Annual Report Godišnji izvještaj MO

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1 Annual Report Godišnji izvještaj MONTENEGRO CRNA GORA MONTENEGRO CRNA GORA MONTENEGRO CRNA GORA MONTENEGRO CRNA GORA MONTENEGRO Crnogorska komercijalna banka

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3 A n n u a l R e p o r t G o d i š n j i i z v j e š t a j Montenegro, Crna Gora

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5 Contents Sadržaj Income Statement 04 Bilans uspjeha Balance Sheet 05 Bilans stanja Statement of the General Manager Uvodna riječ Generalnog direktora CKB Management Board 08 CKB Upravni odbor CKB Management 09 CKB Menadžment Always independent 11 Uvijek nezavisni Old and new banking stories 17 Stare i nove bankarske priče New memberships and new legal infrastructure 19 Nova članstva i nova zakonska infrastruktura Social story 21 Društvena priča New strategic partnership on the southeast of Europe 23 Novo strateško partnerstvo na jugoistoku Evrope Financial statements as of and for the year ended 31 December 2006 and Independent auditors' report 27 Finansijski izvještaj na dan i za godinu završenu 31. decembra i Izvještaj nezavisnog revizora

6 MONTENEGRO CRNA GORA MONTENEGRO CRNA GORA MONTENEGRO CRNA GORA MONTENEGRO CRNA GORA MONTENEGRO Income Statement Bilans uspjeha Year ended 31 December / U periodu od 1. januara do 31. decembra thousands of EUR / u hiljadama EUR Interest and similar income Prihodi po osnovu kamata i slični prihodi Interest expense and similar charges Rashodi po osnovu kamata i slični rashodi Note Napomena , 4a , 4b (16.231) (7.574) Net interest income / Neto prihod od kamata Fee and commission income Prihodi po osnovu naknada i provizija Fee and commission expense Rashodi po osnovu naknada i provizija 3.1, 5a , 5b (2.917) (2.618) Net fee and commission income / Neto prihod od naknada i provizija Net trading income / (expenses) Neto prihodi / (rashodi) iz trgovanja Net gains less losses from investment securities Neto dobici po osnovu ulaganja hartija od vrijednosti Dividends and other income from equity investments Prihodi od dividendi i učešća Other operating income Ostali poslovni prihodi Operating expenses Ostali poslovni rashodi Losses on impairment and provisions Rashodi indirektnih otpisa plasmana i rezervisanja 3.2, (269) (13.475) (11.145) 3.5, 8 ( (3.685) (530) (15.732) (11.921) Profit before tax / Dobit prije oporezivanja Income taxes Porez na dobit 3.3, 9a (424) (279) Profit for the year / Neto dobit

7 Balance Sheet Bilans stanja Year ended 31 December / Na dan 31. decembra thousands of EUR / u hiljadama EUR Note/ Napomena ASSETS / AKTIVA Cash and balances with the Central Bank Novčana sredstva i sredstva kod Centralne banke Treasury bills Državni zapisi Loans and advances to banks Krediti i avansi bankama Loans and advances to customers Krediti i avansi klijentima Available-for-sale securities Hartije od vrijednosti raspoložive za prodaju Financial asset at fair value through profit and loss Finansijska sredstva po pravičnoj vrijednosti kroz bilans uspjeha Property, plant and equipment Nekretnine, postrojenja i oprema Intangible assets Nematerijalna ulaganja Other assets Ostala sredstva 3.4, ,327 43, ,461 3, ,695 76, , , , , , 16 11,661 10, , 16 3,932 3, ,592 3,843 Total assets / Ukupna aktiva 536, ,347 LIABILITIES / PASIVA Deposits from banks Obaveze prema bankama Due to customers Obaveze prema klijentima Other borrowed funds Obaveze po kreditima Current income tax liabilities Obaveze za tekući porez Other liabilities Ostale obaveze Provisions Rezervisanja Deferred income tax liabilities Odložene poreske obaveze 18 5,087 13, , , , 20 54,407 21, , 3.11, , 9a Total liabilities / Ukupne obaveze 513, ,029 SHAREHOLDERS EQUITY / KAPITAL Share capital Akcijski kapital Other reserves Ostale rezerve Retained earnings Neraspoređena dobit 23 17, ,316 3,025 Total shareholders equity / Ukupan kapital 23,228 19,318 Total liabilities and shareholders equity / Ukupna pasiva 536, ,347 OFF-BALANCE-SHEET ITEMS / VANBILANSNE POZICIJE 24 49,184 20,343 5

8 MONTENEGRO CRNA GORA MONTENEGRO CRNA GORA MONTENEGRO CRNA GORA MONTENEGRO CRNA GORA MONTENEGRO Statement of the General Manager Dear clients and shareholders, My dearest team, Our banking story began in January The year of 2006 will be remembered by December which again confirmed our good results and also brought a new partner to us Hungarian OTP Bank. We worked on the strategic project for a year and finally got the owner whose history is similar to ours and with whom we have a lot in common from efficiency to the vision... One really interesting and exciting year with a lot of work and results is behind us and there is no doubt that Crnogorska Komercijalna Banka will successfully develop and shape Montenegro and its economy in the future as well. Everybody has right on dreams although banking is exact by its nature, precise and accurate... I am heading the team who achieved more than it planned in 2006 and also who witnessed more than it dreamed of for its country, history and future generations. The beginning of the new century was marked by birth of independent Montenegro. All important indicators for the period show strong growth of CKB. Balance sum is higher by 77%, loans by 100%, deposits by 75% and savings of Montenegrin citizens compared to the last year increased by 146%. The profit we achieved in 2006 is higher by 31.2% than in Our clients today are almost all employed persons in Montenegro but also many others and their number is bigger than ever more than private individuals and legal entities perform business through CKB. In technological terms, we went a step further compared to the previous year we enriched our offer, introduced new services and prepared the necessary infrastructure for our new projects and we hope to have one more banking and information technology revolution. Banking competition is stronger than ever and we hope that cooperation between the banks will be more loyal and better in the future. The gratitude for the achieved results I again owe to my team who are the best professionals in Montenegro today and who have fought all these years for the economic independence of Montenegro. Luckily, they lived to see much more than that. We are sure that our new strategic partner, OTP, will cherish the name and reputation of CKB and that, by combining the knowledge and experiences, we will design and implement together new Montenegrin and European projects... Milka Ljumović, General Manager Podgorica, May 2007

