Tirana Leasing SA PDF

TIRANA LEASING sh.a.
FINANCIAL STATEMENTS
31 DECEMBER 2015
Content
Page
Independent Auditors Report
Statement of comprehensive income 5
Statement of financial position 6
Statement of changes in equity 7
Statement of cash flows 8
Notes to the financial statements 9 –33

Deloitte Audit Albania sh.p.k
Rr. Elbasanit.
Pallati poshte Fakulteti
Gjeologji-
Miniera
Tirana, Albania
Tel: +355 4 45 17 920
Fax: +355 4 45 17 990
www.deloitte.al
VAT (NUIS) No: L41709002H
INDEPENDENT AUDITOR’S REPORT
To the Management and Shareholder of Tirana Leasing Sh.A.
We have audited the accompanying financial statements of Tirana Leasing Sh.A, which comprise the
statement of financial position as at December 31, 2015, and statement of profit or loss and other
comprehensive income, statement of changes in equity and statement of cash flows for the year ended
December 31, 2015, and a summary of significant accounting policies and other explanatory
information.
Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in
accordance with International Financial Reporting Standards and for such internal control as
management determines is necessary to enable the preparation of financial statements that are free
from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We
conducted our audit in accordance with International Standards on Auditing. Those standards require
that we comply with ethical requirements and plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures
in the financial statements. The procedures selected depend on the auditor’s judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control relevant to the entity’s
preparation and fair presentation of the financial statements in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of accounting estimates made by management, as
well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinion.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company
limited by guarantee, and its network of member firms, each of which is a legally separate
and independent entity. Please see http://www.deloitte.com/al/about for a detailed
description of the legal structure of Deloitte Touche Tohmatsu Limited and its member
firms.
Member of Deloitte Touche Tohmatsu Limited

Opinion
In our opinion the financial statements present fairly, in all material respects, the financial position of
Tirana Leasing Sh.A. as at December 31, 2015, and its financial performance and its cash flows for
the year ended December 31, 2015, in accordance with International Financial Reporting Standards.
Emphasis of Matter
We draw attention to the Note 2.1 of the accompanying financial statements where it is disclosed that
the Company transferred its finance lease portfolio in 2015 and intends to cease its operations within
the year 2016. Therefore the application of the going concern assumption is no longer applicable for
the preparation of the financial statements of the Company. These financial statements have been
prepared on liquidation basis as disclosed in Note 2.1. Our opinion is not modified in this respect.
Tirana, Albania Elvis Ziu

June 23, 2016 Engagement Partner
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2015
STATEMENT OF COMPREHENSIVE INCOME
(in thousands of LEK)

Notes 2015 2014
Finance lease income 5 99,441 150,311

Other operating income 6 30,637 25,937
Net finance costs 7 (17,412) (33,431)
Staff costs 8 (11,581) (14,271)
Other operating expenses 9 (10,076) (15,758)
Net provisions for doubtful receivables 10 50,223 (236,992)
Depreciation and amortisation 13,14 (1,076) (1,751)
Net foreign exchange gain 11 (9,978) (2,278)
-
Profit / (Loss) before tax 130,178 (128,233)
Income tax 12 (8,115) (17,008)
-
Profit / (Loss) for the year 122,063 (145,241)
Other comprehensive income, net of tax - -
Total comprehensive income /(expense) for

the year 122,063 (145,241)
The accompanying notes from 9 to 33 to the financial statements form an integral part of these financial
statements.
The accompanying notes form an integral part of these financial statements.
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2015
STATEMENT OF FINANCIAL POSITION
Note 2015 2014

s
ASSETS
Non-current assets
Intangible assets 13 117 204
Property, plant and equipment 14 1,556 2,545
Finance lease receivables 15 - -
Deferred tax asset 12 102 102
Total non-current assets 1,775 2,851
Current assets
Finance lease receivables 15 - 1,267,037
Other receivables 16 10,095 38,406
Prepaid corporate income tax 12 -
Cash and cash equivalents 17 35,392 43,017
Total current assets 2,634 1,348,460
425,601
TOTAL ASSETS 473,722 1,351,311
EQUITY AND LIABILITIES 475,497
Equity
Registered capital 18 399,364 399,364
Legal reserve 18 19,810 19,810
Retained earnings 53,582 (68,481)
Total equity 472,756 350,693
Current liabilities
Borrowings 19 - 986,625
Trade and other payables 20 2,741 13,112
Current income tax payable 12 - 881
Total current liabilities 2,741 1,000,618
Total liabilities 2,741 1,000,618
TOTAL EQUITY AND LIABILITIES 475,497 1,351,311
The accompanying notes from page 9 to 33 to the financial statements form an integral part of these
financial statements.

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STATEMENT OF CHANGES IN EQUITY
STATEMENT OF CHANGES IN EQUITY

Registered Retained Legal
(in thousands of LEK) Total
capital earnings reserve
At 1 January 2014 399,364 80,800 15,770 495,934

Appropriation of retained earnings to share
capital
Appropriation of retained earnings to legal reserve - (4,040) 4,040 -
Total comprehensive loss for the year - (145,241) (145,241)
At 31 December 2014 399,364 (68,481) 19,810 350,693
At 1 January 2015 399,364 (68,481) 19,810 350,693

Appropriation of retained earnings to legal
reserve - - - -
Total comprehensive income for the year - 122,063 - 122,063
At 31 December 2015 399,364 53,582 19,810 472,756
The accompanying notes from page 9 to 33 to the financial statements form an integral part of these financial statements.
These financial statements were approved by the Board of Directors in Tirana on 30 June 2015.
Fatos Aliaj Olivera Jano

General Director Account Manager

7
TIRANA LEASING sh.a
STATEMENT OF CASH FLOWS
STATEMENT OF CASH FLOWS

(in thousands of LEK) Notes 2015 2014
Cash flows from operating activities:
Loss/ Profit before tax: 130,178 (128,233)

