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FINANCIAL STATEMENTS 2016
CENTRALE BANK VAN CURAÇAO EN SINT MAARTEN
1. Balance sheet as of December 31
2. Profitandlossstatement
3. Notestothecondensedfinancialstatements
4. Independentauditor’sreport
CONTENT4
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2016 2015
ASSETS
Gold 872,230,907 799,350,601
Foreignreceivablesandinvestments 2,668,424,851 2,518,045,667
Domesticreceivablesandinvestments 350,984,038 361,164,128
Fixedassets 97,116,983 93,254,924
Othercurrentassets 41,316,799 43,228,333
Total assets 4,030,073,578 3,815,043,653
LIABILITIES & EQUITY
LIABILITIES
Banknotesincirculation 434,751,063 419,086,683
Nonresidents’currentaccounts
inguilders 67,833,406 44,005,760
inforeigncurrency 438,554,555 336,487,663
Residents’currentaccounts
inguilders 1,939,429,161 1,911,576,714
inforeigncurrency 69,358,505 73,096,644
Residents’timedeposits
inguilders 227,400,000 162,600,000
inforeigncurrency - 53,557,311
Fundsinconsignment 15,569,411 11,395,413
Otherliabilities 14,773,189 17,042,475
Total liabilities 3,207,669,290 3,028,848,663
Balance sheet as of December 31 (in NAf.)
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2016 2015
PROVISIONS 29,192,000 30,554,000
EQUITY
Capital 30,000,000 30,000,000
Reservefund 30,000,000 30,000,000
Appropriatedreserves 724,819,898 651,911,417
Retainedearnings 8,392,390 43,729,573
Total equity 793,212,288 755,640,990
Total liabilities & equity 4,030,073,578 3,815,043,653
The December 31, 2016 and December 31, 2015 figures are extracted from the audited financial statements.
Balance sheet as of December 31 (in NAf.) cont.
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2016 2015
INCOME
Interestincome 55,242,930 48,798,727
Interestexpenses -2,321,293 -837,724
Net interest income 52,921,637 47,961,003
Capitalgain 85,522 28,021
Netunrealizedgain/lossrelatedtomarketvaluechanges 72,974,987 -103,250,499
Realizedforeignexchangeresult 3,260,422 5,938,690
Netunrealizedforeignexchangeresult -80,072 -230,741
Managementandcustodyfee -433,394 -438,572
Net investment and foreign exchange result 128,729,102 -49,992,098
Supervisionincome 9,287,870 13,680,246
Miscellaneousincome 1,224,238 1,673,344
Other income 10,512,108 15,353,590
Total income 139,241,210 -34,638,508
EXPENSES
Depreciationoftangiblefixedassets 5,943,071 5,648,885
Depreciationofintangiblefixedassets 1,214,839 2,001,646
Generaloperatingexpenses 50,782,429 25,409,600
Total expenses 57,940,339 33,060,131
Netresultincludinggain/lossfrommarketvaluechangesand
unrealizedforeignexchangeresult81,300,871 -67,698,639
Dotation/withdrawalunrealizedgain/lossrelatedtomarketvalue
changesandunrealizedexchangeresultto/fromtheappropriated
reserves
-72,908,481 103,374,511
Net result 8,392,390 35,675,872
Profit and loss statement (in NAf.)
The 2016 and 2015 figures are extracted from the audited financial statements.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS
GENERAL
TheaccountingprinciplesappliedbytheBankin this reportarederived from theFinancialReporting Principles of the Centrale Bankvan Curaçao en Sint Maarten1 (reference CBCS/2012/1) dated October 29, 2012,as approved by the Board of SupervisoryDirectors and stipulated by the Meeting ofthe Entitled Asset Holders on, respectively,June28,2013(Curaçao)andJuly31,2013(SintMaarten).
Thefollowingisasummaryofthesignificantaccountingprinciplesapplied.
The figures presented in these condensedfinancialstatementsarestatedinNetherlandsAntilleanGuilders(“NAf”).
Assets and liabilities are valued at nominalvalue unless otherwise stated. Income isrecognizedonanaccrualbasis.Expensesareincurredintheperiodtowhichtheyrelate.