9 Uvodna riječ Generalnog direktora Poštovani klijenti i akcionari, Moj najdraži timu, Naša bankarska priča počela je januara 1997-e u pamtićemo po decembru, koji nam je ponovo potvrdio dobre rezultate, ali nam je donio i novog partnera, mađarski OTP. Godinu dana smo radili na strateškom projektu i konačno dobili vlasnika čija je istorija slična našoj i sa kojim nas povezuje mnogo toga - od efikasnosti do vizije Jedna zaista interesantna i uzbudljiva godina, sa mnogo rada i rezultata je iza nas i nema sumnje da će Crnogorska komercijalna banka uspješno razvijati i oblikovati Crnu Goru i njenu ekonomiju i ubuduće. Pravo da sanja ima svaki čovjek, iako je bankarstvo vrlo egzaktno po svojoj prirodi, precizno i tačno. Predvodim tim koji je ostvario više nego što je planirao za godinu, i mnogo više nego što je sanjao da će ostvariti i doživjeti za svoju zemlju, za istoriju, za potomstvo Početak jednog novog vijeka, obilježilo je rađanje nezavisne Crne Gore Svi važni pokazatelji za period govore o snažnom rastu CKB-a. Bilansna suma je veća za 77%, krediti za 100%, depoziti za 75%, a štednja crnogorskih građana, u odnosu na prethodnu godinu, povećana je za 146%. Profit koji smo ostvarili u godini veći je za 31,2% od onog iz 2005-e. Naši su klijenti danas gotovo svi zaposleni Crne Gore, ali i mnogi drugi i njihov je broj veći nego ikada, preko fizičkih i pravnih lica posluje preko CKB-a. Tehnološki smo otišli korak dalje u odnosu na prošlu godinu, obogatili ponudu, uveli nove servise i pripremili potrebnu infrastrukturu za naše nove projekte i nadamo se za još jednu bankarsku informatičku revoluciju... Bankarska konkurencija je jača nego ikada, nadamo se da će i saradnja među bankama biti i lojalnija i snažnija u budućnosti. Najveću zahvalnost za sve ostvarene rezultate ponovo dugujem mom timu, danas najboljim crnogorskim bankarskim kadrovima, odanim profesionalcima koji su se svih ovih godina borili za ekonomsku nezavisnost Crne Gore i dočekali mnogo više od toga. Sigurna sam da će i naš novi strateški partner OTP njegovati ime i ugled CKB-a i da ćemo ukrštanjem zajedničkih znanja i iskustava osmišljavati i ostvarivati nove crnogorske i evropske projekte. Milka Ljumović, Generalni direktor Podgorica, maj godine 7

10 MONTENEGRO CRNA GORA MONTENEGRO CRNA GORA MONTENEGRO CRNA GORA MONTENEGRO CRNA GORA MONTENEGRO CKB Management Board CKB Upravni odbor May, 2007 / Maj Józef Windhem President Predsjednik Milka Ljumović Member Član Zoltan Déncs Member Član Andras Takacs Member Član Ibolyá Sari Member Član * The Shareholders Assembly of CKB, on May 29, 2007 will appoint Mr. Szabolcs Korba in the Management Board instead of Mr. Z. Déncs as well as two new members: Mrs. Bose Tatar and Mrs. Aleksandra Popović. * Skupština akcionara CKB-a će na predstojećoj sjednici 29. maja godine, imenovati u sastav Upravnog odbora g-dina Dr. S. Korbu umjesto g-dina Dr. Z. Déncsa, kao i dva nova člana, g-đu B. Tatar i g-đu A. Popović.

11 CKB Management CKB Menadžment May, 2007 / Maj Milka Ljumović General Manager Generalni direktor tel (0) fax (0) ckb@cg.yu Bose Tatar Deputy General Manager Zamjenik generalnog direktora tel (0) fax (0) ckb@cg.yu Aleksandra Popović Assistant General Manager Pomoćnik generalnog direktora tel (0) fax (0) aleksandra.popovic@ckb.cg.yu Predrag Božović Assistant General Manager Pomoćnik generalnog direktora tel (0) fax (0) predrag.bozovic@ckb.cg.yu Dubravka Pavićević Assistant General Manager Pomoćnik generalnog direktora tel (0) fax (0) dubravka.pavicevic@ckb.cg.yu 9

