izvestaj_2011.pdf

Nastavljen rastGrowth continued

Godišnji izveštaj2011.Annual Report 2011

Austrija

Bosna i Hercegovina

Hrvatska

Češka

Mađarska

S R B I J ASlovačka

Slovenija

Ukrajina

V O L K S B A N K A . D . B E O G R A D

Bulevar Mihaila Pupina 165g

11070 Beograd

Tel.: + 381 11 2013 259

Fax: + 381 11 2013 270

VB INFO CENTAR: 0700 700 800

[email protected]

www.volksbank.rs

SADRŽAJ / CONTENT

U V O D N A R E Č I Z V R Š N O G O D B O R A

G O D I Š N J I I Z V E Š T A J 2 0 1 1

A N N U A L R E P O R T 2 0 1 1

4

K L J U Č N I P O K A Z A T E L J I 2 0 0 4 – 2 0 1 1 5

A N A L I Z A P O S L O V A N J A 6

M E Đ U N A R O D N A M R E Ž A 10

F I N A N S I J S K I I Z V E Š T A J 11

Bilans uspeha 12Bilans stanja 13Izveštaj o promenama na kapitalu 15Izveštaj o novčanim tokovima 16

A K C I O N A R I M A V O L K S B A N K A . D . B E O G R A D 19

I Z V E Š T A J U P R A V N O G O D B O R A 21

Izveštaj nezavisnog revizora 19

F O R E W O R D F R O M T H E E X E C U T I V E B O A R D 22

K E Y F A C T S 2 0 0 4 – 2 0 1 1 23

L I N E S O F B U S I N E S S 24

I N T E R N A T I O N A L N E T W O R K 28

F I N A N C I A L S T A T E M E N T S 29

Income statement 30Balance sheet 31Statement of changes in shareholders’ equity 33Cash flow statement 34

N A Š A M R E Ž A / O U R N E T W O R K 40

Sedište / Head Office 40Ekspoziture / Branches 40

T O T H E S H A R E H O L D E R S O F V O L K S B A N K A . D . B E O G R A D 37

R E P O R T O F T H E B O A R D O F D I R E C T O R S 39

Independent Auditor’s Report 37

04

UVODNA REČ IZVRŠNOG ODBORA

Poštovani klijenti, akcionari i prijatelji Folksbanke a.d. Beograd,

2011. godina je takođe prošla u znaku veoma izazovnog poslovnog okruženja. Uprkos početnim očekivanjima u smislu ekonomskog rasta, većina kompanija je ostvarila veoma slabe rezultate poslovanja. Nelikvidnost privrede se dodatno povećala, dok je stopa nezaposlenosti nastavila da raste. To je dovelo do toga da su se kompanije i privatna lica suočili sa ozbiljnim problemima u izmirivanju finansijskih obaveza. Osim toga, borba banaka za sve manji broj kreditno sposobnih klijenata postaje sve veća.

Uprkos ovim dosta teškim okolnostima, Folksbanka Srbija je nastavila sa trendom pozitivnih i rastućih rezultata i tako na kraju godine zabeležila bolje rezultate od brojnih značajnih banaka. Strategija da se fokus stavi na potrebe klijenta i istovremeno održava i poboljšava efikasna infrastruktura pokazala se kao odgovarajući instrument za prevazilaženje izazova u 2011. godini.

Folksbanka Srbija je u 2011. godini zabeležila rekordni profit od 15,1 miliona evra uz ukupnu aktivu od 762 miliona evra. Nivo kredita plasiranih privredi i stanovništvu, uključujući kros border kredite, dostigao je 567 miliona evra, dok su depoziti povećani za 43% u poređenju sa prethodnom godinom.

Održali smo sposobnost da brzo i efikasno reagujemo na promene na tržištu i u zahtevima postojećih i potencijalnih klijenata. U 2011. godini smo ponudili klijentima nove mogućnost da sami odrede kamatnu stopu na kredite i depozite, nudeći sistem “aukcije” na internet stranici banke.

Uz tržišne aktivnosti, u proteklom periodu su uloženi veliki napori i u poboljšanje procesa, pre svega što se tiče rizika. Pozitivni

uticaj ovih napora predstavlja ključni doprinos prošlogodišnjim dostignućima Folksbanke.

Axel Hummel Gordana Matić Danilo ĐurovićPredsednik Izvršnog odbora Član Izvršnog odbora Član Izvršnog odbora

Axel HummelGordana MatićDanilo Đurović(s leva na desno)

05

K L J U Č N I P O K A Z A T E L J I 2 0 0 4 – 2 0 1 1

R AC I O T R O Š K O V A I P R I H O D A

141.10%

93.50% 87.10%72.80%

53.50% 44.60% 43.76%

2004 2005 2006 2007 2008 2009 2010

38.94%

2011

U K U P N A A K T I V Au milionima RSD

4,474 12,218

36,686

52,987 62,228

69,108

83,041

2004 2005 2006 2007 2008 2009 2010

80,017

2011

P R O F I Tu milionima RSD

-43-103

586

336

941 9671097

2004 2005

2006 2007 2008 2009 2010

1670

2011

PLASMAN KREDITAu milionima RSD

2,7096,703

16,721

26,078

34,591

41,264

52,432

2004 2005 2006 2007 2008 2009 2010

53,657

2011

A N A L I Z A P O S L O V A N J A

POSLOVANJE SA STANOVNIŠTVOM

2011. godina predstavlja do sada najuspešniju godinu u poslovanju sa stanovništvom u svim glavnim parametrima. Operativna profitabilnost segmenta poslovanja sa stanovništvom (Contribution Marign I) je povećana sa 3.8 mio EUR u 2010-oj na 9.2 mio EUR u 2011-oj godini što predstavlja apsolutni rekord od osnivanja Folksbanke u Srbiji.

Glavni oslonac ostvarivanju ovog rezultata predstavalja posvećenost zaposlenih banke servisiranju svih finasijskih potreba retail klijenata (sve vrste kreditnih prozivoda u ponudi, inovativni pristup u depozitnim proizvodima, kvaliteno finansijsko savetovanje u domenu proizvoda osiguranja, jednostavan i brz pristup izvršavanju platnih naloga klijenta i još mnogo toga). U jednoj reči Folksbanka je postala servisni centar u kome svaki klijent može dobiti punu, pouzdanu podršku koja odgovara njegovim potrebama.

Potvrdu posvećenosti zaposlenih servisiranju klijenata možemo validirati kroz povećanje prihoda za 36%, broja aktivnih klijenata za 13%, korišćenja bankarskih proizvoda po klijentu za 10%, kao i kroz povećanje baze depozita za 28%.

Vredno je napomenuti i da su brojne inicijative na nivou proizvoda, podsticajnih šema, treninga i komunikacija, dovele do snažnog povećanja korišćenja proizvoda od strane postojećih klijenata.

