ProCredit Bank

Financial Statements 81
27. Subordinated debt
Initial loan Carrying value Maturity RSD RSD
in EUR in EUR thousand thousand
2010 2010 2009
EFSE-subordinated debt 27,000,000 27,000,000 2007-2015 2,848,451 2,588,998
Accrued interest 39,607 35,251
Deferred fees (1,415) (2,337)
Total 2,886,643 2,621,912
2010 2009
Current 38,192 32,914
Non-current 2,848,451 2,588,998
2,886,643 2,621,912
28. Tax liabilities
Tax liabilities as at 31 December 2010 amounted of RSD 0 (2009:
RSD 10,814).
29. Provisions
At 31 December
2010 2009
Company pension provision 32,670 37,581
Provision for losses on pending
transactions 25,692 9,448
Provision for untaken vacation 33,870 37,119
Total provisons 92,232 84,148
Retirement benefit obligations are paid after regular retirement
of employee. The right to this benefit is conditioned with keeping
employee until the right to retirement is achieved. Expected costs
for this allowance are accumulated during the period of employee’s
working years. Defined retirement obligation is estimated on
yearly level by independent, certified actuary applying projected
credit sample. Net present value of this liability is determined with
discounting future net cash outflows applying interest rate on long
term bonds which have same currency and similar maturity as retirement
benefit obligations have.
Retirement benefit obligations which mature in more than 12 months
after balance sheet date are discounted to net present value.
30. Other liabilities
At 31 December
2010 2009
Liabilities to employees 71 26
Taxes, contributions and other charges 14,154 6,615
Liabilities to suppliers 75,313 201,302
Received prepayments for credit
installments 251,638 189,502
Liabilities to Credit Bureau 11,869 3,616
Deferred income from subvention 194,784 95,221
Received prepayments 15,766 55,575
Other 5,357 9,775
68,952 561,632
2010 2009
Financial 112,265 219,890
Non-financial 456,687 341,742
568,952 561,632
2010 2009
Current 374,168 424,934
Non-current 194,784 136,697
568,952 561,632
Position other includes: other due payments RSD 5,296 thousand
(2009: RSD 9,754 thousand), liabilities for surplus in cash box RSD
61 thousand (2009: RSD 21 thousand).
Movement in provisions is as follows:
2010 2009
Balance at 1 January 84,148 176,006
Charge for the year 49,140 37,139
Releases (42,030) (129,591)
Other 974 594
Balance 31 December 92,232 84,148
Movement in provisions for retirement benefit obligations:
2010 2009
Balance at 1 January 37,581 39,388
Release (4,911) (1,807)
Balance 31 December 32,670 37,581