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13 Always independent Uvijek nezavisni story about economy is always a story about life, about people and their free choices, vision and development, about results and always new business bridges. After the referendum on independence that took place on 21 May 2006, after 88 years of belonging to different models of joint states, Montenegro became the youngest independent state in the world. Economic independence was followed by political independence. And thus Montenegro returned to the world s business and political map... Mediterranean Montenegro, with its attractive coast as well as mountain area, marked the beginning of the 21st century in a certain way the century of small states and big internationalized market. Judging by what is going on globally and on the southeast of Europe, Montenegro is becoming an important destination for the international business; it connects the markets around itself, it removes boundaries, ensures security for investments and provides numerous opportunities for new businesses... Direct foreign investments in Montenegro reached record level in The total recorded inflow of foreign capital amounted to EUR 644 million, which represents an increase of 22% compared to Foreign investors came from 77 countries and according to some preliminary data, Montenegro is on the first place in Europe among economies in transition when it comes to the share of direct foreign investments inflow in GDP. Tourism is a branch that is developing very dynamically. The total number of tourists in 2006 reached the figure of almost 1 million priča o ekonomiji je uvijek priča o životu, o ljudima i njihovim slobodama, o viziji i razvoju, o rezultatima i uvijek novim mostovima u biznisu. Referendumom o nezavisnosti, 21. maja godine, nakon 88 godina pripadanja raznim oblicima zajedničkih država, Crna Gora je postala najmlađa samostalna država na svijetu. Ekonomskoj nezavisnosti, pridružila se i politička. I tako se Crna Gora vratila na poslovnu i političku mapu svijeta... Mediteranska Crna Gora sa privlačnom obalom, ali i planinama, na neki način je obilježila i početak 21. vijeka, vijeka malih zemalja i velikog internacionalizovanog tržišta. Sudeći po globalnim dešavanjima, ali i onima na jugoistoku Evrope, Crna Gora postaje važna destinacija u međunarodnom biznisu, ona povezuje tržišta oko sebe, briše granice, pruža sigurnost kapitalu i otvara veliki broj mogućnosti za nove biznise... Strani kapital direktno uložen u Crnu Goru 2006-e je dostigao rekordan nivo. Ukupni zabilježeni priliv stranih investicija iznosio je 644 miliona eura, što u odnosu na godinu predstavlja rast od 22%. Strani investitori dolaze iz 77 zemalja, a prema nekim preliminarnim podacima, Crna Gora je po učešću priliva SDI u BDP, u grupi ekonomija u tranziciji, na prvom mjestu u Evropi. Turizam je grana koja se izrazito dinamično razvija. Ukupan broj turista u godini je dostigao cifru od blizu 1 milion, sa 6 miliona noćenja i ukupnim ostvarenim prihodom od preko 300 miliona eura. Svjetski savjet za turizam i putovanja (WTTC-a) je proglasio Crnu Goru za zemlju sa najbrže rastućom turističkom privredom na svijetu, u zadnje četiri godine. Rezultati istraživanja WTTC-a pokazuju da se Crna 11

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15 with 6 million overnight stays and total income of over EUR 300 million. WTTC proclaimed Montenegro a country with the fastest growing tourist industry in the world in the last four years. The results of the WTTC s research show that Montenegro is also on the first place when it comes to the countries with the highest envisaged growth of tourist industry in the next ten years, with a rate of 10.1% p.a. Today, Montenegro is big and busy building site, a place where numerous roads of capital are crossed and where new projects that are changing the country and increasing the living standard of the citizens are being developed every day. Important infrastructural projects are strengthening the image of Montenegro especially seen through the eyes of foreign business public and that is the process that is going on and will go on for some time. The airports in Podgorica and Tivat have already been reconstructed. The project for the construction of Adriatic Ionian highway is under preparation as well as the one for the road that is going to connect north and south of the country. At the same time the projects related to reconstruction of roads and railroads, solving of the water-supply problem especially on the coast and problem of waste waters are being developed. Privatization of several important Montenegrin companies is expected - Duvanski kombinat (Tobacco company), HTP Budvanska Rivijera, Elektroprivreda (electricity supply company), Zeljeznica (railroads), Luka Bar (port), Plantaze, Termoelektrane (power plant), Aerodromi CG (airports of Montenegro) etc. These are projects and activities that will, together with direct foreign investments, additionally change the economy of the country in the years to come. Major tasks and effects of the economic policy of the Government of the Republic of Montenegro for 2007 which are directly connected with the increase of the citizens living standard are: Gora nalazi i na prvom mjestu liste zemalja sa najvećim predviđenim rastom turističke privrede u sljedećih deset godina i to sa stopom od 10,1% godišnje. Crna Gora je danas veliko i užurbano gradilište, mjesto gdje se ukrštaju razni putevi kapitala i gdje se svakodnevno otvaraju novi i novi projekti, koji mijenjaju zemlju i dodatno unapređuju standard stanovništva. Otvaranje značajnih infrastrukturnih projekata jača imidž Crne Gore, posebno u očima strane poslovne javnosti, i to je proces koji teče i koji će trajati... Aerodromi u Podgorici i Tivtu su već rekonstruisani. U toku su pripreme projekta Jadransko - jonskog autoputa, kao i onog koji će spajati sjever i jug države. Takođe i rekonstrukcija put ne i željezničke infrastrukture, kao i projekti rješavanja vodosnabdijevanja, posebno na primorju i regulacije otpadnih voda i sl. Najavljene su privatizacije još nekoliko važnih crnogorskih kompanija - Duvanskog kombinata, HTP Budvanske Rivijere, Elektroprivrede, Željeznice, Luke Bar, Plantaža, Termoelektrane, Aerodroma CG i sl. I to su upravo projekti i aktivnosti koje će 13