POSLOVANJE SA PRIVREDOM

U 2011. godini je nastvljen trend iz prethodnih godina koji se odlikovao izrazitom nelikvidnošću privrede. Konsekvenca takve situacije u realnom sektoru je rast problematičnih plasmana na nivou bankarskog sektora. Naravno, i poslovanje Folksbanke je bilo pogođeno takvim okolnostima ali značajno manje od sektora u celini. Razlog je to što se Folksbanka u 2010. godini fokusirala na konsolidaciju portfolia i davanju podrške klijentima kako bi prevazišli trenutne probleme, a ta strategija je nastavljena i u 2011. godini.

2011. godinu je obeležio dalji rast portfolia i depozita što pokazuje da su klijenti prepoznali Folksbanku kao sigurnog partnera u kriznom periodu. Trend iz prethodne dve godine je nastavljen i kada je u pitanju kvalitet novog portfolia, odnosno problematičnih plasmana praktično nema.

06

u milionima RSD

KREDITI PLASIRANI STANOVNIŠTVU

472 3,027

9,196

19,887

28,64930,990

38,350

2004 2005 2006 2007 2008 2009 2010

38,192

2011

Folksbanka, kada je poslovanje sa privredom u pitanju, 2012. godinu vidi kao godinu u kojoj će se i dalje osećati teške posledice ekonomske krize te će banka zadržati način poslovanja po kome je prepoznatljiva na tržištu. I dalje će se raditi na poboljšanju portfolia ali će akcenat biti stavljen i na dalji rast koji bi trebalo da obezbedi dodatnu profitabilnost.

SEKTOR SREDSTAVA

Svetska ekonomska kriza je ostala dominantan faktor i u 2011 godini, kako u svetu tako i na srpskom deviznom, tržištu novca i tržištu kapitala. Za razliku od 2010, bilo je dosta pozitivnih pomaka, koji mogu ali ni u jednom slučaju ne garantuju, da će dalje poslova-nje biti bolje.

Početak godine je tradicionalno obeležilo slabljenje dinara. Ipak, ovog puta je to slabljenje bilo kratkotrajno. Već sredinom januara dinar je započeo svoj veliki rast. U tom periodu, koji je trajao do početka juna, dinar je ojačao više od 10%, što je najveće jačanje dinara od 2008. godine. Do kraja godine dinar ipak nije uspeo da se održi na ovim nivoima, ali je ipak godina završena sa nominalnom apresijacijom od 0.8% u odnosu na 2010. godinu (ovakva situacija nije zabeležena u poslednjih nekoliko godina).

Glavni razlog velikog jačanja se zasnivao na ogromnom interesovanju stranih investitora za zapise, koje izdaje ministrastvo finansija. Visoke stope prinosa i produžena dospeća su uticale na to da strani investitori ulože preko 1 milijarde evra u zapise i time dovedu do značajnog rasta vrednosti dinara.

Početak 2011. godine doneo je rast repernog indexa Belex15 u prvih pet meseci za čak 27%.

Međutim ovaj inicijalno optimistični trend je već posle maja 2011. godine prerastao u kontinuirani pad, tako da je Belex15 završio godinu sa gubitkom od 23.43% na godišnjem nivou.

Uprkos negativnom trendu, ukupan ostvareni promet povećan je za 25.9%, dok je tržišna kapitalizacija Berze manja za 12.4% u odnosu na 2010. godinu. Učešće stranih investitora u ukupnom prometu 2011. godine smanjeno je za 14%. Od pozitivnih pomaka izdvaja se početak primene novog Zakona o Tržištu kapitala i početak sekundarnog trgovanja Zapisima trezora Republike Srbije.

Sektor sredstava je u 2011. godini poslovao uspešnije nego 2010. godine.

Trgovanje sa klijentima:

- Povećanje prometa za 18%.

- Tržišno učešće povećano na 2.24%.

- Brži rast od tržišta, gde smo porasli 18% dok je tržiste poraslo za 16%.

- Duplo veći profit.

- Glavni razlozi za rast prometa i profita zahvaljujući maksimalnoj iskorišćenosti velikih fluktuacija na EUR/RSD i novim klijentima, koje nismo imali prethodnih godina.

Trgovanje sa bankama:

- Dvostruko povećanje profita.

- Dvostruko povećanje prometa.

- Povećanje tržišnog učešća, koje nas je svrstalo na 9. mesto ukupno po prometu.

07

INFORMACIONE TEHNOLOGIJE

U 2011. godini IT sektor banke je aktivno doprineo i uspešno pratio razvoj banke uvođenjem savremenih rešenja u IT oblasti, prevenstveno orijentisanih ka klijentima banke izlazeći na taj način u susret njihovim potrebama.

• Implementaciju in-house Call Center-a.

• Implementaciju raznih dodatnih funkcionalnosti u okviru glavnog bankarskog sistema (Garancije, Menice...).

• Unapređenje IT infrastrukture.

• Implementaciju savremenog Intranet rešenja.

Dostupnost svih bankarskih sistema je bila na zahtevanom visokom nivou što je garantovalo neometanost poslovnih aktivnosti.

LJUDSKI RESURSI

U 2011. godini Služba za ljudske resurse je započela nekoliko novih aktivnosti na nivou banke.

Ispitivanje zadovoljstva zaposlenih je sporovedeno pod pokroviteljstvom Izvršnog Odbora. Postavljena su 72 pitanja kojima je identifikovana angažovanost i motivisanost zaposlenih i raspoloživost sredstava. Impresivno visok broj od 90% zaposlenih je dalo svoj doprinos u istraživanju. Nakon prezentacije rezultata dogovoreni su akcioni koraci na kojima će se raditi u 2012.

Gradila se svest o viziji, misiji i vrednostima banke gde je služba za ljudske resurse, zajedno sa grupom za marketing i grupom za organizaciju. Podržavajuće inicijative za komunikaciju su rezultirale time da visokih 89% ima jasnu sliku o tome.

08

U K U P N A I Z L O Ž E N O S T P R E M A K L I J E N T I M A P O R A T I N G K L A S A M A

Klasifikacija 1 192 Klasifikacija 2

3503

Klasifikacija 3 41724

Klasifikacija 413073

Klasifikacija 515690

09

Obuke i razvoj

Akcenat je stavljen na obuke i razvoj zaposlenih:

• Razvoj individualnih talenata koji su potencijalni lideri.

• Zaposleni su u proseku imali 4,8 trening dana tokom prošle godine.

• Sproveden je „Junior program“ pri kome smo zaposlili 15 diplomaca ekonomskog usmerenja. Oni su imali dvomesečni program obuke pri čemu su se upoznali sa radom cele banke, obišli sva odeljenja i prošli obuke znanja i veština.

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

MARKETING I KOMUNIKACIJE

Grupa za marketing i komunikacije je i tokom 2011. godine promovisala čitav niz novih proizvoda putem elektronskih, outdoor i štampanih medija sa fokusom na dinarske kredite sa fiksnom kamatnom stopom tokom celog perioda otplate.

