Letno poroËilo 2005 Annual Report 2005 · 40 Korporativno komuniciranje 42 Druæbena odgovornost 43 Predstavitev finanËnega rezultata poslovanja 44 NaËrti 47 PORO»ILO NADZORNEGA

Letno poroËilo 2005Annual Report 2005

1 FinanËni rezultat 2004/20053 Mojstri za izjemne doseæke

16 ORGANIZACIJSKA STRUKTURA

21 ORGANI UPRAVLJANJA

23 NAGOVOR PREDSEDNIKA UPRAVE

29 GOSPODARSKO OKOLJE V LETU 2005

33 POSLOVANJE BANKE PO POSLOVNIH PODRO»JIH

33 Poslovanje s podjetji35 Poslovanje s prebivalstvom35 Upravljanje premoæenja36 Poslovanje z vrednostnimi papirji36 Zakladniπtvo37 Skrbniπtvo37 Upravljanje s tveganji38 Informacijska podpora poslovanju39 Upravljanje s Ëloveπkim kapitalom40 Korporativno komuniciranje42 Druæbena odgovornost43 Predstavitev finanËnega rezultata poslovanja44 NaËrti

47 PORO»ILO NADZORNEGA SVETA BANK AUSTRIA CREDITANSTALT D.D. LJUBLJANA

51 IZJAVA O ODGOVORNOSTI UPRAVE

53 REVIDIRANI RA»UNOVODSKI IZKAZI53 PoroËilo neodvisnega revizorja54 RaËunovodski izkazi57 Pojasnila k raËunovodskim izkazom

83 MREÆA POSLOVNIH ENOT

1 Financial Owerview 2004/20053 Maestros for outstanding achievements

86 ORGANISATIONAL SCHEME

91 GOVERNING BODIES

93 REPORT BY THE CHAIRMAN OF THE MANAGEMENT BOARD

99 THE ECONOMIC ENVIRONMENT IN 2005

103 PERFORMANCE REVIEW103 Corporate Banking105 Retail Banking105 Asset Management106 Securities Trading106 International Markets107 Custody Services107 Risk Management108 Information Technology Support109 Management of Human Capital110 Corporate Communications 112 Social Responsibility112 Financial Results114 Plans

117 REPORT OF THE SUPERVISORY BOARD OF BANK AUSTRIA CREDITANSTALT D.D. LJUBLJANA

121 STATEMENT OF RESPONSIBILITY OF THE MANAGEMENT BOARD

123 AUDITED FINANCIAL STATEMENTS 123 Independent auditors’ report 124 Financial Statements 127 Notes to the financial statements

153 BRANCH NETWORK

KAZALO

CONTENTS

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BILANCA STANJA / BALANCE SHEET

v tisoË SIT Pojasnila 31. 12. 2005 31. 12. 2004

Sredstva

Denar v blagajni in stanje na raËunih pri centralni banki 3 4.977.152 3.622.519

Blagajniπki zapisi. ki jih je izdala centralna banka 75.228.778 34.721.234

Posojila in predujmi ter plasmaji bankam 4 79.312.068 38.486.452

Posojila in predujmi strankam. ki niso banke 5 248.040.974 188.221.392

FinanËna sredstva v posesti za trgovanje 6 15.174.712 13.539.523

Za prodajo razpoloæljive finanËne naloæbe 7 22.996.105 14.281.590

FinanËne naloæbe v posesti do zapadlosti v plaËilo 8 1.168.760 3.461.521

Opredmetena osnovna sredstva in neopredmetena sredstva 9 2.934.653 2.653.221

Druga sredstva 10 1.270.026 840.054

451.103.228 299.827.506

Obveznosti do virov sredstev in delniπki kapital

Dolgovi do bank 11 264.182.525 153.154.917

Dolgovi do strank, ki niso banke 12 150.293.653 116.605.418

FinanËne obveznosti v posesti za trgovanje 13 677.821 357.482

Rezervacije 14 213.362 269.647

Drugi dolgovi 15 2.600.420 2.075.290

Podrejeni dolg 16 - 7.888.419

Delniπki kapital 17 33.135.447 19.476.333

451.103.228 299.827.506

SIT ’000 Notes 31. 12. 2005 31. 12. 2004

Assets

Cash and balance with the central bank 3 4,977,152 3,622,519

Bills issued by the central bank 75,228,778 34,721,234

Loans and advances to, and placements with banks 4 79,312,068 38,486,452

Loans and advances to customers 5 248,040,974 188,221,392

Trading assets 6 15,174,712 13,539,523

Available-for-sale securities 7 22,996,105 14,281,590

Securities held-to-maturity 8 1,168,760 3,461,521

Property, equipment and intangible assets 9 2,934,653 2,653,221

Other assets 10 1,270,026 840,054

451,103,228 299,827,506

Liabilities and shareholders’ equity

Amounts owned to banks 11 264,182,525 153,154,917

Amounts owned to costomers 12 150,293,653 116,605,418

Trading liabilities 13 677,821 357,482

Provisions 14 213,362 269,647

Other liabilities 15 2,600,420 2,075,290

Subordinated debt 16 - 7,888,419

Shareholders’ equity 17 33,135,447 19,476,333

451,103,228 299,827,506

Dr. France Arhar Dr. Heribert Fernau

Predsednik uprave / »lan uprave /

Chairman of the Management Board Member of the Management Board

Priloæene raËunovodske usmeritve in pojasnila so sestavni del teh raËunovodskih izkazov.

The accompanying accounting policies and notes are an integral part of these financial statements.

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Mojstri za izjemne doseæke

Ob zakljuËku letoπnje sezone si lahko reËemo: ››Bravo!« Rezultati so pred nami, Ërno na belem. In samo mi vemo, koliko truda je bilovloæenega, da smo z ustreznimi instrumenti zaokroæili poslovno leto v slogu velikihmojstrov. Z znanjem, izkuπnjami in potrpeæljivostjo nam je uspelo izpolniti takolastna kot priËakovanja naπih zvestih komitentov in cenjenih partnerjev ter celotnebanËne skupine. Zagotovo bodo od nas zahtevali bis. In mi jim bomo z veseljem ustregli.

Maestros for outstanding achievements

As this year’s season comes to a close we are justified in saying to ourselves: ››Bravo!«The results are there to see, in black and white. And only we know how much effortwas invested to ensure that, with the corresponding instruments, we rounded off thefinancial year in the style of the great maestros. Through knowledge, experience andpatience, we succeeded in meeting both our own expectations and those of our loyalclients and esteemed partners and the entire banking group. They will certainlydemand an encore. And we will be happy to provide them with one.

Most v osrËje EvropeSrednja in Vzhodna Evropa nista bili

πe nikoli tako na dosegu roke.Ker poznamo poti,

ki odpirajo nove prostore. Ker znamo æe od nekdaj zaigrati

na prave strune.

A bridge to the heart of EuropeCentral and Eastern Europe have never been so close at hand.

Because we know the ways that open up new spaces. Because we have long known how to play on the right strings.

Pravi vzvodi, dobro uglaπeno letoDobro uglaπena ekipa

zna zagotoviti rezultate: z neprecenljivim znanjem

in s posluhom za vrhunskost.Bolj kot je leto napeto,

bolj zavidljivi so uspehi.

The right levers, a well tuned yearA well tuned team is able to guarantee results:

with invaluable knowledge and an ear for the best.The tenser the year, the more enviable the successes.

Uspeh ni splet nakljuËijTemveË celosten preplet znanj, izkustev in odgovornosti. Uspeh ni plod hipnih odloËitev, ampak skrbno premiπljenih potez, s katerimi zagotavljamo svojimkomitentom reπitve ≈na kljuË«.

Success is not a string of coincidencesRather, it is a comprehensive interweaving of knowledge, experience and responsibility. Success is not the fruit of instantaneous decisions but of carefully deliberated moves, by means of which we provide our clients with turnkey solutions.

Iz leta v leto enota za enotoLetos smo nizu poslovnih enot dodali tri nove. Kompozicija enot je zaenkrat zaokroæena. S trinajstimi bomo πe nekaj Ëasa vztrajali v tem tempu.Year to year, unit after unitThis year we have added three new business units to the existing ten. The composition of units is for the time being complete. With thirteen units, we will continue to maintain this tempo for the foreseeable future.

Vse poti vodijo navzgor Ker nas æene ustvarjalnost

in imamo velika priËakovanja, opazno rastemo.

FinanËno, pa tudi osebno. Brez skrbi, znamo poskrbeti,

da ne zaidemo iz zaËrtane smeri.All roads lead upwards

Because we are driven by creativity and have great expectations, we are growing perceptibly. Financially but also personally.

With tranquillity, we are able to make sure that we do not stray from the route we have traced.

Izjemni ljudje za vrhunskimi rezultatiNaπ najveËji kapital so strokovnjaki.Virtuozi, ki do potankosti poznajo moË svojih instrumentov. Znanje, strast in predanost v imenu skupnega poslanstva: uspeha.

Outstanding people behind top resultsOur greatest capital are our experts.Virtuosi who know the power of their instruments to the last detail. Knowledge, passion and commitment in the name of a common mission: success.

KljuËne stranke in projektnofinanciranjeMednarodna podjetja

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ORGANIZACIJSKA STRUKTURA DO 31. JULIJA 2005

STEFAN VAVTI

Upravljanje s produkti banke

Poslovanje s podjetji

KLAUS PRIVERSCHEK

Marketing

DivizijaOddelek / Poslovna enotaPoslovna enota / CORP del©tabna sluæba

Upravljanje premoæenjaProdaja vrednostnih papirjev

Poslovna enota Ljubljana BTCPoslovna enota MariborPoslovna enota Novo mestoPoslovna enota KoperPoslovna enota CeljePoslovna enota Kranj

Center za naloæbe in osebno banËniπtvoCenter za financiranjePoslovna enota CeljePoslovna enota VelenjePoslovna enota Murska SobotaPoslovna enota KranjPoslovna enota Ljubljana Wolfova Poslovna enota Ljubljana BTCPoslovna enota Ljubljana TræaπkaPoslovna enota Ljubljana CelovπkaPoslovna enota Novo mestoPoslovna enota KoperPoslovna enota Nova GoricaPoslovna enota MariborPoslovna enota Ptuj

Poslovanje s prebivalstvom

Poslovanje s srednje velikimipodjetji

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HERIBERT FERNAU

Zakladniπtvo BanËne operacije Upravljanje s tveganji

Skrbniπke storitve Upravljanje s tveganjiAdministracija kreditov in poravnavePogodbe in posebni primeriBonitete

PlaËilni prometInformacijska tehnologijaOrganizacijaTehniËna sluæbaElektronsko banËniπtvoKartiËno poslovanje

Finance in træna tveganja

RaËunovodstvoKontroling Centralno banËno poroËanje in træna tveganja

FRANCE ARHAR

Tajniπtvo Pravna pisarna

Kadrovska sluæbaOdnosi z javnostmi

Notranja revizija - poroËavsem organom upravljanja

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ORGANIZACIJSKA STRUKTURA OD 1. AVGUSTA 2005

STEFAN VAVTI

Marketing

FRANCE ARHAR

Zakladniπtvo

Tajniπtvo Pravna pisarnaKadrovska sluæba

Odnosi z javnostmiUpravljanje s produkti banke

Prodaja vrednostnih papirjevSkrbniπke storitveUpravljanje premoæenja

DivizijaOddelek / Poslovna enotaPoslovna enota / CORP del©tabna sluæba

Notranja revizija - poroËavsem organom upravljanja

Center za naloæbe in osebnobanËniπtvoCenter za financiranje

Poslovna enota LjubljanaWolfova Poslovna enota Ljubljana BTCPoslovna enota LjubljanaTræaπkaPoslovna enota LjubljanaCelovπkaPoslovna enota VelenjePoslovna enota KranjPoslovna enota CeljePoslovna enota Murska SobotaPoslovna enota Novo mestoPoslovna enota KoperPoslovna enota Nova GoricaPoslovna enota MariborPoslovna enota Ptuj

KljuËne stranke in projektnofinanciranjeMednarodna podjetja

Poslovanje s podjetji Poslovanje s prebivalstvom

Poslovanje s srednje velikimipodjetji

PE Ljubljana BTCPE MariborPE Novo mestoPE KoperPE CeljePE Kranj

PlaËilni prometInformacijska tehnologijaOrganizacijaTehniËna sluæbaElektronsko banËniπtvoKartiËno poslovanje

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HERIBERT FERNAU

Upravljanje s tveganji

Upravljanje s tveganjiAdministracija kreditov in poravnavePogodbe in posebni primeriBonitete

Finance in træna tveganja

RaËunovodstvoKontroling Centralno banËno poroËanje in træna tveganja

BanËne operacije

ORGANI UPRAVLJANJA BANKE

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NADZORNI SVET

Predsednik nadzornega sveta:

mag. Helmut Bernkopf*

Namestnik predsednika nadzornega sveta:

mag. Wolfgang Helpa

»lani nadzornega sveta:

dr. Erhard Gehbergermag. Martin Klauzermag. Friedrich RacherHerbert Hangel**Ralf Cymanek***

UPRAVA BANKE

Predsednik uprave:

dr. France Arhar

»lani uprave:

dr. Heribert Fernaudr. Klaus Priverschek****mag. Stefan Vavti

* do 12. 1. 2005 »lan NS in od 13. 1. 2005 Predsednik NS** od 31. 5. 2005

*** do 31. 1. 2005**** do 31. 7. 2005

Organi upravljanja banke

NAGOVOR PREDSEDNIKA UPRAVE

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Nagovor predsednika uprave

Spoπtovane dame in gospodje, cenjeni poslovni partnerji!

Za slovenskim gospodarstvom je πe eno uspeπno poslovno leto, ki sta ga zaznamovalivzpodbudna gospodarska rast na nivoju okoli 4 % in nadaljnje prilagajanjemaastrichtskim kriterijem, ki so predpogoj za vstop v monetarno unijo. Lahkougotovimo, da se je program vstopa v ERM II in prevzema evra, kot osnova zadelovanje ekonomskih politik, uspeπno izvajal. ©e nekajkrat veËjo rast kot celotnogospodarstvo je zabeleæil banËni sektor, ki je poveËal svoje poslovanje za nekaj veËkot 20 %. Ko primerjamo svoje rezultate z navedenim makro okoljem oziroma svojokonkurenco, potem smo v Bank Austria Creditanstalt d.d. Ljubljana z njimi dodatnozadovoljni, kajti banki je uspelo skupaj s celotnim partnerstvom narediti velik inpomemben korak v smeri poveËanega trænega deleæa, veËjega dobiËka ter πiritveposlovne mreæe in produktov, s katerimi nastopa na slovenskem trgu in s svojimipartnerji tudi na drugih trgih.

Hitro rast obsega poslovanja banke, ki se je poveËal za dobrih 50 %, so odloËilnopodprli njeni lastniki. Ti so z denarnimi vplaËili poveËali kapital banke za nekaj manjkot 47 milijonov evrov in hkrati nadaljevali s politiko, sprejeto æe leta 2002, kinarekuje, da se celoten dobiËek banke reinvestira, kar omogoËa banki dodatnoorgansko rast. PrepriËani smo, da je taka politika krepitve materialne osnove banke

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kredibilna v oËeh njenih partnerjev in hkrati skladna z njeno dolgoroËno strategijopoveËevanja trænega deleæa in ciljem biti med vodilnimi bankami na slovenskemtrgu. Banki je uspelo ob taki rasti poveËati træni deleæ za 1,1 procentne toËke, karpomeni, da je njena bilanËna vsota ob koncu leta predstavljala 6,5-odstotni trænideleæ in da je bila banka skladno s tem merilom peta najveËja banka v Sloveniji.Za tako izkazano podporo smo lastnikom πe posebej hvaleæni.

Grosso modo lahko ugotovimo, da je dinamika kreditiranja v Sloveniji v zadnjemobdobju visoka, kar lahko pripiπemo tudi procesu poglabljanja finanËnegaposredniπtva zaradi dohitevanja veËje ekonomske razvitosti nekaterih Ëlanic EUin konvergenci obrestnih mer.

Dinamika kreditiranja je moËna tako pri kreditiranju gospodinjstev kot prikreditiranju gospodarstva in se je v obeh primerih gibala med 23 in 25 %. Medrazloge za poveËano kreditiranje gospodinjstev bi lahko πteli predvsem relativnokrepko rast zasebne potroπnje, ki æe od leta 2003 presega 3 %, Ërpanjestanovanjskih kreditov na osnovi Nacionalne stanovanjske varËevalne sheme, kar seje odrazilo v poveËanem potroπniπkem in stanovanjskem kreditiranju, relativno nizkostopnjo zadolæenosti v primerjavi z razvitimi dræavami in dodatno konkurenco natrgu kreditov, ki je pripomogla k skrajπevanju kreditnih postopkov in zniæevanjustroπkov.

