Nastavljen rast Growth continued

Austrija Bosna i Hercegovina

Godišnji izveštaj 2011.
Annual Report 2011

Hrvatska Češka Mađarska

SRBIJA
Slovačka Slovenija Ukrajina

Bulevar Mihaila Pupina 165g 11070 Beograd Tel.: + 381 11 2013 259 Fax: + 381 11 2013 270 VB INFO CENTAR: 0700 700 800

VOLKSBANK A.D. BEOGRAD
info@volksbank.rs www.volksbank.rs

SADRŽAJ / CONTENT

GODIŠNJI IZVEŠTAJ 2011
UVODNA REČ IZVRŠNOG ODBORA KLJUČNI POKAZATELJI 2004–2011 ANALIZA POSLOVANJA MEĐUNARODNA MREŽA FINANSIJSKI IZVEŠTAJ Bilans uspeha Bilans stanja Izveštaj o promenama na kapitalu Izveštaj o novčanim tokovima AKCIONARIMA VOLKSBANK A.D. BEOGRAD Izveštaj nezavisnog revizora IZVEŠTAJ UPRAVNOG ODBORA 4 5 6 10 11 12 13 15 16 19 19 21

ANNUAL REPORT 2011
FOREWORD FROM THE EXECUTIVE BOARD KEY FACTS 2004–2011 LINES OF BUSINESS INTERNATIONAL NETWORK FINANCIAL STATEMENTS Income statement Balance sheet Statement of changes in shareholders’ equity Cash flow statement TO THE SHAREHOLDERS OF VOLKSBANK A.D. BEOGRAD Independent Auditor’s Report REPORT OF THE BOARD OF DIRECTORS NAŠA MREŽA / OUR NETWORK Sedište / Head Office Ekspoziture / Branches 22 23 24 28 29 30 31 33 34 37 37 39 40 40 40

UVODNA REČ IZVRŠNOG ODBORA

Axel Hummel Gordana Matić Danilo Đurović (s leva na desno)

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 Predsednik Izvršnog odbora

Gordana Matić Član Izvršnog odbora

Danilo Đurović Član Izvršnog odbora

04

078 16.KLJUČNI POKAZATELJI 2004–2011 R AC I O T R O Š K O V A I P R I H O D A UKUPNA AKTIVA u milionima RSD 83.60% 43.10% 52.721 2.432 1097 941 586 336 2004 2005 53.657 1670 967 41.709 6.474 2011 2004 69.987 93.50% 87.76% 2010 80.686 38.80% 53.017 62.228 36.591 26.703 2005 2006 2007 2008 2009 2010 2011 -43 -103 2006 2007 2008 2009 2010 2011 2004 05 .218 2005 2006 2007 2008 2009 2010 2011 2004 2005 2006 2007 2008 2009 PROFIT u milionima RSD PLASMAN KREDITA u milionima RSD 52.50% 44.10% 72.041 141.264 34.94% 4.108 12.

kvaliteno finansijsko savetovanje u domenu proizvoda osiguranja. Razlog je to što se Folksbanka u 2010. godini je nastvljen trend iz prethodnih godina koji se odlikovao izrazitom nelikvidnošću privrede. i poslovanje Folksbanke je bilo pogođeno takvim okolnostima ali značajno manje od sektora u celini.8 mio EUR u 2010-oj na 9. godinu je obeležio dalji rast portfolia i depozita što pokazuje da su klijenti prepoznali Folksbanku kao sigurnog partnera u kriznom periodu.990 38. godina predstavlja do sada najuspešniju godinu u poslovanju sa stanovništvom u svim glavnim parametrima.887 9. Vredno je napomenuti i da su brojne inicijative na nivou proizvoda.350 28. jednostavan i brz pristup izvršavanju platnih naloga klijenta i još mnogo toga). Glavni oslonac ostvarivanju ovog rezultata predstavalja posvećenost zaposlenih banke servisiranju svih finasijskih potreba retail klijenata (sve vrste kreditnih prozivoda u ponudi. KREDITI PLASIRANI STANOVNIŠTVU u milionima RSD 38. Naravno. odnosno problematičnih plasmana praktično nema.027 2005 2006 2007 2008 2009 2010 30.196 472 2004 3. kao i kroz povećanje baze depozita za 28%. Konsekvenca takve situacije u realnom sektoru je rast problematičnih plasmana na nivou bankarskog sektora. podsticajnih šema.ANALIZA POSLOVANJA POSLOVANJE SA STANOVNIŠTVOM 2011.2 mio EUR u 2011-oj godini što predstavlja apsolutni rekord od osnivanja Folksbanke u Srbiji. 2011. broja aktivnih klijenata za 13%. godini fokusirala na konsolidaciju portfolia i davanju podrške klijentima kako bi prevazišli trenutne probleme. 06 . treninga i komunikacija. a ta strategija je nastavljena i u 2011.649 19. godini.192 2011 POSLOVANJE SA PRIVREDOM U 2011. dovele do snažnog povećanja korišćenja proizvoda od strane postojećih klijenata. Operativna profitabilnost segmenta poslovanja sa stanovništvom (Contribution Marign I) je povećana sa 3. Trend iz prethodne dve godine je nastavljen i kada je u pitanju kvalitet novog portfolia. korišćenja bankarskih proizvoda po klijentu za 10%. Potvrdu posvećenosti zaposlenih servisiranju klijenata možemo validirati kroz povećanje prihoda za 36%. inovativni pristup u depozitnim proizvodima. pouzdanu podršku koja odgovara njegovim potrebama. U jednoj reči Folksbanka je postala servisni centar u kome svaki klijent može dobiti punu.