Adjustments for:
Interest income (99,441) (150,311)
Interest expense 7 17,412 33,431
Net (reversal) / impairment for doubtful receivables 10 (50,223) 243,657
Depreciation and amortisation 13, 14 1,076 2,278
Unrealised losses on foreign currency revaluation - (224)
Loss on disposals of financial leases 10 266,403 -
265,405 598
Changes in working capital:

(Increase)/ Decrease in finance lease receivables 1,040,762 166,252
(Increase)/ Decrease in inventories - 2,570
(Increase)/Decrease in other receivables 4,788 24,110
Decrease in trade and other payables 7 (10,368) (6,036)
Cash (used in) / from operations
Interest paid 99,441 (33,727)
Interest received (17,412) 150,222
Income tax paid 12 (13,407) (16,564)
Net cash (used in)/from operating activities 1,369,209 287,425
Investing activities
Purchase of property, plant and equipment 14 - (73)
Acquisition of intangibles 13 - -
Proceeds from disposal of property plant and
- -
equipment 14
Net cash used in investing activities - (73)
Financing activities
Change in borrowings (986,625) (248,355)
Net cash from/(used in) financing activities (986,625) (248,355)
Net (decrease)/increase in cash and cash

equivalents 382,584 38,997
Cash and cash equivalents at the beginning of the year 43,017 3,874
Cash and cash equivalents at the end of the year 425,601 42,871
The accompanying notes from page 9 to 33 to the financial statements form an integral part of these

8
NOTES TO THE FINANCIAL STATEMENTS
AS AT AND FOR THE YEAR ENDED 31 DECEMBER 2015
NOTE 1 – GENERAL INFORMATION

Tirana Leasing sh.a. (the “Company”) was established as a joint stock company by the decision of
Tirana Court No. 31963, dated 14 July 2004 in accordance with Law No. 7638, dated 19 November
1992 “On commercial companies”, as subsequently amended, and in accordance with the Law No.
9396, dated 12 May 2005 issued by the Bank of Albania on Finance Leasing.
The Company’s principal activity is providing finance leasing to companies and individuals.
At 31 December 2013, the share capital of the Company is LEK 399,364 thousand. The Company is
100% owned by Piraeus Company SA (Greece) (“the parent company”), which is the Company’s
immediate and ultimate parent and ultimate controlling party.
The financial statements for the year ended 31 December 2015 were authorized for issue by the Board
of Directors on 23 June 2016. The financial statements are subject to final approval by the
Shareholders in the Annual General Meeting. The Shareholders have the power to amend the financial
statements after issue.
The registered office of the Company is at Rr. “Deshmoret e 4 Shkurtit”, PO Box 2400/1, Tirana.
Board of Directors:
Georgios Theodosiou Chairman
Dritan Mustafa Deputy chairman
Athanasios Paloudis Member
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2.1 Basis of preparation
2.1.1 Functional and reporting currency

The financial statements are presented in Albanian Lek (LEK), except when otherwise indicated.
2.1.2 Management’s responsibility for the financial statements

The Management of the Company is responsible for the preparation and fair presentation of the
Going concern assumption
In September 2014 Management of the Company entered in negotiation with Raiffeisen Leasing for
the transfer of the leasing activity including finance lease receivables, leased properties, claims
excluding VAT, benefits of insurance contracts and electronic dataset of finance lease contracts. As a
result, in January 2015 the Company stopped granting new leases to customers. The negotiation were
finalised and agreed in a written contract on 24 June 2015 (“the transfer agreement”) for a purchase
price equal to 72% of the Face Value of the portfolio.
The Company finalised all its pre-transfer procedures and the transferred its lease portfolio and other
lease related receivables to Raiffeisen Leasing on November 16, 2015, with a Face Value of EUR
7,162,267 at the contractual transfer price equal to 72% of the Face Value or EUR 5,156,832.
Raiffeisen Leasing settled 95% of the transfer price in the amount of EUR 4,898,991 in November
2015 and the remainder 5% of EUR 257,841 in January 2016 after the transfer process and the audit
of the transfer of the portfolio was successfully completed.
Pursuant to finalisation of the transaction the Company will enter into a liquidation procedure.
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NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
2.1 Basis of preparation (continued)

2.1.2 Management’s responsibility for the financial statements (continued)
Going concern assumption
As this information was available to Management at the time of preparation of the financial statements
as at and for the year ended 31 December 2015 and 2014, a material uncertainty about the Company’s
continuance as a going concern for the foreseeable future existed on both years and going concern
principle was no longer appropriate for the preparation of these financial statements.
Accordingly the Company changed the basis of preparation of the financial statements from on a going
concern to liquidation basis in compliance with IAS 1 “Presentation of Financial Statements”.
The non-current assets and liabilities were reclassified respectively to current assets and liabilities and
restated to their fair value representing their liquidation value in connection to the cease of the
Company’s operations.
In the course of preparation of these financial statements, the Management has applied accounting
assumptions and accounting estimates with respect to measurement of assets, liabilities, income and
expenses considering cease of operations. These assumptions and estimates are based on
information available at the date of preparation of these financial statements and consequently, the
actual results might differ from the estimates.
2.1.3 Basis of measurement
Financial statements for the year ended December 31, 2015 and 2014 are prepared on a liquidation
basis. Accordingly, assets are re-measured to reflect their recoverable amount and liabilities accrue
for obligations which may arise during the liquidation process.
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2.1.4 Adoption of New or Revised Standards and Interpretations

The following standards and amendments to the existing standards issued by the International
Accounting Standards Board and interpretations issued by IFRS Interpretations Committee are
effective for the current period:
 Amendments to IAS 19 “Employee Benefits” - Defined Benefit Plans: Employee Contributions