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17 support to business development and private entrepreneurs initiatives as basis for new employments; lessen the burden on economy by applying tax rate of 15% on physical persons income decreasing the number of the unemployed by around 5000 persons; diminish business barriers and grey economy; over EUR 400 mil. of new investments; reducing poverty and increasing the living standard and quality of life of citizens through the growth and development based on private sector and its creative potentials; encouraging orientation towards export and competitiveness of Montenegrin economy; Such Montenegro was visited in 2006 by Hungarian OTP that in December became the owner of Crnogorska Komercijalna Banka the bank which has undoubtedly played an important role in the creation and improvement of the financial market of Montenegro. CKB is more than just a bank because during the last ten important years of economic reforms in Montenegro it followed all rises and falls of the economy and grew into the institution that made Montenegro a part of the developed world. On the market where there are around 650,000 people, CKB is the leading bank with more than 40 % market share, with over clients, developed network of branches and sophisticated offer of products and services for companies and citizens. Exactly there lies the future of the bank and its strategy for the time to come rich offer, safe transactions and clear vision with the best Montenegrin staff of different professions. uz strane direktne investicije, dodatno mijenjati privredu zemlje narednih godina. Osnovni zadaci i efekti ekonomske politike Vlade Republike Crne Gore za narednu, godinu, a koji su u direktnoj vezi sa povećanjem životnog standarda stanovništva, su: podrška razvoju biznisa i privatne preduzetničke inicijative kao osnove za novo zapošljavanje; smanjenje opterećenja privrede primjenom stope poreza na dohodak fizičkih lica od 15,0% smanjenje broja nezaposlenih; smanjivanje biznis barijera i sive ekonomije; preko 400 mil. novih investicija; smanjenje siromaštva i porast životnog standarda i kvaliteta života građana kroz rast i razvoj baziran na privatnom sektoru i njegovim kreativnim potencijalima; podsticanje izvozne orijentacije i konkurentnosti crnogorske privrede; Ovakvu Crnu Goru je u 2006-oj posjetio mađarski OTP i u decembru postao vlasnik Crnogorske komercijalne banke koja je, nesumnjivo, odigrala značajnu ulogu u kreiranju i unapređenju finansijskog tržišta Crne Gore. CKB je više od banke, jer je za 10 važnih reformskih godina ispratila sve uspone i padove jedne ekonomije i porasla u jednu od onih institucija koje kandiduju Crnu Goru u razvijeni svijet. Na tržištu, na kojem živi oko ljudi, CKB je lider sa oko 40% tržišnog učešća, sa preko klijenata, veoma razvijenom mrežom filijala i vrlo sofisticiranom ponudom proizvoda i usluga i za kompanije i za građane. I upravo je tu budućnost banke i strategija za vrijeme koje dolazi - uvijek dobra ponuda, sigurna transakcija i jasna vizija sa najboljim crnogorskim kadrovima raznih profesija, i to ne samo bankarskih... TOTAL ASSETS/UKUPNA AKTIVA (%) TOTAL DEPOSITS/UKUPNI DEPOZITI (%) CREDIT PORTFOLIO/KREDITNI PORTFOLIO (%) CKB OTHER BANKS / OSTALE BANKE MARKET SHARE / UČEŠĆE NA TRŽIŠTU (%) 15

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19 Old and new banking stories Stare i nove bankarske priče There are 10 banks on the banking market of Montenegro and it is expected that there will be 3 more banks with foreign capital. According to the preliminary information, future owners are coming from Greece, Austria, Near East, and big banking groups such as Societe General, OTP, Hypo Alpe, NLB are already here. Very strong competition is present among the existing banks and it is rarely fair, sometimes even unsparing in the fight for the same clients. On such a dynamic market of limited size the strategic position of CKB, the bank of universal character, is dominant and that position should be kept in the future as well. This is an additional challenge for the bank s team due to very aggressive competition among the banks that want to find their place on the banking market. The planned gross profit of CKB for 2010 is EUR 17 million. The strategic objectives include intensifying of sale, further product innovation but also adopting of knowledge and experiences that already exist in the developed international banking world. Also, further education of CKB staff, new solutions in e-banking and focus on retail and SMEs which, ever since the bank s foundation in 1997, have been inevitable and recognizable concept of CKB are envisaged as very dynamic years on the Montenegrin banking market because of further investments in domestic projects but also in those with dominant foreign capital. This is a fast growing market which is completely oriented towards citizens and their needs. Although 80% of the market is already in foreign ownership, the trend of coming in of foreign investors is continuing because of macro-economic stability and expected fast growth of Na bankarskom tržištu Crne Gore posluje 10 banaka, očekuje se da će ih ubrzo biti još nekoliko sa stranim kapitalom. Prema preliminarnim informacijama, zainteresovani investitori dolaze iz Evrope, sa Bliskog Istoka i dr, a već su prisutne velike bankarske grupe poput OTP, Societe General, HypoAlpe, NLB. Vrlo jaka konkurencija je prisutna među postojećim bankama, ponekad bespoštedna u borbi za iste klijente. Na tako dinamičnom tržištu, ali ograničene veličine, strateška pozicija CKB-a, banke univerzalnog karaktera, dominantna je, i to treba zadržiti i ubuduće. Ovo je dodatni izazov za bančin tim, zbog veoma agresivne konkurencije koja tek traži svoje mjesto na bankarskom tržištu. Planirani bruto profit CKB-a za 2010-u iznosi 17 miliona EUR. Strateški ciljevi za period su planirani kroz intenziviranje prodaje, dalju inovaciju proizvoda, ali i usvajanje onih znanja i iskustava koja već postoje u razvijenom međunarodnom bankarskom svijetu. Takođe i dalja obuka CKB kadrova, fokus na retail-u i SME-u, koji je od osnivanja banke godine, bio i nužan i prepoznatljiv koncept, nova rješenja u oblasti elektonskog bankarstva i dr. Godine zamišljene su kao godine vrlo dinamičnih dešavanja na crnogorskom bankarskom tržištu, kroz dalja ulaganja u domaće projekte, ali i u one gdje je strani kapital dominantan. Ovo je tržište koje brzo raste i snažno je orijentisano i na građane i njihove potrebe, koji su vrlo zahtjevna klijentska grupa. Na ovom bankarskom tržištu na kome je većina banaka u vlasništvu stranog kapitala, prisutan je dalji trend ulaska stranih investitora, zbog makroekonomske stabilnosti, očekivanog brzog rasta domaćeg bruto proizvoda i 17

