Godišnji izveštaj o poslovanju 2012

2012 Annual Report

Sberbank Srbija a.d.

Sadržaj/Contents Sberbank Srbija i Sberbank Evropa

02

Uvodna reČ IzvrŠnog odbora

03

Ključni pokazatelji 2004-2012

04

Analiza poslovanja

05-08

Finansijski izveštaj

09-15

Bilans uspeha Bilans stanja Izveštaj o promenama na kapitalu

10 11-12 13

Izveštaj o novčanim tokovima

14-15

Izveštaj nezavisnog revizora

16

Izveštaj Upravnog odbora

17

About Sberbank and Sberbank Europe

18

Foreword from the Executive Board

19

Key facts 2004-2012

20

Lines of business

21-24

Financial Statements

25-31

Income statement Balance sheet Statement of changes in shareholders’ equity Cash flow statement

26 27-28 29 30-31

Independent auditor’s report

32

Board of Directors annual report

33

Sberbank Srbija i Sberbank Evropa

Ukraine

Czech Republic Slovakia Austria Hungary Slovenia

Croatia

Bosnia and Herzegovina

Serbia

U februaru 2012. godine bivšu Volksbank International AG – sada Sberbank Europe AG – preuzela je ruska Sberbank.

ji, Hrvatskoj, Bosni i Hercegovini, Srbiji i Ukrajini. Banka ima ukupno 280 ekspozitura i 4 400 zaposlenih (na dan 31. 12. 2012.).

Sberbank je najveća banka u Rusiji i poseduje gotovo jednu trećinu svih sredstava ruskog bankarskog sektora. Centralna banka Ruske Federacije je osnivač i većinski vlasnik Sberbanke, sa vlasništvom od 50% plus jedna akcija sa pravom glasa. Ostale akcije su u vlasništvu više od 245 000 samostalnih i institucionalnih investitora u Rusiji i inostranstvu. Banka poseduje najveću distributivnu mrežu u Rusiji sa preko 18 000 filijala, kao i podružnice u 20 zemalja, među kojima su ZND, zemlje centralne i istočne Evrope.

Sberbank je jedna od najprofitabilnijih finansijskih institucija u svetu i vodeći igrač na tržištu po tome što obezbeđuje inovativne proizvode zasnovane na izvrsnosti i najnovijoj tehnologiji. Kombinujući lokalnu stručnost i usmerenost svojih zaposlenih na korisnike, Sberbank Europe gradi mostove ka poslovanju na istoku i jedinstveni je bankarski partner u regionu centralne i istočne Evrope, Rusije i ZND.

U septembru 2012. godine Sberbank je okončala preuzimanje DenizBank AS koja je rangirana kao 6. privatna i 9. od svih turskih banaka po konsolidovanoj ukupnoj aktivi. Sberbank je časopis “The Banker” proglasio za “banku godine”, a “The Economist” je rangirao kao drugu po stopi prinosa na kapital u proteklih deset godina. Sberbanka Europe AG upravlja bankarskom mrežom od devet univerzalnih banaka u osam zemalja centralne i istočne Evrope: Slovačkoj, Češkoj, Mađarskoj, Sloveni-

2

Od kada nas je preuzela Sberbank, započeli smo značajnu transformaciju. Kao važan deo jedne od najvećih, najbrže rastućih i najdinamičnijih bankarskih organizacija u svetu - mi u Sberbank Europe težimo da budemo prepoznati kao inovator koji menja pravila igre, lider u razvoju u bankarstvu centralne i istočne Evrope, sa rastućim prisustvom i prepoznatljivošću u zapadnoj Evropi. Cilj nam je da izgradimo trajne odnose sa našim klijentima tako što ćemo ispunjavati njihove potrebe. Kao Sberbank Europe, mi težimo da postanemo banka koja nikad ne prestaje da usavršava sebe i svoje poslovanje za dobrobit svojih klijenata.

SBERBANK RS | godišnji izveštaj 2012 | Sberbank srbija i Sberbank Evropa

Uvodna reč Upravnog odbora

Poštovani klijenti, akcionari i prijatelji Sberbanke Srbija a.d. Beograd, Od kada je u februaru Volksbank Srbija postala članica Sberbank grupe, započet je obiman proces transformacije i integracije. Naša osnovna poslovna politika, usmerenost na potrebe klijenata i blisko partnerstvo, kao i naša dugoročna orjentisanost ka visokom kvalitetu odrazile su se u postignutim rezultatima, koji su premašili sva očekivanja. 2012. godina je za Sberbanku Srbija donela novi profit u iznosu od 12 miliona evra sa ukupnom aktivom od 902 miliona evra. Obim kredita za privredu i stanovništvo, uključujući i one prekogranične, iznosio je 736 miliona evra, dok su depoziti porasli za 47% u odnosu na prethodnu godinu. U okruženju prepunom izazova, podržali smo srpsku privredu, što se jasno vidi iz veoma snažnog rasta kredita za privredu u 2012. godini od 86%, u poređenju sa 2011. godinom.

Valeriy Ovsyannikov Predsednik Izvršnog odbora

Kao i prethodnih godina, bankarsko poslovanje u 2012. se odvijalo u veoma zahtevnom ekonomskom okruženju. Sberbank Srbija je ostala na putu stabilnog i konstantnog rasta svih parametara bankarskog poslovanja, obeleženom uvođenjem novih proizvoda na srpsko tržište, kao što je pružanje mogućnosti plaćanja, finansijskih transakcija i štednje u ruskim rubljama po prvi put u Srbiji. Tokom 2012. godine smo podržali izvoz robe iz Srbije (poljoprivreda) u Rusiju i nastavićemo da pružamo sistemsku podršku izvoznicima i uvoznicima u Srbiji koji posluju sa Rusijom. Sberbank Srbija postiže izvanredne rezultate uz izuzetnu posvećenost svojih zaposlenih, čak i u godinama globalne ekonomske krize. Svi smo uvereni da će sada kada smo članica Sberbank grupe, jedne od najjačih i najbrže rastućih finansijskih institucija na svetu, naše uspešno poslovanje biti nastavljeno.

Danilo Đurović Član Izvršnog odbora

Gordana Matić Član Izvršnog odbora

SBERBANK RS | godišnji izveštaj 2012 | uvodna reč upravnog odbora

3

Ključni pokazatelji 2004 - 2012

Ukupna aktiva

Racio troškova i prihoda

u milionima RSD

101.884

141.10%

83,041

80,017

69,108 93.50%

62,228 87.10%

52,987

72.80%

36,686

53.50% 44.60% 43.76%

38.94%

42.71%

12,218 4,474

2004

2005 2006 2007 2008 2009 2010 2011 2012

Plasman kredita

77,820

u milionima RSD

2004 2005 2006

2007

2008 2009 2010

2011

2012

Profit

u milionima RSD 1670

52,432

1350

53,657

1097

41,264

941

967

34,591

26,078

586

16,721

336

6,703 2,709

2004

4

2004 2005 2005

2006

2007

2008 2009

2010

2011

2012

SBERBANK RS | godišnji izveštaj 2012 | ključni pokazatelji

-43

-103

2006

2007

2008

2009

2010

2011

2012

Analiza poslovanja Poslovanje sa stanovništvom

•

poboljšanje baze aktivnih klijenata za 11% ,

Kao i u prethodnih pet godina i u 2012. Sektor za rad sa stanovništvom Sberbank Srbije je ostao fokusiran na maksimizaciju profitabilnosti, poboljšanju kreditno-depozitnog racija, povećanju broja klijenata kao i njihovoj aktivnosti u pogledu korišćenja bankarskih proizvoda i usluga.