(effective for annual periods beginning on or after 1 July 2014),
 Amendments to various standards “Improvements to IFRSs (cycle 2010-2012)” resulting

from the annual improvement project of IFRS (IFRS 2, IFRS 3, IFRS 8, IFRS 13, IAS 16, IAS 24
and IAS 38) primarily with a view to removing inconsistencies and clarifying wording (amendments
are to be applied for annual periods beginning on or after 1 July 2014),

from the annual improvement project of IFRS (IFRS 1, IFRS 3, IFRS 13 and IAS 40) primarily with
a view to removing inconsistencies and clarifying wording (amendments are to be applied for
annual periods beginning on or after 1 July 2014).
The adoption entity has not adopted any of these amendments to the existing standards and
interpretations in the Company’s accounting policies for the year ended December 31, 2015 and
2014.
2.1.5 Standards and Interpretations in issue not yet adopted
At the date of authorisation of these financial statements the following standards, amendments to
existing standards and interpretations were in issue, but not yet effective:
 IFRS 9 “Financial Instruments” (effective for annual periods beginning on or after 1 January
2018),
 IFRS 14 “Regulatory Deferral Accounts” (effective for annual periods beginning on or after 1
January 2016),
 IFRS 15 “Revenue from Contracts with Customers” and further amendments (effective for
annual periods beginning on or after 1 January 2018),
 IFRS 16 “Leases” (effective for annual periods beginning on or after 1 January 2019),
 Amendments to IAS 1 “Presentation of Financial Statements” - Disclosure Initiative (effective

for annual periods beginning on or after 1 January 2016),
 Amendments to IAS 7 “Statement of Cash Flows” - Disclosure Initiative (effective for annual
periods beginning on or after 1 January 2017),
 Amendments to IAS 12 “Income Taxes” - Recognition of Deferred Tax Assets for Unrealised
Losses (effective for annual periods beginning on or after 1 January 2017),
 Amendments to IAS 16 “Property, Plant and Equipment” and IAS 38 “Intangible Assets” -
Clarification of Acceptable Methods of Depreciation and Amortisation (effective for annual periods
beginning on or after 1 January 2016),
11
2.1.5 Standards and Interpretations in issue not yet adopted (continued)

 Amendments to IAS 16 “Property, Plant and Equipment” and IAS 41 “Agriculture” -
Agriculture: Bearer Plants (effective for annual periods beginning on or after 1 January 2016),

from the annual improvement project of IFRS (IFRS 5, IFRS 7, IAS 19 and IAS 34) primarily with
a view to removing inconsistencies and clarifying wording (amendments are to be applied for
annual periods beginning on or after 1 January 2016).
The Company has elected not to adopt any of these standards, revisions and interpretations for the
year ended December 31, 2015. The Company anticipates that the adoption of these standards,
revisions and interpretations will have no material impact on the financial statements of the Company
in the period of initial application.
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2.2 Foreign currencies
(a) Functional and presentation currency
The functional currency is the currency of the primary economic environment in which the entity
operates. The financial statements are presented in Albanian LEK, which is the Company’s functional
and presentation currency.
(b) Transactions and balances in foreign currency
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign
currencies as at the balance sheet date are translated into LEK using the exchange rates prevailing at
that date. Foreign exchange gains and losses resulting from the settlement of such transactions and
from the translation of monetary assets and liabilities denominated in foreign currencies are recognised
in the statement of comprehensive income.
2.3 Property, plant and equipment
Property, plant and equipment is included in the statement of financial position at historical cost less
accumulated depreciation and accumulated impairment, when necessary. Historical cost includes
expenditure that is directly attributable to the acquisition of the items.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow to
the Company and the cost of the item can be measured reliably.
The carrying amount of the replaced part is derecognised. All other repairs and maintenance are
charged to the profit and loss account during the financial period in which they are incurred.
Depreciation of assets is calculated using the straight-line method to allocate their cost over their
estimate useful lives. Depreciation is calculated for each asset until the asset is fully depreciated or to
its residual value, if significant.
Depreciation annual rates based on estimated useful lives (in years) are as follows:
Machinery and equipment 6 years

Electronic equipment 4 years
Furniture and fixtures 5 years
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting
date.
Gains and losses on disposals are determined by comparing the proceeds with carrying amount, and
are recognised in the income statement.
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2.4 Intangible assets

Intangible assets comprise software licences. Acquired computer software licences are capitalised on
the basis of the costs incurred to acquire and bring to use the specific software. These costs are
amortised over the assets’ estimated useful lives of seven years.
2.5 Impairment of non-financial assets

Assets that are subject to amortisation or depreciation are reviewed for impairment at each reporting
date whenever events or changes in circumstances indicate that the carrying amount may not be
recoverable. For the purposes of assessing impairment, assets are grouped at the lowest levels for
which there are separately identifiable cash flows (cash-generating units). Non-financial assets that
suffered impairment are reviewed for possible reversal of the impairment at each reporting date.
An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its
recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell
and value in use.
2.6 Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that
are not quoted in an active market. They are included in current assets, except for maturities greater
than 12 months after the reporting date. These are classified as non-current assets.
2.7 Leases
A lease is defined as being an agreement whereby the lessor conveys to the lessee in return for a
payment, or series of payments, the right to use an asset for an agreed period of time. A lease may
be classified as a finance or an operating lease.
Finance leases are leases where substantially all the risks and rewards of ownership of an asset are
transferred to the lessee. Ownership may or may not be transferred at the termination of the lease.
Operating leases are all leases other than finance leases.
The Company recognises the assets leased out under finance leases as a receivable on its balance
sheet equal to the net investment in the lease. The net investment in the lease is the gross investment
in the lease discounted by the interest rate implicit in the lease. The interest rate implicit in the lease
is the discount rate which, at the inception of the lease, makes the total present value of minimum
lease payments and non-guaranteed residual value equal to the sum of the fair value of the leased
asset and all direct costs incurred by the lessor. The difference between the gross receivable and the
present value of the receivable is the unearned finance income. Income from finance leases is
recognised over the period of the leases on a systematic basis using the net investment method, which
reflects a constant periodic rate of return on the net investment of the lessor.
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2.8 Impairment of financial assets

