Quarterly Report • Jul 31, 2017
Quarterly Report
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Consolidated quarterly financial statements for the period from Jan 01 to Jun 30 2017 Unaudited
Zagreb, July 31 2017
In accordance with Capital Markets Act, HPB p.l.c. (Bank) as the parent company of HPB Group (Group), publishes unaudited consolidated quarterly financial statements for the period from Jan 01 to Jun 30 2017.
This report includes:
Financial statements and notes were made in accordance with the TFI-KI reporting methodology by Croatian Financial Services Supervisory Agency. Items in the profit or loss statement are complied in accordance with IFRS.
HPB Group is, apart from the parent company - HPB p.l.c., comprised of HPB Stambena štedionica (savings bank), HPB Invest (investment fund management) and HPB Nekretnine (real estate agency).
In 1H 2017 the Group recorded a net loss of HRK 64,6M, resulting from deteriorated creditworthiness of Agrokor group and related parties, and consequent impairments for these exposures (HRK 187M in 1H 2017).
In spite of 1H 2017 being marked with adverse effects of Agrokor on profitability of the parent company, subisidiaries continue to improve their results. HPB Stambena štedionica made an aftertax profit of HRK527K, whereat trading losses were annuled by net interest income growth. HPB Invest made a net profit of HRK 1,0M and HPB Nekretnine made a net profit of HRK 631K.
Apart from this, subisidiaries have contributed to the parent through a dividend payout from profits earned in 2016. HPB Stambena štedionica has for the first time in its history paid out a dividend amounting to HRK 400K. Meahwhile, after paying out HRK 3,5M in 2016, HPB Invest paid out a dividend amounting to HRK 1,8M in 2017.
Tomislav Vuić President of the Management Board
In accordance with the Capital Market Act, the Management Board of HPB p.l.c., the parent company of HPB Group, states that according to their best knowledge the set of consolidated unaudited quarterly financial statements for the period from Jan 01 to Jun 30 2017, compiled in accordance with the accounting regulation applicable to credit institutions in Croatia, presents complete and accurate view of assets and liabilities, losses and gains, financial position and results of HPB p.l.c., as well as companies included in consolidation as a whole.
David Tomašek Deputy Executive Director Finance Division
Tomislav Vuić President of the Management Board
Consolidated quarterly financial statements for the period from Jan 01 to Jun 30 2017 (unaudited)
| HPB GROUP | |||||
|---|---|---|---|---|---|
| Appendix 3. Reporting period: |
Jan 01 | to | Jun 30 2017 | ||
| Quarterly financial statements for credit institutions TFI-KI | |||||
| Registration number (MB): | 03777928 | ||||
| Registration number (MBS): | 080010698 | ||||
| Personal identification number (OIB): |
87939104217 | ||||
| Company. HPB p.l.c. | |||||
| Postal code and city | 10000 | ZAGREB | |||
| Address: JURIŠIĆEVA 4 | |||||
| E-mail address: [email protected] | |||||
| Internet address: www.hpb.hr | |||||
| City code and name: | ZAGREB 133 |
||||
| County code and name: | GRAD ZAGREB 21 |
# of employees: | 1.124 | ||
| Consolidated report: | YES | (as per reporting date) Industry code: |
6419 | ||
