IFRS_FS_TFB_2011_ENG_final
.pdf
JSC “AIKB “Tatfondbank”
Notes to the Consolidated Financial Statements for the Year Ended 31 December 2011
(expressed in thousands of Russian Rubles)
33 Related party transactions (continued)
At 31 December 2011, the outstanding balances with related parties are as follows:
|
Shareholders |
|
Other |
Related parties |
|
|
with significant |
Key |
related |
controlled by the Total related |
|
|
influence |
management |
parties |
Government of RT |
parties |
Cash and cash equivalents |
- |
- |
- |
634 |
634 |
(interest rate: 0%) |
|||||
Loans to customers, gross |
484 578 |
2 837 |
4 306 282 |
296 117 |
5 089 814 |
(interest rate: 6.8% - 15.3%) |
|||||
Allowance for impairment on loans |
(21 780) |
(7) |
(236 089) |
(13 712) |
(271 588) |
to customers |
|||||
Investments available-for-sale |
497 028 |
- |
- |
- |
497 028 |
(interest rate: 14%) |
|||||
Investments in associates |
- |
- |
117 907 |
- |
117 907 |
Other assets |
3 |
1 |
463 922 |
- |
463 926 |
Due to banks (interest rate: 0%) |
- |
- |
(148) |
- |
(148) |
Customer accounts: |
|
|
|
|
|
- current accounts and |
(4 198) |
(2 830) |
(9 396) |
(8 272) |
(24 696) |
settlement (interest rate: 0%) |
|||||
- term deposits (interest rate: |
(34 395) |
(62 115) |
- |
- |
(96 510) |
4% - 11.5%) |
|||||
Other liabilities |
- |
- |
(10 029) |
- |
(10 029) |
Subordinated borrowings (interest |
- |
- |
- |
(2 099 993) |
(2 099 993) |
rate: 8%) |
|||||
Non-controlling interest |
- |
- |
(725 882) |
- |
(725 882) |
Guarantee and collateral obtained |
1 478 993 |
- |
- |
- |
1 478 993 |
|
|
|
|
|
|
As at 31 December 2011, loans issued to related parties include unsecured and partially secured loans (net of impairment) of RUB 3 414 383 thousand (31 December 2010: RUB 3 540 969 thousand).
As at 31 December 2011, loans and receivable of RUB 4 536 209 thousand (net of impairment provision of RUB 237 251 thousand) were issued to financial companies that are related to the Group, as these financial companies are under control or significant influence of the Group’s significant shareholders or key management personnel (Note 8). These loans are secured by collateral with a total recoverable amount of RUB 2 854 184 thousand of various not actively traded investments and other assets and by a guarantee.
The income and expense items with related parties for 2011 are as follows:
|
Shareholders |
|
Other |
Related parties |
|
|
with significant |
Key |
related |
controlled by the |
Total related |
|
influence |
management |
parties |
Government of RT |
parties |
Interest income |
135 595 |
815 |
282 549 |
46 042 |
465 001 |
Interest expense |
(3 240) |
(4 610) |
(13) |
(171 262) |
(179 125) |
Commission income |
269 |
161 |
3 149 |
562 |
4 141 |
Commission expense |
- |
- |
(74 295) |
- |
(74 295) |
Gains less losses from trading in |
|
|
|
|
|
foreign currencies |
18 |
20 |
199 |
- |
237 |
Losses less gains from operations |
|
|
|
|
|
with securities |
- |
- |
(113) |
- |
(113) |
Income from investment property |
- |
- |
542 439 |
- |
542 439 |
Operating income |
483 |
- |
411 |
- |
894 |
Administrative and other operating |
|
|
|
|
|
expenses |
(3 458) |
(44 190) |
(1 827) |
- |
(49 475) |
|
|
|
|
|
|
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JSC “AIKB “Tatfondbank”
Notes to the Consolidated Financial Statements for the Year Ended 31 December 2011
(expressed in thousands of Russian Rubles)
33 Related party transactions (continued)
Aggregate amounts lent to and repaid by related parties in 2011 were as follows:
|
Shareholders |
|
Other |
Related parties |
|
|
with significant |
Key |
related |
controlled by the |
Total related |
|
influence |
management |
parties |
Government of RT |
parties |
Amounts lent to related parties |
127 624 |
6 942 |
4 333 141 |
87 000 |
4 554 707 |
Amounts repaid by related parties |
3 255 239 |
14 573 |
1 361 978 |
342 171 |
4 973 961 |
|
|
|
|
||
In 2011 the Group acquired |
units of mutual |
investment fund |
of real estate from a related party for |
||
RUB 630 449 thousand. The assets of the fund mainly comprise real estate. The Group accounted this real estate as non-current assets held for sale as the Group has an intention to sell it in 2012.
