VAKUFSKA BANKA DD Sarajevovakuba.ba/userfiles/file/godisnji.pdf · Investiciono bankarstvo / Investment banking Proizvodi i usluge / Products and services Organizaciona struktura

VAKUFSKA BANKA DD Sarajevo

2002

Godi{nji izvje{taj / Annual report


GODI[NJI IZVJE[TAJ / ANNUAL REPORT 2002.


5

SADR@AJ - CONTENT

Uvod / Introduction

Poruka Direktora / Message by Director

Pouzdan poslovni partner / Reliable business partner

Strate{ki ciljevi Banke / Strategic goals of Bank

Pravci razvoja / Development directions

Sofverska podr{ka / Software support

Osoblje / Staff

Kreditna funkicja / Credit activities

Unutra{nji platni promet / Internal payment transactions

Investiciono bankarstvo / Investment banking

Proizvodi i usluge / Products and services

Organizaciona struktura / Organizational structure

Mreà poslovnica / Branch network

Lista glavnih korespondenata / List of our main correspondents

Neovisno revidovano mi{ljenje / Independent Auditors

Finansijski izvje{taj za 2002 / Financial statements for 2002


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Cijenjeni klijenti,

Ocijenjujem da je za nama uspje{na poslovna godina.Tokom 2002 godine, stru~ne slu`be Banke radile su brzo, uredno,

ta~no, tako da je postignuta stabilnost u svim segmentima angaòvanja iposlovanja Banke, koja je, naro~ito, izraèna kroz slijede}e:

a) Zaustavljeni su gubici u poslovanju banaka prethodnica, naro~itobiv{e Depozitne banke.

b) U primjeni su adekvatne politike i procedure za identifikovanjesvih vrsta rizika, njihovog eliminisanja i formiranja rezervisanja i rezervi.

c) Uveden je jedinstveni informacioni sistem za Banku u cjelini - QBS- verzija VIEW21 Plus. Taj softver je, sopstvenim snagama, unaprijedjeni prilagodjen potrebama Banke, naro~ito u dijelu obra~una (kamate) iizvje{tajne funkcije. U Centru za informacione sisteme zaposleni sukvalitetni kadrovi, a nabavljena je oprema koja omogu}ava nesmetanofunkcionisanje sistema.

d) Uspostavljena je komunikacija (mreà) izmedju Direkcije i organi-zacionih jedinica, sa ciljem evidentiranja poslovne promjene na mjestu iu momentu nastajanja. To je preduslov za kvalitetno obavljanje poslova iprivla~enje novih klijenata, odnosno, prikupljanje depozita.

e) Unapredjena je za{tite aktive Banke, ukupno i fizi~ke aktive.f) Sve aktivnosti, kao preduslov za uspje{no poslovanje, usmjerene su

ka Klijentu. O~uvano je povjerenje postoje}ih klijenata, a veliki broj novihklijenata se opredijelio za poslovanje sa Vakufskom bankom.

g) Sa radom su krenuli Poslovnica Konjic i {alter u Potocima kod Mostara.h) Uspostavljena je funkcije interne revizije na na~in kako je to odredjenjo Odlukom o minimalnim standardima interne

i eksterne revizije u bankama. Namjera je obezbijediti potpunu samostalnost funkcije interne revizije.i) Stru~ne slu`be, u potpunosti, primjenjuju vaè}e propise.j) Tokom 2002 godine, u odnosu na pro{lu 2001 godinu, pove}an je obim poslovanja, ostvareni su pove}ani prihodi,

rashodi su zadràni na istom nivou, a neto dobit iznosi KM 405/h.U septembru i oktobru 2002 godine, izvr{ena je sveobuhvatna kontrola poslovanja Banke od strane Agencije za

bankarstvo F BiH, sa stanjem na dan 30.06.2002 godine. Zapisnikom o izvr{enoj kontroli, poslovanje Banke ocijenjeno jezadovoljavaju}im - to je vrlo dobra ocjena kada se u obzir uzmu prilike u okruènju. Najva`nije, u Zapisniku Agencije nijekonstatovano da ima slu~ajeva nezakonitog raspolaganja sredstvima. Utvrdjene neuskladjenosti i nepravilnosti, uglavnom,posljedica su relativno kratkog perioda koji je protekao od zavr{etka procesa pripajanja Depozitne banke i od uvodjenjajedinstvenog informacionog sistema u Banku.

U toku je izrada Srednjoro~ne razvojne strategije Vakufske banke. Kratkoro~na strategija razvoja Banke, koja je baziranana uspje{nom, cjelovitom pripajanju Depozitne banke, uspje{no je realizovana. Stvoreni su preduslovi za kvalitetan i efikasansrednjoro~ni i dugoro~ni razvoj Banke. Glavni cilj je izgradnja Banke koja je profesionalan i pouzdan poslovni partner svimpravnim i fizi~kim licima u Bosni i Hercegovini. Predvidjen je niz instrumenata za ostvarivanje postavljenih ciljeva, uz obavezusvih u~esnika da preduzete aktivnosti sadrè razborite i profitabilne poslovne mogu}nosti. Namjera je pove}ati obim ikvalitet poslova. To je uslovljeno jedno sa drugim, {to je bolji kvalitet usluga, to se vi{e novih klijenata opredjeljuje za poslo -vanje sa Bankom.

DirektorAmir Rizvanovi}


7

Distinguished clients,

I am glad to declare a successful business year.During 2002, all departments provided fast and accurate services, contributing to the stability in all segments of busi -

ness activities, which is, especially shown in the following:a) Generation of losses by the ex-Banks had been discontinued, especially in ex-Depozitna bankb) Proper procedures for identification of all types of risks, their elimination and creation of Loan loss provisions and

reserves have been implementedc) A unique information system for the entire new bank has been introduced, a certain changes have been made in the

software with which information system is meeting the Bank’s needs, especially with calculation of interest and report func -tion. IT department employs well educated and qualitative people, and acquires new equipment to maintain this system.

d) Communication between (network) between headquarters and organizational units has been established, providingrecording of the transactions on the real-time basis. This represents pre-condition for efficient business operations andattraction of new clients, or increase in deposit base

e) Protection (securitization) of all assets including fixed assets has been improvedf) All activities, as pre-condition, for successful business operation, are client oriented. The confidence of existing clients

has been maintained, and at the same time a number of new clients decided to work with the Bankg) New organizational units in Konjic and Potoci are establishedh) Internal audit function has been introduced, as required by Decision on minimum standards for internal and exter -

nal audit in the banks. Our intention is to ensure full independence of Internal Audit function.i) All departments comply with prevailing regulationsj) During 2002, in comparison to previous year, the volume of business activities has been increased, increased revenues

have been recorded and expenditures remained at about the same level, net profit amounts KM 405 thousand.In September and October 2002, a comprehensive Control of business activities by FBA has been finalized, whose sub -

ject was financial position as of 30.06.2002. In the Records on Control, the business activities of the Bank were appraisedat satisfactory level – which is very good mark taking into consideration the conditions in the industry. The most impor -tant thing is that Records did not state any illegal funds usage. Defined/discovered irregularities are mainly caused by rela -tively short period after acquisition of Depozitna bank dd Sarajevo and implementation of unique information system in theBank.

Medium-term development strategy of Vakufska bank DD Sarajevo is currently being developed. Short-term develop -ment strategy of the Bank, based on successful acquisition of Depozitna banka d.d. Sarajevo has been implemented success -fully. Pre-conditions for effective and efficient medium and long-term development of the Bank were established. The maingoal is to develop a bank as professional and reliable business partner to all individual and corporate entities in Bosnia andHerzegovina. Several instruments for achieving the defined goals are identified, with a task for all participants to undertakeactivities that have reasonable and profitable business opportunities. Our intention is to increase volume and quality of busi -ness activities. The two directly affect each other; better quality of the services shall attract new clients to work with theBank.

DirectorMr. Amir Rizvanovi}


8

Uvod

Vakufska banka DD Sarajevo je privatna, uspje{na iefikasna komercijalna banka, osnovana u julu 1992 godinesa sjedi{tem u Sarajevu Ul. Ferhadija 4.

U strukturi dioni~kog kapitala banke privatni kapitalu~estvuje sa 92.8%, od ~ega 51.0% predstavlja doma}i kap-ital i 42.0% strani kapital. Ostatak kapitala (7.2%) pred-stavlja dràvni kapital koji je u procesu privatizacije.

U skladu sa dugoro~nom poslovnom strategijom razvo -ja Vakufske banke DD Sarajevo, tokom proteklih godinapripojene su dvije banke: MO banka Mostar i Depozitnabanka d.d. Sarajevo, {to je rezultiralo pove}anjem mreèfilijala i ekspozitura, obima poslovanja, broja klijenata, teunapre|enjem kadrovske strukture i dr.

Pouzdan poslovni partner

Vakufska banka DD Sarajevo, sa jakom finansijskomstrukturom, {irokom mreòm filijala i ekspozitura, raz-granatom mreòm korespondentnih banaka u svijetu,dobro izgra|enog profesionalnog i predanog odnosaprema klijentima, te {irokom bazom klijenata, nudi pouz -dano, jako i stabilno partnerstvo svim privrednim subjek-tima u zemlji i inostranstvu, kao i potencijalnim investitori-ma.

Introduction

Vakufska bank DD Sarajevo is a private, successful andefficient commercial bank established in July 1992, withheadquarter in Sarajevo, Ferhadija 4.

In the shareholding capital structure, private capital par-ticipates with 92.8%, out of which 51.0% represents domes-tic capital and 42.0% foreign capital. Remaining capital (7.2%)is state owned capital under the process of privatization.

In accordance to long-term business developmentstrategy of Vakufska bank DD Sarajevo, during the last fewyears two banks have been acquired, MO bank Mostar andDepozitna bank d.d. Sarajevo, which resulted in widerbranch network and wider client base, increase in businessvolumes, and acquisition of human resources.

Reliable business partner

Vakufska bank DD Sarajevo with strong financial struc -ture, wide branch network and correspondence bank net-work all around the world, good reputation for unwaver-ing commitments to customer care and wide client base,offers the strong, stable and perfect partnership to all eco -nomic subjects domestically and internationally, as well asto potential investors.


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Softverska Podr{ka

Vakufska banka DD Sarajevo je u vrhu bosanskogbankarskog sistema u kompjuterizaciji a u primjeni jeQuattro Banking solutions (QBS), Norve{ki bankarskisoftver. Ovaj softver uspje{no funkcioni{e i pruàmogu}nost za efikasan menad`ment informacionog sis-tema i obezbje|uje precizne i ta~ne podatke klijentimaBanke.

Uveden je jedinstven informacioni sistem za cijeluBanku i izvr{ene su odgovaraju}e izmjene na softverukojim je informacioni sistem prilago|en potrebama Banke.

Softver obezbje|uje pouzdanu i brzu obradu podata -ka, visoki kvalitet izvje{tavanja i stalnu mogu}nost nadop-une i pobolj{anja. Trenutno Banka koristi najnoviju verzijuovog sistema pod nazivom VIEW 21Plus.

Strate{ki ciljevi Banke

Tokom 2001 godine Vakufska banka DD Sarajevo jeprovela postupak pripajanja Depozitne banke dd Sarajevo.Na taj na~in ispunjeni su uslovi vezani za minimalan iznoskapitala (cenzusa) i stvorene realne pretpostavke za izgrad-nju konkurentne i stabilne doma}e banke koja je profesion-alan i pouzdan poslovni partner svim pravnim i fizi~kim lici-ma u Bosni i Herzegovini.

Neoptere}ena cenzusom, Banka je uklju~ila sve poten-cijale i energiju na planu razvoja i stvaranja preduslova zadugoro~nu strategiju razvoja banke koja za primarni ciljima zadovoljavanje potreba kiljenata i pruànje kvalitetneusluge.

Tokom 2002 godine, Banka je u potpunosti implemen-tirala i ostvarila ciljeve postavljene u kratkoro~noj razvojnojstrategiji. Potom, Uprava banke je pristupila razvoju sred-njoro~ne strategije razvoja banke. Identificirana supodru~ja poslovanja koja je neophodno unaprijediti, smjer-nice razvoja, i mjere koje }e osigurati realizaciju zadataka iciljeva postavljenih u srednjoro~nom razvojnom programuBanke. Implementacija srednjoro~ne strategije je planiranaza 2003 i 2004 godinu.

Software Support

Vakufska bank DD Sarajevo is a leader in the Bosnianbanking industry in computerization and currently usingQuattro Banking solutions (QBS), Norwegian Bankingsoftware. This software has efficiently being operated andhas enhanced the Bank’s ability to have efficient manage-ment information system and also provide prompt andaccurate data to its clients.

Unique IT system has been implemented for the entireBank and required changes were made in order to adjustsoftware to the Bank’s needs and requirements.

The software provides fast and reliable data processing,high quality of reporting and constant possibility forupgrade and improvements. The bank is currently usingthe latest version of the system called VIEW 21Plus.

Strategic goals of the Bank

During the year 2001, Vakufska bank DD Sarajevo hasacquired Depozitna bank dd Sarajevo. By the virtue of thismerger, all minimum capital requirements have been ful-filled and realistic preconditions for development of com -petent and stable local bank were set, which is profession-al and reliable business partner to all corporate and indi-vidual clients in Bosnia and Herzegovina.

Released from the burden of minimum capital require-ment, the Bank has engaged all potentials and energy inthe area of development and implementation of the long-term strategy, with primary goal of fulfilling client needsand providing excellence in service.

During 2002, Bank successfully implemented andachieved goals defined by the short-term developmentstrategy. The management board has initiated identifica -tion of Bank’s medium-term development strategy. Theareas for improvement of business activities, developmentdirection, and measures that shall ensure implementationand realization of goals and duties identified by the medi-um term strategy have been identified. Implementation ofmedium-term strategy is planned for 2003 and 2004.


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Klju~ni ciljevi razvojne vizije Banke

l Obezbjediti imid` “sigurnosti i bezbjednosti” kod klijenata i {ire javnosti.

l Unaprijediti kvalitet i obim poslovnih aktivnostil Pove}ati prisutnost i prepoznatljivost na trì{tul Pove}ati obim plasmana i kvalitet instrumenata

osiguranja naplatel Razvoj i implementacija strategije/sistema za naplatu

otpisanih potraìvanjal Unaprijediti sistem interne kontrolel Obezbijediti profitabilnost u poslovanju

Investiciono bankarstvo

U sektoru za investiciono bakarstvo, pored ostalihposlova, obavlja se funkcija depozitara privatizacijskihinvesticionih fondova. Navedena funkcija ostvaruje se real-iziranjem slijede}ih aktivnosti:

l Ugovaranjem depozitarskih poslova sa klijentima,l Upisom i prijemom uplata u novcu za dionice PIF-a,l Kreiranjem izvje{taja o upisanim i upla}enim dioni

cama PIF-a,l Odobravanjem tro{kova osnivanja PIF-a i utvr|ivan

jem broja dionica PIF-a koje }e po tom osnovu biti emitovane dru{tvu koje upravlja PIF-om,

l Utvr|ivanjem neto vrijednosti imovine PIF-ova,l Izvr{avanjem naloga privatizacijskog dru{tva,l Informisanjem privatizacijskog dru{tva i Komisije za

vrijednosne papire FBiH po osnovama predvi|enim vaè}im propisima.