Od pozitivnih pomaka izdvaja se početak primene novog Zakona o Tržištu kapitala i početak sekundarnog trgovanja Zapisima trezora Republike Srbije.8% u odnosu na 2010. tako da je Belex15 završio godinu sa gubitkom od 23. U tom periodu. . Za razliku od 2010. godinu. godine smanjeno je za 14%. Do kraja godine dinar ipak nije uspeo da se održi na ovim nivoima. Učešće stranih investitora u ukupnom prometu 2011. Trgovanje sa bankama: . Glavni razlog velikog jačanja se zasnivao na ogromnom interesovanju stranih investitora za zapise. gde smo porasli 18% dok je tržiste poraslo za 16%.9%. Sektor sredstava je u 2011. koji je trajao do početka juna. ovog puta je to slabljenje bilo kratkotrajno. koje izdaje ministrastvo finansija.4% u odnosu na 2010. koje nas je svrstalo na 9. 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. godini poslovao uspešnije nego 2010. što je najveće jačanje dinara od 2008.Dvostruko povećanje prometa.Brži rast od tržišta. godine doneo je rast repernog indexa Belex15 u prvih pet meseci za čak 27%. mesto ukupno po prometu. koje nismo imali prethodnih godina. . Ipak. 2012. dinar je ojačao više od 10%.Glavni razlozi za rast prometa i profita zahvaljujući maksimalnoj iskorišćenosti velikih fluktuacija na EUR/RSD i novim klijentima. . da će dalje poslovanje biti bolje. Međutim ovaj inicijalno optimistični trend je već posle maja 2011. bilo je dosta pozitivnih pomaka. godine. godine. I dalje će se raditi na poboljšanju portfolia ali će akcenat biti stavljen i na dalji rast koji bi trebalo da obezbedi dodatnu profitabilnost. kada je poslovanje sa privredom u pitanju. Već sredinom januara dinar je započeo svoj veliki rast. godinu (ovakva situacija nije zabeležena u poslednjih nekoliko godina). ukupan ostvareni promet povećan je za 25.Povećanje prometa za 18%. dok je tržišna kapitalizacija Berze manja za 12.Tržišno učešće povećano na 2. SEKTOR SREDSTAVA Svetska ekonomska kriza je ostala dominantan faktor i u 2011 godini. .Folksbanka.Duplo veći profit.24%. Početak godine je tradicionalno obeležilo slabljenje dinara. Početak 2011. Trgovanje sa klijentima: .Povećanje tržišnog učešća. koji mogu ali ni u jednom slučaju ne garantuju. kako u svetu tako i na srpskom deviznom. .Dvostruko povećanje profita. Uprkos negativnom trendu. 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. godine prerastao u kontinuirani pad. .43% na godišnjem nivou. ali je ipak godina završena sa nominalnom apresijacijom od 0. 07 . tržištu novca i tržištu kapitala.

.). Impresivno visok broj od 90% zaposlenih je dalo svoj doprinos u istraživanju. godini IT sektor banke je aktivno doprineo i uspešno pratio razvoj banke uvođenjem savremenih rešenja u IT oblasti. • Implementaciju raznih dodatnih funkcionalnosti u okviru glavnog bankarskog sistema (Garancije.INFORMACIONE TEHNOLOGIJE U 2011. 08 . Postavljena su 72 pitanja kojima je identifikovana angažovanost i motivisanost zaposlenih i raspoloživost sredstava. UKUPNA IZLOŽENOST PREMA KLIJENTIMA PO RATING KLASAMA Klasifikacija 5 15690 Klasifikacija 1 192 Klasifikacija 2 3503 Klasifikacija 4 13073 Klasifikacija 3 41724 LJUDSKI RESURSI U 2011. Podržavajuće inicijative za komunikaciju su rezultirale time da visokih 89% ima jasnu sliku o tome. Nakon prezentacije rezultata dogovoreni su akcioni koraci na kojima će se raditi u 2012. Ispitivanje zadovoljstva zaposlenih je sporovedeno pod pokroviteljstvom Izvršnog Odbora. • Implementaciju savremenog Intranet rešenja. prevenstveno orijentisanih ka klijentima banke izlazeći na taj način u susret njihovim potrebama. godini Služba za ljudske resurse je započela nekoliko novih aktivnosti na nivou banke. • Implementaciju in-house Call Center-a. misiji i vrednostima banke gde je služba za ljudske resurse. Gradila se svest o viziji. Dostupnost svih bankarskih sistema je bila na zahtevanom visokom nivou što je garantovalo neometanost poslovnih aktivnosti. zajedno sa grupom za marketing i grupom za organizaciju. • Unapređenje IT infrastrukture. Menice..

kontinuirani rad na akcionim koracima proizašlim iz istraživanja zadovoljstva zaposlenih i dalje unapređivanje funkcije same službe. I pored suženog medijskog prostora. održana je odlična komunikacija sa štampanim i elektronskim medijima. misija i nove vrednosti banke. što je postignuto zahvaljujući boljoj optimizaciji sajta (SEO) i redefinisanju cene po kliku u AdWords kampanji. 09 .000 poseta.8 trening dana tokom prošle godine. Oni su imali dvomesečni program obuke pri čemu su se upoznali sa radom cele banke. godine promovisala čitav niz novih proizvoda putem elektronskih. Kroz PR aktivnosti obezbeđena je kontinuirana prisutnost banke na svim relevantnim televizijskim stanicama sa nacionalnom frekvencijom kao i najtiražnijim štampanim medijima. promet je povećan i dostigao je preko 500. Takođe. kredite sa opadajućom kamatnom stopom. za matične ćelije. što je dovelo do preko 50 posto poboljšanja u kasnim oporavcima u odnosu na 2010. Nastavljeno je kontinuirano komuniciranje dinarskog auto kredita koji je i u 2011. obišli sva odeljenja i prošli obuke znanja i veština. U pogledu kontinuiranog trenda sve većih neprofitablinih plasmana na srpskom tržištu. godinu. Plan za narednu godinu je razvoj višeg i srednjeg menadžmenta. 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. Tradicija kreiranja pionirskih i jedinstvenih bankarskih proizvoda je nastavljena predstavljanjem internet aukcije kredita koja je potpuna novina na srpskom bankarskom tržištu. UPRAVLJANJE RIZICIMA 2011. izrazito smo se fokusirali na dalji razvoj naplate i restruktuiranja odeljenja banke. i efikasnosti kreditnog procesa. pri čemu je glavni cilj poboljštanje rizik/povraćaj profila narednog generisanja. te upravljanje kreditnim rizicima će se usredsrediti na dalji razvoj i posebne ponude.d.Obuke i razvoj Akcenat je stavljen na obuke i razvoj zaposlenih: • • • Razvoj individualnih talenata koji su potencijalni lideri. Nekoliko značajnih projekata je završeno od kojih je najvažnija implementacija Bazil II regulative (standardizovan pristup) u skladu sa regulativama Narodne banke Srbije. razne politike i procedure kreditiranja su revidirane u skladu sa prethodnim iskustvima i ciljevima banke. godini bio najkonkurentniji na tržištu kao i saradnja na promotivnim aktivnostima za transfere novca MoneyGram i Western union. Uspešno su organizovane kampanje za O2 i dečiju štednju. Što se tiče web stranice banke. outdoor i štampanih medija sa fokusom na dinarske kredite sa fiksnom kamatnom stopom tokom celog perioda otplate. Zaposleni su u proseku imali 4. tokom 2011. za energetsku efikasnost. I dalje. kao glavni rizik ostaje razvoj kvaliteta portfolija u smislu i nastavljene teške ekonomske situacije. godina bila je obeležena kontinuiranim jačanjem odeljenja Upravljanja rizicima u Volksbanci a. MARKETING I KOMUNIKACIJE Grupa za marketing i komunikacije je i tokom 2011. Marketinški je ispraćen nastup banke na Sajmu zapošljavanja dok su na polju internih komunikacija kroz brojne aktivnosti promovisane vizija. kredite za medicinske ustanove. Sproveden je „Junior program“ pri kome smo zaposlili 15 diplomaca ekonomskog usmerenja.

