REG - Alpha Bank A.E. - Half-year Report <Origin Href="QuoteRef">ACBr.AT</Origin> - Part 6
31/08/2017 18:15
- Part 6: For the preceding part double click ID:nRSe5112Pe
Adequacy Ratios of the Group are stipulated by Bank of Greece (BoG) Executive Committee Acts.
The Capital Adequacy Ratio compares the Group's regulatory capital with the risks that the Group undertakes (Risk Weighted
Assets-RWAs). Regulatory capital includes CET1 capital (share capital, reserves, minority interests), additional Tier 1
capital (hybrid securities) and Tier 2 capital (subordinated debt). RWAs include the credit risk of the banking book, the
market risk of the trading portfolio and operational risk.
Since January 1, 2014 EU directive 2013/36/EU dated 26 June 2013 incorporated into law 4261/2014 along with the EU
regulation 575/2013/EU, dated 26 June 2013 "CRD IV" came into force which gradually introduce the new capital adequacy
framework (Basel III) for credit institutions.
According to the above regulatory framework, the Group follows the transitional arrangements in force for the calculation
of capital ratios. Moreover:
• Besides the 8% Capital Adequacy Ratio limit, there are limits of 4.5% for the CET1 ratio and 6% for the Tier 1 ratio.
• The gradual maintenance, from 1.1.2016 until 31.12.2019, of capital buffers additional to the CET1 Capital, is
required. In particular:
▫ Since 1.1.2017 a capital conservation buffer of 1.25% exists, which will gradually rise to 2.5% by 31.12.2019.
▫ The Bank of Greece through Executive Committee Acts set the following capital buffers:
- A countercyclical capital buffer rate for the first nine months of 2017, standing at "zero percent" (0%) (Executive
Committee Act 107/ 19.12.2016, 115/ 15.3.2017 & 119/15.6.2017).
- Other systemically important institutions (O-SII) buffer for 2017 standing at "zero percent" (0%) (Executive Committee
Act 104/18.11.2016).
These limits should be met both on a standalone and on a consolidated basis.
30.6.2017 (estimated) 31.12.2016
Common Equity Tier I 17,9% 17,1%
Tier I 17,9% 17,1%
Capital adequacy ratio 18,0% 17,1%
On 8 December 2016, the ECB informed Alpha Bank that for 2017 the minimum limit for the Overall Capital Requirement (OCR)
is 12.25%. The OCR is composed by the minimum own fund requirements (8%), according to article 92(1) of the CRR, the
additional own fund requirements (P2R), according to article 16(2)(a) of the Regulation 1024/2013/EU, and the combined
buffer requirements (CBR), according to article 128(6) of the Directive 2013/36/EU. The above minimum ratio should be
maintained on a phase-in basis under applicable transitional rules under CRR/ CRD IV, at all times.
26. Related party transactions
The Bank and the Group companies enter into a number of transactions with related parties in the normal course of business.
These transactions are performed at arms length and are approved by the Bank's committees.
a. The outstanding balances of the Group's transactions with key management personnel consisting of members of the Bank's
Board of Directors and Executive Committee, their close family members and the entities controlled by them, as well as, the
results related to these transactions are as follows:
30.6.2017 31.12.2016*
Assets
Loans and advances to customers 1,299 1,320
Liabilities
Due to customers 10,544 12,302
Debt securities in issue
Employee defined benefit obligations 265 260
Total 10,809 12,562
Letters of guarantee and approved limits 2,317 2,315
From 1 January
30.6.2017 30.6.2016
Income
Interest and similar income 24 58
Fee and commission income 3 68
Total 27 126
Expenses
Interest expense and similar charges 10 31
Fees paid to key management and close family members 1,858 1,753
Total 1,868 1,784
b. The outstanding balances with the Bank's, joint ventures and associates as well as the results related to these
transactions are as follows:
30.6.2017 31.12.2016
Assets
Loans and advances to customers 231,187 229,559
Other assets 812 229
Total 231,999 229,788
Liabilities
Due to customers 32,701 22,642
From 1 January to
30.6.2017 30.6.2016*
Income
Interest and similar income 1,675 2,856
Fee and commission income 7 1
Other income 119 111
Total 1,801 2,968
Expenses
Interest expense and similar charges 36 86
General administrative expenses 375 1,047
Total 411 1,133
------------------------------
* Certain amounts of the comparative period have been restated in order to be comparable.
