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Türkiye Vakıflar Bankası Türk Anonim Ortaklığı
Unconsolidated Financial Report as at and
For the Year Ended 31 December 2013
(Currency: Thousands of Turkısh Lıra (“TL”))
(Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish, See Section 3 Note I)
Movement table of investments in associates
Current Year
Prior Year
Balance at the beginning of the year
398,063
219,527
Movements during the year
(152,540)
178,536
Transfers
(155,712)
-
Acquisitions
8,745
1,211
Bonus shares received
25,500
26,514
Income/Loss from investments under equity accounting
-
-
Sales and liquidations
-
-
Fair value changes
(31,073)
150,811
Impairment losses
-
-
Balance at the end of the year
245,523
398,063
Capital commitments
-
-
Share percentage at the end of the year (%)
-
-
The liquidation process of World Vakıf UBB Ltd, an associate of the Bank, has been carried out by NCTR Collecting and Liquidation Office. The application
of the company for cancellation of the liquidation has been rejected and the decision of liquidation has been agreed. Thus, the company’s name has
been changed as “World Vakıf UBB Ltd in Liquidation”.
Vakıf Gayrimenkul Yatırım Ortaklığı AŞ and Vakıf B Tipi Menkul Kıymetler Yatırım Ortaklığı AŞ that were accounted as investments in associates in 2012
have been classified as subsidiary beginning from 1 January 2013 and presented in the transfers in movement table of investments in associates.
Roketsan Roket Sanayi ve Ticaret AŞ, an associate of the Bank, has merged with its subsidiary Tapasan-Hassas Mekanik ve Elektronik Sanayi ve Ticaret
AŞ, with dissolution of Tapasan-Hassas Mekanik ve Elektronik Sanayi ve Ticaret AŞ without liquidation. The merge has been registered in trade registry
gazette on 29 June 2012. With the merger, the share of the Bank has increased by TL 4 from TL 14,600 to TL 14,604 and the ownership ratio of the
Parent Bank has decreased from 10.00% to 9.93% due to two new shareholders from Tapasan-Hassas Mekanik ve Elektronik Sanayi ve Ticaret AŞ.
As per 5 April 2012 dated and 4686 numbered decision of the BRSA, Kredi Kayıt Bürosu AŞ and Bankalararası Kart Merkezi AŞ has been classified as non-
financial associates. Based on this decision, Kredi Kayıt Bürosu AŞ ve Bankalararası Kart Merkezi have been transferred to “Other Business Enterprises”
account from “Other financial investments” account.
The name of World Vakıf Off Shore Banking Ltd, a subsidiary of the Bank, was changed as World Vakıf UBB. Ltd. on 4 February 2009. Pursuant to the 4
March 2010 dated and 764 numbered decision of Board of Directors of Central Bank of Turkish Republic of Northern Cyprus, the official authorisation
of World Vakıf UBB Ltd., operating in NCTR, is abrogated due to incompliance with the 7th and 9th articles of 41/2008 numbered Law of International
Banking Units. According to 24 May 2010 dated decision of the Nicosia Local Court, World Vakıf UBB Ltd. will be liquidated and NCTR Company Registrar
is appointed to carry out liquidation process. In year 2010, due to loss of control over Company, World Vakıf UBB Ltd. has been reclassifed “Investments
in associates”.
Sectoral distribution of investments and associates and related carrying values
Current Year
Prior Year
Banks
229,912
226,740
Insurance Companies
-
-
Factoring Companies
-
-
Leasing Companies
-
-
Finance Companies
-
-
Other Financial Associates
4,211
159,923
Total
234,123
386,663
VAKIFBANK ANNUAL REPORT 2013
167