Page 5 - ANTILL DGB

Antilliaans Dagblad Maandag 6 augustus 2018 ADVERTENTIE 5

Consolidated Balance Sheet as per December 31, 2017

2017 2016
(figures in thousands Antillean guilders)
All risks are for the fund
Assets
Non Current assets:
Investments:
Bonds and Foreign Fixed Income Instruments 212,238 205,519
Shares 277,421 225,80
Alternative investments 3,678 4,124
Loans & advances 339,253 324,908
Time Deposits 163,532 204,532
996,122 964,563
Independent Auditors’ Report Investment property 35,728 32,707
Intangible fixed assets 13,343 12,881
Tangible fixed assets 12,015 11,687
Current assets:
Loans & Advances 64,013 76,297
To: The Board of Managing Directors of Receivables 18,131 18,604
Vidanova Pension Fund Foundation Liquid assets 76,787 53,654
Due from Banks 86,960 115,787
Opinion TOTAL FUND ASSETS 1,303,099 1,286,180
The accompanying 2017 consolidated financial highlights are derived Pension Captal and Liabilities
from the audited consolidated financial statements of Vidanova Technical and other designated reserves:
Pension Fund Foundation for the year ended 31 December 2017. Disability reserve - 7,336
Premium Equalisation Reserve (PER) 18,859 18,177
Reserve for adjustment to recent mortality tables - 2,861
In our opinion, the 2017 consolidated financial highlights have Investment reserve - 31,744
Return Guarantee Reserve (RGR) 3,361 -
been derived consistently, in all material respects, from the 2017
Re-insurance reserve - 394
consolidated financial statements of Vidanova Pension Fund General Reserve 77,976 17,044
Total technical and other designated reserves: 100,196 77,556
Foundation.
Minority interest third parties 20,077 31,415
Provision obligations
Consolidated Financial Highlights Provision Pension Obligations 741,061 715,223
Pension Capital DC Plan (Spaarkapitaal) 64,724 53,952
The consolidated financial highlights do not contain all the 805,785 769,175
disclosures required by the Accounting principles Generally Accepted Long term debt 4,850 6,971
in the Netherlands. Reading the consolidated financial highlights Non-current Liabilities:
and the auditor’s report thereon is not a substitute for reading the Funds entrusted 108,135 92,678
Deferred tax liability 1,298 1,953
audited consolidated financial statements and the auditor’s report 109,433 94,631
thereon. The consolidated financial highlights and the consolidated Current Liabilities:
Funds entrusted 249,105 295,494
financial statements do not reflect the effects of events that occurred
Accruals and deferred income 4,563 4,375
subsequent to the date of our report on the audited consolidated Due to banks 15 126
financial statements. 253,683 299,995
Other short term liabilities and accrued expenses 9,075 6,437
The audited consolidated financial statements Total Pension Capital and Liabilities 1,303,099 1,286,180
We expressed an unmodified audit opinion on these 2017 con so-
lidated financial statements in our report dated 24 April 2018. Consolidated Profit and Loss Statement for the year ended
December 31, 2017
Management’s responsibility for the consolidated financial
2017 2016
highlights
(figures in thousands Antillean guilders)
Management is responsible for the preparation of the consolidated
Income
financial highlights in accordance with the accounting policies as
Employers’ and employees’ Contributions 32,546 27,494
applied in the 2017 consolidated financial statements.
Investment income
Net investment income 11,169 15,249
Auditors’ responsibility Fair value gains and losses 47,023 16,220
58,192 31,469
Our responsibility is to express an opinion on whether these
Bank Operating Income 21,531 20,991
consolidated financial highlights are consistent, in all material
Interest current accounts sponsors 577 360
respects, with the audited consolidated financial statements based Lease Income 116 159
on our procedures, which were conducted in accordance with Other income 1,719 1,130
International Standard on Auditing (ISA) 810 (Revised), Engagement TOTAL INCOME 114,681 81,603
to Report on Summary Financial Statements. Expenses
Pension payments 25,996 24,256
Organizational expenses 25,548 22,979
Curaçao, 2 August 2018 Amortization Intangible Assets 1,444 1,148
61306086 112/22138 Addition to bad debt provision 2,249 1,000
TOTAL EXPENSES 55,237 49,383
for Ernst & Young Accountants
Minority interest 250 (831)
Net operational income before additions to provisions 59,694 31,389
Movements in Technical Provisions (VPV) and VAS 25,838 33,076
Movements in Accrued Savings (Spaarkapitaal) 10,772 8,314
Redemption Pension Right DC 140 346
Net income after additions to provisions 22,944 (10,347)
E.R. Statius van Eps CPA C. Smorenburg RA AA Income Tax Expenses (301) (813)
Net income after additions to provisions
and after tax 22,643 (11,160)