c. The Employees Supplementary Fund maintains deposits with the Bank amounting to E 181 (31.12.2016: E 296). Periods'
interest expenses relating to deposits amount to E 1 (30.06.2016: E 16).
d. The Hellenic Financial Stability Fund (HFSF) exercises significant influence on the Bank. In particular, according to
Law 3864/2010 and the Relationship Framework Agreement ("RFA") as of 23.11.2015, which replaced the previous of 2013, HFSF
has representation in the Board of Directors and in other significant Committees of the Bank. Therefore, according to IAS
24, HFSF and its related entities are considered related parties for the Bank.
The outstanding balances and the results related to these transactions are presented as follows:
From 1 January to
30.6.2017 30.6.2016
Income
Fee and commission income 5 5
27. Assets held for sale and discontinued operations
The Bank under the approved from the European Commission Restructuring Plan (Note 42 of the consolidated financial
statements 31.12.2016) and the fulfillment of the relevant commitment relating to the deleveraging of part of the assets of
its international activities, proceeded to the sale of the operations of its branch in Bulgaria, to the sale of Alpha Bank
A.D. Skopje, Alpha Bank Srbija A.D. and Ionian Hotel Enterprises A.E., while the Bank also commenced the sale of APE Fixed
Assets A.E., APE Commercial Property A.E. and APE Investment Property A.E.
Bank's branch in Bulgaria
On 17.7.2015, the Bank and Eurobank, announced, with a joint statement, their agreement, in the main terms, for the
transfer of the operations of the Bank's branch in Bulgaria to Eurobank's subsidiary in Bulgaria (PostBank). On 6.11.2015
the Bank and Postbank signed the relevant contract, the terms of the transfer which provide for a cash consideration of 1
Euro and a partial undertaking of Branch's debt obligations by the buyer.
From 30.6.2015 the assets of Bulgaria Branch and direct related liabilities met the criteria to be classified as "held for
sale" in accordance with IFRS 5, since on that date the management had already taken the decision to sell the unit and
negotiations with the potential buyer had been initiated. In addition, Bulgaria Branch represents a separate geographical
area of operations for the Group, which is part of the South-Eastern Europe sector for reporting purposes per operational
segment.
Following the classification of Bulgaria Branch, which is the only company in the banking sector through which the Group
operates in Bulgaria, as held for sale, its operations represent "discontinued operations" for the Group.
Therefore, during 2015 the Group, for financial reporting purposes, measured the assets and liabilities of Bulgaria Branch
at the lower of their carrying amount and fair value less costs to sell and recognized the difference, which amounted to
E 89,007 as a loss in the caption "Profit/(loss) after tax income from discontinued operations" in the Income Statement.
On 1.3.2016 the disposal and the transfer of shares was completed and the Group has adjusted prior recorded loss from the
disposal of the Branch with the final net assets as of that date.
Income Statement and Statement of Comprehensive Income
The following table presents the results of Bulgaria Branch for the period from 1.1.2016 to the disposal date. It is noted
that the results and cash flows arising from the Bulgaria Branch are presented as "discontinued operations" both in the
Income Statement and the Statement of Cash Flows.
From 1 January to From 1 April to
30.6.2017 30.6.2016 30.6.2017 30.6.2016
Interest and similar income 3,123
Interest expense and similar charges (556)
Net interest income 2,567 -
Fee and commission income 842
Commission expense (74)
Net fee and commission income 768 -
Dividend Income
Gains less losses on financial transactions 64
Other income 79
Total income 3,478 -
Staff costs (1,575)
General administrative expenses (2,042)
Depreciation (397)
Other expenses (30)
Total expenses before impairment losses and provisions to cover credit risk (4,044) -
Impairment losses and provisions to cover credit risk 1,563
Profit/(loss) before income tax 997
Income tax
Profit/(loss), after income tax 997 -
Difference due to valuation at fair value
Gain/(loss) from the disposal after income tax (188) 102
Net profit/(loss) after income tax from discontinued operations 809 102
The amount of cash and cash equivalent of the Bulgaria Branch, which was transferred at the disposal amounted to E 9,942.
