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Antilliaans Dagblad Donderdag 30 april 2020 ADVERTENTIE 5

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ƋŅ ƋĘå ŅĹŸŅĬĜÚ±ƋåÚ 8ĜűĹÏĜ±Ĭ BĜčĘĬĜčĘƋŸ üŅų ƋĘå Ƽå±ų åĹÚåÚ Ƒŏ %åÏåĵÆåų Ɨljŏŀ

A. ACCOUNTING POLICIES i. The Bank’s business model for managing ǻ RERGMEP EWWIXW XS MHIRXMJ] [LIXLIV XLI] QIIX 'EWIH SR XLI EFSZI TVSGIWW XLI ǻ RERGMEP
the asset; and XLI 55. XIWX assets and loan commitments are grouped
• GENERAL into stage 1, stage 2 and stage 3 as described
The principal accounting policies adopted MM XLI GEWL Ǽ S[ GLEVEGXIVMWXMGW SJ XLI EWWIX Ƶ5VMRGMTEPƶ JSV XLI TYVTSWI SJ XLMW XIWX MW HIǻ RIH below.
in the preparation of the consolidated EW XLI JEMV ZEPYI SJ XLI ǻ RERGMEP EWWIX EX MRMXMEP
ǻ RERGMEP LMKLPMKLXW SJ :MHERSZE 'ERO 3 : 'EWIH SR XLIWI JEGXSVW XLI 'ERO GPEWWMǻ IW recognition and may change over the life of • Stage 1:
ƵXLI 'EROƶ EVI WIX SYX FIPS[ 8LIWI its debt instruments into one of the following XLI ǻ RERGMEP EWWIX I K MJ XLIVI EVI VITE]QIRXW ;LIR PSERW EVI JMVWX VIGSKRMWIH XLI
explanatory notes are an extract of the two measurement categories: of principal or amortisation of the premium (SQTER] VIGSKRM^IW ER EPPS[ERGI FEWIH
detailed notes included in the consolidated HMWGSYRX 8LI QSWX WMKRMǻ GERX IPIQIRXW on 12mECLs. Stage 1 loans also include
ǻ RERGMEP WXEXIQIRXW ERH EVI GSRWMWXIRX MR • Amortised cost: Assets that are held for of interest within a lending arrangement are facilities where the credit risk has improved,
all material respects with those from which GSPPIGXMSR SJ GSRXVEGXYEP GEWL Ǽ S[W [LIVI typically the consideration for the time value ERH XLI PSER LEW FIIR VIGPEWWMǻ IH JVSQ
they have been derived. XLSWI GEWL Ǽ S[W VITVIWIRX WSPIP] TE]QIRXW of money and credit risk. Stage 2.
SJ TVMRGMTEP ERH MRXIVIWX Ƶ 55.ƶ ERH XLEX • Stage 2:
• BASIS OF PREPARATION EVI HIWMKREXIH EX JEMV ZEPYI XLVSYKL TVSǻ X The Bank considered whether the contractual ;LIR E PSER LEW WLS[R E WMKRMǻ GERX MRGVIEWI
8LI (SRWSPMHEXIH +MRERGMEP -MKLPMKLXW LEZI ERH PSWW +:51 EVI QIEWYVIH EX EQSVXMWIH GEWL Ǽ S[W EVI GSRWMWXIRX [MXL E FEWMG PIRHMRK in credit risk since origination, the Company
been prepared in accordance with the cost. The carrying amount of these assets arrangement i.e. interest includes only records an allowance for the LTECLs. Stage
Ƹ5VSZMWMSRW JSV XLI )MWGPSWYVIW SJ MW EHNYWXIH F] ER] I\TIGXIH GVIHMX PSWW consideration for the time value of money, 2 loans also include facilities, where the
(SRWSPMHEXIH +MRERGMEP -MKLPMKLXW SJ allowance recognised and measured as credit risk, other basic lending risks and a credit risk has improved, and the loan has
)SQIWXMG 'EROMRK .RWXMXYXMSRWƹ EW MWWYIH described below. Interest income from TVSǻ X QEVKMR XLEX MW GSRWMWXIRX [MXL E FEWMG FIIR VIGPEWWMǻ IH JVSQ XEKI
by the Central Bank of Curaçao & Sint XLIWI ǻ RERGMEP EWWIXW MW MRGPYHIH MR MRXIVIWX lending arrangement and concluded that the • Stage 3:
2EEVXIR ('( 4YV GSRWSPMHEXIH ǻ RERGMEP and similar income using the effective portfolio of loans and advances passed the 1SERW GSRWMHIVIH GVIHMX MQTEMVIH
statements, from which these Consolidated interest rate method. 55. XIWX The Company records an allowance for the
+MRERGMEP -MKLPMKLXW LEZI FIIR HIVMZIH EVI • +EMV ZEPYI XLVSYKL TVSǻ X ERH PSWW Ƹ+:51ƹ LTECLs.