U toku je stvaranje pretpostavki za obavljanje poslovadepozitara za dioni~ka dru{tva i brokerske ku}e, te ostalihposlova iz nadle`nosti Sektora.

The main goals, according to the Bank’s visionl Ensure reputation of “safety and security” of the

Bank within its clients and broader publicl Improve the quality and volume of business operationsl Increase presence and be recognizable in the marketl Increase volume of placements and quality of

instruments for collectionl Development and implementation of the

strategy/system for recovery of write-offsl Improvement of system for internal controll Ensure profitability of business operations

Investment banking

The investment banking department, besides otheractivities handles deposits from private investment funds.This mentioned function is accomplished by undertakingcertain activities such as:

l Contracting deposit based businesses with clientsl Inscription and receiving payments for the PIF shares l Creating reports for signed and paid PIF shares l Approving expenses occurred in the process of PIF

establishment and determining the numberof PIF shares that will be, on such basis to the company governing PIF

l Evaluation of net value of the PIF assetsl Execution of orders made by privatization entitiesl Reporting to the privatization entities and Security

& Exchange Commission of FBiH based on prescribed prevailing regulations

Currently, the department is setting preconditions thatshell enable the Bank to handle deposit collection for share-holding companies and broker houses, as well as other activ-ities from departments scope of work.


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Osoblje

Banka raspolaè stru~nim i kvalifikovanim osobljemobu~enim za profesionalno obavljanje bankarskih poslova iaktivnosti. Oni su voljni u~iti i zainteresovani su da usvojenove banakarske instrumente i moderne bankarske kon-cepte.

Banka zapo{ljava 148 radnika kao stalno zaposlenoosoblje.

Staff

The bank has good and willing staff that is well trainedfor the professional banking concepts. They are willing tolearn and are very keen to adopt the new banking instru -ments and modern banking concepts.

The bank employs 148 people, all permanent employ -ees.

BROJ ZAPOSLENIH RADNIKA U ZADNJE ÊTIRI GODINENUMBER OF EMPLOYEES IN THE LAST FOUR YEARS

KVALIFIKACIONA STRUKTURA RADNIKA U 2002 GODINIEMPLOYEES EDUCATIONAL STRUCTURE IN THE YEAR 2002


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Poslovanje banke

Poslovanje Banke poslijednjih godina karakteri{e kon-stantan uspon. U 2002 godini Banka je ostvarila pozitivanfinansijski rezultat, u odnosu na pro{lu godinu predstavljapove}anje od 12 % (dobit prije oporezivanja 405 hiljadaKM).

Ukupan prihodi Banke u 2002 godini iznose 8.005 hil-jada KM, od ~ega najve}i dio predstavljaju prihodi odkamata 5.189 hiljada KM, i operativni prihodi 2.816 hiljadaKM.

Od ukupnih prihoda od kamata, 3.103 hiljade KM seodnosi na privredu, 2.054 hiljade KM na stanovni{tvo i 32hiljade KM na plasmane drugim bankama.

Bank’s business operations

The characteristics of the Bank business in the last yearare continuous growth in banking operations. In the year2002, Bank achieved positive financial result, which in com-parison to the previous year represents increase by 12 %(profit before taxation in amount of KM 0.405 million).

Total bank revenue in the year 2002 amounted KM8.005 million, out of which interest based income partici-pates with KM 5.189 million, and non-interest basedincome KM 2.816 million.

From total interest revenues, KM 3.103 million goes toindustry, KM 2.054 million individuals and KM 0.032 mil-lion for the placement with other banks.

PRIHODI OD KAMATA - INTEREST REVENUES

PRIHODI - REVENUES


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Od operativnih prihoda, 299 hiljada KM se odnosi nanaknade po kreditima, 130 hiljada KM na garancije, 1.492hiljade KM na izvr{ene usluge, 702 hiljada KM na poslovan-je sa devizama i 193 hiljada KM na ostale prihode.

U ukupnim rashodima koji su ostvareni u 2002 godini,najve}i procenat od 42 % se odnosi na dio koji predstavljaoperativne rashode (tro{kovi pla}a i naknada radnicima).Pove}anje tro{kova pla}a je rezultat novog zapo{ljavanja uBanci.

Ukupni tro{kovi Banke u 2002 godini iznose 7.600 hil-jada KM, od ~ega najve}i dio se odnosi na operativnerashode 5.141 hiljada KM, 1.951 hiljada KM na poslovnerashode, i na pasivne kamate 508 hiljada KM.

From total non-interest based revenues, KM 0.299 mil-lion represents credit fees, KM 0.130 million guaranties,KM 1.492 million services, KM 0.702 million for the foreignexchange trade and KM 0.193 million other revenues.

In the total expenditures recorded during the year2002, the biggest percentage of 42 % goes to the opera-tional expenses (salaries and employees’ contributions).Increased salary expenditures are caused by new employ -ments in the Bank.

Total bank expenditure in 2002 amounted KM 7.600million, out of which the biggest part goes to operationalexpenses KM 5.141 million, KM 1.951 million non-opera-tional expenses, and interest payable amount of KM 0.508million.

RASHODI - EXPENDITURES

OPERATIVNI PRIHODI - NON INTEREST BASED REVENUES


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Kreditni portfolio

Kreditna funkcija dijeli se u dva dijela: pravna i fizi~kalica. Kreditiranje pravnih lica je odgovornost Direkcije, afizi~kih lica Filijala.

Ukupno krediti iznose 45.878 hiljada KM, a od toga14.909 hiljada KM plasirano je fizi~kim licima, a 30.969 hil-jada KM pravnim licima.

Credit Portfolio

Credit department of the bank is divided in two sepa-rate wings handling corporate and individual credits.Placements to the corporate entities are handled by head-qurter and individuals are handled by branches.

Total credits amounting to KM 45.878 million, andfrom that KM 14.909 million goes to individuals and KM30.969 million to corporate.

KREDITI - CREDITS45.878 KM


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Kreditna politika banke fokusirana je na pravna lica,naro~ito se pridaje zna~aj zadràvanju postoje}ih klijenatai pridobijanju poslovnih ku}a sa solidnom reputacijom.Dodatni motiv ovakvom opredjeljenju je ~injenica daUprava banke jasno razumije da prihodi banke u velikojmjeri zavise od naknada vezanih za bezgotovinsko finansir-anje (garancije i akreditivi) koje uglavnom dolaze od stranepravnih lica.

Krediti fizi~kim licima se dijele na kratkoro~ne kreditekoji u~estvuju sa 748 hiljada KM i dugoro~ne kredite sa14.161 hiljada KM.

Krediti pravnim licima se dijele na kratkoro~ne kreditekoji u~estvuju sa 18.304 hiljada KM i dugoro~ne kredite sa12.664 hiljada KM.

The credit policy of the Bank is focused on the corporatesector with a special attention of retaining existing clients andattracting the business houses with solid reputation.Additional motive for such orientation is that theManagement is very well aware of the fact that the Bank busi-ness revenues are largely dependent on fee-based incomesfrom activities, such as trade finance and documentary, whichcomes largely from the corporate clients.

Individual credits are divided into short term credits,which participate with KM 0.748 million and long termcredits with KM 14.161 million.

Corporate credits are divided into short-term credits,which participate with KM 18.304 million and long termcredits with KM 12.664 million.

KREDITI PRAVNIM LICIMA - CORPORATE CREDITS30.969 KM

KREDITI FIZI^KIM LICIMA - INDIVIDUAL CREDITS14.909 KM


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Depoziti

U ro~noj strukturi ukupnih depozita, koji iznose 37.623hiljada KM, depoziti po vi|enju su imali udio od 26.595 hil-jada KM, oro~eni kratkoro~ni depoziti 9.946 hiljada KM ioro~eni dugoro~ni depoziti 1.082 hiljada KM.

Depozite (37.623 hiljada KM) moèmo podjeliti nadepozite fizi~kih lica sa u~e{}em od 7.529 hiljada KM idepoziti pravnih lica sa 30.094 hiljada KM.

Deposits

According to the deposit maturity structure, out of thetotal deposits KM 37.623 million, demand deposits partici-pate with KM 26.595 million, short-term deposits KM9.946 million and long term deposits KM 1.082 million.

Deposits (KM 37.623 million) can be divided into indi-vidual deposits, which participate with KM 7.529 millionand corporate deposits with KM 30.094 million.

RO^NA STRUKTURA DEPOZITA - TERM DEPOSIT STRUCTURE37.623 KM

DEPOZITI - DEPOSITS


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U ro~noj strukturi depozita fizi~kih lica, depoziti povi|enju su imali udio od 5.785 hiljada KM, oro~eni kratko -ro~ni depoziti 1.150 hiljada KM i oro~eni dugoro~ni depoz -iti 594 hiljada KM.

U ro~noj strukturi depozita pravnih lica, depoziti povi|enju su imali udio od 20.811 hiljada KM, oro~eni kratko -ro~ni depoziti 8.796 hiljada KM i oro~eni dugoro~ni depoz -iti 488 hiljada KM.

Referring to the individual deposits’ maturity structure,demand deposits participate with KM 5.785 million, short-term deposits KM 1.150 million and long term deposits KM0.594 million.

Referring to the corporate deposits maturity structure,demand deposits participate with KM 20.811 million, shortterm deposits KM 8.796 million and long term depositsKM 0.488 million.

DEPOZITI FIZI^KIH LICA - INDIVIDUAL DEPOSITSRO^NA STRUKTURA - MATURITY STRUCTURE

7.592 KM

DEPOZITI PRAVNIH LICA - CORPORATE DEPOSITSRO^NA STRUKTURA - MATURITY STRUCTURE

30.094 KM


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Unutra{nji platni promet

Na dan 31. decembar 2002. godine, kod Banke jeotvoreno 2.982 transakcionih ra~una pravnih lica, od kojihje 2.650 aktivno. Taj broj se svakodnevno pove}ava.

Tokom 2002 godine, Banka je izvr{ila 464.010 platnihtransakcija u ukupnom iznosu od 688 miliona KM. Bankaizvr{ava platne transakcije putem ìro kliringa, RTGS-a.Izvodi o promjenama klijentima se dostavljaju dnevno,narednog radnog dana, nakon izvr{enih naloga.

Kretanje kapitala u zadnjih pet godina

Dioni~ki kapital iznosi 16.149 hiljada KM, od toga su225 hiljade KM vlastite dionice.Ulaganja u osnovna sredst-va i druge investicije iznose 3.868 hiljada KM. Stopa adek-vatnosti kapitala je 32,23%.

Internal payment transactions

As on the 31st December 2002, the Bank has opened2,982 transactional accounts from corporate clients, out ofwhich 2,650 are active. The number is continuously increasing.

During the year 2002, the Bank has processed 464.010payment transactions with total value of KM 688 million.The transactions are executed by using giro clearing andRTGS. Extractions on changes in accounts are distributedon the daily basis, day after the instructions were receivedand changes occurred.

Flactuation of the capital for the lastfive years

Shareholding capital amounts to KM 16.149 million outof which KM 0.225 million represents self owned shares.Investment in fixed assets and other investments amounts toKM 3.868 million. The capital adequacy ratio is 32.23 %.

KRETANJE KAPITALA U ZADNJIH PET GODINAFLACTUATION OF THE CAPITAL FOR THE LAST FIVE YEARS


19

NADZORNI ODBOR / SUPERVISORY BOARD

Ms. Bedrija Gavranovi} predsjednik / president

Mr. Smajo Abaza~lan / member

Mr. Mustafa ef. Jahi}~lan / member

Mr. Sulejman Vranj~lan / member

Mr. Mujo Ahmetspahi}~lan / member

Mr. Izet [ahovi}~lan / member

Mr. Dèmaludin Peljto~lan / member

UPRAVA BANKE / EXECUTIVE BOARD

Mr. Amir Rizvanovi} Direktor / Director

Ms. Bahra Imamovi} Izvr{ni direktor / Executive director

Mr. Edis Kusturica Izvr{ni direktor / Executive director


20

SKUP[TINA BANKEGENERAL ASSEMBLY

NADZORNI ODBORSUPERVISORY BOARD

Slu`ba Interne revizijeInternal Auditor

ODBOR ZA REVIZIJUAUDIT BOARD

IZVR[NI DIREKTOREXECUTIVE DIRECTOR


Sektor poslovanja sa inostranstvom ioperacije platnog prometa

International division & Internal payment trans.

Sektor Upravljanja sredstvimaLiability Managment Division

Centar za informacione sisteme (CIS)Information Technology Division (IT)

Sektor Ra~unovodstvaAccounting Division

Sektor poslova sa stanovni{tvomRetail Banking Division

Sektor Poslovnog RazvojaBusiness Development Division

Sektor kredita i finansiranjaCredit and Finance Division

DIREKTORDIRECTOR


Sekretarijat i pravni posloviLegal & Administration Division

Sektor za investiciono bankarstvoInvestment Banking Division

Posebni organizacioni dijelovi - Poslovne jedinice

Special organization Units - Branches

ORGANIZACIONA STRUKTURAORGANIZATIONAL STRUCTURE


21

FILIJALA / MAIN BRANCHSARAJEVOBranilaca Grada 49, 71000 SarajevoTel: + 387 33 200 598, Fax: + 387 33 200 597E-mail: sarajevo @vakuba.ba

Ekspozitura / Branch - FERHADIJAFerhadija 4, 71000 Sarajevo, BiHTel: + 387 33 200 598, Fax: + 387 33 200 597

Ekspozitura / Branch - CENTAR 1B. \ur|eva 8, 71000 Sarajevo, BiHTel: + 387 33 666 899, Fax: + 387 33 655 267

Ekspozitura / Branch - CENTAR 2Vrazova 9, 71000 Sarajevo, BiHTel: + 387 33 206 930, Fax: + 387 33 663 399

Ekspozitura / Branch - ILIJA[Ul. 126 brigade 58, 71380 Ilija{, BiHTel/Fax: + 387 33 400 230

Ekspozitura / Branch - ILID@AMala Aleja bb, 71210 Ilidà, BiHTel/Fax: + 387 33 764 160(1)

Ekspozitura / Branch - HRASNOTrg Heroja 32, 71000 Sarajevo, BiHTel/Fax: + 387 33 656 045

Ekspozitura / Branch - BREZABosanska 29, 71370 Breza, BiHTel/Fax: + 387 32 783 636

MRE@A POSLOVNIH JEDINICA VAKUFSKE BANKE / BRANCH NETWORK

FILIJALA / MAIN BRANCH MO MOSTARMala Tepa 28, 88000 Mostar, BiHTel: + 387 36 551 221, Fax: + 387 36 551 128E-mail: [email protected]

Poslovnica / Branch KONJIC[ehidska 2, 88400 Konjic, BiHTel: + 387 36 734 380, Fax: + 387 36 734 381E-mail: [email protected] [alter Potoci

Potoci bb, 88000 Mostar, BiH

Tel/Fax: +387 36 556 871

FILIJALA / MAIN BRANCH TE[ANJOsmana Pobri}a bb, 74260 Te{anj, BiHTel: + 387 32 650 059, Fax: + 387 32 650 331E-mail: [email protected]