•

povećanju broja transakcija domaćeg platnog prometa za 22%,

•

povećanju broja transakcija međunarodnog platnog prometa za 20%,

Operativna profitabilnost retail segementa od 8,7 miliona evra predstavlja odraz primenjenih inovacija, pre svega u pogledu kreditnih i depozitnih proizvoda, kao i logičnu posledicu dugoročne orijentacije ka kvalitenom zadovoljenju finansijskih potreba klijenata.

•

povećanje broja platnih kartica za 7% itd.

Bitno je napomenuti da su navedene performanse ostvarene bez povećanja broja filijala (26) i zaposlenih i isključivi su odraz posvećenosti banke ka povećanju efikasnosti i organskom rastu u budućnosti.

Krediti plasirani stanovništvu u milionima RSD

41,588 38,350 38,192

2012. godinu možemo nazvati najuspešnijom godinom za Sektor privrede Sberbank Srbija. Zabeležen je izuzetno snažan rast on i off balance portfolija, koji je prevazišao sva očekivanja, čime se tržišno učešće u segmentima u kojima je banka aktivna značajno povećalo. Takav rast je imao uticaja i na ostvarenje profita iznad očekivanog. Međutim, pravi efekti rasta, kada je u pitanju profitabilnost, će se videti u 2013. godini. Pored rasta porfolija, došlo je da izuzuetnog rasta depozitne baze, što je jasan znak poverenja koji klijenti imaju u Sberbank Srbija.

28,649 30,990

19,887

9,196 3,027 472

2004

2005

2006

2007

2008

2009

Poslovanje sa privredom

2010

2011

Ono što treba napomenuti u 2012-oj godini je značajno poboljšanje kreditno depozitnog racija retail segmenta sa 408% na kraju 2011-e na 289% na kraju 2012-te godine. Važno je istaći da je poboljšanje ovog racija ostvareno uz 25% veću produkciju kredita u 2012-oj u odnosu na 2011-u kao i povećanje depozitnog portfolija za 42% a zadržavanje performansi profitabilnosti. Potvrdu posvećenosti zaposlenih povećanju efikasnosti, pored napred pomenutih parametara, možemo validirati kroz nekoliko sledećih pokazatelja promene u odnosu na 2011-u:

Rast aktive i depozita nije bio cilj sam po sebi već da se sa klijentima uspostavi sveobuhvatna saradnja, što je i postignuto. Naime, značajno je povećan dinarski i devizni platni promet preko računa otvorenih kod banke, dok je prodaja deviza prevazišla i najoptimističnija očekivanja. Nakon izuzetno uspešne 2012. godine u 2013. godini nas očekuje stabilizacija portfolija i podizanje profitabilnosti kroz uvođenje novih proizvoda, efikasnije organizacije, koja je postavljena u drugoj polovini prošle godine, kao i kroz intenziviranje saradnje sa članicama Sberbank grupe. Pored već navedenog, 2013. godina će biti godina fokusiranja na depozite u cilju smanjenja L/D racia. Kako bi se ostvarili dati ciljevi, puna pažnja će biti posvećena razvoju i edukaciji ljudi koji su osnovni resurs.

SBERBANK RS | godišnji izveštaj 2012 | analiza poslovanja

5

Analiza poslovanja Sektor sredstava

Informacione tehnologije

2012. godinu je obeležilo veliko slabljenje dinara, koje je imalo prilično negativan uticaj na kretanje celokupnog tržišta..

U 2012. godini IT sektor banke je aktivno doprineo i uspešno pratio razvoj banke uvođenjem savremenih rešenja u IT oblasti, prvenstveno orijentisanih ka klijentima banke izlazeći na taj način u susret njihovim potrebama.

Dinar je u prvoj polovini godine slabio značajno, došavši skoro do nivoa od 120 dinara za jedan euro, dok je drugi deo godine doneo rast. Nominalno, dinar je depresirao preko 8%. Tokom 2012. godine nekoliko puta je menjan iznos obavezne rezerve, uz povećanje dinarskog dela u deviznoj obaveznoj rezervi, što je doprinelo povlačenju dinarskih sredstava sa tržišta.

•

Proširenje funkcionalnosti Call Center-a

•

Interni razvoj aplikacija koje efikasno podržavaju poslovne procese

Evidentno je bilo i povlačenje stranih investitora iz zapisa Ministarstva finansija, zbog veoma nestabilne situacije. Međutim, krajem godine, uz povećanje referetne stope, povećao se njihov interes, uz rasprodate aukcije.

•

Implementaciju raznih dodatnih funkcionalnosti u okviru glavnog bankarskog sistema

•

Unapređenje IT infrastrukture – Data Storage sistem i virtuelizacija sistemskog okruženja.

U 2012. godini značajno su povećani prometi koje smo ostvarili u trgovanju kako sa klijentima, tako i sa bankama. Uspeli smo da povećamo tržišna učešća i da postignemo rekordnu profitabilnost. U 2013. godini ćemo se fokusirati na dalju integraciju sa grupom kroz uvođenje novih procedura, standarda i proizvoda. Takođe, fokusiraćemo se i na korišćenje globalnog Sberbank brenda za uspostavljanje komunikacije sa svetskim bankama, a sa ciljem postizanja veće prisutnosti i uticaja na lokalnom tržištu.

6

Glavni akcenat je stavljen na mere povećanja efikasnosti, kao i na podizanje kvaliteta pruženih servisa klijentima prvenstveno kroz:

SBERBANK RS | godišnji izveštaj 2012 | analiza poslovanja

Analiza poslovanja Ljudski resursi

Marketing i komunikacije

2012. godina je za zaposlene naše banke bila različita u odnosu na sve prethodne. Veliki broj projekata od strane Sberbank Evropa i Sberbank Rusija je doveo do snažnog razvoja zaposlenih u strateškom pogledu.

Odeljenje marketinga i komunikacija je i tokom 2012. godine promovisalo čitav niz novih proizvoda putem elektronskih, outdoor i štampanih medija sa fokusom na dinarske kredite sa fiksnom kamatnom stopom tokom celog perioda otplate.

Cela godina je protekla u radu na liderskim i menadžerskim veštinama direktora banke. Ovim se menjala kultura unutar banke. Ispitivanje zadovoljstva zaposlenih je sporovedeno krajem 2011. godine je bilo tema tokom cele 2012. godine. Na radionicama smo, zajedno sa zaposlenima identifikovali bitne i hitne nalaze na koje smo se fokusirali tokom godine.

Uspešno su organizovane kampanje za depozite i specifičnu „Dobro jutro“ štednju, kredite za mikro preduzeća, keš kredite i kredite za refinansiranje, kao i tokom cele godine kontinuirana promocija kredita za energetsku efikasnost. Tradicija kreiranja pionirskih i jedinstvenih bankarskih proizvoda je nastavljena uvođenjem platnog prometa i svih finansijskih transakcija u ruskim rubljama što je potpuna novina na srpskom bankarskom tržištu.