Navedeni trendi so se odraæali tudi pri poslovanju naπe banke, kateri je uspelopoveËati kreditiranje nebanËnega sektorja za 31 %. V okviru slednjega je bilazabeleæena najviπja rast pri kreditiranju gospodinjstev, kjer so krediti porasli za36 %; med njimi πe posebej hipotekarni krediti, pri katerih Bank AustriaCreditanstalt d.d. Ljubljana dosega æe 11-odstotni træni deleæ. Zaradi konvergencepri obrestnih merah in relativno stabilnega teËaja tolarja je bil kljub tveganju,povezanemu s teËajnimi razlikami, levji deleæ kreditnega prirasta zabeleæen v

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πvicarskih frankih. Razveseljivi so tudi rezultati pri kreditiranju majhnih in srednjihpodjetij, kjer je banka presegla celo 50-odstotno rast.

Ob æe navedenem poviπanju kapitala je banki uspelo bistveno poveËati tudi primarnevire, ki so porasli za 29 %, medtem ko je bila rast vlog nebanËnega sektorja vcelotnem banËnem sistemu le okrog 9 %. Hkrati lahko ugotovimo tudi za naπobanko, da je soodvisnost od banËnega sektorja, predvsem v tujini, vedno veËja: naeni strani zaradi veËjega troπenja prebivalstva in padajoËega trenda varËevanja, nadrugi strani pa tudi zaradi realokacije banËnih vlog delno v vzajemne sklade, delnona kapitalske in nepremiËninske trge in tudi neposredno na raËune tujih bank. Zdrugimi besedami, banke so bile prisiljene iskati manjkajoËe vire v medbanËnihkreditnih razmerjih, ki so zabeleæila velik porast - na nivoju celotnega sektorja 64 %,v primeru naπe banke pa celo 72 %.

Pri taki strukturi banËne bilance je razumljivo, da imajo πe vedno dominanten vplivna konËni rezultat obrestni prihodki, ki so pri banËnem sektorju v neto zneskuporasli za okrog 5 %, v naπi banki pa je bila tovrstna rast 25 %. V celotnembanËnem sektorju je porasel deleæ neobrestnih prihodkov za 15 %, v Bank AustriaCreditanstalt d.d. Ljubljana pa za 17 %.

Operativni stroπki so naraπËali hitreje kot v banËnem sektorju: zaradi izgrajevanjaposlovne mreæe, poveËevanja πtevila zaposlenih in zaradi novih investicij vinformacijsko tehnologijo. Vendar so rasli bistveno poËasneje kot obseg poslovanjain so se v lanskem letu poveËali za 20 %. Z drugimi besedami, predstavljajopribliæno 1,2 % celotne aktive banke, medtem ko isti koliËnik za celoten banËnisistem presega 2 %.

IzhajajoË iz celotnega makroekonomskega okolja in tokov, s katerimi se je sooËalofinanËno posredniπtvo v Sloveniji v preteklem letu, so rezultati naπe banke v izkazu

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poslovnega izida, merjeni po mednarodnih raËunovodskih standardih, vzpodbudniin razveseljivi. Kljub temu, da se je inflacija zniæala za slabo tretjino, obrestne maræepa dodatno zmanjπale za 15 %, je banka poveËala rast dobiËka za 15 %. Z drugimibesedami, dobiËek je znaπal 3,426 milijarde tolarjev ali 14,3 milijona evrov.

Spoπtovane dame in gospodje, cenjeni poslovni partnerji. Doseæeni rezultati vpreteklem letu so v prvi vrsti odraz krepitve zaupanja med nami, za kar smo vamvsem πe posebej hvaleæni. Brez novih idej, novih produktov in dodatnega interesa, kije bil izraæen z obeh strani, ne bi bilo take rasti poslovanja niti navedenih rezultatov,ki nas hkrati zavezujejo k πe boljπemu opravljanju naπih storitev in k iskanju novihmoænosti tako na domaËem trgu kot tudi na tujih trgih, ki postajajo s πiritvijo naπefinanËne skupine v sodelovanju z UniCredit Group πe bolj zanimivi in z mreæo, ki jole-ta poseduje, πe bolj varni. PrepriËani smo, da bo nova sinergija v okviru noveskupine dodatno in pomembno prispevala h krepitvi naπe skupne pozicije tako natrgu Unije kot tudi na drugih trgih in da bo tudi to pomemben prispevek naπe bankenaπemu partnerstvu v okviru novega Ëlanstva v evropski monetarni uniji. Slednjapredstavlja nove izzive in dodatne moænosti, hkrati pa æe danes zahteva dodatnostrnitev vrst za doseganje veËje racionalnosti, dodatnega zmanjπevanja stroπkov in πeboljπih rezultatov v zaostrenih konkurenËnih razmerah, kajti samo na ta naËin bomolahko vi in mi πe boljπi.

Dovolite nam, da se ob tej priloænosti zahvalimo vsem Ëlanom nadzornega svetaza njihove konstruktivne predloge, ideje in konkretne reπitve, tako na samih sejahkot tudi izven njih. Ob tej priloænosti gre naπa zahvala tudi kolegu dr. KlausuPriverschku, ki je bil Ëlan uprave do meseca avgusta preteklega leta in je z istimmesecem prevzel nove dolænosti v tujini. Temeljna zahvala pa je namenjena vamvsem, dragi sodelavci, ki ste s svojim nesebiËnim delom dokazali in pokazali, kajzmoremo skupaj, Ëe je v nas resniËna volja za doseganje zastavljenih ciljev.Vi ste tisti kapital, ki mu zaupajo partnerji in naπi lastniki, in od nas vseh jeodvisno prihodnje doseganje zastavljenih ciljev. PrepriËani smo, da bodo trdni,etiËni in profesionalni medsebojni odnosi temeljni kamen za naπo nadaljnjoskupno prosperiteto.

Predsednik uprave

dr. France Arhar Ljubljana, 7. februarja 2006

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GOSPODARSKO OKOLJE V LETU 2005

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Leto 2005 so gospodarsko okolje zaznamovali trijedejavniki: cene surovin in nafte, rast aktivnosti nakljuËnih izvoznih trgih in navzkriæni teËaj USD protiEUR. V drugi polovici 2005 je evro po treh letihponovno zaËel tudi po medletnih stopnjah izgubljativrednost proti dolarju.

Dinamika gospodarske rasti se je v Sloveniji æe tretjeleto izboljπevala v primerjavi z rastjo v “starih”Ëlanicah EU (EU15). Spremljanje medletne rastidomaËega produkta v Sloveniji je bilo kakor v prejπnjihletih tudi v letu 2005 podobno rasti v EU. Pri obeh jerast konec leta 2004 opeπala in nato v drugemËetrtletju 2005 opazno pospeπila, le da je bilapospeπitev v Sloveniji mnogo moËnejπa. V letu 2005je rast v Sloveniji prehitevala rast v EU15 za veË kot2,5 toËke.1

Gospodarska rast v tretjem Ëetrtletju 2005 je znaπala3,7 %, po prvi oceni pa se je bruto druæbeni proizvodv letu 2005 poveËal za 3,9 %. Takπno rast domaËegaprodukta je diktirala dinamika izvoza, ki je naraπËalopazno hitreje od domaËega produkta. Malenkost manjintenzivno od izvoza je v letu 2005 naraπËal uvoz, takoda se je negativni saldo menjave v letu 2005 zmanjπal

oziroma je bil do vkljuËno tretjega Ëetrtletja celopozitiven.

Nihanje aktivnosti na izvoznih trgih je imelo nadinamiko naπega izvoza vse manjπi vpliv. Relativnadinamika troπenja gospodinjstev in dræave se je v letu2005 zaËela krepiti, dinamika investicij pa slabeti. Medsektorji, ki so beleæili najhitrejπe poveËevanje dodanevrednosti, so finanËno posredniπtvo, transport intrgovina.2

Primanjkljaj na tekoËi raËun plaËilne bilance je v letu2005 znaπal 254 milijonov evrov, kar je posledicaugodnih gibanj v blagovno-storitveni menjavi.Kumulativni saldo tekoËega raËuna plaËilne bilance vistem obdobju v letu 2004 je bil negativen v viπini 544milijona evrov. Po predhodnih podatkih BS se je v letu2005 skupni izvoz nominalno poveËal za 12,6 % (blagoza 11,9 %, storitve za 15,6 %).

Najhitreje je naraπËal izvoz blaga v dræave Ëlanice EU.V letu 2005 se je nabolj poveËal izvoz v Portugalsko(za veË kot dvakrat) in v Francijo (za 42 %). Mednovimi Ëlanicami EU je najbolj narasel izvoz v »eπkorepubliko (29 %) in Slovaπko (21 %). Med evropskimidræavami so torej najpomembenjπe dræave, kamor

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Gospodarsko okolje v letu 2005

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Slovenija izvaæa - NemËija, Italija, Francija, Avstrija,Poljska, Velika Britanija, ©panija in Slovaπka.

V letu 2005 se je uvoz nominalno poveËal za 10,9 %(blago za 11,0 %, storitve za 10,8 %). Najbolj se jepoveËal uvoz blaga iz Portugalske (za 48 %),Luksemburga (za 45 %), ©panije (za 25 %), Poljske (za25 %) in Belgije (za 23 %). Slovenija je poveËala tudiuvoz iz Azije, in sicer v enajstih mesecih leta 2005 karza 30 %, kar predstavlja v strukturi uvoza 5-odstotnideleæ. Med evropskimi dræavami so naπenajpomembnejπe partnerke na strani uvoza NemËija,Italija, Avstrija, Francija, Madæarska, Nizozemska,©panija in »eπka republika.3

V izvozu naraπËa deleæ izdelkov viπje stopnje predelave,na strani uvoza pa najhitreje naraπËa uvoz izdelkov zavmesno porabo. Preseæek v storitveni bilanci je bil vprimerjavi z letom 2004 veËji predvsem zaradi ugodnihrezultatov v menjavi transporta in turizma.

Kapitalski in finanËni raËun je izkazal konec leta 2005pozitivni saldo v viπini 663,8 milijona evrov, kar jepredvsem posledica pozitivnega salda na finanËnemraËunu.4

Celotni bruto zunanji dolg Slovenije je znaπal konec leta2005 po predhodnih podatkih 19.511 milijonov evrov.V primerjavi s koncem leta 2004 se je dolg poveËal za4.233 milijonov evrov, predvsem zaradi najemanja tujihposojil. V letu 2005 je k porastu bruto zunanjega dolgaza 27 % prispeval banËni sektor. Neto zunanji dolg se jev letu 2005 poveËal na 2.316 milijonov evrov (konecleta 2004: 874 milijonov evrov). NajveËja razdolæitevdræave v letu 2005 je bila izvedena v maju z odplaËilomevroobveznic, od septembra lani pa se je dræava netozadolæevala pri bankah prek izdaj vrednostnih papirjev,tako da se je ob koncu leta dolg dræave ustalil pri 2,1milijarde evrov.5

V zadnjem Ëetrtletju 2005 se je konËalo zmanjπevanjeobrestnih mer, realne obrestne mere so se zaËelepoveËevati. Centralna banka je tudi lani uspela obdræativsaj delno kontrolo nad viπino realnih obrestnih mer, ktemu je tako kot v letu 2004 pripomoglo predvsemdogajanje v finanËnem delu plaËilne bilance.

Faza sodelovanja v ERM II se je zaËela 28. 6. 2004 zvstopom Slovenije v ERM II in bo trajala najmanj dveleti. Dogovorjeni razpon nihanja znaπa +_15 odstotkovcentralnega teËaja, lahko pa se dogovori tudi oæjirazpon. Dræava Ëlanica EU, ki ni uvedla evra, se sicersama odloËi o tem, kdaj bo svojo valuto vkljuËila v tasistem, vendar se to od nje priËakuje. Dvoletnosodelovanje v ERM II, v dovoljenih mejah nihanjadeviznega teËaja okoli centralnega teËaja do evra inbrez prilagoditve centralnega teËaja navzdol oziromadevalvacije, je eden izmed pogojev za uvedbo evra. Vtej fazi se samostojnost monetarne politike zmanjπa.Politika deviznega teËaja je osredotoËena na stabilnostteËaja glede na evro.

Zadnjo fazo predstavlja uvedba evra po izpolnitvizahtevanih konvergenËnih kriterijev. Trenutno Slovenijaizpolnjuje kriterije, ki se nanaπajo na velikostjavnofinanËnega primanjkljaja, javnega dolga inobrestne mere, od novembra lani pa izpolnjuje tudikriterij glede stabilnosti cen. EMU konvergenËni indekscen je izraËunan kot 12-meseËni povpreËniharmonizirani indeks cen æivljenjskih potrebπËin.KonvergenËno merilo - doseganje visoke stopnjestabilnosti cen: stopnja inflacije ne sme za veË kot 1,5odstotne toËke presegati povpreËja stopnje inflacije trehdræav Ëlanic, ki so dosegle najboljπe rezultate gledestabilnosti cen. V novembru in decembru 2005 nismozabeleæili odstopanj od konvergenËnega merila.6

Tabela: KonvergenËni kriteriji z izraËuni za evroobmoËje (Avstrija, Belgija, Finska, Francija, GrËija, Irska,Italija, Luksemburg, NemËija, Nizozemska, Portugalska, ©panija) in za Slovenijo so prikazani v spodnji tabeli:

Inflacija DolgoroËna JavnofinanËni Javni dolg

zadnjih obrestna primanjkljaj v letu 2004

12 mesecev* mera zadnjih v letu 2004 (v % BDP)

(v %) 12 mes.* (v %) (v % BDP)

EvroobmoËje 2.2 3.42 -2.7 70.8

KonvergenËni kriterij 2.5 5.37 -3.0 60.0

Slovenija 2.5 3.81 -2.1 29.8

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Zviπevanje rasti bilanËne vsote banËnega sistemase je nadaljevalo tudi v letu 2005, ko je le-ta doseglamedletno rast 23,1 %. V letu 2005 se je najboljpoveËala bilanËna vsota majhnim bankam. Træni deleæiπtirih najveËjih bank pa so se glede na bilanËno vsotoin kredite lani zniæali. Banke so lani izkazovale 65,0mrd SIT dobiËka pred obdavËitvijo oziroma 15,9 % veËkot predlani v enakem obdobju. Predvsem se nadaljujevisoka rast bilanËne vsote nekaterih tujih bank, kot soBank Austria Creditanstalt d.d. Ljubljana, HypoAlpe-Adria Bank in Raiffeisen Krekova banka.

Napovedi za svetovno gospodarstvo v letu 2006 soprecej divergentne, vendarle gre vseeno za napovedirahlega izboljπanja pogojev gospodarjenja v letu 2006v primerjavi z letom 2005. PriËakuje se zmanjπevanjerazkoraka med stopnjama gospodarske rastievroobmoËja in ZDA. Za slovensko gospodarstvo bo toleto nedvomno prelomno. Vlada in celotnogospodarstvo sledita pri svojem delovanjuuresniËevanju prednostnega cilja, to je prevzem evrakot zakonitega plaËilnega sredstva v Sloveniji.

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2000 2001 2002 2003 2004 2005

Rast BDP (v %) 4.1 2.7 3.5 2.7 4.2 3.9

Inflacija (letno povpreËje v %) 8.9 8.4 7.5 5.6 3.6 2.5

Devizne rezerve (mio EUR) 4.705 6.514 7.842 7.703 7.491 8.832

TekoËa plaËilna bilanca (mio EUR) -583 38 344 -81 -544 -254

Stopnja brezposelnosti (ILO - v %) 7.0 6.4 6.4 6.7 6.3 6.1

Primanjkljaj proraËuna / BDP (v %) -1.3 -1.3 -2.9 -1.4 -1.4 -1.4

1 Ekonomski inπtitut pravne fakultete, Gospodarska gibanja, januar 20062 Banka Slovenije, Bilten, februar 20063 StatistiËni Urad Republike Slovenije4 Urad za makroekonomske analize, Ekonomsko ogledalo, februar 20065 Banka Slovenije, Bilten, december 20056 StatistiËni Urad Republike Slovenije7 Viri: Urad za makroekonomske analize in razvoj, Ekonomsko ogledalo, januar 2005; Bilten Banke Slovenije, februar 2006

MAKROEKONOMSKI KAZALCI ZA SLOVENIJO V OBDOBJU 2000-2005 7

POSLOVANJE BANKE PO POSLOVNIHPODRO»JIH

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POSLOVANJE S PODJETJI

PodroËje poslovanja s podjetji je v letu 2005 doseglodobre rezultate kljub visoki konkurenËnosti panoge innadaljevanju zmanjπevanja obrestne maræe. Na naπeveliko zadovoljstvo smo precej okrepili obseg poslovtako na aktivni kot tudi na pasivni strani. PoveËali smoneobrestne prihodke, delno s posebnimi banËnimiprodukti, kot so projektno financiranje, trgovinskofinanciranje, upravljanje z denarnimi sredstvi, produktiv mreæi HVB (“group payment products”) in produktizakladniπtva.