FILIJALA / MAIN BRANCHGRAÂNICAAhmed pa{e Budimlije 31B, 75320 Gra~anica, BiHTel: + 387 35 700 272, Fax: + 387 35 703 185E-mail: [email protected]

FILIJALA / MAIN BRANCH ZENICAHusejina Kulenovi}a 2, 72000 Zenica, BiHTel: + 387 32 406 297, Fax: + 387 32 416 981E-mail: [email protected]

Poslovnica / Branch BUGOJNOZlatnih Ljiljana 8, 72300 Bugojno, BiHTel/Fax: + 387 30 260 150

E-mail: [email protected]

FILIJALA / MAIN BRANCH BIHA]Midì}a Mahala bb, 77000 Biha}, BiHTel/Fax: + 387 37 333 304E-mail: [email protected]

Direkcije / Headquarters:Ferhadija 4, 71000 Sarajevo, Bosna i HercegovinaTel: + 387 33 200 598, Fax: + 387 33 200 597

Vrazova 9, 71000 Sarajevo,Tel: + 387 33 206 930, Fax: + 387 33 663 399

B. Muteveli}a 2A, 71000 SarajevoTel:+ 387 33 231 531(6)(8), Fax: + 387 33 231 533

B.\ur|eva 8, 7100 SarajevoTel: +387 33 666 899, Fax: + 387 33 655 267E-mail: [email protected]

FILIJALE / MAIN BRANCHES


22

Zemlja/Country Banka/Bank SWIFT Code Valuta/Currency Broj ra~una/Account Number

Austrija/Austria BANK FUER ARBEIT UND WIRTSCHAFT AG Vienna BAWAATWW EUR 00118-800-079USD 00151-082-106

BANK AUSTRIA CREDITANSTALT AG Vienna BKAUATWW EUR 126-154672/02USD 126-154672/00

Belgija/Belgium ING BELGIUM SA/NV Brussels BBRUBEBB010 EUR 301-0105849-06

Hrvatska/Croatia ZAGREBACKA BANKA DD Zagreb ZABAHR2X EUR 2690000243-978USD 2690000243-840CHF 2690000243-756AUD 2690000243-036HRK 1690000169-191

SPLITSKA BANKA DD Split SPLIHR2X EUR 7092-978-6935281

Njema~ka/Germany DRESDNER BANK AG Frankfurt Am Main DRESDEFF EUR 08 081 268 00/888USD 08 081 268 00/400GBP 08 081 268 00/006CHF 08 081 268 00/039

COMMERZBANK AG Frankfurt Am Main COBADEFF EUR 400 8768137 01

LHB INTERNATONALE HANDELSBANK AG Frankfurt A.M. LHBIDEFF EUR 9935 008USD 9935 305GBP 9935 313

Italija/Italy INTESABCI S.P.A. (FORMER BANCA COMMER. ITAL. S.P.A.) Milano BCITITMM EUR 9001098 05 22

BANCA ANTONVENETA S.P.A. Padova ANTBIT2P EUR 027401080USD 027401080

Slovenija/Slovenia ABANKA DD Ljubljana ABANSI2X EUR 051001010004616

NOVA LJUBLJANSKA BANKA DD Ljubljana LJBASI2X EUR 7010-987-04030/08USD 7010-840-04030/08

NOVA KREDITNA BANKA MARIBOR DD Maribor KBMASI2X EUR 7010-06686/9-978

BANKA KOPER Koper BAKOSI2X EUR 7010-978-0747327USD 7010-840-0747327

[vedska/Sweden SKANDINAVISKA ENSKILDA BANKEN Stockholm ESSESESS SEK 5201-85-07095EUR 5552-82-02264

Turska/Turkey AL BARAKA TURKISH FINANCE HOUSE Istanbul BTFHTRIS EUR 50025USD 142651

LISTA GLAVNIH KORESPONDENTNIH BANAKALIST OF OUR MAIN CORRESPONDENTS


23

INDEPENDENT AUDITORS' REPORTAND FINANCIAL STATEMENTS FORTHE YEAR ENDED 31 DECEMBER 2002AND 2001


NEOVISNO REVIZORSKO MI[LJENJE I FINANSIJSKI IZVJE[TAJI ZA GODINE KOJE SU ZAVR[ILE 31. DECEMBRA 2002. I 2001.


24

NEOVISNO REVIZORSKO MI[LJENJE

Dioni~arima Vakufske banka d.d., Sarajevo

Obavili smo reviziju Bilansa stanja Vakufske banke, dioni~kog dru{tva, Sarajevo, (Banka), na dan 31. decembra 2002. i2001. godine, te s njima povezanih Bilansa uspjeha, Izvje{taja o promjenama dioni~ke glavnice i Izvje{taja o nov~anim tokuza godine koje su zavr{ile 31. decembra 2002. i 2001. Ti finansijski izvje{taji pripadaju u djelokrug odgovornosti UpraveBanke. Na{a je odgovornost izraziti mi{ljenje o tim finansijskim izvje{tajima na temelju na{e revizije.

Reviziju smo obavili u skladu s Me|unarodnim revizijskim standardima. Ovi standardi zahtijevaju da planiramo i provedemoreviziju na takav na~in da se uvjerimo kako u finansijskim izvje{tajima nema pogre{no iskazanih materijalno zna~ajnih stavaka.Revizija uklju~uje pregled stanja na temelju testiranja uz provjere dokaza u pogledu iznosa i njihova objavljivanja u nabrojanimfinansijskim izvje{tajima. Revizija tako|er uklju~uje ocjenu ra~unovodstvenih politika koje su primjenjivane, kao i zna~ajne proc-jene imovine i obveza koje je u~inila Banka. Vjerujemo da na{a revizija daje razumnu osnovicu za na{e mi{ljenje.

Po na{em mi{ljenju priloèni finansijski izvje{taji predstavljaju realno i objektivno, u svim materijalno zna~ajnim stavka -ma, finansijski poloàj Vakufske banke d.d., Sarajevo, na dan 31. decembra 2002. i 2001. godine, te rezultate poslovanja ipromjene u nov~anom toku i vlasni~koj glavnici za godine koje su zavr{ile 31. decembra 2002. i 2001., u skladu s Me|unar -odnim ra~unovodstvenim standardima.

Deloitte & Touche d.o.o.

Sarajevo, 20. februar 2003. godine


25

INDEPENDENT AUDITORS' REPORT

To the Shareholders' of

Vakufska bank d.d., Sarajevo

We have audited the accompanying Balance Sheets of Vakufska bank d.d., Sarajevo (the 'Bank') as of 31 December 2002and 2001 and the related Statements of Income, Cash Flows and Changes in Shareholders' Equity for the years then ended.These financial statements are the responsibility of the Bank's management. Our responsibility is to express an opinion onthese financial statements based on our audit.

We conducted our audits in accordance with International Standards of Auditing. Those Standards require that we planand perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstate-ment. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial state-ments. An audit also includes assessing the accounting principles used and significant estimates made by the Bank, as wellas evaluating the overall financial statement presentation. We believe our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position ofthe Vakufska Bank d.d., Sarajevo as of 31 December 2002 and 2001 and of the results of its operations, cash flows andchanges in owners' equity for the years then ended, in accordance with International Accounting Standards.

Deloitte & Touche d.o.o

Sarajevo, 20 February 2003


26

2002. 2001.Bilje{ke KM '000 KM '000

AktivaNovac i potraìvanja od banaka 3 7,963 15,830Potraìvanja od Centralne banke 4 565 1,183Plasmani drugim bankama 5 93 1,471Krediti, umanjeni za rezervisanja za mogu}e gubitke po kreditima 6 42,311 33,944Potraìvanja po obra~unanim kamatama, umanjena za rezervisanja za mogu}e gubitke 7 513 361Ulaganja 8 432 650Materijalna i nematerijalna imovina 9 3,375 3,621Ostala aktiva, umanjena za rezervisanja za mogu}e gubitke 10 668 650

UKUPNO AKTIVA 55.920 57,710

ObavezeObaveze prema drugim bankama 11 423 1,048Depoziti po vi|enju 12 26,589 24,801Oro~eni depoziti 13 11,024 14,471Obaveze po kreditima 14 - 19Obaveze po obra~unatim kamatama 52 194Ostale obaveze 15 1,195 690

UKUPNO OBAVEZE 39,283 41,223

Dioni~ki kapitalDioni~ki kapital 16 15,924 16,149Rezerve i zadràna dobit/(gubitak) 713 338

UKUPNO VLASNI^KI KAPITAL 16,637 16,487

UKUPNO OBAVEZE I VLASNI^KI KAPITAL 55,920 57,710

Direktor Direktor sektora ra~unovodstva

Amir Rizvanovi} Feriha [ehi}

VAKUFSKA BANKA DD SarajevoBILANS STANJA

Na dan 31. Decembra 2002. i 2001. godine


27

2002 2001Notes KM 000 KM 000

AssetsCash and due from banks 3 7,963 15,830Due from Central Bank 4 565 1,183Placements with other banks 5 93 1,471Loans, net of provision for possible loan losses 6 42,311 33,944Accrued interest receivable, net of provision for possible losses 7 513 361Investments 8 432 650Tangible and intangible fixed assets 9 3,375 3,621Other assets, net of provision for possible losses 10 668 650

TOTAL ASSETS 55.920 57,710

LiabilitiesDue to banks 11 423 1,048Demand deposits 12 26,589 24,801Term deposits 13 11,024 14,471Loan liabilities 14 - 19Accrued interest liabilities 52 194Other liabilities 15 1,195 690

TOTAL LIABILITIES 39,283 41,223

Shareholders' EquityShare capital 16 15,924 16,149Reserves and retained profit / (loss) 713 338

TOTAL SHAREHOLDERS' EQUITY 16,637 16,487

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 55,920 57,710

Director Director of the Accounting Department

Amir Rizvanovi} Feriha [ehi}

VAKUFSKA BANKA DD SarajevoBALANCE SHEET

As of 31. December 2002. and 2001.


28

2002. 2001.Bilje{ke KM '000 KM '000

Prihodi po kamatama:Preduze}a 3,075 1,695Stanovni{tvo 2,032 974Banke 8 201Ostali 52 12Zatezna kamata 22 15Ukupan prihod po kamatama 5,189 2,897

Rashodi po kamatama:Preduze}a 307 162Stanovni{tvo 111 47Banke 53 5Ostali 37 10Ukupan rashod po kamatama 508 224

NETO PRIHOD PO KAMATAMA PRIJE REZERVISANJA ZA MOGU]E GUBITKE 4,681 2,673

Rezervisanja za mogu}e gubitke po kreditima, kamatama i plasmanima 5, 6, 7 (1,399) (731)

NETO DOBIT NAKON REZERVISANJA ZA MOGU]E GUBITKE 3,282 1,942

Nekamatni prihodi:Provizije i naknade 2,110 1,926Prihodi po te~ajnim razlikama, neto 514 155Prihodi od naplate otpisanih potraìvanja 119 22Ostali prihodi 17 72 224Ukupno nekamatni prihodi 2,815 2,327

Nekamatni rashodi:Provizije i naknade 206 133Tro{kovi zaposlenih 3,271 2,233Op}i i administrativni tro{kovi 18 927 765Najamnine 281 165Amortizacija 483 307Porezi i doprinosi - 10Rezervisanja za mogu}e gubitke po ostaloj aktivi 10 58 50Rezervisanja za ulaganja 8 (4) 85Rezervisanja za potencijalne obaveze 15 81 50Ostali tro{kovi 19 389 117Ukupno nekamatni rashodi 5,692 3,915

DOBIT PRIJE POREZA 405 354

Porez na dobit 2.6, 20 - (45)

NETO DOBIT 405 309

VAKUFSKA BANKA DD SarajevoBILANS USPJEHA

Za godine koje su zavr{ile 31. Decembra 2002. i 2001. godine


29

2002 2001Notes KM 000 KM 000

Interest income:Companies 3,075 1,695Citizens 2,032 974Banks 8 201Other 52 12Penalty interest 22 15Total Interest income 5,189 2,897

Interest expense:Companies 307 162Citizens 111 47Banks 53 5

Other 37 10Total Interest expense 508 224

NET INTEREST INCOME BEFORE PROVISION FOR POSSIBLE LOSSES 4,681 2,673

Provision for possible placement, loan and interest losses 5, 6, 7 (1,399) (731)

NET INTEREST INCOME AFTER PROVISION FOR POSSIBLE LOSSES 3,282 1,942

Non-interest income:Fees and commissions 2,110 1,926Foreign exchange gains, net 514 155Gains in collection of write off 119 22Other income 17 72 224Total Non-interest income 2,815 2,327

Non-interest expense:Fees and commissions 206 133Personnel expenses 3,271 2,233General and administrative expenses 18 927 765Leasing 281 165Depreciation 483 307Taxes and contributions - 10Provision for possible losses on other assets 10 58 50Provision for investments losses 8 (4) 85Provision for commitments and contingent liabilities 15 81 50Other expenses 19 389 117Total Non-interest expense 5,692 3,915

INCOME BEFORE TAX 405 354

Income tax expense 2.8, 20 - (45)

NET PROFIT 405 309

VAKUFSKA BANKA DD SarajevoINCOME STATEMENT

For the years ended 31. December 2002. and 2001.