Volksbank International AG ja preuzet u potpunosti od strane Sberbanke. ekspozituru u Indiji i predstavništva u Nemačkoj i Kini. Mađarskoj. Na kraju 2011. Ukrajini i Belorusiji. Sberbank ima 17 regionalnih sedišta i najveću mrežu ekspozitura u Rusiji. VBI je sa svojim bankama članicama imao 4. Sberbanka poseduje 27% svih sredstava unutar ruskog bankarskog sektora. Sberbanka se zalaže za pozitivni i održivi razvoj cele mreže. godine. kao i ekspoziture u Kazahstanu. Ostali deoničari su 245. opsluživao oko 600.156 zaposlenih. Češkoj. NOV SNAŽAN PARTNER U februaru 2012.1 milijardu evra. Sloveniji i Ukrajni. Ukupna aktiva VBI banaka na kraju 2011.vbi. i u bankama sedam drugih država srednje i istočne Evrope i to u Slovačkoj.MEĐUNARODNA MREŽA CZECH REPUBLIC UKRAINE S LO VA K I A AU S T R I A H U N G A RY S LO V E N I A C R OAT I A B O S N I AHERZEGOVINA SERBIA Volksbank a.000 fizičkih i pravnih lica.at 10 . najveća banka u Rusiji. koja je sa 240. kao deo mreže Volksbank International AG (VBI) čije je sedište u Beču. www.d.000 zaposlenih.000 klijenata (fizičkih i pravnih lica) u 295 ekspozitura. godine je iznosila 9.d. Bosni i Hercegovini. Osnovana je od strane Banke Rusije koja je i dalje glavni akcionar sa više od 60% akcija. VBI ima većinski udeo u Volksbank a. Kao novi i snažni vlasnik VBI AG. Hrvatskoj. uspešno posluje na tržištu Srbije od 2003.

Finansijski Izveštaj Volksbank Srbija .

576 (133.117 (1.403.900) 453 (3.591 742. naknada zarada i ostali lični rashodi Troškovi amortizacije Operativni i ostali poslovni rashodi Prihodi od promene vrednosti imovine i obaveza Rashodi od promene vrednosti imovine i obaveza DOBITAK IZ REDOVNOG POSLOVANJA DOBITAK PERIODA PRE OPOREZIVANJA Porez na dobit Dobit kod kreiranih odloženih poreskih sredstava i smanjenja odloženih poreskih obaveza DOBITAK Zarada po akciji u dinarima 1.187) 3.096.154) (750. decembra 2011.845 19.829) 1.930 750.479) (217.933) 3.897.349 970. 2010.713 (85.538) (679.716) 664.788) (453) 1.931) 660.576 1.417) 311.379.096. januara do 31.297 1.186) (1.269 1.670.893) (1.329 (81. godine U hiljadama dinara 2011.203) (1.461.269 (174.105.317 24. PRIHODI I RASHODI REDOVNOG POSLOVANJA Prihodi od kamata Rashodi od kamata Dobitak po osnovu kamata Prihodi od naknada i provizija Rashodi naknada i provizija Dobitak po osnovu naknada i provizija Neto dobitak po osnovu prodaje hartija od vrednosti koje se drže do dospeća Neto gubitak po osnovu prodaje udela (učešća) Neto prihodi od kursnih razlika Ostali poslovni prihodi Neto rashodi po osnovu indirektnih otpisa plasmana i rezervisanja Troškovi zarada.301.496.920 168 (1.BILANS USPEHA U periodu od 1.127.005) 4 (31.670.081.524 (1.997 12 .853 157.372) (158.673 259 7.398 4.776 5.065.210.

887.726 11.476 8.390 267 781.338.466 14. decembra 2011.518.440.292.566.549.294.562 95.737 72. 2010.436 60.233.306 83.346 15.626 12.568 124.644 743.283 1.041.609 61.526. AKTIVA Gotovina i gotovinski ekvivalenti Opozivi depoziti i krediti Potraživanja po osnovu kamata.446 11.250.765 306.563 6.446 39.791 17.236 108.939 66.898 336.494.766 4.859 185.016.283 27.966 5.BILANS STANJA Na dan 31.860 237. naknada.570.137 47.884.399. naknada i promene vrednosti derivata Rezervisanja Obaveze za poreze Obaveze iz dobitka Ostale obaveze Ukupno obaveze 19.088 40.382 11. prodaje.320 4. godine U hiljadama dinara 2011.958 19.892.354 2.187 131. promene fer vrednosti derivata i druga potraživanja Dati krediti i depoziti Hartije od vrednosti (bez sopstvenih akcija) Udeli Ostali plasmani Nematerijalna ulaganja Osnovna sredstva i investicione nekretnine Odložena poreska sredstva Ostala sredstva Ukupna aktiva PASIVA Transakcioni depoziti Ostali depoziti Primljeni krediti Obaveze po osnovu hartija od vrednosti Obaveze po osnovu kamata.145.669 4.314 11.138 4.280 80.147 13 .883.860.293 4.865 298.316 51.

