Revizorski izvjestaj 2006 (pdf) - Montenegro berza

More documents

Recommendations

Info

CRNOGORSKA KOMERCIJALNA BANKA A.D., PODGORICA CASH FLOW STATEMENT Year Ended December 31, 2006 (thousands of €) Audited by Another Auditor 2006 2005 Cash flows from operating activities Interest and similar income received 25,613 12,698 Interest and similar charges paid (16,231) (7,188) Fee and commission received 13,601 8,198 Fee and commission paid (2,917) (3,198) Other income 554 - Cash payments to employees and suppliers (13,475) (8,872) Income taxes paid (559) (279) Cash flows from operating profit before changes in operating assets and liabilities 6,586 1,359 Changes in operating assets and liabilities: Net increase in obligatory reserve (57,582) (15,114) Net increase in loans and advances to customers (169,156) (71,793) Net (decrease)/increase in other assets 251 (2,103) Net decrease in deposits from banks (8,115) (3,341) Net increase in due to customers 204,023 145,394 Net increase/(decrease) in other liabilities 170 (86) Net cash (used in)/provided by operating activities (23,823) 54,316 Cash flows from investing activities Purchase of property plant and equipment (1,232) (4,302) Purchase of intangible assets (726) (2,211) Disposal of treasury bills 2,370 4,968 Net cash provided by/(used in) investing activities 412 (1,545) Cash flows from financing activities Increase in other borrowed funds 32,932 8,355 Issue of ordinary shares - 2,500 Net cash provided by financing activities 32,932 10,855 Effect of exchange rate changes on cash and cash equivalents 874 (269) Net increase in cash and cash equivalents 10,395 63,357 Cash and cash equivalents at beginning of year 97,221 33,864 Cash and cash equivalents at end of year 107,616 97,221 The accompanying notes form an integral part of these financial statements. 6
NOTES TO THE FINANCIAL STATEMENTS December 31, 2006 CRNOGORSKA KOMERCIJALNA BANKA A.D., PODGORICA 1. THE BANK’S ESTABLISHMENT AND OPERATING POLICY Crnogorska Komercijalna Banka A.D., Podgorica (the “Bank”) was established as an independent bank and registered with the Commercial Court in Podgorica on January 15, 1997. The Bank is licensed in the Republic of Montenegro to perform payment transfers, credit and deposit activities in the country and abroad, and in accordance with the Republic of Montenegro law, is to operate on principles of liquidity, security of placements and profitability. On December 31, 2006, the Bank was comprised of its Head Office in Podgorica and sixteen branches located in different parts of the country. As of December 31, 2006 the Bank had 307 employees (December 31, 2005: 288 employees). 2. BASIS OF PREPARATION AND PRESENTATION OF THE FINANCIAL STATEMENTS The Bank prepared financial statements in accordance with International Financial Reporting Standards (IFRS). These financial statements have been prepared under the historical cost convention, as modified by the revaluation of available-for-sale financial assets, financial assets and financial liabilities held at fair value through profit or loss. The preparation of financial statements in accordance with IFRS requires the use of estimates and assumptions that influence the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management’s best knowledge of current events and actions, actual results may ultimately differ from those estimates. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in the notes. The official currency in the Republic of Montenegro and the Bank’s functional currency is Euro (EUR). 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 3.1. Income and Expense Recognition Interest income and expense are recognized in the income statement for all instruments measured at amortized cost using the effective interest method. The effective interest method is a method of calculating the amortized cost of a financial asset or a financial liability and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that discounts estimated future cash payments or receipts through the expected life of the financial instrument or, when appropriate, a shorter period to the net carrying amount of the financial asset or financial liability. When calculating the effective interest rate, the Bank estimates cash flows considering all contractual terms of the financial instrument (for example, prepayment options) but does not consider future credit losses. The calculation includes all fees and commissions paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs and all other premiums or discounts. Once a financial asset or a group of similar financial assets has been written down as a result of an impairment loss, interest income is recognized using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. 7
Page 1 and 2: Annual Report Godišnji izvještaj
Page 3 and 4: A n n u a l R e p o r t G o d i š
Page 5 and 6: Contents Sadržaj Income Statement
Page 7 and 8: Balance Sheet Bilans stanja Year en
Page 9 and 10: Uvodna riječ Generalnog direktora
Page 11 and 12: CKB Management CKB Menadžment May,
Page 13 and 14: Always independent Uvijek nezavisni
Page 15 and 16: with 6 million overnight stays and
Page 17 and 18: • support to business development
Page 19 and 20: Old and new banking stories Stare i
Page 21 and 22: New memberships and new legal infra
Page 23 and 24: legal basis for gradual transition
Page 25 and 26: New strategic partnership on the so
Page 28 and 29: 26 26 1997 1998 1999 2000 2001 2002
Page 30 and 31: 28 28
Page 32 and 33: CRNOGORSKA KOMERCIJALNA BANKA A.D.,
Page 34: INDEPENDENT AUDITORS’ REPORT To t
Page 37: CRNOGORSKA KOMERCIJALNA BANKA A.D.,
Page 41 and 42: NOTES TO THE FINANCIAL STATEMENTS D
Page 69 and 70: Bulevar Ivana Crnojevića 107 Podgo
Page 76 and 77: NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE
Page 88 and 89:
NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE
Page 90 and 91:
Page 92 and 93:
Page 94 and 95:
Page 96 and 97:
Page 98 and 99:
Page 100 and 101:
Page 102 and 103:
show all

Revizorski izvjestaj 2006 (pdf) - Montenegro berza

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?