Investment in subsidiary Alpha Bank AD Skopje
The Bank, during the fourth quarter of 2015, began the process of selling its subsidiary Alpha Bank AD Skopje (ABS). ABS is
the smallest subsidiary of the Group in the Balkans and it has an insignificant presence in the local market in Skopje
(market share <2%). As part of this process, investors, which were shortlisted from a broader investor list, were invited
to submit their offers for the acquisition of the 100% of the ABS shares and of the 100% of the hybrid instrument
(subordinated loan) granted to the ABS by the parent company (both of them consist the "Perimeter Transaction").
Based on the above, on 31.12.2015 ABS assets and the related liabilities satisfy the conditions for classification as "held
for sale" in accordance with IFRS 5, while its operations, which constitute a distinct geographical area for the Group,
included in the Southeast Europe segment for operating segment disclosure purposes, have been classified as "discontinued
operations".
The disposal was completed on 10.5.2016 for a total amount of E 3.2 million.
Income Statement and Statement of Comprehensive Income
The results and cash flows from Alpha Bank AD Skopje are presented as "discontinued operations" in the Income State-ment,
the Statement of Comprehensive Income and the Cash Flow Statement.
The following table analyzes the amounts presented in the Statement of Comprehensive Income.
From 1 January to From 1 April to
30.6.2017 30.6.2016 30.6.2017 30.6.2016
Interest and similar income 1,525 429
Interest expense and similar charges (382) (86)
Net interest income 1,143 343
Fee and commission income 404 121
Commission expense (183) (55)
Net fee and commission income 221 66
Dividend Income
Gains less losses on financial transactions 132 68
Other income 40 16
Total income 1,536 493
Staff costs (907) (226)
General administrative expenses (691) (216)
Depreciation (134) (33)
Other expenses (80) (28)
Total expenses before impairment losses and provisions to cover credit risk (1,812) (503)
Impairment losses and provisions to cover credit risk (482) 39
Profit/(Loss) before income tax (758) 29
Income tax 21
Profit/(loss) after income tax (737) 29
Gain from the disposal after income tax 1,535 1,535
Net profit/(Loss) after income tax from discontinued operations 798 1,564
Exchange differences on translating and hedging the net investment in foreign operations (40) 7
Amounts that may be reclassified in the Income Statement from discontinued operations (40) 7
Total Comprehensive Income after income tax 758 1,571
The amount of cash and cash equivalents of Alpha Bank A.D. Skopje which was transferred at disposal amounted to E 10,973.
Ionian Hotel Enterprises A.E.
On 27.10.2016, the Group, following the announcement on 17.2.2016 for its intention to sell Ionian Hotel Enterprises Α.Ε.
through an invitation for Expressions of Interest, signed the final sale agreement for the subsidiary. The sale was
completed on 16.12.2016. The final price of the transaction, including the refinancing of the existing debt of the
subsidiary (E 67.2 million), amounted to E 143.3 million.
In addition, following the sale agreement, the Group acquired the option to invest E 5.2 million and receive in return
preference shares issued by the subsidiary or shares of the company that will emerge following the merger of the subsidiary
with the buyer. The issuance of preference shares will be accompanied by sale/purchase option contracts between the Group
and the buyer's shareholders. Τhis option enables the Group to collect an additional amount depending on the financial
performance of the company's and therefore represents a contingent consideration. This option was recognized in the caption
of "other assets" at fair value, which was E 4.5 million as at 31.12.2016.
The outcome from the sale of Ionian Hotel Enterprises A.E. was a loss of E 38,273 and it was recorded in the caption "gains
less losses on financial transactions".
From the above, an amount of E 36,389 had already been recorded as a loss during the first six month period of the 2016 as
the Group valued its assets and related liabilities at the lower of carrying amount and fair value less cost to sell, under
IFRS 5, due to their classification as "Held for sale" on 31.12.2015. Because the company is not a separate material
business segment for the Group, the requirements in order to be classified as discontinued operation are not met. The
company is included in "Other" for operating segment disclosure purposes. The amount of cash and cash equivalents of Ionian
Hotel Enterprises A.E. which was transferred at disposal amounted to E 67.8.
Alpha Bank Srbija A.D.