U januaru 2012. godine pokrenut program za studente treće godine Ekonomskog fakulteta, Univerziteta u Beogradu, kojim smo uspostavili odličnu saradnju sa fakultetom. Rezultat je stipendiranje 2 studenta treće godine i potpuna podrška njima tokom trajanja studija.

Nastavljena je i saradnja na promotivnim aktivnostima za transfere novca MoneyGram i Western union. Marketinški je ispraćen nastup banke na Sajmu zapošljavanja dok su na polju internih komunikacija kroz niz aktivnosti promovisane informacije o Sberbanci.

Sproveden je „Junior program“ u kome smo zaposlili 13 diplomaca ekonomskog usmerenja. Oni su imali dvomesečni program obuke pri čemu su se upoznali sa radom cele banke, obišli sva odeljenja i prošli obuke znanja i veština.

Uspešno je organizovana prva konferencija za novinare Sberbanke u Srbiji koja je odlično medijski ispraćena.

Plan za narednu godinu je razvoj višeg i srednjeg menadžmenta, kontinuirani rad na akcionim koracima proizašlim iz istraživanja zadovoljstva zaposlenih i dalje unapređivanje funkcije same službe.

Nakon promene imena banke, učinjen je prvi korak ka punom rebrandingu banke: uspešno je proizveden novi Sberbank promotivni materijal kojim je zamenjen sav reklamni materijal i obavešteni svi klijenti banke kao i javnost u zemlji o promeni imena. I pored stalnog trenda smanjenja medijskog prostora jer je određeni broj štampanih i elektronskih medija ugašen, održana je odlična komunikacija sa svim relevantnim medijima. Kroz PR aktivnosti obezbeđena je kontinuirana prisutnost banke na svim relevantnim televizijskim stanicama sa nacionalnom frekvencijom, u najtiražnijim novinama i specijalizovanim časopisima kao i na velikom broju veb sajtova na internetu. Sve ovo je rezultiralo održanjem istog nivoa PR vrednosti objava banke u medijima sa rekordnih 71% primarnih pozicija banke u novinskim člancima i TV prilozima.

SBERBANK RS | godišnji izveštaj 2012 | analiza poslovanja

7

Analiza poslovanja Upravljanje rizicima Godinu 2012. je označilo konstantno jačanje funkcije upravljanja rizicima u Sberbanci Srbije. U skladu sa Sberbank grupom i najboljim međunarodnim praksama, Banka je reorganizovala organizacionu strukturu sektora za upravljanje rizicima i lansirala niz projekata namenjenih uvođenju novih alata, modela i infrastrukture u sektor upravljanja rizicima, što će u budućnosti u isto vreme doneti manji nivo ukupnog rizika, kao i bolji kvalitet usluga klijentima Banke.

U pogledu konstantnog trenda rasta nenaplativih kredita na tržištu Srbije tokom 2012. godine, snažan fokus je stavljen na dalji razvoj naplata i funkcija restruktuisanja Banke, što je dovelo do značajnog unapređenja poslovanja u odnosu na 2011. godinu. Kako idemo napred, i dok glavni rizik i dalje ostaje razvoj kvaliteta našeg portfolija u svetlu aktuelne ekonomske situacije, akcenat u našem razvoju će biti stavljen na upravljanje kreditnim rizicima.

Tokom godine, veliki broj važnih regulatornih promena je uspešno uveden, a Banka je u potpunosti usklađena sa svim relevantnim odredbama u domenu upravljanja rizicima.

Ostvareni pokazatelji poslovanja Banke na dan 31. decembra 2012. godine bili su sledeći: Pokazatelji poslovanja Kapital Adekvatnost kapitala Izloženost prema licima povezanim sa Bankom u odnosu na kapital Pokazatelj zbira velikih izloženosti banke Pokazatelj likvidnosti Pokazatelj deviznog rizika

31.12.2012.

Zakonski propisano

EUR 92.251.564

min. EUR 10.000.000

16,56%

min. 12%

3,99%

max 20%

103,06%

max. 400%

2,08

min. 1

0,54%

max. 20%

Na dan 31. decembra 2012. godine, svi pokazatelji Banke su usaglašeni sa propisanim vrednostima, a u skladu sa zahtevima Narodne banke Srbije koji su propisani u Odluci o adekvatnosti kapitala banke (“Službeni glasnik Republike Srbije“, br. 46/2011 i 6/2013) i Odluci o upravljanju rizicima (“Službeni glasnik Republike Srbije“, br. 45/2011, 94/2011, 119/2012 i 123/2012).

8

SBERBANK RS | godišnji izveštaj 2012 | analiza poslovanja

Finansijski izveštaj

9

Bilans uspeha Za godinu završenu 31. decembra 2012. godine U hiljadama dinara

2012.

2011.

5.605.076

5.301.524

(1.709.822)

(1.403.933)

3.895.254

3.897.591

Prihodi od naknada i provizija

749.194

742.329

Rashodi naknada i provizija

(75.240)

(81.931)

Dobitak po osnovu naknada i provizija

673.954

660.398

(84)

-

Neto dobitak po osnovu prodaje hartija od vrednosti koje se drže do dospeća

-

4

Neto gubitak po osnovu prodaje udela (učešća)

-

(31.417)

395.064

311.845

14.599

19.853

(1.276.974)

(1.210.154)

Troškovi zarada, naknada zarada i ostali lični rashodi

(921.402)

(750.372)

Troškovi amortizacije

(140.970)

(158.203)

(1.283.370)

(1.065.900)

739

453

(6.696)

(3.829)

Rezultat perioda – dobitak pre oporezivanja

1.350.114

1.670.269

Porez na dobit

(142.617)

(174.893)

18.989

1.297

Prihodi od kamata Rashodi kamata Dobitak po osnovu kamata

Neto gubitak po osnovu prodaje hartija od vrednosti koje su raspoložive za prodaju

Neto prihodi od kursnih razlika Ostali poslovni prihodi Neto rashodi po osnovu indirektnih otpisa plasmana i rezervisanja

Operativni i ostali poslovni rashodi Prihodi od promene vrednosti imovine i obaveza Rashodi od promene vrednosti imovine i obaveza

Dobitak od kreiranih odloženih poreskih sredstava i smanjenja odloženih poreskih obaveza Dobitak Zarada po akciji (u dinarima bez para)

10

SBERBANK RS | godišnji izveštaj 2012 | bilans uspeha

1.226.486 1.496.673 212

259

Bilans stanja Na dan 31. decembra 2012. godine U hiljadama dinara

2012.

2011.