30

2002. 2001.KM '000 KM '000

Poslovne aktivnostiRezultat perioda 405 309Uskla|enja za poravnanje neto prihoda s neto nov~anim sredstvima iz poslovnih aktivnosti:Amortizacija 483 307Rezervisanja za mogu}e gubitke po plasmanima (67) (23)Rezervisanja za mogu}e gubitke po kreditima 1,397 571Rezervisanja za mogu}e gubitke po obra~unatim kamatama 69 183Rezervisanja za mogu}e gubitke po ulaganjima (4) 85Rezervisanja za mogu}e gubitke po ostaloj aktivi 58 50Rezervisanja za potencijalne obaveze 81 50Neto (pove}anje)/smanjenje potraìvanja od Centralne banke BiH 618 (901)Neto (pove}anje)/smanjenje plasmana drugim bankama 1,445 (1,540)Neto (pove}anje) kredita, prije rezervisanja (9,764) (22,758)Neto (pove}anje) obra~unatih kamata, prije rezervisanja (221) (417)Neto (pove}anje) ostale aktive, prije rezervisanja (76) (271)Neto (smanjenje)/pove}anje obaveza za obra~unatu kamatu (142) 48Neto pove}anje ostalih obaveza, prije rezervisanja 471 125Neto pove}anje depozita po vi|enju 1,788 16,321Neto (smanjenje)/pove}anje oro~enih depozita (3,447) 7,551

NETO NOVÂNA SREDSTVA OSTVARENA POSLOVNIM AKTIVNOSTIMA (6,906) (310)

Investicijske aktivnostiNeto (pove}anje) ulaganja, prije rezervisanja 222 (424)Neto (pove}anje) materijalne i nematerijalne imovine (256) (1,665)Neotpisana vrijednost rashodovane imovine 19 -

NETO NOVÂNA SREDSTVA IZ INVESTICIJSKIH AKTIVNOSTI (15) (2,089)

Finansijske aktivnostiNeto (smanjenje)/pove}anje obaveza prema drugim bankama (625) 851Neto (smanjenje) obaveza po kreditima (19) (152)Neto (smanjenje)/pove}anje rezervi (30) 11Vlastite dionice iz pripajanja Depozitne banke d.d. (225) -Neto pove}anje dioni~kog kapitala - 8,389

NETO NOVÂNA SREDSTVA IZ FINANSIJSKIH AKTIVNOSTI (899) 9,099

NETO (SMANJENJE)/POVE]ANJE NOVCA I NOVÂNIH EKVIVALENATA 7,820) 6,700

NOVAC I EKVIVALENTI NOVCA NA POÊTKU PERIODA 15,783 9,130

NOVAC I EKVIVALENTI NOVCA NA KRAJU PERIODA 7,963 15,830

VAKUFSKA BANKA DD SarajevoIZVJE[TAJ O NOVÂNIM TOKOVIMA



31

2002 2001KM 000 KM 000

Operating ActivitiesResult for the year 405 309Adjustments to reconcile net income to net cash used in operating activities:Depreciation 483 307Provision for possible placement losses (67) (23)Provision for possible loan losses 1,397 571Provision for possible interest receivable losses 69 183Provision for possible investment losses (4) 85Provision for possible other assets losses 58 50Provision for commitment and contingent liabilities 81 50Net (increase)/decrease in receivables from Central Bank 618 (901)Net (increase)/decrease in placements with other banks 1,445 (1,540)Net (increase) in loans, before provision (9,764) (22,758)Net (increase) in accrued interest receivable, before provision (221) (417)Net (increase) in other assets, before provision (76) (271)Net (decrease)/increase in accrued interest liabilities (142) 48Net increase in other liabilities, before provision 471 125Net increase in demand deposits 1,788 16,321Net (decrease)/increase in term deposits (3,447) 7,551

NET CASH USED IN OPERATING ACTIVITIES (6,906) (310)

Investing ActivitiesNet (increase) in investments, before provision 222 (424)Net (increase) of tangible and intangible assets (256) (1,665)Net book value of disposed assets 19 -

NET CASH USED IN INVESTING ACTIVITIES (15) (2,089)

Financing ActivitiesNet (decrease)/increase in due to banks (625) 851Net (decrease) of loan liabilities (19) (152)Net increase/(decrease) in reserves (30) 11Bank´s acquired own shares (225) -Net increase in shareholders' capital - 8,389

NET CASH (USED)/PROVIDED BY FINANCING ACTIVITIES (899) 9,099

NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (7,820) 6,700

CASH AND CASH EQUIVALENTS AS AT THE BEGINNING OF THE PERIOD 15,783 9,130

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 7,963 15,830

VAKUFSKA BANKA DD SarajevoSTATEMENT OF CASH FLOW

For the years ended 31. December 2002. and 2001.


32

Registrirani Ukupno Rezerve iDioni~ki Vlastite Dioni~ki zadràna dobitkapital dionice kapital / (gubitak) Ukupno

KM '000 KM '000 KM '000 KM '000 KM '000

Stanje na dan 31. decembra 2000. 6,921 - 6,921 857 7,778

Dokapitalizacija 792 - 792 - 792Pripajanje Depozitne banke d.d. 7,597 - 7,597 11 7,608Tehni~ka emisija-pove}anje broja dionica iz sredstava rezervi 839 - 839 (839) -Neto rezultat perioda - - 309 309 309

Stanje na dan 31. decembra 2001. 16,149 - 16,149 338 16,487

Vlastite dionice u posjedu Banke - (225) (225) - (225)Isplata dividende - - - (30) (30)Neto rezultat perioda - - - 405 405

Stanje na dan 31. decembra 2002. 16,149 (225) 15.924 713 16.637

Registrirani Dioni~ki kapital Banke iznosi 157.486 obi~nih dionica i 4.000 prioritetnih dionica pojedina~ne nominalne vri -jednosti 100 KM. Pripajanjem Depozitne banke d.d. Sarajevo, Banka je do{la u posjed 2.250 obi~nih dionica (vidi Bilje{ku 8).

VAKUFSKA BANKA DD SarajevoIZVJE[TAJ O PROMJENAMA DIONI^KE GLAVNICE



33

Balance as of 31 December 2000 6,921 - 7,778 857 7,778

Additional paid-in-capital 792 -792 - 792Merger of Deposit Bank d.d. 7,597 -7,597 11 7608Capitalisation of retained earnings 839 - 839 (839) -Net result of period - - 309 309 309

Balance as of 31 December 2001 16,149 - 16,149 338 16,487

Bank´s acquired own shares - (225) (225) - (225)Dividend paid - - - (30) (30)Net result of period - - - 405 405

Balance as of 31 December 2002 16,149 (225) 15.924 713 16.637

Shareholders' equity of the Bank includes 157,486 ordinary shares and 4,000 preferred shares, with their nominal valueof 100 KM per share. After the merger with Depozitna Bank d.d. Sarajevo, the Bank acquired into ownership 2.250 ordi-nary shares (See Note 8).

VAKUFSKA BANKA DD SarajevoBALANCE SHEET

As of 31. December 2002. and 2001.

RegistratedShareholders'

equityKM'000

TotalShareholders'

equityKM 000

Reserves andRetained

Earnings/(Loss)KM 000

TotalKM 000

Own shares

KM'000


34

1. OP]ENITO

1.1 AktivnostiVakufska banka d.d., Sarajevo Bosna i Hercegovina ("Banka") osnovana je tokom jula 1992. godine, te je registrovana na

Vi{em sudu u septembru iste godine. Glavne djelatnosti Banke su: sve vrste depozitnih poslova, uzimanje i davanje kredita,izdavanje garancija i avala, poslovanje na trì{tima novca, mjenja~ko poslovanje i ostale bankarske usluge.

U aprilu 1999. godine do{lo je do pripajanja MO banke d.d. Mostar, na na~in da je ukupni dioni~ki kapital MO bankepripojen dioni~kom kapitalu Vakufske banke d.d., a neto vrijednost imovine svedena je na trì{nu vrijednost. Prava dioni~arautvr|ena su u odnosu na novi iznos ukupnog kapitala. Sjedi{te Banke je u ulici Ferhadija br.4, Sarajevo.

1.2. Pripajanje Depozitne banke d.d. SarajevoU skladu sa odlukama Skup{tine Vakufske banke d.d., Sarajevo i Skup{tine Depozitne banke d.d. Sarajevo iz juna 2001.

godine, u septembru 2001. godine otpo~eo je proces pripajanja Depozitne banke d.d., Sarajevo Vakufskoj banci d.d.Sarajevo. Statusnu promjenu pripajanja odobrila je svojim Rje{enjem Agencija za bankarstvo Federacije Bosne i Hercegovinena dan 28. marta 2002. godine., kao i Komisija za vrijednosne papire dana 19. marta 2002. godine

1.3 Ra~unovodstvoBanka evidentira ra~unovodstvene promjene i iskazuje svoje izvje{taje, u skladu sa bankarskim, privrednim i poreznim

propisima Federacije Bosne i Hercegovine. Slu`bena valuta zemlje je Konvertibilna Marka ("KM"), koja je vezana za EURO("EUR") (EUR 1 = KM 1,95583). Neka ra~unovodstvena na~ela, koja su propisana Zakonom, razlikuju se od onih koja suop}enito priznata na me|unarodnim finansijskim trì{tima. Kako bismo mogli prezentirati finansijski poloàj i rezultateposlovanja sukladno Me|unarodnim ra~unovodstvenim standardima ("IAS"), obavljene su izvjesne reklasifikacije u odnosuna propisane izvje{taje banke.

2. SA@ETAK RAÛNOVODSTVENIH POLITIKA

2.1 Osnova prezentiranjaSredstva i izvori sredstava su iskazani po historijskom tro{ku, ako druga~ije nije nazna~eno.

2.2 Prera~unavanje stranih sredstava pla}anjaSredstva i izvori sredstava izraèni u stranim sredstvima pla}anja prera~unavaju se u konvertibilne marke po te~aju koji je vaè}i

kod Centralne banke Bosne i Hercegovine na dan Bilansa stanja. Prihodi i rashodi u stranim sredstvima pla}anja prera~unavaju sepo te~aju na dan transakcije. Ostvareni prihodi i rashodi nastali prera~unavanjem po te~aju knjiè se u Bilansu uspjeha.

VAKUFSKA BANKA DD SarajevoBILJE[KE UZ FINANSIJSKE IZVJE[TAJE

Za godinu koja je zavr{ila 31. Decembra 2002. godine


35

1. GENERAL

1.1 Activities Vakufska Bank d.d. Sarajevo ("Bank") was established in July 1992 and registered at Court in September 1992. The main

activities of the Bank include the following banking services: deposit activities, loan operations, guarantees and credit lettersissue, money market activities, foreign currency exchange activities and other banking-related activities.

-In April 1999, MO Bank d.d., Mostar was merged with Vakufska Bank d.d., Sarajevo, in a way that the total of share -holders' capital of the MO Bank was added to shareholders capital of the Vakufska Bank d.d., and net value of the assetswas agreed at the market value. Shareholders rights are based on the relative participation in the total capital. Bank's mainoffices are in Sarajevo, 4 Ferhadija street.

1.2 Merger with Depozitna bank d.d. SarajevoAccording to decisions of the Vakufska Bank d.d. Sarajevo and Depozitna Bank d.d. Sarajevo Assembly in June 2001,

the merger process of Depozitna Bank d.d. Sarajevo to Vakufska bank d.d. Sarajevo started in September 2001. The BankAgency of Federation of Bosnia and Herzegovina approved this status change in its decision dated 28 March 2002, as wellas Security Exchange Commission in Federation of Bosnia and Herzegovina with approval dated 19 March 2002.

1.3 AccountingThe Bank maintains its accounting records and prepares its statutory accounts in accordance with the commercial, bank-

ing and fiscal regulations prevailing in Bosnia and Herzegovina. The country's official currency is Konvertibilna Marka ("KM"),which is officially tied to euro (EUR 1 = KM 1,95583).

Certain accounting principles prescribed for statutory purposes are different from those generally recognized in theinternational financial markets. In order to present the financial position and results of operations in accordance withInternational Accounting Standards ("IAS"), certain adjustments have been made to the Bank's statutory accounts.

2. SUMMARY OF BASIS OF ACCOUNTING POLICIES

2.1 Basis of PresentationAssets and liabilities are stated at historical costs, unless otherwise stated.

2.2 Foreign Currency TransactionAssets and liabilities denominated in foreign currencies are translated into KM at year-end exchange rate quoted by the

Central Bank of Bosnia and Herzegovina ("CB BiH"). Income and expenses in foreign currencies are converted at theexchange rate on the transaction date. Resulting foreign exchange gains and losses are recorded in the Income statement.

VAKUFSKA BANKA DD SarajevoNOTES TO FINANCIAL STATEMENTS

As of 31. December 2002.


36

2.3 Prihodi i rashodi od kamataPrihodi i rashodi od kamata obra~unavani su u skladu sa ugovorima i priznati na temelju obra~una.

2.4 Prihodi od naknada i provizijaPrihodi od naknada i provizija sastoje se uglavnom od naknada za izvr{ene transakcije u stranoj valuti i naknada za

odobravanje kredita. Ostali izvori prihoda od naknada su naknade za izdavanje akreditiva, odobravanje garancija i upravl -janje sredstvima u ime i za ra~un tre}ih osoba. Naknade za odobravanje kredita priznaju se kao prihod u trenutku odobra -vanja kredita, a naknade za transakcije u stranoj valuti u trenutku naplate.

2. SA@ETAK RAÛNOVODSTVENIH POLITIKA

2.5 Krediti i plasmani, umanjeni za rezervisanja za mogu}e gubitke po kreditima iplasmanima, neto

Krediti su iskazani u visini glavnice umanjeni za rezervisanja za mogu}e gubitke po kreditima. Kamate se obra~unavaju iiskazuju kao prihod na temelju glavnice. Obra~un i knjigovodstveno evidentiranje kamata u Bilansu Banke se prekida kadaje prethodno obra~unata kamata nenapla}ena za vi{e od 90 dana. Na temelju toga prekida, sva nenapla}ena kamata seotpisuje na teret Bilansa uspjeha, a dalji obra~un kamate se evidentira vanbilansno. Kada, po mi{ljenju Uprave, postoje naz -nake da du`nik ne}e ispuniti svoje obaveze po dospije}u, i kada je kamata nenapla}ena za manje od 90 dana, za obra~unatukamatu se vr{i rezervisanje. Promjene na rezervisanjima za mogu}e gubitke po kamatama uklju~ene su u rezervisanja zamogu}e gubitke po plasmanima, kreditima i kamatama u Bilansu uspjeha.

Rezervisanja za mogu}e gubitke po kreditima se odràvaju na onom nivou za koji Uprava smatra da je dostatan zamogu}e budu}e gubitke. Uprava odre|uje adekvatnost rezervisanja na temelju sposobnosti du`nika da podmiruje dospjelekamate i glavnicu redovito, kao i na temelju pojedina~nog uvida u svaki kredit, trenutne ekonomske situacije, kvaliteta priml-jenih sredstava obezbje|enja naplate kredita, razli~itih kategorija rizika prema vrstama kredita i ostalih neophodnih ~injeni-ca.

Iznos rezervisanja za mogu}e gubitke po kreditima predstavlja razliku izme|u knjigovodstvenog i nadoknadivog iznosa,koji predstavlja sada{nju vrijednost o~ekivanih nov~anih tokova, uklju~uju}i nadoknadive iznose po osiguranjima urednogpovrata kredita, diskontiranima na temelju kamatnih stopa.

Nenaplativa potraìvanja po kreditima i obra~unatim kamatama, po kojima je u potpunosti izvr{eno rezervisanje, iskn-jiàvaju se iz bilansne evidencije i iskazuju u vanbilansnoj evidenciji. U slu~aju naplate ovih potraìvanja, ona se tretiraju kaoprihod od otpisanih potraìvanja, odnosno kao prihod perioda u kojem je nastao. U slu~aju naplate vanbilansno obra~unatei evidentirane kamate, ona se tretira kao prihod od kamate.

Rezervisanja uklju~uju rezerve za gubitke ili potencijalne gubitke sadràne u kreditnom portfelju, koji su bili posebnoidentificirani od strane Uprave, kao i rezerve za potencijalne gubitke koji nisu posebno identificirani, ali za koje je na temeljuiskustva utvr|eno da postoje u kreditnom portfelju.




37

2.3 Interest Income and ExpenseInterest income and expense are calculated in accordance with the loan agreements and are recognized on an accrual basis.

2.4 Fee and Commission IncomeFee and commission income consists mainly of fees earned on foreign exchange payments and loans. Other sources of

fee income include fees for granting letters of credit, guarantees and for managing assets on behalf of third parties. Loanfees are recognized as income upon granting of the loan and foreign exchange commissions are recognized upon receipt.

