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FINANCIAL HIGHLIGHTS AND RISK MANAGEMENT
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TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI AND ITS FINANCIAL SUBSIDIARIES
CONSOLIDATED FINANCIAL REPORT AS AT AND
FOR THE YEAR ENDED 31 DECEMBER 2014
(Amounts expressed in thousands of Turkish Lira (“TL”) unless otherwise stated.)
CONVENIENCE TRANSLATION OF PUBLICLY ANNOUNCED CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH, SEE IN NOTE I. OF SECTION THREE
Finance lease agreements
Sum of the minimum lease payments including interest and principal amounts are stated under the “finance lease receivables” as gross. The difference
between the total of rent payments and the cost of the related fixed assets is reflected to the “unearned income” account. If the lease payments are made,
the lease principal amount is deducted from the “finance lease receivables” as the interest component of the payment is reflected to interest income on the
consolidated statement of income.
11. Information on derivative financial instruments held for risk management purposes
Positive differences on derivative financial instruments held for risk management purposes
None.
12. Information on tangible assets
Real
Estates
Leased
Tangible Assets
Vehicles
Other
Tangible Assets
Total
Balance at the end of the prior year:
Cost
815,004
139,026
53,139
802,339
1,809,508
Accumulated depreciation(-)
251,836
127,795
38,246
511,658
929,535
Impairment(-)
-
-
-
-
-
Net book value
563,168
11,231
14,893
290,681
879,973
Balance at the end of the current year:
Net book value at the beginning of the current year
563,168
11,231
14,893
290,681
879,973
Additions
37,546
900
2,069
157,715
198,230
Cost of the disposals
158,500
2,662
9,548
18,146
188,856
Depreciation of the disposals (-)
8,644
2,641
7,769
11,900
30,954
Depreciation of the current year
19,286
3,200
6,012
88,622
117,120
Impairment (-)
18,224
-
-
-
18,224
Exchange differences related to foreign associates
(66)
-
-
(18)
(84)
Cost at the end of the current year
693,984
137,264
45,660
941,890
1,818,798
Accumulated depreciation at the end of the year (-)
262,478
128,354
36,489
588,380
1,015,701
Impairment (-)
18,224
-
-
-
18,224
Net book value at the end of the current year
413,282
8,910
9,171
353,510
784,873
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 2014, the Group has investment property amounting to TL 24,185 (31 December 2013: TL 20,829) which consists of the subsidiaries
operating in the insurance business and TL 167,815 (31 December 2013: None) which consists of the subsidiaries operating in real estate investment.