annual report godišnji izvještaj...strateškom projektu i konačno dobili vlasnika čija je...
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Crnogorska komercijalna banka
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Annual ReportGodišnji izvještaj
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2 0 0 6A n n u a l R e p o r tG o d i š n j i i z v j e š t a jMontenegro, Crna Gora
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Contents
04 Bilans uspjeha 05 Bilans stanja
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07 Uvodna riječ Generalnog direktora
08 CKB Upravni odbor
09 CKB Menadžment
11 Uvijek nezavisni
17 Stare i nove bankarske priče
19 Nova članstva i nova zakonska infrastruktura
21 Društvena priča
23 Novo strateško partnerstvo na jugoistoku Evrope
27 Finansijski izvještaj na dan i za godinu završenu 31. decembra 2006. i Izvještaj nezavisnog revizora
Income Statement
Balance Sheet
Statement of the General Manager
CKB Management Board
CKB Management
Always independent
Old and new banking stories
New memberships and new legal infrastructure
Social story
New strategic partnership on the
southeast of Europe
Financial statements as of and for the year ended 31 December 2006 and
Independent auditors' report
Sadržaj
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NoteNapomena 2006. 2005.
InterestandsimilarincomePrihodipoosnovukamataisličniprihodi 3.1,�a 25.613 1�.187
InterestexpenseandsimilarchargesRashodipoosnovukamataisličnirashodi 3.1,�b (16.231) (7.57�)
Netinterestincome/Netoprihododkamata 9.382 6.613
FeeandcommissionincomePrihodipoosnovunaknadaiprovizija 3.1,5a 13.601 11.230
FeeandcommissionexpenseRashodipoosnovunaknadaiprovizija 3.1,5b (2.917) (2.618)
Netfeeandcommissionincome/Netoprihododnaknadaiprovizija 10.68� 8.612
Nettradingincome/(expenses)Netoprihodi/(rashodi)iztrgovanja 3.2,6 87� (269)
NetgainslesslossesfrominvestmentsecuritiesNetodobicipoosnovuulaganjahartijaodvrijednosti - 23
DividendsandotherincomefromequityinvestmentsPrihodioddividendiiučešća 60 -
OtheroperatingincomeOstaliposlovniprihodi �9� -
OperatingexpensesOstaliposlovnirashodi 7 (13.�75) (11.1�5)
LossesonimpairmentandprovisionsRashodiindirektnihotpisaplasmanairezervisanja 3.5,8 ((3.685) (530)
(15.732) (11.921)
Profitbeforetax/Dobitprijeoporezivanja �.33� 3.30�
IncometaxesPoreznadobit 3.3,9a (�2�) (279)
3.025 1.957
Profitfortheyear/Netodobit 3.910 3.025
Income Statement Bilans uspjehaYearended31December/Uperioduod1.januarado31.decembra2006.thousandsofEUR/uhiljadamaEUR
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Note/Napomena 2006. 2005.
ASSETS/AKTIVA
CashandbalanceswiththeCentralBankNovčanasredstvaisredstvakodCentralnebanke 3.�,10 113,327 �3,672
TreasurybillsDržavnizapisi 11 1,�61 3,831
LoansandadvancestobanksKreditiiavansibankama 12 80,695 76,�35
LoansandadvancestocustomersKreditiiavansiklijentima 13 321,722 161,217
Available-for-salesecuritiesHartijeodvrijednostiraspoloživezaprodaju 3.5,1� 17� 17�
FinancialassetatfairvaluethroughprofitandlossFinansijskasredstvapopravičnojvrijednostikrozbilansuspjeha 3.6,15 211 211
Property,plantandequipmentNekretnine,postrojenjaioprema 3.8,16 11,661 10,26�
IntangibleassetsNematerijalnaulaganja 3.7,16 3,932 3,700
OtherassetsOstalasredstva 17 3,592 3,8�3
Totalassets/Ukupnaaktiva 536,775 303,3�7
LIABILITIES/PASIVA
DepositsfrombanksObavezepremabankama 18 5,087 13,202
DuetocustomersObavezepremaklijentima 19 �52,1�7 2�8,12�
OtherborrowedfundsObavezepokreditima 3.9,20 5�,�07 21,�75
CurrentincometaxliabilitiesObavezezatekućiporez 3.3 1�� 279
OtherliabilitiesOstaleobaveze 21 899 517
ProvisionsRezervisanja 3.10,3.11,22 627 273
DeferredincometaxliabilitiesOdloženeporeskeobaveze 3.3,9a 236 159
Totalliabilities/Ukupneobaveze 513,5�7 28�,029
SHAREHOLDERS’EQUITY/KAPITAL
SharecapitalAkcijskikapital 23 17,966 15.3�7
OtherreservesOstalerezerve 9�6 9�6
RetainedearningsNeraspoređenadobit �,316 3,025
Totalshareholders’equity/Ukupankapital 23,228 19,318
Totalliabilitiesandshareholders’equity/Ukupnapasiva 536,775 303,3�7
OFF-BALANCE-SHEETITEMS/VANBILANSNEPOZICIJE 2� �9,18� 20,3�3
Balance Sheet Bilans stanjaYearended31December/Nadan31.decembra2006.thousandsofEUR/uhiljadamaEUR
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Statement of the General Manager
Dearclientsandshareholders,Mydearestteam,
Our banking story began in January 1997.The year of 2006 will be re-membered by December which again confirmed our good results andalsobroughtanewpartnertous–HungarianOTPBank.Weworkedonthestrategicprojectforayearandfinallygottheownerwhosehistoryissimilartooursandwithwhomwehavealotincommon–fromefficiencytothevision...
OnereallyinterestingandexcitingyearwithalotofworkandresultsisbehindusandthereisnodoubtthatCrnogorskaKomercijalnaBankawillsuccessfullydevelopandshapeMontenegroanditseconomyinthefutureaswell.Everybodyhasrightondreamsalthoughbankingisexactbyitsnature,preciseandaccurate...Iamheadingtheteamwhoachievedmorethanitplannedin2006andalsowhowitnessedmorethanitdreamedofforitscountry,historyandfuturegenerations.
ThebeginningofthenewcenturywasmarkedbybirthofindependentMontenegro.
Allimportantindicatorsfortheperiod2005-2006showstronggrowthofCKB.Balancesumishigherby77%,loansby100%,depositsby75%andsavingsofMontenegrincitizenscomparedtothelastyearincreasedby1�6%.Theprofitweachieved in2006 ishigherby31.2%than in2005.OurclientstodayarealmostallemployedpersonsinMontenegrobutalsomanyothersandtheirnumberisbiggerthanever–morethan230.000private individuals and legal entities perform business through CKB. Intechnological terms, we went a step further compared to the previousyear–weenrichedouroffer,introducednewservicesandpreparedthenecessaryinfrastructureforournewprojectsandwehopetohaveonemorebankingandinformationtechnologyrevolution.Bankingcompe-titionisstrongerthaneverandwehopethatcooperationbetweenthebankswillbemoreloyalandbetterinthefuture.
ThegratitudefortheachievedresultsIagainowetomyteamwhoarethebestprofessionals inMontenegrotodayandwhohavefoughtalltheseyearsfortheeconomicindependenceofMontenegro.Luckily,theylivedtoseemuchmorethanthat.Wearesurethatournewstrategicpartner,OTP,willcherishthenameandreputationofCKBandthat,bycombiningtheknowledgeandexperiences,wewilldesignandimplementtogethernewMontenegrinandEuropeanprojects...
Milka Ljumović,General Manager
Podgorica,May2007
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Uvodna riječGeneralnog direktora
Poštovaniklijentiiakcionari,Mojnajdražitimu,
Naša bankarska priča počela je januara 1997-e. 2006-u pamtićemopodecembru,kojinamjeponovopotvrdiodobrerezultate,alinamjedonioinovogpartnera,mađarskiOTP.Godinudanasmoradilinastrateškomprojektuikonačnodobilivlasnikačijajeistorijasličnanašojisakojimnaspovezujemnogotoga-odefikasnostidovizije…
Jednazaistainteresantnaiuzbudljivagodina,samnogoradairezultatajeizanasinemasumnjedaćeCrnogorska komercijalna banka uspješnorazvijati i oblikovati Crnu Goru i njenu ekonomiju i ubuduće. Pravo dasanjaimasvakičovjek,iakojebankarstvovrloegzaktnoposvojojprirodi,preciznoitačno.Predvodimtimkojijeostvariovišenegoštojeplaniraoza2006.godinu,imnogovišenegoštojesanjaodaćeostvaritiidoživjetizasvojuzemlju,zaistoriju,zapotomstvo…
Početakjednognovogvijeka,obilježilojerađanjenezavisneCrneGore…
Svi važni pokazatelji za period 2005-2006. govore o snažnom rastuCKB-a.Bilansnasumajevećaza77%,kreditiza100%,depozitiza75%,aštednjacrnogorskihgrađana,uodnosunaprethodnugodinu,povećanajeza1�6%.Profitkojismoostvariliu2006.godinivećijeza31,2%odonogiz2005-e.NašisuklijentidanasgotovosvizaposleniCrneGore,aliimnogidrugiinjihovjebrojvećinegoikada,preko230.000fizičkihipravnihlicaposlujeprekoCKB-a.Tehnološkismootišlikorakdaljeuodnosu na prošlu godinu, obogatili ponudu, uveli nove servise i pri-premilipotrebnuinfrastrukturuzanašenoveprojekteinadamosezajošjednubankarskuinformatičkurevoluciju...Bankarskakonkurencijaje jačanego ikada,nadamosedaće i saradnjameđubankamabiti ilojalnijaisnažnijaubudućnosti.