| Consolidated companies (in accordance with IFRS): | Headquarters: | Registration number: | |||
| HPB Stambena Štedionica d.d. | Savska 58, 10000 Zagreb | 02068001 | |||
| HPB Invest d.o.o. | Strojarska 20, 10000 Zagreb | 01972278 | |||
| HPB Nekretnine d.o.o. | Amruševa 8, 10000 Zagreb | 01972260 | |||
| Book-keeping service provided by: |
n/a | $\mathbf{1}$ n/a |
|||
| Contact: Tomašek David | |||||
| Phone: 014804900 | Fax: 014804594 | ||||
| E-mail address: [email protected] | |||||
| Surname and name: Vuić Tomislav | |||||
| (person authorized for representation) |
in equity and notes to financial statements)
Management report
Statement by persons accountable for compiling the report
BALANCE SHEET
| Jun 30 2017 as per |
in HRK | ||
|---|---|---|---|
| Item | AOP label |
Dec 31 2016 | Jun 30 2017 |
| $\mathbf{1}$ | $\overline{2}$ | 3 | 4 |
| ASSSETS | |||
| 1. CASH AND DEPOSITS WITH THE CNB (002+003) | 001 | 2.263.303.114 | 3.015.981.751 |
| 1.1.Cash | 002 | 421.479.852 | 552.639.844 |
| 1.2. Deposits with the CNB | 003 | 1.841.823.262 | 2.463.341.907 |
| 2. DEPOSITS WITH FINANCIAL INSTITUTIONS | 004 | 774.135.009 | 476.214.942 |
| 3. SHORT-TERM TREASURY BILLS OF THE CROATIAN MINISTRY OF FINANCE | 005 | 415.536.615 | 410.077.306 |
| 4. FINANCIAL ASSETS HELD FOR TRADING | 006 | 696.314.398 | 674.066.764 |
| 5. FINANCIAL ASSETS AVAILABLE FOR SALE | 007 | 2.630.574.528 | 2.320.703.469 |
| 6. FINANCIAL ASSETS HELD TO MATURITY | 008 | 442.835.059 | 154.375.003 |
| 7. FINANCIAL ASSETS VALUED AT FAIR VALUE THROUGH PROFIT OR LOSS. | 009 | 0 | 0 |
| NOT ACTIVELY TRADED | |||
| 8. DERIVATIVE FINANCIAL ASSETS | 010 | 3.780.197 | 0 |
| 9. LOANS TO FINANCIAL INSTITUTIONS | 011 | 81.579.680 | 26.300.164 |
| 10. LOANS TO OTHER CUSTOMERS | 012 | 11.406.936.798 | 11.640.936.202 |
| 11. INVESTMENTS IN SUBSIDIARIES, ASSOCIATED COMPANIES AND JOINT VENTURES | 013 | 7.930.000 | 20.000.000 |
| 12. REPOSSESSED ASSETS | 014 | $\Omega$ | |
| 13. TANGIBLE ASSETS (LESS DEPRECIATION) | 015 | 155.541.052 | 143.013.916 |
| 14. OTHER ASSETS | 016 | 879.444.143 | 689.703.842 |
| A) TOTAL ASSETS (001+004 to 016) | 017 | 19.757.910.593 | 19.571.373.359 |
| LIABILITIES | |||
| 1. BORROWINGS FROM FINANCIAL INSTITUTIONS (019+020) | 018 | 620.995.448 | 620.451.541 |
| 1.1. Short-term | 019 | $\Omega$ | |
| 1.2. Long-term | 020 | 620.995.448 | 620.451.541 |
| 2. DEPOSITS (022 to 024) | 021 | 14.781.982.934 | 14.661.153.462 |
| 2.1. Transactional and current accounts | 022 | 3.981.010.898 | 4.247.196.028 |
| 2.2. Savings deposits (demand) | 023 | 1.486.719.761 | 1.427.919.853 |
| 2.3. Term deposits | 024 | 9.314.252.275 | 8.986.037.581 |
| 3. OTHER BORROWINGS (026+027) | 025 | 88.426.108 | 5.184.652 |
| 3.1. Short-term | 026 | $\Omega$ | |
| 3.2. Long-term | 027 | 88.426.108 | 5.184.652 |
| 4. DERIVATIVE AND OTHER FINANCIAL LIABILITIES HELD FOR TRADING | 028 | 3.640.667 | 0 |
| 5. ISSUED SECURITIES (030+031) | 029 | 0 | $\bf{0}$ |
| 5.1. Short-term | 030 | $\mathbf 0$ | 0 |
| 5.2. Long-term | 031 | 0 | 0 |
| 6. SUBORDINATED DEBT ISSUED | 032 | 0 | 0 |
| 7. HYBRID INSTRUMENTS | 033 | $\Omega$ | $\Omega$ |
| 8. OTHER LIABILITIES | 034 | 2.317.559.985 | 2.458.127.163 |
| B) TOTAL LIABILITIES (018+021+025+028+029+032+033+034) | 035 | 17.812.605.142 | 17.744.916.818 |
| EQUITY | |||
| 1. SHARE CAPITAL | 036 | 1.214.298.000 | 1.214.298.000 |