A financial asset is considered to be impaired if objective evidence indicates that one or more events
have had a negative effect on the estimated future cash flows of that asset.
An impairment loss in respect of a financial asset measured at amortised cost is calculated as the
difference between its carrying amount, and the present value of the estimated future cash flows
discounted at the original effective interest rate.
Individually significant financial assets are tested for impairment on an individual basis. The remaining
financial assets are assessed collectively in groups that share similar credit risk characteristics. All
impairment losses are recognised in profit or loss. An impairment loss is reversed if the reversal can
be related objectively to an event occurring after the impairment loss was recognised. The reversal is
recognised in profit or loss.
A provision for impairment of receivables is established when there is objective evidence that the
Company will not be able to collect all amounts due according to the original terms of the receivables.
Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial
reorganisation, and default or delinquency in payments (more than 30 days overdue) are considered
indicators that the receivable is impaired.
The amount of the provision is the difference between the asset’s carrying amount and the present
value of estimated future cash flows, discounted at the original effective interest rate. The carrying
amount of the asset is reduced through the use of an allowance account, and the amount of the loss
is recognised in the profit or loss.
When a receivable is uncollectible, it is written off against the allowance account for receivables.
Subsequent recoveries of amounts previously written off are credited against the profit or loss.
For the purposes of a collective evaluation of impairment, financial assets are grouped on the basis of
similar credit risk characteristics (ie, on the basis of the Company’s grading process that considers
asset type, industry, geographical location, past-due status and other relevant factors). Those
characteristics are relevant to the estimation of future cash flows for groups of such assets by being
indicative of the debtors’ ability to pay all amounts due according to the contractual terms of the assets
being evaluated.
Future cash flows in a group of financial assets that are collectively evaluated for impairment are
estimated on the basis of the contractual cash flows of the assets in the Company and historical loss
experience for assets with credit risk characteristics similar to those in the Company. Historical loss
experience is adjusted on the basis of current observable data to reflect the effects of current
conditions that did not affect the period on which the historical loss experience is based and to remove
the effects of conditions in the historical period that do not currently exist.
2.9 Inventories
Inventories are stated at the lower of cost or net realisable value. Net realisable value is the estimated
selling price in the ordinary course of business, less applicable variable selling expenses. Inventories
include assets that are leased out but are not yet delivered to the lessee.
15
2.10 Cash and cash equivalents

Cash and cash equivalents comprise cash in hand, deposits held at call with Company’s and other
short-term highly liquid instruments with original maturities of three months or less.
2.11 Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are
subsequently stated at amortised cost.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer
settlement of the liability for at least 12 months after the reporting date.
2.12 Interest expense
Interest expense comprises interest on borrowings. Differences between the proceeds (net of
transaction costs) and the redemption value is recognised in the profit or loss over the period of the
borrowings using the effective interest method.
2.13 Income tax
The Company is subject to taxation according to the laws and regulations of the Republic of Albania.
Tax expense comprises current and deferred tax. Current tax is the expected tax payable on the
taxable income for the year, using tax rates enacted or substantially enacted at the balance sheet date,
and any adjustment to tax payable in respect of previous years.
Deferred income tax is provided in full, using the liability method, on temporary differences arising
between the tax bases of assets and liabilities and their carrying amounts in the financial statements.
However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or
liability in a transaction other than a business combination that at the time of the transaction affects
neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and
laws) that have been enacted or substantially enacted by the balance sheet date and are expected to
apply when the related deferred income tax asset is realised or the deferred income tax liability is
settled.
A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will
be available against which the asset can be utilized. Deferred tax assets are reduced to the extent that
it is no longer probable that the related tax benefit will be realized.
2.14 Employee benefits
(a) Compulsory social security contributions
The Company makes only compulsory social security contributions that provide pension benefits for
employees upon retirement. The Government of Albania is responsible for providing the legally set
minimum threshold for pensions in Albania under a defined contribution pension plan. The Company’s
contributions to the pension plan are charged to the income statement as incurred.
16
2.14 Employee benefits (continued)

(b) Short-term employee benefits
Staff costs, including salaries and bonuses, are recognized on an accrual basis when incurred.
2.15 Provisions
Provisions are recognised when: the Company has a present legal or constructive obligation as a
result of past events; it is more likely than not that an outflow of resources will be required to settle the
obligation; and the amount has been reliably estimated.
2.16 Payables
Payables are recognised at fair value and subsequently measured at their settlement value.
2.17 Other operating expenses

Other operating expenses are recognized on an accrual basis when incurred.
2.18 Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the sale of goods and
services in the ordinary course of the Company’s activities. Revenue is shown net of value added tax.
The Company recognises revenue when the amount of revenue can be reliably measured, it is
probable that future economic benefits will flow to the entity and specific criteria have been met for
each of the Company’s activities as described below.
Finance lease income is recognised over the term of the lease using the net investment method, which
reflects a constant rate of return on net investments of the lessor.
Interest income is recognised on a time-proportion basis using the effective interest method.
2.19 Other operating income
Other fees and commission income, include the commissions received from insurance companies for
insurance policies sold in relation to the leased assets, placement commissions and other account
servicing fees which are recognized as the related services are performed.
17
NOTE 3 – FINANCIAL RISK MANAGEMENT
3.1 Financial risk factors