20 MONTENEGRO CRNA GORA MONTENEGRO CRNA GORA MONTENEGRO CRNA GORA MONTENEGRO CRNA GORA MONTENEGRO GDP in the next period to which construction projects, tourism, banking system and direct foreign investments are contributing the most. Foreign capital is here because of attractiveness of the market, announcement of membership of Montenegro in the EU, still high interest margins, etc. Foreign banks naturally count on easier access to cheap sources of crediting in their parent companies, and they do not rely so much on Montenegrin financial potential on which institution like CKB has grown. That important linking of local knowledge about the market and its conditions in which CKB has matured, with OTP, is just a logical and successful continuation of CKB story... u narednom periodu, a kome najviše trenutno doprinose građevinarstvo, turizam, bankarski sistem i strane direktne investicije. Strani kapital je tu i zbog atraktivnosti tržišta, najave članstva Crne Gore u EU, još uvijek visokih kamatnih marži i sl. Strane banke, naravno, računaju na lakši pristup jeftinijim izvorima kreditiranja od strane svojih matičnih kuća, a ne oslanjaju se toliko na crnogorski finansijski potencijal, na kome je, na primjer, porasla jedna CKB. Taj važan spoj lokalnog poznavanja tržišta i njegovih prilika sa kojima je sazrijevala, sada u kombinaciji sa OTP-om, samo je logičan i uspješan nastavak CKB priče.

21 New memberships and new legal infrastructure Montenegro returned to the political map of the world and it is intensively working on the accession to the EU through continuous work of expert groups. In March 2007 the Agreement on Stabilization and Accession to the EU was signed and in May Montenegro entered the Council of Europe. At the end of 2006, CEFTA agreement was also signed and it is expected to come into force in July this year. At the beginning of 2007, for the first time as an independent state, Montenegro became a member of the IMF. After becoming a member of IMF, the document on membership in the World Bank was also signed with which our country completed its integration into the international economic system. The mentioned memberships will naturally further strengthen the credibility of Montenegro in international circles and open doors to new strategic investments. The world accepted new economic and political reality of Montenegro and numerous diplomatic and business representative offices are being established which confirms the wish of international circles to cooperate with Montenegro, its institutions, at its market, in the long term...new projects are only new challenges for CKB team so the following several years will be very intensive and busy for us. The banks will surely have new, amended Law on Banks because the existing one will be changed significantly. In the coming period the role of the Central Bank will become stronger, although the Central Bank has always been establishing and applying high standards in Montenegrin banking system. The Central Bank of Montenegro prepared the draft of this law which is an important step further in the process of harmonization with international standards, as well as creation of Nova članstva i nova zakonska infrastruktura Crna Gora se vratila na političku mapu svijeta i intenzivno se radi na projektu pridruživanju EU, kroz neprekidan rad ekspertskih grupa. U martu parafiran je Sporazum o stabilizaciji i pridruživanju EU, a u maju je ostvaren prijem u Savjet Evrope. Krajem 2006, potpisan je i CEFTA sporazum, za koji se očekuje da će stupiti na snagu jula ove godine. Početkom Crna Gora je prvi put kao samostalna država postala članica Međunarodnog monetarnog fonda. Nakon učlanjenja u MMF, potpisan je i dokument o pristupanju članstvu Svjetske banke, čime je naša zemlja zaokružila integraciju u međunarodni ekonomski sistem. Pomenuta članstva će naravno dodatno osnažiti kredibilitet Crne Gore u međunarodnim krugovima i otvoriti vrata novim strateškim investicijama. Svijet je prihvatio novu ekonomsku i političku realnost Crne Gore i brojna diplomatska i poslovna predstavništva se otvaraju, što potvrđuje želju svijeta da dugoročno sarađuje sa Crnom Gorom, njenim institucijama i na njenom tržištu... Novi projekti su uvijek novi izazovi za CKB tim, tako da će i narednih nekoliko godina biti veoma intenzivne i radne za nas. Banke će, zasigurno, dobiti i novi, izmijenjeni Zakon o bankama, jer će postojeći pretrpjeti krupne promjene. U narednom periodu će dodatno jačati uloga Centralne banke Crne Gore, koja je i do sada uspostavljala i primjenjivala visoke standarde u bankarskom sektoru Crne Gore. CBCG je pripremila nacrt ovog Zakona, koji je značajan korak u procesu usaglašavanja sa međunarodnim standardima, kao i stvaranja pravnog osnova za postepenu tranziciju ka Bazelu II. Cilj novog zakona je da obezbijedi i zakonske pretpostavke za buduće širenje bankarskog tržišta, kao i mogućnosti otvaranja filijala stranih banaka koje imaju najmanje re- 19

