VKF_FRAE_2018_uyg11

VakıfBank Annual Report 2018 279 CONVENIENCE TRANSLATION OF PUBLICLY ANNOUNCED UNCONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH, SEE NOTE I. OF SECTION THREE TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI AND ITS FINANCIAL SUBSIDIARIES NOTES TO THE UNCONSOLIDATED FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED DECEMBER 31, 2018 (Amounts expressed in thousands of Turkish Lira (“TL”) unless otherwise stated.) Transferable retirement and health liabilities Current Period - December 31, 2018 Net Present Value of Transferable Retirement Liabilities (6,942,347) Net Present Value of Transferable Retirement and Health Contributions 5,148,673 General Administration Expenses (69,423) Present Value of Pension and Medical Benefits Transferable to SSF (1) (1,863,097) Fair Value of Plan Assets (2) 5,029,717 Asset Surplus over Transferable Benefits ( (2) -(1)= (3) ) 3,166,620 Transferable retirement and health liabilities Prior Period - December 31, 2017 Net Present Value of Transferable Retirement Liabilities (5,495,589) Net Present Value of Transferable Retirement and Health Contributions 4,317,510 General Administration Expenses (99,503) Present Value of Pension and Medical Benefits Transferable to SSF (1) (1,277,583) Fair Value of Plan Assets (2) 5,360,551 Asset Surplus over Transferable Benefits ( (2) -(1)= (3) ) 4,082,968 Actuarial assumptions used in valuation of Non Transferable Benefits based on IAS 19 are as follows . Discount Rates Current Period - December 31, 2018 Benefits Transferable to SSI %9.80 Non Transferable Benefits %2.50 Discount Rates Prior Period - December 31, 2017 Benefits Transferable to SSI %9.80 Non Transferable Benefits %2.50 Distribution of total assets of the Retirement Fund as of December 31, 2018 and December 31, 2017 is presented below: Current Period - December 31, 2018 Bank placements 2,453,589 Government Bonds and Treasury Bill, Fund and Accrual Interest Income 659,360 Tangible assets (*) 1,723,954 Other 192,812 Total 5,029,717