Annual report 2008-OK-B-up.qxp - Canadia Bank Plc.

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NOTES TO THE FINANCIAL STATEMENTS 15. CURRENT TAX LIABILITIES 2008 2007 2008 2007 US$ US$ Riel Million Riel Million (Unaudited) (Unaudited) Balance at beginning of the year 4,421,143 2,786,518 18,043 11,154 Charge for the year (note 27) 5,518,412 5,028,697 22,521 20,130 Income tax paid during the year (5,104,960) (3,394,072) (20,834) (13,586) 4,834,595 4,421,143 19,730 17,698 Income tax is calculated by applying the corporate tax rate to accounting net income before tax. No effect has been taken into account of items deemed not deductible by the Law on Taxation. The Bank has obtained tax clearance up to the fiscal year 2007. The current tax year is subject to the Tax Department's assessment. The outcome of a tax audit cannot, at present, be determined. 16. OTHER LIABILITIES 2008 2007 2008 2007 US$ US$ Riel Million Riel Million (Unaudited) (Unaudited) Accrued interest payable 4,989,586 3,641,960 20,363 14,579 Accounts payable 298,845 42,288 1,220 169 Tax payable 166,921 155,571 681 623 Accrued expense 162,807 152,697 664 611 Amount due to MasterCard International - 538,050 - 2,154 Staff bonus payable 288,497 251,658 1,177 1,007 Other liabilities 492,796 361,442 2,011 1,447 17. BORROWINGS 6,399,452 5,143,666 26,116 20,590 2008 2007 2008 2007 US$ US$ Riel Million Riel Million (Unaudited) (Unaudited) Overdraft - the Central Bank 3,105,467 - 12,674 - Term borrowing - KfW 3,951,812 4,379,241 16,127 17,530 7,057,279 4,379,241 28,801 17,530 Annual Report 2008 45
NOTES TO THE FINANCIAL STATEMENTS 17. BORROWINGS (CONTINUED) i) Overdraft It represent short-term temporary overdraft from the Central Bank. ii) Term borrowing It represent borrowing from KfW through the Ministry of Economy and Finance ("MoEF") is the result of loan and finance agreements between the Bank, KfW and MoEF dated 23 April 2003 for Small and Medium Enterprise ("SME") term-lending I and dated 18 October 2005 for SME term-lending II. The agreements stipulate that the funds borrowed from KfW through MoEF shall be sub-lent to Small and Medium Enterprises to build SME capacity in Cambodia. The sub-loans are classified as an asset of the Bank under loans and advances to customers. KfW borrowing is unsecured and bear average interest rate of 5.81% (2007: 5.50%). 18. SUBORDINATED DEBT On 28 October 2005, the Bank entered into an agreement with Mr Pung Kheav Se (a main shareholder of the Bank through CIHP) to provide the Bank with a subordinated loan of US$ 7,080,000 for the purpose of acquiring shares in the Foreign Trade Bank of Cambodia. This subordinated debt is unsecured, non-interest bearing and has no fixed terms of repayment. This subordinated debt was approved by the Central Bank on 28 December 2005. This subordinated debt is treated as a liability for financial reporting purposes and included as capital Tier II (note 32.5) for the Bank's Net Worth calculation in accordance with the guidelines of the Central Bank. 19. PROVISION FOR STAFF BENEFITS 2008 2007 2008 2007 US$ US$ Riel Million Riel Million (Unaudited) (Unaudited) Provision for staff benefits 810,350 - 3,307 - The Bank has provided its employees with retirement and resignation benefit plan since August 2006. Movements in the provision for staff benefits are as follows: 2008 2007 2008 2007 US$ US$ Riel Million Riel Million (Unaudited) (Unaudited) Opening balance - - - - Provision for the year 837,790 - 3,419 - Payments in the year (27,440) - (112) - Ending balance 810,350 - 3,307 - 46 Annual Report 2008
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Page 7 and 8: PRESIDENT’S AND CEO'S REPORT Dist
Page 9 and 10: VISION To be a premier and a well-r
Page 11 and 12: FIVE YEARS FINANCIAL REVIEW Total a
Page 13 and 14: RISK MANAGEMENT Being fully aware o
Page 15 and 16: BAD AND DOUBTFUL LOANS Before the f
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Page 19 and 20: Opinion In our opinion, the accompa
Page 21 and 22: 20 Annual Report 2008
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Page 25 and 26: INCOME STATEMENT FOR THE YEAR ENDED
Page 27 and 28: 26 Annual Report 2008
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Page 31 and 32: CASH FLOW STATEMENT FOR THE YEAR EN
Page 33 and 34: 32 NOTES TO THE FINANCIAL STATEMENT
Page 35 and 36: 34 NOTES TO THE FINANCIAL STATEMENT
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Page 45: NOTES TO THE FINANCIAL STATEMENTS 1
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