Z nadaljevanjem strategij, zastavljenih v zaËetku leta2004, smo ponovno dokazali, da lahko rastemo hitrejeod konkurence na praktiËno vseh podroËjih banËnihstoritev za podjetja. Tako ostajajo v srediπËu naπegadela πe naprej strateπke vrednote osredotoËenja nastranko in trg, prilagodljivost, strokovnost ter razvojkadrov v banki.

Brez zaupanja svojih strank ne bi bili uspeπni in za tose jim iskreno zahvaljujemo. Za prispevek, strokovnostin poslovni elan se zahvaljujemo tudi kolegom v banki.

V letu 2005 so na slovenski trg poslovanja s pravnimiosebami vplivali razliËni trendi:

• V Sloveniji smo dosegli cilje na podroËju inflacije(CPI je bil 2,5 %) kot tudi zdravo gospodarsko rast,poveËanje industrijske proizvodnje in rast brutoinvesticij. MoËno upadanje domaËih obrestnih merin s tem maræ za finanËno posredovanje pa je sevedavplivalo na izkaz poslovnega izida banËnegasektorja.

• Zadovoljivo makroekonomsko okolje (gospodarskarast) je πe naprej vabilo nove tekmece, pa tudiobstojeËi udeleæenci so bíli vedno hujπo bitko vskoraj vseh segmentih trga. Bank AustriaCreditanstalt d.d. Ljubljana je poveËalakonkurenËnost in ostala aktiven udeleæenec na trgus ponujanjem konkurenËnih banËnih produktov,storitev ter strankam prilagojenih reπitev.

• Posledica upadanja obrestnih mer ter osredotoËenjana zagotavljanje storitev strankam je bila, da soneobrestni prihodki nadalje pridobivali na pomenuv primerjavi z obrestnimi prihodki.

• Vstop Slovenije v Evropsko unijo je poveËalkonkurenËne pritiske v marsikateri gospodarskipanogi in poslovanje kar nekaj gospodarskih

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subjektov se je vidno poslabπalo. Ob velikikonkurenci med bankami ugotavljamo, da se zapodjetja s slabπo boniteto ponujajo financiranja æe spogoji, ki v nekaterih primerih ne pokrivajo stroπkovtveganja bank. Bank Austria Creditanstalt d.d.Ljubljana spremlja tveganje podjetij s presojovsakega financiranja posebej in z doloËanjempogojev financiranja glede na konkretni posel inboniteto pogodbenika.

V tem okolju lahko za podroËje poslovanja s podjetjipoudarimo naslednje pomembnejπe ugotovitve:

• Obveznosti do pravnih oseb so v letu 2005 zrasleza 58 %, medtem ko je bila v celotnem banËnemsektorju rast obveznosti do podjetij samo 22 %.

• Rast terjatev Bank Austria Creditanstalt d.d.Ljubljana do pravnih oseb je bila 33 % in ponovnonad rastjo banËnega sektorja (22 %). Uspeli smorazprπiti kreditno tveganje ter zavarovati investicije,kar je razvidno iz nizkega odstotka slabih kreditov.

• PoveËal se je obseg tujega plaËilnega prometa,medtem ko so povpreËne provizije upadale zaradiprilagoditve zahtevam komitentov po izenaËevanjucen med domaËim in tujim plaËilnim prometom obpribliæujoËi se uvedbi evra. Uvedli smo nov modul zamednarodni plaËilni promet (GPP), ki omogoËa veËjoavtomatizacijo plaËilnih nalogov in hitrejπevkljuËevanje banke v evropske poravnalne sisteme.Do poviπanja celotnega neobrestnega prihodka jepriπlo tudi zahvaljujoË dejstvu, da Bank AustriaCreditanstalt d.d. Ljubljana nudi specializiranestoritve plaËilnega prometa za tuje in domaËestranke, ki imajo lahko korist od mednarodnebanËne mreæe naπe skupine HVB Group in matiËnebanke Bank Austria Creditanstalt AG Dunaj.

• Razvoj pri domaËem plaËilnem prometu je bil dober;obseg poslov smo poveËali za veË kot 100 %,medtem ko so zaradi ponujanja kakovostnih storitevin visokih stroπkov vzdræevanja sistemov zakakovostno izvajanje storitev plaËilnega sistema cenenekoliko porasle. Banka je vlagala veliko naporov vustrezno organiziranost procesov kot tudi podporedomaËega plaËilnega prometa, kar je prineslo tudiviπje stroπke in poslediËno postopno zviπevanje cendomaËega plaËilnega prometa s ciljem pokrivanjastroπkov.

• Poudarimo lahko velik uspeh pri prodajizakladniπkih produktov podjetjem, ki vse boljspoznavajo prednosti varovanja pred teËajnimi inobrestnimi tveganji ter ustreznost storitev, ponujenih

s strani naπe banke. Bank Austria Creditanstalt d.d.Ljubljana je brez dvoma ena izmed vodilnih institucijv Sloveniji za tovrstne reπitve.

• Prav tako je banka podjetjem ponujala vedno veËdodane vrednosti pri storitvah trgovinskegafinanciranja ter poslovanja s tujino, predvsem zdræavami bivπe Sovjetske zveze. Nenazadnje smopodjetjem uspeπno predstavili tudi naloæbenemoænosti v sklade Capital Investa, ki jih upravljanaπa banËna skupina.

• Banka je izboljπala ponudbo reπitev upravljanjaz denarnimi sredstvi (elektronsko banËniπtvo) innaredila nekaj dodatnih korakov pri ponujanju“cash pooling” storitev za stranke. Vrsta podjetij,ki se odloËajo za tovrstne storitve, se naglo poveËuje.

Poslovanje s podjetji je na podlagi zgornjih trendovvisoko preseglo poslovne naËrte ter prispevalo levjideleæ k rasti banke v letu 2005. S ponujanjemkakovostnih in inovativnih poslovnih reπitev terservisiranjem strank na visokem strokovnem nivoju,pa tudi s primernimi cenami storitev, nam je uspeloobdræati zaupanje strank.

V letu 2006 in v prihodnje se bomo osredotoËili na:

• rast poslovanja s srednje velikimi in malimi podjetjiv razπirjeni poslovni mreæi po vsej Sloveniji ter znovimi prodajnimi kanali in poudarjenimsodelovanjem z Divizijo za poslovanje sprebivalstvom;

• uvajanje novih produktov in storitev terstandardizacijo le-teh, predvsem v segmentu malihin srednje velikih podjetij, s ciljem poveËevanjahitrosti izvedbe storitev za stranke;

• nadaljnji razvoj naprednejπih niπnih storitev, kot sotrgovinsko financiranje, upravljanje z denarnimisredstvi, varovanje obrestnih in teËajnih tveganj,naloæbe v investicijske sklade, leasing in drugo;

• individualne reπitve infrastrukturnega in projektnegafinanciranja za slovenske obËine in za javni sektor;

• intenzivne priprave na uvedbo evra;• izboljπavo procesov in IT podpore, predvsem z

uvedbo CRM sistema in s prenovo internetnih straniza poslovanje s podjetji;

V letu 2006 priËakujemo, da bo konkurenca v banËnemokolju πe moËnejπa, kar bo seveda vplivalo tudi na naπeposlovanje. K rasti slovenskega gospodarstva æelimoprispevati z nadaljnjim uvajanjem modernih banËnihstoritev in verjamemo, da nam bo s ciljnousmerjenostjo k stranki in z motiviranim, energiËnimtimom ljudi uspelo ponoviti in preseËi uspehe izpreteklih let, Ëetudi v πe zahtevnejπih okoliπËinah.

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Naπe glavno vodilo je nuditi kakovostne storitveobstojeËim in potencialnim novim strankam terrazvijati kakovosten banËni kader, s tem pa dosegatiin presegati poslovne naËrte ter dolgoroËno zagotavljatilastnikom ustrezen donos na vloæeni kapital.

POSLOVANJE S PREBIVALSTVOM

V letu 2005 je Bank Austria Creditanstalt d.d. Ljubljananadaljevala z izpolnjevanjem svoje strateπke odloËitveglede poveËanja obsega poslovanja s prebivalstvom inse z odprtjem treh novih poslovnih enot v Novi Gorici,v Kranju in Ljubljani πe bolj pribliæala svojimobstojeËim in potencialnim strankam. S tem je bankazakljuËila drugo fazo πiritve mreæe poslovnih enot vSloveniji in hkrati omogoËila svojim komitentom hitrejπidostop do πiroke palete storitev in produktov banke.

Skladno s strategijo izrazite usmerjenosti k strankamje banka nadgradila storitve osebnega banËniπtva, kizadovoljujejo tudi najzahtevnejπe komitente. Z osebnimpristopom, celovito obravnavo in ob upoπtevanjustrankinega odnosa do tveganja, njenih finanËnih ciljev,naloæbenega horizonta ter finanËnih priËakovanj smookrepili zaupanje obstojeËih strank in si uspeπnopridobili nove. Svojo ponudbo je banka uspeπnorazπirila z uvedbo træenja registriranih tujih skladovna slovenskem træiπËu.

Poslovno leto 2005 je zaznamovala izrednakonkurenËnost v slovenskem banËnem prostoru. Izkazano zaupanje obstojeËih in novih komitentovbanke potrjuje dejstvo, da je Bank Austria Creditanstaltd.d. Ljubljana s svojim strokovno-proaktivnimpristopom, prilagodljivimi produkti in strankamprijaznimi storitvami uspeπno prisluhnila potrebamstrank, kar se je odrazilo v poveËanju obsegaposlovanja na vseh podroËjih poslovanja sprebivalstvom.

Banka je s 65-odstotnim poveËanjem obsegastanovanjskega kreditiranja, v primerjavi s36-odstotnim poveËanjem v celotnem banËnemsektorju, uspela pridobiti 11-odstotni træni deleæin je v celoti moËno prehitela rast celotnega trga.

Z nadgradnjo produktnega portfelja, kakovosti osebnihbanËnih paketov in z uspeπno oglaπevalsko podporo jebanki uspelo v poslovnem letu 2005 poveËati πtevilouporabnikov internetnega banËniπtva za 70 % in πteviloimetnikov transakcijskih raËunov za Ëetrtino. Hkrati seje πtevilo imetnikov plaËilnih in kreditnih karticpoveËalo za veË kot 35 %.

Banka je v poslovnem letu obdræala svoj træni deleæ vobsegu vlog prebivalstva. KratkoroËno vezana sredstvaso se poveËala za 10 %, preteæno na raËun izrednouspeπnega zbiranja sredstev v domaËi valuti, ki se je vprimerjavi z letom 2004 poveËalo kar za 43 %.

Bank Austria Creditanstalt d.d. Ljubljana je tudi v letu2005 intenzivno nadaljevala z aktivnostmi, povezanimiz izobraæevanjem in razvojem zaposlenih. Banka jedodatno izobrazila zaposlene v celotni prodajni mreæiin s tem zagotovila opazen napredek pri prodajnihaktivnostih, zadovoljstvu zaposlenih in uËinkovitostipogovorov s komitenti. Posebno pozornost je namenilauvedbi sistema ciljnega vodenja, povezanega znagrajevanjem uspeπnosti, kar se odraæa v poveËanimotivaciji zaposlenih, v kakovostnem dvigu storitevin poveËanem ugledu banke.

UPRAVLJANJE PREMOÆENJA

Oddelek za upravljanje premoæenja je v drugi polovicileta 2005 opravil temeljito reorganizacijo in poslediËnoukinil storitev upravljanja premoæenja. Razlog zaukinitev storitve je bil predvsem v novo zastavljenistrategiji in ciljih banke, povezanih s poslovanjem zinvesticijskimi skladi, kjer smo v letu 2005 doseglidober rezultat.

V Bank Austria Creditanstalt d.d. Ljubljana smo 1.marca 2005 uspeπno zakljuËili registracijo 8 vzajemnihskladov: Capital Invest Select Europe Stock, CapitalInvest America Stock, Capital Invest Austria Stock,Capital Invest Euro Government Bond, Capital InvestEuro Corporate Bond, Capital Invest Euro Cash, CapitalInvest Dollar Bond in Capital Invest Guarantee Basket2010. Sklad CI Guarantee Basket 2010 je bil prvigarantirani sklad na slovenskem trgu vzajemnihskladov. Capital Invest Guarantee Basket 2010 je skladskladov, ki investira v delnice najboljπih podjetij vSrednji in Vzhodni Evropi, v ruske in turπke delnice terv evroobveznice; ima najboljπe kreditne ratinge, kiskladu zagotavljajo dodatno stabilnost. Capital InvestGuarantee Basket 2010 je garantiran sklad, karpomeni, da investitorjem ponuja privlaËen potencialnidonos in tri garancije s strani najveËje avstrijske bankeBank Austria Creditanstalt AG Dunaj. Bank AustriaCreditanstalt AG Dunaj jamËi investitorjem v tavzajemni sklad, da bodo ob njegovi zapadlosti dobili vizplaËilo najmanj 100-odstotno vrednost investiraneglavnice. Naslednja alternativna garancija, ki jo BankAustria Creditanstalt AG Dunaj jamËi investitorjem, je,da bo ob zapadlosti sklada izplaËala 80 % najviπje

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vrednosti toËke sklada, ki bo doseæena v ‘æivljenjskemobdobju’ sklada. Tretja alternativna garancija, ki joBank Austria Creditanstalt AG Dunaj jamËiinvestitorjem, je, da bo ob zapadlosti sklada izplaËala100 % najviπje vrednosti toËke, ki bo doseæena vobdobju moænosti nakupa toËk sklada.

Le nekaj mesecev zatem pa smo trgu ponudili πedodatne tri sklade: CI Eastern Europe Stock, CentralEurope Bond in CI Guarantee Basket 2013. CIGuarantee Basket 2013 je vsebinsko enako strukturirankot sklad CI Guarantee Basket 2010, razlikujeta pa sepo datumih zapadlosti in vpisnem obdobju.

Potrditev pravilno zastavljene strategije smo dokazalipredvsem z doseæenimi rezultati. Do konca leta 2005nam je zaupalo veË kot 1400 novih vlagateljev vskupnem znesku 21,1 miljona evrov. Glede na trenutnemakroekonomske kazalnike in trende smo prepriËani,da se bo uspeπna rast nadaljevala tudi v letu 2006.

POSLOVANJE Z VREDNOSTNIMI PAPIRJ I

Banka je v letu 2005 z vrednostnimi papirji opravilaza 571 milijonov EUR prometa, kar je za 85 % veË kotv letu 2004.

Na Ljubljanski borzi vrednostnih papirjev je bankaopravila za 478 milijonov EUR prometa, kar jo je z8,7-odstotnim trænim deleæem uvrstilo na 4. mestomed vsemi Ëlani borze. V primerjavi z letom 2004 smopromet na Ljubljanski borzi poveËali za 288 milijonovEUR oziroma 168 %. PoveËanje prometa je posledicaveËjega zanimanja tujih vlagateljev in uvedba novegatrga vzdræevalcev likvidnosti za obveznice RepublikeSlovenije. Bank Austria Creditanstalt d.d. Ljubljana jeeden od uradnih vzdræevalcev likvidnosti za dræavneobveznice. Ugodnejπa gibanja na kapitalskem trgu sotudi odraz spremenjene davËne zakonodaje, ki je zaËelaveljati 1. 1. 2006.

Obseg poslovanja pri posredovanju nakupov in prodajvrednostnih papirjev na tujih trgih je znaπal 92,1milijonov EUR, kar pomeni 27-odstotno poveËanjev primerjavi z letom 2004.

ZAKLADNI©TVO

Kljub teækim razmeram na trgu v letu 2005 je oddelekzakladniπtva spet precej prispeval h konËnemurezultatu poslovanja banke. Oddelek je dosegel dobiËekiz poslovanja v viπini 5,68 milijona evrov, medtem ko jeizid iz poslovanja znaπal 3,77 milijona evrov. Razmerena domaËem trgu so zaznamovali stabilni tolarskimenjalni teËaj, obrnjena - padajoËa - krivulja obrestnih mer in dodatna stabilizacija -umiritev inflacije. Banki je uspelo uravnoteæiti negativniuËinek majhnega nihanja v tolarskem menjalnem teËajuna izid iz trgovanja s poveËanjem trænega deleæadeviznih poslov, predvsem na podroËju terminskihposlov.

Izravnavanje krivulje donosnosti evrskih sredstevin poveËanje stroπkov kljuËnih instrumentov zazagotavljanje likvidnosti pri Banki Slovenije sta imelanegativen uËinek na izid iz dejavnosti upravljanja ssredstvi in viri sredstev. Kot protiukrep upadanjudolgoroËne evrske donosnosti je bil pravoËasnooblikovan portfelj, prilagojen kapitalu banke.