873 183.147 20.766) 1.233 13.023.165 14.041.920 16.259 5.560 7.245 - 14 .379 169.343 118.354 176.761.644 168.133. godine U hiljadama dinara 2011.442 970.992.016.896 2.963.081 80.788 19.642.224.BILANS STANJA Na dan 31.180 142.083.077.444 11.856 18.613. 2010.061 83. decembra 2011.673 18. Kapital Kapital Rezerve iz dobiti Revalorizacione rezerve Nerealizovani gubici po osnovu hartija od vrednosti raspoloživih za prodaju Dobitak Ukupan kapital Ukupna pasiva VANBILANSNE POZICIJE Poslovi u ime i za račun trećih lica Preuzete buduće obaveze Primljena jemstva za obaveze Derivati Druge vanbilansne pozicije (19.056.113 13.496.678.819.896 1.754.678.447.

decembra 2011.234) 1.651 880. 2010.642.594 970.920 2.153 7.671.904.828) 16.904.245 862.153 5.642.133.920) 1.940 (970.774.129. godine U hiljadama dinara 2011.061 2.748 (880.774. januara do 31.904. 2009.766) (19.165 14.992.594) 970.245 970.496.113 14.766) 16.743 1.081 15 .774.743 1.851.153 7.743 7.904.673 (970.461.673 (19.153 5.496.IZVEŠTAJ O PROMENAMA NA KAPITALU U periodu od 1.113 970.743 7.963.141 1.920 15.828 (18. 2010.920) 18.061 5. AKCIJSKI KAPITAL Stanje na početku godine Uložena nova sredstva akcionara Stanje na kraju godine EMISIONA PREMIJA Stanje na početku godine Uložena nova sredstva akcionara Stanje na kraju godine REZERVE IZ DOBITI I OSTALE REZERVE Stanje na početku godine Ukupna povećanja u tekućoj godini Ukupna smanjenja u tekućoj godini Stanje na kraju godine REVALORIZACIONE REZERVE Stanje na početku godine Ukupno povećanje u tekućoj godini Stanje na kraju godine DOBITAK Stanje na početku godine Ukupna povećanja u tekućoj godini Ukupna smanjenja u tekućoj godini Stanje na kraju godine NEREALIZOVANI GUBICI PO OSNOVU HOV RASPOLOŽIVIH ZA PRODAJU Stanje na početku godine Ukupno povećanje u tekućoj godini Stanje na kraju godine UKUPNO Stanje na početku godine Ukupna povećanja u tekućoj godini Ukupna smanjenja u tekućoj godini Stanje na kraju godine 5.920 1.920 (862.774.992.

januara do 31. doprinosa i drugih dažbina na teret prihoda Odlivi po osnovu drugih troškova poslovanja Neto priliv gotovine iz poslovnih aktivnosti pre povećanja ili smanjenja u plasmanima i depozitima Smanjenje plasmana i povečanje uzetih depozita Smanjenje kredita i plasmana bankama i komitentima Smanjenje hartija od vrednsti po fer vrednosti kroz bilans uspeha.638.821 4.481.734 740.249 (2.449 (3.427.216.583.124.130) (1.854.120) (85.393 6. TOKOVI GOTOVINE IZ POSLOVNIH AKTIVNOSTI Priliv gotovine iz poslovnih aktivnosti Prilivi od kamata Prilivi od naknada Prilivi po osnovu ostalih poslovnih prihoda Odliv gotovine iz poslovnih aktivnosti Odlivi po osnovu kamata Odlivi po osnovu naknada Odlivi po osnovu bruto zarada.596.494 728. godine U hiljadama dinara 2011. plasmana kojima se trguje i kratk.167 4. naknada zarada i drugih ličnih rashoda Odlivi po osnovu poreza.481.223) (935.007.163 6.167 2.469) (77.057 4.878 14.459.840. 2010.731) 4. decembra 2011.523 4.997.537) 16 .867) (121.487) (777.250) (610.097.540 16.231 5. hartija od vrednosti koje se drže do dospeća Povećanje depozita od banaka i komintenata 401.068 2.210) (720.764) (1.IZVEŠTAJ O NOVČANIM TOKOVIMA U periodu od 1.

godine U hiljadama dinara 2011.427.205) (108.IZVEŠTAJ O NOVČANIM TOKOVIMA U periodu od 1.310 40. aktivnosti pre poreza na dobit Neto odliv gotovine iz posl.507.385 (151.361.552 40. aktivnosti pre poreza na dobit Plaćeni porez na dobit Neto priliv gotovine iz poslovnih aktivnosti Neto odliv gotovine iz poslovnih aktivnosti Prilivi gotovine iz aktivnosti investiranja Prilivi od prodaje udela (učešća) Odlivi gotovine iz aktivnosti investiranja Odlivi za kupovinu nematerijalnih ulaganja i osn. Povećanje plasmana i smanjenje uzetih depozita Povećanje kredita i plasmana bankama i komitentima Smanjenje depozita od banaka i komitenata Neto priliv gotovine iz posl.394.075) 1.140) (19.048. januara do 31.205) (67.552 (108. decembra 2011.711) (10.516) (100. sredstava Neto odliv gotovine iz aktivnosti investiranja Prilivi gotovine iz aktivnosti investiranja (5.227) (82.578.839) (5. 2010.839) 1.653) 713.190 17 .895) (82.895) 6.733 (19.293.895) (82.140) (10.507.361.

884.382 18 .733.663.932) 9. januara do 31.048.516 (19.979) (4.944 (22.741.538) 10.765.733 (4.494.428.273 (13.271) (34.382 19.376 5.281. 2010.885 384.995. decembra 2011.292) (4.899.399.819.494.154) (2.671) 2.190 713.814 6.IZVEŠTAJ O NOVČANIM TOKOVIMA U periodu od 1.353 (16.921. godine U hiljadama dinara 2011.328.346 3.712.711.997 16.881) 5.048.190 17.036) 5.576.876) (4. Prilivi gotovine iz aktivnosti finansiranja Neto priivi gotovine po osnovu subordiniranih obaveza Neto prilivi gotovine po osnovu uzetih kredita Odlivi gotovine iz aktivnosti finansiranja Neto odlivi gotovine po osnovu subordiniranih obaveza Neto odlivi po osnovu hartija od vrednosti Neto priliv gotovine iz aktivnosti finansiranja Neto odliv gotovine iz aktivnosti finansiranja Svega neto priliv gotovine Svega neto odliv gotovine Neto smanjenje gotovine Gotovina na početku godine Pozitivne kursne razlike Negativne kursne razlike Gotovina na kraju perioda 6.960.