AKTIVA Gotovina i gotovinski ekvivalenti

7.822.042

2.884.346

12.419.975

15.526.966

1.394.899

1.145.137

69.346.673

47.860.726

8.254.409

11.250.390

199

267

1.979.285

781.187

Nematerijalna ulaganja

134.713

131.860

Osnovna sredstva i investicione nekretnine

184.335

237.626

31.848

12.859

315.998

185.280

101.884.376

80.016.644

9.153.509

4.549.314

Ostali depoziti

20.148.529

11.887.088

Primljeni krediti

44.612.187

40.440.958

5.547

19.766

28.193

19.898

Opozivi depoziti i krediti Potraživanja po osnovu kamata, naknada, prodaje, promene fer vrednosti derivata i druga potraživanja Dati krediti i depoziti Hartije od vrednosti (bez sopstvenih akcija) Udeli (učešća) Ostali plasmani

Odložena poreska sredstva Ostala sredstva UKUPNA AKTIVA OBAVEZE Transakcioni depoziti

Obaveze po osnovu hartija od vrednosti Obaveze po osnovu kamata, naknada i promene fer vrednosti derivata Rezervisanja

447.963 336.476

Obaveze za poreze

12.078

8.316

Obaveze iz dobitka

-

51.138

6.946.695

4.570.609

81.354.701

61.883.563

Ostale obaveze UKUPNO OBAVEZE

SBERBANK RS | godišnji izveštaj 2012 | bilans stanja

11

Bilans stanja

Na dan 31. decembra 2012. godine U hiljadama dinara

2012.

2011.

KAPITAL Kapital Rezerve iz dobiti

4.459.838

2.963.165

Revalorizacione rezerve

27.937

14.113

Nerealizovani gubici po osnovu hartija od vrednosti raspoloživih za prodaju

(5.547)

(19.766)

Dobitak

12

14.820.961 13.678.896

1.226.486 1.496.673

UKUPAN KAPITAL

20.529.675

18.133.081

UKUPNO PASIVA

101.884.376

80.016.644

VANBILANSNE POZICIJE

143.191.756

168.083.873

SBERBANK RS | godišnji izveštaj 2012 | bilans stanja

Izveštaj o promenama na kapitalu Za godinu završenu 31. decembra 2012. godine U hiljadama dinara

2012.

2011.

AKCIJSKI KAPITAL Stanje na početku godine Ukupna povećanja u tekućoj godini Stanje na kraju godine

5.774.153

5.774.153

327.991

-

6.102.144

5.774.153

EMISIONA PREMIJA Stanje na početku godine Ukupna povećanja u tekućoj godini Stanje na kraju godine

7.904.743

7.904.743

814.074

-

8.718.817

7.904.743

REZERVE IZ DOBITI I OSTALE REZERVE Stanje na početku godine

2.963.165

1.992.245

Ukupna povećanja u tekućoj godini

4.459.543

970.920

Ukupna smanjenja u tekućoj godini

(2.962.870)

-

4.459.838

2.963.165

Stanje na kraju godine

REVALORIZACIONE REZERVE Stanje na početku godine

14.113

-

Ukupna povećanja u tekućoj godini

27.937

14.113

Ukupna smanjenja u tekućoj godini

(14.113)

-

27.937

14.113

Stanje na kraju godine

NEREALIZOVANI GUBICI PO OSNOVU HOV RASPOLOŽIVIH ZA PRODAJU Stanje na početku godine

(19.766)

-

Ukupna povećanja/smanjenja u tekućoj godini

14.219

(19.766)

Stanje na kraju godine

(5.547)

(19.766)

DOBITAK Stanje na početku godine

1.496.673

970.920

Ukupna povećanja u tekućoj godini

1.226.486

1.496.673

Ukupna smanjenja u tekućoj godini

(1.496.673)

(970.920)

1.226.486

1.496.673

Stanje na kraju godine

UKUPNO Stanje na početku godine

18.133.081

16.642.061

Ukupna povećanja u tekućoj godini

6.856.031

2.461.940

Ukupna smanjenja u tekućoj godini

(4.459.437)

(970.920)

Stanje na kraju godine

20.529.675

18.133.081

SBERBANK RS | godišnji izveštaj 2012 | izveštaj o promenama na kapitalu

13

Izveštaj o novčanim tokovima U periodu od 1. januara do 31. decembra 2012. godine U hiljadama dinara

2012.

2011.

Tokovi gotovine iz poslovnih aktivnosti Prilivi gotovine iz poslovnih aktivnosti

6.190.213

5.583.821

Prilivi od kamata

5.188.421

4.840.494

Prilivi od naknada

992.652

728.878

9.140

14.449

Odlivi gotovine iz poslovnih aktivnosti

(3.680.364)

(3.124.764)

Odlivi po osnovu kamata

(1.619.121)

(1.427.469)

(79.061)

(77.210)

Odlivi po osnovu bruto zarada, naknada zarada i drugih ličnih rashoda

(921.402)

(720.867)

Odlivi po osnovu poreza, doprinosa i drugih dažbina na teret prihoda

(147.199)

(121.487)

Odlivi po osnovu drugih troškova poslovanja

(913.581)

(777.731)

Neto priliv gotovine iz poslovnih aktivnosti pre povećanja ili smanjenja u plasmanima i depozitima

2.509.849

2.459.057

15.291.788

4.481.167

-

4.481.167

12.148.227

-

3.143.561

-

(15.064.565)

(5.361.839

Prilivi po osnovu ostalih poslovnih prihoda

Odlivi po osnovu naknada

Smanjenje plasmana i povećanje uzetih depozita Smanjenje kredita i plasmana bankama i komitentima Povećanje depozita od banaka i komitenata Smanjenje hartija od vrednosti po fer vrednosti kroz bilans uspeha, plasmana kojima se trguje i kratkoročnih hartija od vrednosti koje se drže do dospeća Povećanje plasmana i smanjenje uzetih depozita

14

SBERBANK RS | godišnji izveštaj 2012 | izveštaj o novčanim tokovima

Izveštaj o novčanim tokovima U periodu od 1. januara do 31. decembra 2012. godine U hiljadama dinara

2012.

2011.

(15.064.565)

-

-

(5.361.839)

Neto priliv gotovine iz poslovnih aktivnosti pre poreza na dobit

2.737.072

1.578.385

Plaćeni porez na dobit

(215.009)

(151.075)

Neto priliv gotovine iz poslovnih aktivnosti

2.522.063

1.427.310

Povećanje kredita i plasmana bankama i komitentima Smanjenje depozita od banaka i komitenata

Tokovi gotovine iz aktivnosti investiranja Prilivi gotovine iz aktivnosti investiranja

68

40.552

Prilivi od prodaje udela (učešća)

68

40.552

Odlivi gotovine iz aktivnosti investiranja

(88.413)

(108.205)

Odlivi za kupovinu nematerijalnih ulaganja i osnovnih sredstava

(88.413)

(108.205)

Neto priliv/(odliv) gotovine iz aktivnosti investiranja

(88.345)

(67.653)

Tokovi gotovine iz aktivnosti finansiranja Prilivi gotovine iz aktivnosti finansiranja

2.848.836

713.733

Prilivi po osnovu uvećanja kapitala

1.142.065

-

Neto prilivi gotovine po osnovu subordiniranih obaveza

1.706.771

-

-

713.733

(417.335)

(4.995.271)

-

(34.292)

(417.298)

-

-

(4.960.979)

(37)

-

2.431.501

(4.281.538)

Neto prilivi gotovine po osnovu uzetih kredita Odlivi gotovine iz aktivnosti finansiranja Neto odlivi gotovine po osnovu subordiniranih obaveza Neto odlivi gotovine po osnovu uzetih kredita Neto odlivi po osnovu hartija od vrednosti Ostali odlivi iz aktivnosti finansiranja Neto priliv/(odliv) gotovine iz aktivnosti finansiranja Svega neto prilivi gotovine Svega neto odlivi gotovine