| 2. PROFIT/(LOSS) FOR THE PERIOD | 037 | 190.502.935 | (64.556.740) |
| 3. RETAINED EARNINGS | 038 | 86.030.542 | 128.828.687 |
| 4. REGULATORY RESERVES | 039 | 6.160.835 | 15.708.573 |
| 5. STATUTARY AND OTHER CAPITAL RESERVES | 040 | 363.623.023 | 448.347.821 |
| 6. FAIR VALUE RESERVE | 041 | 84.690.116 | 83.830.200 |
| 7. RESERVES ARISING FROM HEDGING TRANSACTIONS | 042 | $\Omega$ | |
| C) TOTAL EQUITY (036 to 042) | 043 | 1.945.305.451 | 1.826.456.541 |
| D) TOTAL LIABILITIES AND EQUITY (035+043) | 044 | 19.757.910.593 | 19.571.373.359 |
| ADDENDUM TO THE BALANCE SHEET (filled-in by the banks submitting consolidated financial statement) | |||
| 1. TOTAL EQUITY | 045 | 1.945.305.451 | 1.826.456.541 |
| 2. Equity attributable to the shareholders of the parent company | 046 | 1.945.305.451 | 1.826.456.541 |
| 3. Minority interest (045-046) | 047 | 0 | $\mathbf{0}$ |
$\overline{6}$
| FRUFILUR LUSS STATEMENT Jan 01 2017 Jun 30 2017 for the period from to |
in HRK | ||||
|---|---|---|---|---|---|
| AOP | |||||
| Item | label | Jan 01 - Jun 30 2016 | Jun 01 - Jun 30 2017 | ||
| Cumulative | Quarterly | Cumulative | Quarterly | ||
| 1 | $\overline{2}$ | 3 | 4 | 5 | 6 |
| 1. Interest income | 048 | 365.690.958 | 185.855.638 | 341.825.460 | 169.278.184 |
| 2. Interest expense | 049 | 116.446.129 | 56.554.775 | 74.026.129 | 35.297.421 |
| 3. Net interest income (048-049) | 050 | 249.244.829 | 129.300.863 | 267.799.331 | 133.980.763 |
| 4. Fee and commission income | 051 | 241.954.682 | 124.871.218 | 249.466.296 | 131.701.853 |
| 5. Fee and commission expense | 052 | 149.128.168 | 76.593.276 | 148.995.769 | 76.680.300 |
| 6. Net fee and commission income (051-052) | 053 | 92.826.514 | 48.277.942 | 100.470.527 | 55.021.553 |
| 7. Gains less losses arising from investments in subsidiaries, associated companies and joint ventures |
054 | n | |||
| 8. Gains less losses from trading activities | 055 | 22.727.328 | 9.729.448 | 18.646.006 | 9.958.594 |
| 9. Gains less losses from built-in derivatives | 056 | $\Omega$ | |||
| 10. Gains less losses arising from financial assets valued at fair value through P&L, | 057 | n | |||
| not actively traded | |||||
| 11. Gains less losses arising from securities available for sale | 058 | 41.698.418 | 33.483.579 | 5.457.492 | 5.122.576 |
| 12. Gains less losses arising from securities held to maturity | 059 | 0 | 0 | ||
| 13. Gains less losses arising from hedging activities | 060 | n | $\Omega$ | ||
| 14. Income from investments in subsidiaries, associated companies and joint ventures | 061 | $\Omega$ | |||
| 15. Income from other equity instruments | 062 | 787.350 | 780.212 | 815.653 | 793.985 |
| 16. Gains less losses from exchange rate differences | 063 | 3.844.336 | 138.112 | 181.823 | (1.047.808) |
| 17. Other income | 064 | 5.365.831 | 2.148.181 | 4.588.804 | 3.044.853 |
| 18. Other operating costs | 065 | 27.488.004 | 16.225.745 | 28.547.626 | 14.482.829 |
| 19. General and administrative expenses, amortization and depreciation | 066 | 192.051.622 | 97.078.121 | 196.859.876 | 97.848.144 |
| 20. Operating profit (050+053 to 064-065-066) | 067 | 196.954.980 | 110.554.471 | 172.552.134 | 94.543.543 |
| 21. Impairment losses and provisions | 068 | 104.014.667 | 62.874.617 | 237.033.993 | 165.319.216 |
