Basic HTML Version
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
The clause “The amount which to be deducted as investment incentive to estimate tax base can not exceed 25% of related income” which has been
added to first clause of the temporary 69th article of Law No: 193 with the 5th article of Law No: 6009 on Amendments to Income Tax Law and Some
Other Laws and Decree Laws has been abrogated with the 9 February 2012 dated decisions no: E.2010/93 and K.2012/20.
XIX. Additional information on borrowings
Group obtains funding resources such as syndication and securitization transactions in case of need. In the current period, the Parent Bank obtained
funds through issuance of bonds and bills domesticly and internationally.
These transactions are initially recognized at acquisition costs at the transaction date and are subsequently measured at amortized cost using effective
interest method.
XX. Information on issuance of equity securities
The shares of the Parent Bank having nominal value of TL 322,000,000 (full TL), representing the 25.18% of the Bank’s outstanding shares, was publicly
offered at a price between TL 5.13-5.40 for each share having a nominal value of TL 1 on November 2005, and TL 1,172,347 was recorded as “Share
Premiums” in shareholders’ equity. TL 448,429 of this amount has been utilized in capital increase on 19 December 2006.
XXI. Information on confirmed bills of exchange and acceptances
Confirmed bills of exchange and acceptances are realized simultaneously with the customer payments and recorded in off-balance sheet accounts as
possible debt and commitment, if any. As at the balance sheet date, there are no acceptances recorded as liability in return for assets.
XXII. Information on government incentives
As at 31 December 2013, Vakıf Finansal Kiralama AŞ, a consolidated subsidiary of the Group, has unused investment incentives amounting to TL 253,039
(31 December 2012: TL 272,445).
XXIII. Information on segment reporting
Operational segments are determined based the structure of the Group’s risks and benefits and presented in Section Four Note X.
XXIV. Other disclosures
Earnings per shares
Earning per share has been calculated by dividing the net profit for the period to weighted average of outstanding shares. In Turkey, the companies may
perform capital increase (“Bonus Shares”) from retained earnings. In earning per share computation bonus shares are treated as issued shares.
As at and for the year ended 31 December 2013, earning per 100 shares is TL 0.6513 (31 December 2012: TL 0.5694).
Related parties
Shareholders, top executives and board members are accepted as related party personally, with their families and companies according to TAS 24 -
Related Party Disclosures Standard
. Transactions made with related parties are disclosed in Section Five Note VII.
Cash and cash equivalents
Cash and cash equivalents which is a base for preparation of cash flow statement includes cash in TL, cash in FC, cheques, demand deposits for both
Central Bank of Turkey (“CBT”) and other banks, money market placements and time deposits at banks and marketable securities whose original
maturity is less than 3 months.
VAKIFBANK ANNUAL REPORT 2013
223