24.330.905 10.819.273 (19.465.686) (13.741.154)

Neto povećanje gotovine

4.865.219

-

Neto smanjenje gotovine

-

(2.921.881)

2.884.346

5.494.382

966.050

19.711.516

Negativne kursne razlike

(893.573)

(19.399.671)

Gotovina na kraju perioda (Napomena 17)

7.822.042

2.884.346

Gotovina na početku godine Pozitivne kursne razlike

SBERBANK RS | godišnji izveštaj 2012 | izveštaj o novčanim tokovima

15

Izveštaj nezavisnog revizora Akcionarima Sberbank Srbija a.d., Beograd Izvršili smo reviziju finansijskih izveštaja Sberbank Srbija a.d., Beograd (u daljem tekstu: „Banka”) koji obuhvataju bilans stanja na dan 31. decembra 2012. godine, bilans uspeha, izveštaj o promenama na kapitalu i izveštaj o tokovima gotovine za godinu koja se završila na taj dan, kao i pregled značajnih računovodstvenih politika i ostalih napomena uz finansijske izveštaje. Odgovornost rukovodstva za finansijske izveštaje Rukovodstvo Banke je odgovorno za pripremu i objektivno prikazivanje ovih finansijskih izveštaja u skladu sa Zakonom o računovodstvu i reviziji i propisima Narodne banke Srbije koji regulišu finansijsko izveštavanje banaka, kao i za interne kontrole koje rukovodstvo smatra neophodnim da omoguće pripremu finansijskih izveštaja koji ne sadrže materijalno značajne pogrešne iskaze, nastale usled prevare ili greške. Odgovornost revizora Naša je odgovornost da izrazimo mišljenje o priloženim finansijskim izveštajima, na osnovu revizije koju smo izvršili. Reviziju smo izvršili u skladu sa Međunarodnim standardima revizije. Ovi standardi nalažu da se pridržavamo etičkih normi i da reviziju planiramo i izvršimo na način koji omogućava da se, u razumnoj meri, uverimo da finansijski izveštaji ne sadrže materijalno značajne pogrešne iskaze.

Smatramo da su revizorski dokazi koje smo prikupili dovoljni i odgovarajući da obezbede osnovu za izražavanje našeg mišljenja. Mišljenje Po našem mišljenju, finansijski izveštaji prikazuju istinito i objektivno po svim materijalno značajnim pitanjima, finansijski položaj Banke na dan 31. decembra 2012. godine i rezultate njenog poslovanja i tokove gotovine za godinu koja se završila na taj dan, u skladu sa Zakonom o računovodstvu i reviziji i propisima Narodne banke Srbije koji regulišu finansijsko izveštavanje banaka. Ostale informacije Finansijski izveštaji Banke za godinu koja se završila 31. decembra 2011. godine su bili predmet revizije drugog revizora koji je izrazio mišljenje bez rezerve u svom izveštaju od 16. marta 2012. godine. Beograd, 15. mart 2013. godine.

Revizija obuhvata sprovođenje procedura u cilju prikupljanja revizorskih dokaza o iznosima i obelodanjivanjima u finansijskim izveštajima. Izbor revizorskih procedura zasnovan je na procenama revizora pri čemu je u obzir uzeta i ocena rizika postojanja materijalno značajnih pogrešnih iskaza u finansijskim izveštajima nastalih usled prevare ili greške. Prilikom procene ovih rizika, revizor razmatra i interne kontrole bitne za pripremu i objektivno prikazivanje finansijskih izveštaja pravnog lica, u cilju kreiranja odgovarajućih revizorskih procedura u skladu sa okolnostima, ali ne i u cilju izražavanja mišljenja o efikasnosti internih kontrola Banke. Revizija takođe uključuje ocenu opravdanosti primene odgovarajućih računovodstvenih politika i računovodstvenih procena izvršenih od strane rukovodstva, kao i ocenu opšte prezentacije finansijskih izveštaja.

16

SBERBANK RS | godišnji izveštaj 2012 | izveštaj nezavisnog revizora

Stephen Fish

Vladimir Ilić

Ernst & Young d.o.o., Beograd

Ovlašćeni revizor

Godišnji izveštaj Upravnog odbora Tokom 2012. godine, Upravni odbor se sastajao na četiri redovne sednice gde su usvojene 22 pisane rezolucije. Tokom ovih sastanaka, Izvršni odbor je obaveštavao Upravni odbor o zakonitom, prikladnom i efikasnom poslovanju Sberbank Srbija u Beogradu. Upravni odbor je proučio izveštaje podnete od strane Izvršnog odbora i na osnovu toga doneo odgovarajuće odluke.

Prema IFRS, profit pre oporezivanja za 2012. godinu iznosio je 1,350,114 hiljada dinara (12.05 miliona evra). Na kraju, Upravni odbor želi da se zahvali svim zaposlenima Sberbanke Srbije na njihovom velikom trudu uloženom tokom prethodne godine, posebno što se tiče odlične realizacije planova i ciljeva za širenje aktivnosti banke u 2012. i kasnije.

Finansijski izveštaj Sberbanke od dana 31. 12. 2012. godine je revidiran od strane Ernst & Young agencije u Beogradu. Prilikom njihove analize, revizori nisu imali primedbi te su u skladu sa tim dali mišljenje bez rezerve. Revizorski komitet Sberbanke Srbije pregledao je finansijske izveštaje i predložio njihovo usvajanje na sednici deoničara i Upravnog odbora.

SBERBANK RS | godišnji izveštaj 2012 | godišnji izveštaj borda direktora

17

About Sberbank and Sberbank Europe

Ukraine

Czech Republic Slovakia Austria Hungary Slovenia

Croatia

Bosnia and Herzegovina

Serbia

In February 2012 former Volksbank International AG – now Sberbank Europe AG – was acquired by Sberbank of Russia.

Croatia, Bosnia and Herzegovina, Serbia and the Ukraine. In total the bank operates 280 branches and has 4,400 employees (as at 31.12.2012).

Sberbank is the largest bank in Russia that accounts for almost one third of all Russian banking sector assets. The Central Bank of the Russian Federation is the founder and major shareholder of Sberbank, owning 50% of the total share capital plus one voting share. Other shares are held by more than 245.000 individual and institutional investors in Russia and internationally. The bank has the largest distribution network in Russia with over 18.000 offices as well as subsidiaries in 20 countries ­including the CIS, Central and Eastern Europe.

Sberbank is one of the most profitable financial institutions in the world and a leading market player in delivering innovative products based on excellence and state-of-the-art technology. Combined with the local expertise and customer focus of our employees, Sberbank Europe is building bridges to Eastern business and is a unique banking partner in the CEE region, Russia and CIS countries.

