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Annual Report

2012Sberbank Srbija a.d.

Sadržaj/ContentsSberbank 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 10

Bilans stanja 11-12

Izveštaj o promenama na kapitalu 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 26

Balance sheet 27-28

Statement of changes in shareholders’ equity 29

Cash flow statement 30-31

Independent auditor’s report 32

Board of Directors annual report 33

2 SBERBANK RS | godIšNjI IzvEštAj 2012 | SBERBANK SRBIjA I SBERBANK EvRopA

Sberbank Srbija i Sberbank Evropa

U februaru 2012. godine bivšu volksbank Internatio-nal Ag – sada Sberbank Europe Ag – preuzela je ruska Sberbank.

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 investito-ra u Rusiji i inostranstvu. Banka poseduje najveću dis-tributivnu mrežu u Rusiji sa preko 18 000 filijala, kao i podružnice u 20 zemalja, među kojima su zNd, zemlje centralne i istočne Evrope.

U septembru 2012. godine Sberbank je okončala preuzi-manje denizBank AS koja je rangirana kao 6. privatna i 9. od svih turskih banaka po konsolidovanoj ukupnoj akti-vi. Sberbank je časopis “the Banker” proglasio za “banku godine”, a “the Economist” je rangirao kao drugu po sto-pi 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-

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

Sberbank je jedna od najprofitabilnijih finansijskih ins-titucija u svetu i vodeći igrač na tržištu po tome što obezbeđuje inovativne proizvode zasnovane na izvrsnos-ti i najnovijoj tehnologiji. Kombinujući lokalnu stručnost i usmerenost svojih zaposlenih na korisnike, Sberbank Eu-rope gradi mostove ka poslovanju na istoku i jedinstveni je bankarski partner u regionu centralne i istočne Evrope, Rusije i zNd.

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 poslo-vanje za dobrobit svojih klijenata.

Slovakia

Czech RepublicUkraine

Hungary

Austria

SloveniaCroatia

Bosnia and Herzegovina Serbia

3SBERBANK RS | godIšNjI IzvEštAj 2012 | UvodNA REČ UpRAvNog odBoRA

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 transfor-macije 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 prema-šili 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, uk-ljučujući i one prekogranične, iznosio je 736 miliona evra, dok su depoziti porasli za 47% u odnosu na prethodnu go-dinu. 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.

Kao i prethodnih godina, bankarsko poslovanje u 2012. se odvijalo u veoma zahtevnom ekonomskom okruže-nju. Sberbank Srbija je ostala na putu stabilnog i kon-stantnog rasta svih parametara bankarskog poslovanja, obeleženom uvođenjem novih proizvoda na srpsko tr-žište, kao što je pružanje mogućnosti plaćanja, finansij-skih 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 izuzet-nu posvećenost svojih zaposlenih, čak i u godinama glo-balne 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.

valeriy ovsyannikov predsednik Izvršnog odbora

danilo Đurović Član Izvršnog odbora

gordana Matić Član Izvršnog odbora

4 SBERBANK RS | godIšNjI IzvEštAj 2012 | KljUČNI poKAzAtEljI

Ključni pokazatelji2004 - 2012

Ukupna aktivau milionima RSD

Racio troškova i prihoda

141.10%

93.50%87.10%

72.80%

53.50%

44.60% 43.76%

2004 2005 2006 2007 2008 2009 2010

38.94%42.71%

2011 2012

4,474

12,218

36,686

52,987

62,228

69,108

83,041

2004 2005 2006 2007 2008 2009 2010

80,017

101.884

2011 2012

Profitu milionima RSD

-43-103

586

336

941 9671097

2004 2005

2006 2007 2008 2009 2010

1670

1350

2011 2012

Plasman kreditau milionima RSD

2,709

6,703

16,721

26,078

34,591

41,264

52,432

2004 2005 2006 2007 2008 2009 2010

53,657

77,820

2011 2012

5SBERBANK RS | godIšNjI IzvEštAj 2012 | ANAlIzA poSlovANjA

Analiza poslovanja

Poslovanje sa stanovništvom

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

operativna profitabilnost retail segementa od 8,7 mi-liona 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.

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 go-dine. važno je istaći da je poboljšanje ovog racija ostva-reno 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:

• poboljšanjebazeaktivnihklijenataza11%,

• povećanjubrojatransakcijadomaćegplatnogpro-meta za 22%,

• povećanju broja transakcija međunarodnog plat-nog prometa za 20%,

• povećanjebrojaplatnihkarticaza7%itd.