Uspešno su organizovane kampanje za O2 i dečiju štednju, kredite za medicinske ustanove, kredite sa opadajućom kamatnom stopom, za matične ćelije, za energetsku efikasnost. Tradicija kreiranja pionirskih i jedinstvenih bankarskih proizvoda je nastavljena predstavljanjem internet aukcije kredita koja je potpuna novina na srpskom bankarskom tržištu.

Nastavljeno je kontinuirano komuniciranje dinarskog auto kredita koji je i u 2011. godini bio najkonkurentniji na tržištu kao i saradnja na promotivnim aktivnostima za transfere novca MoneyGram i Western union. Marketinški je ispraćen nastup banke na Sajmu zapošljavanja dok su na polju internih komunikacija kroz brojne aktivnosti promovisane vizija, misija i nove vrednosti banke.

Što se tiče web stranice banke, promet je povećan i dostigao je preko 500.000 poseta, što je postignuto zahvaljujući boljoj optimi-zaciji sajta (SEO) i redefinisanju cene po kliku u AdWords kampanji.

I pored suženog medijskog prostora, održana je odlična komunikacija sa štampanim i elektronskim medijima. Kroz PR aktivnosti obezbeđena je kontinuirana prisutnost banke na svim relevantnim televizijskim stanicama sa nacionalnom frekvencijom kao i najtiražnijim štampanim medijima. Sve ovo je rezultiralo povećanjem broja objava za 49% i rekordnom PR vrednošću objava banke u medijima sa 70% primarnih pozicija banke od ukupnog broja pojavljivanja u medijima.

UPRAVLJANJE RIZICIMA

2011. godina bila je obeležena kontinuiranim jačanjem odeljenja Upravljanja rizicima u Volksbanci a.d.

Nekoliko značajnih projekata je završeno od kojih je najvažnija implementacija Bazil II regulative (standardizovan pristup) u skladu sa regulativama Narodne banke Srbije. Takođe, razne politike i procedure kreditiranja su revidirane u skladu sa prethodnim iskustvima i ciljevima banke, pri čemu je glavni cilj poboljštanje rizik/povraćaj profila narednog generisanja, i efikasnosti kreditnog procesa.

U pogledu kontinuiranog trenda sve većih neprofitablinih plasmana na srpskom tržištu, tokom 2011. izrazito smo se fokusirali na dalji razvoj naplate i restruktuiranja odeljenja banke, što je dovelo do preko 50 posto poboljšanja u kasnim oporavcima u odnosu na 2010. godinu.

I dalje, kao glavni rizik ostaje razvoj kvaliteta portfolija u smislu i nastavljene teške ekonomske situacije, te upravljanje kreditnim rizicima će se usredsrediti na dalji razvoj i posebne ponude.

MEĐUNARODNA MREŽA

AU S T R I A

C Z E C H R E P U B L I C

S LO VA K I A

U K R A I N E

H U N G A RY

C R OAT I A

B O S N I A-H E R Z E G O V I N A

S E R B I A

S LO V E N I A

www.vbi.at

10

Volksbank a.d. uspešno posluje na tržištu Srbije od 2003. godine, kao deo mreže Volksbank International AG (VBI) čije je sedište u Beču. VBI ima većinski udeo u Volksbank a.d. i u bankama sedam drugih država srednje i istočne Evrope i to u Slovačkoj, Češkoj, Mađarskoj, Hrvatskoj, Bosni i Hercegovini, Sloveniji i Ukrajni. Na kraju 2011. VBI je sa svojim bankama članicama imao 4,156 zaposlenih, opsluživao oko 600,000 klijenata (fizičkih i pravnih lica) u 295 ekspozitura. Ukupna aktiva VBI banaka na kraju 2011. godine je iznosila 9,1 milijardu evra.

NOV SNAŽAN PARTNER

U februaru 2012. Volksbank International AG ja preuzet u potpunosti od strane Sberbanke, koja je sa 240,000 zaposlenih, najveća banka u Rusiji. Kao novi i snažni vlasnik VBI AG, Sberbanka se zalaže za pozitivni i održivi razvoj cele mreže. Sberbanka poseduje 27% svih sredstava unutar ruskog bankarskog sektora. Osnovana je od strane Banke Rusije koja je i dalje glavni akcionar sa više od 60% akcija. Ostali deoničari su 245,000 fizičkih i pravnih lica. Sberbank ima 17 regionalnih sedišta i najveću mrežu ekspozitura u Rusiji, kao i ekspoziture u Kazahstanu, Ukrajini i Belorusiji, ekspozituru u Indiji i predstavništva u Nemačkoj i Kini.

FinansijskiIzveštaj

VolksbankSrbija

12

B I L A N S U S P E H AU periodu od 1. januara do 31. decembra 2011. godine

U hiljadama dinara 2011. 2010.

PRIHODI I RASHODI REDOVNOG POSLOVANJA

Prihodi od kamata 5.301.524 4.461.117

Rashodi od kamata (1.403.933) (1.081.187)

Dobitak po osnovu kamata 3.897.591 3.379.930

Prihodi od naknada i provizija 742.329 750.713

Rashodi naknada i provizija (81.931) (85.716)

Dobitak po osnovu naknada i provizija 660.398 664.997

Neto dobitak po osnovu prodaje hartija od vrednosti

koje se drže do dospeća 4 -

Neto gubitak po osnovu prodaje udela (učešća) (31.417)

Neto prihodi od kursnih razlika 311.845 157.317

Ostali poslovni prihodi 19.853 24.776

Neto rashodi po osnovu indirektnih otpisa

plasmana i rezervisanja (1.210.154) (1.105.538)

Troškovi zarada, naknada zarada i ostali lični rashodi (750.372) (679.479)

Troškovi amortizacije (158.203) (217.186)

Operativni i ostali poslovni rashodi (1.065.900) (1.127.788)

Prihodi od promene vrednosti imovine i obaveza 453 -

Rashodi od promene vrednosti imovine i obaveza (3.829) (453)

DOBITAK IZ REDOVNOG POSLOVANJA 1.670.269 1.096.576

DOBITAK PERIODA PRE OPOREZIVANJA 1.670.269 1.096.576

Porez na dobit (174.893) (133.005)