The Company’s activities expose it to a variety of financial risks: foreign exchange risk, credit risk,
liquidity risk and cash flow interest rate risk. The Company does not have a written risk management
programme, but overall risk management in respect of these risks is carried out by the parent company
which regularly assesses the risks which the Company faces.
(a) Foreign exchange risk
Foreign exchange risk arises primarily from finance lease receivables, receivables and borrowings
which are denominated in EURO. Therefore, movements in exchange rates between the EURO and
Albanian LEK may have an impact on the results of future operations and future cash flow. The
Company tries to minimise the foreign exchange risk by decreasing the gap between assets and
liabilities denominated in the same currency. The Company does not use derivative instruments to
actively hedge foreign exchange risk exposure. As at 31 December 2015, the Company's financial
assets and liabilities were denominated in the following currencies:
(in thousands of LEK) LEK EUR Total
Financial Assets
Finance lease receivables - 10,095 10,095
Cash and cash equivalents 57 425,544 425,601
57 435,639 435,696
Financial Liabilities
Borrowings - - -
Trade and other payables 1,341 1,677 3,018
1,341 1,677 3,018
Foreign currency gap (1,284) 433,962 432,678
At 31 December 2015, if the LEK had weakened/strengthened by 10% against the EUR, with all other
variables held constant, the Company’s net profit for the year after tax and equity would have been
LEK 4,340 thousand higher/lower (2014: LEK 2,804 thousand higher/lower).
18
NOTE 3 – FINANCIAL RISK MANAGEMENT (CONTINUED)
3.1 Financial risk factors (continued)
(a) Foreign exchange risk (continued)
As at 31 December 2014, the Company's financial assets and liabilities were denominated in the
following currencies:
(in thousands of LEK) LEK EUR Total
Financial Assets
Finance lease receivables - 1,267,037 1,267,037
Cash and cash equivalents 39,624 3,393 43,017
39,624 1,270,430 1,310,054
Financial Liabilities
Borrowings - 986,625 986,625
Trade and other payables 9,719 3,393 13,112
9,719 990,018 999,737
Foreign currency gap 29,905 280,412 310,317
(b) Credit risk
The Company is exposed to credit risk in the course of its operations. The Company’s total exposure
to credit risk as at 31 December 2015 and 2014 was as follows:
(in thousands of LEK) 2015 2014
Cash and cash equivalents (refer to note 16) 10,095 43,017

Finance lease receivables (refer to note 14) 425,601 1,267,037
435,696 1,310,054
The Company has policies in place to ensure that finance services are provided to customers with an
appropriate credit history. Credit risk with respect to lease receivables is limited due to the fact that
they are secured by the leased assets.
Management of credit risk

The management of credit risk is accomplished through:
 Formulating credit risk policies covering credit assessment, risk grading and reporting,
documentary and legal procedures, and compliance with regulatory and statutory requirements.
 Establishing and monitoring of the delegation levels and escalating process regarding the credit
approvals.
 Reviewing and assessing credit risk.
19

 Developing and maintaining the Company’s risk grading in order to categorise exposures
according to the degree of risk of financial loss faced and to focus management on the attendant
risks. The risk grading system is used in determining where impairment provisions may be required
against specific credit exposures.
Finance leasing receivables not past due not impaired represent leasing contracts with ho history of
default repayments of principal and interest. Leasing portfolio is tested for impairment at each reporting
date.
There is no significant concentration of credit risk due to the fact that leasing portfolio is made up of a
wide range of small customers.
The Company has developed a system for evaluation of the clients’ creditworthiness of leasing portfolio
with no evidence of impairment which is assessed on a portfolio basis for impairment, and depends
on the dates of payment according to their contracts.
The Company’s finance lease receivables as at 31 December 2015 are set out in the table below:
Total Net
Receivables Impairment receivables
Not due 10,190 - 10,190

Past due up to 30 days
Past due 31-60 days
Past due 61-90 days
Past due 91-360 days
Total
Unearned finance income (95) (95)

Net loans 10,095 - 10,095
20
(b) Credit risk (continued)
The Company’s finance lease receivables as at 31 December 2014 are set out in the table below:
Total Net
receivables Impairment (*) receivables
Not due 891,679 (128,433) 763,246

Past due up to 30 days 357,392 (51,477) 305,915
Past due 31-60 days 201,968 (29,090) 172,878
Past due 61-90 days 60,453 (22,961) 37,492
Past due 91-360 days 90,022 (86,169) 3,852
Total 1,601,514 (318,130) 1,283,383
Unearned finance income (16,346) - (16,346)

Net loans 1,585,168 (318,130) 1,267,037
(*) Impairment at December 31, 2014 is calculated as the difference between fair value of the finance
lease receivables less costs to sell and their carrying amount at the same date.
The exposure to credit risk according to sector analysis as at 31 December 2015 and 2014 is set out
in the table below:
31 December 2015 31 December 2014
Total Structure Total Structure
receivables % receivables %
Trade 10,095 100 392,506 31%

Private individuals 495,177 39%
Construction 154,445 12%
Transport and communications 120,005 9%
Production 104,904 8%
Total 10,095 100 1,267,037 100%
21
(b) Credit risk (continued)
No impairment is recognised for receivables amounting to LEK 10,190 thousand at December 31,
2015. For receivables in the amount of LEK 1,585,168 thousand at December 31, 2014, impairment
was recognised in the amount of 318,130 LEK. These receivables are secured by the leased vehicles
and equipment.
(c) Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash, the availability of funding
through an adequate amount of committed credit facilities and the ability to meet all obligations. The
Company aims to maintain flexibility in funding by keeping committed credit lines available. The
Company’s management regularly monitors availability of cash resources.
The table below analyses financial assets and liabilities of the Company according to their contractual
maturities as at 31 December 2015 and 2014:

Up to 1 1-3 3 months 1-5 Over 5
TOTAL
month months to 1 year years years
31.12.2015
Financial assets
Cash and cash equivalents - 10,095 - - - 10,095
Finance lease receivables
current - - - -
425,601 425,601
- 435,696 - - - 435,696
Financial liabilities
Borrowings - - - - - -
Trade and other payables - 3,018 - - - 3,018
- 3,018 - - - 3,018
Maturity gap - 432,678 - - - 432,678
22