In the fourth quarter of 2016, the Bank initiated the procedures in order to sell its subsidiary Alpha Bank Srbija A.D. In
this context, on 30.1.2017, the Bank agreed with a potential buyer, to sell all the shares owned. The relative contract
signed on 23.2.2017, whilst on 11.4.2017 the transaction was completed for a total price of E 53 million following the
necessary supervisory approvals. In addition to the transfer of all shares of the subsidiary, the agreement includes the
assignment of a subordinated debt contract, which amounts to E 27.11 million and was granted to the subsidiary by the
Bank.
Based on the above, on 31.12.2016 the total assets of Alpha Bank Srbija A.D. and the related liabilities met the criteria
set under IFRS 5 to be classified as assets held for sale, while its business activities, which constitute a distinct
geographical area of operation for the Group and are included in South East Europe segment for operating segment disclosure
purposes, have been characterized as "discontinued operations".
Consequently, for the purpose of the preparation of financial statements for the year ended 31.12.2016, the Group valued
the subsidiary's assets and liabilities at the lower of carrying amount and fair value less cost to sell, recognizing a
loss of E 72,722 in the caption "Profit/(Loss) after tax from discontinued operations". After the above valuation, the
assets of Alpha Bank Srbija A.D. on 31.12.2016 amounted to E 512,403, and its liabilities to E 406,058.
Taking into account the classification of subsidiary as held for sale and the tax laws, at this caption was also recorded a
deferred tax income of amount E 84,441 which was calculated as the difference between the carrying amount of assets and
liabilities and their tax base, resulting in a profit after tax which amounts to E 11,719.
The loss recognized directly in equity up to the date of the completion of the disposal, amounted to E 69,275 and was
recycled in Income Statement and is presented in the caption "Profit/(Loss) after income tax from discontinued
operations". The respective loss as of 31.12.2016 amounted to E 68,457.
Income Statement and Statement of Comprehensive Income
The results and cash flows resulted from Alpha Bank Srbija A.D. are presented as "discontinued operations" in the Income
Statement, in the Statement of Comprehensive Income and in the Cash Flow Statement.
In the table below, the figures presented in the Statement of Comprehensive Income are analyzed.
From 1 January to From 1 April to
30.6.2017 30.6.2016 30.6.2017 30.6.2016
Interest and similar income 6,943 16,128 599 7,875
Interest expense and similar charges (1,374) (2,611) (129) (1,275)
Net interest income 5,569 13,517 470 6,600
Fee and commission income 1,860 3,852 118 2,049
Commission expense (476) (747) (35) (402)
Net fee and commission income 1,384 3,105 83 1,647
Dividend income
Gains less losses on financial transactions 991 289 375 220
Other income 156 424 8 145
Total income 8,100 17,335 936 8,612
Staff costs (3,069) (5,931) (441) (2,991)
General administrative expenses (3,749) (7,133) (94) (3,502)
Depreciation (1,080) (550)
Other expenses (19) (45) (29)
Total expenses before impairment losses and provisions to cover credit risk (6,837) (14,189) (535) (7,072)
Impairment losses and provisions to cover credit risk 1,111 1,097 (1) 329
Profit/(Loss) before income tax 2,374 4,243 400 1,869
Income tax 8 6
Profit/(loss), after income tax 2,374 4,251 400 1,875
Loss from the disposal after income tax (70,831) (69,767)
Profit/(Losses) after income tax from discontinued operations (68,457) 4,251 (69,367) 1,875
Net change in the reserve from available for sale securities (1,559) (260) (958) 100
Exchange differences on translating and hedging the net investment in foreign operations 70,016 (1,300) 70,325 (512)
Income tax (8) (5)
Amounts that may be reclassified in the Income Statement 68,457 (1,568) 69,367 (417)
Total Comprehensive Income after income tax - 2,683 - 1,458
The amount of cash and cash equivalents of Alpha Bank Srbija A.D. which was transferred at disposal amounted to E 89,265.
APE Fixed Assets Α.Ε., APE Commercial Property Α.Ε., APE Investment Property A.E.
In June 2016 consultants were engaged and the liquidation process of the Bank's participations in APE Fixed Assets AE, APE
Commercial Property AE and APE Investment Property AE began. APE Fixed Assets AE is a Bank's subsidiary, while APE
Commercial Property AE and APE Investment Property AE are joint ventures, where the control is exercised jointly by the
Bank and the other shareholder.
