Letno poroÄilo 2009.pdf - UniCredit Banka Slovenija dd

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Financial StatementsSummary of Accounting PoliciesGeneral InformationUniCredit Banka Slovenija d.d. is a commercial bank incorporatedin Slovenia. It provides a wide variety of financial services tocorporate and individual customers. The Bank was registered as ajoint-stock company on 24 January 1991. The Bank’s legal addressis Šmartinska 140, Ljubljana, Slovenia. On 31 December 2008,the Bank was operating a total of 20 branches throughout Slovenia.The Bank is a subsidiary of UniCredit Bank Austria AG. The ultimateparent company of the Group is UniCredit S.p.A. with registeredoffice in Rome, via A. Specchi, 16, Italy.UniCredit Banka Slovenija d.d. has an authorization to performbanking services pursuant to Article 7 of the Banking Act (OfficialGazette of the Republic of Slovenia, No. 131/06; hereinafter referredto as: the ZBan-1). Banking services include accepting deposits fromthe public and granting loans for its own account.The Bank has an authorization to perform mutually recognized andadditional financial services.The Bank may perform the following mutually recognized financialservices, pursuant to Article 10 of the ZBan-1:• Accepting deposits;• Granting loans, including:- Consumer loans,- Mortgage loans,- Factoring (with or without recourse),- Financing of commercial transactions, including forfeiting;• Payment transaction services in accordance with the PaymentTransaction Act (ZPlaP), excluding payment system managementservices;• Issuing and management of payment instruments (i.e. credit cardsand travellers cheques);• Issuing guarantees and other commitments;• Trading for own account or for account of customers in:- Money market instruments,- Foreign exchange, including currency exchange transactions,- Financial futures and options,- Exchange and interest-rate instruments,- Transferable securities; participation in the issuance of securitiesand services related to such issues;• Advice and services related to mergers and the purchase ofundertakings;• Portfolio management and advice;• Investment and ancillary investment services and operations.The Bank may perform the following additional financial services,pursuant to Article 11 of the ZBan-1:• Insurance brokerage in accordance with the law governing theinsurance business;• Custodian services according to the law governing investmentfunds and management companies.These unconsolidated financial statements have been approved forissue by the Management Board on 22 nd February 2010.Summary of Significant AccountingPoliciesThe principal accounting policies applied in the preparation of thesefinancial statements are set out below. These policies have beenconsistently applied to both years presented.STATEMENT OF COMPLIANCEThese unconsolidated financial statements have been prepared inaccordance with the International Financial Reporting Standards(IFRS) and interpretations approved by the International AccountingStandards Board (IASB) as adopted by the European Union. As of thedate of issuing these financial statements, the IFRS as adopted by theEuropean Union do not differ from the IFRS as issued by the IASB,except for portfolio hedge accounting under IAS 39 which has notbeen approved by the EU. The Bank does not use portfolio hedgingand hence has determined that portfolio hedge accounting underIAS 39 would have no impact on the financial statements had it beenapproved by the EU as of the balance sheet date.These financial statements are prepared in accordance with theInternational Financial Reporting Standards (IFRS) under thehistorical cost convention, except for certain financial instrumentsmeasured at fair value.The Bank has no associates with the controlled interest, so is notobliged to prepare consolidated financial statements.USE OF ESTIMATES AND JUDGEMENTSThe preparation of financial statements requires management to makejudgments, estimates and assumptions that affect the application ofaccounting policies and the reported amounts of assets, liabilities,income and expenses. Actual results may differ from these estimates.Estimates and underlying assumptions are reviewed on an ongoingbasis. Revisions to accounting estimates are recognized in the periodin which the estimate is revised and in any future periods affected.(a) Determining Fair ValuesThe Bank revalues on a daily basis its derivatives, trading assetsas well as the available-for-sale portfolio to the fair value of theinstrument. However, the determination of fair value for thesefinancial instruments requires the use of valuation techniques in casethere is no observable market price. For financial instruments whichtrade infrequently and have little price transparency, the fair value isless objective and requires a varying decree of judgment dependingon different factors.The Bank uses the following methods for determining fair values:172 2009 Annual Report · UniCredit Bank