U proceni rizika uzimamo u obzir interne kontrole. koje sadrže pregled osnovnih računovodstvenih politika i ostala obelodanjivanja. decembar 2011. Odgovornost revizora Naša odgovornost je da na osnovu izvršene revizije izrazimo mišljenje o priloženim finansijskim izveštajima. bilansa uspeha. i za uspostavljanje takvih internih kontrola za koje se smatra da su relevantne za pripremu finansijskih izveštaja. važećim Zakonom o bankama i ostalim relevantnim podzakonskim aktima Narodne banke Srbije. nastalih bilo zbog pronevere ili zbog grešaka u radu. koje je rukovodstvo izvršilo. izveštaja o promenama na kapitalu i izveštaja o tokovima gotovine za godinu koja se završava na taj dan. Revizija obuhvata obavljanje procedura u cilju prikupljanja revizorskih dokaza o iznosima i obelodanjivanjima u finansijskim izveštajima. sa ciljem kreiranja odgovarajućih revizorskih procedura. kao i ocenu opšte prezentacije finansijskih izveštaja. koje su relevantne za sastavljanje i istinito i objektivno prikazivanje finansijskih izveštaja. ali ne i za svrhe izražavanja mišljenja o efektivnosti primenjenih internih kontrola. 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. Izbor procedura zavisi od naše procene. koji se sastoje od bilansa stanja na dan 31. koji ne sadrže materijalno značajne greške. Reviziju smo izvršili u skladu sa Zakonom o računovodstvu i reviziji važećim u Republici Srbiji. nastale bilo zbog pronevere ili zbog grešaka u radu. revizija obuhvata i ocenu adekvatnosti primenjenih računovodstvenih politika i opravdanosti značajnih procenjivanja.d. Smatramo da su revizorski dokazi koje smo pribavili dovoljni i odgovarajući i pružaju osnov za izražavanje našeg mišljenja. 19 . Takođe.IZVEŠTAJ NEZAVISNOG REVIZORA Mišljenje o finansijskim izveštajima Izvršili smo reviziju priloženih finansijskih izveštaja Volksbank a. Beograd (u daljem tekstu: Banka). kao i napomena. godine. 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. važećom Odlukom o spoljnoj reviziji banaka i Međunarodnim standardima revizije. uključujući i procenu rizika od materijalno značajnih grešaka u finansijskim izveštajima.

o. prikazuju finansijsko stanje Banke na dan 31. godine KPMG d. mart 2012. po svim materijalno značajnim pitanjima. finansijski izveštaji istinito i objektivno. 16. Beograd.o. Beograd Stana Jovanović Ovlašćeni revizor 20 .Mišljenje Po našem mišljenju. decembar 2011. poslovni rezultat i tokove gotovine za godinu koja se završava na taj dan i sastavljeni su u skladu sa Zakonom o računovodstvu i reviziji važećim u Republici Srbiji. godine. važećim Zakonom o bankama i ostalim relevantnim podzakonskim aktima Narodne banke Srbije.

što je jasna potvrda sinergije koja je stvorena odličnim sprovođenjem usvojenih strategija i realizacijom planova. godini. godine nastavljena je izuzetna komunikacija i visok nivo obostrane efikasnosti Upravnog i Izvršnog odbora.IZVEŠTAJ UPRAVNOG ODBORA Tokom 2011. prema međunarodnim finansijskim standardima. Upravni odbor želi da se zahvali svim članovima tima Folksbanke. godine sprovela kompanija KPMG Beograd je dato u potpunosti pozitivno mišljenje i potvrda rezultata bez kvalifikacija. Imajući u vidu izuzetne napore koje su zaposleni uložili u 2011. 2012.670 TRSD. koja je sada članica grupe Sberbank. Na četiri redovne sednice i šest vanrednih sednica (“cirkularnih sednica”). što je dovelo do ostvarenja ciljeva. 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. 21 . iznosio je 1. U finansijskoj reviziji Folksbanke a. 04. Prihod posle oporezivanja u 2011.496.d. na stručnom doprinosu svim aspektima poslovanja banke i fleksibilnom. koju je u decembru 2011. brzom i inovativnom pristupu kreiranju novih i jedinstvenih načina poslovanja u skladu sa promenama koje se dešavaju na lokalnim tržištima. Generalna skupština i Upravni odbor su usvojili predložene finansijske izveštaje na dan 06. godini.

FOREWORD FROM THE EXECUTIVE BOARD Axel Hummel Gordana Matić Danilo Đurović (left to right) Dear clients. resulting positive effects marked a vital contribution to Volksbank’s last years achievements. Unlike initial positive expectations about economical development. serious efforts have been undertaken in the last period to improve processes. while deposits increased by 43% in comparison to previous year. in order to overcome 2011 challenges. was characterized by a very challenging business environment. seriously struggled to serve their financial obligations. Illiquidity in the economy further worsened and unemployment rate further increased. by offering an “auction” scheme on our web pages.1 million with total assets of EUR 762 million. Despite these rather tricky circumstances. companies as well as private individuals. In addition. 2011 again. 2011 was resulting in a new record profit for Volksbank Serbia of EUR 15. 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. shareholders and friends of Volksbank a. the competition of banks for the reducing number of bankable clients is becoming stronger and stronger. most of the companies remained at a very low level of operations. We preserved our ability to quickly and efficiently react to market changes and demands from existing and potential clients. Volksbank Serbia remained on its track-record of positive and growing results and leaving quite some of significant banks behind. In addition to the market activities. Corporate and Retail Loan volume including cross border reached EUR 567 million. As a consequence. Axel Hummel President of the Executive Board Gordana Matić Member of the Executive Board Danilo Đurović Member of the Executive Board 22 . specifically in the risk areas. 2011 we newly offered to our clients the possibility to define their own interest rate on loans and deposits.d Beograd.