Since 30.6.2016 the abovementioned investments meet the requirements to be classified as "held for sale" in accordance with
IFRS 5, due to the fact that on that date the Management had decided their sale, had initiated an active programme to find
buyer while the sale is expected to be completed within the forthcoming period. Consequently the above mentioned companies
continue to be classified as Assets held for sale.
According to IFRS 5 the assets held for sale or disposal groups are valued at the lower of book and fair value less cost to
sell and they are presented in the balance sheet separately from other assets and liabilities. As regards to the subsidiary
APE Fixed Assets AE the Group proceeded to the measurement of the fair value of the assets and liabilities which it
consolidates, while with regards to the joint ventures APE Commercial Property AE and APE Investment Property AE.,
consolidated with the equity method, the Group measured the fair value of its participation and of the loans and
receivables of these companies which constitute part of the net investment in them. From the abovementioned measurement
during the prior year, losses amounting to E 19.3 million arose and were recorded in the caption "Gains less losses on
financial transactions" in the Income Statement.
Taking into account that these companies are not a separate major line of business for the Group, the criteria to be
classified as "discontinued operations" are not met. The companies included in "Other" for operating segment disclosure
purposes.
In the table below is presented an analysis of the discrete assets and liabilities of APE Fixed Assets AE, APE Commercial
Property AE and APE Investment Property AE which are classified in the Balance Sheet as assets held for sale.
30.6.2017 31.12.2016
ASSETS
Loans and advances to customers 47,570 47,570
Investments in associates and joint ventures 39,244 39,244
Investment property 39,872 39,872
126,686 126,686
Valuation at fair value (19,264) (19,317)
Total assets held for sale 107,422 107,369
LIABILITIES
Income tax and other taxes 62
Deferred tax liabilities 291 296
Other liabilities 10
Total liabilities related to assets held for sale 363 296
Amounts recognized directly in equity related to assets held for sale (122) (122)
Non-controlling interests related to assets held for sale 10,940 10,953
Other asset held for sale
Assets held for sale include also other fixed assets held for sale of the Group of an amount of 5.6 million (31.12.2016:
E 5.4 million). Thereby total amount of Assets held for sale of the Group as at 30.06.2017 amounts to E 113,042
(31.12.2016: E 625,216).
In addition, the Bank has classified its participation in Selonda Aquaculture A.E.G.E. and Nireus Aquaculture A.E. as
Assets held for sale since its intention is to dispose them in the near future. The estimated fair value of the companies
is one Euro.
The Group, for the purpose of the preparation of its financial statements, evaluates the undertaken actions in the context
of its restructuring plan, in order to classify, were applicable based on IFRS 5, the assets and its related liabilities to
held for sale (presented in note 1.17 of the financial statements as at 31.12.2016)
28. Corporate events
a. On 5.1.2017 the Bank's subsidiary Alpha Group Investments Ltd disposed the 45.84% of the shares of the Group subsidiary
AEP Kefalariou A.E. for an amount of E 11.
b. On 16.1.2017 the Bank participated in the share capital increase of its subsidiary, Alphalife Α.Α.Ε.Ζ with the amount of
E25 million.
c. On 24.1.2017 the Group's joint venture Aktua Hellas Holding A.E., was renamed to Cepal Holdings A.E.
d. On 25.1.2017 the company Aktua Hellas Financial Solutions A.E., a subsidiary of Cepal Holdings A.E. was renamed to Cepal
Hellas Financial Services Societe Anonyme for the Management of Receivables from Loans and Credits.
e. On 30.1.2017 the Bank reached an agreement with the Serbian MK Group for the whole disposal of shares (100%) of its
investment in the share capital of Alpha Bank Srbija A.D.
f. On 3.2.2017 the Bank's subsidiary, Alpha Group Investments Ltd participated in the share capital increase of its
subsidiary AEP Kefalariou A.E. with the amount of E 9.75 million.
g. On 23.2.2017 following the exercise of the option of conversion from the total bondholders, the Bank participated in the
capital increase due to the conversion of the convertible bond issue of 1.2.2013, in the context of the agreement with
Credit Agricole S.A. for the acquisition of Former Emporiki Bank. From the conversion, 6,818,181 common shares issued
corresponding to the 0.44% of total shares.