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23 legal basis for gradual transition towards Basel II. The goal of the new law is to provide legal basis for expansion of the banking market as well as conditions for opening of branches of foreign banks that have at least A rating. It is important to mention some regulations that improved the business environment in which Montenegrin banks and their clients worked in 2006, such as Amendments to the Law on Securities, Law on Insurance, Law on Voluntary Pension Funds, Amendments to the Personal Income Tax Law, Amendments to the Customs Law, etc. Social story Links are not always just economic and political and that is why CKB is actively involved in Montenegrin culture, science and sports. Such affirmations are always demanding for the bank, but they are popular and they are remembered for a long time. The year 2006 was marked by Bank s participation in the most important international projects in the Montenegrin culture The First International Book Fair, Festival of International Alternative Theatre - FIAT, Festival of Mediterranean Theatre - Purgatories Tivat 2006, partnership with the sports club that won most trophies Water Polo club Jadran from Herceg Novi, organization of the European Karate Championship etc. CKB supported the activities of the French Cultural Centre and visits of numerous French artists of different profiles, which represented the connecting of two old European countries. UNICEF s projects - School Without Violence and Prevention of Drug Addiction in primary schools, various university and students projects and other projects carried out in cooperation with CKB create safer and healthier environment for Montenegrin children and youth. jting A. Značajno je pomenuti još neke od bitnih propisa koji su u godini, unaprijedili ambijent u kojem posluju crnogorske banke i njihovi klijenti, kao što su izmjene Zakona o hartijama od vrijednosti, Zakon o osiguranju, Zakon o dobrovoljnim penzionim fondovima, Izmjene zakona o porezu na dohodak fizičkih lica, Izmjene carinskog zakona i sl. Društvena priča Povezivanja nijesu uvijek samo ekonomska i politička, zbog čega CKB aktivno učestvuje i u kulturi, nauci, sportu Crne Gore.Te afirmacije su za banku uvijek zahtjevne, ali su popularne i dugo se pamte godinu je obilježilo i učešće banke u najvažnijim internacionalnim projektima crnogorske kulture Prvi Međunarodni podgorički sajam knjiga, festival FIAT, Festival mediteranskog teatra Purgatorije Tivat 2006, ali i dogovoreno partnerstvo sa najtrofejnijim crnogorskim sportskim klubom Vaterpolo klubom Jadran iz Herceg Novog, kao i organizacija Evropskog prvenstva u karateu i sl. CKB je podržala i aktivnosti Francuskog kulturnog centra i gostovanje mnogih francuskih umjetnika različitih profila, što je označilo nova povezivanja dvije stare evropske zemlje. UNICEF-ovi projekti Škola bez nasilja i Prevencija narkomanije u osnovnim školama, razni univerzitetski i studentski projekti, i drugi u saradnji sa CKB-om, stvaraju takođe sigurnije i zdravije okruženje za crnogorsku djecu i omladinu. Crnogorska komercijalna banka osjeća veliku odgovornost za socijalna dešavanja u društvu i smatra to svojim važnim zadatkom. CKB feels big responsibility for social events and considers that as its important task. 21

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25 New strategic partnership on the southeast of Europe CKB is the bank for all people which courageously, openly and skillfully changed the economic reality in the country. It was built by local people, Montenegrin professionals, who went deeper and further from the time and actual circumstances and for many reasons this banking story is a unique example of success in banking, not only Montenegrin banking. For ten years now, CKB has actively participated in all economic events of the country and grew into a representative financial institution. TOTAL ASSETS/UKUPNA AKTIVA (mil. EUR) Novo strateško partnerstvo na jugoistoku Evrope CKB je banka za sve ljude, koja je hrabro, otvoreno i stručno mijenjala jedno ekonomsko vrijeme. Sagradili su je domaći ljudi, crnogorski kadrovi, koji su vidjeli dublje i dalje od vremena i aktuelnih prilika i po mnogo čemu je ta priča jedinstven primjer uspjeha u bankarstvu, i to ne samo crnogorskom. CKB je deset godina aktivno učestvovala u svim ekonomskim dešavanjima jedne zemlje i izrasla u reprezentativnu finansijsku instituciju. Istorija CKB-a je istorija uspjeha, izvanrednih rezultata, u teškoj deceniji koju su pratili mnogobrojni problemi, ekonomski, socijalni i politički. TOTAL DEPOSITS/UKUPNI DEPOZITI ( mil. EUR) CREDIT PORTFOLIO / KREDITNI PORTFOLIO (mil. EUR) PROFIT AFTER TAX/ PROFIT POSLIJE OPOREZIVANJA (000 EUR) The history of CKB is the history of success and excellent results in the very difficult decade characterized by various problems - economic, social and political ones. Today, this bank is present in each Montenegrin home and there is almost no employed citizen in Montenegro who does not use at least some of CKB s Danas je ova banka prisutna u svakoj crnogorskoj kući i gotovo da nema zaposlenog građanina koji ne koristi bar neki od CKB proizvoda. CKB brend je možda i najveći koji je Crna Gora stvorila zadnjih 10 godina. Naš tim je pretežno ženski. U međunarodnom 23