At 31 December 2010 the outstanding balances with related parties are as follows:
|
Shareholders |
|
Other |
Related parties |
|
|
with significant |
Key |
related |
controlled by the |
Total related |
|
influence |
management |
parties |
Government of RT |
parties |
Cash and cash equivalents |
- |
- |
- |
650 |
650 |
(interest rate: 0%) |
|||||
Loans to customers, gross (interest |
3 612 193 |
10 468 |
1 335 119 |
551 288 |
5 509 068 |
rate: 5.8%-16.5%) |
|||||
Allowance for impairment on loans to |
(189 669) |
(33) |
(123 566) |
(29 059) |
(342 327) |
customers |
|||||
Investments available-for-sale: |
|
|
|
|
|
- corporate bonds (interest rate: |
481 051 |
- |
- |
- |
481 051 |
16%) |
|||||
- corporate shares |
- |
- |
52 946 |
- |
52 946 |
Other assets |
3 |
1 |
1 035 903 |
- |
1 035 907 |
Due to banks (interest rate: 0%) |
- |
- |
(1) |
- |
(1) |
Customer accounts: |
|
|
|
|
|
- current and settlement |
(7 023) |
(1 720) |
(23 643) |
(8 066) |
(40 452) |
accounts (interest rate: 0%) |
|||||
- term deposits (interest rate: |
(20 026) |
(5 280) |
- |
- |
(25 306) |
7.5%) |
|||||
Debt securities in issue (interest |
(48 445) |
- |
- |
- |
(48 445) |
rate: 7%) |
|||||
Other liabilities |
- |
- |
(7 960) |
- |
(7 960) |
Subordinated borrowings (interest |
- |
- |
- |
(2 099 990) |
(2 099 990) |
rate: 8%) |
|||||
Non-controlling interests |
- |
- |
(969 827) |
- |
(969 827) |
|
|
|
|
|
|
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JSC “AIKB “Tatfondbank”
Notes to the Consolidated Financial Statements for the Year Ended 31 December 2011
(expressed in thousands of Russian Rubles)
33 Related party transactions (continued)
The income and expense items with related parties for 2010 are as follows:
Shareholders |
|
Other |
with significant |
Key |
related |
influence |
management |
parties |
Related parties |
Total related |
controlled by the |
|
Government of RT |
parties |
Interest income |
233 432 |
1 286 |
124 646 |
96 460 |
455 824 |
Interest expense |
(8 079) |
(917) |
- |
(4 603) |
(13 599) |
Commission income |
76 |
59 |
4 823 |
138 |
5 096 |
Commission expense |
- |
- |
(99 420) |
- |
(99 420) |
Gains less losses from trading in |
|
|
|
|
|
foreign currencies |
12 |
1 |
92 |
- |
105 |
Gains less losses from operations |
|
|
|
|
|
with securities |
- |
- |
173 618 |
- |
173 618 |
Gains from investment property |
- |
- |
254 008 |
- |
254 008 |
Operating income |
692 |
5 |
327 |
1 |
1 025 |
Administrative and other operating |
|
|
|
|
|
expenses |
(4) |
(41 418) |
(964) |
- |
(42 386) |
As at 31 December 2011 other assets with related parties of RUB 442 089 thousand (31 December 2010: RUB 969 858 thousand) comprises deferred consideration related to transactions with investment property.
Aggregate amounts lent to and repaid by related parties in 2010 were as follows:
|
Shareholders |
|
Other |
Related parties |
|
|
with significant |
Key |
related |
controlled by the |
Total related |
|
influence |
management |
parties |
Government of RT |
parties |
Amounts lent to related parties |
3 600 940 |
58 427 |
5 597 291 |
550 310 |
9 806 968 |
Amounts repaid by related |
|
|
|
|
|
parties |
3 495 287 |
53 835 |
5 950 585 |
39 251 |
9 538 958 |
Key management compensation is presented below:
|
2011 |
2010 |
Salaries |
31 144 |
22 740 |
Short-term bonuses |
12 647 |
18 330 |
|
|
|
Total |
43 791 |
41 070 |
|
|
|
34 Subsequent events
On 1 February 2012 the Group repaid Eurobonds issued on 2 February 2010 of USD 225 million.
On 21 February 2012 the Group placed by public subscription exchange-traded bonds of the forth issue with a nominal value of RUB 3 billion maturing in three years. The issue is marketed at the first coupon rate of 11.5-12% p.a., yield to maturity is 11.8-12.33% p.a. These bonds have an early redemption option on 26 February 2013.
On 5 March 2012 the Group in accordance with the early-repurchase option was required by bondholders to repurchase a portion of the sixth bond issue B series of RUB 1 111 million (or 55.6% of total volume of the sixth issue). Subsequent to the reporting date the Group sold the repurchased bonds of RUB 445 million on the market.
On 21 March 2012 the Group repaid the fifth issue bond issued on 25 March 2009 of RUB 2 billion.
On 10 April 2012 the Group placed by public subscription exchange-traded bonds of the fifth issue with a nominal value of RUB 2 billion maturing in three years. The first coupon rate is 11% p.a., yield to maturity is 11.3% p.a. These bonds have an early redemption option on 15 April 2013.
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