In September 2012, Sberbank completed the acquisition of DenizBank AS which is ranked 6th among private and 9th among all Turkish banks by consolidated total assets. Sberbank was named by The Banker magazine as “Bank of the Year” and placed second in a ranking of company stock returns over the past ten years by The Economist. Sberbank Europe AG manages a banking network of nine universal banks in eight Central and Eastern E ­ uropean countries: Slovakia, Czech Republic, Hungary, Slovenia,

18

Since the acquisition by Sberbank we have started a ­significant transformation. As an important part of one of the largest, fastest growing, and dynamic banking ­organisations in the world – we at Sberbank Europe ­aspire to be recognized as a game-changing innovator, an emerging leader in CEE banking with growing presence and recognition in Western Europe. We aim to build enduring relationships with our customers by being attentive to their needs. As Sberbank Europe, we are striving to become a bank that never stops in further developing itself and its operations for the ­ ­benefit of our customers.

SBERBANK RS | Annual Report 2012 | about Sberbank and Sberbank Europe

Foreword of the Executive Board

Dear clients, shareholders and friends of Sberbank Serbia a.d Beograd, Since Volksbank Serbia has become a member of Sberbank Group in February, an extensive transformation and integration process program has been started. Our business policy based on focus on client’s needs and close partnership and our long term orientation toward high quality reflected on achieved results which exceeded all expectations. 2012 was resulting in a new profit for Sberbank Serbia of EUR 12 million with total assets of EUR 902 million. Corporate and Retail Loan volume including cross border reached EUR 736 million, while deposits increased by 47% in comparison to previous year. In more than challenging surrounding we supported the Serbian economy as very strong growth of corporate loans of 86% in comparison to 2011 in 2012 clearly shows.

Valeriy Ovsyannikov President of Executive Board

As in previous years, banking business in 2012 was conducted in very demanding economic environment. Sberbank Serbia remained on track of steady and constant growth of all parameters of banking business, marked with introducing of new products on Serbian market, such as payments, financial transactions and savings in Russian ruble for the first time in Serbia. In 2012 we have supported the export of Serbian goods (agriculture) to Russia and will continue to provide systemic support to exporters and importers in Serbia who do business with Russia. Sberbank Serbia has been achieving exceptional results with extraordinary commitment of its employees even in years of global economic crises. We are all convinced that as a member of Sberbank group, one of the strongest and fastest growing financial institutions in the world, successful business will be continued.

Danilo Đurović Member of Executive Board

Gordana Matić Member of Executive Board

SBERBANK RS | Annual Report 2012 | foreword of the executive board

19

Key facts 2004 - 2012

Total assets

Cost income ratio

in mio RSD

101.884

141.10%

83,041

80,017

69,108 93.50%

62,228 87.10%

52,987

72.80%

36,686

53.50% 44.60% 43.76%

38.94%

42.71%

12,218 4,474

2004

2005 2006 2007 2008 2009 2010 2011 2012

Loans to customers

77,820

in mio RSD

2004 2005 2006

2007

2008 2009 2010

2011

2012

Profit

in mio RSD 1670

52,432

1350

53,657

1097

41,264

941

967

34,591

26,078

586

16,721

336

6,703 2,709

2004

20

2004 2005 2005

2006

2007

2008 2009

2010

SBERBANK RS | Annual Report 2012 | key facts

2011

2012

-43

-103

2006

2007

2008

2009

2010

2011

2012

Lines of business Retail sector As well as in the last five years, in 2012 too, the retail sector of Sberbank Serbia remained focused on maximization of profit, improving the loan-deposit ratio, increase of the number of clients, as well as their activity with regard to use of banking products and services. Operating profit of the retail segment (Contribution Margin I) of €8.7 million is a reflection of implemented innovations primarily with regard to loan and deposit products, as well as a logical consequence of long-term orientation toward quality satisfaction of the financial needs of clients.

•

11% increase of active clients’ base

•

22% increase of the number of transactions of domestic payment operations

•

20% increase of the number of transactions of international payment operations

•

7% increase of the number of payment cards, etc.

It is important to mention that the stated performances were achieved without increasing the number of subsidiaries (26) and employees and solely reflect the bank’s commitment to increase of efficiency and organic growth in the future.

Loans to retail customers in mio RSD

Corporate sector 41,588

2012 may be considered the most successful year for Sberbank Serbia corporate sector. A very strong growth of on and off balance portfolios was recorded, which exceeded all expectations, with which the market share in segments in which the bank is active increased considerably. Such growth also influenced the recording profit more than expected. Yet, real effects of the growth, when it comes to profitability, will be seen in 2013. Beside the portfolio growth, an extraordinary growth of deposit base took place, which clearly indicates the confidence of clients in Sberbank Serbia.

38,350 38,192

28,649 30,990

19,887

9,196 3,027 472

2004

2005

2006

2007

2008

2009

2010

2011

What ought to be mentioned regarding 2012 is the significant improvement of loan-deposit ratio of the retail segment from 408% at the end of 2011, to 289% at the end of 2012. It is important to emphasize that improvement of this ratio was achieved with 25% higher loan production in 2012, in comparison with 2011, as well as with increase of deposit portfolio by 42%, with maintained profit performance. The confirmation of the employees’ commitment to increase of efficiency, beside the mentioned parameters, can be validated through following indicators of change in comparison with 2011:

The growth of the active capital and deposits was not the goal for itself, but was aimed at establishing encompassing cooperation with clients, which was achieved. Namely, RSD and fx transactions through accounts opened in the bank increased considerably, while the sale of foreign currency exceeded even the most optimistic expectations. Following very successful 2012, in 2013 we are to witness stabilisation of the portfolio and increasing of profitability through introduction of new products and more efficient organisation, which was established in the second half of the last year, as well as through intensifying cooperation with Sberbank Group members. Beside the abovementioned, 2013 will be the year of focusing on deposits with the goal of decreasing L/D ratio. In order to achieve the set goals, full attention will be paid to development and education of employees, who are the basic resources.

SBERBANK RS | Annual Report 2012 | LINES OF BUSINESS

21

Lines of business Treasury

Information Technologies

The year of 2012 was marked by large depreciation of dinar, which influenced the development of the whole market very negatively.

In 2012, the Bank’s IT sector actively contributed and successfully followed bank’s development through introduction of modern solutions in IT sector, primarily oriented towards bank’s clients, thus meeting their needs.

RSD depreciated considerably in the first half of the year, reaching nearly the level of RSD 120 for €1, while the second half of the year brought growth. Nominally, the dinar depreciated by over 8%. During 2012, the amount of reserve requirement was changed several times, with increase of the dinar part in required RSD deposit, which contributed to withdrawal of RSD resources from the market. Withdrawing of foreign investors from the bonds of the Ministry of Finance was evident, due to a very unstable situation. Yet, by the end of the year, with increase of the key policy rate, their interest increased, with sold out auctions. In 2012 turnovers in trading with clients and the banks were significantly increased. We were able to increase our market share and to achieve record profitability. In 2013 we will focus on further integration with a group through the introduction of new procedures, standards and products. Also, we will focus on the use of global brand Sberbank to establish communication with the world banks, with the aim of achieving greater presence and influence in the local market.

22

SBERBANK RS | Annual Report 2012 | Lines of business

The main accent was placed on measured for efficiency increase and on increase of the quality of offered services to clients, primarily through: •

Expansion of Call Centre’s functionality

•

Internal development of applications that efficiently support business procedures

•

Implementation of various additional functionalities within the main banking system

•

Improvement of IT infrastructure – Data Storage System and virtualization of system environment

Lines of business Human resources

Marketing and Communication

The year 2012 was different from all others for employees of our bank. A great number of projects from Sberbank Europe and Sberbank Russia caused a strong development of employees in a strategic sense.