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

Poslovanje sa privredom

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 profitabil-nost, 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.

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 gru-pe. pored već navedenog, 2013. godina će biti godina fo-kusiranja 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.

Krediti plasirani stanovništvu u milionima RSD

4723,027

9,196

19,887

28,649 30,990

38,350

2004 2005 2006 2007 2008 2009 2010

38,192

41,588

2011

6 SBERBANK RS | godIšNjI IzvEštAj 2012 | ANAlIzA poSlovANjA

Analiza poslovanja

Sektor sredstava

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

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 oba-vezne rezerve, uz povećanje dinarskog dela u deviznoj obaveznoj rezervi, što je doprinelo povlačenju dinarskih sredstava sa tržišta.

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.

U 2012. godini značajno su povećani prometi koje smo ostvarili u trgovanju kako sa klijentima, tako i sa banka-ma. Uspeli smo da povećamo tržišna učešća i da posti-gnemo 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 glo-balnog Sberbank brenda za uspostavljanje komunikacije sa svetskim bankama, a sa ciljem postizanja veće prisut-nosti i uticaja na lokalnom tržištu.

Informacione tehnologije

U 2012. godini It sektor banke je aktivno doprineo i us-pešno pratio razvoj banke uvođenjem savremenih reše-nja u It oblasti, prvenstveno orijentisanih ka klijentima banke izlazeći na taj način u susret njihovim potrebama.

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

• ProširenjefunkcionalnostiCallCenter-a

• Interni razvoj aplikacija koje efikasno podržavajuposlovne procese

• Implementacijuraznihdodatnih funkcionalnostiuokviru glavnog bankarskog sistema

• Unapređenje IT infrastrukture–Data Storage si-stem i virtuelizacija sistemskog okruženja.

7SBERBANK RS | godIšNjI IzvEštAj 2012 | ANAlIzA poSlovANjA

Analiza poslovanja

Ljudski resursi

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.

Cela godina je protekla u radu na liderskim i menadžer-skim veštinama direktora banke. ovim se menjala kultu-ra unutar banke.

Ispitivanje zadovoljstva zaposlenih je sporovedeno kra-jem 2011. godine je bilo tema tokom cele 2012. godine. Na radionicama smo, zajedno sa zaposlenima identifiko-vali bitne i hitne nalaze na koje smo se fokusirali tokom godine.

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

Sproveden je „junior program“ u kome smo zaposlili 13 diplomaca ekonomskog usmerenja. oni su imali dvome-sečni program obuke pri čemu su se upoznali sa radom cele banke, obišli sva odeljenja i prošli obuke znanja i ve-ština.

plan za narednu godinu je razvoj višeg i srednjeg menad-žmenta, kontinuirani rad na akcionim koracima proizaš-lim iz istraživanja zadovoljstva zaposlenih i dalje unapre-đivanje funkcije same službe.

Marketing i komunikacije

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.

Uspešno su organizovane kampanje za depozite i speci-fičnu „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.

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

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

Nakon promene imena banke, učinjen je prvi korak ka punom rebrandingu banke: uspešno je proizveden novi Sberbank promotivni materijal kojim je zamenjen sav re-klamni materijal i obavešteni svi klijenti banke kao i jav-nost 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 kontinui-rana 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 vredno-sti objava banke u medijima sa rekordnih 71% primarnih pozicija banke u novinskim člancima i tv prilozima.

8 SBERBANK RS | godIšNjI IzvEštAj 2012 | ANAlIzA poSlovANjA

Analiza poslovanja

Upravljanje rizicima

godinu 2012. je označilo konstantno jačanje funkcije upravljanja rizicima u Sberbanci Srbije. U skladu sa Sber-bank grupom i najboljim međunarodnim praksama, Ban-ka 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 do-neti manji nivo ukupnog rizika, kao i bolji kvalitet usluga klijentima Banke.

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

U pogledu konstantnog trenda rasta nenaplativih kredi-ta na tržištu Srbije tokom 2012. godine, snažan fokus je stavljen na dalji razvoj naplata i funkcija restruktuisanja Banke, što je dovelo do značajnog unapređenja poslova-nja 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.

Ostvareni pokazatelji poslovanja Banke na dan 31. decembra 2012. godine bili su sledeći:

Pokazatelji poslovanja

31.12.2012.

Zakonski propisano

Kapital EUR 92.251.564 min. EUR 10.000.000

Adekvatnost kapitala 16,56% min. 12%

Izloženost prema licima povezanim sa Bankom u odnosu na kapital

3,99%

max 20%

pokazatelj zbira velikih izloženosti banke 103,06% max. 400%

pokazatelj likvidnosti 2,08 min. 1

pokazatelj deviznog rizika 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).