Dobit kod kreiranih odloženih poreskih sredstava

i smanjenja odloženih poreskih obaveza 1.297 7.349

DOBITAK 1.496.673 970.920

Zarada po akciji u dinarima 259 168

13

B I L A N S S T A N J ANa dan 31. decembra 2011. godine


AKTIVA

Gotovina i gotovinski ekvivalenti 2.884.346 5.494.382

Opozivi depoziti i krediti 15.526.966 11.233.147

Potraživanja po osnovu kamata, naknada, prodaje,

promene fer vrednosti derivata i druga potraživanja 1.145.137 743.436

Dati krediti i depoziti 47.860.726 60.566.669

Hartije od vrednosti (bez sopstvenih akcija) 11.250.390 4.292.737

Udeli 267 72.236

Ostali plasmani 781.187 108.568

Nematerijalna ulaganja 131.860 124.865

Osnovna sredstva i investicione nekretnine 237.626 298.446

Odložena poreska sredstva 12.859 11.562

Ostala sredstva 185.280 95.306

Ukupna aktiva 80.016.644 83.041.354

PASIVA

Transakcioni depoziti 4.549.314 4.338.791

Ostali depoziti 11.887.088 17.294.446

Primljeni krediti 40.440.958 39.892.283

Obaveze po osnovu hartija od vrednosti 19.766 -

Obaveze po osnovu kamata, naknada i promene

vrednosti derivata 19.898 6.765

Rezervisanja 336.476 306.466

Obaveze za poreze 8.316 14.283

Obaveze iz dobitka 51.138 27.320

Ostale obaveze 4.570.609 4.518.939

Ukupno obaveze 61.883.563 66.399.293

14


Kapital

Kapital 13.678.896 13.678.896

Rezerve iz dobiti 2.963.165 1.992.245

Revalorizacione rezerve 14.113 -

Nerealizovani gubici po osnovu hartija od vrednosti

raspoloživih za prodaju (19.766) -

Dobitak 1.496.673 970.920

Ukupan kapital 18.133.081 16.642.061

Ukupna pasiva 80.016.644 83.041.354

VANBILANSNE POZICIJE 168.083.873 176.023.379

Poslovi u ime i za račun trećih lica 183.856 169.147

Preuzete buduće obaveze 18.613.444 20.819.259

Primljena jemstva za obaveze 11.761.788 5.056.560

Derivati 19.077.343 7.224.180

Druge vanbilansne pozicije 118.447.442 142.754.233

B I L A N S S T A N J ANa dan 31. decembra 2011. godine

15

I Z V E Š T A J O P R O M E N A M A N A K A P I T A L UU periodu od 1. januara do 31. decembra 2011. godine

2010. 2009.

U hiljadama dinara

AKCIJSKI KAPITAL

Stanje na početku godine 5.774.153 5.774.153

Uložena nova sredstva akcionara - -

Stanje na kraju godine 5.774.153 5.774.153

EMISIONA PREMIJA


Uložena nova sredstva akcionara - -


REZERVE IZ DOBITI I OSTALE REZERVE


Ukupna povećanja u tekućoj godini 970.920 880.828

Ukupna smanjenja u tekućoj godini - (18.234)


REVALORIZACIONE REZERVE

Stanje na početku godine - -

Ukupno povećanje u tekućoj godini 14.113 -

Stanje na kraju godine 14.113 -

DOBITAK

Stanje na početku godine 970.920 862.594

Ukupna povećanja u tekućoj godini 1.496.673 970.920

Ukupna smanjenja u tekućoj godini (970.920) (862.594)

Stanje na kraju godine 1.496.673 970.920

NEREALIZOVANI GUBICI PO OSNOVU HOV RASPOLOŽIVIH ZA PRODAJU

Stanje na početku godine - -

Ukupno povećanje u tekućoj godini (19.766) -

Stanje na kraju godine (19.766) -

UKUPNO


Ukupna povećanja u tekućoj godini 2.461.940 1.851.748

Ukupna smanjenja u tekućoj godini (970.920) (880.828)


2011. 2010.

16

I Z V E Š T A J O N O V Č A N I M T O K O V I M AU periodu od 1. januara do 31. decembra 2011. godine


TOKOVI GOTOVINE IZ POSLOVNIH AKTIVNOSTI

Priliv gotovine iz poslovnih aktivnosti 5.583.821 4.854.523

Prilivi od kamata 4.840.494 4.097.734

Prilivi od naknada 728.878 740.540

Prilivi po osnovu ostalih poslovnih prihoda 14.449 16.249

Odliv gotovine iz poslovnih aktivnosti (3.124.764) (2.638.130)

Odlivi po osnovu kamata (1.427.469) (1.007.120)

Odlivi po osnovu naknada (77.210) (85.250)

Odlivi po osnovu bruto zarada, naknada zarada i drugih ličnih rashoda (720.867) (610.223)

Odlivi po osnovu poreza, doprinosa i drugih dažbina na teret prihoda (121.487) -

Odlivi po osnovu drugih troškova poslovanja (777.731) (935.537)

Neto priliv gotovine iz poslovnih aktivnosti pre povećanja

ili smanjenja u plasmanima i depozitima 2.459.057 2.216.393

Smanjenje plasmana i povečanje uzetih depozita 4.481.167 6.997.231

Smanjenje kredita i plasmana bankama i komitentima 4.481.167 -

Smanjenje hartija od vrednsti po fer vrednosti kroz bilans uspeha, plasmana kojima

se trguje i kratk. hartija od vrednosti koje se drže do dospeća - 401.163

Povećanje depozita od banaka i komintenata - 6.596.068

17


Povećanje plasmana i smanjenje uzetih depozita (5.361.839) (19.507.140)

Povećanje kredita i plasmana bankama i komitentima - (19.507.140)

Smanjenje depozita od banaka i komitenata (5.361.839) -

Neto priliv gotovine iz posl. aktivnosti pre poreza na dobit 1.578.385 -

Neto odliv gotovine iz posl. aktivnosti pre poreza na dobit - (10.293.516)

Plaćeni porez na dobit (151.075) (100.711)

Neto priliv gotovine iz poslovnih aktivnosti 1.427.310 -

Neto odliv gotovine iz poslovnih aktivnosti - (10.394.227)

Prilivi gotovine iz aktivnosti investiranja 40.552 -

Prilivi od prodaje udela (učešća) 40.552 -

Odlivi gotovine iz aktivnosti investiranja (108.205) (82.895)

Odlivi za kupovinu nematerijalnih ulaganja i osn. sredstava (108.205) (82.895)

Neto odliv gotovine iz aktivnosti investiranja (67.653) (82.895)

Prilivi gotovine iz aktivnosti investiranja 713.733 6.048.190


18


Prilivi gotovine iz aktivnosti finansiranja 6.048.190 3.712.885

Neto priivi gotovine po osnovu subordiniranih obaveza - 384.376

Neto prilivi gotovine po osnovu uzetih kredita 713.733 5.663.814

Odlivi gotovine iz aktivnosti finansiranja (4.995.271) -

Neto odlivi gotovine po osnovu subordiniranih obaveza (34.292) -

Neto odlivi po osnovu hartija od vrednosti (4.960.979) -

Neto priliv gotovine iz aktivnosti finansiranja - 6.048.190

Neto odliv gotovine iz aktivnosti finansiranja (4.281.538) -

Svega neto priliv gotovine 10.819.273 17.899.944

Svega neto odliv gotovine (13.741.154) (22.328.876)

Neto smanjenje gotovine (2.921.881) (4.428.932)

Gotovina na početku godine 5.494.382 9.765.997

Pozitivne kursne razlike 19.711.516 16.733.353

Negativne kursne razlike (19.399.671) (16.576.036)

Gotovina na kraju perioda 2.884.346 5.494.382


I Z V E Š T A J N E Z A V I S N O G R E V I Z O R A

19

Mišljenje o finansijskim izveštajima

Izvršili smo reviziju priloženih finansijskih izveštaja Volksbank a.d. Beograd (u daljem tekstu: Banka), koji se sastoje od bilansa stanja na dan 31. decembar 2011. godine, bilansa uspeha, izveštaja o promenama na kapitalu i izveštaja o tokovima gotovine za godinu koja se završava na taj dan, kao i napomena, koje sadrže pregled osnovnih računovodstvenih politika i ostala obelodanjivanja.

