Annual Report 2012 - The Cyprus Development Bank

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annual report 2012NOTES TO THE FINANCIAL STATEMENTSFor the year ended 31 December 201221. REPURCHASE AGREEMENTSTHE GROUP AND THE COMPANYRepurchase agreements relate to agreements with European Central Bank and include amounts collected under theagreements, including interest.2012 2011€’ 000 €’ 000Over one year 15.157 15.004Assets pledged as collateral – Debt securities: Carrying amount 16.467 60.07422. BORROWINGSTHE GROUP AND THE COMPANY2012 2011€’ 000 €’ 000Foreign borrowings 905 905Maturities of borrowings are shown in note 31 – Financial Risk Management.23. ACCRUALS AND OTHER LIABILITIESTHE GROUP THE COMPANY2012 2011 2012 2011€’ 000 €’ 000 €’ 000 €’ 000Accrued expenses and other liabilities 5.863 3.765 5.562 3.448Staff retirement benefits scheme - 12.108 - 12.108Assessed fair value of derivatives 232 1.374 232 1.4896.095 17.247 5.794 17.045Derivatives consist of forward exchange rate contracts. The nominal value and assessed fair value of derivatives are asfollows:Forward exchange rate contractsTHE GROUP THE COMPANYAssessedAssessedNominal fair value Nominal fair valuevalue Liability value Liability€’ 000 €’ 000 €’ 000 €’ 000At 31 December 2012 8.640 232 8.640 232At 31 December 2011 24.792 1.374 26.352 1.48937
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 31 December 201224. DEFERRED TAXATIONTHE GROUP AND THE COMPANY2012 2011€’ 000 €’ 000Balance 1 January 258 255Deferred tax on revaluation of premises (1) 16Credited to the income statement (35) (13)Balance 31 December 222 258Deferred taxation is in respect of the following:2012 2011€’ 000 €’ 000Surplus on revaluation of premises(net of accumulated depreciation) 290 291Accumulated temporary differencesbetween depreciation and capital allowances (68) (33)25. LOAN CAPITALTHE GROUP AND THE COMPANY222 2582012 2011€’ 000 €’ 000Subordinated bonds 2010/2015 15.085 15.222Subordinated bonds were issued on 9 December 2005 and are of 10 years duration. The bonds are unsecured and their redemptionis subordinated to the claims of depositors and other creditors of the Company, but has priority over the ordinary shares of theCompany. The expenses of the bond issue, which amounted to €193 thousand, were amortised over a period of five years fromthe date of issue.From 9 December 2010 until maturity they carry a floating rate of interest equal to the base rate of the Company plus 1,875% perannum. The base rate is reset every six months. Interest is payable every six months, on 9 June and 9 December each year.The Company has the option to redeem the bonds in whole or in part before their maturity at their nominal value together withaccrued interest, after five years from the date of issue, by giving prior written notice to bondholders. The Company did not exercisethe option.The bonds rank as Tier II capital for the purposes of the calculation of the capital adequacy ratio of the Company and of theGroup.38
Page 2 and 3: C O N T E N T SPageAdvisers 2Board
Page 4: Board of DirectorsRena Rouvitha Pan
Page 8 and 9: annual report 2012INDEPENDENT AUDIT
Page 10 and 11: annual report 2012INCOME STATEMENTF
Page 12 and 13: annual report 2012STATEMENT OF COMP
Page 14 and 15: annual report 2012BALANCE SHEETAs a
Page 16 and 17: annual report 2012CONSOLIDATED STAT
Page 18 and 19: annual report 2012CONSOLIDATED CASH
Page 20 and 21: annual report 2012NOTES TO THE FINA
Page 64: THE CYPRUS DEVELOPMENT BANK PUBLIC

Annual Report 2012 - The Cyprus Development Bank

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