9

Finansijskiizveštaj

10 SBERBANK RS | godIšNjI IzvEštAj 2012 | BIlANS USpEHA

U hiljadama dinara 2012. 2011.

prihodi od kamata 5.605.076 5.301.524Rashodi kamata (1.709.822) (1.403.933)Dobitak po osnovu kamata 3.895.254 3.897.591prihodi od naknada i provizija 749.194 742.329Rashodi naknada i provizija (75.240) (81.931)Dobitak po osnovu naknada i provizija 673.954 660.398Neto gubitak po osnovu prodaje hartija od vrednosti koje su raspoložive za prodaju (84) -Neto dobitak po osnovu prodaje hartija od vrednosti koje se drže do dospeća - 4Neto gubitak po osnovu prodaje udela (učešća) - (31.417)Neto prihodi od kursnih razlika 395.064 311.845ostali poslovni prihodi 14.599 19.853Neto rashodi po osnovu indirektnih otpisa plasmana i rezervisanja (1.276.974) (1.210.154)troškovi zarada, naknada zarada i ostali lični rashodi (921.402) (750.372)troškovi amortizacije (140.970) (158.203)operativni i ostali poslovni rashodi (1.283.370) (1.065.900)prihodi od promene vrednosti imovine i obaveza 739 453Rashodi od promene vrednosti imovine i obaveza (6.696) (3.829)Rezultat perioda – dobitak pre oporezivanja 1.350.114 1.670.269porez na dobit (142.617) (174.893)dobitak od kreiranih odloženih poreskih sredstava i smanjenja odloženih poreskih obaveza 18.989 1.297Dobitak 1.226.486 1.496.673zarada po akciji (u dinarima bez para) 212 259

Bilans uspeha Za godinu završenu 31. decembra 2012. godine

11SBERBANK RS | godIšNjI IzvEštAj 2012 | BIlANS StANjA

Bilans stanja Na dan 31. decembra 2012. godine


AKTIVAgotovina i gotovinski ekvivalenti 7.822.042 2.884.346opozivi depoziti i krediti 12.419.975 15.526.966potraživanja po osnovu kamata, naknada, prodaje, promene fer vrednosti derivata i druga potraživanja 1.394.899 1.145.137dati krediti i depoziti 69.346.673 47.860.726Hartije od vrednosti (bez sopstvenih akcija) 8.254.409 11.250.390Udeli (učešća) 199 267ostali plasmani 1.979.285 781.187Nematerijalna ulaganja 134.713 131.860osnovna sredstva i investicione nekretnine 184.335 237.626odložena poreska sredstva 31.848 12.859ostala sredstva 315.998 185.280UKUPNA AKTIVA 101.884.376 80.016.644OBAVEZEtransakcioni depoziti 9.153.509 4.549.314ostali depoziti 20.148.529 11.887.088primljeni krediti 44.612.187 40.440.958obaveze po osnovu hartija od vrednosti 5.547 19.766obaveze po osnovu kamata, naknada i promene fer vrednosti derivata 28.193 19.898Rezervisanja 447.963 336.476obaveze za poreze 12.078 8.316obaveze iz dobitka - 51.138ostale obaveze 6.946.695 4.570.609UKUPNO OBAVEZE 81.354.701 61.883.563

12 SBERBANK RS | godIšNjI IzvEštAj 2012 | BIlANS StANjA

Bilans stanja Na dan 31. decembra 2012. godine


KAPITALKapital 14.820.961 13.678.896Rezerve iz dobiti 4.459.838 2.963.165Revalorizacione rezerve 27.937 14.113Nerealizovani gubici po osnovu hartija od vrednosti raspoloživih za prodaju (5.547) (19.766)dobitak 1.226.486 1.496.673UKUPAN KAPITAL 20.529.675 18.133.081UKUPNO PASIVA 101.884.376 80.016.644VANBILANSNE POZICIJE 143.191.756 168.083.873