DomaËi trg dolæniπkih vrednostnih papirjev sozaznamovali postopno pribliæevanje krivulje tolarskihdonosov evropski ravni na daljπem delu krivulje,poveËano izdajanje dræavnih obveznic in poveËevanjeinteresa nerezidentnih trænih udeleæencev. Banka jeohranila poloæaj enega izmed glavnih ponudnikovlikvidnosti na lokalnem trgu dolæniπkih vrednostnihpapirjev. To se kaæe tudi v visoki rasti sredstev zatrgovanje. Po uvedbi sistema pooblaπËenih vpisnikovin vzdræevalcev v Sloveniji je druæba Bank AustriaCreditanstalt d.d. Ljubljana postala pooblaπËen vpisnikin vzdræevalec trga za dræavne dolæniπke vrednostnepapirje. Poleg tega se je oddelek za mednarodne trge -divizija zakladniπtvo - prebil v segment izdajanjaobveznic, saj je banka pridobila prvo pooblastilo zaorganizacijo in izvedbo izdaje vrednostnega papirjaposlovnega subjekta.

V zadnjem letu je banka okrepila svoj poloæaj vsegmentu prodaje proizvodov zakladniπtva poslovnimsubjektom. Skupina za prodajo proizvodov zakladniπtvaje moËno razπirila ponudbo produktov, πe posebno napodroËju obrestnih in deviznih izvedenih instrumentov,in prispevala velik deleæ k sploπnemu poslovnemu izidubanke.

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SKRBNI©TVO

Za leto 2005 je znaËilno znatno poveËanje aktivnosti napodroËju skrbniπkih storitev, tako pri tujih strankah, kivlagajo na domaËem trgu, kot pri domaËih strankah, kivlagajo na tujih trgih. V letu 2005 smo poravnali 7.856transakcij z vrednostnimi papirji, kar je za 92 % veË kotv letu 2004. 23 % poslov je bilo opravljenih za tujevlagatelje na slovenskem trgu, 77 % poslov pa zaslovenske vlagatelje na tujih trgih. Obseg vrednostnihpapirjev pod skrbniπtvom je konec leta znaπal 476milijonov evrov, kar je 100 milijonov evrov oziroma 27% veË kot konec leta 2004. 414 milijonov evrov oziroma87 % vseh sredstev pod skrbniπtvom so bile naloæbetujih investitorjev v slovenske vrednostne papirje.

Obseg in πtevilo poslov tujih portfeljskih vlagateljev naslovenskem trgu vrednostnih papirjev sta bila skozi vseleto 2004 in vse do konca avgusta 2005 dokaj stabilna.Obseg naloæb je le malenkostno nihal, πtevilo transakcijpa je bilo enakomerno razporejeno skozi vse leto. Vseptembru 2005 smo poravnali rekordno πtevilo poslovz vrednostnimi papirji in temu ustrezno doseglirekorden porast naloæb tujih portfeljskih vlagateljev.PoveËana aktivnost tujih vlagateljev se je nadaljevala dokonca leta 2005. NajveË poslov so tuji vlagatelji skleniliz delnicami. Uvedba posebnega segmenta trgovanja zazakladne menice in obveznice Republike Slovenije jevplivala tudi na poveËan obseg poravnanih poslov stemi vrednostnimi papirji. PoveËano zanimanje tujihportfeljskih vlagateljev za slovenski trg se je odrazilo vsklenitvi πtirih novih skrbniπkih pogodb s tujimiskrbniki oziroma portfeljskimi vlagatelji in πtevilu novoodprtih raËunov vrednostnih papirjev.

©tevilo poslov, poravnanih za domaËe vlagatelje na tujihtrgih, se je v letu 2005 skoraj podvojilo. V zaËetku leta2005 smo strankam ponudili opravljanje skrbniπkihstoritev na Hrvaπkem. Konec leta smo za naπe strankeizvajali poravnavo na 20 trgih Zahodne in SrednjeEvrope, Severne Amerike in Daljnega vzhoda. PoveËanobseg poslov se ni odrazil na poveËanem obsegu naloæbdomaËih vlagateljev pod skrbniπtvom. Naloæbe domaËihvlagateljev na tujih trgih so bile konec leta 2005 skorajza petino manjπe kot konec leta 2004.

V letu 2005 smo priËeli z izvajanjem skrbniπkih storitevza pokojninski sklad, katerega upravljalec je ena odzavarovalnic. Konec leta 2005 so naloæbe skladapredstavljale 2 % vseh naloæb vrednostnih papirjev podskrbniπtvom.

Na podroËju zakonodaje moramo poudariti uvedbonove davËne zakonodaje, ki je vplivala na obdavËenjedomaËih in tujih vlagateljev v vrednostne papirje. V

letu 2005 smo tujim vlagateljem na slovenskem trguponudili novo storitev: uveljavljanje davËnih olajπav napodlagi sklenjenih meddræavnih pogodb o izogibanjudvojnega obdavËevanja.

Bank Austria Creditanstalt d.d. Ljubljana je v letu 2005kot edina banka v Sloveniji po oceni revije GlobalCustodian znova upraviËila in prejela statuspriporoËenega skrbnika in dosegla status najboljπegaizvajalca skrbniπkih storitev v Sloveniji.

UPRAVLJANJE S TVEGANJI

Upravljanje s tveganji je v banËnem poslovanjubistvenega pomena, zato temu podroËju v Bank AustriaCreditanstalt d.d. Ljubljana posveËamo tudi zelo velikopozornost. Dejstvo je namreË, da se finanËni trgi zaradisvoje obËutljivosti v trenutku odzovejo na negativneinformacije, ki so posledica morebitnih teæav priposlovanju posamezne finanËne institucije, temu palahko sledi vsesploπno nezaupanje. Banka priupravljanju s tveganji sledi najviπjim svetovnopriznanim strokovnim in varnostnim standardom,hkrati pa seveda upoπteva regulatorne zahteve gledeupravljanja s tveganji, ki jih predpisujejo BankaSlovenije in druge nadzorne institucije. Za upravljanje stveganji in nadzor nad njimi je banka uveljavilakompleksne standarde, postopke in merila, ki veljajo vcelotni skupini.

Upravljanje s kreditnimi tveganji je za univerzalnobanko, kot je Bank Austria Creditanstalt d.d. Ljubljana,æe tradicionalno najpomembnejπa dejavnost. Banka imaobseæne in dolgoletne izkuπnje pri nadzorovanju tehvrst tveganj, pa tudi natanËno doloËene postopke zastalno spremljanje skupne kreditne izpostavljenosti inkreditne izpostavljenosti vsakega posameznegakomitenta oziroma skupine komitentov. V bankinatanËno sledimo vsem posameznim poslom z vsakimkomitentom banke. Po predpisih Banke Slovenije so vsakreditna tveganja razvrπËena v pet razredov (A, B, C, Din E razred). Na podlagi internega modela rangiranjakomitentov pa kreditna tveganja v naπi banki dodatnorazvrπËamo v osemindvajset klasifikacijskih razredov.Na podlagi teh razvrstitev in ob hkratnem upoπtevanjuvseh razpoloæljivih drugih podatkov o komitentihoblikuje banka zahtevane posebne rezervacije zaposamezna banËna tveganja. StatistiËni podatki izpreteklosti kaæejo, da so bile izgube, ki izhajajo izindividualnega kreditnega tveganja, razmeroma majhnev primerjavi s podatki, ki so na voljo za celoten banËnisektor. Tako kot v prejπnjih letih je banka tudi v letu

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2005 ohranila stabilno in kakovostno strukturoportfelja z veË kot 95-odstotno izpostavljenostjo vnajviπjem kreditnem razredu A. Da pa bi πe dodatnozmanjπala tveganja celotnega kreditnega portfelja,banka skrbi za ustrezno razprπitev posojil med πtevilnekomitente in seveda na razliËne gospodarske dejavnosti(razprπenost in razËlenjenost portfelja).

Pri ravnanju s trænimi tveganji nam Bank AustriaCreditanstalt AG Dunaj, doloËa jasna merila zaobvladovanje trænih tveganj, ki jih mora naπa bankaupoπtevati pri svojem dnevnem poslovanju. Banka takoloËuje med funkcijo upravljanja trænih tveganj infunkcijo nadzora izvajanja politike upravljanja s trænimitveganji. Vsa poslovna podroËja imajo svojeodgovornosti in jasne usmeritve glede obrestnih mer,deviznih teËajev ter strukture sredstev in virov sredstevv skladu z njihovo roËnostjo. Zakladniπtvo spremljaposamezne vrste teh tveganj na nivoju celotne banke injih nadzoruje z razpoloæljivimi instrumenti. Politikoupravljanja trænih tveganj banke doloËa Odbor zaupravljanje bilance banke. Nadzor izvajanja politikeupravljanja trænih tveganj pa je v pristojnosti oddelkovKontroling in Træna tveganja.

Poleg æe opisanih naËinov upravljanja s tveganjinadaljuje banka z uvajanjem novih baselskihstandardov (Basel 2) ter posveËa veliko pozornostobvladovanju operativnih tveganj. Da bi pravoËasno inkakovostno uvedla standarde Basel 2, je bila æe v letu2002 ustanovljena projektna skupina, kot del πirπegaprojekta v okviru celotne banËne skupine. Bank AustriaCreditanstalt d.d. Ljubljana se je odloËila za uvedbostandardiziranega pristopa za merjenje kapitalskeustreznosti. Projektna skupina nadaljuje æe zaËeteaktivnosti za priprave in izvajanje posameznih nalog, kiso potrebne, da bo naπa banka kot ena prvih v celotnibanËni skupini izpolnjevala nove zahteve Basel 2 inposlediËno lahko izraËunavala svojo kapitalskoustreznost v skladu z novimi standardi. Prav tako æepripravljamo napredni IRB pristop. Glede napomembnost, kompleksnost in obπirnost je projektizjemnega pomena za poslovanje banke in bo vprihodnje zahteval velike napore z vidika finanËnih inËloveπkih virov.

INFORMACIJSKA PODPORA POSLOVANJU

Bank Austria Creditanstalt d.d. Ljubljana je v letu 2005nadaljevala πiritev mreæe banËnih poslovalnic poSloveniji in, kot je bilo naËrtovano, odprla noveposlovalnice v Novi Gorici, Kranju in Ljubljani. V letu2006 naËrtujemo otvoritev πe ene poslovalnice, s Ëimerbo πiritev prisotnosti naπe banke po vsej dræavi tudizakljuËena.

Na podroËju kartiËnega poslovanja je Bank AustriaCreditanstalt d.d. Ljubljana nadaljevala trend hitregapoveËevanja πtevila kartic VISA (za 38 %), MasterCard(za 31 %) in Maestro (za 33 %). ©e bolj se je poveËaloπtevilo transakcij, opravljenih s karticami naπe banke(VISA za 73 %, MasterCard za 28 % in Maestro za48 %). Hkrati z odpiranjem novih poslovalnic je stekelprojekt πiritve mreæe bankomatov in do konca leta se jeπtevilo bankomatov poveËalo na 18. Banka je zakljuËilatudi strojno nadgradnjo vseh bankomatov na EMVstandard. Vsi bankomati so opremljeni z napravami, kiprepreËujejo nepooblaπËeno presnemavanje zapisa namagnetni stezi kartice (antiskimming).

Na podroËju plaËilnega prometa je Bank AustriaCreditanstalt d.d. Ljubljana v letu 2005 obËutnopoveËala obseg svojega poslovanja. ©tevilo transakcijv domaËem plaËilnem prometu je poveËala za 23 %,πtevilo transakcij v mednarodnem plaËilnem prometupa za dobrih 17 %. Naπa banka je kot del projektacelotne banËne skupine uspeπno implementirala novoinformacijsko podporo za mednarodni plaËilni promet.Procesiranje mednarodnih plaËil je za veËinohËerinskih druæb banËne skupine v Srednji in VzhodniEvropi centralizirano v skupnem procesnem centru vPragi.

Naπa banka je v letu 2005 nadaljevala s posodobitvijoprogramsko-tehnoloπke platforme. Zaradi zviπanjastopnje zanesljivosti delovanja centralnega poslovnegaraËunalnika IBM iSeries (poznan tudi kot AS/400),zniæanja stroπkov vzdræevanja in nadgradenj terpoenotenja sistemske programske opreme je bankauresniËila projekt centralizacije iSeries raËunalnikov. Odnovembra 2005 tako banËni informacijski sistem teËena osrednjem iSeries raËunalniku na Dunaju. Prehod jebil izveden za naπe stranke neopazno. Celo nasprotno,ob prehodu se je odzivnost nekaterih banËnih sistemov,pomembnih za stranke, znatno poveËala (npr. sistemInternet banËniπtva - Online b@anka), saj so sepoenostavile telekomunikacijske poti.

V prvi polovici leta smo v banki priËeli s pripravami nanajpomembnejπi projekt v letu 2006 - uvedbo evra.Oblikovan je bil moËan in izkuπen tim, saj smo v

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minulih letih v banki uspeπno izpeljali vrstopomembnih infrastrukturnih in informacijskihprojektov, kar dva pa v letu 2005 (nova informacijskapodpora za mednarodni plaËilni promet incentralizacija iSeries raËunalnikov). Do zakljuËkakoledarskega leta smo opredelili vse potrebnespremembe v informacijski podpori in na ostalihpodroËjih banËnega poslovanja, ki jih s seboj prineseuvedba nove nacionalne valute.

V letu 2005 smo tudi uvedli izboljπave na podroËjutehnike in pravil projektnega vodenja. Kakovostnoprojektno vodenje nam omogoËa boljπe upravljanje zrazpoloæljivimi viri in s tem hitrejπe ter cenejπedoseganje æelenih ciljev. Da bi πe izboljπali naπ odnos skomitenti in omogoËili bolj individualiziran pristop, smov drugi polovici leta priËeli z uvedbo sistema zaupravljanje s strankami (CRM - customer relationshipmanager). Projekt bo zakljuËen v prvem trimeseËju leta2006.

V letu 2005 je Bank Austria Creditanstalt d.d. Ljubljananadaljevala tudi s hitrim poveËevanjem deleæauporabnikov sistemov elektronskega banËniπtva, saj jev primerjavi z letom prej te sisteme uporabljalo 25 %veË podjetij in 70 % veË fiziËnih oseb. Deleæ elektronskoposredovanih plaËilnih nalogov se je poveËal na 77 % vdomaËem plaËilnem prometu in 81 % v mednarodnem.Kljub πiritvi poslovne mreæe se je nadaljeval trendupadanja roËno procesiranih plaËilnih nalogov. Skladnoz uvedbo nove informacijske podpore za mednarodniplaËilni promet so bili posodobljeni tudi sistemielektronskega banËniπtva, ki zdaj nudijo naπimstrankam vrsto dodatnih storitev pri plaËilnem prometus tujino. Nadgrajen je bil tudi sistem InternetbanËniπtva, s katerim lahko sedaj nudimo polnopodporo tudi podjetjem, predvsem srednjim in malim.S tem smo pridobili na fleksibilnosti naπe ponudbe inomogoËili naπim strankam dodatno orodje zapoenostavitev poslovanja z banko.

UPRAVLJANJE S »LOVE©KIM KAPITALOM

ZAPOSLOVANJEBank Austria Creditanstalt d.d. Ljubljana je bila tudi vletu 2005 zaznamovana z rastjo na vseh podroËjihupravljanja s Ëloveπkimi viri. Tako je banka na zaËetkuleta zaposlovala 337 delavcev, konec leta pa skupno391 zaposlenih, pri Ëemer je v πtevilo zaposlenihvkljuËenih v povpreËju 36 pogodbeno najetih delavcev.Prirast zaposlenih 2004 /2005 je torej 16-odstoten,medse smo sprejeli skupaj 73 novih sodelavk in

sodelavcev, odπlo pa je skupaj 33 zaposlenih. Bankaje zaposlovala v povpreËju 15 pripravnikov.

V letu 2005 smo v okviru πiritve poslovne mreæe odprliπe tri poslovne enote, in sicer v Ljubljani, Novi Goriciin Kranju. PovpreËna starost zaposlenih je 37 let;61 % vseh zaposlenih v banki je æensk in 39 % moπkih.Banka in njeni zaposleni posveËamo veliko pozornostznanju in izobrazbi, kar kaæe podatek, da je v naπisredini 4 % zaposlenih z doktoratom oz. magisterijem,42 % zaposlenih z viπjo, visoko strokovno oziromauniverzitetno izobrazbo, 54 % zaposlenih pa imasrednjo izobrazbo. Trend kaæe na zviπevanjeizobrazbene strukture, saj se je na raËun viπje, visokestrokovne oziroma univerzitetne izobrazbe stopnjaizobrazbe dvignila za 1,5 %.

