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  • ALPHA BANK JERSEY LIMITED

    AANNNNUUAALL RREEPPOORRTT AANNDD FFIINNAANNCCIIAALL SSTTAATTEEMMEENNTTSS

    3311ss tt DDeecceemmbbeerr 22000066

  • Alpha Bank Jersey Limited Annual Report and Financial Statements

    31 December 2006

    TTaabbllee ooff CCoonntteennttss

    Page

    Officers and Company Particulars 3

    Directors Report 4

    Report of the Independent Auditors to the Members of Alpha Bank Jersey Limited 6

    FFiinnaanncciiaall SSttaatteemmeennttss

    Income Statement 8

    Balance Sheet 9

    Statement of Changes in Equity

    10

    Statement of Cash Flows

    11

    NNootteess ttoo tthhee FFiinnaanncciiaall SSttaatteemmeennttss

    Accounting Principles Applied

    12

    Income Statement

    16

    Balance Sheet Assets

    19

    Balance Sheet Liabilities

    21

    Equity

    22

    Off-Balance Sheet Information

    23

    Additional Information

    24

    2

  • Alpha Bank Jersey Limited Annual Report and Financial Statements

    31 December 2006

    3

    AAllpphhaa BBaannkk JJeerrsseeyy LLiimmiitteedd

    Martin J. Waghorn Chairman Neil A. Haworth Chief Executive Duncan A. H. Baxter

    Linda Cullen Spyros N. Filaretos Alexander Gibb Vassilios J. Karaindros Marinos S. Yannopoulos

    Neil A. Haworth

    KPMG Channel Islands Limited Chartered Accountants

    Ground Floor Sir Walter Raleigh House 48-50 The Esplanade St Helier Jersey JE1 4HH

    5 Wests Centre St Helier Jersey JE4 4ST

    Tel: 01534 733113 Fax: 01534 733115

    Alpha Asset Finance C.I. Limited Business Address: E3/E4 Hirzel Court St Peter Port Guernsey GY1 2NQ

    Tel: 01481 706950

    Fax: 01481 706951

  • Alpha Bank Jersey Limited Annual Report and Financial Statements

    31 December 2006

    4

    DDiirreeccttoorrss RReeppoorrtt

    The directors submit their report and the audited financial statements of Alpha Bank Jersey Limited (the Company) for the year ended 31 December 2006.

    The Company was incorporated in Jersey under the Companies (Jersey) Law 1991. The main activities of the Company are the provision of general banking services including deposit taking, money market operations in sterling and foreign currencies, and lending.

    The results for the year are shown in the Income Statement on page 8.

    The Company has prepared its financial statements in accordance with International Financial Reporting Standards (IFRS).

    The Directors do not recommend a dividend in respect of the year ended 31 December 2006 (2005: nil).

    The directors who have served during the year and up to the date of approving the financial statements are as follows:

    Duncan A. H. Baxter

    Linda Cullen

    Spyros N. Filaretos

    Alexander Gibb

    Neil A. Haworth

    Vassilios J. Karaindros

    Dimitrios P. Verriopoulos (resigned 01/03/06)

    Martin J. Waghorn

    Marinos S. Yannopoulos

    None of the directors had a material interest at any time during the year in any contract of significance in relation to the Companys business.

  • Alpha Bank Jersey Limited Annual Report and Financial Statements

    31 December 2006

    P.O. Box 453 St Helier Jersey JE4 8WQ Channel Islands

    5 St Andrews Place Charing Cross, St Helier Jersey JE4 8WQ Channel Islands

    Independent auditors report to the members of

    Alpha Bank Jersey Limited

    We have audited the financial statements of Alpha Bank Jersey Limited for the year ended 31 December 2006 which comprise the Income Statement, the Balance Sheet, the Statement of Cash Flows and the Statement of Changes in Equity and the related notes. These financial statements have been prepared under the accounting policies set out therein.

    This report is made solely to the Companys members, as a body, in accordance with Article 110 of the Companies (Jersey) Law 1991. Our audit work has been undertaken so that we might state to the Companys members those matters we are required to state to them in an auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Companys members as a body, for our audit work, for this report, or for the opinions we have formed.