prepared in accordance with International Assets that do not meet the criteria for %åųåÏŅčĹĜƋĜŅĹ Úƚå ƋŅ ŸƚÆŸƋ±ĹƋĜ±Ĭ ĵŅÚĜĀ ϱƋĜŅĹ
+MRERGMEP 7ITSVXMRK XERHEVHW Ƹ.+7 ƹ ƶ ERH amortised cost are measured at fair value of terms and conditions The key elements of the ECL calculations
book 2 of the Curaçao Civil Code and are XLVSYKL TVSǻ X ERH PSWW 8LIWI EWWIXW EVI 8LI (SQTER] HIVIGSKRM^IW E ǻ RERGMEP EWWIX EVI EW JSPPS[W
available at the Bank. The accounting YRUYSXIH IUYMX] WIGYVMXMIW XLEX EVI LIPH such as a loan to a customer, to facilitate
policies have been applied consistently for trading purposes. A gain or loss on such changes to the original loan agreement or ƽ 5) 8LI Probability of Default is an estimate
HYVMRK XLI ]IEV 8LI GSRWSPMHEXIH ǻ RERGMEP ER IUYMX] MRZIWXQIRX MW WYFWIUYIRXP] arrangement due to weaknesses in the of the likelihood of default over a given
statements are presented in thousands of measured at fair value through profit of FSVVS[IVƶW JMRERGMEP TSWMXMSR ERH SV RSR XMQI LSVM^SR & HIJEYPX QE] SRP] LETTIR
3IXLIVPERHW &RXMPPIER ,YMPHIVW &3, ERH PSWW .RXIVIWX MRGSQI JVSQ XLIWI ǻ RERGMEP repayment of the debt as arranged, and terms at a certain time over the assessed period,
EPP ZEPYIW EVI VSYRHIH XS XLI RIEVIWX &3, assets is included in interest income using and conditions have been restructured to the if the facility has not been previously
thousands, except when otherwise XLI IǺ IGXMZI MRXIVIWX VEXI QIXLSH extent that, substantially, it becomes a new HIVIGSKRM^IH ERH MW WXMPP MR XLI TSVXJSPMS
indicated. PSER [MXL XLI HMǺ IVIRGI VIGSKRMWIH EW ER
Business model assessment impairment loss. The newly recognised loans ƽ *&) 8LI Exposure at Default is an estimate
The statements have been prepared on 8LI FYWMRIWW QSHIP VIǼ IGXW LS[ XLI 'ERO EVI GPEWWMǻ IH EW XEKI JSV *(1 QIEWYVIQIRX of the exposure at a future default date,
XLI LMWXSVMGEP GSWX FEWMW I\GITX JSV ǻ RERGMEP manages the assets in order to generate cash purposes. considering expected changes in the
EWWIXW EX JEMV ZEPYI XLVSYKL TVSǻ X SV PSWW Ǽ S[W 8LEX MW [LIXLIV XLI 'EROƶW SFNIGXMZI exposure after the reporting date, including
ERH ǻ RERGMEP EWWIXW XLEX EVI QIEWYVIH EX MW WSPIP] XS GSPPIGX XLI GSRXVEGXYEP GEWL Ǽ S[W ;LIR EWWIWWMRK [LIXLIV XS HIVIGSKRM^I E repayments of principal and interest,
EQSVXM^IH GSWX -MWXSVMGEP GSWX MW KIRIVEPP] from the assets or is to collect both the loan to a customer, amongst others, the whether scheduled by contract or otherwise,
based on the fair value of the consideration GSRXVEGXYEP GEWL Ǽ S[W ERH GEWL Ǽ S[W EVMWMRK Company considers the following factors: expected drawdowns on committed
given in exchange for good and services. from the sale of assets. If neither of these is • Change in currency of the loan facilities, and accrued interest from missed
ETTPMGEFPI I K ǻ RERGMEP EWWIXW EVI LIPH JSV • Change in counterparty payments.