IZOBRAÆEVANJE IN RAZVOJ ZAPOSLENIH V NA©I BANKIZ ustreznim znanjem o produktih, storitvah, spoznavanjem strank in primernim nastopom do strankje banka skozi vsa leta pridobivala na vrednosti. Tako smo v lanskem letu za izobraæevanje namenilipreko 0,7 % sredstev od skupnih prihodkov, karpomeni 0,1-odstotno rast v primerjavi s prejπnjimletom. Skupaj je bilo opravljenih 16.811 urizobraæevanja (67-odstotna rast), v povpreËju pa se jevsak zaposleni izobraæeval 47,6 pedagoπke ure (42-odstotna rast). PovpreËni stroπek, namenjen zaizobraæevanje na zaposlenega, je bil 193.500 tolarjev(12-odstotna rast).

Vsebine, ki so jih pokrivala izobraæevanja, so preteænostrokovna izpopolnjevanja s podroËja banËniπtva infinanc, banËna πola, izobraæevanja za pridobitev javnopriznanih licenc in certifikatov, teËaji tujih jezikov,raËunalniπka znanja, prodajna πolanja, uvajalniseminarji za novozaposlene ter seminarji ciljnegavodenja, projektnega vodenja, prezentacijske tehnike,tehnike pogajanj in management konfliktov,komunikacijske veπËine.V jezikovne teËaje (angleπki in nemπki jezik) je bilovkljuËenih 75 zaposlenih, pri Ëemer je posameznijezikovni teËaj trajal 40 ur; skupaj 3.040 urizobraæevanja, namenjenega tujim jezikom.

Redno smo izvajali tudi v septembru 2004 zaËeti uvajalniseminar za novozaposlene, poimenovan “Dobrodoπli mednajboljπimi”, Ëigar namen je hitrejπa in laæja vkljuËitevnovozaposlenih, spoznavanje vizije, strategije banke inspoznavanje glavnih organizacijskih enot in njihovih vlogv banki. Tega seminarja se je v letu 2005 udeleæilo 67sodelavcev, Ëasovno pa je bilo temu izobraæevanjunamenjenih 7,0 % pedagoπkih ur izobraæevanja.

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Banka redno skrbi tudi za πirjenje znanja in poslovanjapreko pridobivanja licenc. V lanskem letu je takoskupaj 29 zaposlenih opravilo preizkus strokovnihznanj s podroËja træenja investicijskih skladov inprodaje investicijskih kuponov oziroma delnicinvesticijskih skladov, oziroma opravilo preizkusstrokovnih znanj, potrebnih za opravljanje poslovzavarovalnega posredovanja.

Ob mnogih individualnih seminarjih, ki so se jihzaposleni udeleæili v Sloveniji, pa se je veliko πtevilonaπih strokovnjakov izobraæevalo tudi na Dunaju vmatiËni banki Bank Austria Creditanstalt AG. Skupaj seje v matiËni banki na Dunaju izobraæevalo 31zaposlenih, ki so se izobraæevali 744 pedagoπkih ur,kar predstavlja 4,0 % vseh izobraæevalnih ur.

V skupni kvoti izobraæevalnih ur je bilo 19,0 % vseh urnamenjenih izobraæevanju in usposabljanju za uporabovodstvenih veπËin in sposobnosti, 19,0 % izobraæevanjus podroËja tujih jezikov ter 63,0 % vseh ur za strokovnafunkcionalna izobraæevanja s podroËja banËniπtva,financ, informatike, organizacije.

CILJNO VODENJE IN RAZVOJ ZAPOSLENIH Posebno pozornost smo v letu 2005 namenili projektuCiljno vodenje in razvoj zaposlenih, saj je bilo temuπolanju namenjenih skoraj 7,0 % vseh urizobraæevanja. Udeleæilo se jih je skupaj 63,0 %zaposlenih oziroma celotna vodstvena struktura inpreteæni del zaposlenih.

S tem projektom smo se πe bolj ciljno usmerili vmerjenje osebne uspeπnosti posameznika pri njegovemdelu in neposredno povezali doseganje uspehov znagrajevanjem.

V ta namen smo prenovili in vzpostavili dve pomembniorodji vodenja, in sicer Letni pogovor o postavljanju inocenjevanju ciljev in Letni razvojni pogovor. Hkrati obtem smo vzpostavili tudi orodje za merjenje vedenjaposameznika za profil vodje in profil zaposlenega.Orodja uporabljamo za namen usmerjanja, vodenjazaposlenih, motiviranja, nagrajevanja, ukrepanjazaradi izboljπav in razvoja zaposlenih.

ORGANIZACIJSKA KLIMAZa poveËevanje kakovosti upravljanja s Ëloveπkimi virije bila v jeseni izvedena raziskava zadovoljstvazaposlenih v okviru projekta. Rezultati so jasnopokazali prve pozitivne premike glede na raziskavo,izvedeno jeseni 2004, in potrdili pravo usmeritev pridopolnjevanju sistemov, s katerimi bomo ustreznopodkrepili strategijo, potrebno za dosego ciljev naslovenskem banËnem trgu.

KORPORATIVNO KOMUNICIRANJE

Korporativno komuniciranje v Bank AustriaCreditanstalt d.d. Ljubljana je v funkciji podporeuresniËevanja strategije in ciljev banke. Osnovna nalogadialoπkega korporativnega komuniciranja v banki jetako predvsem vzdræevanje dobrih odnosov z naπiminajpomembnejπimi javnostmi, med katere zagotovosodijo tako naπe stranke, zaposleni in delniËarji kot tudiπirπa javnost.

V letu 2005 smo definirali naπo usmeritev na podroËjukorporativnega komuniciranja, da s komunikacijskimipristopi podpiramo uspeπno æivljenje posameznikov,dobiËkonosnost podjetij in rast slovenskegagospodarstva. Pri tem nas vodijo strateπki elementi, kotso zaupanje, profesionalnost, proaktivnost, odzivnost ininovativnost. Zavzeto sledimo tudi vrednotam, kot sostrokovnost, odprta komunikacija, sodelovanje intimsko delo, odgovornost, zaupanje, osredotoËenost nacilje, osebni razvoj in izobraæevanje, pripadnost,pripravljenost na izzive okolja in nenehne izboljπave.Ena od pomembnih vrednot, kateri smo zavezani ssvojo dejavnostjo, pa je prizadevanje za druæbenoodgovorno ravnanje.

V letu 2005 se je v veliki meri zakljuËilo obdobje naloæbv πiritev banËne mreæe, stopili pa smo v obdobjeutrjevanja in krepitve naπega poloæaja na trgu terohranjanja moËne konkurenËne prednosti. Naπastrategija korporativnega komuniciranja, ki se jeintenzivno zaËela æe v letu 2005 in ji bomo sledili tudiv prihodnje, bo usmerjena v nadaljnjo rast trænegadeleæa in razvoj πiroke palete produktov. Zagotavljalibomo celotno paleto storitev hiπne banke, pri Ëemer sibomo prizadevali dodatno izkoristiti sinergije znotrajcelotne skupine.

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Bank Austria Creditanstalt d.d. Ljubljana je v letu 2005dosegla 6,5-odstotni træni deleæ in je peta najveËjabanka v Sloveniji.

TRÆNI DELEÆ NA SLOVENSKEM BAN»NEM TRGUBANK AUSTRIA CREDITANSTALT D.D. LJUBLJANA

MARKETINGV letu 2005 je Bank Austria Creditanstalt d.d.Ljubljana, v primerjavi s preteklimi leti na trgunastopila s prodornejπo marketinπko strategijo.Osrednji træno-komunikacijski element Divizijeza poslovanje s prebivalstvom so predstavljaleproduktno naravnane oglaπevalske akcije, ki so obuporabi razliËnih komunikacijskih orodij in πirπegamedijskega spleta omogoËile uËinkovitejπokomunikacijo z razliËnimi ciljnimi skupinami.OsredotoËili smo se predvsem na tiste ciljne skupine,ki se sooËajo z reπevanjem stanovanjske problematike,na vlagatelje v tuje vzajemne sklade in potencialnenove stranke, za katere smo pripravili nov banËnipaket.

Kot glavno komunikacijsko orodje Divizije zaposlovanje s podjetji in Divizije zakladniπtvo smouporabili dogodke, ki omogoËajo uËinkovito targetiranjein osebni pristop do ciljnih strank. Tako smotradicionalnim dogodkom, kot sta Europa Forum innovoletni koncert v Slovenski filharmoniji, dodali πeposlovne zajtrke, ki so bili posveËeni predstavitvistoritev upravljanja z denarnimi sredstvi (CashManagement) in palete instrumentov zakladniπtva,ter druæabno naravnane dogodke, kot sta jadranjein bowling. Prek zanimive direktne poπte smo ciljniskupini podrobneje predstavili tudi paleto storitevza financiranje izvoznih poslov (Trade Finance).

V skladu s strategijo πiritve mreæe poslovnih enot smoodprli tri nove enote: v Kranju, Ljubljani in Novi Gorici.

Formalno otvoritev posamezne enote smo obeleæiliz druæabnim dogodkom, na katerem smo gostiliobstojeËe in v prvih tednih poslovanja novo pridobljenestranke, pomembne meπËane, glasbenike terhumanitarne in kulturne organizacije, ki smo jim obtej priloænosti namenili tudi donacije.

Za naπe stranke smo pripravili πtevilne tiskovine, kotso letno poroËilo, produktne broπure, direktna poπta,vabila na dogodke, posterje in druge promocijskemateriale, z namenom celostne predstavitve banke,skupine produktov ali posameznih storitev.

S πiritvijo mreæe in urejenostjo poslovnih enot,strokovnim pristopom in skrbjo za stranke,oblikovanjem privlaËnih pogojev za obstojeËe produktein kreiranjem novih banËnih produktov, prilagojenihpotrebam obstojeËih in novih potencialnih strank, terz uËinkovitejπo promocijo prek oglaπevanja in odnosovz javnostmi kot osrednjima træno-komunikacijskimaelementoma naπe banke, smo dokazali, da smosodobna in izrazito k potroπnikom usmerjena banka.

ODNOSI Z JAVNOSTMI Sluæba za odnose z javnostmi v Bank AustriaCreditanstalt d.d. Ljubljana si s strateπko in doslednokomunikacijo z mnoæiËnimi mediji in okoljem prizadevagraditi dolgoroËne odnose s ciljnimi javnostmi in s temdodatno prispevati k zaupanju πirπe javnosti v bankoter banki pribliæevati potrebe naπih ciljnih javnosti.Nenehno si prizadeva vzpostavljati praviËen, partnerskiin interaktiven dialog med banko in njenim okoljem (πeposebej v odnosih z mnoæiËnimi mediji). Sluæba zaodnose z javnostmi obenem podpira tudi pozicioniranjeproduktov banke. S celovito dejavnostjo prispeva hgraditvi dobrega ugleda in zaupanja v Bank AustriaCreditanstalt d.d. Ljubljana pri poslovnih partnerjih kottudi v πirπi javnosti. Ena od nalog sluæbe je tudiuresniËevanje vizije, poslanstva in strategije BankAustria Creditanstalt d.d. Ljubljana. Tu pa je πekrepitev obËutka pripadnosti in zadovoljstva zaposlenihv okviru moËne poslovne kulture ter ohranjanjemoËnega poloæaja delnice druæbe.

V letu 2005 je sluæba za odnose z javnostmi priredilaπtiri novinarske konference, ki so bile zelo odmevne vmedijih in na katerih je banka predstavila letnerezultate za preteklo leto, nov produkt Optimus, obotvoritvi mednarodne razstave Central ter ob dogodkihEuropa Forum in ob podelitvi nagrade Business Award.Medijem smo v obliki sporoËil za medije skozi vse letoposredovali πtevilne informacije o dogajanju v banki terpripravili πtevilne odgovore na novinarska vpraπanja.Z vsemi navedenimi dejavnostmi je Bank Austria

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Creditanstalt d.d. Ljubljana svojo prisotnost v medijihveË kot podvojila.

V okviru sluæbe za odnose z javnostmi je Bank AustriaCreditanstalt d.d. Ljubljana okrepila tudi komunikacijoz interno javnostjo s pomoËjo elektronskih internihnovic BACAvice, ki izhajajo na 3 mesece. Glede na to,da se je banka v zadnjih dveh letih izjemno poveËala,kar z vidika komunikacje pomeni slabπi pretokinformacij, smo z BACAvicami æeleli predvsempremostiti ta razkorak in zaposlenim omogoËiti boljπoinformiranost o dejavnostih v banki. Posodobili smotudi strani Odnosi z javnostmi na intranetu, kjer smozaËeli tudi redno objavljati tekoËe novice ter drugadogajanja.

Sluæba za odnose z javnostmi se je v letu 2005 aktivnovkljuËila tudi v πtevilne projekte, kot je projektimplemetacije evra, projekt UniCredit, vpeljava ciljnegavodenja in drugi. Ena od dejavnosti sluæbe za odnose zjavnostmi je bila tudi organizacija πtevilnih dogodkov,kot so Capital Invest event, Business Award, EuropaForum v Ljubljani, Slovenska filharmonija za poslovnepartnerje, Primus - nagrada za komunikacijskoodliËnost menedæerjev, klasiËni koncert za stranke vLendavi, mednarodni glasbeni forum v Trenti innovinarska nagrada “Pisanje za srednjo in vzhodnoEvropo”.

DRUÆBENA ODGOVORNOST

Bank Austria Creditanstalt d.d. Ljubljana se æeli vlokalno skupnost umestiti kot moËna inovativnaskupina ter lokalni skupnosti doprinesti najboljπeglobalne priloænosti in ji pomagati pri njenem razvoju.To odgovornost sprejemamo, saj se kot vodilnafinanËna evropska skupina zavedamo pomena svojihgeografskih korenin, ki jih æelimo nenehno gojiti inigrati pomembno vlogo v druæbi in lokalnih skupnostih,v katerih delujemo.

V skladu s svojimi prizadevanji za druæbeno odgovornoravnanje na eni strani in za inovativnost na drugistrani se Bank Austria Creditanstalt d.d. Ljubljanane le vkljuËuje v druæbo prek svoje osnovne dejavnosti,temveË æeli druæbi vraËati tudi kot pokrovitelj indonator. Druæbeno odgovornost tako razumemov smislu prizadevanja za podporo in pomoË okolju,v katerem delujemo. Bank Austria Creditanstalt d.d.Ljubljana je kot sponzor in donator prisotna tudi vSloveniji, pri Ëemer smo osredotoËeni predvsem napomoË humanitarnim organizacijam in podporoslovenski kulturi. Donacije so najveËkrat namenjene

humanitarnim projektom, sponzorstvo pa kulturnim,v nekaterih primerih pa tudi poslovnim dogodkom, kidopolnjujejo naπe oglaπevalske dejavnosti.

Del sredstev, ki jih namenjamo za donacije insponzorstva, je stvar tradicije, pri Ëemer gre predvsemza projekte, ki jih podpiramo vsako leto. Ob vsakiotvoritvi naπih novih poslovnih enot namenimo delsredstev donaciji lokalnim humanitarnimorganizacijam. DoloËen del sredstev pa skuπamo Ëimbolj smotrno razprπiti in zajeti Ëim veË razliËnihorganizacij in projektov, ki jim lahko naπa sredstvanajbolje koristijo.

V letu 2005 je Bank Austria Creditanstalt d.d. Ljubljanaæe tretje leto zapored namenila Slovenski filharmonijidonacijo v viπini 4.500.000 tolarjev za nakup novihinπtrumentov, s Ëimer smo æeleli prispevati k tristoletnitradiciji Slovenske filharmonije, da bi bogatila tudiprihodnji rod ljubiteljev glasbene umetnosti.

Sponzorirali smo tudi πtevilne humanitarne in kulturneprojekte, kot so: donacija v sodelovanju s podjetjemDars za nakup naprave za prezgodaj rojene otroke,sponzorstvo televizijskega prenosa novoletnegakoncerta Dunajske filharmonije, sponzorstvo akcijeRdeËega kriæa “Nikoli sami 2005”, donacija MestniobËini Nova Gorica za projekt “Nova Gorica - otrokomprijazno mesto”, donacija Festivalu idrijske Ëipke 2005,donacija za delovanje kluba Pomurskega akademskegacentra (PAC), sponzorstvo regijske prireditve Kranfest2005, sponzorstvo Regijskih kmeËkih iger 2005 zaDolenjsko in Belo krajino, sponzorstvo dogodkavelenjske “Ledene deæele”, sponzorstvo Vranskihpoletnih veËerov 2005, donacija Pravni fakulteti vLjubljani ob letni konferenci EALE - EuropeanAssociation of Law and Economics in πtevilne druge.

Bank Austria Creditanstalt d.d. Ljubljana pa je bila vletu 2005 aktivna tudi v okviru celotne banËne skupinepri πtevilnih sponzorskih kulturnih projektih. Skupajs solisti dunajskega filharmoniËnega orkestra smopriredili mednarodni glasbeni forum, mojstrski teËajza godala, ki poteka pri nas v Trenti. Na mojstrskemteËaju sodelujejo mladi, talentirani glasbeniki iz vsehdræav Srednje in Vzhodne Evrope. Namen kulturnegasponzorstva skupine je izmenjava kulture in znanja terpromocija mladih talentov. V sodelovanju s SiemensomAvstrija, galerijo Hilger in Bank Austria CreditanstaltAG Dunaj smo priredili razstavo “Central”, ki omogoËamladim, πe neuveljavljenim umetnikom iz Srednje inVzhodne Evrope, da svoja dela predstavijo javnosti.Razstave nenehno potujejo po regiji in se predstavljajotamkajπnjemu obËinstvu.