Up to 1 1-3 3 months 1-5 Over 5
TOTAL
month months to 1 year years years
31.12.2014
Financial assets
Cash and cash equivalents 43,017 - - - - 43,017
Finance lease receivables
current 135,652 271,304 860,081 - - 1,267,037
1,296,025
Financial liabilities
Borrowings - - 986,625 - - 986,625
Trade and other payables 13,112 - - - - 13,112
13,112 986,625 999,737
Maturity gap 165,557 436,861 310,317 310,317 310,317 606,605
(d) Cash flow and fair value interest rate risk
The Company’s income and operating cash flows are substantially dependent on changes in market
interest rates. The Company’s interest rate risk mainly arises from leases, interest-bearing assets and
borrowings. Leases and borrowings entered into at variable rates expose the Company to cash flow
interest rate risk. The Company is not exposed to fair value interest rate risk. All the Company’s leasing
receivables and borrowings carry a variable interest rate. In order to mitigate its interest rate risk
exposure, the Company agrees finance leases to customers using terms similar to those at which
funding resources are obtained. The finance leases are re-priced frequently to reflect developments in
the market.
For lease receivables, the Company has contracted variable interest rates that, depending on the
currency of the receivable, are adjusted on a periodic basis with 1 month EURIBOR for EUR. For
borrowings, the Company also has a contracted variable interest rate dependent on the movement of
12-month EURIBOR for EUR-denominated liabilities.
As a result of the above, the Company achieves to a large extent a matching of the reprising risk on
assets and liabilities thus minimizing interest rate risk. If the market value of interest rates changed,
this change would not have significant impact on the Company’s financial result.
3.2 Capital risk management
According to the Law No. 7638 dated 19 November 1992 “On commercial companies”, updated with
the Law No. 9901, dated 14 April 2008, the registered founding capital of a leasing company has to
amount to at least LEK 2,000 thousand. The Company has registered capital in the amount of LEK
399,364 thousand, and is in compliance with the legislation in force.
23
3.2 Capital risk management (continued)

For the purpose of capital risk management, the Company includes the following items in capital:
a) registered capital
b) retained earnings, including the profit for the year
c) legal reserve
The Company’s policy is to maintain a strong capital base so as to maintain investor and creditor
confidence and to sustain future development of the business. The Company monitors the return on
capital, which the Company defines as net operating income divided by total shareholders’ equity. In
2014, the actual return on capital was 41.4%.
The Company’s objective when managing capital includes a broader concept than the equity. It
includes the Company’s borrowings to safeguard its ability to continue as a going concern and continue
to provide returns for shareholders and benefits for other stakeholders. It manages to maintain a strong
capital base to support the development of its business.
In order to maintain or adjust the capital structure, the Company may adjust the amount of
appropriation of retained earnings to share capital. The Company expects its shareholders to
contribute in the subsequent period and raise further the paid capital.
3.3 Determination of fair values
Fair value is the amount at which a financial instrument could be exchanged in a current transaction
between willing parties, other than in a forced sale or liquidation, and is best evidenced by active
quoted market prices.
The fair value of cash and cash equivalents, trade payables and borrowings are approximately equal
to the carrying value, because of their short-term maturity. The fair value of finance lease receivables
is approximately equal to their carrying value due to the fact that the leasing portfolio carries floating
interest rates which reflect the changes in the market conditions.
NOTE 4 – CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The Company makes estimates and assumptions concerning the future. The resulting accounting
estimates will, by definition, rarely equal the related actual results. The estimates and assumptions
that have a significant risk of causing a material adjustment to the carrying amounts of assets and
liabilities within the next financial year are outlined below.
(a) Impairment losses on finance leases
The Company regularly tests its finance leases for impairment. When performing these tests, the
Company takes into account regular payments made by the lessee, i.e. the debtor, its financial position
and operations, the collectability of the payment security instrument, business plans, business
environment and a number of other criteria in order to assess the collectability of receivables.
24
NOTE 5 – FINANCE LEASE INCOME
Interest rates implicit in the leases are EURIBOR 1 year plus 5% (minimum 8.5%). At the end of the
lease term and after all liabilities are settled, the lessee becomes the legal owner of the leased assets.
An overview of finance lease receivables is given in Note 15.
NOTE 6 – OTHER OPERATING INCOME
2015 2014
Commission and penalty income 30,637 18,637

Other commissions - 7,300
Total 30,637 25,937
NOTE 7 – NET FINANCE COSTS

2015 2014
Interest expense 17,412 33,431

Total 17,412 33,431
In 2015 and 2014 borrowings born interest of 12M EURIBOR plus 2.5% (Raiffeisen Bank Albania and
Tirana Bank) which is payable every quarter.
NOTE 8 – STAFF COSTS

2015 2014
Salaries expense 10,251 12,618
Social insurance contribution 1,330 1,653
Total 11,581 14,271
NOTE 9 – OTHER OPERATING EXPENSES

Consultancy costs - 1,513
Dealers commissions 2,248 1,275
Post and communication expenses 759 742
Stationery and fuel 662 1,279
Rent expenses 1,176 1,175
Advertising and marketing expenses 190 1,424
Impairment of other receivables - 6,944
Other operating expenses 5,041 1,406
Total 10,076 15,758
25
NOTE 10 – NET IMPAIRMENT FOR DOUBTFUL RECEIVABLES
Impairment for doubtful receivables is created based on the required provision determined by the risk
classification as explained in Note 3 “Credit risk”.
Movement in impairment of receivables, all of which relates to finance lease receivables, is as follows:

2015 2014
Impairment at 1 January 318,130 88,475

Net (reversal) / change in impairment (50,223) 236,992
Write off due transfer of leases (266,403) -
Foreign currency translation effect (1,504) (7,337)
Impairment at 31 December - 318,130
Impairment at December 31, 2014 represented amount foregone due to sale of portfolio at 72% of the
Face Value measured at 24 June 2015 (the transfer agreement date). As the portfolio was transferred
at (November 16, 2015) the Company did collect principal payments from June to November 2015,
which resulted in a reversal of impairment in 2015 by Lek 50,223 thousand.
NOTE 11 – NET FOREIGN EXCHANGE GAIN
2015 2014
Foreign exchange gains 607,571 493,072

Foreign exchange losses (617,550) (490,794)
Total (9,979) 2,278
NOTE 12 – INCOME TAX

Tax is paid at the rate of 15% on the adjusted operating profit. The reconciliation between the
accounting profit before tax and the income tax expense is as follows:
Profit before tax 131,853 (128,233)

Theoretical tax charge at statutory rate of 15% 19,778 (19,235)
Tax effect of non-deductible expenses/income (27,893) 36,243