| 22. PROFIT/(LOSS) BEFORE TAX (067-068) | 069 | 92.940.313 | 47.679.854 | (64.481.859) | (70.775.673) |
| 23. INCOME TAX EXPENSE / DEFERRED TAX | 070 | (2.023.479) | 534.612 | 74.881 | (3.375.802) |
| 24. NET PROFIT/(LOSS) FOR THE PERIOD (069-070) | 071 | 94.963.792 | 47.145.242 | (64.556.740) | (67.399.871) |
| 25. Earnings per share | 072 | 47 | 23 | (32) | (33) |
| ADDENDUM TO THE P&L (filled-in by the banks submitting consolidated financial statement) | |||||
| 1. PROFIT FOR THE PERIOD | 073 | 94.963.792 | 47.145.242 | (64.556.740) | (67.399.871) |
| 2. Attributable to the shareholders of the parent company | 074 | 94.963.792 | 47.145.242 | (64.556.740) | (67.399.871) |
| 3. Minority interest (073-074) | 075 | O | 0 | $\mathbf{0}$ |
DROEIT OR LOSS STATEMENT
CASH FLOW STATEMENT - INDIRECT METHOD
for the period from $\begin{bmatrix} \text{Jan 01 2017} \ \text{Jan 01 2017} \end{bmatrix}$ to $\begin{bmatrix} \text{Jun 30 2017} \ \text{Jun 30 2017} \end{bmatrix}$
| Jun 30 2017 Jan 01 2017 for the period from to |
in HRK | ||
|---|---|---|---|
| Item | AOP label |
Jan 01 - Jun 30 2016 Jan 01 - Jun 30 2017 | |
| $\overline{1}$ | $\overline{2}$ | 3 | 4 |
| OPERATING ACTIVITIES | |||
| 1. Cash flow from operating activities before changes in assets (002 to 007) | 001 | 212.280.166 | 196.316.874 |
| 1.1. Profit/(loss) before tax | 002 | 92.940.313 | (64.481.859) |
| 1.2. Impairment losses and provisions | 003 | 104.014.667 | 237.033.993 |
| 1.3. Amortization and depreciation | 004 | 21.914.367 | 22.445.964 |
| 1.4. Net unrealised gains less losses from financial assets valued at fair value through profit or loss |
005 | (2.744.845) | 23.999 |
| 1.5. Gains / losses from sale of tangible assets | 006 | $\mathbf 0$ | 1.476.600 |
| 1.6. Other gains / losses | 007 | (3.844.336) | (181.823) |
| 2. Net increase / decrease of operating assets (009 to 016) | 008 | (795.214.115) | (146.400.284) |
| 2.1. Deposits with the CNB | 009 | (111.498.102) | (621.518.645) |
| 2.2. Tresury bills of the Croatian Ministry of Finance | 010 | (98.455.125) | 5.459.309 |
| 2.3. Deposits with and loans to financial institutions | 011 | 129.131.318 | 297.920.067 |
| 2.4. Loans to other customers | 012 | (545.056.413) | (339.485.304) |
| 2.5. Financial assets held for trading | 013 | (198.963.521) | 22.223.635 |
| 2.6. Financial assets available for sale | 014 | 20.685.409 | 311.669.025 |
| 2.7. Financial assets valued at fair value through profit or loss, not actively traded | 015 | ||
| 2.8. Other operating assets | 016 | 8.942.319 | 177.331.629 |
| 3. Net increase / decrease of operating liabilities (018 to 021) | 017 | 864.651.599 | 16.097.039 |
| 3.1. Transactional accounts | 018 | 387.734.131 | 266.185.130 |
| 3.2. Savings and term deposits | 019 | 393.063.535 | (387.014.602) |
| 3.3. Derivative financial liabilities and other liabilities actively traded | 020 | $\Omega$ | (3.640.667) |
| 3.4. Ostale liabilities | 021 | 83.853.933 | 140.567.178 |
| 4. Net cash flow from operating activities before taxation | |||
| $(001+008+017)$ | 022 | 281.717.650 | 66.013.629 |
| 5. Income tax paid | 023 | (65.680) | (776.410) |
| 6. Net cash inflow / outflow from operating activities (022+023) | 024 | 281.651.970 | 65.237.219 |
| INVESTING ACTIVITIES | |||
| 7. Net cash flow from investing activities (026 to 030) | 025 | (9.917.403) | 148.805.259 |
