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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
13. Information on intangible assets
Bank’s intangible assets consist of computer softwares. The estimated useful life of intangible assets is five years. Intangible assets are amortized on a
straight-line basis through the estimated useful lives over their costs adjusted for inflation for the items purchased before 31 December 2004, over their
initial costs for the items purchased after 31 December 2004.
In the current year an intangible asset that presents severity for the financial statements does not exist.
Additionally the Group does not have intangible assets, which are obtained by government incentives, recorded at fair value, have utulisation
restrictions or have been pledged.
The Group has not declared a commitment to purchase intangible assets.
14. Information on investment properties
As at 31 December 2013, the Group has investment property amounting to the net book value amounting to TL 20,829 (31 December 2012: TL 19,646)
for the subsidiaries operating in the insurance business.
15. Information on deferred tax assets
Items generating deferred tax assets or liabilities are listed below as at 31 December 2013 and 2012:
Current Year
Previous Year
Provision for employee termination benefits and unused vacations
73,189
61,564
Other provisions
45,538
47,237
Valuation differences of financial assets and liabilities
16,172
45,149
Valuation difference for associates and subsidiaries
26,465
28,531
Investment incentives
21,053
26,052
Tax losses carried forward
24,601
13,479
Reporting Standarts - Tax Code depreciation differences
8,802
13,005
Other differences
14,568
2,165
Deferred tax assets
230,388
237,182
Net-off of the deferred tax assets and liabilities from the same entity
(72,752)
(29,015)
Deferred tax assets, (net)
157,636
208,167
Current Year
Previous Year
Valuation differences of financial assets and liabilities
64,672
28,908
Valuation difference for associates and subsidiaries
1,161
1,389
Other differences
10,894
5,394
Deferred tax liabilities
76,727
35,691
Net-off of the deferred tax assets and liabilities from the same entity
(72,752)
(29,015)
Deferred tax liabilities, (net)
3,975
6,676
16. Information on assets held for sale and assets related to the discontinued operations
As at 31 December 2013 net book value of assets held for sale of the Group is amounting to TL 2,169 (31 December 2012: TL 2,093).
VAKIFBANK ANNUAL REPORT 2013
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