13SBERBANK RS | godIšNjI IzvEštAj 2012 | IzvEštAj o pRoMENAMA NA KApItAlU

Izveštaj o promenama na kapitaluZa godinu završenu 31. decembra 2012. godine


AKCIJSKI KAPITAL Stanje na početku godine 5.774.153 5.774.153Ukupna povećanja u tekućoj godini 327.991 -Stanje na kraju godine 6.102.144 5.774.153EMISIONA PREMIJA Stanje na početku godine 7.904.743 7.904.743Ukupna povećanja u tekućoj godini 814.074 -Stanje na kraju godine 8.718.817 7.904.743REZERVE IZ DOBITI I OSTALE REZERVE Stanje na početku godine 2.963.165 1.992.245Ukupna povećanja u tekućoj godini 4.459.543 970.920Ukupna smanjenja u tekućoj godini (2.962.870) -Stanje na kraju godine 4.459.838 2.963.165REVALORIZACIONE REZERVE Stanje na početku godine 14.113 -Ukupna povećanja u tekućoj godini 27.937 14.113Ukupna smanjenja u tekućoj godini (14.113) -Stanje na kraju godine 27.937 14.113NEREALIZOVANI 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 1.496.673 970.920Ukupna povećanja u tekućoj godini 1.226.486 1.496.673Ukupna smanjenja u tekućoj godini (1.496.673) (970.920)Stanje na kraju godine 1.226.486 1.496.673UKUPNO Stanje na početku godine 18.133.081 16.642.061Ukupna povećanja u tekućoj godini 6.856.031 2.461.940Ukupna smanjenja u tekućoj godini (4.459.437) (970.920)Stanje na kraju godine 20.529.675 18.133.081

14 SBERBANK RS | godIšNjI IzvEštAj 2012 | IzvEštAj o NovČANIM toKovIMA

Izveštaj o novčanim tokovimaU periodu od 1. januara do 31. decembra 2012. godine


Tokovi gotovine iz poslovnih aktivnosti Prilivi gotovine iz poslovnih aktivnosti 6.190.213 5.583.821prilivi od kamata 5.188.421 4.840.494prilivi od naknada 992.652 728.878prilivi po osnovu ostalih poslovnih prihoda 9.140 14.449Odlivi gotovine iz poslovnih aktivnosti (3.680.364) (3.124.764)odlivi po osnovu kamata (1.619.121) (1.427.469)odlivi po osnovu naknada (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 2.459.057Smanjenje plasmana i povećanje uzetih depozita 15.291.788 4.481.167Smanjenje kredita i plasmana bankama i komitentima - 4.481.167povećanje depozita od banaka i komitenata 12.148.227 -Smanjenje hartija od vrednosti po fer vrednosti kroz bilans uspeha, plasmana kojima se trguje i kratkoročnih hartija od vrednosti koje se drže do dospeća 3.143.561 -Povećanje plasmana i smanjenje uzetih depozita (15.064.565) (5.361.839

15SBERBANK RS | godIšNjI IzvEštAj 2012 | IzvEštAj o NovČANIM toKovIMA

Izveštaj o novčanim tokovimaU periodu od 1. januara do 31. decembra 2012. godine


povećanje kredita i plasmana bankama i komitentima (15.064.565) -Smanjenje depozita od banaka i komitenata - (5.361.839)Neto priliv gotovine iz poslovnih aktivnosti pre poreza na dobit 2.737.072 1.578.385plaćeni porez na dobit (215.009) (151.075)Neto priliv gotovine iz poslovnih aktivnosti 2.522.063 1.427.310Tokovi gotovine iz aktivnosti investiranja Prilivi gotovine iz aktivnosti investiranja 68 40.552prilivi od prodaje udela (učešća) 68 40.552Odlivi 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 2.848.836 713.733prilivi po osnovu uvećanja kapitala 1.142.065 -Neto prilivi gotovine po osnovu subordiniranih obaveza 1.706.771 -Neto prilivi gotovine po osnovu uzetih kredita - 713.733Odlivi gotovine iz aktivnosti finansiranja (417.335) (4.995.271)Neto odlivi gotovine po osnovu subordiniranih obaveza - (34.292)Neto odlivi gotovine po osnovu uzetih kredita (417.298) -Neto odlivi po osnovu hartija od vrednosti - (4.960.979)ostali odlivi iz aktivnosti finansiranja (37) -Neto priliv/(odliv) gotovine iz aktivnosti finansiranja 2.431.501 (4.281.538)Svega neto prilivi gotovine 24.330.905 10.819.273Svega neto odlivi gotovine (19.465.686) (13.741.154)Neto povećanje gotovine 4.865.219 -Neto smanjenje gotovine - (2.921.881)Gotovina na početku godine 2.884.346 5.494.382Pozitivne kursne razlike 966.050 19.711.516Negativne kursne razlike (893.573) (19.399.671)Gotovina na kraju perioda (Napomena 17) 7.822.042 2.884.346

16 SBERBANK RS | godIšNjI IzvEštAj 2012 | IzvEštAj NEzAvISNog REvIzoRA

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 to-kovima gotovine za godinu koja se završila na taj dan, kao i pregled značajnih računovodstvenih politika i osta-lih napomena uz finansijske izveštaje.