2. SUMMARY OF BASIS OF ACCOUNTING POLICIES

2.5 Loans, Placements and Provision for Possible Loan and Placement Losses

Loans are stated at the principal amounts outstanding, net of a provision for possible loan losses. Interest is accrued andcredited to income based on the principal amount. The accrual of interest on loans is discontinued when interest is pastdue for more than 90 days. Upon such discontinuance, any unpaid interest is reversed against interest income in the IncomeStatement. When, in the opinion of the management, there is an indication that a borrower may be unable to meet pay -ments as they fall due and interest is past due for less then 90 days, an accrual for interest is made and a correspondingprovision for the same amount is included in accrued interest receivable.

The provision for possible loan losses are maintained at a level management believes is adequate to absorb probablefuture losses. Management determines the adequacy of the provision based upon a borrowers ability to pay interest andprinciple on a timely basis and also based upon reviews of individual credits, current economic conditions, risk characteris -tics of the various categories of loans and other pertinent factors.

The provisions for possible loan losses represent difference between book value and amount which can be collected,which is present value of expected cash inflows, including amounts of collaterals, discounted with accepted interest rates.

Non-performing loans and accrued interest which were fully provided are included in off-balance sheet. If there is anyrecovery for these loans in future periods, this will be treated as income from written-off receivables, and interest will betreated as interest income in the period in which it is collected. Accrued interest that are overdue for more than 90 daysare recorded in off-balance sheet and are recognized as income when collected.

The provision includes reserves for losses or potential losses in the portfolio of loans and placements which have beenspecifically identified by management, as well as a reserve for potential losses not specifically identified but which experi -ence indicates are present in the portfolio of loans and placements.




38

2.6 Materijalna i nematerijalna imovina

Materijalna i nematerijalna imovina uklju~uju objekte, vozila, namje{taj, opremu, ulaganja u tu|a stalna sredstva, investi-cije u toku, programsku podr{ku i ostalo. Materijalna i nematerijalna imovina je prikazana po historijskom tro{ku, uman-jenom za akumuliranu amortizaciju.

Amortizacija se obra~unava po linearnoj metodi na procijenjeni korisni vijek trajanja imovine, zasnovano na primjeni sli -jede}ih postotaka na povijesni tro{ak:

Stope

Objekti 1,3%Automobili

15,5%Ra~unari 20%Ostala kancelarijska oprema

5-16,5%Nematerijalna imovina 20%

2.7 Ulaganja, utrìve vrijednosnice i derivati

Ulaganja raspoloìva za prodaju sastoje se od dugoro~nih investicija u preduze}a i finansijske institucije koja su iskazanapo tro{ku sticanja umanjenom za smanjenje vrijednosti kada je to potrebno. Zarada i gubici od prodaje ulaganja utvr|enisu na temelju pojedina~nog tro{ka za svako ulaganje. Navedena ulaganja ne kotiraju na trì{tu dionica u Bosni i Hercegovinite ne postoji drugi pouzdani osnov za odre|ivanje fer vrijednosti ulaganja. Banka na dan 31. decembra 2002. godine nijeimala investicijski portfelj utrìvih vrijednosnica, niti derivativnih finansijskih instrumenata.

2. SA@ETAK RAÛNOVODSTVENIH POLITIKA (NASTAVAK)

2.8 Porez na dobit

Obra~un poreza na dobit se primjenjuje na osnovicu utvr|enu u skladu sa poreznim propisima Federacije Bosne iHercegovine. Prema vaè}em zakonodavstvu, Banka je obveznik poreza na dobit obra~unatom na propisanu osnovicu postopi od 30% za 2002. i 2001. godinu.

Napominjemo da je iznos poreza na dobit u finansijskim izvje{tajima iskazan na osnovu poreskog bilansa Banke, a da }eBanka Rje{enje poreske uprave o utvr|ivanju poreza na dobit za 2001. godinu primiti u toku 2003.

2.9 Fair vrijednost finansijske aktive i obaveza

Fair vrijednost finansijske aktive i obaveza su iznosi za koje se imovina (aktiva) moè razmijeniti i obaveze izmiriti. Kadaje, prema mi{ljenju Uprave, fair vrijednost finansijske imovine odnosno obaveza materijalno razli~ita od onih prikazanih uovim izvje{tajima, takve fair vrijednosti su zasebno navedene u bilje{kama uz finansijske izvje{taje.

Krediti sa pogor{anom kreditnom kvalitetom iskazani su umanjeni za rezervisanja temeljem diskontiranih iznosa budu}ihnov~anih tokova za koje se o~ekuje da }e biti primljeni.




39

2.6 Tangible and Intangible Fixed Assets

Tangible and intangible fixed assets include buildings, vehicles, furniture, equipment, leasehold improvements, investments in progress and software. Tangible and intangible fixed assets are stated at historical cost less accumulateddepreciation.

Depreciation is computed on a straight-line basis over the estimated useful lives of the assets based upon the application of the following annual percentages to their historical costs:

Rates

Buildings 1.3%Vehicles 15.5%Computers 20%Other office equipment 5.0% - 16.5%Intangible fixed assets 20%

2.7 Investments and derivative financial instruments

Investments comprise of long-term investments in financial institutions, which are stated at the original cost of acquisi -tion, net of provision for possible investment losses, when needed. Investment trade gains and losses are established onthe basis of individual expense for each new investment. These investments are not listed at the stock market in Bosnia andHerzegovina and there is no other reliable basis for determining the fair value of the bank's investments. On the 31December 2002, the Bank did not have a trading securities portfolio or derivatives.

2. SUMMARY OF BASIS OF ACCOUNTING POLICIES (CONTINUED)

2.8 Income Taxes

The taxation charge is based on the tax payable under the fiscal law of Bosnia and Herzegovina. Under the current fiscal legislation, the Bank is liable for income taxes, at the rate of 30% for 2002 and 2001. The amount of income tax infinancial statements is shown on the basis of Bank's tax report. The bank will receive the Tax Department income tax decision for 2002 in the year 2003.

2.9 Fair value of financial assets and liabilities

Fair value represents the amount at which an asset could be exchanged or a liability settled. Where, in the opinion ofthe Management, the fair values of financial assets and liabilities differ materially from their carrying values, such fair valuesare separately disclosed in the notes to the financial statements. Impaired loans and advances are stated net of provisionson the basis of estimated future cash flows expected to be received.




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2.10 Usvajanje i primjena novih Me|unarodnih ra~unovodstvenih standarda

Banka je tokom 2001. godine usvojila Me|unarodni ra~unovodstveni standard 39, Finansijski instrumenti: Priznavanje iMjerenje. Tokom 2001. na snagu su stupile i promjene u nekim drugim Me|unarodnim ra~unovodstvenim standardima.Osnovne promjene u ostalim Me|unarodnim ra~unovodstvenim standardima odnose se na detaljne primjene, koje nemajuzna~ajnog uticaja na iznose prikazane u ovom izvje{taju, kako na teku}e tako i na uporedno razdoblje.

MRS 39 predstavlja sveobuhvatni ra~unovodstveni okvir za sve finansijske instrumente. Ra~unovodstvene politike Bankekoje se odnose na navedene finansijske instrumente su prethodno prikazane. Banka je izra~unala efekte primjene MRS-a 39i ustanovila da ti efekti nisu materijalno zna~ajni u odnosu na teku}e poslovanje Banke i njezin finansijski poloàj na dan 31.decembra 2002. i 2001. godine.

2.11 Primjena procjena

Priprema finansijskih izvje{taja Banke u skladu sa MRS-ima zahtijeva od Uprave Banke da u~ini procjene i pretpostavke,koje utje~u na iznose prikazane u ovim finansijskim izvje{tajima i prate}im bilje{kama. Postoji mogu}nost da bi stvarni rezul-tati mogli biti druga~iji od procijenjenih.

2.12 Finansijski instrumenti koji se vode u vanbilansnoj evidenciji

U svojemu uobi~ajenom poslovanju, Banka je unijela u vanbilansnu evidenciju finansijske instrumente kao {to su garan-cije, akreditivi, te odobreni krediti koji nisu u cjelosti iskori{teni. Ti finansijski instrumenti se evidentiraju u finansijskimizvje{tajima Banke ako i kada dospiju na pla}anje.

Rezervisanja za mogu}e gubitke po potencijalnim i preuzetim obavezama odràvaju se na onom nivou za koji UpravaBanke smatra da je dovoljan za apsorbiranje mogu}ih budu}ih gubitaka. Odre|ivanje nivoa i vrste potrebnih rezervisanjavr{i se na isti na~in kao i za plasmane Banke (vidi bilje{ku 2.5.).

Rezervisanja uklju~uju rezerve za gubitke ili potencijalne gubitke sadràne u vanbilansnoj evidenciji, koji su bili posebnoidentificirani od strane Uprave, kao i rezerve za potencijalne gubitke koji nisu posebno identificirani, ali za koje je na temeljuiskustva utvr|eno da postoje u vanbilansnoj evidenciji.

2. SA@ETAK RAÛNOVODSTVENIH POLITIKA (NASTAVAK)

2.13 Izvje{taj o nov~anim tokovimaU svrhu izvje{tavanja o nov~anim tokovima, stavka nov~ana sredstva i ekvivalenti nov~anih sredstava uklju~uju nov~ana

sredstva i sredstva Banke na ra~unima kod drugih banaka.




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2.10 Compliance to the new International accounting standards

In 2001, the Bank has adopted the International accounting standard 39 (IAS 39), Financial instruments: Recognitionand Measurement. During 2001, changes in other International Accounting Standards have been imposed relating todetailed analysis. Such changes have no significant effect on the amounts presented in this statement.

IAS 39 is the overall accounting framework for all financial instruments. Bank accounting policies related to the men-tioned financial instruments have been presented previously. The main effect of IAS 39 is the acceptance of derivative finan-cial instruments in Bank's Balance Sheet. The Bank has calculated the effects of applying IAS 39 and determined them asnot materially significant on the current Bank's performance and its financial position as at 31 December 2002 and 2001.

2.11 Use of estimates

Preparation of Bank financial statements in accordance with IAS requires Bank's management to make estimates andassumptions that could effect the figures presented in these financial statements and accompanying notes. There is a pos -sibility that the actual results could be different from those estimated.

2.12 Off-Balance Sheet Financial Instruments

In its ordinary course of business, the Bank has introduced financial instruments such as guarantees and letters of cred -it into its off-balance sheet records. These financial instruments are recorded in the Bank's financial statements if and whenthey become payable.

The provision for possible losses on off-balance sheet financial instruments is maintained at a level management believesis adequate to absorb probable future losses. Management determines the adequacy of the provision using the same pro -cedure as for bank placements (see note 2.5). Provisions include provision for possible losses in off-balance sheet, identi-fied by the Management, and also provision for possible losses not specifically identified, but existing in the off-balancesheet.

2. SUMMARY OF BASIS OF ACCOUNTING POLICIES (CONTINUED)

2.13 Statement of Cash Flows

For the purposes of reporting cash flows, cash and cash equivalents include cash-on-hand and cash at other banks.




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2.14 Reklasifikacija

Zbog uporedivosti podataka sa 2002. godinom, obavljene su odre|ene reklasifikacije pozicija u finansijskim izvje{tajimaza 2001. godinu.

2.15 Poslovi u ime i za ra~un

Banka upravlja sredstvima u ime i za ra~un tre}ih lica i za to napla}uje naknadu za svoje usluge, u skladu sa ugovorenimuslovima. Ova sredstva nisu prikazana u bilansu stanja banke ali su detalji o poslovima u ime i za ra~un izloèni u bilje{ki 23.

3. NOVAC I POTRA@IVANJA OD BANAKA

Novac i potraìvanja od banaka prikazani su kako slijedi:2002. 2001.

KM '000 KM '000

Gotovina u blagajni i trezoru u doma}oj valuti 1,547 2,733Gotovina u blagajni i trezoru u stranoj valuti 1,548 2,452Podzbir 3,095 5,185êkovi 93 2@iro ra~un kod Centralne banke u doma}oj valuti 2,492 8,717Teku}i ra~uni kod banaka u stranoj valuti 2,283 1,926

Ukupno: 7,963 15,830

4. POTRA@IVANJA OD CENTRALNE BANKE BOSNE I HERCEGOVINE

Potraìvanja od Centralne banke Bosne i Hercegovine prikazana su kako slijedi: 2002. 2001.

KM '000 KM '000

Obavezna rezerva 565 1,183

Ukupno: 565 1,183

Banka je u obavezi dràti doma}u valutu na prolaznom ra~unu kod Centralne banke. Desetodnevni prosjek na ovomra~unu uve}an za gotovinu u blagajni mora biti ve}i od obavezne rezerve koja se izra~unava u postotku od depozita (10%na dan 31. decembra 2002. kao i 31. decembra 2001.).




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2.14 Reclassification

Certain amounts in the 2002 financial statements have been reclassified in order to provide greater clarity compareto2001 financial statements.

2.15 Activities on behalf and for the account of third parties

The Bank performs activities on behalf and for the account of third parties for which it earns fees, in accordance withcontract. These assets are not included in balance sheet, but main characteristics are shown in note 23.

3. CASH AND DUE FROM BANKS

Cash and due from banks are summarized as follows:2002. 2001.

KM '000 KM '000

Cash on hand and cash in treasury in national currency 1,547 2,733Cash on hand and cash in treasury in foreign currency 1,548 2,452Subtotal 3,095 5,185Cheques 93 2Gyro account with Central Bank in national currency 2,492 8,717Current accounts in foreign currency 2,283 1,926

Total: 7,963 15,830

4. DUE FROM THE CENTRAL BANK OF BOSNIA AND HERZEGOVINA

Due from the Central Bank of Bosnia and Herzegovina are summarized as follows:2002. 2001.

KM '000 KM '000

Obligatory reserve 565 1,183 Total: 565 1,183

The Bank is required to hold domestic currency on a clearing account at the CB BiH. The ten-day average balance onthis account increased for cash on hand has to be greater than the obligatory reserve which is calculated as a percentageof deposits (10% as of 31 December 2002 and 2001).




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5. PLASMANI DRUGIM BANKAMA, UMANJENI ZA REZERVISANJA ZA MOGU]E GUBITKE

Plasmani drugim bankama prikazani su kako slijedi:

2002. 2001.KM '000 KM '000

Kratkoro~ni depoziti kod stranih banaka 95 1,540Rezervisanja za mogu}e gubitke po plasmanima bankama-op}a (2) (69)

Ukupno: 93 1,471

Kratkoro~ni depozit kod Banca Bilbao Viczaya Agentaria u iznosu od 95 hiljada KM odnosno 48 hiljada EUR na dan 31.decembara 2002. godine, oro~en na period od 30 dana uz kamatnu stopu na eure od 2.3% godi{nje, predstavlja osigura -nje garancije za uredno izmirenje obaveza.

