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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)
VI. Information and disclosures on statement of cash flows
1. Disclosures for “other” items in statement of cash flows and effect of change in foreign currency rates cash and cash equivalents
“Other” balance under the “operating profit before changes in operating assets and liabilities” amounting to TL (210,587) (31 December 2012: TL
237,149) is comprised of income from capital market transactions and derivative financial instruments and foreign exchange gains for the year ended.
“Net increase/decrease in other liabilities” amounting to TL 6,889,370 (31 December 2012: TL 3,295,568) under “changes in operating assets and
liabilities” is mainly comprised of cash inflows from repurchase agreements.
“Other” balance under “net cash flow from investing activities” amounting to TL 38,022 (31 December 2012: TL 29,046) is comprised of purchases of
intangible assets.
Since unrealized gains and losses arising from foreign exchange rate changes are not regarded as cash flows, the effect of changes in foreign exchange
rate on cash and cash equivalents in foreign currency has been calculated as TL (8,205) (31 December 2012: TL 1,666) and presented in the statement
of cash flows in order to reconcile cash and cash equivalents balances at the beginning and end of the year.
2. Cash outflows from acquisition of associates, subsidiaries and joint-ventures
In the current period, subsequent to the approval of the decision to increase the paid capital of Taksim Otelcilik AŞ, a subsidiary of the Bank, from TL
97,150 to TL 269,257, by the Extraordinary General Assembly of the company on 27 August 2013, the share of the Bank is increased from TL 49,547 to
TL 137,324 (TL 57,176 from retained earnings and TL 30,601 from cash, in total TL 87,777) and the share portion of the Bank is remained the same. TL
7,650 is paid on 13 September 2013 and TL 22,950 is paid on 2 December 2013 from TL 30,601 which is Bank’s share of cash capital commitment. The
share of the Bank amounting to TL 57,176 is presented in the bonus shares received and TL 30,601 is presented in the acquisitions and capital increases
in the movement table of investments in subsidiaries.
In the current period, subsequent to the approval of the decision to increase the paid-in capital of Vakıf International AG, a subsidiary of the Bank, from
EUR 45,000 (in thousands) to EUR 70,000 (in thousands), by the General Assembly of the company, the share of the Bank amounting to TL 51,626 is
presented in acquisitions and capital increases in the movement table of investments in subsidiaries.
In the current period, the capital of İstanbul Takas ve Saklama Bankası, an associate of the Bank, has been increased from TL 60,000 to TL 420,000, TL
180,000 is paid from its own resources and TL 180,000 is paid in cash amounting to TL 360,000 in total. The share of the Bank amounting to TL 8,745 is
presented as bonus shares received and TL 8,745 is presented as acquisitions and capital increases in the movement table of investments in associates.
The Bank has paid TL 1,000 of amount capital commitment to its associate Kredi Garanti Fonu AŞ with respect to funding requirement of the associate in
the current year. Per General Assembly of the Kredi Garanti Fonu a subsidiary of the Bank held on 30 May 2012, the decision for merger of Türk Ekonomi
Bankası AŞ and Fortisbank AŞ has taken. Due to this merger, the shares of the Fortisbank have been transferred to Türk Ekonomi Bankası AŞ hence the
principle of equality in partnership between banks has been invalidated. In result, the shares are decided to be distributed equally between banks. The
TL 211 which is the amount corresponding to Bank share has been paid in the current year. The related amount has been presented in “Cash paid for
purchase of associates, subsidiaries and joint-ventures” line of “Net cash flow from investing activities” section of the Cash flow statement.
3. Cash flows from the disposal of associates, subsidiaries and joint-ventures
There is no disposal in associates, subsidiaries and joint-ventures in the current year.
VAKIFBANK ANNUAL REPORT 2013
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