Odgovornost rukovodstva za finansijske izveštaje

Rukovodstvo Banke je odgovorno za pripremu i objek-tivno prikazivanje ovih finansijskih izveštaja u skladu sa zakonom o računovodstvu i reviziji i propisima Narodne banke Srbije koji regulišu finansijsko izveštavanje bana-ka, kao i za interne kontrole koje rukovodstvo smatra neophodnim da omoguće pripremu finansijskih izveštaja koji ne sadrže materijalno značajne pogrešne iskaze, na-stale 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 pridrža-vamo 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.

Revizija obuhvata sprovođenje procedura u cilju priku-pljanja revizorskih dokaza o iznosima i obelodanjivanji-ma u finansijskim izveštajima. Izbor revizorskih proce-dura zasnovan je na procenama revizora pri čemu je u obzir uzeta i ocena rizika postojanja materijalno značaj-nih pogrešnih iskaza u finansijskim izveštajima nasta-lih 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 procedu-ra u skladu sa okolnostima, ali ne i u cilju izražavanja mišljenja o efikasnosti internih kontrola Banke. Revizija takođe uključuje ocenu opravdanosti primene odgova-rajućih računovodstvenih politika i računovodstvenih procena izvršenih od strane rukovodstva, kao i ocenu opšte prezentacije finansijskih izveštaja.

Smatramo da su revizorski dokazi koje smo prikupili do-voljni i odgovarajući da obezbede osnovu za izražavanje našeg mišljenja.

Mišljenje

po našem mišljenju, finansijski izveštaji prikazuju istini-to i objektivno po svim materijalno značajnim pitanjima, finansijski položaj Banke na dan 31. decembra 2012. go-dine 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 izve-štaju od 16. marta 2012. godine.

Beograd, 15. mart 2013. godine.

Izveštaj nezavisnog revizoraAkcionarima Sberbank Srbija a.d., Beograd

Stephen Fish Ernst & Young d.o.o., Beograd

vladimir Ilić ovlašćeni revizor

17SBERBANK RS | godIšNjI IzvEštAj 2012 | godIšNjI IzvEštAj BoRdA dIREKtoRA

tokom 2012. godine, Upravni odbor se sastajao na če-tiri redovne sednice gde su usvojene 22 pisane rezoluci-je. tokom ovih sastanaka, Izvršni odbor je obaveštavao Upravni odbor o zakonitom, prikladnom i efikasnom po-slovanju Sberbank Srbija u Beogradu. Upravni odbor je proučio izveštaje podnete od strane Izvršnog odbora i na osnovu toga doneo odgovarajuće odluke.

Finansijski izveštaj Sberbanke od dana 31. 12. 2012. go-dine je revidiran od strane Ernst & Young agencije u Be-ogradu. prilikom njihove analize, revizori nisu imali pri-medbi te su u skladu sa tim dali mišljenje bez rezerve. Revizorski komitet Sberbanke Srbije pregledao je finan-sijske izveštaje i predložio njihovo usvajanje na sednici deoničara i Upravnog odbora.

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 zaposle-nima Sberbanke Srbije na njihovom velikom trudu ulože-nom tokom prethodne godine, posebno što se tiče odlič-ne realizacije planova i ciljeva za širenje aktivnosti banke u 2012. i kasnije.

Godišnji izveštaj Upravnog odbora

18 SBERBANK RS | ANNUAl REpoRt 2012 | ABoUt SBERBANK ANd SBERBANK EURopE

About Sberbank and Sberbank Europe

In February 2012 former volksbank International Ag – now Sberbank Europe Ag – was acquired by Sberbank of Russia.

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 institu-tional 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.

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 European countries: Slovakia, Czech Republic, Hungary, Slovenia,

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 one of the most profitable financial in-stitutions 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, Sber-bank Europe is building bridges to Eastern business and is a unique banking partner in the CEE region, Russia and CIS countries.

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 innova-tor, 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.