26 MONTENEGRO CRNA GORA MONTENEGRO CRNA GORA MONTENEGRO CRNA GORA MONTENEGRO CRNA GORA MONTENEGRO products. The name of CKB is a brand. Maybe the greatest one that Montenegro created in the last ten years. Our team is mostly a female team. In the international financial world that deals with this part of Europe we are known as female bank. And we see that as an additional value and advantage which many did not take seriously ten years ago. The most successful Montenegrin banking project survived as Balkan paradox female bank in a traditionally very male society of Montenegro. Integration processes are happening all over Europe and in our bank as well. Hungarian OTP, new owner of CKB, possesses important banking knowledge and experiences that are welcome in our team and that will, in combination with our knowledge about the Montenegrin market, continue the tradition of good results. Now it is certain that OTP will strongly support the development of Crnogorska Komercijalna Banka and development of Montenegro as a whole. On the other hand, CKB has very specific knowledge that we are sure OTP will use in the right way and our joint projects and arrangements will certainly influence the economic future of the southeast of Europe. One of the important foreign clients of CKB is the company of Mr. Peter Munk, Canadian investor of Hungarian origin who, on the occasion of the signing of contract with Arsenal in Tivat, said : We are building this project for future generations. It will make Boka Kotorska a region capable to compete with French Riviera, Monte Carlo. Such Montenegro CKB wants to build and will build... finansijskom svijetu, koji se bavi ovim dijelom Evrope, prepoznati smo kao ženska banka i to smatramo dodatnom vrijednošću i prednošću koju prije samo deset godina mnogi nijesu shvatali ozbiljno... Tako je na jednom balkanskom paradoksu opstao najuspješniji crnogorski bankarski projekat - ženska banka u vrlo muškoj i tradicijom obojenoj Crnoj Gori... Procesi integracija su prisutni u cijeloj Evropi, ali i u našoj bankarskoj kući. Mađarski OTP, novi vlasnik CKB-a, posjeduje važna bankarska znanja i iskustva koja su dobrodošla našem timu i koja će u kombinaciji sa našim poznavanjem tržišta, nastaviti tradiciju dobrih rezultata. Sada je već izvjesno da će OTP snažno podržati razvoj Crnogorske komercijalne banke, ali i razvoj cijele Crne Gore. S druge strane, CKB ima vrlo specifična znanja koja će OTP, sigurni smo, pravilno iskoristiti, i naši će zajednički projekti i aranžmani sigurno značajno uticati i na ekonomsku budućnost jugoistoka Evrope. Jedan od važnih inostranih klijenata Crnogorske komercijalne banke je i kompanija Peter Munk-a, kanadskog investitora, mađarskog porijekla, koji je prilikom potpisivanja ugovora o kupovini Arsenala u Tivtu, izjavio: Projekat gradimo za generacije koje slijede. On će pretvoriti Boku Kotorsku u region sposoban za odmjeravanje snaga sa francuskom rivijerom, Monte Karlom. Takvu Crnu Goru CKB želi i hoće da gradi...

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28 MONTENEGRO CRNA GORA MONTENEGRO CRNA GORA MONTENEGRO CRNA GORA MONTENEGRO CRNA GORA MONTENEGRO Sources Central Bank of Montenegro Government of Montenegro Ministry of Tourism and Environmental Protection Mina-business Independent auditors report CKB publications Preparation and translation CKB team Desing Suzana Pajovic Zivkovic Photo Josif Ljumovic, Dusko Miljanic Print DPC Podgorica Izvori Centralna banka Crne Gore Vlada Crne Gore Ministarstvo turizma i zaštite životne sredine Mina-biznis Izvještaj nezavisnog revizora CKB publikacije Izrada i prevod Godišnjeg izvještaja CKB tim Dizajn Suzana Pajović Živković Fotografija Josif Ljumović, Duško Miljanić Štampa DPC Podgorica

29 Financial statements as of and for the year ended 31 December 2006 and Independent auditors' report Finansijski izvještaj na dan i za godinu završenu 31. decembra i Izvještaj nezavisnog revizora MONTENEGRO CRNA GORA MONTENEGRO CRNA GORA MONTENEGRO CRNA GORA MONTENEGRO CRNA GORA MONTENEGRO

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31 CRNOGORSKA KOMERCIJALNA BANKA A.D., PODGORICA Financial Statements December 31, 2006 and Independent Auditors Report

32 CONTENTS Independent Auditors Report 1 2 Page Income Statement 3 Balance Sheet 4 Statement of Changes in Equity 5 Cash Flow Statement 6 Notes to the Financial Statements 7 34

33 Bulevar Ivana Crnojevića 107 Podgorica, Serbia and Montenegro Tel: +381 (0) (0) Fax: +381 (0) INDEPENDENT AUDITORS REPORT To the Board of Directors and Shareholder of Crnogorska komercijalna banka A.D., Podgorica We have audited the accompanying financial statements (pages 3 to 34) of Crnogorska komercijalna banka A.D., Podgorica (the Bank ), which comprise the balance sheet as of December 31, 2006 and the related income statement, statement of changes in equity and cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory notes. The financial statements of the Bank as of, and for the year ended, December 31, 2005, were audited by another auditor whose report dated March 30, 2006 expressed an unqualified opinion. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditor s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements, and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of Crnogorska komercijalna banka A.D., Podgorica as of December 31, 2006, and its financial performance, changes in equity and its cash flows for the year then ended in accordance with International Financial Reporting Standards. (Continued)

34 INDEPENDENT AUDITORS REPORT To the Board of Directors and Shareholder of Crnogorska komercijalna banka A.D., Podgorica (Continued) Emphasis of Matters Without qualifying our opinion, we draw attention to the following matters: (a) As disclosed in Note 23 to the financial statements, the Bank is required to maintain certain minimum or maximum ratios with respect to its activities and composition of risk assets in compliance with the Law on Banks of the Republic of Montenegro and with the Central Bank of Montenegro Regulations. As of December 31, 2006, the ratio of investments in fixed assets amounted to percent and was higher than the prescribed maximum of 20 percent of the first-class equity, or maximum 30 percent, upon special approval by the Central Bank of Montenegro. (b) As disclosed in Note 26 to the financial statements, the Republic of Montenegro tax legislation is subject to different interpretations and changes which occur frequently. The interpretation of tax legislation by tax authorities as applied to the transactions and activity of the Bank may not be in line with that of the management. As a result, Bank s transactions may be challenged by tax authorities and the Bank may be assessed additional taxes, penalties and interest, which could be material. The Bank s tax statements may be reviewed or audited for a period of five years from the filing date of such statements. Deloitte d.o.o. Podgorica April 10,