During 2012, the Marketing and Communications department promoted a number of new products through electronic, outdoor and print media, focusing on RSD loans with fixed interest rate during the entire repayment period.

The entire year passed by in work on leadership and managerial skills of bank managers. This changed the culture within the bank. A survey about employees’ satisfaction conducted at the end of 2011 was the topic during the entire 2012. In cooperation with the employees, we identified important and urgent findings at workshops, and we focused on them throughout the year. In January 2012, we started a program for third-year students from the Faculty of Economics of the University in Belgrade, through which we established excellent cooperation with the Faculty. The result of this are scholarships for 2 third-year students and complete support for them during the studies. We carried out a Junior Program, in which we employed 13 graduates of economic profile. They attended a 2-month training program, during which they were introduced to the work of the entire bank, they worked in all the sectors and passed trainings of knowledge and skills. The plan for next year is development of senior and medium management, continuing work on action steps that came out from a survey about employees’ satisfaction and further improvement of functions of the service itself.

The campaigns for deposits and specific “Dobro jutro” saving, loans for micro-enterprises, cash loans and refinancing loans were organised successfully, as well as continuous all-year-long promotion of loans for energy efficiency. The tradition of creating pioneer and unique banking products was continued with introduction of payment operations and all financial transactions in Russian rubles, which was a complete novelty in Serbian banking market. Also, cooperation was continued on promotional activities for MoneyGram and Western union money transfers. The bank’s participation at the Employment Fair was monitored from a marketing aspect, while in the segment of internal communications, information about Sberbank was promoted through a number of activities. First Sberbank conference in Serbia was organised successfully, with excellent media coverage. After the change of name of the bank, the first step was made toward complete rebranding of the bank: new Sberbank promotional material was created successfully, replacing complete marketing material and informing all clients of the bank, as well as the public in the country about the change of name. In spite of the constant trend of downsizing of media space, due to closure of a number of print and electronic media, excellent communication with all the relevant media was maintained. Through PR activities, continuous presence of the bank in all the relevant TV stations with national frequencies was secured, as well as in the newspapers with the biggest circulation and specialised newspapers, and in a great number of websites. All this resulted in maintaining the same level of PR values of the bank’s media announcements with recordbreaking 71% primary positions of the banks in newspaper articles and TV reports.

SBERBANK RS | Annual Report 2012 | LINES OF BUSINESS

23

Lines of business Risk management Year 2012 was marked by the continued strengthening of the Risk Management function in Sberbank Serbia In accordance with Sberbank Group and international best practices, the Bank reorganized the risk management organizational structure and launched a series of projects aimed at implementing new risk management tools, models and infrastructure which will in the future bring lower level of overall risk and at the same time better quality of services to Bank’s customers

In view of the continuing trend of growing NPLs on the Serbian market, during 2012 there was a strong focus on further development of the collections and restructuring functions of the Bank, leading to significant improvement in recoveries compared to 2011. Going forward, as the main risk remains the development of the portfolio quality in view of the current economic situation, credit risk management will be the focus of development.

During the year, a number of important regulatory changes have been successfully implemented and the Bank fully complies with all the relevant regulations in the risk management area.

As of 31 December 2012, the Bank achieved the following performance indicators:

Performance indicators Capital Capital adequacy ratio Related parties exposure Indicator of large and the largest permissible Liquidity ratio Foreign currency risk indicator

31.12.2012.

Regulatory requirement

EUR 92.251.564

min. EUR 10.000.000

16,56%

min. 12%

3,99%

max 20%

103,06%

max. 400%

2,08

min. 1

0,54%

max. 20%

As at 31 December, 2012 all indicators of the Bank are in compliance with prescribed performance indicators in accordance with requirements of the National Bank of Serbia, set out in the Decision on the capital adequacy of the banks (Official Gazette of the Republic of Serbia, no. 46/2011 and 6/2013) and Decision on risk management by banks (Official Gazette of the Republic of Serbia, no. 45/2011, 94/2011, 119/2012 and 123/2012).

24

SBERBANK RS | Annual Report 2012 | lines of business

Financial Statements

25

Income statement For the year ended 31 December 2012 In RSD thousand

2012.

2011.

5,605,076

5,301,524

(1,709,822)

(1,403,933)

3,895,254

3,897,591

Fee and commission income

749,194

742,329

Fee and commission expenses

(75,240)

(81,931)

Net fee and commission income

673,954

660,398

Net loss on sell of securities available for sale

(84)

-

Net gain on sell of securities held to maturity

-

4

Net loss on sale of investments in subsidiary

-

(31,417)

395,064

311,845

14,599

19,853

(1,276,974)

(1,210,154)

Salaries, wages and other personal expenses

(921,402)

(750,372)

Depreciation and amortization

(140,970)

(158,203)

(1,283,370)

(1,065,900)

739

453

(6,696)

(3,829)

Profit before tax

1,350,114

1,670,269

Income tax

(142,617)

(174,893)

18,989

1,297

Interest income Interest expenses Net interest income

Net foreign exchange gains Other operating income Impairment losses of financial assets and provisions, net

Other operating expenses Gains from changes in value of assets and liabilities Losses from changes in value of assets and liabilities

Deferred tax income Profit Earnings per share (in RSD)

26

SBERBANK RS | Annual Report 2012 | income statement

1,226,486 1,496,673 212

259

Balance sheet As at 31 December 2012 In RSD thousand

2012.

2011.

ASSETS Cash and cash equivalents

7,822,042

2,884,346

12,419,975

15,526,966

1,394,899

1,145,137

69,346,673

47,860,726

8,254,409

11,250,390

199

267

1,979,285

781,187

Intangible assets

134,713

131,860

Property, equipment and investment property

184,335

237,626

31,848

12,859

315,998

185,280

101,884,376

80,016,644

Revocable deposits and loans Interest and fee receivables, receivables from sales, changes in fair value of derivatives and other receivables Loans and advances Securities (excluding treasury shares) Equity investments Other placements

Deferred tax assets Other assets TOTAL ASSETS

LIABILITIES Transaction deposits

9,153,509

4,549,314

Other deposits

20,148,529

11,887,088

Borrowings

44,612,187 40,440,958

Liabilities arising from securities Liabilities arising from interest, fee and changes in fair value of derivatives Provisions Tax liabilities Liabilities from profit Other liabilities TOTAL LIABILITIES

5,547

19,766

28,193

19,898

447,963 336,476 12,078

8,316

-

51,138

6,946,695

4,570,609

81,354,701

61,883,563

SBERBANK RS | Annual Report 2012 | balance sheet

27

Balance sheet As at 31 December 2012 In RSD thousand EQUITY Share capital

2011.

14,820,961

13,678,896

Reserves from profit

4,459,838

2,963,165

Revaluation reserves

27,937

14,113

Unrealized losses arising on securities available for sale

(5,547)

(19,766)

1,226,486

1,496,673

20,529,675

18,133,081

TOTAL LIABILITIES AND EQUITY

101,884,376

80,016,644

OFF-BALANCE SHEET ITEMS

143,191,756

168,083,873

Retained earnings TOTAL EQUITY

28

2012.

