zao unicredit bank .zao unicredit bank unaudited consolidated interim condensed financial statements

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  • ZAO UniCredit Bank Unaudited Consolidated Interim Condensed Financial Statements for the Nine-Month Period Ended 30 September 2014

  • ZAO UNICREDIT BANK CONTENTS

    Page STATEMENT OF MANAGEMENTS RESPONSIBILITIES FOR THE PREPARATION AND APPROVAL OF THE CONSOLIDATED INTERIM CONDENSED FINANCIAL STATEMENTS AS OF 30 SEPTEMBER 2014 1 INDEPENDENT AUDITORS REPORT ON REVIEW OF THE CONSOLIDATED INTERIM CONDENSED FINANCIAL STATEMENTS 2-3 CONSOLIDATED INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION 4 CONSOLIDATED INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME 5 CONSOLIDATED INTERIM CONDENSED STATEMENT OF CHANGES IN EQUITY 6 CONSOLIDATED INTERIM CONDENSED STATEMENT OF CASH FLOWS 7 SELECTED NOTES TO THE CONSOLIDATED INTERIM CONDENSED FINANCIAL STATEMENTS 8-38 1. Principal activities 8 2. Basis of preparation 8 3. Significant accounting policies 9 4. Operating segments 18 5. Cash and cash balances 25 6. Trading securities 25 7. Amounts due from credit institutions 26 8. Derivative financial instruments 26 9. Loans to customers 27 10. Avaliable-for-sale investment securities 28 11. Taxation 29 12. Amounts due to credit institutions 29 13. Amounts due to customers 30 14. Debt securities issued 31 15. Commitments and contingencies 32 16. Gains on financial assets and liabilities held for trading 33 17. Acquisition 33 18. Fair values of financial instruments 34 19. Related party disclosures 36

  • 1

    ZAO UNICREDIT BANK STATEMENT OF MANAGEMENTS RESPONSIBILITIES FOR THE PREPARATION AND APPROVAL OF THE CONSOLIDATED INTERIM CONDENSED FINANCIAL STATEMENTS AS OF 30 SEPTEMBER 2014

    Management of ZAO UniCredit Bank is responsible for the preparation of the consolidated interim condensed financial statements that present fairly the financial position of ZAO UniCredit Bank and its subsidiary (collectively the Group) as at 30 September 2014, and the related consolidated interim condensed statements of comprehensive income for the three and nine-month periods then ended, changes in equity and cash flows for the nine-month period then ended, and a summary of significant accounting policies and selected notes to the consolidated interim condensed financial statements (the consolidated interim condensed financial statements) in compliance with International Accounting Standard (IAS) 34, Interim Financial Reporting. In preparing the consolidated interim condensed financial statements, management is responsible for:

    Properly selecting and applying accounting policies;

    Presenting information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

    Providing additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the Groups financial position and financial performance; and

    Making an assessment of the Groups ability to continue as a going concern.

    Management is also responsible for:

    Designing, implementing and maintaining an effective and sound system of internal controls, throughout the Group;

    Maintaining adequate accounting records that are sufficient to show and explain the Groups transactions and disclose with reasonable accuracy at any time the financial position of the Group, and which enable them to ensure that the consolidated interim condensed financial statements of the Group comply with IAS 34;

    Maintaining statutory accounting records in compliance with legislation and accounting standards of the Russian Federation;

    Taking such steps as are reasonably available to them to safeguard the assets of the Group; and

    Preventing and detecting fraud and other irregularities.

    The consolidated interim condensed financial statements as at 30 September 2014 were authorized for issue by the Board of Management of ZAO UniCredit Bank on 21 October 2014. Signed on behalf of the Board of Management