474 2011 2004 69.432 1097 941 586 336 2004 2005 53.017 62.703 2005 2006 2007 2008 2009 2010 2011 -43 -103 2006 2007 2008 2009 2010 2011 2004 23 .228 36.041 141.218 2005 2006 2007 2008 2009 2010 2011 2004 2005 2006 2007 2008 2009 PROFIT in mio RSD LOANS TO CUSTOMERS in mio RSD 52.50% 44.591 26.657 1670 967 41.10% 72.10% 52.KEY FACTS 2004–2011 C O S T I N C O M E R ATI O TOTAL ASSETS in mio RSD 83.078 16.50% 87.987 93.80% 53.60% 43.76% 2010 80.686 38.108 12.94% 4.264 34.709 6.721 2.

Confirmation of devotion of employees in meeting client’s needs can be also proved through increase of income from fees by 36%. 24 . which present s absolute record since forming Volksbank Serbia.887 9. innovative approach to deposit products. reliable and tailored made banking support. Operational profitability of retail department (Contribute Margin I) increased from 3. simple and fast access to clients’ payment orders and many more). It was characterized by extreme insolvency of the economy. LOA N S TO RETAIL CUSTOMERS in mio RSD 38. Worth mentioning is that various initiatives on product level. but significantly less than the sector as a whole.649 19.027 2005 2006 2007 2008 2009 2010 30. trainings and communications was leading to strong increase of product usage from existing customers.LINES OF BUSINESS RETAIL BUSINESS The year of 2011 presents the most successful year of retail department so far by all key parameters. 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. incentive schemes. quality financial counselling in the segment of product insurance. increase in using the bank’s product per client by 10%.2 million EUR in 2011.350 28.196 472 2004 3. as well as through increase in deposit base of retail sector by 28%. Consequence of such a situation in the real sector is the increase of non-performing placements on the level of the banking sector. business operations of Volksbank were affected by such circumstances.990 38.192 2011 CORPORATE BUSINESS In 2011. a trend from previous years was continued. increase of number of active clients by 13%. 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. Inevitably.8 million EUR in 2010 to 9. To put it in one word – Volksbank has become a service centre where each client can get full. too. and this strategy was continued in 2011.

dinar started its big rise. However.24% . 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. dinar appreciated by more than 10%. TREASURY DIVISION Global economic crisis stayed domineering factor in 2011 on both global and Serbian foreign currency. Work on improving the portfolio will continue. i. 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. total recorded turnover increased by 25.Profit doubled . there were many positive steps which may but don’t guarantee that future operations would be better. Trading with customers: . 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. which puts us in the 9th place by total turnover 25 .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. Despite negative tendencies.Faster growth compared to the market. non-performing placements are practically non-existing. As soon as in mid-January. Main reason of high appreciation was based on huge interest of foreign investors in treasury bills issued by Ministry of Finance. However.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: . Trend of the previous two years was continued and when it comes to the quality of the new portfolio. Volksbank sees 2012 as the year in which the heavy consequences of the economic crisis will still be felt.profit doubled . In that period. 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.e. this time the depreciation was for short period of time. as we grew by 18% and the market grew by 16% . money and capital market.9% whereas market capitalization of the Stock Exchange was down by 12. which lasted till the start of June.increase in market share. Start of the year was traditionally marked by depreciation of dinar. but the accent will be put on further growth in order to secure additional profitability.Market share increased by 2. Unlike in 2010.43% at annual basis. Start of 2011 brought the increase in benchmark index Belex15 over first five months by even 27%.turnover doubled . which presents the highest appreciation of dinar since 2008. When it comes to business with corporate clients.8% in comparison to 2010 (the situation as such was not recorded over past several years). Share of foreign investors in total turnover in 2011 was down by 14%.4% in comparison to 2010.18% increase in turnover . However.

Employee satisfaction survey was conducted under the auspice of the Executive Board.) 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. RISK EXPOSURE Classification 5 15690 Classification 1 192 Classification 2 3503 Classification 4 13073 Classification 3 41724 HUMAN RESOURCES In 2011 Human Resources started a couple of new activities on bank level..INFORMATION TECHNOLOGIES In 2010. Main accent was on the measures of increasing efficiency. After the presentation of results. 72 questions were asked in the survey in order to identify commitment and motivation level of employees. Supporting initiatives of communication resulted in a very high 89 percent of employees having a clear understanding of the above mentioned. 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. 26 . action points were agreed and will be worked on during 2012. Awareness of vision.. Promissory notes. An impressive high level of 90% of employees gave their contribution in the research. as well as availability of staff and technical resourc es. primarily directed at bank clients meeting in this way their needs. mission and values of the bank was developed together with marketing and organisation. 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.

The appearance of the Bank on the Job Fair was covered by the media while internal communications covered all of activities promoting the vision. Regarding bank’s web site. 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. They had a two-month program of training during which they were introduced with the operating of the entire bank. MARKETING AND COMMUNICATION Team for marketing and communications has promoted during 2011 series of new products via electronic. which is achieved due to better optimization of website (SEO) and redefining cost per click in AdWords campaign. loans with a depreciating interest rate. 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.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. outdoor and printed media with the focus on loans indexed in dinars with a fixed interest rate during the whole period of repayment. 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. Despite the narrow media space. credit risk management will be the focus of further development and special focus. 27 . as the main risk remains the development of the portfolio quality in view of the continuing difficult economic situation. continuous work on action points arisen from the survey on employee satisfaction and further improvement of the functioning of the department itself. various credit policies and procedures have been revised in accordance with the past experiences and targets of the Bank. during 2011 there was a strong focus on further development of the collections and restructuring functions of the Bank. In addition. for stem cells.000 visits. Going forward. mission and new values of the bank. excellent communication with the press and electronic media has been maintained. loans for medical institutions.8 training days during last year • Junior Program. In view of the continuing trend of growing NPLs on the Serbian market. as well as the cooperation on promotional activities for money transfers MoneyGram and Western Union.d. through which we employed 15 graduates from economic studies. toured all departments and underwent training of skills and competencies Plan for next year is the ongoing development of senior and middle management. Campaigns for O2 and children’s savings. for energy efficiency have been successfully executed. traffic is increased reaching over 500. and efficiency of the credit process. Continuous presenting of the dinar car loans which proved as the most competitive loan on the market in 2011 has been continued. RISK MANAGEMENT Year 2011 was marked by the continued strengthening of the Risk Management function in Volksbank a. 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. leading to over 50% improvement in late recoveries compared to 2010. with the main goal of improving the risk / return profile of the new production.