| 7.1. Purchase of tangible and intangible assets | 026 | (18.874.869) | (16.363.476) |
| 7.2. Investment in / disposal of subsidiaries, associated companies and joint ventures | 027 | $\Omega$ | |
| 7.3. Investment in / disposal of financial assets held to maturity | 028 | 8.170.116 | 164.353.082 |
| 7.4. Dividends received | 029 | 787.350 | 815.653 |
| 7.5. Other inflows / outflows from investing activities | 030 | 0 | $\mathbf{0}$ |
| FINANCIAL ACTIVITIES | |||
| 8. Net cash flow from financial activities (032 to 037) | 031 | (233.595.293) | (83.785.363) |
| 8.1. Net increase / decrease of borrowings | 032 | (202.833.078) | (83.785.363) |
| 8.2. Net increase / decrease of issued debt securities | 033 | 0 | 0 |
| 8.3. Net increase / decrease of subordinated debt and hybrid instruments | 034 | $\overline{0}$ | $\overline{0}$ |
| 8.4. Share capital raised | 035 | $\overline{0}$ | $\overline{0}$ |
| 8.5. Dividends paid | 036 | (30.762.215) | $\overline{0}$ |
| 8.6. Other inflows / outflows from financial activities | 037 | $\mathbf{0}$ | 0 |
| 9. Net increase / decrease of cash and cash equivalents | 038 | 38.139.274 | 130.257.115 |
| $(024+025+031)$ | |||
| 10. Effect of foreign exchange differences on cash and cash equivalents | 039 | 193.857 | 902.877 |
| 11. Net increase/(decrease) in cash and cash equivalents (038+039) | 040 | 38.333.131 | 131.159.992 |
| 12. Cash and cash equivalents at the beginning of the year | 041 | 412.197.218 | 421.479.852 |
| 13. Cash and cash equivalents as per reporting date (040+041) | 042 | 450.530.349 | 552.639.844 |
8
| STATEMENT OF CHANGES IN EQUITT | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| for the period from | Jan 01 2017 | to | Jun 30 2017 | in HRK | |||||
| AOP | Attributable to the shareholders of the parent company | ||||||||
| Item | label | Share capital | Own shares | Regulatory, statutory and other reserves |
Retained earnings | Profit/(loss) for the period |
Fair value reserve | Minority interest | Total equity |
| $\mathbf{2}$ | 6 | $\mathbf{R}$ | 9 | 10 | |||||
| Balance as per Jan 01 2017 | 001 | 1.214.775.000 | (477.000) | 369.783.858 | 86.030.542 | 190.502.935 | 84.690.116 | 1.945.305.451 | |
| Effects of changes in accounting policies and corrections of errors |
002 | (53.432.254) | (53.432.254) | ||||||
| Restated balance as per Jan 01 2017 (001+002) | 003 | 1.214.775.000 | (477.000) | 369.783.858 | 32.598.288 | 190.502.935 | 84.690.116 | 1.891.873.197 | |
| Disposal of financial assets available for sale | 004 | 817.457 | 817.457 | ||||||
| Change in the fair value of financial assets available for sale | 005 | (1.797.966) | (1.797.966) | ||||||
| Tax on items recognised directly in/transferred from equity |
006 | 120.593 | 120.593 | ||||||
| Other gains and (losses) recognised directly in equity | 007 | ||||||||
| Net gains/(losses) recognised directly in equity (004+005+006+007) |
008 | (859.916) | (859.916) | ||||||
| Loss for the period | 009 | (64.556.740) | (64.556.740) | ||||||
| Total recognized income and expense for the period $(008 + 009)$ |
010 | (64.556.740) | (859.916) | (65.416.656) | |||||
| hcrease/decrease in share capital | 011 | ||||||||
| Purchase/sale of own shares | 012 | ||||||||
| Other changes | 013 | ||||||||
| Transfer to reserves | 014 | 94.272.536 | 96.230.399 | (190.502.935) | |||||