Najvećuzahvalnostzasveostvarenerezultateponovodugujemmomtimu,danasnajboljimcrnogorskimbankarskimkadrovima,odanimpro-fesionalcimakojisusesvihovihgodinaborilizaekonomskunezavisnostCrneGoreidočekalimnogovišeodtoga.SigurnasamdaćeinašnovistrateškipartnerOTPnjegovatiimeiugledCKB-aidaćemoukrštanjemzajedničkihznanjaiiskustavaosmišljavatiiostvarivatinovecrnogorskeievropskeprojekte.
Milka Ljumović,Generalni direktor
Podgorica,maj2007.godine
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8
CKBManagement BoardCKBUpravni odbor
JózefWindhemPresidentPredsjednik
ZoltanDéncs
MemberČlan
AndrasTakacs
MemberČlan
IbolyáSari
MemberČlan
MilkaLjumović
MemberČlan
May,2007/Maj2007.
*TheShareholdersAssemblyofCKB,onMay29,2007willappointMr.SzabolcsKorbaintheManagementBoardinsteadofMr.Z.Déncsaswellastwonewmembers:Mrs.BoseTatarandMrs.AleksandraPopović.
*SkupštinaakcionaraCKB-aćenapredstojećojsjednici29.maja2007.godine,imenovatiusastavUpravnogod-borag-dinaDr.S.Korbuumjestog-dinaDr.Z.Déncsa,kaoidvanovačlana,g-đuB.Tatarig-đuA.Popović.
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CKBManagementCKBMenadžment
CKBManagement BoardCKBUpravni odbor
PredragBožović
AssistantGeneralManagerPomoćnikgeneralnogdirektora
tel.+382(0)81404393fax.+382(0)[email protected]
MilkaLjumović
GeneralManagerGeneralnidirektor
tel.+382(0)81404256fax.+382(0)[email protected]
BoseTatar
DeputyGeneralManagerZamjenikgeneralnogdirektora
tel.+382(0)81404256fax.+382(0)[email protected]
AleksandraPopović
AssistantGeneralManagerPomoćnikgeneralnogdirektora
tel.+382(0)81404364fax.+382(0)[email protected]
DubravkaPavićević
AssistantGeneralManagerPomoćnikgeneralnogdirektora
tel.+382(0)81404206fax.+382(0)[email protected]
May,2007/Maj2007.
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pričaoekonomijijeuvijekpričaoživotu,oljudimainjihovimslobodama,ovizijii razvoju, o rezultatima i uvijek novim
mostovimaubiznisu.Referendumomoneza-visnosti,21.maja2006.godine,nakon88go-dinapripadanja raznimoblicimazajedničkihdržava,CrnaGorajepostalanajmlađasamostal-nadržavanasvijetu.Ekonomskojnezavisnosti,pridružilaseipolitička.ItakoseCrnaGoravra-tilanaposlovnuipolitičkumapusvijeta...
Mediteranska Crna Gora sa privlačnom oba-lom,aliiplaninama,nanekinačinjeobilježilaipočetak21.vijeka,vijekamalihzemaljaiveli-kog internacionalizovanog tržišta. Sudeći poglobalnim dešavanjima, ali i onima na jugo-istokuEvrope,CrnaGorapostajevažnadesti-nacijaumeđunarodnombiznisu,onapovezujetržištaokosebe,brišegranice,pružasigurnostkapitaluiotvaravelikibrojmogućnostizanovebiznise...StranikapitaldirektnouloženuCrnuGoru2006-ejedostigaorekordannivo.Ukupnizabilježeni priliv stranih investicija iznosio je6�� miliona eura, što u odnosu na 2005. go-dinupredstavljarastod22%.Straniinvestitoridolaze iz77zemalja,apremanekimprelimi-narnimpodacima,CrnaGorajepoučešćupri-livaSDIuBDP,ugrupiekonomijautranziciji,naprvommjestuuEvropi.
Turizamjegranakojaseizrazitodinamičnoraz-vija.Ukupanbrojturistau2006.godinijedosti-gaocifruodblizu1milion,sa6milionanoćenjaiukupnimostvarenimprihodomodpreko300miliona eura. Svjetski savjet za turizam i pu-tovanja (WTTC-a) je proglasio Crnu Goru zazemljusanajbržerastućomturističkomprivre-domnasvijetu,uzadnječetirigodine.Rezul-tati istraživanjaWTTC-a pokazuju da se Crna
storyabouteconomyisalwaysasto-ryaboutlife,aboutpeopleandtheirfree choices, vision and developme-
nt, about results and always new businessbridges.Afterthereferendumonindepende-ncethattookplaceon21May2006,after88yearsofbelongingtodifferentmodelsofjointstates, Montenegro became the youngestindependent state in the world. Economicindependencewasfollowedbypoliticalinde-pendence.AndthusMontenegroreturnedtotheworld’sbusinessandpoliticalmap...
MediterraneanMontenegro,with itsattracti-ve coast as well as mountain area, markedthebeginningofthe21stcenturyinacerta-inway– thecenturyof small statesandbiginternationalizedmarket.Judgingbywhat isgoingongloballyandonthesoutheastofEu-rope,Montenegroisbecominganimportantdestination for the international business; itconnectsthemarketsarounditself,itremovesboundaries,ensuressecurity for investmentsand provides numerous opportunities fornew businesses... Direct foreign investmentsinMontenegroreachedrecordlevel in2006.The total recorded inflow of foreign capitalamounted to EUR 6�� million, which repre-sentsan increaseof22%comparedto2005.Foreigninvestorscamefrom77countriesandaccording to some preliminary data, Monte-negro is on the first place in Europe amongeconomiesintransitionwhenitcomestotheshareofdirect foreign investments inflow inGDP.
Tourism is a branch that is developing verydynamically.The total number of tourists in2006 reached the figure of almost 1 million
Uvijek nezavisniAlways independent
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Goranalaziinaprvommjestulistezemaljasanajvećim predviđenim rastom turističke pri-vredeusljedećihdesetgodinaitosastopomod10,1%godišnje.
Crna Gora je danas veliko i užurbano gra-dilište, mjesto gdje se ukrštaju razni putevikapitalaigdjesesvakodnevnootvarajunoviinoviprojekti,kojimijenjajuzemljuidodatnounapređujustandardstanovništva.Otvaranjeznačajnih infrastrukturnihprojekata jača imidžCrne Gore, posebno u očima strane poslovnejavnosti,itojeproceskojitečeikojićetrajati...
AerodromiuPodgoriciiTivtusuvećrekonstru-isani. U toku su pripreme projekta Jadransko- jonskogautoputa,kaoionogkojićespajatisjeverijugdržave.Takođeirekonstrukcijaputne i željezničke infrastrukture, kao i projektirješavanjavodosnabdijevanja,posebnonapri-morjuiregulacijeotpadnihvodaisl.Najavlje-nesuprivatizacijejošnekolikovažnihcrnogo-rskihkompanija-Duvanskogkombinata,HTPBudvanskeRivijere,Elektroprivrede,Željeznice,LukeBar,Plantaža,Termoelektrane,AerodromaCGisl.Itosuupravoprojektiiaktivnostikojeće
with6millionovernightstaysandtotalinco-meofoverEUR300million.WTTCproclaimedMontenegroacountrywiththefastestgrowi-ngtouristindustryintheworldinthelastfouryears.TheresultsoftheWTTC’sresearchshowthatMontenegroisalsoonthefirstplacewhenitcomestothecountrieswiththehighesten-visagedgrowthoftouristindustryinthenexttenyears,witharateof10.1%p.a.