Slovakia

Czech RepublicUkraine

Hungary

Austria

SloveniaCroatia

Bosnia and Herzegovina Serbia

19SBERBANK RS | ANNUAl REpoRt 2012 | FoREWoRd oF tHE ExECUtIvE BoARd

Foreword of the Executive Board

Dear clients, shareholders and friends of Sberbank Serbia a.d Beograd,

Since volksbank Serbia has become a member of Sber-bank 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 bor-der reached EUR 736 million, while deposits increased by 47% in comparison to previous year. In more than chal-lenging surrounding we supported the Serbian economy as very strong growth of corporate loans of 86% in com-parison to 2011 in 2012 clearly shows.

As in previous years, banking business in 2012 was con-ducted in very demanding economic environment. Sber-bank 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 support-ed 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 strong-est and fastest growing financial institutions in the world, successful business will be continued.

valeriy ovsyannikov president of Executive Board

danilo Đurović Member of Executive Board

gordana Matić Member of Executive Board

20SBERBANK RS | ANNUAl REpoRt 2012 | KEY FACtS

Key facts2004 - 2012

Total assetsin mio RSD

Cost income ratio

141.10%

93.50%87.10%

72.80%

53.50%

44.60% 43.76%

2004 2005 2006 2007 2008 2009 2010

38.94%42.71%

2011 2012

4,474

12,218

36,686

52,987

62,228

69,108

83,041

2004 2005 2006 2007 2008 2009 2010

80,017

101.884

2011 2012

Profitin mio RSD

-43-103

586

336

941 9671097

2004 2005

2006 2007 2008 2009 2010

1670

1350

2011 2012

Loans to customersin mio RSD

2,709

6,703

16,721

26,078

34,591

41,264

52,432

2004 2005 2006 2007 2008 2009 2010

53,657

77,820

2011 2012

21SBERBANK RS | ANNUAl REpoRt 2012 | lINES oF BUSINESS

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 maxi-mization of profit, improving the loan-deposit ratio, in-crease 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.

What ought to be mentioned regarding 2012 is the sig-nificant 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 improve-ment 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 main-tained profit performance.

the confirmation of the employees’ commitment to in-crease of efficiency, beside the mentioned parameters, can be validated through following indicators of change in comparison with 2011:

• 11%increaseofactiveclients’base

• 22%increaseofthenumberoftransactionsofdo-mestic payment operations

• 20%increaseofthenumberoftransactionsofin-ternational payment operations

• 7%increaseofthenumberofpaymentcards,etc.

It is important to mention that the stated performanc-es 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.

Corporate sector

2012 may be considered the most successful year for Sber-bank 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 profitabil-ity, will be seen in 2013. Beside the portfolio growth, an ex-traordinary growth of deposit base took place, which clearly indicates the confidence of clients in Sberbank Serbia.

the growth of the active capital and deposits was not the goal for itself, but was aimed at establishing encompass-ing cooperation with clients, which was achieved. Namely, RSd and fx transactions through accounts opened in the bank increased considerably, while the sale of foreign cur-rency 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 abovemen-tioned, 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 edu-cation of employees, who are the basic resources.

Loans to retail customers in mio RSD

4723,027

9,196

19,887

28,649 30,990

38,350

2004 2005 2006 2007 2008 2009 2010

38,192

41,588

2011


Lines of business

Treasury

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

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.

Information Technologies

In 2012, the Bank’s It sector actively contributed and successfully followed bank’s development through in-troduction of modern solutions in It sector, primar-ily oriented towards bank’s clients, thus meeting their needs.

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

• ExpansionofCallCentre’sfunctionality

• Internal development of applications that effi-ciently support business procedures

• Implementation of various additional functionali-ties within the main banking system

• Improvementof IT infrastructure–DataStorageSystem and virtualization of system environment


Lines of business

Human resources

the year 2012 was different from all others for employ-ees of our bank. A great number of projects from Sber-bank Europe and Sberbank Russia caused a strong de-velopment of employees in a strategic sense.

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 co-operation 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 co-operation with the Faculty. the result of this are scholar-ships 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 in-troduced 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 me-dium management, continuing work on action steps that came out from a survey about employees’ satisfac-tion and further improvement of functions of the service itself.

Marketing and Communication

during 2012, the Marketing and Communications de-partment promoted a number of new products through electronic, outdoor and print media, focusing on RSd loans with fixed interest rate during the entire repay-ment period.

the campaigns for deposits and specific “dobro jutro” saving, loans for micro-enterprises, cash loans and re-financing 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 activi-ties for Moneygram and Western union money trans-fers. 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 suc-cessfully, 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 successful-ly, 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, continu-ous 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 val-ues of the bank’s media announcements with record-breaking 71% primary positions of the banks in newspa-per articles and tv reports.


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 manage-ment 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 bet-ter quality of services to Bank’s customers

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.