| Dividends paid | 015 | ||||||||
| Profit allocation (014+015) | 016 | 94.272.536 | 96.230.399 | (190.502.935) | |||||
| Balance as per Jun 30 2017 (003+010+011+012+013+016) | 017 | 1.214.775.000 | (477.000) | 464.056.394 | 128.828.687 | (64.556.740) | 83.830.200 | 1.826.456.541 |
1) INTEREST INCOME
| . . |
|||||
|---|---|---|---|---|---|
| Jan 01 - Jun 30 2016 | Jan 01 - Jun 30 2017 | ||||
| Cumulative | Quarterly | Cumulative | Quarterly | ||
| Loans | 297.408.428 | 151.715.022 | 290.748.923 | 145.449.321 | |
| Deposits | 913.215 | 455.638 | (1.269.860) | (660.428) | |
| Securities | 67.369.315 | 33.684.978 | 52.346.397 | 24.489.291 | |
| TOTAL | 365.690.958 | 185.855.638 | 341.825.460 | 169.278.184 |
| in HRK 2) INTEREST EXPENSE |
||||||
|---|---|---|---|---|---|---|
| Jan 01 - Jun 30 2016 | Jan 01 - Jun 30 2017 | |||||
| Cumulative | Quarterly | Cumulative | Quarterly | |||
| Borrowings | 9.809.647 | 4.222.281 | 6.904.796 | 992.348 | ||
| Deposits | 106.636.482 | 52.332.494 | 67.121.333 | 34.305.073 | ||
| TOTAL | 116.446.129 | 56.554.775 | 74.026.129 | 35.297.421 |
| 3) FEE AND COMMISSION INCOME in HRK |
|||||||
|---|---|---|---|---|---|---|---|
| Jan 01 - Jun 30 2016 | Jan 01 - Jun 30 2017 | ||||||
| Cumulative | Quarterly | Cumulative | Quarterly | ||||
| Cash payment operations - channels | 142.299.923 | 72.279.084 | 138.969.150 | 70.754.937 | |||
| Retail and card operations | 64.313.267 | 33.086.071 | 72.862.756 | 41.659.120 | |||
| Corporate operations | 26.791.777 | 14.504.588 | 27.722.194 | 14.434.468 | |||
| Other fee and commission income | 8.549.715 | 5.001.475 | 9.912.196 | 4.853.328 | |||
| TOTAL | 241.954.682 | 124.871.218 | 249.466.296 | 131.701.853 |
| in HRK 4) FEE AND COMMISSION EXPENSE |
||||||
|---|---|---|---|---|---|---|
| Jan 01 - Jun 30 2016 | Jan 01 - Jun 30 2017 | |||||
| Cumulative | Quarterly | Cumulative | Quarterly | |||
| Payment operations | 141.241.685 | 73.079.359 | 139.228.922 | 70.870.813 | ||
| Other fee and commission expense | 7.886.483 | 3.513.917 | 9.766.847 | 5.809.487 | ||
| TOTAL | 149.128.168 | 76.593.276 | 148.995.769 | 76.680.300 |
| in HRK 5) GAINS LESS LOSSES FROM TRADING ACTIVITIES |
|||||||
|---|---|---|---|---|---|---|---|
| Jan 01 - Jun 30 2016 | Jan 01 - Jun 30 2017 | ||||||
| Cumulative | Quarterly | Cumulative | Quarterly | ||||
| Securities and equity instruments | 2.974.434 | (1.244.229) | 805.087 | 89.241 | |||
| FX transactions | 20.729.422 | 10.942.795 | 17.652.385 | 9.644.730 | |||
| HRK cash transactions | 189.105 | 166.922 | 209.545 | 201.495 | |||
| Derivatives | (1.165.633) | (136.040) | (21.011) | 23.128 | |||
| TOTAL | 22.727.328 | 9.729.448 | 18.646.006 | 9.958.594 |
| in HRK 6) OPERATING EXPENSES |
||||||
|---|---|---|---|---|---|---|
| Jan 01 - Jun 30 2016 | Jan 01 - Jun 30 2017 | |||||
| Cumulative | Quarterly | Cumulative | Quarterly | |||
| General and administrative expenses | 170.137.255 | 86.201.367 | 174.413.912 | 86.739.433 | ||
| Amortization and depreciation | 21.914.367 | 10.876.754 | 22.445.964 | 11.108.711 | ||
| Savings deposit insurance costs | 17.540.795 | 8.779.404 | 17,803.541 | 8.557.002 | ||
| Other costs | 9.947.209 | 7.446.341 | 10.744.085 | 5.925.827 | ||
| TOTAL | 219 539 626 | 113 303 866 | 225.407.502 | 112.330.973 |
| in HRK 7) IMPAIRMENT LOSSES AND PROVISION EXPENSES |