NOTES TO THE BALANCE SHEET AS OF DECEMBER 31, 2016
GOLD
Goldisvaluedattheprevailingmarketpriceat balance sheet date. Unrealized gains/losses related to market value changesare credited/charged to the profit and lossstatement. Based on article 35, paragraph2, and article 40 of the Bank Statute, theunrealized result is subsequently credited/chargedtotheresultbeforeprofitdistributionand to the appropriated reserve regardinggold revaluation. If the balance of thisappropriated reservebecomesnegative, thenegativebalancewillbechargedtotheprofitandlossstatement.
1 “Grondslagen voor de financiële verslaggeving van de Centrale Bank van Curaçao en Sint Maarten.”
FOREIGN RECEIVABLES AND INVESTMENTS
The foreign receivables and investmentsrepresentcurrentaccountbalancesandtimedeposits with foreign financial institutions,securitiesinforeigncurrency,bondsissuedbytheformercountryoftheNetherlandsAntillesandtheIslandTerritoryofCuraçao,thedebtsofwhichweretakenoverbytheDutchStateaspartof thedebt relief in connectionwiththe constitutional changes, and receivablesfrom governments and institutions of othercountries.
Thesecuritiesrepresentinvestmentportfolios.Theinvestmentportfoliosmanagedinternallyare - except formonetary reasons that canmakemarketoperationsnecessary -held tomaturity and valued at amortized cost. Theinvestmentportfoliosmanagedexternallyarevalued at themarket price at balance sheetdate. Unrealized gains/losses from marketvaluechangeswithregardtotheinvestmentportfolios managed externally are credited/charged to the profit and loss statement.Basedonarticle35,paragraph2,andarticle40oftheBankStatute,theunrealizedresultis subsequently credited/charged to theappropriated reserve, which is accountedfor per each investment portfolio. If thebalanceoftheappropriatedreservebecomesnegative,thenegativebalancewillbechargedtotheprofitandlossstatement.
Realized gains and losses are immediatelyaccountedforintheprofitandlossstatement.
The accrued interest with respect to theinvestments is accounted for under thebalancesheetitem”Othercurrentassets.”
DOMESTIC RECEIVABLES AND INVESTMENTS
The domestic receivables and investments
relatetoinvestmentsinbondsissuedbysemi-government institutions inCuraçaoandSintMaarten (i.e., Integrated Utility Holding N.V.andSintMaartenHarbourFinanceN.V.),andloansgrantedbasedonarticle10,paragraph3,subf,oftheBankStatute,collateralizedbyamortgageonrealestatelocatedinCuraçaoorSintMaartenorothercollateral.
Thebondsarevaluedattheiramortizedcostand the loans at their nominal value less aprovisionforpossiblelosses.
Theaccruedinterestwithrespecttothebondsandloansisaccountedforunderthebalancesheetitem“Othercurrentassets.”
FIXED ASSETS
Theseassets,whichalsoincludetheprintingcost of bank notes and the capitalized costprice or production costs of purchased andself-developed software applications, are -with the exception of land and art - valuedat cost after deduction of accumulateddepreciation, calculated on the basis of theexpectedusefullifeoftheassetsfollowingthestraight-linemethod.Landandartarevaluedatcost.Impairmentlosses,ifany,arechargeddirectlytotheprofitandlossstatement.
OTHERCURRENTASSETS
This item includes, among other things,license fee receivable, accrued interest,prepaid expenses, coins and currency heldaspettycash,accountsreceivable,andothershort-term receivables. These assets arevaluedattheirnominalvaluelessaprovisionforpossiblelosses.
BANKNOTESINCIRCULATION
This item represents the nominal value ofthebanknotesissuedbytheBankthatareincirculationatthebalancesheetdate.
NONRESIDENTS’CURRENTACCOUNTS
This itemrepresentsthebalances incurrentaccounts of foreign banks and/or foreigngovernment institutions. Foreign currencybalances are converted into guilders at theBank’s official mid-rates prevailing at thebalancesheetdate.Thebalancesaremostlynoninterest-bearing.
RESIDENTS’CURRENTACCOUNTS
These accounts include the noninterest-bearing balances in the current accountsof domestic banks, the governments ofCuraçaoandSintMaarten,othergovernmentinstitutions in Curaçao and Sint Maarten,and the reserve requirement of domesticbanks.Mostofthebalancesaredenominatedin guilders. Foreign currency balances areconverted into guilders at theBank’sofficialmid-ratesprevailingatthebalancesheetdate.