Today,Montenegroisbigandbusybuildingsite, a place where numerous roads of capi-talarecrossedandwherenewprojects thatare changing the country and increasingthe living standard of the citizens are beingdevelopedeveryday.Importantinfrastructu-ral projects are strengthening the image ofMontenegroespeciallyseenthroughtheeyesofforeignbusinesspublicandthatisthepro-cessthatisgoingonandwillgoonforsometime.TheairportsinPodgoricaandTivathavealready been reconstructed. The project fortheconstructionofAdriatic–Ionianhighwayisunderpreparationaswellastheonefortheroadthatisgoingtoconnectnorthandsouthofthecountry.Atthesametimetheprojectsrelated to reconstruction of roads and rail-roads, solving of the water-supply problemespeciallyonthecoastandproblemofwastewaters are being developed. Privatization ofseveralimportantMontenegrincompaniesisexpected-Duvanskikombinat(Tobaccocom-pany),HTPBudvanskaRivijera,Elektroprivreda(electricity supply company), Zeljeznica (rail-roads), Luka Bar (port), Plantaze, Termoelek-trane(powerplant),AerodromiCG(airportsofMontenegro)etc.Theseareprojectsandactiv-itiesthatwill,togetherwithdirectforeignin-vestments,additionallychangetheeconomyofthecountryintheyearstocome.
Majortasksandeffectsoftheeconomicpol-icyoftheGovernmentoftheRepublicofMo-ntenegrofor2007whicharedirectlyconne-ctedwiththe increaseofthecitizens’ livingstandardare:
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• support to business development and private entrepreneurs’ initiatives as basis for new employments;
• lessen the burden on economy by applying tax rate of 15% on physical persons’ income
• decreasing the number of the unemployed by around 5000 persons;
• diminish business barriers and grey economy;• over EUR 400 mil. of new investments; • reducing poverty and increasing the living standard
and quality of life of citizens through the growth and development based on private sector and its creative potentials;
• encouraging orientation towards export and competitiveness of Montenegrin economy;
Such Montenegro was visited in 2006 byHungarian OTP that in December becametheownerofCrnogorskaKomercijalnaBanka–thebankwhichhasundoubtedlyplayedanimportant role in the creation and improve-mentofthefinancialmarketofMontenegro.CKBismorethanjustabankbecauseduringthelasttenimportantyearsofeconomicre-formsinMontenegroitfollowedallrisesandfallsoftheeconomyandgrewintotheinsti-tution that made Montenegro a part of thedevelopedworld.Onthemarketwherethereare around 650,000 people, CKB is the lead-ingbankwithmorethan�0%marketshare,withover230.000clients,developednetworkofbranchesandsophisticatedofferofprod-uctsandservicesforcompaniesandcitizens.Exactlythereliesthefutureofthebankanditsstrategyforthetimetocome–richoffer,safetransactions and clear vision with the bestMontenegrinstaffofdifferentprofessions.
uzstranedirektneinvesticije,dodatnomijenjatiprivreduzemljenarednihgodina.
OsnovnizadaciiefektiekonomskepolitikeVla-deRepublikeCrneGorezanarednu,2007.go-dinu,akojisuudirektnojvezisapovećanjemživotnogstandardastanovništva,su:• podrška razvoju biznisa i privatne preduzetničke
inicijative kao osnove za novo zapošljavanje;•smanjenje opterećenja privrede primjenom stope
poreza na dohodak fizičkih lica od 15,0% •smanjenje broja nezaposlenih;•smanjivanje biznis barijera i sive ekonomije;•preko 400 mil. € novih investicija;• smanjenje siromaštva i porast životnog standarda
i kvaliteta života građana kroz rast i razvoj baziran na privatnom sektoru i njegovim kreativnim potencijalima;
•podsticanje izvozne orijentacije i konkurentnosti crnogorske privrede;
OvakvuCrnuGorujeu2006-ojposjetiomađarskiOTPiudecembrupostaovlasnikCrnogorskeko-mercijalnebankekojaje,nesumnjivo,odigra-la značajnu ulogu u kreiranju i unapređenjufinansijskogtržištaCrneGore.CKBjevišeodbanke, jer jeza10važnihreformskihgodinaispratilasveusponeipadovejedneekonomi-jeiporaslaujednuodonihinstitucijakojekan-didujuCrnuGoruurazvijenisvijet.Natržištu,na kojem živi oko 650.000 ljudi, CKB je lidersaoko�0%tržišnogučešća,sapreko230.000klijenata, veoma razvijenom mrežom filijalai vrlo sofisticiranom ponudom proizvoda iuslugaizakompanije izagrađane. Iupravojetubudućnostbankeistrategijazavrijemekoje dolazi - uvijek dobra ponuda, sigurnatransakcijaijasnavizijasanajboljimcrnogor-skimkadrovimaraznihprofesija,itonesamobankarskih...
TOTALASSETS/UKUPNAAKTIVA(%)
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CREDITPORTFOLIO/KREDITNIPORTFOLIO(%)MARKET SHARE/UČEŠĆE NA TRŽIŠTU (%)
OTHERBANKS/OSTALEBANKECKB
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Na bankarskom tržištu Crne Gore posluje10banaka,očekujesedaćeihubrzobitijošnekolikosastranimkapitalom.Premaprelimi-narniminformacijama,zainteresovaniinvesti-toridolaze izEvrope,saBliskogIstoka idr,avećsuprisutnevelikebankarskegrupepoputOTP,SocieteGeneral,HypoAlpe,NLB.Vrlojakakonkurencijajeprisutnameđupostojećimban-kama, ponekad bespoštedna u borbi za isteklijente.Natakodinamičnomtržištu,aliogra-ničeneveličine,strateškapozicijaCKB-a,bankeuniverzalnogkaraktera,dominantnaje,itotre-bazadržitiiubuduće.Ovojedodatniizazovzabančintim,zbogveomaagresivnekonkuren-cijekojatektražisvojemjestonabankarskomtržištu.PlaniranibrutoprofitCKB-aza2010-uiznosi17milionaEUR.Strateškiciljevizaperi-od2006-2010.suplaniranikrozintenziviranjeprodaje,daljuinovacijuproizvoda,aliiusvaja-njeonihznanjai iskustavakojavećpostojeurazvijenom međunarodnom bankarskom svi-jetu.Takođe idaljaobukaCKBkadrova, fokusnaretail-u iSME-u,koji jeodosnivanjabanke1997.godine,bio inužan iprepoznatljivkon-cept,novarješenjauoblastielektonskogban-karstvaidr.
Godine2006-2010.zamišljenesukaogodinevrlo dinamičnih dešavanja na crnogorskombankarskomtržištu,krozdaljaulaganjaudo-maćeprojekte,ali iuonegdjejestranikapi-taldominantan.Ovojetržištekojebrzorasteisnažnojeorijentisanoinagrađaneinjihovepotrebe,kojisuvrlozahtjevnaklijentskagru-pa.Naovombankarskomtržištunakome jevećina banaka u vlasništvu stranog kapitala,prisutan je dalji trend ulaska stranih investi-tora,zbogmakroekonomskestabilnosti,očeki-vanogbrzograstadomaćegbrutoproizvodai
Thereare10banksonthebankingmarketofMontenegroanditisexpectedthattherewillbe 3 more banks with foreign capital. Acco-rding to the preliminary information, futureownersarecomingfromGreece,Austria,NearEast,andbigbankinggroupssuchasSocieteGeneral,OTP,HypoAlpe,NLBarealreadyhere.Very strong competition is present amongthe existing banks and it is rarely fair, some-timesevenunsparinginthefightforthesameclients.Onsuchadynamicmarketof limitedsizethestrategicpositionofCKB,thebankofuniversalcharacter,isdominantandthatposi-tionshouldbekeptinthefutureaswell.Thisisanadditionalchallengeforthebank’steamdue to very aggressive competition amongthebanksthatwanttofindtheirplaceonthebanking market.The planned gross profit ofCKBfor2010isEUR17million.Thestrategicobjectives 2007-2010 include intensifyingof sale, further product innovation but alsoadoptingofknowledgeandexperiencesthatalready exist in the developed internationalbankingworld.Also,furthereducationofCKBstaff,newsolutionsine-bankingandfocusonretail and SMEs which, ever since the bank’sfoundationin1997,havebeeninevitableandrecognizableconceptofCKB.
