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FINANCIAL STATEMENTS 2017
CENTRALE BANK VAN CURAÇAO EN SINT MAARTEN
1. Balance sheet as of December 31
2. Profitandlossstatement
3. Notestothecondensedfinancialstatements
4. Independentauditor’sreport
CONTENT4
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2017 2016
ASSETS
Gold 975,625,374 872,230,907
Foreignreceivablesandinvestments 2,644,778,461 2,668,424,851
Domesticreceivablesandinvestments 341,560,349 350,984,038
Fixedassets 95,152,143 97,116,983
Othercurrentassets 45,684,121 41,316,799
Total assets 4,102,800,448 4,030,073,578
LIABILITIES & EQUITY
LIABILITIES
Banknotesincirculation 469,675,655 434,751,063
Nonresidents’currentaccounts
inguilders 68,061,854 67,833,406
inforeigncurrency 192,084,660 438,554,555
Residents’currentaccounts
inguilders 2,065,049,794 1,939,429,161
inforeigncurrency 181,634,165 69,358,505
Residents’timedeposits
inguilders 160,800,000 227,400,000
inforeigncurrency - -
Fundsinconsignment 15,623,444 15,569,411
Otherliabilities 15,237,598 14,773,189
Total liabilities 3,168,167,170 3,207,669,290
Balance sheet as of December 31 (in NAf.)
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2017 2016
PROVISIONS 27,467,183 29,192,000
EQUITY
Capital 30,000,000 30,000,000
Reservefund 30,000,000 30,000,000
Appropriatedreserves 828,086,236 724,819,898
Retainedearnings 19,079,859 8,392,390
Total equity 907,166,095 793,212,288
Total liabilities & equity 4,102,800,448 4,030,073,578
The December 31, 2017 and December 31, 2016 figures are extracted from the audited financial statements.
Balance sheet as of December 31 (in NAf.) cont.
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2017 2016
INCOME
Interestincome 62,247,987 55,242,930
Interestexpenses -2,931,459 -2,321,293
Net interest income 59,316,528 52,921,637
Capitalgain 66,398 85,522
Netunrealizedgain/lossrelatedtomarketvaluechanges 103,189,176 72,974,987
Realizedforeignexchangeresult 3,673,027 3,260,422
Netunrealizedforeignexchangeresult 77,162 -80,072
Managementandcustodyfee -572,625 -433,394
Net investment and foreign exchange result 165,749,666 128,729,102
Supervisionincome 10,868,600 9,287,870
Miscellaneousincome 1,098,126 1,224,238
Other income 11,966,726 10,512,108
Total income 177,716,392 139,241,210
EXPENSES
Depreciationoftangiblefixedassets 7,624,173 5,943,071
Depreciationofintangiblefixedassets 1,776,112 1,214,839
Generaloperatingexpenses 54,362,300 50,782,429
Total expenses 63,762,585 57,940,339
Netresultincludinggain/lossfrommarketvaluechangesand
unrealizedforeignexchangeresult113,953,807 81,300,871
Dotationunrealizedgainrelatedtomarketvaluechangesand
unrealizedexchangeresulttotheappropriatedreserves-103,266,338 -72,908,481
Net result 10,687,469 8,392,390
Profit and loss statement (in NAf.)
The 2017 and 2016 figures are extracted from the audited financial statements.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS
GENERAL
TheaccountingprinciplesappliedbytheBankin this reportarederived from theFinancialReporting Principles of the Centrale Bankvan Curaçao en Sint Maarten1 (reference CBCS/2012/1) dated October 29, 2012,as approved by the Board of SupervisoryDirectors and stipulated by the Meeting ofthe Entitled Asset Holders on, respectively,June28,2013(Curaçao)andJuly31,2013(SintMaarten).
Thefollowingisasummaryofthesignificantaccountingprinciplesapplied.
The figures presented in these condensedfinancialstatementsarestatedinNetherlandsAntilleanGuilders(“NAf”).
Assets and liabilities are valued at nominalvalue unless otherwise stated. Income isrecognizedonanaccrualbasis.Expensesareincurredintheperiodtowhichtheyrelate.
