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)23. Debt Securities Issued (continued)In April 2010, VTB repaid RUR 13.4 billion of Series 5 domestic bonds under investor put option. In the third quarter2010, VTB placed RUR 2.7 billion of these bonds.In August 2010, “VTB-Leasing Finance”, Ltd. issued tranches 8 and 9 of local amortizing bonds for RUR 5.0 billion eachmaturing in August 2017. One tranche bears 6.65% p.a. coupon rate payable quarterly with 1-year investor put option,the other tranche bears 7.05% p.a. coupon rate payable quarterly with 1.5-year put investor option. During 2010“VTB-Leasing Finance”, Ltd repaid RUR 4.7 billion of the principal amount in accordance with the amortization schedule.In August 2010, VTB issued SGD 400 million (RUR 8.9 billion) Series 8 Eurobonds under EMTN Programme 2maturing in August 2012 with fixed coupon rate of 4.2% p.a. payable semi-annually.In August 2010, VTB issued CHF 400 million (RUR 11.6 billion) Series 9 Eurobonds under EMTN Programme 2maturing in August 2013 with fixed coupon rate of 4.0% p.a. payable annually.In August 2010, “VTB Bank (Belarus)”, CJSC issued BYR 40,000 million (RUR 0.4 billion) local bonds maturing inAugust 2011 with fixed coupon rate of 10.5%.In September 2010, “Bank VTB 24”, CJSC repaid Series 4 local bonds with notional amount of RUR 6.1 billion underinvestor put option.In October 2010, VTB issued USD 1.0 billion (RUR 30.1 billion) Series 10 Eurobonds under EMTN Programme 2maturing in October 2020 with fixed coupon rate of 6.551% p.a. payable semi-annually.In October 2010, “VTB Bank (Belarus)”, CJSC redeemed BYR 60,000 million (RUR 0.6 billion) discounting local bonds.In November 2010, “VTB Capital”, Plc also issued under its EMTN program a UAH 800 million (RUR 3.1 billion)foreign exchange linked note which pays a fixed rate of interest. These securities mature in November 2011.In December 2010, VTB issued CNY 1,000 million (RUR 4.6 billion) Series 11 Eurobonds under EMTN Programme 2maturing in December 2013 with fixed coupon rate of 2.95% p.a. payable semi-annually.In December 2010, “Bank VTB (Kazakhstan)”, JSC issued KZT 3,780 million (RUR 0.8 billion) local bonds maturing inDecember 2014 with fixed coupon rate of 7.0% p.a. payable semi-annually.In December 2010, “VTB Bank (Belarus)”, CJSC issued BYR 60,000 million (RUR 0.6 billion) discounting local bondsmaturing in December 2012 with fixed coupon rate of 10.5%.VTB Group members from time to time seek to retire all or part of any of their issued and outstanding debt throughopen market purchases, privately negotiated transactions or otherwise. Such repurchases or exchanges, if any,depend on prevailing market conditions, VTB's liquidity requirements, contractual restrictions and other factors.During 2011 and 2010 the Group did not retire any Eurobonds or bonds issued.Promissory notes represent notes primarily issued by VTB in the local market, which primarily act as an alternative tocustomer/bank deposits. As at 31 December 2011 promissory notes issued included both discount and interestbearing promissory notes denominated mainly in RUR with maturity ranging from demand to June 2015(31 December 2010: from demand to June 2015).24. Subordinated DebtOn 29 September 2005, OJSC “Industry and Construction Bank” (further renamed to OJSC “Bank VTB North-West”)issued USD 400 million subordinated Eurobonds due September 2015 with early redemption call option on 1 October2010 at par. The Eurobonds bear interest rate at 6.2% p.a. payable semi-annually. From 1 October 2010 interest rateunder the Eurobonds is equal to US Treasury yield increased by 226 b.p. and step-up of 150 b.p. In August 2010 theGroup announced a decision not to exercise the redemption option. The transaction was structured as an issue ofnotes by Or-ICB S.A. (Luxembourg) for the purpose of financing a subordinated loan to OJSC “Bank VTB North-West”. As at 31 December 2011 the carrying amount of this subordinated debt was RUR 11.1 billion (31 December2010: RUR 10.2 billion).In October and November 2008, VTB received two subordinated loans of RUR 100 billion each with a rate of 8% p.a.maturing in December 2019 from Vnesheconombank (VEB), which is a related party to the Group. As at31 December 2008 in accordance with IAS 20 Accounting for Government Grants and Disclosure of GovernmentAssistance the Group discounted these loans using an appropriate market rate adjusted for loan premium. In August2010 an interest rate on these two subordinated loans was reduced from 8% to 6.5% p.a. in accordance with theFederal Law requirements. As at 31 December 2011 the carrying amount of this subordinated debt wasRUR 179.7 billion (31 December 2010: RUR 178.0 billion).41