Current tax expense (8,115) 17,008
Effective tax rate 6.15% -13.26%
As disclosed in note 23, after December 31, 2015, the Company was subject to a tax audit for the
period ended December 31, 2015, whose draft conclusion communicated on June 22, 2016 resulted
with an additional income tax expense of Lek 8,114 thousand and income tax penalties of Lek 1,777
thousand.
At the date of this report the Management has accepted the draft tax audit conclusion and intends to
appeal the case to higher instances of the Tax Authorities Directorate. However, because the case is
at an very early stage, Management could not estimate the likelihood of the success of its future actions
and as a result adjusted the prepaid income tax receivable as of December 31, 2015 and its profit
result for the year then ended, in the amount Lek 9,891 thousand.
26
NOTE 12 – INCOME TAX (CONTINUED)

The movement in the deferred tax asset during the period is as follows:
2015 2014
At 1 January 102 116
Charged to the income statement - (14)
Deferred tax asset 102 102
Recognised in the income statement:

Current tax expense - 16,994

Deferred tax credit - 14
Income tax expense - 17,008
Movement in current income tax prepaid / (payable) is presented as follows:

2015 2014
At 1 January (881) (436)
Income tax expenses (8,115) (17,008)
Other penalty charges (1,777)
Payments during the year 13,407 16,563
At 31 December 2,634 (881)
Tax legislation
Albanian tax legislation is subject to varying interpretations, and changes, which can occur frequently.
Management’s interpretation of such legislation as applied to the transactions and activity of the
Company may be challenged by the relevant authorities.
The Albanian tax authorities may be taking a more assertive and sophisticated approach in their
interpretation of the legislation and tax examinations. Combined with a possible increase in tax
collection efforts to respond to budget pressures, the above may lead to an increase in the level and
frequency of scrutiny by the tax authorities. In particular, it is possible that transactions and activities
that have not been challenged in the past may be challenged. As a result, significant additional taxes,
penalties and interest may be assessed. Fiscal periods remain open to review by the authorities in
respect of taxes for five calendar years preceding the year of review.
27
NOTE 13 – INTANGIBLE ASSETS

(in thousands of LEK) Software
Cost
At 1 January 2014 7,625
Additions -
At 31 December 2014 7,625
Cost
At 1 January 2015 7,625
Additions -
At 31 December 2015 7,625
Amortization
At 1 January 2014 (6,710)
Charge for the year (711)
At 31 December 2014 (7,421)
Amortization
At 1 January 2015 (7,421)
Charge for the year (87)
At 31 December 2015 (7,508)
Carrying amounts
At 1 January 2015 204
At 31 December 2015 117
28
NOTE 14 – PROPERTY, PLANT AND EQUIPMENT

(in thousands of LEK) Furniture
Electronic
and Vehicles Total
equipment
equipment
Cost
At 1 January 2014 2,285 4,251 4,331 10,867
Additions 73 - - 73
Disposals - - - -
At 31 December 2014 2,358 4,251 4,331 10,940
Cost
At 1 January 2015 2,358 4,251 4,331 10,940
Additions - - - -
Disposals - - - -
At 31 December 2015 2,358 4,251 4,331 10,940
Accumulated depreciation
At 1 January 2014 (2,009) (3,650) (1,696) (7,355)
Charge for the year (51) (267) (722) (1,040)
Disposals - - - -
At 31 December 2014 (2,060) (3,917) (2,418) (8,395)
Accumulated depreciation (2,060) (3,917) (2,418) (8,395)

At 1 January 2015 (52) (215) (722) (989)
Charge for the year - - - -
At 31 December 2015 (2,112) (4,132) (2,418) (8,395)
Carrying amounts
At 1 January 2015 297 334 1,914 2,545
At 31 December 2015 245 120 1,192 1,556
29
NOTE 15 – FINANCE LEASE RECEIVABLES
2015 2014
Current receivables
Gross lease investment 10,190 1,601,514
Unearned finance income (deferred fees) (95) (16,346)
Impairment - (318,130)
Total current receivables 10,095 1,267,037
Total finance lease receivables 10,095 1,267,037
The Company granted finance leases for vehicles and equipment.
2015 2014
Gross lease investment

Up to 1 year 10,190 1,601,514
Between 1 and 5 years -
Over 5 years -
Deferred fees (95) (16,346)

Expected interest income -
Impairment - (318,130)
Net lease investment 10,095 1,267,037
The maturity of the present value of receivables for minimum lease payments is analysed as follows:
2015 2014
Net lease investment

Up to 1 year 10,095 1,267,037
Between 1 and 5 years - -
Over 5 years - -
Total 10,095 1,267,037
Finance leases outstanding at December 31, 2015 and 2-14 were all denominated in EUR at interest
rate charged was 5% plus EURIBOR 12M (minimum 8.5%).
30
NOTE 16– OTHER RECEIVABLES
2015 2014
Receivables from state for VAT - 25,431

Receivables form customers 35,668 12,972
35,668 38,403
Receivable form customers represent the final payment of 5% receivable from Raiffeisen Leasing
Albania, upon successful completion of the transaction. The final payment of 257,642 EUR was settled
in January 2016.
NOTE 17 – CASH AND CASH EQUIVALENTS
2015 2014
Cash at Bank
Foreign currency account – EURO 425,544 3,393
Account – LEK 57 39,624
425,601 43,017
NOTE 18 – CAPITAL
Share capital
Piraeus Company SA (Greece) is the sole shareholder of the Company.