h. On 3.3.2017, following the Group's subsidiary AGI-Cypre Ermis Ltd loan capitalisation, the Bank participated in the
share capital increase of the subsidiary, acquiring the 75% of its share capital.
i. On 7.3.2017 following the restructuring plan, the Bank acquired the 47.04% of the share capital of Famar S.A. (note
20).
j. On 6.4.2017 the Group subsidiaries AEP Amarousion I A.E., AEP Amarousion II A.E., AEP Chalandriou A.E., AEP N.Kifisias
A.E. and AEP Chanion A.E. increased their share capital by E 2.1 million, E 0.43 million, E 16.5 million, E 0.5 million and
E 0.06 million respectively.
k. On 10.4.2017, the Bank's subsidiary Alpha Group Investments Ltd founded the company Alpha Investments Periousias Spaton
A.E. for an amount of E 24.
l. On 11.4.2017 the sale of all shares of the Bank's subsidiary, Alpha Bank Srbija A.D. was completed.
m. On 4.5.2017, the Bank proceeded to the sale of 1% Cepal Holdings S.A. shares, and participated in its share capital
increase by issuing preferred shares, paying an amount of E 8.33 million, whilst on 18.5.2017 the Bank proceeded to the
sale of 1.23% Cepal Holdings S.A. shares.
n. On 4.5.2017 the company Cepal Holdings S.A. completed the acquisition of the entity, Kaican Services Ltd, established in
Great Britain, paying an amount of E 3.6 million.
o. On 9.5.2017, a capital repayment of E 28.6 million of Bank's subsidiary, Emporiki Development and Real Estate Management
Α.Ε., was completed.
p. On 18.5.2017, the sale of all shares of Group's subsidiary, AGI BRE Participations 1 EOOD was completed.
q. On 26.5.2017, the deregistration of Group's subsidiaries, AGI-RRE Athena Srl and AGI-RRE Venus Srl, from Romanian
Company Register was completed.
r. On 20.6.2017, the sale of all shares of Group's subsidiary, AGI-SRE Ariadni DOO was completed.
s. On 27.6.2017, the Group's subsidiary, AGI-RRE Cleopatra Srl, acquired 97.5% of ΤΗ Top Hotels Srl shares for an amount of
E 85.7.
29. Restatement of financial statements
The figures of the comparative period were restated as a result of the classification of the Alpha Bank Srbija A.D. as
discontinued operations (note 27).
Below are restated statements of income and cash flows for the period 1.1-30.6.2016 due to this classification.
Consolidated Income Statement
From 1 January to 30.06.2016
Published Restatements due to the presentation of Alpha Bank Srbija A.D. as discontinued operation Restated
amounts amounts
Interest and similar income 1,382,951 (16,128) 1,366,823
Interest expense and similar charges (416,644) 2,611 (414,033)
Net interest income 966,307 (13,517) 952,790
Fee and commission income 182,447 (3,852) 178,595
Commission expense (23,677) 747 (22,930)
Net fee and commission income 158,770 (3,105) 155,665
Dividend income 1,120 1,120
Gains less losses on financial transactions 60,038 (289) 59,749
Other income 27,275 (424) 26,851
88,433 (713) 87,720
Total income 1,213,510 (17,335) 1,196,175
Staff costs (258,481) 5,931 (252,550)
Cost of Voluntary Separation Scheme cost (31,480) (31,480)
General administrative expenses (247,089) 7,133 (239,956)
Depreciation and amortization (49,495) 1,080 (48,415)
Other expenses (16,274) 45 (16,229)
Total expenses before impairment losses and provisions (602,819) 14,189 (588,630)
to cover credit risk
Impairment losses and provisions to cover credit risk (604,828) (1,097) (605,925)
Share of profit/(loss) of associates and joint ventures (1,967) (1,967)
Profit/(losses) before income tax 3,896 (4,243) (347)
Income tax (24,447) (8) (24,455)
Profit/(losses) after income tax (20,551) (4,251) (24,802)
Profit/(losses) after income tax from discontinued operations 1,607 4,251 5,858
Profit/(losses) after income tax (18,944) - (18,944)
Profit/(losses) attributable to:
Equity owners of the Bank
- from continuing operations (20,650) (4,251) (24,901)
- from discontinued operations 1,607 4,251 5,858
(19,043) (19,043)
Non-controlling interests 99 99
Profit/(losses) per share:
Basic and diluted(E per share) (0.01) (0.01)