Odgovornost rukovodstva za finansijske izveštaje

Rukovodstvo je odgovorno za sastavljanje i istinito i objektivno prikazivanje finansijskih izveštaja u skladu sa Zakonom o računovodstvu i reviziji važećim u Republici Srbiji, važećim Zakonom o bankama i ostalim relevantnim podzakonskim aktima Narodne banke Srbije, i za uspostavljanje takvih internih kontrola za koje se smatra da su relevantne za pripremu finansijskih izveštaja, koji ne sadrže materijalno značajne greške, nastale bilo zbog pronevere ili zbog grešaka u radu.

Odgovornost revizora

Naša odgovornost je da na osnovu izvršene revizije izrazimo mišljenje o priloženim finansijskim izveštajima. Reviziju smo izvršili u skladu sa Zakonom o računovodstvu i reviziji važećim u Republici Srbiji, važećom Odlukom o spoljnoj reviziji banaka i Međunarodnim standardima revizije. Ovi standardi zahtevaju da se pridržavamo relevantnih etičkih zahteva i da reviziju planiramo i obavimo na način koji nam omogućuje da steknemo razumni nivo uveravanja da finansijski izveštaji ne sadrže materijalno značajne greške.

Revizija obuhvata obavljanje procedura u cilju prikupljanja revizorskih dokaza o iznosima i obelodanjivanjima u finansijskim izveštajima. Izbor procedura zavisi od naše procene, uključujući i procenu rizika od materijalno značajnih grešaka u finansijskim izveštajima, nastalih bilo zbog pronevere ili zbog grešaka u radu. U proceni rizika uzimamo u obzir interne kontrole, koje su relevantne za sastavljanje i istinito i objektivno prikazivanje finansijskih izveštaja, sa ciljem kreiranja odgovarajućih revizorskih procedura, ali ne i za svrhe izražavanja mišljenja o efektivnosti primenjenih internih kontrola. Takođe, revizija obuhvata i ocenu adekvatnosti primenjenih računovodstvenih politika i opravdanosti značajnih procenjivanja, koje je rukovodstvo izvršilo, kao i ocenu opšte prezentacije finansijskih izveštaja.

Smatramo da su revizorski dokazi koje smo pribavili dovoljni i odgovarajući i pružaju osnov za izražavanje našeg mišljenja.

20

Mišljenje

Po našem mišljenju, finansijski izveštaji istinito i objektivno, po svim materijalno značajnim pitanjima, prikazuju finansijsko stanje Banke na dan 31. decembar 2011. godine, poslovni rezultat i tokove gotovine za godinu koja se završava na taj dan i sastav-ljeni su u skladu sa Zakonom o računovodstvu i reviziji važećim u Republici Srbiji, važećim Zakonom o bankama i ostalim relevant-nim podzakonskim aktima Narodne banke Srbije.

Beograd, 16. mart 2012. godine

KPMG d.o.o. Beograd

Stana JovanovićOvlašćeni revizor

I Z V E Š T A J U P R A V N O G O D B O R A

Tokom 2011. godine nastavljena je izuzetna komunikacija i visok nivo obostrane efikasnosti Upravnog i Izvršnog odbora. Na četiri redovne sednice i šest vanrednih sednica (“cirkularnih sednica”), kompletne i tačne informacije koje je predstavio Izvršni odbor su se pokazale kao čvrsta osnova na kojoj je Upravni odbor izgradio odgovarajuće i značajne strategije za konstantan razvoj i poboljšanje poslovanja.

U finansijskoj reviziji Folksbanke a.d. koju je u decembru 2011. godine sprovela kompanija KPMG Beograd je dato u potpu-nosti pozitivno mišljenje i potvrda rezultata bez kvalifikacija. Generalna skupština i Upravni odbor su usvojili predložene finansijske izveštaje na dan 06. 04. 2012.

Prihod posle oporezivanja u 2011. godini, prema međunarodnim finansijskim standardima, iznosio je 1.496.670 TRSD, što je jasna potvrda sinergije koja je stvorena odličnim sprovođenjem usvojenih strategija i realizacijom planova, što je dovelo do ostvarenja ciljeva.

Imajući u vidu izuzetne napore koje su zaposleni uložili u 2011. godini, Upravni odbor želi da se zahvali svim članovima tima Folksbanke, koja je sada članica grupe Sberbank, na stručnom doprinosu svim aspektima poslovanja banke i fleksibilnom, brzom i inovativnom pristupu kreiranju novih i jedinstvenih načina poslovanja u skladu sa promenama koje se dešavaju na lokalnim tržištima.

21

22

FOREWORD FROM THE EXECUTIVE BOARD

Axel HummelGordana MatićDanilo Đurović(left to right)

Dear clients, shareholders and friends of Volksbank a.d Beograd,

2011 again, was characterized by a very challenging business environment.

Unlike initial positive expectations about economical development, most of the companies remained at a very low level of operations. Illiquidity in the economy further worsened and unemployment rate further increased. As a consequence, companies as well as private individuals, seriously struggled to serve their financial obligations. In addition, the competition of banks for the reducing number of bankable clients is becoming stronger and stronger.

Despite these rather tricky circumstances, Volksbank Serbia remained on its track-record of positive and growing results and leaving quite some of significant banks behind. The strategy to focus on client’s needs and in the same moment keeping and optimizing an efficient infrastructure proved to be an appropriate tool, in order to overcome 2011 challenges.

2011 was resulting in a new record profit for Volksbank Serbia of EUR 15.1 million with total assets of EUR 762 million. Corporate and Retail Loan volume including cross border reached EUR 567 million, while deposits increased by 43% in comparison to previous year.

We preserved our ability to quickly and efficiently react to market changes and demands from existing and potential clients. 2011 we newly offered to our clients the possibility to define their own interest rate on loans and deposits, by offering an “auction” scheme on our web pages.

In addition to the market activities, serious efforts have been undertaken in the last period to improve processes, specifically in the risk areas, resulting positive effects marked a vital contribution to Volksbank’s last years achievements.