RESIDENTS’TIMEDEPOSITS
These deposits include the balances intime deposits and certificates of deposit ofdomesticbanksandgovernmentinstitutions.Foreign currency balances are convertedinto guilders at the Bank’s officialmid-ratesprevailing at the balance sheet date. Thesebalancesareinterest-bearing.
FUNDSINCONSIGNMENT
ThisitemrepresentsthenominalvalueoftheBank’sliabilityformoneyreceivedincustodyfrom third parties in conformity with theOrdinance on Money held in Consignation(P.B.1886,no.22).
OTHER LIABILITIES
This item includes, among other things,license fee payable, accrued interest, andaccountspayable.
PROVISIONS
The balance of the provisions refers to,among other things, provisions for earlyretirement (VUT), cost-of-living allowance(“duurtetoeslag”), compensation AOV/BVZand medical expense premiums SZGBNA.These provisions are periodically calculatedbyanactuary.
CAPITAL
Underarticle34oftheBankStatutethecapitalamountstoNAf30million.
RESERVEFUND
This fund concerns a reserve to be formedfrom the profit up to an amount of NAf 30million.Underarticle34oftheBankStatute,this reserve is intended to cover potentiallossesonthecapitaloftheBank.
APPROPRIATED RESERVES
The appropriated reserves relate to theunrealized gains/losses from market valuechangesandforeignexchangeresultsonthebalancesheetitemsthatcomprisetheforeignexchangereserves(gold,foreignreceivables,andinvestments).Theappropriatedreservesare accounted for separately for gold,investmentportfolios, and foreignexchangeresult.
The unrealized gains/losses from marketvalue changes and foreign exchange resultsare credited/charged to the profit and lossstatement when they originate. Based onarticle 35, paragraph 2, and article 40 ofthe Bank Statute, the unrealized results aresubsequently credited/charged to the resultbeforeprofitdistributionandtotherespectiveappropriated reserve. If the balance of therespective appropriated reserves becomesnegative,thenegativebalancewillbechargedtotheprofitandlossstatement.
The revaluation of the foreign exchangereservesasofDecember31,2016resultedina net increase of the appropriated reservesof NAf 72.908 million, consisting of anunrealizedgainongoldofNAf72.880million,anunrealizedgainoninvestmentsofNAf95thousand,andanunrealized losson foreignexchangeofNAf67thousand.
RETAINED EARNINGS
This item represents the accumulatedearningsoftheBanklessprofitdistributionspaidtothegovernmentsofCuraçaoandSintMaarten.
NOTES TO THE PROFIT AND LOSS STATEMENT 2016
INTEREST INCOME
Interest income is generated mainly fromcurrentaccounts,timedeposits,bondsoftheformercountry theNetherlandsAntillesandthe IslandTerritoryofCuraçao (thedebtsofwhichweretakenoverbytheDutchStateinconnectionwith the constitutional changes),domesticbondsandloans,goldinvestments,andsecuritiesinforeigncurrency.
NETUNREALIZEDGAIN/LOSSRELATEDTOMARKETVALUECHANGES
The net unrealized gain/loss related tomarket value changes fluctuates based onthe prevailing market prices at month-endofgoldandthesecuritiesinforeigncurrencymanagedexternally.
REALIZEDFOREIGNEXCHANGERESULT
These earnings result from the marginbetweenthebuyingandsellingratesappliedbytheBankwhentradinginforeigncurrenciesand from the differences in exchange ratesarisingfromconversions.
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CONTINGENT LIABILITIES
TheBank has a repurchase agreementwithrespecttotrancheAofthe5%bondissueofSint Maarten Harbour Finance N.V. (SMHF)2012 – 2033, issued on February 15, 2012,which contingent liability amounts to NAf139.93millionasperDecember31,2016.
SUBSEQUENTEVENTS
The country of Sint Maarten was hit byHurricaneIrmainthefirstweekofSeptember2017, which caused enormous damage totheisland.Theassessmentofthefullextentof the damage and its consequences forthe economy of SintMaarten has yet to becompleted. The damage caused will alsoaffect the revenues and cash flow of SMHFand its capacity to fully comply with itsobligationstowardsthebondsissuedandthe‘debtservicecoverageratio’intheshortterm.TheBankexpectsthattheotherbondholdersofSMHFwillunderstandthesituationandwillcooperatetoallowSMHFtorecoverfromtheconsequencesofIrma,afterwhichSMHFcanfullycomplyagainwithitsobligationstowardsits corporate bonds and the required ‘debtservicecoverageratio’.
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