SBERBANK RS | Annual Report 2012 | balance sheet

Statement of changes in shareholders’ equity For the year ended 31 December 2012 In RSD thousand

2012.

2011.

SHARE CAPITAL Balance at the beginning of the year Total increase during the year Balance at the end of the year

5,774,153

5,774,153

327,991

-

6,102,144

5,774,153

SHARE PREMIUM Balance at the beginning of the year Total increase during the year Balance at the end of the year

7,904,743

7,904,743

814,074

-

8,718,817

7,904,743

RESERVES FROM PROFIT AND OTHER RESERVES Balance at the beginning of the year

2,963,165

1,992,245

Total increase during the year

4,459,543

970,920

Total decrease during the year

(2,962,870)

-

Balance at the end of the year

4,459,838

2,963,165

REVALUATION RESERVES Balance at the beginning of the year

14,113

-

Total increase during the year

27,937

14,113

Total decrease during the year

(14,113)

-

27,937

14,113

Balance at the end of the year

UNREALISED LOSSES ON SECURITIES AVAILABLE FOR SALE Balance at the beginning of the year

(19,766)

-

Total increase/decrease during the year

14,219

(19,766)

Balance at the end of the year

(5,547)

(19,766)

RETAINED EARNINGS Balance at the beginning of the year

1,496,673

970,920

Total increase during the year

1,226,486

1,496,673

Total decrease during the year

(1,496,673)

(970,920)

Balance at the end of the year

1,226,486

1,496,673

TOTAL Balance at the beginning of the year

18,133,081

16,642,061

Total increase during the year

6,856,031

2,461,940

Total decrease during the year

(4,459,437)

(970,920)

Balance at the end of the year

20,529,675

18,133,081

29

SBERBANK RS | Annual Report 2012 | statement of changes in shareholder’s equity

Cash flow statement For the year ended 31 December 2012 In RSD thousand

2012.

2011.

Cash flow from operating activities Cash inflow from operating activities

6,190,213

Interest

5,188,421 4,840,494

Fees Other operating income

992,652 728,878 9,140

14,449

Cash outflow from operating activities

(3,680,364)

(3,124,764)

Interest

(1,619,121) (1,427,469)

Fees

(79,061) (77,210)

Salaries, wages and other personal expenses

(921,402)

(720,867)

Taxes, contributions and other duties paid

(147,199)

(121,487)

Other operating expenses

(913,581)

(777,731)

Net cash inflow from operating activities before increase or decrease in placements and deposits

2,509,849

2,459,057

15,291,788

4,481,167

-

4,481,167

12,148,227

-

3,143,561

-

(15,064,565)

(5,361,839)

Decrease in placements and increase in taken deposits Decrease in loans and placements to banks and clients Increase in deposits with banks and clients Decrease in securities at fair value through profit and loss, Investments held for trading and short-term securities held to maturity Increase in placements and decreases in taken deposits

30

5,583,821

SBERBANK RS | Annual Report 2012 | cash flow statement

Cash flow statement For the year ended 31 December 2012 In RSD thousand

2012.

2011.

(15,064,565)

-

-

(5,361,839)

Net cash inflow from operating activities before tax

2,737,072

1,578,385

Income tax paid

(215,009)

(151,075)

Net cash inflow from operating activities

2,522,063

1,427,310

Increase in loans and placements to bank and clients Decrease in deposits with banks and clients

Cash flow from investing activities Cash inflow from investing activities

68

40,552

Inflow from sales of equity investments

68

40,552

Cash outflow from investing activities

(88,413)

(108,205)

Outflow from purchase of intangible and tangible fixed assets

(88,413)

(108,205)

Net cash inflow/(outflow) from investing activities

(88,345)

(67,653)

Cash flow from financing activities Cash inflows from financing activities

2,848,836

713,733

Inflow from capital increase

1,142,065

-

Net inflow from subordinated liabilities

1,706,771

-

-

713,733

(417,335)

(4,995,271)

-

(34,292)

(417,298)

-

-

(4,960,979)

(37)

-

2,431,501

(4,281,538)

Net inflow from borrowings Cash outflows from financing activities Net outflow from subordinated liabilities Net outflow from borrowings Net outflow from securities Other outflows from financing activities Net cash inflow/outflow from financing activities Total net cash inflow

24,330,905 10,819,273

Total net cash outflow

(19,465,686) (13,741,154)

Net increase in cash

4,865,219

-

Net decrease in cash

-

(2,921,881)

2,884,346

5,494,382

Foreign exchange gains

966,050

19,711,516

Foreign exchange losses

(893,573)

(19,399,671)

Cash at the end of the year (Note 17)

7,822,042

2,884,346

Cash at the beginning of the year

SBERBANK RS | Annual Report 2012 | cash flow statement

31

Independent auditor’s report To the shareholders of Sberbank Serbia JSC, Belgrade We have audited the accompanying financial statements of Sberbank Serbia JSC, Belgrade (hereinafter referred as to: ”the Bank”), which comprise the balance sheet as of 31 December 2012, the income statement, statement of changes in equity and cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory notes. Management‘s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with Law on Accounting and Auditing and regulations of the National Bank of Serbia governing financial reporting of banks, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor‘s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. These standards require that we respect ethical standards, plan and perform the audit to obtain reasonable assurance about whether the financial reports are free from material misstatements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements give a true and fair view, in all material respects, of the financial position of the Bank as of 31 December 2012 and of the results of its operations and its cash flows for the year then ended in accordance with the Law on Accounting and Auditing and regulations of the National Bank of Serbia governing the financial reporting of banks. Other matter The financial statements of the Bank for the year ended 31 December 2011 were audited by another auditor who expressed an unmodified opinion on those statements on 16 March 2012. Belgrade, 15 March 2013

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor‘s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity‘s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Bank‘s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

32

SBERBANK RS | Annual Report 2012 | INDEPENDENT AUDITOR’S REPORT

Stephen Fish

Vladimir Ilić

for Ernst & Young d.o.o., Beograd

Authorized auditor

Board of Directors annual report During 2012, the Board of Directors convened at four regular sessions and passed 22 written resolutions. During its meetings, the Board of Directors was kept fully informed by the Executive Board about the lawful, appropriate and efficient conduct of business of Sberbank Serbia JSC Belgrade. The Board of Directors examined the reports submitted by the Executive Board and took appropriate decisions on that basis.

Profit before taxes for the year 2012, according to IFRS, amounted to TRSD 1,350,114 (MEUR 12.05 million). In conclusion, the Board of Directors would like to thank all staff members of Sberbank Serbia for their great efforts during the past year, in particular in view of the excellent implementation of plans and realization of goals for expansion of the bank activities in 2012 and beyond.

Sberbank’s financial statements as of December 31, 2012, were audited by Ernst & Young, Belgrade. In their examination, the auditors found no objections and accordingly approved the accounts without qualifications. The Audit Committee of Sberbank Serbia has reviewed the financial statements and proposed them for adoption to the General Meeting of Shareholders and the Board of Directors.

SBERBANK RS | Annual Report 2012 | board of directors annual report

33