Annual report 2011 - VTB

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VTB BankNotes to the Consolidated Financial Statements – 31 December 2011 and 2010(in billions of Russian Roubles)15. Premises and Equipment (continued)The Transfer caption in 2011 includes both transfers between the categories of the Premises and equipment, andtransfers to / from Property intended for sale in the ordinary course of business in Other assets.PremisesEquipmentConstructionin progressEquipment inoperatingleaseNet book amount at 31 December 2009 37.9 10.5 11.4 6.1 65.9Cost or revalued amountOpening balance at 1 January 2010 37.9 20.3 11.4 6.2 75.8Acquisitions of subsidiaries 14.0 1.4 – – 15.4Additions 2.0 5.5 4.2 29.6 41.3Transfer 8.9 2.1 (11.0) – –Disposals (0.2) (0.9) (1.5) (0.8) (3.4)Translation difference (0.3) (0.2) – – (0.5)Closing balance at 31 December 2010 62.3 28.2 3.1 35.0 128.6Accumulated depreciationOpening balance at 1 January 2010 – 9.8 – 0.1 9.9Depreciation charge 1.3 3.8 – 1.0 6.1Disposals (0.1) (0.5) – – (0.6)Closing balance at 31 December 2010 1.2 13.1 – 1.1 15.4Net book amount at 31 December 2010 61.1 15.1 3.1 33.9 113.2TotalPremises of the Group are subject to revaluation on a regular basis. The date of the latest revaluation was31 December 2009. As at 31 December 2011 and 31 December 2010 the Group analyzed market prices in relation toits premises and concluded that the market value of premises was not materially different from their carrying valueand has not performed revaluation.As at 31 December 2011 the Group recognized impairment loss in the amount of RUR 0.5 billion with regard toconstruction in progress.If the premises were measured using the cost model, the carrying amounts would be as follows:31 December201131 December2010Cost 62.8 52.9Less: Accumulated depreciation and impairment 4.4 3.0Net carrying amount 58.4 49.916. Investment Property2011 2010Investment property at 1 January 102.2 79.8Acquisitions of subsidiaries 10.7 15.7Disposal of subsidiaries (0.6) –Additions 4.8 13.1Disposals (1.3) (1.7)Reclassified to premises – (0.1)Reclassified from premises – 0.4Reclassified to property held for sale (2.1) (7.0)Reclassified from property held for sale 0.2 1.9Revaluation 4.5 (0.2)Capitalization of expenses 4.1 0.3Investment property at 31 December 122.5 102.233
VTB BankNotes to the Consolidated Financial Statements – 31 December 2011 and 2010(in billions of Russian Roubles)16. Investment Property (continued)As at 31 December 2011 investment property was revalued by RUR 4.5 billion (in 2010 – decreased by RUR 0.2 billion).The valuation was carried out by the Group’s internal appraisers and by independent appraisers on the basis of marketprices for comparable real estate.In 2011 the Group received directly a property title for land plots and commercial and residential properties valued atRUR 3.9 billion (2010: RUR 12.3 billion) in exchange for settlement of the outstanding loans granted by the Group.The property of RUR 0.6 billion (2010: RUR 0.8 billion) was obtained through foreclosure of collateral under mortgageloans. The acquired investment properties were valued by an independent, professionally qualified appraiser at fairvalue at the acquisition date.In 2011, the Group’s investment property increased due to property valued at RUR 3.3 billion received a result ofacquisition of “Bank of Moscow”, OJSC (Note 42). The investment property for the amount of RUR 5.5 billion andRUR 1.9 billion was received by "Hals-Development", OJSC and "TransCreditBank", JSC, respectively, whenacquiring subsidiaries.In 2010, the Group’s investment property increased due to property valued at RUR 15.7 billion received a result ofacquisition of “M”, CJSC, “TransCreditBank”, JSC and “VTB Arena”, CJSC (Note 42).The Group leased out a portion of its investment property under operating lease. Future minimum receivables undernon-cancellable operating lease are RUR 2.0 billion (RUR 0.8 billion as of 31 December 2010) of whichRUR 0.6 billion to be received in less than one year and of which RUR 1.4 billion to be received later than one yearand not later than five years (2010: RUR 0.3 billion and RUR 0.5 billion, respectively).In 2011 the Group has recognized rental income as part of income arising from non-banking activities ofRUR 0.9 billion (2010: RUR 0.2 billion) and direct operating expenses of RUR 0.3 billion (2010: no material directoperating expenses) in relation to investment property that generated rental income.17. Intangible Assets and GoodwillThe movements in intangible assets were as follows in 2011:Core depositand customerloan intangibleComputersoftwareOtherrightsBrands andtrademarks Goodwill TotalNet book amount at 31 December 2010 5.0 3.0 2.6 – 19.9 30.5Cost less impairmentOpening balance at 1 January 2011 9.8 4.6 2.9 – 19.9 37.2Additions – 2.0 1.6 – – 3.6Acquisition through businesscombinations (Note 42) 25.4 0.3 0.3 1.5 84.8 112.3Disposals – (0.3) (0.8) – – (1.1)Write-offs through impairment – – (0.1) – – (0.1)Translation difference – (0.1) – – – (0.1)Transfer – – (0.3) – – (0.3)Closing balance at 31 December 2011 35.2 6.5 3.6 1.5 104.7 151.5Accumulated amortizationOpening balance at 1 January 2011 4.8 1.6 0.3 – – 6.7Amortization charge 1.9 0.9 1.2 – – 4.0Disposals – (0.4) – – – (0.4)Closing balance at 31 December 2011 6.7 2.1 1.5 – – 10.3Net book amount at 31 December 2011 28.5 4.4 2.1 1.5 104.7 141.234
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VTB Annual Report 2011Statement of
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VTB Annual Report 20111. Financial
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VTB Annual Report 20113. The econom
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VTB Annual Report 20113. The econom
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VTB Annual Report 20114. Management
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