• Quoted market prices in an active market for identical instrument;• Valuation techniques based on observable inputs such as quotedmarket prices for similar instruments or valuation techniques whereall significant inputs can be directly or indirectly observed frommarket data.According to the definition of the fair value, in line with IFRS 7, theBank classifies financial assets in three leves, which are:• Level 1: fair value are determined in whole, directley by reference topublished price quotations in an active markets;• Level 2: fair value are determined partly by refference to publishedprice quotations in an active markets;• Level 3: fair value are determined using the valuation technique.The Bank classifies financial assets in the highest possible level.(b) ImpairmentImpairment allowances for counterparty’s financial assets are fornon-private customers evaluated individually based upon bestestimate of the present value of the cash flow that are expected to bereceived. In estimating these cash flows, the Bank makes judgmentsabout counterparty’s financial situation, past repayment (in)disciplineand repayment pattern. Net realizable value of any underlyingcollateral is taken into calculation only when exposure expired oris cancelled due to broken contractual clauses. Collateral valuationtaken into impairment calculation is based on the Bank’s experiencesand valuations if and when available. The Bank is also using differentcollateral factors in aspect of conservative approach to value ofavailable collateral. The Bank is creating impairments on a monthlybasis; the procedure is covered with guidelines and is supported byIT solutions. Each impaired asset is assessed on its merits, and thework-out strategy and estimate of cash flows considered recoverableare independently approved by the Credit Risk function.The Bank is using a collective assessment for private customers.Impairment allowances cover credit losses inherent in portfoliosof loans and advances. In assessing the need for collective lossallowances, management considers factors such as credit quality,portfolio size and economic factors including analysis of pastrepayment discipline in those classes. Impairments for “Incurredbut not reported” events are calculated on a yearly basis, based onportfolio quality and so-called detection period.Changes in accounting policiesPursuant to these amendments of IAS 39 and IFRS 7, issued inOctober 2008, the Bank reclassified certain financial assets out oftrading assets to available-for-sale financial assets and to held tomaturity financial assets. The Bank realised that due to current marketsituation it will not sell them in the near term. Reclassifications weremade at fair value at the date of reclassification, 1 December 2008.Book values and fair values of the reclassified financial assets andthe effect the Statement of income, if the financial assets were notreclassified the Bank shows in the note 4 Available-for-sale financialassets and note 7 Held-to-maturity financial assets.The revised IAS 1 Presentation of Financial Statements effective from1 January 2009 requires information in financial statements to beaggregated on the basis of shared characteristics and introduces aStatement of comprehensive income, which will replace “Statementof Income”. Statement of comprehensive income is presented in twoseparate statements: Statement of Income and Statement of OtherComprehensive Income. Presentation of items of net profit does notaffect the content not the net profit for the financial year.Revised IAS 23 - Borrowing Costs effective form 1 January 2009requires that the borrowing costs, directley attributable to theacquisition, construction or production of a qualifying asset arecapitalized as part of the cost of that asset. As the Bank acquirestangible and intangible assets with exclusiveley own founds, thereare no borrowing costs, directley attributable to the acquisition,construction or production of the assets.NEW STANDARDS AND INTERPRETATIONS NOT YET ADOPTEDA number of new standards, amendments to standards andinterpretations are not yet effective for the year ended 31 December2009, and have not been applied in preparing these financialstatements:• The revised IFRS 3 Business Combinations: The scope of therevised Standard has been amended and the definition of abusiness has been expanded. The revised Standard also includes anumber of other potentially significant changes including:- All items of consideration transferred by the acquirer arerecognized and measured at fair value as of the acquisition date,including contingent consideration.;- Subsequent change in contingent consideration will berecognized in profit or loss;- Transaction costs, other than share and debt issuance costs, willbe expensed as incurred;- The acquirer can select to measure any non-controlling interestat fair value at the acquisition date (full goodwill), or at itsproportionate interest in the fair value of the identifiable assets andliabilities of the acquiree, on a transaction-by-transaction basis.The revised IFRS 3 is not relevant to the Bank’s operations asthe Bank does not have any interests in subsidiaries that will beaffected by the revisions to the Standard. Revised Standard iseffective on or after 1 July 2009.• The revised IAS 27 Consolidated and Separate FinancialStatements replaces the term “minority interest” with “noncontrollinginterest”, and defines it as "the equity in a subsidiarynot attributable, directly or indirectly, to a parent". The revisedStandard also amends the accounting for non-controlling interest,the loss of control of a subsidiary, and the allocation of profit orloss and other comprehensive income between the controlling andnon-controlling interest.UniCredit Bank · 2009 Annual Report 173