    M. Alekseev Chairman of the Board of Management G. Chernysheva Chief Accountant 12 November 2014

  • 2

    INDEPENDENT AUDITORS REPORT ON REVIEW OF CONSOLIDATED INTERIM CONDENSED FINANCIAL STATEMENTS To the Shareholder and Supervisory Board of ZAO UniCredit Bank: Introduction We have reviewed the consolidated interim condensed statement of financial position of ZAO UniCredit Bank and its subsidiary (collectively the Group) as at 30 September 2014, and the related consolidated interim condensed statements of comprehensive income for the three and nine-month periods, changes in equity and cash flows for the nine-month period then ended and a summary of significant accounting policies and selected explanatory notes. Management is responsible for the preparation and fair presentation of these consolidated interim condensed financial statements in accordance with International Accounting Standard (IAS) 34, Interim Financial Reporting. Our responsibility is to express a conclusion on these consolidated interim condensed financial statements based on our review. Scope of Review We conducted our review in accordance with Federal Law On Audit Activity, Federal Rule (Standard) of Auditing No. 33, Review of Financial Statements, and International Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Federal Auditing Standards of the Russian Federation and International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

  • Audited entity: ZAO UniCredit Bank. Licensed by the Central Bank of the Russian Federation on 23 March 2012, License No.1. Entered in the Unified State Register of Legal Entities on 19 August 2002 by the Moscow Inter-Regional Tax Inspectorate No.39 of the Ministry for Taxes and Duties of the Russian Federation, Registration No. 1027739082106, Certificate series 77 No. 005721432 9, Prechistenskaya emb., Moscow, Russia 119034.

    Independent Auditor: ZAO Deloitte & Touche CIS Certificate of state registration 018.482, issued by the Moscow Registration Chamber on 30.10.1992. Certificate of registration in the Unified State Register 1027700425444 of 13.11.2002, issued by Moscow Interdistrict Inspectorate of the Russian Ministry of Taxation 39. Certificate of membership in NP Audit Chamber of Russia (auditors SRO) of 20.05.2009 3026, ORNZ 10201017407.

    3

    Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim condensed financial statements are not prepared, in all material respects, in accordance with IAS 34, Interim Financial Reporting. 12 November 2014 Moscow, Russian Federation Ploutalova S.E., Partner (certificate no. 01-000596 of 19 March 2012) ZAO Deloitte & Touche CIS

  • The accompanying selected notes on pages 8 to 38 are an integral part of these consolidated interim condensed financial statements.

    4

    ZAO UNICREDIT BANK CONSOLIDATED INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2014

    (expressed in thousands of Russian Roubles)

    Notes

    30 September 2014

    Unaudited 31 December

    2013

    Assets Cash and cash balances 5 20 527 890 25 708 189 Trading securities 6

    - held by the Group 2 801 968 8 043 048 - pledged under repurchase agreements 331 081 3 533 397

    Amounts due from credit institutions 7 189 325 176 223 403 672 Derivative financial assets 8 23 608 917 9 610 569 Derivative financial assets designated for hedging 8 4 564 992 4 131 332 Changes in fair value of portfolio hedged items - 1 458 602 Loans to customers 9 710 085 282 548 607 344 Investment securities:

    - available-for-sale 10 - held by the Group 38 615 074 19 457 387 - pledged under repurchase agreements 21 800 759 32 789 934

    - held-to-maturity - 299 993 Investments in associate - 973 059 Fixed assets 6 077 582 6 328 343 Intangible assets 2 580 846 2 204 893 Current income tax 862 221 - Other assets 3 645 569 1 950 602

    Total assets 1 024 827 357 888 500 364

    Liabilities Amounts due to credit institutions 12 177 498 327 152 653 594 Financial liabilities held for trading 13 878 314 - Derivative financial liabilities 8 28 319 915 8 153 454 Derivative financial liabilities designated for hedging 8 7 801 236 6 601 742 Changes in fair value of portfolio hedged items 2 362 603 - Amounts due to customers 14 584 319 310 529 544 946 Debt securities issued 15 66 733 742 50 737 686 Deferred income tax liabilities 4 625 483 2 211 333 Current income tax liabilities - 352 795 Other liabilities 7 032 356 6 200 115

    Total liabilities 879 571 286 756 455 665

    Equity Share capital 41 787 806 41 787 806 Share premium 437 281 437 281 Cash flow hedge reserve (877 607) (1 159 521) Revaluation reserve for available-for-sale investment securities (2 968 524) (411 821) Retained earnings 106 877 115 91 390 954

    Total equity 145 256 071 132 044 699

    Total equity and liabilities 1 024 827 357 888 500 364

    Signed and authorized for release on behalf of the Board of Management M. Alekseev Chairman of the Board of Management G. Chernysheva Chief Accountant 12 Nov

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