2007-2010areenvisagedasverydynamicyearsontheMontenegrinbankingmarketbecauseoffurtherinvestmentsindomesticprojectsbutalsointhosewithdominantforeigncapital.Thisisafastgrowingmarketwhichiscompletelyori-entedtowardscitizensandtheirneeds.Altho-ugh80%ofthemarket isalready inforeignownership,thetrendofcominginof foreigninvestorsiscontinuingbecauseofmacro-eco-nomic stability and expected fast growth of
Old and new banking stories
Stare i nove bankarske priče
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GDPinthenextperiodtowhichconstructionprojects, tourism, banking system and directforeigninvestmentsarecontributingthemost.Foreign capital is here because of attractive-nessofthemarket,announcementofmember-shipofMontenegrointheEU,stillhighinterestmargins,etc.Foreignbanksnaturallycountoneasieraccesstocheapsourcesofcreditingintheirparentcompanies,andtheydonotrelyso much on Montenegrin financial potentialonwhichinstitutionlikeCKBhasgrown.Thatimportant linking of local knowledge aboutthemarketanditsconditionsinwhichCKBhasmatured,withOTP,isjustalogicalandsuccess-fulcontinuationofCKBstory...
unarednomperiodu,akomenajvišetrenutnodoprinose građevinarstvo, turizam, bankarskisistemistranedirektneinvesticije.Stranikapitaljetuizbogatraktivnostitržišta,najavečlanstvaCrne Gore u EU, još uvijek visokih kamatnihmarži i sl. Strane banke, naravno, računaju nalakšipristupjeftinijimizvorimakreditiranjaodstrane svojih matičnih kuća, a ne oslanjaju setoliko na crnogorski finansijski potencijal, nakomeje,naprimjer,poraslajednaCKB.Tajvažanspojlokalnogpoznavanjatržištainjegovihpri-likasakojimajesazrijevala,sadaukombinacijisaOTP-om,samojelogičaniuspješannastavakCKBpriče.
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CrnaGorasevratilanapolitičkumapusvijetai intenzivnoseradinaprojektupridruživanjuEU,krozneprekidanradekspertskihgrupa.Umartu2007.parafiranjeSporazumostabiliza-cijiipridruživanjuEU,aumajujeostvarenpri-jemuSavjetEvrope.Krajem2006,potpisanjeiCEFTAsporazum,zakojiseočekujedaćestu-pitinasnagujulaovegodine.Početkom2007.CrnaGora jeprviputkaosamostalnadržavapostala članica Međunarodnog monetarnogfonda.NakonučlanjenjauMMF, potpisanjei dokumentopristupanjučlanstvu Svjetskebanke, čime je naša zemlja zaokružila inte-gracijuumeđunarodniekonomskisistem.Po-menutačlanstvaćenaravnododatnoosnažitikredibilitet Crne Gore u međunarodnim kru-govimaiotvoritivratanovimstrateškiminve-sticijama. Svijet je prihvatio novu ekonomskuipolitičkurealnostCrneGoreibrojnadiplomat-ska i poslovna predstavništva se otvaraju, štopotvrđuježeljusvijetadadugoročnosarađujesaCrnomGorom,njeniminstitucijamainanje-nomtržištu...Noviprojektisuuvijeknoviiza-zovizaCKBtim,takodaćeinarednihnekolikogodinabitiveoma intenzivne i radnezanas.Bankeće,zasigurno,dobitiinovi,izmijenjeniZakonobankama,jerćepostojećipretrpjetikrupnepromjene.Unarednomperiodućedo-datnojačatiulogaCentralnebankeCrneGore,koja je idosadauspostavljala iprimjenjivalavisokestandardeubankarskomsektoruCrneGore.CBCGjepripremilanacrtovogZakona,kojijeznačajankorakuprocesuusaglašavanjasameđunarodnimstandardima,kao istvara-nja pravnog osnova za postepenu tranzicijuka Bazelu II. Cilj novog zakona je da obezbi-jediizakonskepretpostavkezabudućeširenjebankarskogtržišta,kaoimogućnostiotvaranjafilijalastranihbanakakojeimajunajmanjere-
MontenegroreturnedtothepoliticalmapoftheworldanditisintensivelyworkingontheaccessiontotheEUthroughcontinuousworkof expert groups. In March 2007 the Agree-mentonStabilizationandAccessiontotheEUwassignedand inMayMontenegroenteredthe Council of Europe. At the end of 2006,CEFTA agreement was also signed and it isexpectedtocomeintoforceinJulythisyear.Atthebeginningof2007,forthefirsttimeasanindependentstate,Montenegrobecameamemberof the IMF.Afterbecomingamem-ber of IMF, the document on membership inthe World Bank was also signed with whichourcountrycompleteditsintegrationintotheinternationaleconomicsystem.ThementionedmembershipswillnaturallyfurtherstrengthenthecredibilityofMontenegroininternationalcirclesandopendoorstonewstrategicinve-stments.The world accepted new economicandpoliticalrealityofMontenegroandnume-rous diplomatic and business representativeofficesarebeingestablishedwhichconfirmsthewishofinternationalcirclestocooperatewithMontenegro,itsinstitutions,atitsmarket,inthelongterm...NewprojectsareonlynewchallengesforCKBteamsothefollowingsev-eralyearswillbevery intensiveandbusyforus.Thebankswillsurelyhavenew,amendedLaw on Banks because the existing one willbechangedsignificantly. Inthecomingperi-od the role of the Central Bank will becomestronger, although the Central Bank hasalways been establishing and applying highstandards in Montenegrin banking system.TheCentralBankofMontenegropreparedthedraft of this law which is an important stepfurther in theprocessofharmonizationwithinternationalstandards,aswellascreationof
New memberships and new legal infrastructure
Nova članstva i nova zakonska infrastruktura
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legalbasisforgradualtransitiontowardsBaselII.ThegoalofthenewlawistoprovidelegalbasisforexpansionofthebankingmarketaswellasconditionsforopeningofbranchesofforeignbanksthathaveatleastArating.Itisimportant tomentionsomeregulations thatimprovedthebusinessenvironmentinwhichMontenegrin banks and their clients workedin2006,suchasAmendmentstotheLawonSecurities,LawonInsurance,LawonVoluntaryPensionFunds,AmendmentstothePersonalIncomeTaxLaw,AmendmentstotheCustomsLaw,etc.
Social storyLinks are not always just economic and po-liticalandthatiswhyCKBisactivelyinvolvedin Montenegrin culture, science and sports.Such affirmations are always demanding forthe bank, but they are popular and they areremembered for a long time.The year 2006was marked by Bank’s participation in themostimportantinternationalprojectsintheMontenegrinculture–TheFirstInternationalBook Fair, Festival of International Alterna-tiveTheatre - FIAT, Festival of MediterraneanTheatre - PurgatoriesTivat 2006, partnershipwith thesportsclubthatwonmost trophies–Water Polo club Jadran from Herceg Novi,organizationoftheEuropeanKarateChampi-onshipetc.CKBsupportedtheactivitiesoftheFrenchCulturalCentreandvisitsofnumerousFrenchartistsofdifferentprofiles,whichrep-resentedtheconnectingoftwooldEuropeancountries.UNICEF’sprojects-SchoolWithoutViolence and Prevention of Drug Addictionin primary schools, various university andstudents’ projects and other projects carriedoutincooperationwithCKBcreatesaferandhealthier environment for Montenegrin chil-drenandyouth.
CKB feels big responsibility for social eventsandconsidersthatasitsimportanttask.
jtingA.Značajnojepomenutijošnekeodbit-nihpropisakojisuu2006.godini,unaprijediliambijentukojemposlujucrnogorskebankeinjihoviklijenti,kaoštosuizmjeneZakonaohartijamaodvrijednosti,Zakonoosiguranju,Zakonodobrovoljnimpenzionimfondovima,Izmjenezakonaoporezunadohodakfizičkihlica,Izmjenecarinskogzakonaisl.
Društvena priča
Povezivanjanijesuuvijeksamoekonomska ipolitička,zbogčegaCKBaktivnoučestvujeiukulturi,nauci,sportuCrneGore.Teafirmacijesuzabankuuvijekzahtjevne,alisupopularneidugosepamte.2006.godinu jeobilježilo iučešćebankeunajvažnijiminternacionalnimprojektima crnogorske kulture – Prvi Među-narodnipodgoričkisajamknjiga,festivalFIAT,Festival mediteranskog teatra PurgatorijeTivat 2006, ali i dogovoreno partnerstvo sanajtrofejnijimcrnogorskimsportskimklubom−VaterpoloklubomJadranizHercegNovog,kao iorganizacijaEvropskogprvenstvauka-rateuisl.CKBjepodržalaiaktivnostiFrancu-skog kulturnog centra i gostovanje mnogihfrancuskih umjetnika različitih profila, što jeoznačilonovapovezivanjadvijestareevrop-ske zemlje. UNICEF-ovi projekti – Škola beznasilja i Prevencija narkomanije u osnovnimškolama,razniuniverzitetskiistudentskipro-jekti, i drugi u saradnji sa CKB-om, stvarajutakođesigurnijeizdravijeokruženjezacrno-gorskudjecuiomladinu.