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PREDSTAVITEV FINAN»NEGA REZULTATA POSLOVANJA

RaËunovodski izkazi Bank Austria Creditanstalt d.d.Ljubljana za leto 2005 so pripravljeni v skladu zMednarodnimi standardi raËunovodskega poroËanja(MSRP), ki jih je objavil Svet za mednarodneraËunovodske standarde (IASB), in v skladu zrazlagami Sveta za pojasnjevanje mednarodnihstandardov raËunovodskega poroËanja (InternationalFinancial Reporting Interpretations Committee -IFRIC/SIC), veljavnimi na dan bilance stanja.Uporabljeni so vsi mednarodni raËunovodski standardi,ki jih je objavil IASB v Mednarodnih standardihraËunovodskega poroËanja 2005 kot mednarodneraËunovodske standarde, ki se uporabljajo zaraËunovodske izkaze za leto 2005. Primerjalni podatkiza predhodno leto temeljijo prav tako na tehstandardih.

Po poveËanju sredstev za 70.336 milijonov tolarjev vletu 2004 je Bank Austria Creditanstalt d.d. Ljubljanatudi v letu 2005 πe naprej rasla in svojo bilanËno vsotoπe dodatno poveËala za 151.275 milijonov tolarjev.

Posojila in predujmi strankam so se poveËali za 60.529milijonov tolarjev (2004: 60.922 milijonov tolarjev) indo konca leta dosegli vrednost 251.236 milijonovtolarjev. »etrtina poveËanja se nanaπa na poslovanje sfiziËnimi osebami, medtem ko tri Ëetrtine izhajajo izposlovanja s pravnimi osebami. Gibanje obsegafinanËnih sredstev v posesti za trgovanje je bilo medletom zelo nestanovitno in odvisno od trænega okoljain moænosti za trgovanje. Do 31. decembra je doseglovrednost 15.159 milijonov tolarjev (2004: 13.428).Posojila in predujmi finanËnim institucijam so se veËkakor podvojili, z 38.486 milijonov tolarjev na 79.312milijonov tolarjev. Denarne rezerve in finanËnasredstva so se moËno poveËala s skupno 56.087milijonov tolarjev na 104.371 milijonov tolarjev, priËemer so zakladne menice, ki jih je mogoËerefinancirati pri centralni banki, za leto 2005 prikazanev denarnih rezervah, kar bolje odraæa znaËaj tegainstrumenta.

PoveËanje sredstev je bilo v glavnem financirano zvlogami na vpogled in vezanimi vlogami, ki so narasleza 33.689 milijonov tolarjev (2004: 24.740 milijonovtolarjev), in dodatnimi medbanËnimi depoziti, ki so semoËno poveËali - za 111.028 milijonov tolarjev (2004:38.386 milijonov tolarjev). Dvakrat je bil poveËankapital (v skupnem znesku 11.254 milijonov tolarjev),kar je bil dokaz za zavezanost glavnega delniËarjaposlovanju v Sloveniji in pomoË pri financiranjuposlovne rasti leta 2005.

»iste obresti so se v primerjavi s preteklim letommoËno poveËale - s 5.571 milijonov tolarjev na 6.963milijonov tolarjev, kar predstavlja 25-odstotno stopnjorasti. Kljub temu pa je v istem obdobju obrestna maræana sredstva (Ëiste obresti / Ø skupna sredstva) upadla z2,13 % na 1,81 %, kar je rezultat sploπnih pritiskov nazniæanje maræ v Sloveniji. Gibanje rezultata iz naslovaËistih obresti je treba gledati tudi v povezavi s Ëistimizidom iz trgovanja, kjer je prikazan vpliv vrednotenjaterminskih poslov in zamenjav na valutnem trgu,medtem ko se likvidnostni preseæki, ki jih prinaπata tadva instrumenta, nalagajo v zakladne menice inobveznice, iz katerih izhajajo Ëiste obresti.

Æe v sestavku o upravljanju s tveganji je bilopoudarjeno, da skuπa banka zmanjπati izgube zaradioslabitve posojil in predujmov z najsodobnejπimitehnikami upravljanja s tveganji in z osredotoËanjemna stranke z visoko kreditno sposobnostjo. Leta 2005so izgube zaradi oslabitve posojil in predujmov znaπale611 milijonov tolarjev (2004: 491 milijonov tolarjev),kar pomeni poveËanje za 119 milijonov tolarjevoziroma 24 %. Razmerje med tveganjem in donosomznaπa 9 % kakor æe leta 2005.

»iste provizije so se tudi leta 2005 poveËale za 17 % indosegle vrednost 2.931 milijonov tolarjev (2004: 2.496milijonov tolarjev). Razlog za to nadaljnje poveËanje soreπitve, prilagojene stranki, in strokovnost banËnihstoritev skupaj s ponudbo privlaËnih izdelkov. Vseprovizije od poslov z vrednostnimi papirji, ne gledena to, ali gre za skrbniπtvo, posredniπtvo, investicijskesklade ali izdajanje obveznic, so visoko nad rezultatomiz prejπnjega leta in znaπajo v skupnem znesku 405milijonov tolarjev (+75 %). Provizije od plaËilnegaprometa in provizije za menjavo tujih valut so se v letu2005 poveËale za 23 % in znaπajo 1.568 milijonovtolarjev, Ëeprav je bilo banki træno okolje zelonenaklonjeno (zmanjπevanje provizij od plaËilnegaprometa). K rasti so prispevale domiselne reπitve,kot so valutni terminski posli za stranke. Druganadomestila, ki so veËinoma sestavljena iz nadomestilza izpeljane finanËne instrumente, so se poveËala za294 % in dosegla vrednost 62 milijonov tolarjev, kardokazuje strokovnost banke na podroËju valutnihposlov in varovanju obrestnih mer pred tveganjem inoptimizacijo za naπe stranke. Le provizije od kreditnihposlov so se zmanjπale za 8 % - na 895 milijonovtolarjev, ker je uvajanje metode veljavnih obresti(efektivne obrestne mere) negativno vplivalo narezultat. Poleg tega je potrebno poudariti, da soprovizije od kreditnih poslov na slovenskem trgu πevedno pod pritiskom.

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»isti izid iz trgovanja znaπa -462 milijonov tolarjev vprimerjavi z 59 milijoni tolarjev izgube leta 2004. Vskladu z MRS 39 vrednoti banka vse izpeljane finanËneinstrumente po træni vrednosti. Valutne zamenjave pricentralni banki in terminski posli za stranke sopomemben instrument likvidnosti za banko in v letu2005 se je njihov obseg moËno poveËal; negativnarazlika v obrestnih merah je izkazana v træni vrednostiv Ëistem izidu iz trgovanja, ki je povzroËil izkazanoizgubo.

Operativno trgovanje je pozitivno vplivalo na Ëisti izidiz trgovanja. Trgovanje na denarnem trgu je bilopozitivno zaradi trænih aktivnosti z zakladnimimenicami in zaradi zmanjπanih donosov ob ustreznihpozicijah. V okviru trgovanja z valutami je banki uspeloizkoristiti tudi træna gibanja in nihanja. Banka je edenizmed najaktivnejπih trænih udeleæencev pri tehtransakcijah.

Rast poslovanja se seveda kaæe tudi v poveËevanjustroπkov. Banka vlaga trenutno veliko denarja vpripravo konkurenËnih prednosti, da bo lahko uspeπnatudi po uvajanju evra v Sloveniji. Odpiranje novihposlovalnic za fiziËne osebe, regionalna prisotnostsvetovalcev za poslovanje s podjetji in izboljπevanjeinformacijske infrastrukture (novi plaËilni sistemi,Basel II) seveda prinaπajo na zaËetku viπje stroπkein se povrnejo πele po preteku doloËenega Ëasa. Kljub temu pa banka s svojimi upravnimi stroπki ravnapreudarno in varËno. Sploπni upravni stroπki znaπajo5.475 milijonov tolarjev (2004: 4.548 milijonovtolarjev), medtem ko stroπki dela predstavljajo veËkakor 50-odstotni deleæ in znaπajo 2.767 milijonovtolarjev (2004: 2.382 milijonov tolarjev).

Drugi upravni stroπki, ki vkljuËujejo stroπke zainformacijsko tehnologijo, træenje, komunikacije,najemnino in z njo povezane stroπke ter druge podobnestroπke, znaπajo 2.012 milijonov tolarjev v primerjavi s1.611 milijoni leta 2004. Amortizacija je narasla s 555milijonov tolarjev leta 2004 na 696 milijonov tolarjevleta 2005. Razmerje med stroπki in prihodki je ostalona nivoju iz leta 2004 (58-odstotno).

Pri davku od dohodkov pravnih oseb v viπini 803milijonov tolarjev (2004: 725 milijonov tolarjev) imabanka odmerjeni davek v viπini 704 milijonov inodloæeni davek v viπini 98 milijonov tolarjev.

Leta 2005 je banka ustvarila dobiËek pred obdavËitvijov viπini 3.427 milijonov tolarjev, kar predstavlja gledena 2.977 milijonov tolarjev leta 2004 15-odstotnopoveËanje. »isti dobiËek po obdavËitvi znaπa 2.624milijonov tolarjev, kar je 371 milijonov tolarjev veË

kakor leta 2004 (+17 %).Donos na kapital pred obdavËitvijo je 12,03-odstoten(leta 2004 je bil 16,34-odstoten).

NA»RTI

Leto 2006 bo za gospodarstvo Slovenije in πe posebejza banËno posredniπtvo v marsiËem prelomno, misleËpri tem predvsem na izgubo dosedanje nacionalnevalute (tolarja) oziroma na fiksacijo tolarja nasprotiteËaju evra. Konvergenca inflacijskega nivoja kot tudiviπine kratkoroËnih obrestnih mer glede na obrestnemere v Evropski monetarni uniji bo dodatno vplivalana dogodke na domaËem trgu, Ëemur mora banËnisektor posvetiti πe posebno pozornost. IzhajajoË izStrategije srednjeroËnega razvoja, ki jo je slovenskavlada sprejela v juniju preteklega leta, lahko sklepamo,da naj bi slovensko gospodarstvo tudi v prihodnje imelovzpodbudno rast, ki naj bi vsaj za dve procentni toËkiprehitevala rast v “stari Evropi”, kar hkrati pomeni, dapriËakujemo v naslednjih letih nadaljnje naraπËanjeobsega finanËnih transakcij s tujino kot tudi poveËanodomaËe troπenje in s tem neposredno poglabljanjedomaËega finanËnega sistema. Pogoji financiranja bodokljub poviπevanju obrestnih mer ostali relativno ugodnitako na domaËem kot tudi tujem trgu. K zanimanju zatuje vire bo dodatno pripomogla tudi nizka riziËnapremija za Slovenijo, - kar pomeni, da bo tuj trgpredstavljal dodatno konkurenco domaËim finanËnimposrednikom. V okviru takih aktivnosti bodonajpomembnejπo vlogo igrale prav banke, zaradikaterih se bo deleæ tujih posojil pri financiranju podjetijdodatno zmanjπal iz danes ocenjene ene tretjine le naeno petino. Zaradi ugodnih terms of trade se borelativno moËno troπenje prebivalstva in podjetij πekrepilo, s tem pa se bo poveËevala zadolæenost obehskupin. Hkrati bomo sooËeni s trendom poveËevanjadolgoroËnega zadolæevanja na raËun kratkoroËnega,k Ëemur bo dodatno pripomogla pospeπenainvesticijska aktivnost. Na drugi strani moramopriËakovati nadaljevanje procesa spreminjanjaroËnostne strukture tolarskih vlog v prid poveËevanjadeleæa kratkoroËnih vlog: kratkoroËne tolarske vlogebodo rasle hitreje kot dolgoroËne zaradi zmanjπevanjanagiba krivulje obrestnih mer.

V Bank Austria Creditanstalt d.d. Ljubljana si skupajz naπimi partnerji prizadevamo Ëimbolj uspeπno sleditivsem tem spremembam, kajti zavedamo se, darazπirjeni evropski trg sicer zaostruje konkurenco,hkrati pa prinaπa za vse tiste, ki mu sledijo, novemoænosti in izzive. Slednjega se πe kako zavedajo tudi

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naπi lastniki, ki so v preteklem letu z vkljuËitvijo vbanËno skupino UniCredit Group, kreirali “resniËnoprvo evropsko banko”, ki obvladuje najveËji træni deleæv najhitreje rastoËih dræavah Evropske unije. Slednjedejstvo je dodatnega pomena tudi za naπo banko, kajtisinergija, ki jo bo ustvarila celotna skupina, morapredstavljati dodatne potencialne moænosti, tako napodroËju træenja novih produktov, zmanjπevanjatveganj in pridobivanja najbolj kakovostnih virov namednarodnem trgu kapitala. Na eni strani ugodnomakro okolje, na drugi podpora in sodelovanje znotrajnove finanËne skupine, ki deluje v veË kot πtiridesetihdræavah, so kljuËni temelji za naπo nadaljnjo rast naslovenskem trgu. In prepriËani smo, da zmoremo zznanjem, voljo in posluhom za naπe partnerstvo vsrednjeroËnem obdobju doseËi naπ strateπki cilj: bitidruga banka z vsaj 10-odstotno træno udeleæbo inhkrati zmanjπati tveganja in ugotoviti dodatne træneniπe z najbolj iskanimi produkti. Da bo pot do cilja Ëimbolj varna in uspeπna ter da bomo æe v letoπnjem letupoveËali svoj træni deleæ preko 7 %, si bomo letos πeposebej prizadevali:

• da bo projekt “evro” tako v okviru banke kot tudi prinaπih partnerjih optimalno realiziran;

• da bo projekt “Basel II” prinesel banki dodatnozmanjπanje tveganj in s tem πe optimalnejπo izrabokapitala oziroma njegov boljπi donos;

• zaostrena konkurenca domaËih kot tudi tujihfinanËnih posrednikov bo vodila k nadaljnjemuzmanjπevanju obrestnih maræ, zato si bomoprizadevali poveËati obseg poslovanja z obstojeËimiin novimi poslovnimi partnerji kot tudi z novimiprodukti predvsem na podroËju zakladniπtva,povezanimi z zmanjπevanjem obrestnih in deviznihtveganj, s katerimi bodo træni udeleæenci πe posebejsooËeni predvsem v letu 2006;

• relativno zmanjπevanje obrestnih prihodkov moramonadomestiti s poveËevanjem neobrestnih prihodkovna podroËju træenja vzajemnih skladov, obsodelovanju z zavarovalnicami, s prodajo banËno-zavarovalnih produktov;

• da bi bili πe bliæje naπim partnerjem, moramo vletoπnjem letu skleniti prvi del projekta πiritveposlovne mreæe in hkrati nadalje analizirati trg in natej podlagi sprejeti eventualno dodatne odloËitve, kibodo vodile k nadaljnji rasti trænega deleæa in Ëimboljπega rezultata, pri Ëemer bo potrebno πe dodatnookrepiti sodelovanje s posredniki pri prodaji naπihproduktov in storitev;

• dodatno si bomo prizadevali, da bi ponudili trgunove specializirane banËne storitve trgovinskegafinanciranja in upravljanja z denarnimi sredstvi terinfrastrukturnega in projektnega financiranja vsodelovanju s sestrskim podjetjem Bank AustriaCreditanstalt Leasing d.o.o.;

• majhna in srednja podjetja, ki so temeljno jedroslovenskega gospodarstva, priËakujejo od nasdodatnih iniciativ in nasvetov ter hitrih inprofesionalnih postopkov, zato bomo morali svojaprizadevanja v tej smeri πe okrepiti in jim omogoËititudi preko naπe mreæe dodatno uspeπno vkljuËevanjena mednarodnih trgih;

• hitra in profesionalna odzivnost na eni strani inzaostrena konkurenca na drugi strani zahtevata odnas neprestano skrb za racionalnost poslovanja inzmanjπevanje stroπkov, Ëemur moramo posvetiti vletoπnjem letu πe dodatno pozornost - ob paralelneminteresu za pridobivanje novega znanja, kajti samoslednje bo dodatno krepilo nas same in nasnaredilo v oËeh naπih partnerjev πe zanimivejπein sposobnejπe za organiziranje skupnih poslov,in krepitev medsebojnega zaupanja, ki je po drugistrani temelj tudi vsem medËloveπkim odnosom.

PrepriËani smo, da bomo z odgovornim in etiËnimpristopom ob zavedanju, da vsi zmoremo veË in bolje,realizirali zaËrtane cilje in skupaj z naπimi partnerji obkoncu leta dosegli πe boljπi rezultat in se veselili novegauspeha.