NOTES TO THE BALANCE SHEET AS OF DECEMBER 31, 2017
GOLD
Goldisvaluedattheprevailingmarketpriceat balance sheet date. Unrealized gains/losses related to market value changesare credited/charged to the profit and lossstatement. Based on article 35, paragraph2, and article 40 of the Bank Statute, theunrealized result is subsequently credited/chargedtotheresultbeforeprofitdistributionand to the appropriated reserve regardinggold revaluation. If the balance of thisappropriated reservebecomesnegative, thenegativebalancewillbechargedtotheprofitandlossstatement.
1 “Grondslagen voor de financiële verslaggeving van de Centrale Bank van Curaçao en Sint Maarten.”
FOREIGN RECEIVABLES AND INVESTMENTS
The foreign receivables and investmentsrepresentcurrentaccountbalancesandtimedeposits with foreign financial institutions,securitiesinforeigncurrency,bondsissuedbytheformercountryoftheNetherlandsAntillesandtheIslandTerritoryofCuraçao,thedebtsofwhichweretakenoverbytheDutchStateaspartof thedebt relief in connectionwiththe constitutional changes, and receivablesfrom governments and institutions of othercountries.
Thesecuritiesrepresentinvestmentportfolios.Theinvestmentportfoliosmanagedinternallyare - except formonetary reasons that canmakemarketoperationsnecessary -held tomaturity and valued at amortized cost. Theinvestmentportfoliosmanagedexternallyarevalued at themarket price at balance sheetdate. Unrealized gains/losses from marketvaluechangeswithregardtotheinvestmentportfolios managed externally are credited/charged to the profit and loss statement.Basedonarticle35,paragraph2,andarticle40oftheBankStatute,theunrealizedresultis subsequently credited/charged to theappropriated reserve, which is accountedfor per each investment portfolio. If thebalanceoftheappropriatedreservebecomesnegative,thenegativebalancewillbechargedtotheprofitandlossstatement.
Realized gains and losses are immediatelyaccountedforintheprofitandlossstatement.
The accrued interest with respect to theinvestments is accounted for under thebalancesheetitem”Othercurrentassets”.
DOMESTIC RECEIVABLES AND INVESTMENTS
The domestic receivables and investments
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relatetoinvestmentsinbondsissuedbysemi-government institutions inCuraçaoandSintMaarten(incasuIntegratedUtilityHoldingN.V.andSintMaartenHarbourFinanceN.V.),andloansgrantedbasedonarticle10,paragraph3,subf,oftheBankStatute,collateralizedbyamortgageonrealestatelocatedinCuraçaoandSintMaartenorothercollateral.
Thebondsarevaluedattheiramortizedcostand the loans at their nominal value less aprovisionforpossiblelosses.
Theaccruedinterestwithrespecttothebondsandloansisaccountedforunderthebalancesheetitem“Othercurrentassets.”
FIXED ASSETS
Theseassets,whichalsoincludetheprintingcost of bank notes and the capitalized costprice or production costs of purchased andself-developed software applications, are -with the exception of land and art - valuedat cost after deduction of accumulateddepreciation, calculated on the basis of theexpectedusefullifeoftheassetsfollowingthestraight-linemethod.Landandartarevaluedatcost.Impairmentlosses,ifany,arechargeddirectlytotheprofitandlossstatement.
OTHERCURRENTASSETS
This item includes, among other things,license fee receivable, accrued interest,prepaid expenses, coins and currency heldaspettycash,accountsreceivable,andothershort-term receivables. These assets arevaluedattheirnominalvaluelessaprovisionforpossiblelosses.
BANKNOTESINCIRCULATION
This item represents the nominal value ofthebanknotesissuedbytheBankthatareincirculationatthebalancesheetdate.
NONRESIDENTS’CURRENTACCOUNTS
This itemrepresentsthebalances incurrentaccounts of foreign banks and/or foreigngovernment institutions. Foreign currencybalances are converted into guilders at theBank’s official mid-rates prevailing at thebalancesheetdate.Thebalancesaremostlynoninterest-bearing.