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36 BALANCE SHEET as of December 31, 2006 (thousands of ) Note December 31, 2006 Audited by Another Auditor December 31, 2005 ASSETS Cash and balances with the Central Bank 3.4, ,327 43,672 Treasury bills 11 1,461 3,831 Loans and advances to banks 12 80,695 76,435 Loans and advances to customers , ,217 Available-for-sale securities 3.5, Financial assets at fair value through profit and loss 3.6, Property, plant and equipment 3.8, 16 11,661 10,264 Intangible assets 3.7, 16 3,932 3,700 Other assets 17 3,592 3,843 Total assets 536, ,347 LIABILITIES Deposits from banks 18 5,087 13,202 Due to customers , ,124 Other borrowed funds 3.9, 20 54,407 21,475 Current income tax liabilities Other liabilities Provisions 3.10, 3.11, Deferred tax liabilities 3.3, 9a Total liabilities 513, ,029 SHAREHOLDERS EQUITY Share capital 23 17,966 15,347 Other reserves Retained earnings 4,316 3,025 Total shareholders equity 23,228 19,318 Total liabilities and shareholders equity 536, ,347 OFF-BALANCE-SHEET ITEMS 24 49,184 20,343 The accompanying notes are an integral part of these financial statements. 4

37 STATEMENT OF CHANGES IN EQUITY Year Ended December 31, 2006 (thousands of ) Share Capital Other Reserves Retained Earnings Audited by Another Auditor Total Balance at January 1, , ,671 13,768 Change in available-for-sale investments Net gains not recognized in the income statement Net profit - - 3,025 3,025 Total recognized income for ,025 3,050 Bonus issue ,671 - (1,671) - New issuance of shares 2, ,500 Balance at December 31, , ,025 19,318 Balance at January 1, , ,025 19,318 New issuance of shares based on distribution of FY 2005 profit 2,619 - (2,619) - Net profit - - 3,910 3,910 Balance at December 31, , ,316 23,228 The accompanying notes form an integral part of these financial statements. 5

38 CASH FLOW STATEMENT Year Ended December 31, 2006 (thousands of ) Audited by Another Auditor Cash flows from operating activities Interest and similar income received 25,613 12,698 Interest and similar charges paid (16,231) (7,188) Fee and commission received 13,601 8,198 Fee and commission paid (2,917) (3,198) Other income Cash payments to employees and suppliers (13,475) (8,872) Income taxes paid (559) (279) Cash flows from operating profit before changes in operating assets and liabilities 6,586 1,359 Changes in operating assets and liabilities: Net increase in obligatory reserve (57,582) (15,114) Net increase in loans and advances to customers (169,156) (71,793) Net (decrease)/increase in other assets 251 (2,103) Net decrease in deposits from banks (8,115) (3,341) Net increase in due to customers 204, ,394 Net increase/(decrease) in other liabilities 170 (86) Net cash (used in)/provided by operating activities (23,823) 54,316 Cash flows from investing activities Purchase of property plant and equipment (1,232) (4,302) Purchase of intangible assets (726) (2,211) Disposal of treasury bills 2,370 4,968 Net cash provided by/(used in) investing activities 412 (1,545) Cash flows from financing activities Increase in other borrowed funds 32,932 8,355 Issue of ordinary shares - 2,500 Net cash provided by financing activities 32,932 10,855 Effect of exchange rate changes on cash and cash equivalents 874 (269) Net increase in cash and cash equivalents 10,395 63,357 Cash and cash equivalents at beginning of year 97,221 33,864 Cash and cash equivalents at end of year 107,616 97,221 The accompanying notes form an integral part of these financial statements. 6

39 NOTES TO THE FINANCIAL STATEMENTS December 31, THE BANK S ESTABLISHMENT AND OPERATING POLICY Crnogorska Komercijalna Banka A.D., Podgorica (the Bank ) was established as an independent bank and registered with the Commercial Court in Podgorica on January 15, The Bank is licensed in the Republic of Montenegro to perform payment transfers, credit and deposit activities in the country and abroad, and in accordance with the Republic of Montenegro law, is to operate on principles of liquidity, security of placements and profitability. On December 31, 2006, the Bank was comprised of its Head Office in Podgorica and sixteen branches located in different parts of the country. As of December 31, 2006 the Bank had 307 employees (December 31, 2005: 288 employees). 2. BASIS OF PREPARATION AND PRESENTATION OF THE FINANCIAL STATEMENTS The Bank prepared financial statements in accordance with International Financial Reporting Standards (IFRS). These financial statements have been prepared under the historical cost convention, as modified by the revaluation of available-for-sale financial assets, financial assets and financial liabilities held at fair value through profit or loss. The preparation of financial statements in accordance with IFRS requires the use of estimates and assumptions that influence the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management s best knowledge of current events and actions, actual results may ultimately differ from those estimates. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in the notes. The official currency in the Republic of Montenegro and the Bank s functional currency is Euro (EUR). 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 3.1. Income and Expense Recognition Interest income and expense are recognized in the income statement for all instruments measured at amortized cost using the effective interest method. The effective interest method is a method of calculating the amortized cost of a financial asset or a financial liability and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that discounts estimated future cash payments or receipts through the expected life of the financial instrument or, when appropriate, a shorter period to the net carrying amount of the financial asset or financial liability. When calculating the effective interest rate, the Bank estimates cash flows considering all contractual terms of the financial instrument (for example, prepayment options) but does not consider future credit losses. The calculation includes all fees and commissions paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs and all other premiums or discounts. Once a financial asset or a group of similar financial assets has been written down as a result of an impairment loss, interest income is recognized using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. 7