    Respective responsibilities of directors and auditors

    As described in the Statement of Directors Responsibilities on page 5, the Companys directors are responsible for preparation of the financial statements in accordance with applicable law and International Financial Reporting Standards.

    Our responsibility is to audit the financial statements in accordance with the relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland).

    We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Companies (Jersey) Law 1991, the Banking Business (Jersey) Law 1991 and the Financial Services (Investment Business (Accounts, Audits and Reports)) (Jersey) Order 2001. We also report to you if, in our opinion, the Company has not kept proper accounting records or if we have not received all the information and explanations we require for our audit.

    We read the Directors Report accompanying the financial statements and consider the implications for our report if we become aware of any apparent misstatements within it.

    Basis of audit opinion

    We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the Companys circumstances, consistently applied and adequately disclosed.

    6

  • Alpha Bank Jersey Limited Annual Report and Financial Statements

    31 December 2006

    8

    IInnccoommee SSttaatteemmeenntt For the year ended 31 December 2006

    Note Interest and similar income 2 5,613 4,135

    Interest expense and similar charges 2 4,705 3,219

    Net interest income 908 916 Fee and commission income 3 131 52

    131 52 Other income 4 26 116

    26 116

    Staff costs 5 255 220 General administrative expenses 7 298 288 Depreciation 13 37 17

    Income tax expense 8 97 114

    The notes on pages 12 to 31 form part of these financial statements.

  • Alpha Bank Jersey Limited Annual Report and Financial Statements

    31 December 2006

    SSttaatteemmeenntt ooff CChhaannggeess iinn EEqquuiittyy For the year ended 31 December 2006

    Share capital 000s

    Retained earnings

    000s

    Fair value reserve 000s

    Total equity 000s

    Change in fair value of available-for-sale securities - - 6 6

    Profit for the year - 378 - 378

    For the year ended 31 December 2005

    Share capital 000s

    Retained earnings

    000s

    Fair value reserve 000s

    Total equity 000s

    Change in fair value of available-for-sale securities - - 5 5

    Profit for the year - 445 - 445

    The notes on pages 12 to 31 form part of these financial statements.

    10

  • Alpha Bank Jersey Limited Annual Report and Financial Statements

    31December 2006

    11

    SSttaatteemmeenntt ooff CCaasshh FFlloowwss For the year ended 31 December 2006

    Note

    Profit before tax 475 559

    Adjustments for: Depreciation of plant and equipment 13 37 17 Amortisation of discount/premium on purchase of debt securities - (5)

    Operating profit before changes in working capital and provisions 512 571

    Net (increase) decrease in assets relating to operating activities: Loans and advances to customers 1,469 (11,926) Other assets (8) 166 Net increase (decrease) in liabilities relating to operating activities Due to banks 2,975 7,552 Due to customers (1,019) 15,888 Other liabilities 254 38 Cash generated from operations 4,183 12,289

    Income taxes paid (60) (38)

    Acquisition of shares in subsidiary (30) (50) Purchase of fixed assets 13 (4) (107) Purchase of available-for-sale securities (6,753) (2,220) Redemption of available-for-sale securities 7,622 10,566

    9

    The notes on pages 12 to 31 form part of these financial statements.

  • Alpha Bank Jersey Limited Annual Report and Financial Statements

    31December 2006

    12

    NNootteess ttoo tthhee FFiinnaanncciiaall SSttaatteemmeennttss

    1.1 Basis of presentation

    These financial statements of Alpha Bank Jersey Limited (the Company) have been prepared in accordance with International Financial Reporting Standards (IFRS) and its interpretations adopted by the International Accounting Standards Board. The financial statements have been prepared on the historical cost basis except for the available-for sale securities, which are measured at fair value. In preparing these financial statements the Company has adopted IFRS 7 Financial instruments: Disclosures prior to its required implementation date of 1 January 2007. The adoption of IFRS 7 impacts on the type and amount of disclosures made in these

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