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Türkiye Vakıflar Bankası Türk Anonim Ortaklığı
and Its Financial Subsidiaries Consolidated Financial Report as at and
For the Year Ended 31 December 2013
(Currency: Thousands of Turkish Lira (“TL”))
Convenience Translation of the Consolidated Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish, See Section 3 Note I
Foreign exchange differences resulting from amortized costs of foreign currency denominated available-for-sale financial assets are recognized in
the statement of income whilst foreign exchange differences resulting from unrealized gains and losses are presented in “valuation differences of
marketable securities” under equity.
If the net investments in associates and subsidiaries operating in foreign countries are measured at cost, they are reported as translated into TL by
using the foreign exchange rate at the date of transaction. If related associates and subsidiaries are measured at fair value, net foreign operations are
reported as translated into TL by the rates prevailing at the date of the determination of the fair value.
Foreign currency differences arising from the translation of the financial statements of the net investment in foreign operations into TL for consolidation
purpose are classified as “foreign currency differences arising from associates, subsidiaries, and joint ventures” sub account under “other profit reserves”
presented in equity.
III. Information on companies subject to consolidation
Investments in consolidated companies
As at and the year ended 31 December 2013, the financial statements of T. Vakıflar Bankası TAO, Vakıf International AG, Vakıf Finansal Kiralama AŞ,
Güneş Sigorta AŞ, Vakıf Emeklilik AŞ, Vakıf Finans Factoring Hizmetleri AŞ, Vakıf Yatırım Menkul Değerler AŞ, Vakıf Portföy Yönetimi AŞ, Vakıf Gayrimenkul
Yatırım Ortaklığı AŞ ve Vakıf B Tipi Menkul Kıymetler Yatırım Ortaklığı AŞ have been included in the consolidated financial statements of the Group.
Vakıf International AG
, was established in 1999 to operate in the banking sector in foreign countries, in line with the Bank’s globalization policy. Its head
office is in Vienna.
Vakıf Finansal Kiralama AŞ
, was established in 1988 to enter into finance lease operations and related transactions and contracts. Its head office is in
Istanbul.
Güneş Sigorta AŞ
was established under the leadership of the Bank and Toprak Mahsulleri Ofisi in 1957. The Company has been operating in nearly all
non-life insurance branches like fire, accident, transaction, engineering, agriculture, health, forensic protection, and loan insurance. Its head office is in
Istanbul.
Vakıf Emeklilik AŞ
was established under the name Güneş Hayat Sigorta AŞ in 1991. In 2003 the Company has taken conversion permission from
Treasury and started to operate in private pension system. Its head office is in Istanbul.
Vakıf Finans Factoring Hizmetleri AŞ
was established in 1998 to perform factoring transactions and any kind of financing transactions. Factoring, the
main operation of the Company, is a financing method that includes the trade receivables of production, distribution and service companies to be sold
to intermediary institutions. Its head office is in Istanbul.
Vakıf Yatırım Menkul Değerler AŞ
was established in 1996 to provide service to investors through making capital markets transactions, issuance of
capital market tools, commitment of repurchase and sales, and purchase and sales of marketable securities, operating as a member of stock exchange,
investment consultancy, and portfolio management. Its head office is in Istanbul.
Vakıf Portföy Yönetimi AŞ
operates in investment fund management, portfolio management and pension fund management. Its head office is in
Istanbul.
Vakıf Gayrimenkul Yatırım Ortaklığı AŞ
was established as the first real estate investment partnership in finance sector under the adjudication of
Capital Markets Law in 1996. The Company’s main operation is in line with the scope in the Capital Markets Board’s regulations relating to real estate
investment trusts like, real estates, capital market tools based on real estates, real estate projects and investment on capital market tools. Its head
office is in Istanbul.
Vakıf B Tipi Menkul Kıymetler Yatırım Ortaklığı AŞ
was established in 1991 in Istanbul. The main operation of the Company is to invest a portfolio
including marketable debt securities, equity securities without having managerial power in the partnerships whose securities have been acquired; and
gold and other precious metals traded in national and international stock exchange markets or active markets other than stock exchange markets, in
accordance with the principles and regulations promulgated by Capital Markets Board. Its head office is in Istanbul.
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, a subsidiary which was subject to consolidation in previous periods, is abrogated due to incompliance with the
7th and 9th articles of 41/2008 numbered Law of International Banking Units. World Vakıf UBB Ltd. will be liquidated according to 24 May 2010 dated
decision of the Nicosia Local Court. Therefore, the financial statements of the company have not been consolidated as at 31 December 2013 and 31
December 2012 but its equity until the liquidation decision date has included in the accompanying consolidated financial statements.
The liquidation process of World Vakıf UBB Ltd, an associate of the Parent 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”.
VAKIFBANK ANNUAL REPORT 2013
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