|||||||
|---|---|---|---|---|---|---|---|
| Jan 01 - Jun 30 2016 | Jan 01 - Jun 30 2017 | ||||||
| Cumulative | Quarterly | Cumulative | Quarterly | ||||
| Individually identified impairment losses | |||||||
| (risk group BiC) | 81.526.739 | 36.748.023 | 249.310.558 | 172.551.172 | |||
| Portfolio based provisions for identified losses (risk group A) | 5.512.889 | 9.239.492 | (301.474) | 6.174.909 | |||
| Other provisions | 16.975.039 | 16.887.102 | (11.975.091) | (13.406.865) | |||
| TOTAL | 104.014.667 | 62.874.617 | 237.033.993 | 165.319.216 |
$in HDR$
| 8) CASH AND DEPOSITS WITH THE CNB | in HRK | |
|---|---|---|
| Dec 31 2016 | Jun 30 2017 | |
| CASH | 421.479.852 | 552.639.844 |
| IDEPOSITS WITH THE CNB | 1.841.823.262 | 2.463.341.907 |
| Mandatory reserve | 1.300.796.321 | 1.215.090.831 |
| Account for transaction settlement | 541.026.941 | 1.248.251.076 |
| MANDATORY TREASURY BILLS | ||
| Portfolio based impairment allowance for identified losses | ||
| TOTAL | 2.263.303.114 | 3.015.981.751 |
| 9) DEPOSITS WITH FINANCIAL INSTITUTIONS in HRK |
||||
|---|---|---|---|---|
| Dec 31 2016 | Jun 30 2017 | |||
| Deposits with foreign banking institutions | 753.064.739 | 451.763.427 | ||
| Deposits with domestic banking institutions | 21.070.270 | 24.451.515 | ||
| Portfolio based impairment allowance for identified losses | ||||
| ITOTAL | 774.135.009 | 476.214.942 |
| 10) EQUITY INSTRUMENTS AND SECURITIES | in HRK | |
|---|---|---|
| Dec 31 2016 | Jun 30 2017 | |
| Short term Treasury bills of the Croatian Ministry of Finance | 415.536.615 | 410.077.306 |
| Financial assets held for trading | 551.322.886 | 674.066.764 |
| Financial assets available for sale | 2.630.574.528 | 2.320.703.469 |
| Financial assets held to maturity | 450.105.787 | 155.168.902 |
| Portfolio based impairment allowance for identified losses | (6.771.524) | (775.376) |
| Deferred front-end fee | (499.204) | (18.523) |
| TOTAL | 4.040.269.088 | 3.559.222.542 |
| Dec 31 2016 | Jun 30 2017 | |
|---|---|---|
| Gross Ioans | ||
| Loans to financial institutions | 81.583.376 | 26.304.310 |
| Loans to companies | 3.831.863.830 | 4.074.743.681 |
| Retail Ioans | 4.966.265.650 | 5.154.345.019 |
| therein: housing loans | 1.608.068.882 | 1.702.950.185 |
| Other loans | 4.040.077.723 | 3.935.230.902 |
| TOTAL GROSS LOANS | 12.919.790.579 | 13.190.623.912 |
| Impairment allowance | (1.280.732.419) | (1.363.681.540) |
| Portfolio based impairment allowance for identified losses | (104.459.180) | (111.251.948) |
| Deferred front-end fee | (46.082.502) | (48.454.058) |
| TOTAL | 11.488.516.478 | 11.667.236.366 |
in HRK
| 12) DEPOSITS | in HRK | |
|---|---|---|
| Dec 31 2016 | Jun 30 2017 | |
| Financial institutions | 1.153.448.334 | 1.156.813.796 |
| Corporations | 3.009.235.694 | 3.203.283.977 |
| Retail | 9.166.235.142 | 9.062.666.285 |
| Other | 1.453.063.764 | 1.238.389.404 |
| TOTAL | 14.781.982.934 | 14.661.153.462 |
| 13) BORROWINGS | in HRK | |
|---|---|---|
| Dec 31 2016 | Jun 30 2017 | |
| Borrowings from HBOR | 624.696.401 | 624.712.782 |
| Borrowings from domestic banking institutions | $\overline{\phantom{a}}$ | |
| Borrowings from domestic non-banking institutions | ||
| Borrowings from foreign banking institutions | 88.426.109 | 5.184.652 |
| Deferred front-end fee | (3.700.954) | (4.261.241) |