VBI holds a majority interest in Banka Volksbank d.INTERNATIONAL NETWORK CZECH REPUBLIC UKRAINE S LO VA K I A AU S T R I A H U N G A RY S LO V E N I A C R OAT I A B O S N I AHERZEGOVINA SERBIA Volksbank a. Bosnia-Herzegovina. and has subsidiary banks in seven other CEE states consisting of Slovakia.at 28 . which with 240. As the new and strong owner of VBI AG. The other stockholders consist of more than 245. It was founded by the Bank of Russia.000 legal and natural personages. Sberbank owns 27 per cent of all the assets within the Russian banking sector. Volksbank International AG was taken over entirely by Sberbank. the Czech Republic.000 employees is Russia’s largest bank. Hungary. serving some 600. has been operating succesfully in Serbia since 2003 as part of the network of the Vienna-based Volksbank International AG (VBI). Sberbank stands for the positive and sustained development of the entire network. which remains its main stockholder with over 60 per cent of vote-carrying shares. Sberbank has 17 regional headquarters and Russia’s most extensive branch network. Serbia and the Ukraine. At the end of 2011. a branch in India and representative offices in Germany and China. VBI and its subsidiary banks had a workforce of 4.d. Croatia.156.1 billion. the Ukraine and Belarus. The total assets of the VBI banks at year-end 2011 amounted to EUR 9.000 retail and business clients at 295 branches. as well as subsidiaries in Kazakhstan. Strong new partner In February 2012. www.vbi.d.

Financial Statements Volksbank Serbia .

081.187) 3.576 (133.417) 311.186) (1.670.269 (174.933) 3.105.524 (1.403.788) 453(453) 1.479) (217. contributions and other personnel expenses Depreciation costs Operating and other expenses Income from assets and liabilities valuation adjustments Expenses from assets and liabilities valuation adjustments OPERATING PROFIT PERIOD RESULT .301.845 19.713 (85.297 1.372) (158.210.349 970.PROFIT BEFORE TAX Income taxes Gains on increase of deferred tax assets and decrease of deferred tax liability PROFIT AFTER TAX Earnings per share in RSD (3.496.269 1.538) (679.096.920 168 5.670.379.716) 664.893) 1.154) (750.930 750. 2010.329 (81.931) 660.900) (1.317 24.897.117 (1.591 742. taxes.997 - 30 .005) 7.461.829) 1.096.127.203) (1. OPERATING INCOME AND EXPENSES Interest income Interest expenses Net interest income Fees and commissions income Fees and commissions expenses Net fee and commission income Net gain on sale of securities held to maturity Net loss on sale of equity investments Net foreign exchange loss Other operating income Net impairment and provisions expense Net wages and salaries.776 4.576 1.INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2011 In thousands of RSD 2011.065.673 259 (1.398 4 (31.853 157.

314 11.609 61.966 1.292.088 40.939 66.041.BALANCE SHEET AS AT 31 DECEMBER 2011 In thousands of RSD 2011. 2010.016.294.145.892.236 108.283 27.859 185.765 306.446 39.147 743.494.563 6.138 4.436 60. ASSETS Cash and cash equivalents Revocable deposits and loans Interest and fees receivables Loans and deposits Securities (excluding treasury shares) Equity investments Other placements Intangible assets Fixed assets and investment property Deferred tax assets Other assets TOTAL ASSETS LIABILITIES AND EQUITY Transaction deposits Other deposits Borrowings Securities related liabilities Interest and fees liabilities liabilities Provisions Income tax payable Liabilities for profit distribution Other liabilities TOTAL LIABILITIES 19.187 131.860 237.669 4.440.726 11.644 5.566.476 8.766 4.320 4.293 4.233.568 124.466 14.518.137 47.338.626 12.354 31 .887.316 51.884.791 17.958 19.346 15.526.865 298.562 95.883.382 11.280 80.549.446 11.306 83.283 2.898 336.570.390 267 781.737 72.399.250.860.

133.442 13.180 142.379 169.613.083. Capital Share capital Profit reserves Revaluation reserves Unrealised losses on available-for-sale securities Profit for the year TOTAL EQUITY TOTAL LIABILITIES AND EQUITY OFF BALANCE SHEET ITEMS Operations on behalf of third party Guarantees and other contingent liabilities Sureties Derivatives Other off-balance sheet items 13.023.992.873 183.224.245 970.766) 1.259 5.447.496.081 80.041.BALANCE SHEET AS AT 31 DECEMBER 2011 In thousands of RSD 2011.354 176.642.056.061 83.754.444 11.896 1.343 118.560 7.113 (19.761.233 32 .963.678.165 14. 2010.147 20.678.673 18.016.788 19.644 168.920 16.856 18.896 2.077.819.

113 970. beginning of year Increases during the year Decreases during the year Balance.774.245 970. end of year REVALUATION RESERVES Balance.642.133.671.STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY FOR THE YEAR ENDED 31 DECEMBER 2011 In thousands of RSD 2011.642.673 (970.743 7.651 880.774. beginning of year Increases during the year Balance.743 1.461. end of year UNREALISED LOSSES ON AVAILABLE-FOR-SALE SECURITIES Balance.774.153 5.992.594 970.920 15.594) 970.141 1. beginning of year Increases during the year Balance.940 (970. beginning of year Increases during the year Balance.496.920 2.234) 1. end of year SHARE PREMIUM Stanje na početku godine Increases during the year Balance.992.673 (19.165 14. beginning of year Increases during the year Decreases during the year Balance. 2009.113 14.920 1.904. beginning of year Increases during the year Decreases during the year Balance.920) 1.061 5.766) 16.963.904.904. 2010.245 862. 2010.743 7.904.496.851.748 (880.920 (862.920) 18.129.766) (19.828 (18. end of year 5.153 7.828) 16. Share capital Balance.081 33 .774. end of year PROFIT RESERVES AND OTHER RESERVES Balance.153 5.061 2.743 1.153 7. end of year PROFIT Balance. end of year TOTAL EQUITY Balance.