Axel Hummel Gordana Matić Danilo ĐurovićPresident of the Executive Board Member of the Executive Board Member of the Executive Board

23

K E Y F A C T S 2 0 0 4 – 2 0 1 1

C O S T I N C O M E R ATI O

141.10%

93.50% 87.10%72.80%

53.50% 44.60% 43.76%

2004 2005 2006 2007 2008 2009 2010

38.94%

2011

T O T A L A S S E T Sin mio RSD

4,474 12,218

36,686

52,987 62,228

69,108

83,041

2004 2005 2006 2007 2008 2009 2010

80,017

2011

P R O F I Tin mio RSD

-43-103

586

336

941 9671097

2004 2005

2006 2007 2008 2009 2010

1670

2011

L O A N S T O C U S T O M E R Sin mio RSD

2,7096,703

16,721

26,078

34,591

41,264

52,432

2004 2005 2006 2007 2008 2009 2010

53,657

2011

L I N E S O F B U S I N E S S

RETAIL BUSINESS

The year of 2011 presents the most successful year of retail department so far by all key parameters. Operational profitabil-ity of retail department (Contribute Margin I) increased from 3.8 million EUR in 2010 to 9.2 million EUR in 2011, which presents absolute record since forming Volksbank Serbia.

Key reliance in achieving this result is devotion of the bank employees to servicing all financial needs of retail clients (all types of loan products offered, innovative approach to deposit products, quality financial counselling in the segment of product insurance, simple and fast access to clients’ payment orders and many more). To put it in one word – Volksbank has become a service centre where each client can get full, reliable and tailored made banking support.

Confirmation of devotion of employees in meeting client’s needs can be also proved through increase of income from fees by 36%, increase of number of active clients by 13%, increase in using the bank’s product per client by 10%, as well as through increase in deposit base of retail sector by 28%.

Worth mentioning is that various initiatives on product level, incentive schemes, trainings and communications was leading to strong increase of product usage from existing customers.

CORPORATE BUSINESS

In 2011, a trend from previous years was continued. It was characterized by extreme insolvency of the economy. Conse-quence of such a situation in the real sector is the increase of non-performing placements on the level of the banking sector. Inevitably, business operations of Volksbank were affected by such circumstances, but significantly less than the sector as a whole. The reason for that lies in the fact that Volksbank focused in 2010 on the consolidation of the portfolio and giving support to clients in order to overcome the momentary problems, and this strategy was continued in 2011, too.

24

in mio RSD

LOA N S TO RETAIL CUSTOMERS

472 3,027

9,196

19,887

28,64930,990

38,350

2004 2005 2006 2007 2008 2009 2010

38,192

2011

2011 was marked by further growth of the portfolio and the deposits which shows that the clients recognized Volksbank as a reliable partner in the crisis period. Trend of the previous two years was continued and when it comes to the quality of the new portfo-lio, i.e. non-performing placements are practically non-existing.

When it comes to business with corporate clients, Volksbank sees 2012 as the year in which the heavy consequences of the economic crisis will still be felt. Work on improving the portfolio will continue, but the accent will be put on further growth in order to secure additional profitability.

TREASURY DIVISION

Global economic crisis stayed domineering factor in 2011 on both global and Serbian foreign currency, money and capital market. Unlike in 2010, there were many positive steps which may but don’t guarantee that future operations would be better.

Start of the year was traditionally marked by depreciation of dinar. However, this time the depreciation was for short period of time. As soon as in mid-January, dinar started its big rise. In that period, which lasted till the start of June, dinar appreciated by more than 10%, which presents the highest appreciation of dinar since 2008. However, by the end of the year dinar did not manage to stay on that level but the year eventually ended with nominal appreciation of 0.8% in comparison to 2010 (the situation as such was not recorded over past several years).

Main reason of high appreciation was based on huge interest of foreign investors in treasury bills issued by Ministry of Finance. High revenue rates and extended maturity periods did not influence foreign investors to invest over one billion euros into treasury bills and therefore contribute to substantial appreciation of dinar.

Start of 2011 brought the increase in benchmark index Belex15 over first five months by even 27%. However, this initially optimistic tendency grew into continuous fall after May 2011 and so Belex15 was closed at the end of the year with deficit of 23.43% at annual basis. Despite negative tendencies, total recorded turnover increased by 25.9% whereas market capitalization of the Stock Exchange was down by 12.4% in comparison to 2010.

Share of foreign investors in total turnover in 2011 was down by 14%. Positive progress presupposes the start of implementation of the new Law on capital market and the start of secondary trade in Treasury bills of the Republic of Serbia

Treasury recorded better results in 2011 than in 2010.

Trading with customers:

- 18% increase in turnover- Market share increased by 2.24%- Faster growth compared to the market, as we grew by 18% and the market grew by 16%- Profit doubled- Main reasons for the increase in turnover and profit are the maximal use of high EUR/RSD fluctuations and new clients who we

did not have in the previous years

Trading with banks:

- profit doubled- turnover doubled- increase in market share, which puts us in the 9th place by total turnover

25

INFORMATION TECHNOLOGIES

In 2010, the IT sector of the bank actively contributed and successfully supported the development of the bank by introducing contemporary solutions in the field of IT, primarily directed at bank clients meeting in this way their needs.

Main accent was on the measures of increasing efficiency, as well as raising the quality of provided services primarily through:

• Implementation of the in-house Call Centre

• Implementation of various additional functions as part of the main banking system (Letters of guarantees, Promissory notes...)

• Upgrade of the IT infrastructure

• Implementation of the contemporary Intranet solution

Availability of all crucial banking systems was on the requested high level which guarantees uninterrupted business activities.

HUMAN RESOURCES

In 2011 Human Resources started a couple of new activities on bank level.

Employee satisfaction survey was conducted under the auspice of the Executive Board. 72 questions were asked in the survey in order to identify commitment and motivation level of employees, as well as availability of staff and technical resources. An impressive high level of 90% of employees gave their contribution in the research. After the presentation of results, action points were agreed and will be worked on during 2012.

Awareness of vision, mission and values of the bank was developed together with marketing and organisation. Supporting initiatives of communication resulted in a very high 89 percent of employees having a clear understanding of the above mentioned.

26

R I S K E X P O S U R E Classification 1 192 Classification 2

3503

Classification 3 41724

Classification 413073

Classification 515690

27

Training and development

Emphasize was given on training and development of employees:

• Developing of individual talents to become potential leaders

• Employees had an average of 4.8 training days during last year

• Junior Program, through which we employed 15 graduates from economic studies. They had a two-month program of training during which they were introduced with the operating of the entire bank, toured all departments and underwent training of skills and competencies

Plan for next year is the ongoing development of senior and middle management, continuous work on action points arisen from the survey on employee satisfaction and further improvement of the functioning of the department itself.

MARKETING AND COMMUNICATION

Team for marketing and communications has promoted during 2011 series of new products via electronic, outdoor and printed media with the focus on loans indexed in dinars with a fixed interest rate during the whole period of repayment.

Campaigns for O2 and children’s savings, loans for medical institutions, loans with a depreciating interest rate, for stem cells, for energy efficiency have been successfully executed. Tradition of creating pioneering and unique banking products continued in 2011 by presenting the Internet bidding loan which is a total novelty in the Serbian banking market.