From 1 April to 30.6.2016
Published Restatements due to the presentation of Alpha Bank Srbija A.D. as discontinued operation Restated
amounts amounts
Interest and similar income 677,464 (7,875) 669,589
Interest expense and similar charges (194,099) 1,275 (192,824)
Net interest income 483,365 (6,600) 476,765
Fee and commission income 94,063 (2,049) 92,014
Commission expense (13,869) 402 (13,467)
Net fee and commission income 80,194 (1,647) 78,547
Dividend income 529 529
Gains less losses on financial transactions 56,999 (220) 56,779
Other income 14,921 (145) 14,776
72,449 (365) 72,084
Total income 636,008 (8,612) 627,396
Staff costs (129,026) 2,991 (126,035)
Cost of voluntary separation scheme (487) (487)
General administrative expenses (128,847) 3,502 (125,345)
Depreciation and amortization (23,632) 550 (23,082)
Other expenses (12,706) 29 (12,677)
Total expenses before impairment losses and provisions (294,698) 7,072 (287,626)
to cover credit risk
Impairment losses and provisions to cover credit risk (349,710) (329) (350,039)
Share of profit/(loss) of associates and joint ventures (506) (506)
Profit/(loss) before income tax (8,906) (1,869) (10,775)
Income tax (9,540) (6) (9,546)
Net profit/(loss) after income tax (18,446) (1,875) (20,321)
Net profit/(loss) after income tax from discontinued operations 1,666 1,875 3,541
Net profit/(loss) after income tax (16,780) - (16,780)
Profit/(loss) attributable to:
Equity owners of the Bank
- from continuing operations (18,502) (1,875) (20,377)
- from discontinued operations 1,666 1,875 3,541
(16,836) (16,836)
Non-controlling interests 56 56
Earnings/(losses) per share:
Basic and diluted (E per share) (0.01) (0.01)
Consolidated Statement of Cash Flows
From 1 January to 30.6.2016
Published Restatements due to the presentation of Alpha Bank Srbija A.D. as discontinued operation Restated
amounts amounts
Cash flows from continuing operating activities
Profit / (loss) before income tax 3,896 (4,243) (347)
Adjustments for gain/(losses) before income tax for:
Depreciation/Impairment of fixed assets 27,400 (957) 26,443
Amortization/Impairment of intangible assets 22,095 (123) 21,972
Impairment losses from loans, provisions and staff leaving indemnity 641,523 1,097 642,620
(Gains)/losses from investing activities (69,292) (69,292)
(Gains)/losses from financing activities 31,017 31,017
(Gains)/losses ratio from associates and joint ventures 1,967 1,967
658,606 (4,226) 654,380
Net (increase)/decrease in assets relating to continuing operating activities:
Due from banks (225,373) 32,797 (192,576)
Trading securities and derivative financial assets (45,962) (45,962)
Loans and advances to customers 298,866 (21,927) 276,939
Other assets 2,562 316 2,878
Net increase/(decrease) in liabilities relating to continuing operating activities:
Due to banks (1,697,694) (8,908) (1,706,602)
Derivative financial liabilities (18,826) (18,826)
Due to customers 229,900 8,820 238,720
Other liabilities 18,010 14,041 32,051
Net cash flows from continuing operating activities before taxes (779,911) 20,913 (758,998)
Income taxes and other taxes paid (18,076) 309 (17,767)
Net cash flows from continuing operating activities (797,987) 21,222 (776,765)
Net cash flows from discontinued operating activities (21,270) (21,222) (42,492)
Cash flows from continuing investing activities
Investments in subsidiaries and associates (98) (98)
Acquisitions during the period
Income from subsidiary disposal
Dividends received 1,120 1,120
Purchases of fixed and intangible assets (97,824) 467 (97,357)
Disposals of fixed and intangible assets 44,176 (168) 44,008
Net (increase)/decrease in investement securities 663,048 (24,340) 638,708
Net cash flows from continuing investing activities 610,422 (24,041) 586,381
Net cash flows from discontinued investing activities (24,390) 24,041 (349)
Cash flows from continuing financing activities
Receipts/(Repayments) of debt securities in issue and other borrowed funds
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