097.427. securities held for trading and short-term securities held to maturity Increase in deposits from banks and customers 5.007.393 6.867) (121. Cash receipts from operating activities Interest receipts Fee and commission receipts Receipts from other operating income Cash payments from operating activities Interest payments Fee and commission payments Payments to.854.223) (935.130) (1.163 6.120) (85.537) 2.481.583.167 - 4.CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2011 In thousands of RSD 2011.494 728.249 (2.523 4.216.878 14. 2010.997.821 4.540 16.210) (720.231 401.167 4.481.638.731) 2.124.469) (77.764) (1.068 34 . and on behalf of employees Taxes.057 4.487) (777.449 (3.734 740.596.250) (610.840. contributions and other duties paid Payments for other operating expenses Net operating cash generated before changes in placements and deposits Decreases in placements and increases in deposits Decrease in loans and placements to banks and customers Decrease in securities at fair value through profit and loss.459.

385 (151.711) (10.507.361.205) (67.516) (100.361.552 40.839) (5.CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2011 In thousands of RSD 2011.227) (82.190 35 .578.507.653) 713.205) (108.310 40.427.733 (19.048.895) (82.293.839) 1.140) (19.552 (108.075) 1.895) 6. 2010. Increases in placements and decreases in deposits Increase in loans and placements to banks and customers Decrease in deposits from banks and customers Net cash generated from operating activities before taxes Net cash used in operating activities before taxes Paid taxes Net cash generated from operating activities Net cash used in operating activities Cash receipts from investing activities Receipts from sale of equity investments Cash payments from investing activities Cash payments for purchase of intangible and fixed assets Net cash used in investing activities Net cash generated from investing activities (5.895) (82.394.140) (10.

516 (19.921.428.273 (13.190 17.328.960.885 5. Net cash generated from financing activities Net receipts from subordinated liabilities Net receipts from loans taken Cash used in financing activities Net payments for subordinated liabilities Net payments for securities Net cash generated from financing activities - 6.899.814 6.576.733.036) 5.997 16.281.382 Net cash payments for financing activities TOTAL NET CASH GENERATED TOTAL NET CASH USED NET DECREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD FOREIGN EXCHANGE GAINS FOREIGN EXCHANGE LOSSES CASH AND CASH EQUIVALENTS AT END OF PERIOD 36 .932) 9. 2010.944 (22.733 (4.765.671) 2.399.271) (34.353 (16.154) (2.494.048.382 19.190 384.CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2011 In thousands of RSD 2011.048.711.979) (4.376 713.884.995.538) 10.819.663.741.881) 5.876) (4.292) (4.712.494.346 3.

whether due to fraud or error. 37 .INDEPENDENT AUDITOR’S REPORT Report on the Financial Statements We have audited the accompanying financial statements of Volksbank a. and notes. statement of changes in equity and cash flow statement for the year then ended. The procedures selected depend on our judgment. We conducted our audit in accordance with the applicable Law on Accounting and Auditing of the Republic of Serbia.d. which comprise the balance sheet as at 31 December 2011. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. 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. 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. In making those risk assessments. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 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. the income statement. but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. as well as evaluating the overall presentation of the financial statements. Auditors’ Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. including the assessment of the risks of material misstatement of the financial statements. Beograd (“the Bank”). the applicable Decision on External Audit of Banks and International Standards on Auditing. comprising a summary of significant accounting policies and other explanatory information. 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. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management.

the financial position of the Bank as at 31 December 2011.Opinion In our opinion. 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. Belgrade.o. applicable Banks Law and other relevant by-laws issued by National Bank of Serbia. in all material respects. March 16th.o. 2012 KPMG d. Beograd Stana Jovanović Certified Auditor 38 . the financial statements present truly and objectively.

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. At four regular sessions and six extraordinary ones ("circular sessions"). fast responsive and innovative approach in creating new and unique way of doing business in line with ongoing changes on local markets. Due to the remarkable effort made in 2011 by the employees. on their professional contribution to all aspects of banks operations and flexible. according to international financial standards.d. 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. 2012.496. The General Assembly and the Board of Directors have adopted the proposed financial statements on 06.REPORT OF THE BOARD OF DIRECTORS During 2011. 39 . now member of Sberbank group.670. complete and accurate information’s presented by the Executive Board. Profit after taxes for the year 2011. excellent communication and mutual efficiency between the Board of Directors and Executive Board continued on high level. The Financial audit of Volksbank a. as of December 2011 conducted by KPMG Belgrade was followed by unqualified positive opinion and approval of the accounts without qualifications. amounted to TRSD 1. 04. the Board of the Directors would like to thank all staff members of Volksbank.

Glavna 37 TC Piramida .volksbank.rs EKSPOZITURE / BRANCHES Beograd Bulevar Mihaila Pupina 165G Kralja Milana 25 Dečanska 4 Požeška 80 Zemun .: +381 11 2013 259 fax: +381 11 2013 270 VB INFO-CENTAR: 0700 700 800 info@volksbank.rs www. Pantića 102 Šabac Gospodar Jevremova 1 Kruševac Majke Jugovića 34 Sombor Kralja Petra I 1 Jagodina Svetozara Markovića 21 40 .Jurija Gagarina 151 Ustanička 264 Borska 44 Vojvode Stepe 171 Pančevo Karađorđeva 8 Niš Svetozara Markovića 27 Čačak Kuželjeva 2 Novi Sad Futoška 1a Dunavska 7 Subotica Korzo 6 Stara Pazova Kralja Petra I Karađorđevića 1 Zrenjanin Ive Lole Ribara 7a Sremska Mitrovica Kralja Petra I 35 Vršac Dositejeva 11 Požarevac Tabačka čaršija 2 Kragujevac Kralja Petra 19 Valjevo Dr.NAŠA MREŽA / OUR NETWORK SEDIŠTE / HEAD OFFICE Beograd Bulevar Mihaila Pupina 165G 11070 Beograd Srbija tel.

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