Continuous presenting of the dinar car loans which proved as the most competitive loan on the market in 2011 has been continued, as well as the cooperation on promotional activities for money transfers MoneyGram and Western Union. The appearance of the Bank on the Job Fair was covered by the media while internal communications covered all of activities promoting the vision, mission and new values of the bank.

Regarding bank’s web site, traffic is increased reaching over 500.000 visits, which is achieved due to better optimization of website (SEO) and redefining cost per click in AdWords campaign.

Despite the narrow media space, excellent communication with the press and electronic media has been maintained. PR activities secured a continuous presence of the bank on all relevant TV stations with a national frequency as well as printed media with the biggest circulation. All of this resulted in an increase in the number of advertisements by 49 percent and the record PR value of bank’s advertisements in the media of 70 percent of primary positions out of the total featuring of the bank in the media.

RISK MANAGEMENT

Year 2011 was marked by the continued strengthening of the Risk Management function in Volksbank a.d.

Several major projects have been completed of which the most important one was the implementation of Basel II regulations (standardized approach) in accordance with the National Bank of Serbia regulations. In addition, various credit policies and procedures have been revised in accordance with the past experiences and targets of the Bank, with the main goal of improving the risk / return profile of the new production, and efficiency of the credit process.

In view of the continuing trend of growing NPLs on the Serbian market, during 2011 there was a strong focus on further development of the collections and restructuring functions of the Bank, leading to over 50% improvement in late recoveries compared to 2010.

Going forward, as the main risk remains the development of the portfolio quality in view of the continuing difficult economic situation, credit risk management will be the focus of further development and special focus.

INTERNATIONAL NETWORK

www.vbi.at

28

Volksbank a.d. has been operating succesfully in Serbia since 2003 as part of the network of the Vienna-based Volksbank International AG (VBI). VBI holds a majority interest in Banka Volksbank d.d. and has subsidiary banks in seven other CEE states consisting of Slovakia, the Czech Republic, Hungary, Croatia, Bosnia-Herzegovina, Serbia and the Ukraine. At the end of 2011, VBI and its subsidiary banks had a workforce of 4,156, serving some 600,000 retail and business clients at 295 branches. The total assets of the VBI banks at year-end 2011 amounted to EUR 9.1 billion.

Strong new partner

In February 2012, Volksbank International AG was taken over entirely by Sberbank, which with 240,000 employees is Russia’s largest bank. As the new and strong owner of VBI AG, Sberbank stands for the positive and sustained development of the entire network. Sberbank owns 27 per cent of all the assets within the Russian banking sector. It was founded by the Bank of Russia, which remains its main stockholder with over 60 per cent of vote-carrying shares. The other stockholders consist of more than 245,000 legal and natural personages. Sberbank has 17 regional headquarters and Russia’s most extensive branch network, as well as subsidiaries in Kazakhstan, the Ukraine and Belarus, a branch in India and representative offices in Germany and China.

AU S T R I A

C Z E C H R E P U B L I C

S LO VA K I A

U K R A I N E

H U N G A RY

C R OAT I A

B O S N I A-H E R Z E G O V I N A

S E R B I A

S LO V E N I A

FinancialStatements

VolksbankSerbia

30

I N C O M E S T A T E M E N TFOR THE YEAR ENDED 31 DECEMBER 2011

In thousands of RSD 2011. 2010.

OPERATING INCOME AND EXPENSES

Interest income 5.301.524 4.461.117

Interest expenses (1.403.933) (1.081.187)

Net interest income 3.897.591 3.379.930

Fees and commissions income 742.329 750.713

Fees and commissions expenses (81.931) (85.716)

Net fee and commission income 660.398 664.997

Net gain on sale of securities held to maturity 4 -

Net loss on sale of equity investments (31.417)

Net foreign exchange loss 311.845 157.317

Other operating income 19.853 24.776

Net impairment and provisions

expense (1.210.154) (1.105.538)

Net wages and salaries, taxes, contributions and other personnel expenses (750.372) (679.479)

Depreciation costs (158.203) (217.186)

Operating and other expenses (1.065.900) (1.127.788)

Income from assets and liabilities valuation adjustments 453 -

Expenses from assets and liabilities valuation adjustments (3.829) (453)

OPERATING PROFIT 1.670.269 1.096.576

PERIOD RESULT - PROFIT BEFORE TAX 1.670.269 1.096.576

Income taxes (174.893) (133.005)

Gains on increase of deferred tax assets and decrease of deferred tax liability 1.297 7.349

PROFIT AFTER TAX 1.496.673 970.920

Earnings per share in RSD 259 168

31

B A L A N C E S H E E TAS AT 31 DECEMBER 2011


ASSETS

Cash and cash equivalents 2.884.346 5.494.382

Revocable deposits and loans 15.526.966 11.233.147

Interest and fees receivables 1.145.137 743.436

Loans and deposits 47.860.726 60.566.669

Securities (excluding treasury shares) 11.250.390 4.292.737

Equity investments 267 72.236

Other placements 781.187 108.568

Intangible assets 131.860 124.865

Fixed assets and investment property 237.626 298.446

Deferred tax assets 12.859 11.562

Other assets 185.280 95.306

TOTAL ASSETS 80.016.644 83.041.354

LIABILITIES AND EQUITY

Transaction deposits 4.549.314 4.338.791

Other deposits 11.887.088 17.294.446

Borrowings 40.440.958 39.892.283

Securities related liabilities 19.766 -

Interest and fees liabilities

liabilities 19.898 6.765

Provisions 336.476 306.466

Income tax payable 8.316 14.283

Liabilities for profit distribution 51.138 27.320

Other liabilities 4.570.609 4.518.939

TOTAL LIABILITIES 61.883.563 66.399.293

32


Capital

Share capital 13.678.896 13.678.896

Profit reserves 2.963.165 1.992.245

Revaluation reserves 14.113 -

Unrealised losses on available-for-sale securities (19.766) -

Profit for the year 1.496.673 970.920

TOTAL EQUITY 18.133.081 16.642.061

TOTAL LIABILITIES AND EQUITY 80.016.644 83.041.354

OFF BALANCE SHEET ITEMS 168.083.873 176.023.379

Operations on behalf of third party 183.856 169.147

Guarantees and other contingent liabilities 18.613.444 20.819.259

Sureties 11.761.788 5.056.560

Derivatives 19.077.343 7.224.180

Other off-balance sheet items 118.447.442 142.754.233

B A L A N C E S H E E TAS AT 31 DECEMBER 2011

33

S T A T E M E N T O F C H A N G E S I N S H A R E H O L D E R S ’ E Q U I T YFOR THE YEAR ENDED 31 DECEMBER 2011

2010. 2009.