Promjene na rezervisanjima za mogu}e gubitke po kreditima prikazane su kako slijedi:

2002 2001posebna Op}a Ukupno UkupnoKM '000 KM '000 KM '000 KM '000

Stanje 1. januara - 69 69 92Neto nova rezervisanja za mogu}e gubitke - (67) (67) (23)

Stanje 31. decembra: - 2 2 69

6. KREDITI, UMANJENI ZA REZERVISANJA ZA MOGU]E GUBITKE PO KREDITIMA Krediti su prikazani kako slijedi:

2002. 2001.KM '000 KM '000

Kratkoro~ni krediti u doma}oj valuti 19,033 14,781Kratkoro~ni krediti u stranoj valuti 20 2,003Ukupno kratkoro~ni krediti 19,053 16,784Dugoro~ni krediti u doma}oj valuti 26,494 10,780Dugoro~ni krediti u stranoj valuti 331 9,888Ukupno dugoro~ni krediti 26,825 20,668Ukupno krediti 45,878 37,452Manje: rezervisanja za mogu}e gubitke po kreditima - op}a (655) (606)

- posebna (2,912) (2,902) Ukupno: 42,311 33,944

Kamatne stope na kredite privredi iznosile su 9%-16% godi{nje, a na kredite stanovni{tvu 8%-13% godi{nje.




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5. PLACEMENTS WITH OTHER BANKS, NET OF PROVISION FOR POSSIBLE PLACEMENT LOSSES

Placement with banks are summarized as follows:

2002. 2001.KM '000 KM '000

Short-term deposits with foreign banks 95 1,540Provision for possible placement losses - general (2) (69)

Total: 93 1,471

The short-term deposit with Banca Bilbao Viczaya Agentaria in the amount of KM 95 thousand or EUR 48 thousand asof 31 December 2002, with 30-day term and interest rate 2.3% per annum on EUR, is a collateral for guarantees.

Movements in provision for possible loan losses are as follows:

2002 2001Specific General Total Total

KM '000 KM '000 KM '000 KM '000

Balance as of 1 January - 69 69 92Net provision for possible losses - (67) (67) (23)

Balance as of 31 December: - 2 2 69

6. LOANS, NET OF PROVISION FOR POSSIBLE LOAN LOSSESLoans are summarized as follows:

2002. 2001.KM '000 KM '000

Short-term loans in national currency 19,033 14,781Short-term loans in foreign currency 20 2,003Total short-term loans 19,053 16,784Long-term loans in national currency 26,494 10,780Long-term loans in foreign currency 331 9,888Total long-term loans 26,825 20,668Total loans 45,878 37,452Less: provision for possible loan losses - general (655) (606)

- specific (2,912) (2,902)Total: 42,311 33,944

Interest rates for loans to businesses ranged from 9% to 16% per annum, while loans to individuals ranged from 8% to13 % interest rate per annum.




46

6. KREDITI, UMANJENI ZA REZERVISANJA ZA MOGU]E GUBITKE PO KREDITIMA (NASTAVAK)

Pojedinosti neotpla}enih kredita, umanjenih za rezervisanja za mogu}e gubitke po kreditima mogu se prikazati kako slijedi:

2002. 2001.KM '000 KM '000

Preduze}a 27,747 20,273Stanovni{tvo 14,564 13,671

Ukupno: 42,311 33,944

Promjene na rezervisanjima za mogu}e gubitke po kreditima prikazane su kako slijedi:

2002 2001Posebna Op}a Ukupno UkupnoKM '000 KM '000 KM '000 KM '000

Stanje 1. januara 2,902 606 3,508 935Pove}anje od pripajanja Depozitnebanke d.d., Sarajevo - - - 2,028Neto nova rezervisanja za mogu}e gubitke 1,348 49 1,397 571Otpisi (1,338) - (1,338) (26)

Stanje 31. decembra: 2,912 655 3,567 3,508

7. POTRA@IVANJA PO OBRAÛNATIM KAMATAMA

Potraìvanja po obra~unatim kamatama prikazana su kako slijedi:

2002. 2001.KM '000 KM '000

Potraìvanja po osnovu obra~unatih kamata 536 376Manje: Rezervisanja za mogu}e gubitke po kamatama - op}a (9) (6)posebna (14) (9)

Ukupno: 513 361




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6. LOANS, NET OF PROVISION FOR POSSIBLE LOAN LOSSES (CONTINUED)

The specific characteristics of outstanding loans, net of provision for possible loan losses, are summarized as follows:

2002. 2001.KM '000 KM '000

Companies 27,747 20,273Citizens 14,564 13,671

Total: 42,311 33,944

The movements in the provision for possible loan losses are summarized as follows:


KM '000 KM '000 KM '000 KM '000

Balance as of 1 January 2,902 606 3,508 935Increase from Depositna Bank d.d. Sarajevo merger - - - 2,028New provisions for possible losses, net 1,348 49 1,397 571Write-offs (1,338) - (1,338) (26)

Balance as of 31 December: 2,912 655 3,567 3,508

7. ACCRUED INTEREST RECEIVABLE

Accrued interest receivable is summarized as follows:

2002. 2001.KM '000 KM '000

Accrued interest receivable 536 376Less: Provision for possible interest losses - general (9) (6)

- specific (14) (9)Total: 513 361




48

7. POTRA@IVANJA PO OBRAÛNATIM KAMATAMA (NASTAVAK)

Promjene na rezervisanjima za mogu}e gubitke po kamatama prikazane su kako slijedi:

2002 2001Posebna Op}a Ukupno UkupnoKM '000 KM '000 KM '000 KM '000

Stanje 1. Januara 9 6 15 2Pove}anje od pripajanja Depozitne banke d.d., Sarajevo - - 48Neto nova rezervisanja za mogu}e gubitke 66 3 69 183Otpisi (61) - (61) (218)

Stanje 31. decembra: 14 9 23 15

8. ULAGANJA

2002. 2001.KM '000 KM '000

Bosna osiguranje d.d. Sarajevo 60 60Tuzlatransport d.d. Sarajevo 103 101BOR banka d.d. Sarajevo 115 115UPI banka d.d. Sarajevo 124 124Union banka d.d. Sarajevo 81 80BiH POS - Karti~no poslovanje 7 7Swift 3 3Depozitna banka d.d. Sarajevo - 37Vakufska banka d.d. Sarajevo - 188Ukupno ulaganja 493 715Manje: Rezervisanja za mogu}e gubitke - op}a (10) (14)posebna (51) (51)

Ukupno: 432 650

Registriranjem pripajanja Depozitne banke d.d. Sarajevo u 2002. godini, me|usobna ulaganja u iznosu od KM 225 hilja -da postala su vlastite dionice u posjedu Banke.

Promjene na rezervisanjima za mogu}e gubitke po ulaganjima prikazane su kako slijedi:

2002 2001posebna op}a ukupno ukupnoKM '000 KM '000 KM '000 KM '000

Stanje 1. januara 51 14 65 114Pove}anje od pripajanja Depozitne banke d.d., Sarajevo - - - 6Neto nova rezervisanja za mogu}e gubitke (4) (4) 85Otpis - - - (140)





49

7. ACCRUED INTEREST RECEIVABLE (CONTINUED)

Movements in the provision for possible interest losses are summarized as follows:


KM '000 KM '000 KM '000 KM '000

Balance as of 1 January 9 6 15 2Increase from Depositna Bank d.d. Sarajevo merger - - 48New provisions for possible losses, net 66 3 69 183Write-offs (61) - (61) (218)

Balance as of 31 December: 14 9 23 15

8. INVESTMENTS2002. 2001.

KM '000 KM '000

Bosna insurance d.d. Sarajevo 60 60Tuzlatransport d.d. Sarajevo 103 101BOR bank d.d. Sarajevo 115 115UPI bank d.d. Sarajevo 124 124Union bank d.d. Sarajevo 81 80BiH POS - Card Business 7 7Swift 3 3Depozitna banka d.d. Sarajevo - 37Vakufska banka d.d. Sarajevo - 188Total investment 493 715Less: Provision for possible impairment - general (10) (14)

- specific (51) (51)

Total: 432 650

After the merger with Depozitna Bank in the year 2002, investments from both banks, in the amount of KM 225 thou -sand, transferred into Bank´s own shares property.

Movements in the provision for possible investment impairment are summarized as follows:


KM '000 KM '000 KM '000 KM '000

Balance as of 1 January 51 14 65 114Increase from Depozitna Bank d.d. Sarajevo merger - - - 6Provision for possible losses, net - (4) (4) 85Write-off - - - (140)





50


Za godinu koja je zavr{ila 31. Decembra 2002. godine9. MATERIJALNA I NEMATERIJALNA IMOVINA

namje{taj,oprema i investicije nematerijalna

Zgrade vozila ra~unari u toku imovina ukupnoKM '000 KM '000 KM '000 KM '000 KM '000 KM '000

Nabavna vrijednost

31. decembra 2001. 1,818 898 869 302 1,043 4,930

Pove}anja - 29 17 13 197 256Transfer sa/na - 50 35 (156) 71 -Smanjenja - (63) (230) - - (293)

31. decembra 2002. 1,818 914 691 159 1,311 4,893

Ispravak vrijednosti

31. decembra 2001. 80 359 475 - 395 1,309

Amortizacija 24 84 152 - 223 483Smanjenja - (45) (229) - - (274)

31. decembra 2002. 104 398 398 - 618 1,518

Neotpisana vrijednost

Na dan 31. decembra 2002. 1,714 516 293 159 693 3,375

Na dan 31. decembra 2001. 1,738 539 394 302 648 3,621

10. OSTALA AKTIVAOstala aktiva prikazana je kako slijedi:

2002. 2001.KM '000 KM '000

Unaprijed pla}eni tro{kovi 260 321Preplata poreza na dobit 323 232Sitan inventar 17 12Potraìvanja za naknade 50 21Potraìvanja od zaposlenih 2 9Zalihe preuzete robe po osnovu naplate potraìvanja 130 130Potraìvanja za zakupninu - 22Ostalo 38 16Ukupno ostala aktiva 820 763Manje: rezervisanja za mogu}e gubitke - op}a (74) (16)posebna (78) (97)

Ukupno: 668 650


51

9. TANGIBLE AND INTANGIBLE FIXED ASSETSTangible and intangible fixed assets are summarized as follows:

Office Tangible Intangibleequipment assets in fixed

Buildings and autos Computers progress assets TotalKM '000 KM '000 KM '000 KM '000 KM '000 KM '000

Cost

31 December 2001 1,818 898 869 302 1,043 4,930

Increase - 29 17 13 197 256Transfer from/to - 50 35 (156) 71 -Decrease - (63) (230) - - (293)

31 December 2002 1,818 914 691 159 1,311 4,893

Depreciation

31 December 2001 80 359 475 - 395 1,309

Depreciation 24 84 152 - 223 483Decrease - (45) (229) - - (274)

31 December 2002 104 398 398 - 618 1,518

Net book value

As of 31 December 2002 1,714 516 293 159 693 3,375

As of 31 December 2001 1,738 539 394 302 648 3,621

10. OTHER ASSETSOther assets are summarized as follows:

2002. 2001.KM '000 KM '000

Prepaid expenses 260 321Prepaid income tax 323 232Small inventory stock 17 12Fees receivables 50 21Receivables from employees 2 9Inventories in commission sale 130 130Rent receivable - 22Other 38 16Total other assets 820 763Less: provision for possible other assets losses - general (74) (16)

- specific (78) (97)

Total: 668 650




52



10. OSTALA AKTIVA (NASTAVAK)

Promjene u rezervisanjima za mogu}e gubitke po ostaloj aktivi prikazane su kako slijedi:


Stanje 1. januara 97 16 113 7Pove}anje od pripajanja Depozitne banke d.d., Sarajevo - - 130Neto nova rezervisanja za mogu}e gubitke - 58 58 50Otpisi (19) - (19) (74)


Na dan 31. decembra 2002. godine, iznos op}ih rezervisanja po ostaloj aktivi uklju~uje iznos rezervisanja za nov~anasredstva po teku}im ra~unima kod drugih banaka u iznosu od KM 69 hiljada.

11. OBAVEZE PREMA BANKAMA

2002. 2001.KM '000 KM '000

Po teku}im ra~unima i depozitima drugih banaka - u doma}oj valuti 400 221Po teku}im ra~unima i depozitima drugih banaka - u stranoj valuti 23 707Obaveze prema BBI po osnovu zajedni~kog finansiranja trgova~kog posla Nerdi Komerc Trgovina d.o.o. Sarajevo i Vegafruit d.o.o. Gra~anica na principu podjele dobiti - 120

Ukupno: 423 1,048

Namjenski depozit u iznosu od KM 400 hiljada na dan 31. decembra 2002. godine predstavlja sredstva odobrenog kred -ita Investicijske banke Federacije Bosne i Hercegovine za Ligaturu Style d.o.o.Konjic, iz komisionih sredstava Federalnogzavoda za zapo{ljavanje Federacije Bosne i Hercegovine.

12. DEPOZITI PO VI\ENJU

2002. 2001.KM '000 KM '000

U doma}oj valuti 18,943 14,465U stranoj valuti 7,646 10,336

Ukupno: 26,589 24,801


53

10. OTHER ASSETS (CONTINUED)

Movements in the provision for possible other assets losses are summarized as follows:


KM '000 KM '000 KM '000 KM '000

Balance as of 1 January 97 16 113 7Increase from merger of Depositnabank d.d. Sarajevo - - 130Provision for possible other assets losses, net - 58 58 50Write-offs (19) - (19) (74)


As of 31 December, the amount of general provision for other assets losses includes provision for losses in currentaccounts at other banks in the amount of KM 69 thousand.

11. DUE TO OTHER BANKS

Due to other banks are summarized as follows:2002. 2001.

KM '000 KM '000

Current accounts and deposits in national currency 400 221Current accounts and deposits in foreign currency 23 707Liabilities to BBI in connection with the shared financing of Nerdi Komerc Trgovina d.o.o. Sarajevo trade and Vegafriut d.o.o. Gra~anica (profit sharing) - 120

Total: 423 1,048

Special purpose deposit in the amount of KM 400 thousand, as of 31 December 2002, is the approved loan ofInvestment Bank of Federation of Bosnia and Herzegovina for Ligature Style d.o.o. Konjic, from Federal Employment officeof Bosnia and Herzegovina.

12. DEMAND DEPOSITS

Demand deposits are summarized as follows:2002. 2001.