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Nadzorni svet banke je v letu 2005 skladno s pooblastili, pristojnostmi in dolænostminadzornega sveta, opredeljenimi v Zakonu o banËniπtvu, Zakonu o gospodarskihdruæbah in Statutu banke, spremljal in nadziral poslovanje banke in delo upravebanke.

Nadzorni svet banke se je sestal in odloËal na dveh rednih sejah nadzornega svetabanke. Poleg tega so bili posamezni sklepi v skladu z zakonskimi predpisi,pristojnostmi v statutu in glede na potrebe banke po uËinkovitosti dela sprejeti tudina korespondenËnih sejah nadzornega sveta.

V letu 2005 je nadzorni svet redno spremljal tekoËe poslovanje banke in doseæenefinanËne rezultate. Na rednih sejah nadzornega sveta je uprava banke Ëlanenadzornega sveta obveπËala o vseh pomembnih poslovnih dogodkih v banki in odrugih aktivnostih, povezanih s poslovanjem banke, o ekonomskem in politiËnemokolju, o pomembnejπih zakonskih spremembah, ki so vplivale na poslovanje banke,ter o doseæenih finanËnih rezultatih banke v primerjavi s sprejetim finanËnimnaËrtom poslovanja banke. Prav tako je uprava banke redno obveπËala nadzorni svetbanke o priËakovanih finanËnih rezultatih do konca finanËnega leta in ouresniËevanju le-teh.

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Nadzorni svet je bil redno obveπËen tudi o realizaciji programa dela notranje revizijein njenih ugotovitvah ter tudi o pregledih zunanjih nadzornih institucij. Nadzornisvet je v mesecu aprilu 2005 podal soglasje oziroma potrdil Plan notranje revizijeza leto 2005.

Nadzorni svet banke je tudi aktivno sodeloval pri sprejemanju vseh ukrepov inaktivnosti, ki so bili potrebni za uresniËevanje skupne poslovne politike nadrejenihbanËnih skupin.

Nadzorni svet je potrdil tudi Plan razvoja in temeljne poslovne politike banke za leto2005.

V letu 2005 je bilo v sestavi nadzornega sveta banke nekaj kadrovskih sprememb.V januarju 2005 je bil za Ëlana in predsednika nadzornega sveta imenovan mag.Helmut Bernkopf, prenehalo pa je Ëlanstvo gospodu Ralfu Cymaneku. Maja 2005pa je bil za Ëlana nadzornega sveta imenovan gospod Herbert Hangel.

Uprava banke je pripravila letno poroËilo o poslovanju banke v letu 2005 in ga vzakonskem roku predloæila nadzornemu svetu banke v preveritev. Skupaj z letnimporoËilom je bilo nadzornemu svetu predloæeno tudi Revizijsko poroËilo o pregleduraËunovodskih izkazov za poslovno leto 2005, ki ga je sestavila pooblaπËenarevizorska druæba Deloitte d.o.o., zato da bi nadzorni svet zavzel staliπËe dorevizijskega poroËila banke. Uprava je nadzornemu svetu predloæila v sprejem sklepo uporabi Ëistega dobiËka in predlog sklepa o uporabi bilanËnega dobiËka, da binadzorni svet sprejel omenjeni sklep in podal soglasje k predlogu sklepa o uporabibilanËnega dobiËka, o Ëemer odloËa skupπËina delniËarjev.

Nadzorni svet je preveril letno poroËilo, ki mu ga je v obravnavo predloæila upravabanke. Ugotovil je, da je letno poroËilo v skladu s poroËili in informacijami oposlovanju banke v letu 2005 ter s poroËili o ekonomskem in politiËnem okolju,v katerem banka deluje, in ki so bila nadzornemu svetu predstavljena v poslovnemletu. Letno poroËilo je nadzorni svet primerjal tudi z revidiranimi raËunovodskimiizkazi za poslovno leto 2005 in ugotovil, da so finanËni rezultati, predstavljeni vletnem poroËilu, v soglasju z revizijskim poroËilom. Na osnovi poroËil, ugotovitev inpriporoËil notranje revizije ter zunanjih nadzornikov je uprava banke ta priporoËilaupoπtevala in v kar najveËjem obsegu tudi æe opravila potrebne aktivnosti za njihovo

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izpolnitev oziroma zagotovila, da so stekle vse potrebne aktivnosti. Nadzorni svetmeni, da sta uprava banke in sam nadzorni svet izpolnila vse zakonske zahtevev poslovnem letu 2005. Na temelju rednega spremljanja poslovanja banke innavedenih preverjanj je nadzorni svet potrdil letno poroËilo o poslovanju bankev letu 2005.

V Revizijskem poroËilu o pregledu raËunovodskih izkazov za poslovno leto 2005,ki je bilo nadzornemu svetu predloæeno skupaj z letnim poroËilom, je podano tudimnenje pooblaπËenega revizorja. PooblaπËeni revizor je izdal mnenje brez pridræka.Nadzorni svet je seznanjen z revizijskim poroËilom banke za leto 2005 in nimapripomb na poroËilo.

Uprava banke je nadzornemu svetu predloæila v obravnavo tudi sklep o uporabiËistega dobiËka poslovnega leta 2005 in predlog sklepa o uporabi bilanËnega dobiËkaposlovnega leta 2005. Uprava banke predlaga, da se zaradi naËrtovanegapoveËevanja obsega poslovanja v letu 2006 in naslednjih letih, v skladu s sprejetimisrednjeroËnimi naËrti banke in za zagotavljanje predpisane kapitalske ustreznostibanke ugotovljeni Ëisti dobiËek banke ne uporabi za razdelitev delniËarjem alidrugim osebam, ampak se v celoti razporedi v druge rezerve banke. Uprava bankepredlaga, da nadzorni svet in skupπËina delniËarjev, v skladu s svojimi pristojnostmi,sprejmeta predlagani sklep o uporabi dobiËka poslovnega leta 2005. S sprejemomtakega predloga bo omogoËena nadaljnja rast banke. Nadzorni svet je tako sprejelsklep o uporabi Ëistega dobiËka za leto 2005, soglaπal s predlogom uprave o uporabibilanËnega dobiËka za leto 2005 in priporoËil skupπËini delniËarjev, da ga sprejmev predlagani obliki.

Predsednik nadzornega sveta

mag. Helmut Bernkopf

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Izjava o odgovornosti uprave

Uprava je odgovorna za pripravo raËunovodskih izkazov za poslovno leto. Ti morajoresniËno in poπteno prikazovati premoæenjsko stanje Bank Austria Creditanstalt d.d.Ljubljana (banka) ob koncu poslovnega leta ter njen finanËni in poslovni izid za to leto.Uprava mora raËunovodske izkaze pripraviti skladno z naËelom Ëasovne neomejenostiposlovanja, razen kadar to ni primerno.

Uprava je pri pripravi raËunovodskih izkazov za leto, ki se je konËalo 31. decembra2005, dosledno uporabila ustrezne raËunovodske usmeritve in jih podprla z utemeljenimiin previdnimi presojami in ocenami ter zagotovila skladnost z vsemi raËunovodskimistandardi, o katerih meni, da so pomembni.

Uprava je odgovorna zagotoviti, da banka vodi raËunovodske evidence, ki z razumnonatanËnostjo razkrivajo finanËni poloæaj banke in s katerimi je mogoËe zagotoviti, da soraËunovodski izkazi v vseh pomembnejπih pogledih skladni s predpisi vlade RepublikeSlovenije, predpisi in navodili Banke Slovenije ter z mednarodnimi standardiraËunovodskega poroËanja. Uprava je v sploπnem odgovorna tudi za sprejetje ukrepov,ki so razumno potrebni za zaπËito premoæenja banke in za prepreËevanje in odkrivanjeprevar in drugih nepravilnosti.

V imenu uprave

dr. France Arhar dr. Heribert Fernau Ljubljana, 27. januarja 2006

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PoroËilo neodvisnega revizorja

DelniËarjem in nadzornemu svetu Bank Austria Creditanstalt d.d. Ljubljana

Revidirali smo priloæene nekonsolidirane raËunovodske izkaze Bank Austria Creditanstaltd.d. Ljubljana (banke), ki zajemajo bilanco stanja na dan 31. decembra 2005 ter z njopovezane izkaze poslovnega izida, gibanja kapitala in finanËnega izida za konËanoposlovno leto. Za te raËunovodske izkaze je odgovorna uprava banke. Naπa naloga je napodlagi revizije izraziti mnenje o teh raËunovodskih izkazih.

Revizijo smo opravili v skladu z mednarodnimi standardi revidiranj, ki jih je izdaloMednarodno zdruæenje raËunovodskih strokovnjakov. Ti zahtevajo od nas naËrtovanje inizvedbo revizije za pridobitev primernega zagotovila, da raËunovodski izkazi ne vsebujejopomembno napaËnih navedb. Revizija vkljuËuje preizkuπevalno preverjanje dokazov ozneskih in razkritjih v raËunovodskih izkazih. VkljuËuje tudi presojanje uporabljenihraËunovodskih naËel in pomembnih ocen poslovodstva ter ovrednotenje celovitepredstavitve raËunovodskih izkazov. PrepriËani smo, da je naπa revizija primernapodlaga za naπe mnenje.Po naπem mnenju raËunovodski izkazi poπteno in v vseh bistvenih pogledih predstavljajofinanËni poloæaj banke na dan 31. decembra 2005, rezultate njenega poslovanja, gibanjekapitala in denarne tokove za konËano poslovno leto v skladu z mednarodnimi standardiraËunovodskega poroËanja, ki so sprejeti v Evropski Uniji.

Deloitte d.o.o. Ljubljana, 27. januarja 2006

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dr. France Arhar dr. Heribert Fernau

Predsednik uprave »lan uprave

Priloæene raËunovodske usmeritve in pojasnila so sestavni del teh raËunovodskih izkazov.

BILANCA STANJA

v tisoË SIT Pojasnila 31. 12. 2005 31. 12. 2004

Sredstva

Denar v blagajni in stanje na raËunih pri centralni banki 3 4.977.152 3.622.519

Blagajniπki zapisi, ki jih je izdala centralna banka 75.228.778 34.721.234

Posojila in predujmi ter plasmaji bankam 4 79.312.068 38.486.452

Posojila in predujmi strankam, ki niso banke 5 248.040.974 188.221.392

FinanËna sredstva v posesti za trgovanje 6 15.174.712 13.539.523

Za prodajo razpoloæljive finanËne naloæbe 7 22.996.105 14.281.590

FinanËne naloæbe v posesti do zapadlosti v plaËilo 8 1.168.760 3.461.521

Opredmetena osnovna sredstva in neopredmetena sredstva 9 2.934.653 2.653.221

Druga sredstva 10 1.270.026 840.054

451.103.228 299.827.506

Obveznosti do virov sredstev in delniπki kapital

Dolgovi do bank 11 264.182.525 153.154.917

Dolgovi do strank, ki niso banke 12 150.293.653 116.605.418

FinanËne obveznosti v posesti za trgovanje 13 677.821 357.482

Rezervacije 14 213.362 269.647

Drugi dolgovi 15 2.600.420 2.075.290

Podrejeni dolg 16 - 7.888.419

Delniπki kapital 17 33.135.447 19.476.333

451.103.228 299.827.506

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I ZKAZ POSLOVNEGA IZIDA

v tisoË SIT Pojasnila 2005 2004

Obresti in podobni prihodki 19 14.391.592 10.762.733

Obresti in podobni odhodki 20 (7.429.049) (5.192.022)

»iste obresti in podobni prihodki 6.962.543 5.570.711

Izgube zaradi oslabitve posojil in predujmov 21 (610.632) (491.447)

»iste obresti in podobni prihodki po izgubah iz posojil in predujmov 6.351.911 5.079.264

Prejete provizije 22 3.569.631 2.822.777

Dane provizije 23 (639.116) (326.424)

»iste provizije 2.930.515 2.496.353

»isti izid iz trgovanja 24 (462.099) (58.706)

Sploπni upravni stroπki 25 (5.474.980) (4.548.055)

Drugi poslovni prihodki 26 81.374 8.458

»isti dobiËek pred obdavËitvijo 3.426.721 2.977.314

Davek iz dobiËka 27 (802.535) (724.689)

»isti dobiËek poslovnega leta 2.624.186 2.252.625

IZKAZ GIBANJA KAPITALA

v tisoË SIT Osnovni kapital VplaËani Zadræani Revalorizacijske Skupaj

preseæek dobiËek rezerve iz nasl.

kapitala fin. sredstev,

razpoloæljivih

za prodajo

Stanje na dan 1. 1. 2004 3.101.378 263.786 13.756.106 47.865 17.169.135

»isto poveËanje poπtene vrednosti za prodajo

razpoloæljivih fiinanËnih naloæb vkljuËno

z odloæenim davkom - - 54.573 54.573

»isti dobiËek poslovnega leta - - 2.252.625 2.252.625

Stanje na dan 31. 12. 2004 3.101.378 263.786 16.008.731 102.438 19.476.333

Spremembe raËunovodske usmeritve (180.479) (180.479)

Stanje na dan 1. 1. 2005 3.101.378 263.786 15.828.253 102.438 19.295.855

PoveËanje osnovnega kapitala 797.500 10.456.100 - 11.253.600

»isto zmanjπanje poπtene vrednosti za prodajo

razpoloæljivih finanËnih naloæb vkljuËno

z odloæenim davkom - - (38.193) (38.193)

»isti dobiËek poslovnega leta _ _ 2.624.186 2.624.186

Stanje na dan 31. 12. 2005 3.898.878 10.719.886 18.452.438 64.245 33.135.447

Priloæene raËunovodske usmeritve in pojasnila so sestavni delteh raËunovodskih izkazov. Spremembe raËunovodskihusmeritev so opredeljene v toËki a.23.

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IZKAZ FINAN»NEGA IZIDA

v tisoË SIT 2005 2004

»isti dobiËek pred obdavËitvijo 3.426.721 2.977.314

Nedenarne postavke, vkljuËene v Ëisti dobiËek pred obdavËitvijo, in prilagoditev Ëistega dobiËka pred

obdavËitvijo s finanËnimi tokovi pri poslovanju:

Amortizacija 695.936 510.037

Izgube iz posojil in predujmov 843.667 1.046.921

Spremembe poπtene vrednosti sredstev in obveznosti za trgovanje (425.875) (94.401)

PoveËanje rezervacij (56.285) (209.195)

Spremembe raËunovodske usmeritve (180.480) -

DobiËek/izguba iz prodaje neopredmetenih sredstev, opredmetenih osnovnih sredstev in opreme

611 857

DobiËek iz poslovanja pred spremembami poslovnih sredstev in obveznosti do virov sredstev 4.304.295 4.231.533

FinanËna sredstva v posesti za trgovanje 149.177 (6.031.283)

FinanËne obveznosti v posesti za trgovanje (357.482) -

Posojila in predujmi (77.629.271) (81.456.451)

Druga sredstva (564.283) (455.593)

Dolgovi do bank in do strank, ki niso banke 144.715.843 63.126.722

Drugi dolgovi 173.840 (691.012)

PlaËani davek (438.516) (342.215)

FinanËni tokovi pri poslovanju 70.353.603 (21.618.299)

Prihodki iz prodaje:

finanËnih naloæb 80.617.972 190.046.146

opredmetenih osnovnih sredstev - 602.360

PlaËilo za nakup:

finanËnih naloæb (87.771.321) (151.450.322)

opredmetenih osnovnih sredstev (977.979) (1.549.461)

FinanËni tokovi pri naloæbenju (8.131.328) 37.648.723

Denarni prejemki iz izdanega osnovnega kapitala 11.253.600

Podrejene obveznosti in druge finanËne aktivnosti (7.888.419) 4.854.502

FinanËni tokovi pri financiranju 3.365.181 4.854.502

»isto poveËanje/zmanjπanje denarnih sredstev in njihovih ustreznikov 65.587.459 20.884.926

Denarna sredstva in njihovi ustrezniki na dan 1. januarja 52.221.889 31.336.963

Denarna sredstva in njihovi ustrezniki na dan 31. decembra 117.809.348 52.221.889

Priloæene raËunovodske usmeritve in pojasnila so sestavni delteh raËunovodskih izkazov.

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GLAVNE AKTIVNOSTI

Bank Austria Creditanstalt d. d. Ljubljana (banka) jeposlovna banka s sedeæem v Sloveniji, ki ponuja πirokopaleto finanËnih storitev pravnim in fiziËnim osebam.Banka je bila registrirana kot delniπka druæba 24.januarja 1991. Njen sedeæ je na ©martinski cesti 140,Ljubljana, Slovenija. Dne 31. decembra 2005 je imelaskupno trinajst poslovalnic po vsej Sloveniji. KonËnamatiËna banka je UniCredit S.p.A., Genova.