Crnogorskakomercijalnabankaosjećavelikuodgovornostzasocijalnadešavanjaudruštvuismatratosvojimvažnimzadatkom.
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CKB is the bank for all people which coura-geously, openly and skillfully changed theeconomic reality in the country. It was builtby local people, Montenegrin professionals,whowentdeeperandfurtherfromthetimeand actual circumstances and for many rea-sonsthisbankingstory isauniqueexampleofsuccessinbanking,notonlyMontenegrinbanking.Fortenyearsnow,CKBhasactivelyparticipated in all economic events of thecountryandgrewintoarepresentativefinanci-alinstitution.
ThehistoryofCKBisthehistoryofsuccessandexcellent results in the very difficult decadecharacterized by various problems - econo-mic,socialandpoliticalones.Today,thisbankis present in each Montenegrin home andthereisalmostnoemployedcitizeninMonte-negrowhodoesnotuseatleastsomeofCKB’s
CKBjebankazasveljude,kojajehrabro,otvo-reno i stručno mijenjala jedno ekonomskovrijeme.Sagradilisujedomaćiljudi,crnogor-skikadrovi,kojisuvidjelidubljeidaljeodvre-menaiaktuelnihprilikaipomnogočemujetapričajedinstvenprimjeruspjehaubankar-stvu,itonesamocrnogorskom.CKBjedesetgodina aktivno učestvovala u svim ekonom-skimdešavanjimajednezemljeiizraslaurepre-zentativnufinansijskuinstituciju.IstorijaCKB-aje istorija uspjeha, izvanrednih rezultata, uteškoj deceniji koju su pratili mnogobrojniproblemi,ekonomski,socijalniipolitički.
Danasjeovabankaprisutnausvakojcrnog-orskoj kući i gotovo da nema zaposlenoggrađanina koji ne koristi bar neki od CKBproizvoda.CKBbrendjemoždainajvećikojijeCrnaGorastvorilazadnjih10godina.Naštim je pretežno ženski. U međunarodnom
Novo strateško partnerstvo na jugoistoku Evrope
New strategic partnership on the southeast of Europe
TOTALASSETS/UKUPNAAKTIVA(mil.EUR)
TOTALDEPOSITS/UKUPNIDEPOZITI(mil.EUR)
CREDITPORTFOLIO/KREDITNIPORTFOLIO(mil.EUR)
PROFITAFTERTAX/PROFITPOSLIJEOPOREZIVANJA(000EUR)
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finansijskomsvijetu,kojisebaviovimdijelomEvrope,prepoznatismokao„ženskabanka“itosmatramododatnomvrijednošćuiprednošćukoju prije samo deset godina mnogi nijesushvataliozbiljno...Takojena jednombalkan-skomparadoksuopstaonajuspješnijicrnogor-ski bankarski projekat - ženska banka u vrlo„muškoj“itradicijomobojenojCrnojGori...
ProcesiintegracijasuprisutniucijelojEvropi,ali i u našoj bankarskoj kući. Mađarski OTP,novi vlasnik CKB-a, posjeduje važna banka-rska znanja i iskustva koja su dobrodošlanašemtimuikojaćeukombinacijisanašimpoznavanjem tržišta, nastaviti tradiciju dob-rihrezultata.SadajevećizvjesnodaćeOTPsnažnopodržatirazvojCrnogorskekomerci-jalnebanke,aliirazvojcijeleCrneGore.Sdru-gestrane,CKBimavrlospecifičnaznanjakojaćeOTP,sigurnismo,pravilnoiskoristiti,inašiće zajednički projekti i aranžmani sigurnoznačajnouticati inaekonomskubudućnostjugoistokaEvrope.
JedanodvažnihinostranihklijenataCrnogor-ske komercijalne banke je i kompanija PeterMunk-a, kanadskog investitora, mađarskogporijekla, koji je prilikom potpisivanja ugo-voraokupoviniArsenalauTivtu,izjavio:„Projekat gradimo za generacije koje slijede. On će pretvoriti Boku Kotorsku u region sposoban za odmjeravanje snaga sa francuskom rivijerom, Monte Karlom“.TakvuCrnuGoruCKBželiihoćedagradi...
products.ThenameofCKBisabrand.MaybethegreatestonethatMontenegrocreatedinthelasttenyears.Ourteamismostlyafemaleteam.IntheinternationalfinancialworldthatdealswiththispartofEuropeweareknownas“femalebank”.Andweseethatasanadditionalvalueandadvantagewhichmanydidnottakeseriously ten years ago.The most successfulMontenegrinbankingprojectsurvivedasBa-lkanparadox–“female”bankinatraditionallyvery“male”societyofMontenegro.
IntegrationprocessesarehappeningalloverEurope and in our bank as well. HungarianOTP,newownerofCKB,possessesimportantbanking knowledge and experiences thatare welcome in our team and that will, incombinationwithourknowledgeabout theMontenegrin market, continue the traditionofgoodresults.NowitiscertainthatOTPwillstrongly support the development of Crno-gorskaKomercijalnaBankaanddevelopmentofMontenegroasawhole.Ontheotherhand,CKBhasveryspecificknowledgethatwearesure OTP will use in the right way and ourjointprojectsandarrangementswillcertainlyinfluence the economic future of the south-eastofEurope.
One of the important foreign clients of CKBisthecompanyofMr.PeterMunk,CanadianinvestorofHungarianoriginwho,ontheocca-sion of the signing of contract with ArsenalinTivat,said :“We are building this project for future generations. It will make Boka Kotorska a region capable to compete with French Riviera, Monte Carlo”.SuchMontenegroCKBwantstobuildandwillbuild...
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SourcesCentralBankofMontenegroGovernmentofMontenegroMinistryofTourismandEnvironmentalProtectionMina-businessIndependentauditors’reportCKBpublications
Preparation and translation CKBteam
Desing SuzanaPajovicZivkovicPhoto JosifLjumovic,DuskoMiljanicPrint DPCPodgorica
IzvoriCentralnabankaCrneGoreVladaCrneGoreMinistarstvoturizmaizaštiteživotnesredineMina-biznisIzvještajnezavisnogrevizoraCKBpublikacije
Izrada i prevod Godišnjeg izvještajaCKBtim
Dizajn SuzanaPajovićŽivkovićFotografija JosifLjumović,DuškoMiljanićŠtampa DPCPodgorica
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Financial statements as of and for the year ended 31 December 2006 andIndependent auditors' report
Finansijski izvještaj na dan i za godinu završenu 31. decembra 2006. iIzvještaj nezavisnog revizora
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CRNOGORSKA KOMERCIJALNA BANKA A.D., PODGORICA Financial Statements December 31, 2006 and Independent Auditors’ Report
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CRNOGORSKA KOMERCIJALNA BANKA A.D., PODGORICA CONTENTS
Page Independent Auditors’ Report 1 – 2 Income Statement 3
Balance Sheet 4
Statement of Changes in Equity 5
Cash Flow Statement 6
Notes to the Financial Statements 7 – 34
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INDEPENDENT AUDITORS’ REPORT
To the Board of Directors and Shareholder of Crnogorska komercijalna banka A.D., Podgorica We have audited the accompanying financial statements (pages 3 to 34) of Crnogorska komercijalna banka A.D., Podgorica (the “Bank”), which comprise the balance sheet as of December 31, 2006 and the related 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. The financial statements of the Bank as of, and for the year ended, December 31, 2005, were audited by another auditor whose report dated March 30, 2006 expressed an unqualified opinion. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. 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. Those standards require that we comply with ethical requirements, and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. 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 entity’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. 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 accompanying financial statements present fairly, in all material respects, the financial position of Crnogorska komercijalna banka A.D., Podgorica as of December 31, 2006, and its financial performance, changes in equity and its cash flows for the year then ended in accordance with International Financial Reporting Standards.
(Continued)
Tel: +381 (0) 81 664 017 +381 (0) 81 664 018 Fax: +381 (0) 81 664 016 [email protected] www.deloittece.com
Bulevar Ivana Crnojevića 107Podgorica, 81000 Serbia and Montenegro
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INDEPENDENT AUDITORS’ REPORT To the Board of Directors and Shareholder of Crnogorska komercijalna banka A.D., Podgorica (Continued) Emphasis of Matters Without qualifying our opinion, we draw attention to the following matters: (a) As disclosed in Note 23 to the financial statements, the Bank is required to maintain certain minimum
or maximum ratios with respect to its activities and composition of risk assets in compliance with the Law on Banks of the Republic of Montenegro and with the Central Bank of Montenegro Regulations. As of December 31, 2006, the ratio of investments in fixed assets amounted to 61.66 percent and was higher than the prescribed maximum of 20 percent of the first-class equity, or maximum 30 percent, upon special approval by the Central Bank of Montenegro.