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 improve-ment in recoveries compared to 2011.

going forward, as the main risk remains the develop-ment of the portfolio quality in view of the current eco-nomic situation, credit risk management will be the fo-cus of development.

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

Performance indicators

31.12.2012.

Regulatory

requirement

Capital EUR 92.251.564 min. EUR 10.000.000

Capital adequacy ratio 16,56% min. 12%

Related parties exposure 3,99% max 20%

Indicator of large and the largest permissible 103,06% max. 400%

liquidity ratio 2,08 min. 1

Foreign currency risk indicator 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).

25

FinancialStatements

26SBERBANK RS | ANNUAl REpoRt 2012 | INCoME StAtEMENt

In RSD thousand 2012. 2011.

Interest income 5,605,076 5,301,524Interest expenses (1,709,822) (1,403,933)Net interest income 3,895,254 3,897,591Fee and commission income 749,194 742,329Fee and commission expenses (75,240) (81,931)Net fee and commission income 673,954 660,398Net loss on sell of securities available for sale (84) -Net gain on sell of securities held to maturity - 4Net loss on sale of investments in subsidiary - (31,417)Net foreign exchange gains 395,064 311,845other operating income 14,599 19,853Impairment losses of financial assets and provisions, net (1,276,974) (1,210,154)Salaries, wages and other personal expenses (921,402) (750,372)depreciation and amortization (140,970) (158,203)other operating expenses (1,283,370) (1,065,900)gains from changes in value of assets and liabilities 739 453losses from changes in value of assets and liabilities (6,696) (3,829)Profit before tax 1,350,114 1,670,269Income tax (142,617) (174,893)deferred tax income 18,989 1,297Profit 1,226,486 1,496,673Earnings per share (in RSd) 212 259

Income statement For the year ended 31 December 2012

27SBERBANK RS | ANNUAl REpoRt 2012 | BAlANCE SHEEt

Balance sheet As at 31 December 2012


ASSETS Cash and cash equivalents 7,822,042 2,884,346Revocable deposits and loans 12,419,975 15,526,966Interest and fee receivables, receivables from sales, changes in fair value of derivatives and other receivables 1,394,899 1,145,137loans and advances 69,346,673 47,860,726Securities (excluding treasury shares) 8,254,409 11,250,390Equity investments 199 267other placements 1,979,285 781,187Intangible assets 134,713 131,860property, equipment and investment property 184,335 237,626deferred tax assets 31,848 12,859other assets 315,998 185,280TOTAL ASSETS 101,884,376 80,016,644LIABILITIES transaction deposits 9,153,509 4,549,314other deposits 20,148,529 11,887,088Borrowings 44,612,187 40,440,958liabilities arising from securities 5,547 19,766liabilities arising from interest, fee and changes in fair value of derivatives 28,193 19,898provisions 447,963 336,476tax liabilities 12,078 8,316liabilities from profit - 51,138other liabilities 6,946,695 4,570,609TOTAL LIABILITIES 81,354,701 61,883,563

28SBERBANK RS | ANNUAl REpoRt 2012 | BAlANCE SHEEt

Balance sheet As at 31 December 2012


EQUITY Share capital 14,820,961 13,678,896Reserves from profit 4,459,838 2,963,165Revaluation reserves 27,937 14,113Unrealized losses arising on securities available for sale (5,547) (19,766)Retained earnings 1,226,486 1,496,673TOTAL EQUITY 20,529,675 18,133,081TOTAL LIABILITIES AND EQUITY 101,884,376 80,016,644OFF-BALANCE SHEET ITEMS 143,191,756 168,083,873

29SBERBANK RS | ANNUAl REpoRt 2012 | StAtEMENt oF CHANgES IN SHAREHoldER’S EqUItY

Statement of changes in shareholders’ equityFor the year ended 31 December 2012


SHARE CAPITAL Balance at the beginning of the year 5,774,153 5,774,153total increase during the year 327,991 -Balance at the end of the year 6,102,144 5,774,153SHARE PREMIUM Balance at the beginning of the year 7,904,743 7,904,743total increase during the year 814,074 -Balance at the end of the year 8,718,817 7,904,743RESERVES FROM PROFIT AND OTHER RESERVES Balance at the beginning of the year 2,963,165 1,992,245total increase during the year 4,459,543 970,920total decrease during the year (2,962,870) -Balance at the end of the year 4,459,838 2,963,165REVALUATION RESERVES Balance at the beginning of the year 14,113 -total increase during the year 27,937 14,113total decrease during the year (14,113) -Balance at the end of the year 27,937 14,113UNREALISED 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 1,496,673 970,920total increase during the year 1,226,486 1,496,673total decrease during the year (1,496,673) (970,920)Balance at the end of the year 1,226,486 1,496,673TOTAL Balance at the beginning of the year 18,133,081 16,642,061total increase during the year 6,856,031 2,461,940total decrease during the year (4,459,437) (970,920)Balance at the end of the year 20,529,675 18,133,081