• BASIS OF CONSOLIDATION XVEHMRK TYVTSWIW XLIR XLI ǻ RERGMEP EWWIXW ƽ .J XLI QSHMǻ GEXMSR MW WYGL XLEX XLI MRWXVYQIRX
Subsidiaries are those institutions in which are classified as part of another business [SYPH RS PSRKIV QIIX XLI 55. GVMXIVME ƽ 1,) 8LI Loss Given Default is an estimate
the Bank, directly or indirectly, has the QSHIP ERH QIEWYVIH EX +:51 +EGXSVW of the loss arising in the case where a default
TS[IV XS KSZIVR XLI ǻ RERGMEP ERH STIVEXMRK considered by the Bank in determining the .J XLI QSHMǻ GEXMSR HSIW RSX VIWYPX MR GEWL occurs at a given time. It is based on the
TSPMGMIW WS EW XS SFXEMR FIRIǻ XW JVSQ MXW business model for a group of assets include flows that are substantially different, the HMǺ IVIRGI FIX[IIR XLI GSRXVEGXYEP GEWL
activities. Vidanova Asset Holding B.V. was TEWX I\TIVMIRGI SR LS[ XLI GEWL Ǽ S[W JSV QSHMǻ GEXMSR HSIW RSX VIWYPX MR HIVIGSKRMXMSR Ǽ S[W HYI ERH XLSWI XLEX XLI PIRHIV [SYPH
JSYRHIH MR ERH MW E [LSPP] S[RIH XLIWI EWWIXW [IVI GSPPIGXIH LS[ XLI EWWIXƶW 'EWIH SR XLI GLERKI MR GEWL Ǽ S[W HMWGSYRXIH expect to receive, including from the
subsidiary of the Bank. The consolidated performance is measured and reported to at the original rate, the Company records a VIEPM^EXMSR SJ ER] GSPPEXIVEP .X MW YWYEPP]
ǻ RERGMEP WXEXIQIRXW SJ XLI 'ERO JSV XLI key management personnel and how risks QSHMǻ GEXMSR KEMR SV PSWW XS XLI I\XIRX XLEX I\TVIWWIH EW E TIVGIRXEKI SJ XLI *&)
]IEV IRHIH )IGIQFIV GSQTVMWI are assessed and managed. an impairment loss has not already been
of the Bank and its subsidiary. recorded. In its ECL model, the Bank relies on a broad
8LI (SQTER]ƶW FYWMRIWW QSHIP JSV XLI PSERW range of forward looking information as
• CLASSIFICATION AND SUBSEQUENT and advances is to hold and collect the Expected credit loss principles IGSRSQMG MRTYXW WYGL EW ,)5 KVS[XL ERH
MEASUREMENT OF FINANCIAL ASSETS GSRXVEGXYEP GEWL Ǽ S[W 8LI EHSTXMSR SJ .+7 MR LEW unemployment rates.
+VSQ /ERYEV] XLI 'ERO LEW ETTPMIH JYRHEQIRXEPP] GLERKIH XLI 'EROƶW MQTEMVQIRX The inputs and models used for calculating
.+7 XS GPEWWMJ] MXW JMRERGMEP EWWIXW SPPI QIXLSH F] VITPEGMRK .& ƶW MRGYVVIH PSWW ECLs may not always capture all the
(PEWWMǻ GEXMSR ERH WYFWIUYIRX QIEWYVIQIRX +SV XLI ǻ VWX WXIT SJ MXW GPEWWMǻ GEXMSR TVSGIWW ETTVSEGL [MXL E JSV[EVH PSSOMRK I\TIGXIH characteristics of the market at the date of
SJ XLI ǻ RERGMEP EWWIXW HITIRH SR the Bank assesses the contractual terms of credit loss (‘ECL”) approach. XLI ǻ RERGMEP WXEXIQIRXW

+PFGRGPFGPV CWFKVQTņU TGRQTV on the
ŅĹŸŅĬĜÚ±ƋåÚ 8ĜűĹÏĜ±Ĭ BĜčĘĬĜčĘƋŸ Ņü Vidanova Bank nv Management is responsible for the preparation
SJ XLI EGGSQTER]MRK GSRWSPMHEXIH ǻ RERGMEP
INDEPENDENT AUDITOR’S REPORT ON THE (SRWSPMHEXIH ǻ RERGMEP LMKLPMKLXW SXLIV MRJSVQEXMSR 4YV STMRMSR SR XLI GSR LMKLPMKLXW MR EGGSVHERGI [MXL XLI 5VSZMWMSRW
AUDIT OF THE CONSOLIDATED FINANCIAL The accompanying consolidated financial WSPMHEXIH ǻ RERGMEP WXEXIQIRXW HSIW RSX GSZIV JSV XLI )MWGPSWYVI SJ (SRWSPMHEXIH +MRERGMEP
HIGHLIGHTS highlights do not contain all the disclosures the other information and we do not express -MKLPMKLXW SJ )SQIWXMG 'EROMRK .RWXMXYXMSRW
VIUYMVIH F] .RXIVREXMSREP +MRERGMEP 7ITSVXMRK any form of assurance conclusion thereon. as set by the CBCS.