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2009 Letno porocilo / Annual Report
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Kazalo / ContentsPredstavitev Banke
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ciljev. Leto 2010 bo zato leto tran
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• Na trgu dela so se novi pogoji
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Cenjene sodelavke in sodelavci, dov
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Organi upravljanja BankeNadzorni sv
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Poslovna mrežaPE Ljubljana BTCŠma
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po vsej Sloveniji. Ob tej priložno
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100-odstotna zašËita vplaËanih s
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Poslovno poroËiloGospodarsko okolj
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Poslanstvo, vizija in strategijaNa
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Poslovno poroËiloFinanËni rezulta
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finanËnimi instrumenti za stranke,
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FINAN»NE OBVEZNOSTI2009 2008191211
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Poslovno poroËiloPoslovanje Banke
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Poslovno poroËiloPoslovanje Banke
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Poslovno poroËiloObvladovanje posl
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Poslovno poroËiloObvladovanje posl
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Poslovno poroËiloDružbena odgovor
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Jozsef Varga,Valid Dental-Medical N
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PoroËilo nadzornega svetaPoroËilo
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HeaderTitle 24ptDace MarkeviËaUral
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PoroËilo neodvisnega revizorjaPoro
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RaËunovodski izkaziRaËunovodski i
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RaËunovodski izkaziBilanca stanjaV
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RaËunovodski izkaziIzkaz gibanja k
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RaËunovodski izkaziPovzetek raËun
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BanËna tveganjaBanËna tveganjaCel
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BanËna tveganjaBanËna tveganjaDel
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BanËna tveganjaBanËna tveganjaKre
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BanËna tveganjaBanËna tveganjasku
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BanËna tveganjaBanËna tveganjaKot
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BanËna tveganjaBanËna tveganjaBil
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BanËna tveganjaBanËna tveganjaObs
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BanËna tveganjaBanËna tveganjaLik
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BanËna tveganjaBanËna tveganjaBil
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BanËna tveganjaBanËna tveganjaBaz
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BanËna tveganjaBanËna tveganjaUpr
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We UniCredit people are committed t
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IntroductionPreface by the Chairman
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IntroductionStatement by the Chairm
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Page 126 and 127: IntroductionAbout UniCredit Banka S
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Page 130 and 131: IntroductionAchievements and Events
Page 136 and 137: Business ReportEconomic Environment
Page 138 and 139: Business ReportMission, Vision and
Page 140 and 141: Business ReportFinancial Resultsmil
Page 142 and 143: Business ReportFinancial ResultsFIN
Page 144 and 145: Business ReportBank’s Segment Per
Page 150 and 151: Business ReportManaging Business Ri
Page 152 and 153: Business ReportManaging Business Ri
Page 154 and 155: Business ReportCorporate Sustainabi
Page 162 and 163: Report from the Supervisory BoardRe
Page 164 and 165: HeaderTitle 20ptWolfang M. Heckl,De
Page 166 and 167: Report of AuditorsReport of Auditor
Page 168 and 169: Financial StatementsFinancial State
Page 170 and 171: Financial StatementsBalance SheetIt
Page 172 and 173: Financial StatementsStatement of Ch
Page 176 and 177: Financial StatementsSummary of Acco
Page 182 and 183: Financial StatementsNotes on the Fi
Page 208 and 209: Risk ReportRisk ReportOverall Risk
Page 210 and 211: Risk ReportRisk ReportThe following
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Page 216 and 217: Risk ReportRisk Reportsecurities, c
Page 218 and 219: Risk ReportRisk ReportBalance sheet
Page 220 and 221: Risk ReportRisk ReportTotal volume
Page 222 and 223: Risk ReportRisk ReportLiquidity Ris
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Risk ReportRisk ReportBalance sheet
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Risk ReportRisk Report• Achieve a
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Risk ReportRisk ReportCapital Manag
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Financial StatementsTitle 24ptJerzy
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