30SBERBANK RS | ANNUAl REpoRt 2012 | CASH FloW StAtEMENt

Cash flow statementFor the year ended 31 December 2012


Cash flow from operating activities Cash inflow from operating activities 6,190,213 5,583,821Interest 5,188,421 4,840,494Fees 992,652 728,878other operating income 9,140 14,449Cash 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 2,459,057Decrease in placements and increase in taken deposits 15,291,788 4,481,167decrease in loans and placements to banks and clients - 4,481,167Increase in deposits with banks and clients 12,148,227 -decrease in securities at fair value through profit and loss, Investments held for trading and short-term securities held to maturity 3,143,561 -Increase in placements and decreases in taken deposits (15,064,565) (5,361,839)

31SBERBANK RS | ANNUAl REpoRt 2012 | CASH FloW StAtEMENt

Cash flow statementFor the year ended 31 December 2012


Increase in loans and placements to bank and clients (15,064,565) -decrease in deposits with banks and clients - (5,361,839)Net cash inflow from operating activities before tax 2,737,072 1,578,385Income tax paid (215,009) (151,075)Net cash inflow from operating activities 2,522,063 1,427,310Cash flow from investing activities Cash inflow from investing activities 68 40,552Inflow from sales of equity investments 68 40,552Cash 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 2,848,836 713,733Inflow from capital increase 1,142,065 -Net inflow from subordinated liabilities 1,706,771 -Net inflow from borrowings - 713,733Cash outflows from financing activities (417,335) (4,995,271)Net outflow from subordinated liabilities - (34,292)Net outflow from borrowings (417,298) -Net outflow from securities - (4,960,979)other outflows from financing activities (37) -Net cash inflow/outflow from financing activities 2,431,501 (4,281,538)Total net cash inflow 24,330,905 10,819,273Total net cash outflow (19,465,686) (13,741,154)Net increase in cash 4,865,219 -Net decrease in cash - (2,921,881)Cash at the beginning of the year 2,884,346 5,494,382Foreign exchange gains 966,050 19,711,516Foreign exchange losses (893,573) (19,399,671)Cash at the end of the year (Note 17) 7,822,042 2,884,346

32SBERBANK RS | ANNUAl REpoRt 2012 | INdEpENdENt AUdItoR’S REpoRt

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 accord-ance with law on Accounting and Auditing and regula-tions of the National Bank of Serbia governing financial reporting of banks, and for such internal control as man-agement determines is necessary to enable the prepara-tion 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 fi-nancial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. these standards require that we respect ethi-cal standards, plan and perform the audit to obtain rea-sonable assurance about whether the financial reports are free from material misstatements.

An audit involves performing procedures to obtain au-dit 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 de-sign audit procedures that are appropriate in the cir-cumstances, but not for the purpose of expressing an opinion on the effectiveness of the Bank‘s internal con-trol. An audit also includes evaluating the appropriate-ness of accounting policies used and the reasonable-ness of accounting estimates made by management, as well as evaluating the overall presentation of the finan-cial statements.

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 state-ments on 16 March 2012.

Belgrade, 15 March 2013

Independent auditor’s reportTo the shareholders of Sberbank Serbia JSC, Belgrade

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

vladimir Ilić Authorized auditor

33SBERBANK RS | ANNUAl REpoRt 2012 | BoARd oF dIRECtoRS ANNUAl REpoRt

during 2012, the Board of directors convened at four regular sessions and passed 22 written resolutions. dur-ing its meetings, the Board of directors was kept fully informed by the Executive Board about the lawful, ap-propriate 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.

Sberbank’s financial statements as of december 31, 2012, were audited by Ernst & Young, Belgrade. In their examination, the auditors found no objections and ac-cordingly approved the accounts without qualifications. the Audit Committee of Sberbank Serbia has reviewed the financial statements and proposed them for adop-tion to the general Meeting of Shareholders and the Board of directors.

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 ef-forts during the past year, in particular in view of the ex-cellent implementation of plans and realization of goals for expansion of the bank activities in 2012 and beyond.

Board of Directors annual report

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