The initial paid-up capital represents the permanent capital contributed by the shareholder of the
Company of LEK 100,000 thousand.
Based on a Shareholder’s Decision on 28 June 2013, the Company increased its paid-up capital by
LEK 61,370 thousand. The increase in the paid-capital was fully created from retained earnings, and
registered in the National Centre of Registration on 06 August 2013.
Share capital as at 31 December 2015 amounted to LEK 399,364 thousand (2014: LEK 399,364
thousand).
The table below reconciles the number of shares outstanding at the beginning and end of the periods:
2015 2014
Number of shares:
Number of authorized and fully paid shares at the beginning of

the period 375,253 375,253
Number of shares issued during the period - -
Number of authorized and fully paid shares at the end of the
period 375,253 375,253
31
NOTE 18 – CAPITAL (continued)

Legal reserve
Legal reserve relates to the appropriation of a portion of retained earnings as legal reserve, in
accordance with law No.. 9901 “On entrepreneurs and commercial companies” dated 14.04.2008,
which is required to be kept at least 5% of the net profit of the Company, but not more than 10% of the
subscribed capital. As at 31 December 2015, this reserve set aside amounted to LEK 19,810 thousand
(2014: LEK 19,810 thousand).
NOTE 19 – BORROWINGS
Short term loan from Tirana Bank

In EUR - 430,935
In LEK -
Accrued interest - 752
Short term loan from Raiffeisen Bank

In EUR - 554,398
Total borrowings - 986,837
At December 31, 2014 the Company had entered in several short term loan agreements with Tirana
Bank and Raiffeisen Bank, bearing interest of 12 months EURIBOR plus 2.5% for Raiffeisen Bank and
Tirana Bank (2014: 12 months EURIBOR plus 2.5%) for the short term loan in EUR.
During 2015, the Company repaid both overdrafts, respectively overdraft from Raiffeisen Bank Albania
Sh.A. in June 2015 and overdraft from Tirana Bank Sh.A. in August 2015.
NOTE 20 – TRADE AND OTHER PAYABLES
2015 2014
Sundry suppliers 1,440 2,604

Prepayments made on behalf of customers 237 6,981
Accrued expenses 1,065 3,526
VAT payable 276 -
Total trade and other payables 3,018 13,112
32
NOTE 21 – COMMITMENTS
Operating lease commitments
As of 31 December 2015, the Company was the lessee in an operating lease agreement relating to
the rental of an office building, at a monthly rent amount of LEK 97 thousand (EUR 700).
Rent expense under the lease for the year ended 31 December 2015 amounted to LEK 1,175
thousand, (2014: LEK 1,175 thousand) and is included in the statement of comprehensive income.
Minimum future payments under the non-cancellable agreements as of 31 December 2014 and 2013
were as follows:
Within one year 588 1,175
After one but not more than five years -
Total 588 1,178
NOTE 22– RELATED PARTY TRANSACTIONS

Related party transactions are composed as follows:
Short term loan from Tirana Bank (fellow subsidiary)

In EUR - 430,935
In LEK - -
Total borrowings - 431,474
Interest expense from short term loan from Tirana Bank

Interest expense 9,816 16,339
Other operating expenses (disbursement fee) 2,164 -
Total interest expense 11,980 16,339
Key management compensation

Short term benefits
Salaries 3,102 3,102
Bonuses - 388
3,102 3,490
NOTE 23 – EVENTS AFTER THE BALANCE SHEET DATE

After December 31, 2015, the Company was subject to a tax audit for the period ended December 31,
2015, whose draft conclusion communicated on June 22, 2016 resulted with an additional income tax
expense of Lek 8,114 thousand and income tax penalties of Lek 1,777 thousand. At the date of this
report the Management has accepted the draft tax audit conclusion and intends to appeal the case to
higher instances of the Tax Authorities Directorate. However, because the case is at an very early
stage, Management could not estimate the likelihood of the success of its future actions and as a result
adjusted the prepaid income tax receivable as of December 31, 2015 and its profit result for the year
then ended, in the amount Lek 9,891 thousand.
There are no other events after the balance sheet date that would require either adjustments or
additional disclosures in the financial statements.
33

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TIRANA LEASING sh.a.

Independent Auditors Report

Statement of comprehensive income 5

Statement of financial position 6

Statement of changes in equity 7

Statement of cash flows 8

Notes to the financial statements 9 –33

VAT (NUIS) No: L41709002H

INDEPENDENT AUDITOR’S REPORT

To the Management and Shareholder of Tirana Leasing Sh.A.

Management’s Responsibility for the Financial Statements

Member of Deloitte Touche Tohmatsu Limited

Tirana, Albania Elvis Ziu

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2015

STATEMENT OF COMPREHENSIVE INCOME

(in thousands of LEK)

Finance lease income 5 99,441 150,311

Other comprehensive income, net of tax - -

Total comprehensive income /(expense) for

The accompanying notes form an integral part of these financial statements.

STATEMENT OF FINANCIAL POSITION

STATEMENT OF FINANCIAL POSITION

Note 2015 2014

EQUITY AND LIABILITIES 475,497

Total liabilities 2,741 1,000,618

TOTAL EQUITY AND LIABILITIES 475,497 1,351,311

The accompanying notes form an integral part of these financial statements.

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2015

STATEMENT OF CHANGES IN EQUITY

At 1 January 2014 399,364 80,800 15,770 495,934

At 1 January 2015 399,364 (68,481) 19,810 350,693

Fatos Aliaj Olivera Jano

The accompanying notes form an integral part of these financial statements.

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2015

STATEMENT OF CASH FLOWS

Cash flows from operating activities:

Loss/ Profit before tax: 130,178 (128,233)

Changes in working capital:

Net (decrease)/increase in cash and cash

The accompanying notes form an integral part of these financial statements.

NOTES TO THE FINANCIAL STATEMENTS

AS AT AND FOR THE YEAR ENDED 31 DECEMBER 2015

NOTE 1 – GENERAL INFORMATION

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.1 Basis of preparation

2.1.1 Functional and reporting currency

2.1.2 Management’s responsibility for the financial statements

NOTES TO THE FINANCIAL STATEMENTS

AS AT AND FOR THE YEAR ENDED 31 DECEMBER 2015

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2.1 Basis of preparation (continued)

NOTES TO THE FINANCIAL STATEMENTS

AS AT AND FOR THE YEAR ENDED 31 DECEMBER 2015

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2.1.4 Adoption of New or Revised Standards and Interpretations

 Amendments to IAS 19 “Employee Benefits” - Defined Benefit Plans: Employee Contributions

 Amendments to various standards “Improvements to IFRSs (cycle 2010-2012)” resulting

 Amendments to various standards “Improvements to IFRSs (cycle 2011-2013)” resulting

 Amendments to IAS 1 “Presentation of Financial Statements” - Disclosure Initiative (effective

NOTES TO THE FINANCIAL STATEMENTS