RESIDENTS’CURRENTACCOUNTS
These accounts include the noninterest-bearing balances in the current accountsof domestic banks, the governments ofCuraçaoandSintMaarten,othergovernmentinstitutions in Curaçao and Sint Maarten,and the reserve requirement of domesticbanks.Mostofthebalancesaredenominatedin guilders. Foreign currency balances areconverted into guilders at theBank’sofficialmid-ratesprevailingatthebalancesheetdate.
RESIDENTS’TIMEDEPOSITS
These deposits include the balances intime deposits and certificates of deposit ofdomesticbanksandgovernmentinstitutions.Foreign currency balances are convertedinto guilders at the Bank’s officialmid-ratesprevailing at the balance sheet date. Thesebalancesareinterest-bearing.
FUNDSINCONSIGNMENT
ThisitemrepresentsthenominalvalueoftheBank’sliabilityformoneyreceivedincustodyfrom third parties in conformity with theOrdinance on Money held in Consignation(P.B.1886,no.22).
OTHER LIABILITIES
This item includes, among other things,license fee payable, accrued interest, andaccountspayable.
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PROVISIONS
The balance of the provisions refers to,among other things, provisions for earlyretirement (VUT), cost-of-living allowance(“duurtetoeslag”), compensation AOV/BVZand medical expense premiums SZGBNA.These provisions are periodically calculatedbyanactuary.
CAPITAL
Underarticle34oftheBankStatutethecapitalamountstoNAf30million.
RESERVEFUND
This fund concerns a reserve to be formedfrom the profit up to an amount of NAf 30million.Underarticle34oftheBankStatute,this reserve is intended to cover potentiallossesonthecapitaloftheBank.
APPROPRIATED RESERVES
The appropriated reserves relate to theunrealized gains/losses from market valuechangesandforeignexchangeresultsonthebalancesheetitemsthatcomprisetheforeignexchangereserves(gold,foreignreceivables,andinvestments).Theappropriatedreservesare accounted for separately for gold,investmentportfolios, and foreignexchangeresult.
The unrealized gains/losses from marketvalue changes and foreign exchange resultsare credited/charged to the profit and lossstatement when they originate. Based onarticle 35, paragraph 2, and article 40 ofthe Bank Statute, the unrealized results aresubsequently credited/charged to the resultbeforeprofitdistributionandtotherespectiveappropriated reserve. If the balance of therespective appropriated reserves becomesnegative,thenegativebalancewillbechargedtotheprofitandlossstatement.
The revaluation of the foreign exchangereservesasofDecember31,2017resultedina net increase of the appropriated reservesof NAf 103.266 million, consisting of anunrealizedgainongoldofNAf103.394million,anunrealizedlossoninvestmentsofNAf205thousand,andanunrealizedgainonforeignexchangeofNAf77thousand.
RETAINED EARNINGS
This item represents the accumulatedearningsoftheBanklessprofitdistributionspaidtothegovernmentsofCuraçaoandSintMaarten.
NOTES TO THE PROFIT AND LOSS STATEMENT 2017
INTEREST INCOME
Interest income is generated mainly fromcurrentaccounts,timedeposits,bondsoftheformercountry theNetherlandsAntillesandthe IslandTerritoryofCuraçao (thedebtsofwhichweretakenoverbytheDutchStateinconnectionwith the constitutional changes),domesticbondsandloans,goldinvestments,andsecuritiesinforeigncurrency.
NETUNREALIZEDGAIN/LOSSRELATEDTOMARKETVALUECHANGES
The net unrealized gain/loss related tomarket value changes fluctuates based onthe prevailing market prices at month-endofgoldandthesecuritiesinforeigncurrencymanagedexternally.
REALIZEDFOREIGNEXCHANGERESULT
These earnings result from the marginbetweenthebuyingandsellingratesappliedbytheBankwhentradinginforeigncurrencies
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and from the differences in exchange ratesarisingfromconversions.
CONTINGENT LIABILITIES
TheBank has a repurchase agreementwithrespecttotrancheAofthe5%bondissueofSint Maarten Harbour Finance (SMHF) N.V.2012 – 2033, issued on February 15, 2012,which contingent liability amounts to NAf137.16millionasperDecember31,2017.
SUBSEQUENTEVENTS
Therehavebeennosubsequentevents thatwouldrequireadjustmenttoordisclosureinthefinancialstatementsasofDecember31,2017.
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