VTB BankNotes to the Consolidated Financial Statements – 31 December 2011 and 2010(in billions of Russian Roubles)24. Subordinated Debt (continued)Over a period from 2003 to 2009 “TransCreditBank”, JSC received subordinated loans from JSC “RZD” and itsrelated parties in the aggregate amount of RUR 13.1 billion with interest rates from 9% p.a. to 12.1% p.a. maturing inthe period from December 2012 to November 2020. As at 31 December 2011 the carrying amount of thissubordinated debt was RUR 14.2 billion. As at 31 December 2010 the carrying amount of these subordinated loanswas RUR 14.5 billion which represented the fair value determined on the acquisition date for the consolidationpurposes.In July 2009, “TransCreditBank”, JSC received a subordinated loan of RUR 2.9 billion with an interest rate of 8% p.a.maturing in October 2019 from Vnesheconombank (VEB), which is a related party to the Group. In August 2010 aninterest rate on this subordinated loan was reduced from 8% to 6.5% p.a. in accordance with the Federal Lawrequirements. As at 31 December 2011 the carrying amount of this subordinated debt was RUR 2.9 billion. As at31 December 2010 the carrying amount of this subordinated loan was RUR 2.8 billion, which represented the fairvalue determined on the acquisition date for the consolidation purposes.In November 2005, “Bank of Moscow”, OJSC issued USD 300 million subordinated Loan Participation Notes dueNovember 2015 bearing interest rate 7.5% p.a. payable semi-annually and with early redemption call option inNovember 2010, which was not exercised. From 25 November 2010 step-up interest rate was set at 5.967%, equal to5-year US Treasury yield increased by 306.7 b.p. and step-up of 150 b.p. The transaction was structured as an issueof notes by “Kuznetski Capital” S.A. (Luxembourg) for the purpose of financing a subordinated loan to “Bank ofMoscow”, OJSC. As at 31 December 2011 the carrying amount of this subordinated debt was RUR 9.0 billion.In December 2006, “Bank of Moscow”, OJSC received a subordinated loan of USD 100 million with an interest rate ofLIBOR + 2.65% p.a. maturing in December 2016 from Royal Bank of London N.V. (London). As at 31 December2011 the carrying amount of this subordinated debt was RUR 3.2 billion.In May 2007, “Bank of Moscow”, OJSC issued USD 400 million subordinated Loan Participation Notes due in May2017 bearing interest rate 6.807% p.a. payable semi-annually and with early redemption call option in May 2012. Thestep-up interest rate is equal to 5-year US Treasury yield increased by 375 b.p. and step-up of 150 b.p. Thetransaction was structured as an issue of notes by “Kuznetski Capital” S.A. (Luxembourg) for the purpose of financinga subordinated loan to “Bank of Moscow”, OJSC. As at 31 December 2011 the carrying amount of this subordinateddebt was RUR 10.8 billion.In October 2009, “Bank of Moscow”, OJSC received a subordinated loan of RUR 11.1 billion with an interest rate of8.0% p.a. maturing in December 2019 from Vnesheconombank (VEB), which is a related party to the Group. InAugust 2010 an interest rate on this subordinated loan was reduced to 6.5% p.a. in accordance with the Federal Lawrequirements. As at 31 December 2011 the carrying amount of this subordinated debt was RUR 10.2 billion.25. Other Liabilities31 December201131 December2010Financial liabilities at fair value through profit or loss – held for trading(negative fair value of derivatives (Note 36)) 81.5 36.0Amounts in course of settlement 29.8 18.2Obligation to purchase non-controlling interests 21.1 –Payable to employees 16.6 14.9Other liabilities related to non-banking activities 13.5 9.4Trade creditors and prepayments received 10.5 2.6Obligation to deliver securities 8.1 4.2Insurance reserves 5.8 2.0Liabilities to pay taxes 5.1 7.1Non-controlling interests in consolidated mutual funds 4.2 3.7Liabilities on pension plans 2.2 4.0Provisions for credit related commitments and legal claims (Note 32) 2.0 1.7Advances received from lessees 1.5 0.7Deferred income 1.2 1.1Dividends payable 0.2 0.2Other 6.1 5.1Total other liabilities 209.4 110.942
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VTB Annual Report 2011Statement of
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VTB Annual Report 20111. Financial
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Today, about 16 million individuals
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VTB Annual Report 20118. 8. Выд
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VTB Annual Report 20118. Summary co
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