(b) As disclosed in Note 26 to the financial statements, the Republic of Montenegro tax legislation is
subject to different interpretations and changes which occur frequently. The interpretation of tax legislation by tax authorities as applied to the transactions and activity of the Bank may not be in line with that of the management. As a result, Bank’s transactions may be challenged by tax authorities and the Bank may be assessed additional taxes, penalties and interest, which could be material. The Bank’s tax statements may be reviewed or audited for a period of five years from the filing date of such statements.
Deloitte d.o.o. Podgorica April 10, 2007
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CRNOGORSKA KOMERCIJALNA BANKA A.D., PODGORICA
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BALANCE SHEET as of December 31, 2006 (thousands of €)
Note December 31,
2006
Audited by Another Auditor
December 31, 2005
ASSETS Cash and balances with the Central Bank 3.4, 10 113,327 43,672 Treasury bills 11 1,461 3,831 Loans and advances to banks 12 80,695 76,435 Loans and advances to customers 13 321,722 161,217 Available-for-sale securities 3.5, 14 174 174 Financial assets at fair value through profit and loss 3.6, 15 211 211 Property, plant and equipment 3.8, 16 11,661 10,264 Intangible assets 3.7, 16 3,932 3,700 Other assets 17 3,592 3,843 Total assets 536,775 303,347 LIABILITIES Deposits from banks 18 5,087 13,202 Due to customers 19 452,147 248,124 Other borrowed funds 3.9, 20 54,407 21,475 Current income tax liabilities 3.3 144 279 Other liabilities 21 899 517 Provisions 3.10, 3.11, 22 627 273 Deferred tax liabilities 3.3, 9a 236 159 Total liabilities 513,547 284,029 SHAREHOLDERS’ EQUITY Share capital 23 17,966 15,347 Other reserves 946 946 Retained earnings 4,316 3,025 Total shareholders’ equity 23,228 19,318 Total liabilities and shareholders’ equity 536,775 303,347 OFF-BALANCE-SHEET ITEMS 24 49,184 20,343
The accompanying notes are an integral part of these financial statements.
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CRNOGORSKA KOMERCIJALNA BANKA A.D., PODGORICA
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STATEMENT OF CHANGES IN EQUITY Year Ended December 31, 2006 (thousands of €)
Audited by Another Auditor
Share
CapitalOther
ReservesRetained Earnings Total
Balance at January 1, 2005 11,176 921 1,671 13,768 Change in available-for-sale investments - 25 - 25 Net gains not recognized in the income statement - 25 - 25 Net profit - - 3,025 3,025 Total recognized income for 2005 - 25 3,025 3,050 Bonus issue 2004 1,671 - (1,671) -New issuance of shares 2,500 - - 2,500 Balance at December 31, 2005 15,347 946 3,025 19,318 Balance at January 1, 2006 15,347 946 3,025 19,318 New issuance of shares based on distribution of FY 2005 profit 2,619 - (2,619) -Net profit - - 3,910 3,910 Balance at December 31, 2006 17,966 946 4,316 23,228
The accompanying notes form an integral part of these financial statements.
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CRNOGORSKA KOMERCIJALNA BANKA A.D., PODGORICA
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CASH FLOW STATEMENT Year Ended December 31, 2006 (thousands of €)
Audited by Another Auditor
2006 2005Cash flows from operating activities Interest and similar income received 25,613 12,698 Interest and similar charges paid (16,231) (7,188)Fee and commission received 13,601 8,198 Fee and commission paid (2,917) (3,198)Other income 554 - Cash payments to employees and suppliers (13,475) (8,872)Income taxes paid (559) (279) Cash flows from operating profit before changes in operating assets and liabilities 6,586 1,359 Changes in operating assets and liabilities: Net increase in obligatory reserve (57,582) (15,114)Net increase in loans and advances to customers (169,156) (71,793)Net (decrease)/increase in other assets 251 (2,103)Net decrease in deposits from banks (8,115) (3,341)Net increase in due to customers 204,023 145,394 Net increase/(decrease) in other liabilities 170 (86) Net cash (used in)/provided by operating activities (23,823) 54,316 Cash flows from investing activities Purchase of property plant and equipment (1,232) (4,302)Purchase of intangible assets (726) (2,211)Disposal of treasury bills 2,370 4,968 Net cash provided by/(used in) investing activities 412 (1,545) Cash flows from financing activities Increase in other borrowed funds 32,932 8,355 Issue of ordinary shares - 2,500 Net cash provided by financing activities 32,932 10,855 Effect of exchange rate changes on cash and cash equivalents 874 (269) Net increase in cash and cash equivalents 10,395 63,357 Cash and cash equivalents at beginning of year 97,221 33,864 Cash and cash equivalents at end of year 107,616 97,221
The accompanying notes form
an integral part of these financial statements.
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CRNOGORSKA KOMERCIJALNA BANKA A.D., PODGORICA NOTES TO THE FINANCIAL STATEMENTS December 31, 2006
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1. THE BANK’S ESTABLISHMENT AND OPERATING POLICY
Crnogorska Komercijalna Banka A.D., Podgorica (the “Bank”) was established as an independent bank and registered with the Commercial Court in Podgorica on January 15, 1997.
The Bank is licensed in the Republic of Montenegro to perform payment transfers, credit and deposit activities in the country and abroad, and in accordance with the Republic of Montenegro law, is to operate on principles of liquidity, security of placements and profitability.
On December 31, 2006, the Bank was comprised of its Head Office in Podgorica and sixteen branches located in different parts of the country.
As of December 31, 2006 the Bank had 307 employees (December 31, 2005: 288 employees).
2. BASIS OF PREPARATION AND PRESENTATION OF THE FINANCIAL STATEMENTS
The Bank prepared financial statements in accordance with International Financial Reporting Standards (IFRS). These financial statements have been prepared under the historical cost convention, as modified by the revaluation of available-for-sale financial assets, financial assets and financial liabilities held at fair value through profit or loss. The preparation of financial statements in accordance with IFRS requires the use of estimates and assumptions that influence the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management’s best knowledge of current events and actions, actual results may ultimately differ from those estimates. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in the notes. The official currency in the Republic of Montenegro and the Bank’s functional currency is Euro (EUR).
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 3.1. Income and Expense Recognition
Interest income and expense are recognized in the income statement for all instruments measured at amortized cost using the effective interest method. The effective interest method is a method of calculating the amortized cost of a financial asset or a financial liability and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that discounts estimated future cash payments or receipts through the expected life of the financial instrument or, when appropriate, a shorter period to the net carrying amount of the financial asset or financial liability. When calculating the effective interest rate, the Bank estimates cash flows considering all contractual terms of the financial instrument (for example, prepayment options) but does not consider future credit losses. The calculation includes all fees and commissions paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs and all other premiums or discounts. Once a financial asset or a group of similar financial assets has been written down as a result of an impairment loss, interest income is recognized using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss.
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CRNOGORSKA KOMERCIJALNA BANKA A.D., PODGORICA NOTES TO THE FINANCIAL STATEMENTS December 31, 2006
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3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
3.1. Income and Expense Recognition (Continued)
Fees and commissions are generally recognized on an accrual basis once the service is rendered. Loan commitment fees for loans that are likely to be drawn down are deferred (together with related direct costs) and recognized as an adjustment to the effective interest rate on the loan. Other service fees are recognized based on the applicable service contracts, usually on a time-apportionate basis.
3.2. Foreign Exchange Translation
Transactions denominated in foreign currencies are translated into euros at the official exchange rates prevailing on the Interbank Market, at the date of each transaction. Assets and liabilities denominated in foreign currencies are translated into euros by applying the official exchange rates, as determined on the Interbank Market, that are prevailing at the balance sheet date. Foreign exchange gains or losses arising upon the translation of transactions, and the assets and liabilities denominated in foreign currencies are credited or charged to the Statement of income. Commitments and contingent liabilities denominated in foreign currencies are translated into euros by applying the official exchange rates prevailing on the Interbank Market, at the balance sheet date.
3.3. Taxes and Contributions
Income Taxes Current Income Taxes Income taxes are calculated and paid in conformity with the income tax regulations defined under the Republic of Montenegro Tax Law, article 28 (Official Gazette of the Republic of Montenegro 80/04) as per the effective proportional tax rate of 9% on taxable income. A tax paying entity’s taxable income is determined based upon the income stated in its statutory statements of income following certain adjustments to its income and expenses performed in accordance with the Republic of Montenegro Tax Law (Articles 8 and 9, regarding the adjustment of income and Articles 10 to 20 pertaining to the adjustment of expenses). The Republic of Montenegro tax regulations do not envisage that any tax losses of the current period be used to recover taxes paid within a specific carryback period. However, any current year losses reported in the annual corporate income tax returns may be carried forward and used to reduce or eliminate taxes to be paid in future accounting periods, but only for an ensuing period of a maximum of five years.