KM '000 KM '000

In domestic currency 18,943 14,465In foreign currency 7,646 10,336

Total: 26,589 24,801




54


Za godinu koja je zavr{ila 31. Decembra 2002. godine12. DEPOZITI PO VI\ENJU (NASTAVAK)

Pojedinosti depozita po vi|enju sa stanjem na dan 31. decembra 2002. prikazane su kako slijedi:

Iznos Godi{njeKM '000 kamatne stopa

Preduze}a 15,758 1-2%Stanovni{tvo 5,807 2%Ostali 5,024 -

Ukupno: 26,589

13. OROÊNI DEPOZITI

Oro~eni depoziti su prikazani kako slijedi:

2002. 2001.KM '000 KM '000

Preduze}a - u doma}oj valuti 858 1,966- u stranoj valuti 3,410 6,126

Podzbir 4,268 8,092Stanovni{tvo - u doma}oj valuti 382 188

- u stranoj valuti 1,362 2,373Podzbir 1,744 2,561Ostali - u doma}oj valuti 1,395 418

- u stranoj valuti 3,617 3,400Podzbir 5,012 3,818

Ukupno: 11,024 14,471

Pojedinosti oro~enih depozita sa stanjem na dan 31. decembra 2002. prikazane su kako slijedi:

Iznos Godi{njeKM '000 kamatne stopa

Kratkoro~no oro~eni depoziti 4,938 2 - 4% p.a. Dugoro~no oro~eni depoziti 1,082 4 - 5% p.a. Namjenski depoziti 5,004 -

Ukupno: 11,024


55

12. DEMAND DEPOSITS (CONTINUED)

The specific characteristics of demand deposits outstanding as of 31 December 2001 are summarized as follows:

Amount AnnualKM '000 Interest rate

Individuals 15,758 1-2%Companies 5,807 2%Others 5,024 -

Total: 26,589

13. TERM DEPOSITS

Term deposits are summarized as follows:

2002. 2001.KM '000 KM '000

Companies - in domestic currency 858 1,966- in foreign currency 3,410 6,126

Subtotal 4,268 8,092Citizens - in domestic currency 382 188

- in foreign currency 1,362 2,373Subtotal 1,744 2,561

Other - in domestic currency 1,395 418- in foreign currency 3,617 3,400

Subtotal 5,012 3,818

Total: 11,024 14,471

The specific characteristics of term deposits outstanding as at 31 December 2002 are summarized as follows:

Amount AnnualKM '000 Interest rates

Short-term term-deposits 4,938 2 - 4% p.a. Long-term deposits 1,082 4 - 5% p.a. Special purpose deposits 5,004 -

Total: 11,024




56

14. OBAVEZE PO KREDITIMA

2002. 2001.KM '000 KM '000

Krediti od Investicijske banke Federacije BiH - 19

Ukupno: - 19

15. OSTALE OBAVEZE

2002. 2001.KM '000 KM '000

Obaveze prema dobavlja~ima 61 26Obaveze prema zaposlenima - 39Obaveze za poreze i doprinose 15 14Obaveze prema dioni~arima 33 8Neraspore|eni priliv 18 153Obaveze prema BBI po osnovu zajedni~kog ulaganja - 13Ostale obaveze po sredstvima u obra~unu 1 124Obaveze prema JIK banci - 61Obaveze po osnovu komisionih poslova 34 47Ostale obaveze 767 20Rezervisanja za potencijalne obaveze - op}a 266 185

Ukupno: 1.195 690

Promjene u rezervisanjima za potencijalne obaveze prikazane su kako slijedi:


Stanje 1. januara - 185 185 70Pove}anje od pripajanja Depozitne banke d.d. - - - 65Neto nova rezervisanja za mogu}e gubitke - 81 81 50

Stanje 31. decembra: - 266 266 185




57

14. BORROWINGS

2002. 2001.KM '000 KM '000

Borrowings from Investment bank of Federation BiH - 19

Total: - 19

15. OTHER LIABILITIES

2002. 2001.KM '000 KM '000

Liabilities to suppliers 61 26Liabilities to employees - 39Tax and contributions 15 14Liabilities to shareholders 33 8Transit account 18 153Liabilities to BBI for profit transfer of shared investment - 13Other liabilities for assets in accrual 1 124JIK Bank liabilities - 61Other commission liabilities 34 47Other liabilities 767 20Provision for commitments and contingencies -general 266 185

Total: 1.195 690

The movements in the provision for commitments and contingencies are summarized as follows:


KM '000 KM '000 KM '000 KM '000

Balance as of 1 January - 185 185 70Increase from Deposit Bank d.d. merger - - - 65New provision for possible losses, net - 81 81 50

Balance as of 31 December: - 266 266 185




58

16. DIONI^KI KAPITAL

Dioni~ari Vakufske banke d.d. Sarajevo na dan 31. decembra 2002. godine su:

Obi~ne dionice Prioritetne dionice UkupnoDioni~ar broj iznos % broj iznos % broj iznos %

Mahmal Investment Co. Limited, UK Fondacija Bo{njaci MostarMinistarstvo finansija FBiHRijaset Islamske zajedniceFabrika duhana SarajevoEl Tarik oil SarajevoMDD Merhamet SarajevoVakufska Banka d.d.Ostala pravna licaIndividualni dioni~ari

Ukupno

17. OSTALI PRIHODI

2002. 2001.KM '000 KM '000

Prihodi od zakupnina 6 9Prihodi od ulaganja 10 84Depozitarske usluge PIF-ovima 20 -Oprihodovane obaveze po popisu 9 105Ostalo 27 26

Ukupno: 72 224



34.057 3,406 21,6 - - - 34.057 3,406 21,1

14.165 1,416 9,0 - - - 14.165 1,416 8,8

11.102 1,110 7,0 - - - 11.102 1,110 6,9

8.304 830 5,3 - - - 8.304 830 5,1

6.656 666 4,2 - - - 6.656 666 4,1

6.090 609 3,9 - - - 6.090 609 3,8

2.887 289 1,8 - - - 2.887 289 1,82.250 225 1,5 - - - 2.250 225 1,4

16.806 1,681 10,7 - - - 16.806 1,681 10,455.169 5,517 35,0 4.000 400 100,0 59.169 5,917 36,6

157.486 15,749 100,0 4.000 400 100,0 161.486 16,149 100,0


59

16. SHAREHOLDERS' CAPITAL

The shareholders of Vakufska Bank d.d. Sarejevo are as follows:

General shares Priority shares TotalShareholder no. amount % no. amount % no. amount %

Mahmal Investment Co. Limited, UK Foundation Bo{njaci MostarMinistry of Finance FBiHRijaset Islamske zajedniceFabrika duhana SarajevoEl Tarik oil SarajevoMDD Merhamet SarajevoVakufska Banka d.d.Other legal entitiesIndividual shareholders

Ukupno

17. OTHER INCOME

2002. 2001.KM '000 KM '000

Rent 6 9Investment 10 84Depositary services for PIF 20 -Income from written-off liabilities 9 105Other 27 26

Total: 72 224

34.057 3,406 21,6 - - - 34.057 3,406 21,1

14.165 1,416 9,0 - - - 14.165 1,416 8,8

11.102 1,110 7,0 - - - 11.102 1,110 6,9

8.304 830 5,3 - - - 8.304 830 5,1

6.656 666 4,2 - - - 6.656 666 4,1

6.090 609 3,9 - - - 6.090 609 3,8

2.887 289 1,8 - - - 2.887 289 1,82.250 225 1,5 - - - 2.250 225 1,4

16.806 1,681 10,7 - - - 16.806 1,681 10,455.169 5,517 35,0 4.000 400 100,0 59.169 5,917 36,6

157.486 15,749 100,0 4.000 400 100,0 161.486 16,149 100,0




60

18. OP]I I ADMINISTRATIVNI TRO[KOVI

2002. 2001.KM '000 KM '000

Kancelarijski materijal i sitan inventar 135 108Odràvanje materijalne imovine 49 25Energija, komunalne, PTT i ostale usluge 396 254Reklama i reprezentacija 88 36Tro{kovi revizije, naknade FBA i Komisiji za vrijednosne papire 121 189Naknade ~lanovima Upravnog odbora 61 90Osiguranje 32 12Ostalo 44 51

Ukupno: 927 765

19. OSTALI RASHODI

2002. 2001.KM '000 KM '000

Blagajni~ki manjkovi-kra|a 328 -Neamortizovana vrijednost stalnih sredstava 19 83Donacije 14 5Ostalo 28 29

Ukupno: 389 117

20. POREZ NA DOBIT

Svo|enje ra~unovodstvene dobiti na porezni bilans:

2002. 2001.KM '000 KM '000

Ra~unovodstvena dobit 405 354Porezno nepriznati rashodi 581 241Uskla|enje prihoda - -Porezna osnovica 986 595Obveza poreza na dobit od 30% 251 179Porezna oslobo|enja (251) (134)

Obaveza poreza na dobit - 45




61

18. GENERAL AND ADMINISTRATIVE EXPENSES

2002. 2001.KM '000 KM '000

Office supplies and small inventories 135 108Tangible assets maintenance 49 25Energy, utilities, postal and telephone 396 254Advertising and representation 88 36Auditing costs and fees to FBA and Securities Commission 121 189Fees to members of Board of Directors 61 90Insurance 32 12Other 44 51

Total: 927 765

19. OTHER EXPENSES

2002. 2001.KM '000 KM '000

Cash registry- shortage - theft 328 -Fixed assets (not depreciated value) 19 83Donations 14 5Other 28 29

Total: 389 117

20. INCOME TAX

Accounting profit to the Tax Balance Sheet can be presented as follows:

2002. 2001.KM '000 KM '000

Accounting profit 405 354Non taxable expenses 581 241Income adjustment - -Tax base 986 595Income tax 30% 251 179Tax exemption (251) (134)

Income tax liability - 45




62

U skladu sa poreznim propisima Federacije Bosne i Hercegovine op}a rezervisanja za kreditne gubitke su porezno priznati rashod do iznosa 15% od ra~unovodstvene dobiti. Posebna rezervisanja za nenaplative kredite u iznosu od 100%su porezno priznati tro{kovi samo u slu~aju da je pokrenuta tu`ba na sudu.

Porezna oslobo|enja odnose se na ulog stranog lica i na ulaganja oporezive dobiti u investicije u materijalnu i nemate-rijalnu imovinu na dan 31. decembra 2002., odnosno 2001. godine.

21. TRANSAKCIJE SA POVEZANIM STRANAMA

2002. 2001.KM '000 KM '000

Krediti dioni~arima, neto 436 80Potencijalne i preuzete obaveze dioni~ara, neto 153 354Krediti vi{em rukovodstvu i ~lanovima Upravnog odbora, neto 217 150

Ukupno: 806 584

Krediti dioni~arima, odobreni od strane Banke u skladu su sa redovnim trì{nim uvjetima.

22. POTENCIJALNE I PREUZETE OBAVEZE

Potencijalne i preuzete obaveze prikazane su kako slijedi:

2002. 2001.KM '000 KM '000

Plative garancije 4,949 5,189înidbene garancije 5,943 4,257Nepokriveni akreditivi 274 66Neopozive kreditne obaveze 2,590 -

Ukupno: 13,756 9,512




63

According to tax regulations of Federation of Bosnia and Herzegovina, general provisions for loan losses are recognizedas tax exempt expense for up to 15% of the accounting profit. Special provisions for uncollected loans in the amount of100% are tax exempt only if the case is in Court.

Tax exemptions include third party investments as well as taxable profit investments in tangible and intangible assets asof 31 December 2002 and 2001.

21. TRANSACTIONS WITH RELATED PARTIES

2002. 2001.KM '000 KM '000

Loans to shareholders, net 436 80Commitments and contingent liabilities to shareholders, net 153 354Loans to higher management and Board of Directors, net 217 150

Total: 806 584

The Bank approves loans to shareholders, in accordance to market conditions.

22. COMMITMENTS AND CONTINGENT LIABILITIES

Commitment and contingent liabilities are summarized as follows:

2002. 2001.KM '000 KM '000

Payable guarantees 4,949 5,189Performing guarantees 5,943 4,257Uncovered letter-of-credit 274 66Unused portion of loans 2,590 -

Total: 13,756 9,512




64

23. POSLOVI U IME I ZA TU\I RAÛN

2002. 2001.KM '000 KM '000

SREDSTVAGra|ani 4,146 3,631Preduze}a 3,968 4,144

Ukupno: 8,114 7,775

IZVORIPrivredna komora Kantona Sarajevo 397 649Kanton Sarajevo 1,776 1,810Ministarstvo za poljoprivredu FBiH 3,101 3,118Preduze}a 875 584Sarajevo-osiguranje d.d., Sarajevo 285 285Po{tanska banka d.d., Sarajevo 405 405Gra|ani 237 292Zavod za zapo{ljavanje F BiH 920 450Hercegova~ko-neretvanski kanton Mostar (Fondacija bo{njaci) 152 164Ostalo - 65

Ukupno: 8,148 7,822

SREDSTVA-IZVORI (34) (47)

Razlika sredstava i izvora komisiona prikazana je u Bilansu stanja kao obaveze po komisionim poslovima (vidi bilje{ku 15.). Banka ne snosi rizik po ovim plasmanima, a za svoje usluge napla}uje naknadu 0,5-1 %.




65

23. ACTIVITIES ON BEHALF AND FOR THE ACCOUNT OF THIRD PARTIES

2002. 2001.KM '000 KM '000

PLACEMENTSCitizens 4,146 3,631Companies 3,968 4,144

Total: 8,114 7,775

SOURCESCanton Sarajevo Chamber of Commerce 397 649Canton Sarajevo 1,776 1,810Ministry of agriculture FBiH 3,101 3,118Companies 875 584Sarajevo Osiguranje d.d. Sarajevo 285 285Postanska Bank d.d. Sarajevo 405 405Citizens 237 292Employment Agency F BiH 920 450Canton Hercegova~ko-Neretvanski, Mostar 152 164Other - 65

Total: 8,148 7,822

ASSETS-SOURCES (34) (47)

The difference between assets and sources is presented in the Balance Sheet as commission activities (See Note 15).The Bank does not bear the risk over such placements, and charges 0.5 - 1 % fee for its services.




66

24. RO^NA I VALUTNA STRUKTURA AKTIVE I PASIVE NA DAN 31. DECEMBRA

Do 12 Preko 12Valuta Ukupno mjeseci mjeseci

31. decembar 2002. KM '000 KM '000 KM '000

AktivaKM 4,039 4,039 -

Gotovina i potraìvanja od banaka FX 3,924 3,924 -Potraìvanja od Centralne Banke KM 565 565 -Plasmani bankama FX 93 93 -

KM 41,967 17,501 24,466Krediti, neto FX 344 20 324

KM 513 513 -Potraìvanja za kamate, neto FX - - -

Materijalna i nematerijalna stalna sredstva KM 3,375 - 3,375KM 422 - 422

Ulaganja, neto FX 10 - 10KM 668 668 -

Ostala aktiva FX - - -

KM 51,549 23,286 28,263

UKUPNO AKTIVA (1) FX 4,371 4,037 334

PasivaKM 400 400 -

Obaveze prema bankama FX 23 23 -KM 18,943 18,943 -

Depoziti po vi|enju FX 7,646 7,646 -KM 2,635 2,174 461

Oro~eni depoziti FX 8,389 7,768 621Obaveze po kreditima KM - - -Obaveze za obra~unatu kamatu KM 52 52 -

FX - - -KM 1,195 1,195 -

Ostale obaveze FX - - -

KM 23,225 22,764 461

UKUPNO OBAVEZE FX 16,058 15,437 621

UKUPNO KAPITAL KM 16,637 - 16,637

KM 39,862 22,764 17,098

UKUPNO OBAVEZE I DIONI^KI KAPITAL (2) FX 16,058 15,437 621

KM 11,687 522 11,165

RAZLIKA (1) - (2) FX (11,687) (11,400) (287)




67

24. MATURITY AND CURRENCY ANALYSIS OF ASSETS AND LIABILITIES AS OF 31 DECEMBER

Up to 12 Up to 12Currency Total Months Months

31 December 2002 KM '000 KM '000 KM '000

AssetsKM 4,039 4,039 -

Cash and due from banks FX 3,924 3,924 -Due from Central Bank KM 565 565 -Placements with other banks FX 93 93 -

KM 41,967 17,501 24,466Loans, net FX 344 20 324

KM 513 513 -Accrued interest receivable, net FX - - -

Tangible and intangible fixed assets, net KM 3,375 - 3,375KM 422 - 422

Investments, net FX 10 - 10KM 668 668 -

Other assets FX - - -

KM 51,549 23,286 28,263

TOTAL ASSETS (1) FX 4,371 4,037 334

LiabilitiesKM 400 400 -

Due to banks FX 23 23 -KM 18,943 18,943 -

Demand deposits FX 7,646 7,646 -KM 2,635 2,174 461

Term deposits FX 8,389 7,768 621Liabilities for loans KM - - -Liabilities for accrued interest KM 52 52 -

FX - - -KM 1,195 1,195 -

Other liabilities FX - - -

KM 23,225 22,764 461

TOTAL LIABILITIES FX 16,058 15,437 621

TOTAL CAPITAL KM 16,637 - 16,637

KM 39,862 22,764 17,098

TOTAL LIABILITIES ANDSHAREHOLDERS' CAPITAL (2) FX 16,058 15,437 621

KM 11,687 522 11,165

MISMATCH (1) - (2) FX (11,687) (11,400) (287)




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Ro~na struktura iz gornje tabele, osim materijalne i nematerijalne imovine i dioni~ke glavnice, predstavlja razdoblja ukojima je mogu}a promjena kamatnih stopa kamatonosne aktive odnosno pasive u odnosu na okruènje u kojemu Bankaposluje. Treba naglasiti da su vanbilansne obaveze isklju~ene iz prethodne analize.