In thousands of RSD

Share capital

Balance, beginning of year 5.774.153 5.774.153

Increases during the year - -

Balance, end of year 5.774.153 5.774.153

SHARE PREMIUM


Increases during the year - -


PROFIT RESERVES AND OTHER RESERVES


Increases during the year 970.920 880.828

Decreases during the year - (18.234)


REVALUATION RESERVES

Balance, beginning of year - -

Increases during the year 14.113 -

Balance, end of year 14.113 -

PROFIT

Balance, beginning of year 970.920 862.594

Increases during the year 1.496.673 970.920

Decreases during the year (970.920) (862.594)

Balance, end of year 1.496.673 970.920

UNREALISED LOSSES ON AVAILABLE-FOR-SALE SECURITIES

Balance, beginning of year - -

Increases during the year (19.766) -

Balance, end of year (19.766) -

TOTAL EQUITY


Increases during the year 2.461.940 1.851.748

Decreases during the year (970.920) (880.828)


2011. 2010.

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C A S H F L O W S T A T E M E N TFOR THE YEAR ENDED 31 DECEMBER 2011


Cash receipts from operating activities 5.583.821 4.854.523

Interest receipts 4.840.494 4.097.734

Fee and commission receipts 728.878 740.540

Receipts from other operating income 14.449 16.249

Cash payments from operating activities (3.124.764) (2.638.130)

Interest payments (1.427.469) (1.007.120)

Fee and commission payments (77.210) (85.250)

Payments to, and on behalf of employees (720.867) (610.223)

Taxes, contributions and other duties paid (121.487) -

Payments for other operating expenses (777.731) (935.537)

Net operating cash generated before changes in placements

and deposits 2.459.057 2.216.393

Decreases in placements and increases in deposits 4.481.167 6.997.231

Decrease in loans and placements to banks and customers 4.481.167 -

Decrease in securities at fair value through profit and loss, securities

held for trading and short-term securities held to maturity - 401.163

Increase in deposits from banks and customers - 6.596.068

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Increases in placements and decreases in deposits (5.361.839) (19.507.140)

Increase in loans and placements to banks and customers - (19.507.140)

Decrease in deposits from banks and customers (5.361.839) -

Net cash generated from operating activities before taxes 1.578.385 -

Net cash used in operating activities before taxes - (10.293.516)

Paid taxes (151.075) (100.711)

Net cash generated from operating activities 1.427.310 -

Net cash used in operating activities - (10.394.227)

Cash receipts from investing activities 40.552 -

Receipts from sale of equity investments 40.552 -

Cash payments from investing activities (108.205) (82.895)

Cash payments for purchase of intangible and fixed assets (108.205) (82.895)

Net cash used in investing activities (67.653) (82.895)

Net cash generated from investing activities 713.733 6.048.190


36


Net cash generated from financing activities 6.048.190 3.712.885

Net receipts from subordinated liabilities - 384.376

Net receipts from loans taken 713.733 5.663.814

Cash used in financing activities (4.995.271) -

Net payments for subordinated liabilities (34.292) -

Net payments for securities (4.960.979) -

Net cash generated from financing activities - 6.048.190

Net cash payments for financing activities (4.281.538) -

TOTAL NET CASH GENERATED 10.819.273 17.899.944

TOTAL NET CASH USED (13.741.154) (22.328.876)

NET DECREASE IN CASH AND CASH EQUIVALENTS (2.921.881) (4.428.932)

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 5.494.382 9.765.997

FOREIGN EXCHANGE GAINS 19.711.516 16.733.353

FOREIGN EXCHANGE LOSSES (19.399.671) (16.576.036)

CASH AND CASH EQUIVALENTS AT END OF PERIOD 2.884.346 5.494.382


I N D E P E N D E N T A U D I T O R ’ S R E P O R T

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Report on the Financial Statements

We have audited the accompanying financial statements of Volksbank a.d. Beograd (“the Bank”), which comprise the balance sheet as at 31 December 2011, the income statement, statement of changes in equity and cash flow statement for the year then ended, and notes, comprising a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and true and objective presentation of these financial statements in accordance with the applicable Law on Accounting and Auditing of the Republic of Serbia, applicable Banks Law and other relevant by-laws issued by National Bank of Serbia and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the applicable Law on Accounting and Auditing of the Republic of Serbia, the applicable Decision on External Audit of Banks and International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about 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 our 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, we consider internal control relevant to the preparation and true and objective presentation of 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.

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Opinion

In our opinion, the financial statements present truly and objectively, in all material respects, the financial position of the Bank as at 31 December 2011, and of its financial performance and its cash flows for the year then ended in accordance with the applicable Law on Accounting and Auditing of the Republic of Serbia, applicable Banks Law and other relevant by-laws issued by National Bank of Serbia.

Belgrade, March 16th, 2012

KPMG d.o.o. Beograd

Stana JovanovićCertified Auditor

KPMG d.o.o. Beograd

Stana Jovanović

R E P O R T O F T H E B O A R D O F D I R E C T O R S

During 2011, excellent communication and mutual efficiency between the Board of Directors and Executive Board contin-ued on high level. At four regular sessions and six extraordinary ones ("circular sessions"), complete and accurate information’s presented by the Executive Board, have proved to be excellent and strong base for the Board of Directors to create appropriate and meaningful strategies for continuous development and improvement of business operations.

The Financial audit of Volksbank a.d. as of December 2011 conducted by KPMG Belgrade was followed by unqualified positive opinion and approval of the accounts without qualifications. The General Assembly and the Board of Directors have adopted the proposed financial statements on 06. 04. 2012.

Profit after taxes for the year 2011, according to international financial standards, amounted to TRSD 1.496.670, represents apparent confirmation of the synergies generated by the excellent implementation of adopted strategies and realization of plans that led to the accomplishment of goals.

Due to the remarkable effort made in 2011 by the employees, the Board of the Directors would like to thank all staff members of Volksbank, now member of Sberbank group, on their professional contribution to all aspects of banks operations and flexible, fast responsive and innovative approach in creating new and unique way of doing business in line with ongoing changes on local markets.

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N A Š A M R E Ž A / O U R N E T W O R K

SEDIŠTE / HEAD OFFICE

BeogradBulevar Mihaila Pupina 165G11070 BeogradSrbijatel.: +381 11 2013 259fax: +381 11 2013 270VB INFO-CENTAR:0700 700 [email protected]

EKSPOZITURE / BRANCHES

Beograd

Bulevar Mihaila Pupina 165G

Kralja Milana 25

Dečanska 4

Požeška 80

Zemun - Glavna 37

TC Piramida - Jurija Gagarina 151

Ustanička 264

Borska 44

Vojvode Stepe 171

PančevoKarađorđeva 8

NišSvetozara Markovića 27

ČačakKuželjeva 2

Novi SadFutoška 1aDunavska 7

SuboticaKorzo 6

Stara PazovaKralja Petra I Karađorđevića 1

ZrenjaninIve Lole Ribara 7a

Sremska MitrovicaKralja Petra I 35

VršacDositejeva 11

PožarevacTabačka čaršija 2

KragujevacKralja Petra 19

ValjevoDr. Pantića 102

ŠabacGospodar Jevremova 1

KruševacMajke Jugovića 34

SomborKralja Petra I 1

JagodinaSvetozara Markovića 21

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izvestaj_2011.pdf

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