Comparability of financial data
Amendments to the income statement
In the annual consolidated financial statements for the period from 1 January 2014 to 31 December 2014 the Group made disclosure-related amendments regarding some items in the income statement, compared to the annual consolidated financial statements for the period from 1 January 2013 to 31 December 2013:
- The manner of presenting the costs due to the fee for the benefit of BGF was changed. At present, the said costs are presented in the General and administrative expenses item whereas they used to be recognised in the Commission expenses item in the previous periods. As a result of that change, the General and administrative expenses item increased, and the Commission expenses item decreased by PLN 45.3 million.
- The Group analysed the commission income and commission expenses, and identified certain titles, as regards commission on payment cards and credit cards as well as commission related to keeping accounts, in the case of which the Group was of the view that it would be more appropriate to deduct them from the commission income rather than recognise them as part of commission expenses. As a result of that change, both the commission income and the commission expenses decreased by PLN 4.3 million.
The changes described above required a restatement of the comparable data; they did not, however, impact on the level of the financial result as presented in the financial statements.
The table below highlights the individual items of the consolidated income statement as they were presented in the consolidated financial statements for 2013 and in the current statements.
|CONSOLIDATED INCOME STATEMENT||financial statements
|changes||financial statements for 2014|
the period from 01 Jan 2013 to 31 Dec 2013
the period from 01 Jan 2013 to 31 Dec 2013
|- Interest income||3,614.7||3,614.7|
|- Interest expenses||1,572.1||1,572.1|
|Net interest income||2,042.6||2,042.6|
|- Commission income||1,114.2||-4.3||1,109.9|
|- Commission expenses||137.6||-45.3||-4.3||88.0|
|Net commission income||976.6||45.3||0.0||1,021.9|
|Net income on financial instruments measured at fair value through profit or loss and FX result||97.9||97.9|
|Net income on investments||108.8||108.8|
|Net income on hedge accounting||-1.5||-1.5|
|Net income on other basic activities||20.7||20.7|
|Result on basic activities||3,245.1||45.3||0.0||3,290.4|
|General and administrative expenses||1,823.1||45.3||1,868.4|
|Impairment losses and provisions for off-balance sheet liabilities||267.2||267.2|
|Share in net profit (loss) of associated entities recognised under the equity method||38.1||38.1|
|Profit (loss) before tax||1,192.9||0.0||0.0||1,192.9|
|Net profit (loss)||961.5||0.0||0.0||961.5|
|- attributable to shareholders of ING Bank Śląski S.A.||961.5||0.0||0.0||961.5|
Amendments to the statement of financial position
In the annual consolidated financial statements for the period from 1 January 2014 to 31 December 2014 the Group made a few disclosure-related amendments to the statement of financial position, compared to consolidated financial statements for previous periods:
- separating the item Assets held for sale from the Assets. Previously, assets held for sale were an item of Non-financial assets due to the fact that they related to assets moved from Property, plant and equipment. In 2014, the Group reclassified the shares in an affiliated entity to the assets held for sale, and a continued presentation of the assets held for sale as part of Non-financial assets might mislead the recipients of the statement as to the nature of that category,
- moving of liabilities towards co-operative savings and credit unions (SKOKs) from the item: Liabilities to other banks to the item: Liabilities to customers. The same change will be made in the note presenting interest costs on liabilities. The change is made to harmonize the data presented in the financial statements with those used in the management reporting.
The Group is of the opinion that as a result of the amendment the statement of financial position became more transparent. The amendment did not impact on the balance sheet totals of the reporting periods.The below table show individual items of the consolidated statement of financial position as per amounts disclosed in the in the annual consolidated financial statements for 2013 and in the current statements.
|as at 31.12.2013||as at 31.12.2013|
|financial statements for 2013||as comparable data financial statements for 2014|
|- Non-financial assets||1,099.2||1,063.9|
|- Assets held for sale||-||35.3|
|- Liabilities due to other banks||4,827.3||4,609.8|
|- Liabilities due to customers||67,330.4||67,547.9|