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CRNOGORSKA KOMERCIJALNA BANKA A.D., PODGORICA NOTES TO THE FINANCIAL STATEMENTS December 31, 2006
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3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 3.3. Taxes and Contributions (Continued)
Deferred Income Taxes
Deferred income tax is determined using the balance sheet liability method, for the temporary differences arising between the tax bases of assets and liabilities, and their carrying values in the consolidated financial statements. The currently-enacted tax rates at the balance sheet date are used to determine the deferred income tax amount. Deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized for the deductible temporary differences, and the tax effects of income tax losses and credits available for carry forward, to the extent that it is probable that future taxable profit will be available against which deferred tax assets may be utilized.
Taxes, Contributions and Other Duties Not Related to Operating Results
Taxes, contributions and other duties that are not related to the Company’s operating results, include property taxes, employer contributions on salaries, and various other taxes and contributions paid pursuant to republic and municipal regulations.
3.4. Cash and Cash Equivalents
For the purposes of the Cash Flow Statement, cash and cash equivalents comprise balances with less than three months maturity from the date of acquisition including: cash in hand, balances with the Central Bank of Montenegro and other banks.
3.5. Financial Assets
The Bank classifies its financial assets in the following categories: loans and receivables; held-to-maturity investments; and available-for-sale financial assets. Management determines the classification of its investments at initial recognition.
(a) Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They arise when the Bank provides money, goods or services directly to a debtor with no intention of trading the receivable.
(b) Securities held-to-maturity
Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixed maturities that the Bank’s management has the positive intention and ability to hold to maturity. If the Bank is to sell other than an insignificant amount of held-to-maturity assets, the entire category would be tainted and reclassified as available-for-sale. Held-to-maturity investments relate to Treasury bills of the Ministry of Finance of the Republic of Montenegro.
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CRNOGORSKA KOMERCIJALNA BANKA A.D., PODGORICA NOTES TO THE FINANCIAL STATEMENTS December 31, 2006
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3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 3.5. Financial Assets (Continued)
(c) Investments available-for-sale
Available-for-sale investments are those intended to be held for an indefinite period of time, which may be sold in response to needs for liquidity or changes in interest rates, exchange rates or equity prices.
(i) Initial recognition and subsequent measurement Purchases and sales of financial assets, held to maturity and available-for-sale are recognized on trade-date – the date on which the Bank commits to purchase or sell the asset. Loans are recognized when cash is advanced to the borrowers. Financial assets are initially recognized at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Available-for-sale financial assets are subsequently carried at fair value. Loans and receivables and held-to-maturity investments are carried at amortized cost using the effective interest method. Gains and losses arising from changes in the fair value of available-for-sale financial assets are recognized directly in equity, until the financial asset is derecognized or impaired at which time the cumulative gain or loss previously recognized in equity should be recognized in profit or loss. However, interest calculated using the effective interest method is recognized in the income statement. Dividends on available-for-sale equity instruments are recognized in the income statement when the entity’s right to receive payment is established.
The fair value of quoted investments in active markets is based on current bid prices. If the market for a financial asset is not active (and for unlisted securities), the Bank establishes fair value by using valuation techniques. These include the use of recent arm’s length transactions, discounted cash flow analysis and other valuation techniques commonly used by market participants.
(d) Impairment of financial assets
(i) Assets carried at amortized cost
The Bank assesses at each balance sheet date whether there is objective evidence that a financial asset or group of financial assets is impaired. A financial asset or a group of financial assets is impaired and impairment losses are incurred if, and only if, there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a ‘loss event’) and that loss event has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated. Objective evidence that a financial asset or group of assets is impaired includes observable data that comes to the attention of the Bank about the following loss events:
1 significant financial difficulty of the issuer or obligor; 2. a breach of contract, such as a default or delinquency in interest or principal payments; 3. the Bank granting to the borrower, for economic or legal reasons relating to the borrower’s
financial difficulty, a concession that the lender would not otherwise consider; 4. it becoming probable that the borrower will enter bankruptcy or other financial reorganization;
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CRNOGORSKA KOMERCIJALNA BANKA A.D., PODGORICA NOTES TO THE FINANCIAL STATEMENTS December 31, 2006
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3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 3.5. Financial Assets (Continued)
(d) Impairment of financial asset (Continued)
(i) Assets carried at amortized cost (Continued) 5. the disappearance of an active market for that financial asset because of financial difficulties; or 6. observable data indicating that there is a measurable decrease in the estimated future cash flows
from a Bank of financial assets since the initial recognition of those assets, although the decrease cannot yet be identified with the individual financial assets in the group, including:
- adverse changes in the payment status of borrowers in the group; or - national or local economic conditions that correlate with defaults on the assets in the Bank.
The Bank first assesses whether objective evidence of impairment exists individually for financial assets that are individually significant, and individually or collectively for financial assets that are not individually significant. If the Bank determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, it includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is or continues to be recognized are not included in a collective assessment of impairment.
If there is objective evidence that an impairment loss on loans and receivables carried at amortized cost has been incurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset’s contracted effective interest rate. The carrying amount of the asset is reduced through the use of an allowance account and the amount of the loss is recognized in the income statement. If a loan has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. The calculation of the present value of the estimated future cash flows of a collateralized financial asset reflects the cash flows that may result from foreclosure less costs for obtaining and selling the collateral, whether or not foreclosure is probable. For the purposes of a collective evaluation of impairment, financial assets are grouped on the basis of similar credit risk characteristics. Those characteristics are relevant to the estimation of future cash flows for groups of such assets by being indicative of the debtors’ ability to pay all amounts due according to the contractual terms of the assets being evaluated. Future cash flows in a group of financial assets that are collectively evaluated for impairment are estimated on the basis of the contractual cash flows of the assets in the Bank and historical loss experience for assets with credit risk characteristics similar to those in the Bank. Historical loss experience is adjusted on the basis of current observable data to reflect the effects of current conditions that did not affect the period on which the historical loss experience is based and to remove the effects of conditions in the historical period that do not exist currently.
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CRNOGORSKA KOMERCIJALNA BANKA A.D., PODGORICA NOTES TO THE FINANCIAL STATEMENTS December 31, 2006
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3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 3.5. Financial Assets (Continued)
(d) Impairment of financial asset (Continued)
(i) Assets carried at amortized cost (Continued)
Estimates of changes in future cash flows for group of assets should reflect and be directionally consistent with changes in related observable data from period to period. The methodology and assumptions used for estimating future cash flows are reviewed regularly by the Bank to reduce any differences between loss estimates and actual loss experience. When a loan is uncollectable, it is written off against the related provision for loan impairment. Such loans are written off after all the necessary procedures have been completed and the amount of the loss has been determined. Subsequent recoveries of amounts previously provided for decrease the amount of the provision for loan impairment in the income statement. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed by adjusting the allowance account. (ii) Assets carried at fair value
The Bank assesses at each balance sheet date whether there is objective evidence that a financial asset or a group of financial assets is impaired. In the case of equity investments classified as available-for-sale, a significant or prolonged decline in the fair value of the security below its cost is considered in determining whether the assets are impaired. If any such evidence exists for available - for - sale financial assets, the cumulative loss – measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognized in profit or loss – is removed from equity and recognized in the income statement. Impairment losses recognized in the income statement on equity instruments are not reversed through the income statement. If, in a subsequent period, the fair value of a debt instrument, classified as available-for-sale, increases and the increase can be objectively related to an event occurring after the impairment loss was recognized in profit or loss, the impairment loss is reversed through the income statement.
3.6. Financial Assets at Fair Value Through Profit or Loss
Due to its immateriality, management chose not to consolidate its investment in “Moneta”, over which it exercises effective control. In these stand alone financial statements associates are accounted for in accordance with IAS 39, at fair value through profit or loss. Gains and losses arising from changes in the fair value of the ‘financial assets at fair value through profit or loss’ category are included in the income statement in the period in which they arise.
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CRNOGORSKA KOMERCIJALNA BANKA A.D., PODGORICA NOTES TO THE FINANCIAL STATEMENTS December 31, 2006
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3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 3.7. Intangible Assets
Intangible assets are stated at cost less accumulated amortization. Costs associated with maintaining computer software programmes are recognized as an expense as they incur. Costs that are directly associated with identifiable and unique software products controlled by the Bank and will probably generate economic benefits exceeding costs beyond one year, are recognized as intangible assets. Costs include external software company development costs. These costs are amortized on the basis of the expected useful lives.