24. RO^NA I VALUTNA STRUKTURA AKTIVE I PASIVE NA DAN 31. DECEMBRADo 12 Preko 12

Valuta Ukupno mjeseci mjeseci31. decembar 2002. KM '000 KM '000 KM '000

AktivaKM 11,403 11,403 -

Gotovina i potraìvanja od banaka FX 4,427 4,427 -Potraìvanja od Centralne Banke KM 1,183 1,183 -Plasmani bankama FX 1,540 1,540

KM 23,119 13,369 9,750Krediti, neto FX 10,756 1,812 8,944

KM 356 356 -Potraìvanja za kamate, neto FX 5 5 -

Materijalna i nematerijalna stalna sredstva KM 3,621 - 3,621KM 643 - 643

Ulaganja, neto FX 7 - 7KM 557 557 -

Ostala aktiva FX 93 93 -

KM 40,882 26,868 14,014

UKUPNO AKTIVA (1) FX 16,828 7,877 8,951

PasivaKM 707 587 120

Obaveze prema bankama FX 341 341 -KM 14,465 14,465 -

Depoziti po vi|enju FX 10,336 10,336 -KM 2,572 2,046 526

Oro~eni depoziti FX 11,899 10,381 1,518Obaveze po kreditima KM 19 19 -Obaveze za obra~unatu kamatu KM 165 165 -

FX 29 29 -KM 414 414 -

Ostale obaveze FX 276 276 -

KM 18,342 17,696 646

UKUPNO OBAVEZE FX 22,834 21,363 1,518

UKUPNO KAPITAL KM 16,487 - 16,487

KM 34,829 17,696 17,133

UKUPNO OBAVEZE I DIONI^KI KAPITAL (2) FX 22,881 21,363 1,518

KM 6,053 9,172 (3,119)

RAZLIKA (1) - (2) FX (6053) (13,486) 7,433




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The maturities in the above table, except for tangible and intangible assets and owners' equity, approximate the inter -est pricing periods of the Bank¢s interest bearing assets and liabilities due to the nature of the Bank¢s operating environ -ment. It should be noted that the off-balance sheet commitments have been excluded from the above analysis.

24. MATURITY AND CURRENCY ANALYSIS OF ASSETS AND LIABILITIES AS OF 31 DECEMBERUp to 12 Over 12

Currency Total Months Months31 December 2001 KM '000 KM '000 KM '000

AssetsKM 11,403 11,403 -

Cash and due at banks FX 4,427 4,427 -Due at Central Bank KM 1,183 1,183 -Placements at banks FX 1,540 1,540

KM 23,119 13,369 9,750Loans, net FX 10,756 1,812 8,944

KM 356 356 -Accrued interest receivables, net FX 5 5 -

Tangible and intangible fixed assets, net KM 3,621 - 3,621KM 643 - 643

Investments, net FX 7 - 7KM 557 557 -

Other assets FX 93 93 -

KM 40,882 26,868 14,014

TOTAL ASSETS (1) FX 16,828 7,877 8,951

LiabilitiesKM 707 587 120

Due from banks FX 341 341 -KM 14,465 14,465 -

Demand deposits FX 10,336 10,336 -KM 2,572 2,046 526

Term deposits FX 11,899 10,381 1,518Liabilities for loans KM 19 19 -Liabilities for accrued interest KM 165 165 -

FX 29 29 -KM 414 414 -

Other liabilities FX 276 276 -

KM 18,342 17,696 646

TOTAL LIABILITIES FX 22,834 21,363 1,518

TOTAL CAPITAL KM 16,487 - 16,487

KM 34,829 17,696 17,133

TOTAL LIABILITIES AND SHAREHOLDERS' CAPITAL (2) FX 22,881 21,363 1,518

KM 6,053 9,172 (3,119)

MISMATCH (1) - (2) FX (6053) (13,486) 7,433




70

Ro~na struktura iz gornje tabele, osim materijalne i nematerijalne imovine i dioni~ke glavnice, predstavlja razdoblja ukojima je mogu}a promjena kamatnih stopa kamatonosne aktive odnosno pasive u odnosu na okruènje u kojemu Bankaposluje. Treba naglasiti da su vanbilansne obaveze isklju~ene iz prethodne analize.

25. ANALIZA FAIR VRIJEDNOSTI MONETARNIH STAVAKA AKTIVE I PASIVE

Fair vrijednost monetarnih stavaka u aktivi i pasivi Bilansa stanja predstavlja iskazanu vrijednost na dan 31. decembra2002., odnosno 2001. godine. Informacije koje se odnose na osnovne karakteristike ovih stavaka posebno su prikazane.

26. KREDITNI RIZIK

Banka je izloèna kreditnom riziku, koji predstavlja rizik nemogu}nosti druge strane da podmiri iznose obaveza ucijelosti po dospije}u. Banka razvrstava kreditni rizik utvr|uju}i limite za iznose rizika koje o~ekuje da }e nastati u vezi s jednim zajmoprimcem ili skupinom zajmoprimaca, te za geografske privredne sektore. Banka prati navedene rizike ipreispituje ih minimalno ~etiri puta godi{nje ili ~e{}e.

Banka upravlja izloèno{}u kreditnom riziku redovnim analizama sposobnosti zajmoprimaca i potencijalnih zajmopri -maca da ispune svoje obaveze otplate kamate i glavnice i mijenjanjem limita kreditiranja po potrebi. Banka dijelom upravljakreditnim rizikom i prihva}aju}i kolateralna jamstva, jamstva poduze}a i osobna jamstva.

Preuzete obaveze za kreditiranje. Osnovna je svrha ovih instrumenata osigurati raspoloìvost sredstava prema potrebama klijenata. Garancije i odobreni akreditivi, koji predstavljaju neopoziva jamstva da }e Banka izvr{iti isplatu u slu~ajuda klijent ne moè podmiriti svoje obaveze prema tre}im stranama, nose isti kreditni rizik kao i zajmovi.

Preuzete obaveze za kreditiranje predstavljaju neiskori{tene odobrene iznose u obliku kredita, garancija ili akreditiva. Uvezi s kreditnim rizikom povezanim s preuzetim obavezama za kreditiranje, Banka je potencijalno izloèna gubitku u izno -su jednakom ukupnim neiskori{tenim preuzetim obvezama. Me|utim, vjerovatni iznos gubitka je manji od ukupnog iznosaneiskori{tenih preuzetih obaveza jer je ve}ina preuzetih obaveza za kreditiranje povezana s odràvanjem specifi~nih kredit-nih standarda od strane klijenata. Banka prati razdoblje do dospije}a preuzetih obaveza za kreditiranje jer navedene obavezes duìm rokom op}enito predstavljaju ve}i kreditni rizik od onih kratkoro~nih.

27. KAMATNI RIZIK

Banka je izloèna raznim rizicima koji su povezani s u~inkom promjena trì{nih kamatnih stopa na financijski poloàj inov~ani tok Banke.




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The maturities in the above table, except tangible and intangible assets and shareholders' equity, approximate the inter -est pricing periods of the Bank's interest bearing assets and liabilities due to the nature of the Bank's operating environ-ment. It should be noted that the off-balance sheet commitments have been excluded from the above analysis.

25. FAIR VALUE ANALYSIS OF MONETARY ASSETS AND LIABILITIES

The fair value of monetary assets and liabilities approximates their carrying value as at 31 December 2002 and 2001.The information concerning the principal characteristics of these items is separately disclosed.

26. CREDIT RISK

The Bank takes on exposure to credit risk which is the risk that a counter party will be unable to pay amounts in fullwhen due. The Bank structures the levels of credit risk it undertakes by placing limits on the amount of risk accepted inrelation to one borrower, or groups of borrowers, and to geographical and industry segments. Such risks are monitoredon a revolving basis and subject to an quarter or more frequent review.

Exposure to credit risk is managed through regular analysis of the ability of borrowers and potential borrowers to meetinterest and capital repayment obligations and by changing these lending limits where appropriate. Exposure to credit riskis also managed in part by obtaining collateral and corporate and personal guarantees.

Credit related commitments. The primary purpose of these instruments is to ensure that funds are available to a cus -tomer as required. Guarantees and standby letters of credit, which represent irrevocable assurances that the Bank will makepayments in the event that a customer cannot meet its obligations to third parties, carry the same credit risk as loans.

Commitments to extend credit represent unused portions of authorizations to extend credit in the form of loans, guar -antees or letters of credit. With respect to credit risk on commitments to extend credit, the Bank is potentially exposedto loss in an amount equal to the total unused commitments. However, the likely amount of loss is less than the total unusedcommitments since most commitments to extend credit are contingent upon customers maintaining specific credit stan-dards. The Bank monitors the term to maturity of credit commitments because longer-term commitments generally havea greater degree of credit risk than short-term commitments.

27. INTEREST RATE RISK

The Bank is exposed to various risks associated with the effects of fluctuations in the prevailing levels of market inter -est rates on its financial position and cash flows.




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28. RIZIK LIKVIDNOSTI

Banka je izloèna svakodnevnim isplatama iznosa na poziv koje podmiruje nov~anim izvorima koji se sastoje odprekono}nih depozita, sredstava na teku}im ra~unima, depozitima koji dospijevaju, povla~enja sredstava kredita, jamstava iostalih derivata koji se podmiruju iz marì i ostalih iznosa na poziv. Banka ne odràva nov~ane izvore da bi pokrila sve nave -dene potrebe jer je iz iskustva mogu}e s velikom pouzdano{}u predvidjeti minimalne iznose ponovnog ulaganja dospijelihsredstava. Uprava utvr|uje limite za najniè iznose sredstava koja dospijevaju a koja su raspoloìva za podmirivanje iznosaplativih na poziv, te najniè iznose me|ubankarskih i ostalih kredita za pokri}e neo~ekivanih iznosa sredstava koja se povla~ena zahtjev.

Uskla|ivanje i kontrolirano neuskla|ivanje dospije}a i kamatnih stopa sredstava i obaveza predstavljaju zna~ajne podatkeza Upravu Banke. Nije uobi~ajeno da banke imaju potpunu uskla|enost jer poslovne transakcije ~esto imaju neizvjesnerokove, a i razli~ite su. Neuskla|ene stavke mogu potencijalno pove}ati profitabilnost, ali i pove}ati rizik od gubitka.

Dospije}e sredstava i obaveza, kao i sposobnost zamjene, uz prihvatljivi tro{ak, obaveza na koje se obra~unavaju kamate po dospije}u predstavljaju va`ne faktore u procjeni likvidnosti Banke i njezinoj izloènosti promjenama kamatnihstopa i kurseva.

Likvidnost potrebna za pla}anje iznosa pod garancijama i akreditivima na poziv je zna~ajno manja od iznosa preuzeteobaveze jer Banka u pravilu ne o~ekuje da }e tre}a strana povu}i iznose prema sklopljenim ugovorima. Ukupni ugovoreniiznos preuzetih obveza za kreditiranjem na dan bilansa ne predstavlja nu`no budu}e potrebne nov~ane tokove, jer }emnoge od preuzetih obaveza iste}i ili biti raskinute bez potrebe njihovog financiranja.

29. RIZIK OD PROMJENE KURSA

Banka je izloèna riziku promjene te~aja kroz transakcije u stranim valutama. Izloènost valutnom riziku proizlazi izkreditnih, depozitnih i investicijskih aktivnosti trgovanja, a kontrolira se dnevno prema zakonskim i interno utvr|enim limitima po pojedinim valutama, te za ukupnu aktivu i obaveze denominirane u stranim valutama.

Svoje poslovne aktivnosti Banka usmjerava primarno nastoje}i minimizirati neuskla|enost izme|u stavki aktive i obavezadenominiranih u stranoj valuti.




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28. LIQUIDITY RISK

The Bank is exposed to daily calls on its available cash resources from overnight deposits, current accounts, maturingdeposits, loan draw downs, guarantees and from margin and other calls on cash settled derivatives. The Bank does notmaintain cash resources to meet all of these needs as experience shows that a minimum level of reinvestment of maturingfunds can be predicted with a high level of certainty. The Board sets limits on the minimum proportion of maturing fundsavailable to meet such calls and on the minimum level of interbank and other borrowing facilities that should be in place tocover withdrawals at unexpected levels of demand. The matching and controlled mismatching of the maturities and inter -est rates of assets and liabilities is fundamental to the management of the Bank. It is unusual for banks ever to be complete-ly matched since business transacted is often of uncertain term and of different types. An unmatched position potentiallyenhances profitability, but can also increase the risk of losses.

The maturities of assets and liabilities and the ability to replace, at an acceptable cost, interest-bearing liabilities as theymature, are important factors in assessing the liquidity of the Bank and its exposure to changes in interest rates andexchange rates.

Liquidity requirements to support calls under guarantees and standby letters of credit are considerably less than theamount of the commitment because the Bank does not generally expect the third party to draw funds under the agree -ment. The total outstanding contractual amount of commitments to extend credit does not necessarily represent futurecash requirements, since many of these commitments will expire or terminate without being funded.

29. CURRENCY RISK

The Bank is exposed to currency risk through transactions in foreign currencies. Foreign currency exposure arises fromcredit, deposit, investment and trading activities. It is monitored daily in accordance to legislation and internally set limits,for each currency and for the total balance sheet denominated or linked to foreign currency.

The Bank directs its business activities at minimizing the gap between assets and liabilities denominated in or linked toforeign currency.




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Mailing and Visiting AdressVakufska bank DD SarajevoVrazova 9,71000 SarajevoBosna i HercegovinaContact:Tel: ++ 387 33 206 930Fax: ++ 387 33 663 399E-mail: [email protected]. Code: VAKUBA22www.vakuba.ba

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