| TOTAL | 709.421.556 | 625.636.193 |
| 14) OTHER LIABILITIES | in HRK | |
|---|---|---|
| Dec 31 2016 | Jun 30 2017 | |
| Restricted deposits | 1.715.292.949 | 1.946.450.797 |
| Interest and fees payable | 58.731.565 | 52.160.373 |
| Provisions for off-balance sheet exposure | 22.291.290 | 35.371.408 |
| Other | 521.244.181 | 424.144.585 |
| TOTAL | 2.317.559.985 | 2.458.127.163 |
The Group's subsidiaries are as follows:
| Industry | Country | Ownership as per Jun 30 2017 (%) |
|
|---|---|---|---|
| HPB Invest d.o.o. | Investment Fund Management | Croatia | 100,00 |
| Real Estate Agency and | |||
| HPB Nekretnine d.o.o. | Construction | Croatia | 100,00 |
| HPB-Stambena štedionica d.d. | Savings Bank | Croatia | 100,00 |
Subsidiaries are consolidated in the Group's financial statements. HPB Invest d.o.o., HPB Nekretnine d.o.o., HPB-Stambena štedionica d.d. are fully consolidated.
As per the reporting date, Bank has a 58,17% ownership stake in H1 TELEKOM d.d., acquired via debt-to-equity swap. This ownership stake is classified as assets held for sale in accordance with IFRS 5 Non-Current Assets Held for Sale and Discountinued Operations.
H1 Telekom d.d. signed the merger agreement with OT-Optima Telekom d.d. Pursuant to the agreement, H1 Telekom d.d. as the transferor company, will be merged with OT-Optima Telekom d.d. as a transferee, by transferring the entire property and all rights and obligations of H1, without liquidation of the transferor company. Merger has commenced in front respective commercial courts of both companies, and corporate governance change in H1 TELEKOM has begun.
As per reporting date, financial position of H1 Telekom is no longer included in the consolidated financial statements of HPB Group, because conditions for consolidation outlined in IFRS 10 Consolidated Financial Statements with respect to control that Bank had over the subject, are not met.
There were no changes in accounting policies of the Group during the reporting period which might have impact on financial position or results of the Group.
Ownership structure of HPB p.l.c., the parent company of Group, as per March 31 2017 was as follows:
| Shareholder | Ownership stake |
|---|---|
| Republic of Croatia (Ministry of State Assets) | 42,43% |
| HP Hrvatska pošta Plc | 11,93% |
| State Agency for Deposit Insurance and Bank Resolution | 8,98% |
| Croatian Pension Insurance Insitute (Ministry of State Assets) | 8,76% |
| Prosperus Invest d.o.o., for Prosperus FGS | 4,94% |
| PBZ CROATIA OSIGURANJE OMF (B category) | 4,12% |
| ERSTE d.o.o. for ERSTE PLAVI OMF (B category) | 3,90% |
| Allianz ZB d.o.o., for AZ OMF (B category) | 2,88% |
| CROATIA osiguranje Plc. | 2,47% |
| Fund for Financing the Decommissioning of the Krško Nuclear Power Plant and the Disposal of NEK Radioactive Waste and Spent Nuclear Fuel |
2,36% |
| RAIFFEISEN D.D., for Raiffeisen OMF (B category) | 2,20% |
| Minorities | 4,99% |
| Own shares | 0,04% |
Share HPB-R-A is listed on the Official Market of ZSE. The last price per share at the end of the reporting period was HRK 549,99 (Jun 30 2017) representing a decrease of 26,8% when compared to the last traded price in 2016 (HRK 751,00 on Dec 30 2016).
Trading during the reporting period was as follows:
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