3.8. Property, Plant and Equipment
All property, plant and equipment are stated at cost less depreciation. The cost includes expenditure that is directly attributable to the acquisition of the items. Depreciation on other assets is calculated using the straight-line method to allocate their cost to their residual values over their estimated useful lives, as follows: Buildings 50 years Computers and related equipment 3-5 years Furniture and equipment 5-7 years
At each balance sheet date, the Bank’s management reviews the carrying amounts of the Bank’s fixed and intangible assets. If there is any indication that such assets have been impaired, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. If the recoverable amount of an asset is estimated to be less than its carrying value, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognized as an expense of the current period and is recorded under Other operating expenses. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable value. However, this is performed so that the increased carrying amount does not exceed the carrying value that would have been determined had no impairment loss been recognized for the asset in prior years.
3.9. Borrowings
Borrowings are recognized initially at fair value (fair value of consideration received), net of transaction costs incurred. Borrowings are subsequently stated at amortized cost; any difference between proceeds net of transaction costs and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method.
3.10. Provisions
Provisions are recognized when the Bank has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made.
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CRNOGORSKA KOMERCIJALNA BANKA A.D., PODGORICA NOTES TO THE FINANCIAL STATEMENTS December 31, 2006
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3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
3.11. Employee Benefits
In accordance with the Collective Bargaining Agreements, the Bank has an obligation to disburse an employment retirement benefit to a retiree, in an amount equal to twelve average net salaries effective in the Bank in the month prior to the employee’s retirement. In addition, employees are entitled to receive employment anniversary awards at their 10th 20th and 30th employment anniversaries with the Bank as follows: - for 10 years of service – one minimal salary in the Bank, - for 20 years of service – two minimal salaries in the Bank, - for 30 years of service – three minimal salaries in the Bank. The Bank does not have defined benefit plans or share-based remuneration options as of December 31, 2006. The Bank’s management judges that the present value of the future obligations to employees with respect to retirement benefits and jubilee awards are not materially significant as of December 31, 2006.
4. INTEREST INCOME AND EXPENSE AND SIMILAR INCOME AND EXPENSE
a) Interest Income (thousands of €)
Year Ended December 31, 2006 2005 Loans and advances to customers 23,271 13,061 Placements to banks 2,114 676 Treasury bills 104 378 Obligatory reserve 124 72
25,613 14,187
b) Interest Expense and Similar Charges (thousands of €)
Year Ended December 31, 2006 2005Interest expense and similar charges Deposits from customers 13,177 5,609 Deposits from banks 1,198 1,443 Borrowed funds 1,856 522
16,231 7,574
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CRNOGORSKA KOMERCIJALNA BANKA A.D., PODGORICA NOTES TO THE FINANCIAL STATEMENTS December 31, 2006
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5. FEE AND COMMISSION INCOME AND EXPENSE a) Fee and Commission Income
(thousands of €)Year Ended December 31,
2006 2005Fee and commission income arising from domestic and international payment transfers 10,785 8,821 Credit card related fees and commissions 1,125 1,263 Fee income from issued guarantees and other contingent liabilities 948 850 Other 743 296
13,601
11,230 b) Fee and Commission Expense
(thousands of €)Year Ended December 31,
2006 2005Fee and commission expense arising from domestic payment transfers 1,318 1,474 Fee and commission expense arising from international payment transfers 923 1,144 Commission expenses arising on guarantees 115 - Credit card related fees and commissions 561 - 2,917 2,618
6. NET TRADING INCOME/(EXPENSES) (thousands of €)
Year Ended December 31, 2006 2005Foreign exchange: - translation losses, net (38) (273)- transaction gains, net 912 4 874 (269)
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CRNOGORSKA KOMERCIJALNA BANKA A.D., PODGORICA NOTES TO THE FINANCIAL STATEMENTS December 31, 2006
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7. OPERATING EXPENSES (thousands of €)
Year Ended December 31, 2006 2005 Staff costs 6,451 4,247 Administrative expenses 1,690 1,764 Depreciation and amortization 1,389 1,543 Rentals 367 294 Software and hardware expenses 580 533 Vehicle maintenance costs 94 273 Professional services 362 304 Deposit insurance premium 707 580 Marketing, sponsorship, and entertainment 1,532 1,289 Other 303 318 13,475 11,145
8. LOSSES ON IMPAIRMENT AND PROVISIONS
(thousands of €)Year Ended December 31,
2006 2005 Loans to customers 3,237 954 Reversal of provision on loans repaid (118) (516)Charge for the year for contingent liabilities 566 105 Release of provision for accrued interest and other assets - (13) 3,685 530
9. INCOME TAXES
a) Components of Income Taxes (thousands of €)
Year Ended December 31, 2006 2005 Current tax (347) (279)Deferred tax (77) - (424) (279)
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CRNOGORSKA KOMERCIJALNA BANKA A.D., PODGORICA NOTES TO THE FINANCIAL STATEMENTS December 31, 2006
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9. INCOME TAXES (Continued) b) Numerical Reconciliation Between Tax Expense and The Product of Accounting Results
Multiplied by The Applicable Tax Rate
(thousands of €)Year Ended December 31,
2006 2005 Profit before tax 4,334 3,304 Income tax (9%) 390 297 Expenses/(income) not deductible for tax purposes 34 (32) 424 265 Overpaid current year income taxes - 14 Current tax 424 279 Deferred tax liabilities at December 31, 2006 in the amount of EUR 77 thousand are associated with the temporary differences arising between the tax bases of property and equipment and the carrying value of such assets.
10. CASH AND BALANCES WITH THE CENTRAL BANK
(thousands of €)December 31,
2006 December 31,
2005 Cash in hand 21,735 12,550 Cash in the course of collection 348 258 Cheques in the course of collection 365 332 Giro account 10,411 7,646 Obligatory reserve held with the Central Bank 80,468 22,886 113,327 43,672 The Bank’s obligatory reserves at December 31, 2006 represent the minimum deposits set aside in accordance with the Central Bank of Montenegro Regulation with respect to “The Reserve Requirements for Banks To Be Held with The Central Bank of Montenegro,” (“Official Gazette of the Republic of Montenegro,” no. 14/06 of March 10, 2006). Pursuant to the aforecited, the obligatory reserve is to be calculated by applying the following reserve percentages:
- 19% for sight deposits and term deposits having less-than-90-day maturities for the calculation of the reserve requirement; and
- 5% for term deposits with more-than-90-day, but less-than-one-year maturities, for the calculation of the reserve requirement.
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CRNOGORSKA KOMERCIJALNA BANKA A.D., PODGORICA NOTES TO THE FINANCIAL STATEMENTS December 31, 2006
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10. CASH AND BALANCES WITH THE CENTRAL BANK (Continued) The obligatory reserve is to be calculated by applying the aforementioned ratios on a weekly basis, two days prior to the expiration of the maintenance period. The Bank’s obligatory reserves represent the minimum deposits set aside into domestic accounts and/or into Central Bank of Montenegro (“CBM”) accounts abroad, which may contain up to 10% of the Bank’s obligatory reserve requirements by restricting the Treasury bills issued by the Government of the Republic of Montenegro (Note 11). The Central Bank pays interest to the banks on 40% of the obligatory reserve requirement deposited, at the annual rate of 1% up to the eighth day of the month for the preceding month. The obligatory reserve is held in euro amounts.
11. TREASURY BILLS Treasury bills are debt securities issued by the Central Bank of Montenegro on the behalf of the Ministry of Finance of the Republic of Montenegro for a term of two months, three months and six months. Treasury bills stated at December 31, 2006 in the amount of EUR 1,461 thousand (2005: EUR 3,831 thousand) represent a portion of the obligatory reserve held with the Central Bank of the Republic of Montenegro (Note 10) placed for a period of three to six months, at annual interest rates ranging from 0.99 to 2.99 percent. Treasury bills in which the bank invested funds during 2006 bear an annual interest rate of 0.49 to 5.5. percent with a declining tendency.
12. LOANS AND ADVANCES TO BANKS (thousands of €)
December 31, 2006
December 31,2005
Accounts with domestic banks 609 172 Accounts with foreign banks 1,894 10,225 Nostro-covered letters of credit and guarantees with foreign banks 5,938 - Placements with foreign banks 72,254 66,038 80,695 76,435 As of December 31, 2006, accounts with foreign banks, mostly from EU member countries, in the amount of EUR 72,254 thousand are granted for periods from four to thirty days, at annual interest rates ranging from 5.25 to 5.43 percent for placements in USD and from 3.40 to 3.55 percent for placements in EUR. Nostro-covered letters of credit and guarantees with foreign