Opinion Standards. Reading the accompanying
The accompanying consolidated financial GSRWSPMHEXIH ǻ RERGMEP LMKLPMKLXW ERH SYV VITSVX In connection with our audit of the consolidated Auditor’s responsibilities
highlights, which comprise the consolidated thereon, therefore, is not a substitute for reading ǻ RERGMEP WXEXIQIRXW SYV VIWTSRWMFMPMX] MW XS 4YV VIWTSRWMFMPMX] MW XS I\TVIWW ER STMRMSR SR
FEPERGI WLIIX EW EX )IGIQFIV ERH XLI EYHMXIH GSRWSPMHEXIH ǻ RERGMEP WXEXIQIRXW read the other information and, in doing so, whether the accompanying consolidated
consolidated income statement for the year SJ XLI 'ERO ERH SYV EYHMXSVƶW VITSVX XLIVISR consider whether the other information is financial highlights are consistent, in all
then ended and related notes, are derived from materially inconsistent with the consolidated material respects, with the audited
XLI EYHMXIH GSRWSPMHEXIH ǻ RERGMEP WXEXIQIRXW The audited consolidated ǻ RERGMEP WXEXIQIRXW SV SYV ORS[PIHKI SFXEMRIH GSRWSPMHEXIH ǻ RERGMEP WXEXIQIRXW SJ XLI 'ERO
of Vidanova Bank N.V. (“the Bank”) for the year ǻ RERGMEP WXEXIQIRXW ERH SYV EYHMXSVƶW in the audit or otherwise appears to be based on our procedures, which were
IRHIH )IGIQFIV report thereon materially misstated. conducted in accordance with International
In our opinion, the accompanying consolidated ;I I\TVIWWIH ER YRQSHMǻ IH EYHMX STMRMSR If, based on the work we have performed, we Standard on Auditing (ISA) 810 (Revised),
ǻ RERGMEP LMKLPMKLXW EVI GSRWMWXIRX MR EPP QEXIVMEP SR XLI GSRWSPMHEXIH ǻ RERGMEP WXEXIQIRXW conclude that there is a material misstatement *RKEKIQIRXW XS 7ITSVX SR YQQEV] +MRERGMEP
VIWTIGXW [MXL XLI EYHMXIH GSRWSPMHEXIH ǻ RERGMEP SJ XLI 'ERO MR SYV EYHMXSVƶW VITSVX HEXIH SJ XLMW SXLIV MRJSVQEXMSR [I EVI VIUYMVIH XS Statements.
statements of the Bank, in accordance with the April 2020. VITSVX XLEX JEGX ;I LEZI RSXLMRK XS VITSVX MR
5VSZMWMSRW JSV XLI )MWGPSWYVI SJ (SRWSPMHEXIH this regard. Curaçao, April 9, 2020
+MRERGMEP -MKLPMKLXW SJ )SQIWXMG 'EROMRK Other information
Institutions, as set by the Central Bank of Curaçao 4XLIV MRJSVQEXMSR GSRWMWXW SJ XLI 2EREKIQIRXƶW Responsibilities of management for the for Ernst & Young Accountants
and Sint Maarten (“CBCS”). Report. Management is responsible for the GSRWSPMHEXIH ǻ RERGMEP LMKLPMKLXW C. Smorenburg RA AA