Glavne dejavnosti banke so:• sprejemanje in plasiranje depozitov javnega sektorja,• ponujanje transakcijskih raËunov in raËunov za

vezavo depozitov,• dajanje kratkoroËnih in dolgoroËnih posojil ter

garancij dræavnemu zakladniπtvu, lokalnimskupnostim, pravnim osebam, prebivalstvu indrugim finanËnim institucijam, ki se ukvarjajo sfinanËnim lizingom in poslovanjem s tujimi valutami,

• zakladniπko poslovanje na medbanËnem trgu,• upravljanje skladov in storitve investicijskega

banËniπtva,• izvajanje domaËega plaËilnega prometa doma in

plaËilnega prometa s tujino,• ponujanje banËnih storitev prebivalstvu prek banËne

mreæe v Sloveniji.

POVZETEK POMEMBNIH RA»UNOVODSKIH USMERITEV

OSNOVE PREDSTAVITVETi nekonsolidirani raËunovodski izkazi so bilipripravljeni v skladu z Mednarodnimi standardiraËunovodskega poroËanja (MSRP) in pojasnili; katereje objavil Odbor za mednarodne raËunovodskestandarde (International Accounting Standards Board,IASB) in jih je sprejela Evropska unija. Ti standardi inpojasnila so se predhodno imenovali MednarodniraËunovodski standardi (MRS). Z dnem objave tehraËunovodskih izkazov se MSRP-ji, kot jih je sprejelaEvropska unija, ne razlikujejo od MSRP-jev, kot jih jeobjavil IASB, razen za instrumente, za katere v skladuz MRS 39 velja obraËunavanje varovanja predtveganjem, ki ga Evropska unija ni sprejela. Banka neuporablja instrumentov, za katere bi veljaloobraËunavanje varovanja pred tveganjem v skladu zMRS 39. Tako morebiten sprejem MRS 39 s straniEvropske unije na dan bilance stanja tudi v deluobraËunavanja varovanja pred tveganjem ne bi imeluËinka na priloæene raËunovodske izkaze banke.Ti raËunovodski izkazi so pripravljeni v skladu z MSRP,

pri Ëemer so kot podlaga za merjenje uporabljeneizvirne vrednosti, razen ob merjenju nekaterihfinanËnih instrumentov, kjer so kot podlaga za merjenjeuporabljene njihove poπtene vrednosti.Valuta, ki se uporablja za predstavitev, je slovenskitolar (SIT), vezan na evro. Nihanja deviznega teËajamed tolarjem in evrom v obdobjih od 31. decembra2004 do 31. decembra 2005 ter od 31. decembra 2003do 31. decembra 2004 so bila neznatna. RaËunovodskiizkazi so podani v tisoËih SIT, Ëe ni oznaËeno drugaËe.Priprava raËunovodskih izkazov v skladu z MSRP oduprave banke zahteva, da pripravi ocene inpredpostavke, ki vplivajo na izkazane zneske sredstevin obveznosti ter razkritje pogojnih sredstev inobveznosti na dan priprave raËunovodskih izkazov innjihove izkazane zneske prihodkov in odhodkov medporoËevalnim obdobjem. Te ocene temeljijo nainformacijah, ki so na razpolago na dan pripraveraËunovodskih izkazov. Dejanski rezultati se lahkorazlikujejo od ocen. Ocene uprave banke in uporabljenepredpostavke so razkrite v pojasnilih posameznihraËunovodskih politik.Banka vodi svoje poslovne knjige in pripravljaraËunovodske izkaze za zakonodajne zahteve skladno sslovenskimi raËunovodskimi standardi (SRS), Sklepomo poslovnih knjigah in poslovnih poroËilih bank inhranilnic ter drugimi predpisi in navodili BankeSlovenije. Priloæeni raËunovodski izkazi s pojasnilitemeljijo na raËunovodskih evidencah banke, skupaj zustreznimi popravki in prerazvrstitvami, ki so potrebneza poπteno predstavitev v skladu z MSRP.

DENARNA SREDSTVA IN DENARNI USTREZNIKIPri poroËanju o finanËnih tokovih so denarna sredstvaopredeljena kot denar v blagajni in na transakcijskihraËunih pri bankah, brez obveznih vlog pri BankiSlovenije. Denarni ustrezniki so opredeljeni kot kratkoroËne,visoko likvidne naloæbe, ki jih je mogoËe preprosto inhitro pretvoriti v vnaprej znane zneske gotovine.

POSOJILA IN PREDUJMI STRANKAM, KI NISO BANKEPosojila, pri katerih banka da denar neposrednokomitentu, so razvrπËena kot posojila strankam, ki nisobanke, in se izkazujejo po odplaËni vrednosti ali popoπteni vrednosti skozi poslovni izid ob uporabi››marked-to-model« vrednosti. Nepomembni izdatkitretjim osebam, ki nastanejo pri odobritvi posojila, kotso na primer stroπki odvetniπkih storitev, so vπteti vstroπke odobritve posojila, medtem ko se pomembni

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izdatki tretjim osebam razmejujejo skozi celotno dobotrajanja posojila; glejte tudi pojasnilo A.23. Vsa posojilain predujmi se pripoznajo, ko je denar posredovanposojilojemalcem. Posojila in predujmi strankam, ki niso banke, seizkazujejo po vrednostih, ki æe vkljuËujejo morebitneizgube zaradi oslabitev. »e obstajajo nepristranskidokazi, da banka ne bo mogla izterjati vseh zapadlihzneskov, se oblikuje popravek za izgube zaradioslabitve. V takih primerih banka oceni prihodnjedenarne tokove posojila glede na prejeta zavarovanja,preteklo kreditno sposobnost in uspeπnostposojilojemalca, njegovo finanËno stanje, kot tudiznaËilnosti panoge, v kateri ta posluje. Tako ocenjeneprihodnje denarne tokove banka diskontira z uporaboob najemu posojila veljavne obrestne mere.»e posojila ni mogoËe izterjati, se to oslabi, naknadniizterjani zneski pa se v izkazu poslovnega izidapripoznajo v dobro izgub zaradi oslabitve posojil inpredujmov.Knjigovodska vrednost posojil, na katera se neobraËunavajo obresti, predstavlja znesek terjatve,zmanjπane za priËakovane izgube, veË o tem jenapisano v pojasnilu A.14.

IZPELJANI F INAN»NI INSTRUMENTIV svojem rednem poslovanju banka sklepa posle zizpeljanimi finanËnimi instrumenti, ki predstavljajomajhno zaËetno naloæbo v primerjavi z nazivnovrednostjo pogodbe. Uporabljani izpeljani finanËniinstrumenti vkljuËujejo obrestne in valutne zamenjave(swap) ali opcije (option). Te finanËne instrumentebanka uporablja za varovanje pred obrestnim invalutnim tveganjem, s katerimi se sreËuje pri svojemposlovanju na finanËnih trgih.Izpeljani finanËni instrumenti se v bilanci stanja nazaËetku pripoznajo po odplaËni vrednosti in se poznejeizmerijo po poπteni vrednosti. Poπtene vrednosti sodoloËene na podlagi objavljenih cen na delujoËem trgu,z uporabo modelov diskontiranih denarnih tokov aliuporabo modelov za opcijsko vrednotenje, odvisno odposameznega izpeljanega finanËnega instrumenta.Spremembe poπtene vrednosti izpeljanih finanËnihinstrumentov, ki ne predstavljajo instrumentov zavarovanje pred tveganjem, se izkazujejo v postavki››Ëisti izid iz trgovanja«. Vsi izpeljani finanËniinstrumenti se izkazujejo kot sredstva, Ëe je njihovapoπtena vrednost pozitivna, in kot obveznosti, Ëe je tanegativna. Nekatere transakcije z izpeljanimi finanËnimiinstrumenti, ki sicer v skladu s strategijo banke zaobvladovanje tveganj omogoËajo uËinkovito ekonomsko

varovanje pred tveganji, ne predstavljajo instrumentovza varovanje pred tveganjem, kot jih opredeljuje MRS39, in se zato izkazujejo kot izpeljani finanËniinstrumenti v posesti za trgovanje, pri Ëemer se dobiËkiin izgube, ki izhajajo iz merjenja teh instrumentov popoπteni vrednosti, izkazujejo v izkazu poslovnega izidav postavki ››Ëisti izid iz trgovanja«. Na dan 31.decembra 2005 banka ni uporabljala izpeljanihfinanËnih instrumentov, ki skladno z doloËili MRS 39sodijo med instrumente za varovanje poπtene vrednostipred tveganjem oz. varovanja denarnih tokov predtveganjem.Posli z izpeljanimi finanËnimi instrumenti, ki jih bankasklepa s svojimi strankami, se zapirajo z nasprotnimiposli z matiËno banko. Najpogostejπe skupine izpeljanihfinanËnih instrumentov, ki jih banka uporablja vtransakcijah s strankami, so naπtete v nadaljevanju.Poπtena vrednost izpeljanih finanËnih instrumentov vposesti za trgovanje je prikazana v pojasnilih 6 in13,nazivne vrednosti omenjenih instrumentov pa soprikazane v pojasnilu 34.

VALUTNE POGODBEValutne pogodbe so dogovori o izmenjavi doloËenegazneska valute po vnaprej dogovorjenem teËaju, bodisi nadatum trgovanja (datum plaËila sledi v dveh dneh) bodisina neki poznejπi datum (datum plaËila sledi v veË kotdveh dneh). Nazivne vrednosti teh pogodb ne odraæajodejanskih trænih oz. kreditnih tveganj, povezanih z njimi.Banka uporablja valutne pogodbe za nameneupravljanja tveganj in trgovalne namene.

VALUTNE IN OBRESTNE ZAMENJAVEBanka vstopa v valutne in obrestne zamenjave.Zamenjave so kompleksni dogovori, ki vkljuËujejozamenjavo doloËenega izpeljanega finanËnegainstrumenta, ki obiËajno vkljuËuje zamenjavo natrgovalni dan in eno ali veË rokovnih pogodb.Obrestne zamenjave dve stranki zavezujejo k izmenjavienega ali veËih zneskov izraËunanih z uporabonespremenljive ali obËasno spremenljive obrestne merena doloËeno nazivno vrednost. Kot osnova za preraËunizmenjanih zneskov, ob uporabi dogovorjene(ne)spremenljive obrestne mere, sluæi nazivna vrednostposla.Nazivne vrednosti se pogosto uporabljajo le za prikazobsega teh poslov in se med strankama, ki v dogovorvstopata, obiËajno ne izmenjajo. Obrestne zamenjave,ki se uporabljajo za upravljanje obrestnega tveganja,banka meri na podlagi kotiziranih trænih cen.

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OPCIJSKE POGODBEOpcijske pogodbe predstavljajo formalno rezervacijopravice nakupa ali prodaje dogovorjene koliËinesredstva v pogodbeno doloËenem roku po dogovorjeniceni. Kupec opcije ima pravico, ne pa obveze, dauveljavi pravico nakupa ali prodaje dogovorjenegasredstva, prodajalec pa ima nepreklicno obvezo, daproda ali kupi dogovorjeno koliËino sredstva po ceni,dogovorjeni v opcijski pogodbi.

FINAN»NE NALOÆBEV skladu z MRS 39 banka razvrπËa svoje finanËnenaloæbe na podlagi namena ob Ëasu nakupa kot››finanËne naloæbe v posesti za trgovanje«, ››za prodajorazpoloæljive finanËne naloæbe« in ››finanËne naloæbe vposesti do zapadlosti v plaËilo«. Glavna razlika medposameznimi finanËnimi naloæbami je razvrstitev inmerjenje njihove poπtene vrednosti v raËunovodskihizkazih. Vsi vrednostni papirji banke se pripoznavajoob upoπtevanju datuma plaËila in se na zaËetku merijopo nabavni vrednosti, ki vkljuËuje morebitno nastalestroπke transakcije.

FINAN»NE NALOÆBE V POSESTI ZA TRGOVANJEFinanËne naloæbe v posesti za trgovanje vkljuËujejodolæniπke vrednostne papirje, ki jih banka pridobi znamenom ustvarjanja dobiËkov iz kratkoroËnihcenovnih nihanj. Po zaËetnem pripoznanju se tivrednostni papirji merijo in izkazujejo po poπtenivrednosti, ki je pribliæno enaka teËaju naorganiziranem trgu borznih vrednostnih papirjev alidrugem sprejemljivem modelu vrednotenja.Nerealizirane dobiËke in izgube banka vkljuËuje vpostavko ››Ëisti izid iz trgovanja«. Obresti iz finanËnihnaloæb za trgovanje se obraËunavajo dnevno in so vizkazu poslovnega izida prav tako prikazane v postavki››Ëisti izid iz trgovanja«. Vsi nakupi in prodaje finanËnih naloæb v posesti zatrgovanje, ki zahtevajo dostavo v Ëasovnem okviru, kiga doloËajo predpisi ali træne navade (nakupi inprodaje po ››obiËajni poti«), se pripoznavajo kotpromptni posli. Transakcije, ki ne izpolnjujejo merilaporavnave po ››obiËajni poti«, se πtejejo za izpeljanefinanËne instrumente.Razen za finanËne naloæbe v posesti za trgovanje bankane uporablja vrednotenja po poπteni vrednosti skoziposlovni izid.FinanËne naloæbe v posesti do zapadlosti v plaËiloFinanËne naloæbe v posesti do zapadlosti v plaËilo sofinanËna sredstva z doloËenimi ali doloËljivimi plaËili indoloËeno zapadlostjo v plaËilo, ki jih banka nedvoumnonamerava in zmore obdræati do zapadlosti. To skupino

naloæb sestavljajo zakladne menice in dolæniπkivrednostni papirji. FinanËne naloæbe v posesti dozapadlosti se izkazujejo po odplaËni vrednosti zuporabo metode veljavnih obresti, zmanjπani zamorebitne oslabitve. Banka redno ocenjuje, ali obstajajo nepristranskidokazi o oslabljenosti finanËnih naloæb v posesti dozapadlosti v plaËilo. FinanËno sredstvo je oslabljeno,Ëe je njegova knjigovodska vrednost veËja od ocenjenenadomestljive vrednosti, ki je enaka sedanji vrednostipriËakovanih prihodnjih denarnih tokov, diskontiraniz izvirno veljavno obrestno mero. Znesek izgube zaradioslabitve za sredstva, ki se izkazujejo po odplaËnivrednosti, se izraËuna kot razlika med njihovoknjigovodsko vrednostjo in sedanjo vrednostjopriËakovanih prihodnjih denarnih tokov, diskontirano zizvirno veljavno obrestno mero. »e se ugotovi oslabitevsredstev, banka zmanjπa naloæbo na njeno iztræljivovrednost, ki se pripozna v izkazu poslovnega izida.

ZA PRODAJO RAZPOLOÆLJIVE F INAN»NE NALOÆBEZa prodajo razpoloæljive finanËne naloæbe so finanËnasredstva, ki niso uvrπËena med finanËne naloæbe vposesti za trgovanje ali finanËne naloæbe v posesti dozapadlosti v plaËilo. Ta skupina naloæb vkljuËujelastniπke in dolæniπke vrednostne papirje. Po zaËetnempripoznanju se za prodajo razpoloæljiva finanËnasredstva ponovno izmerijo po poπteni vrednosti napodlagi objavljenih trænih cen. Kadar træne cene nisona voljo, se poπtena vrednost dolæniπkih vrednostnihpapirjev oceni z uporabo sedanje vrednostipriËakovanih prihodnjih denarnih tokov, poπtenavrednost lastniπkih vrednostnih papirjev, ki ne kotirajona borzi, pa z uporabo ustreznih razmerij teËaj/donosali teËaj/denarni tok, prilagojenih tako, da odraæajospecifiËne okoliπËine izdajatelja. Nerealizirani dobiËkiali izgube, ki izhajajo iz sprememb poπtene vrednostiza prodajo razpoloæljivih finanËnih naloæb, seizkazujejo v kapitalu, realizirani dobiËki ali izgube pav Ëistem dobiËku ali izgubi.»e je oslabitev za prodajo razpoloæljivih vrednostnihpapirjev kako drugaËe kakor zaËasno povezana skreditnim tveganjem, se knjigovodska vrednostvrednostnega papirja nemudoma odpiπe donadomestljive vrednosti. Ta odpis se v izkazuposlovnega izida vkljuËi v postavko ››drugi poslovniodhodki«. Obresti iz vrednostnih papirjev,razpoloæljivih za prodajo, se obraËunavajo na dan inse v izkazu poslovnega izida izkazujejo med prihodkiiz obresti in drugimi podobnimi prihodki.

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Dividende za lastniπke vrednostne papirje, razpoloæljiveza prodajo, se evidentirajo ob izplaËilu v bilanci stanjakot denarna sredstva in v izkazu poslovnega izida kot››prihodki iz obresti in drugi podobni prihodki«.

OPREDMETENA OSNOVNA SREDSTVA INNEOPREDMETENA DOLGORO»NA SREDSTVAOpredmetena osnovna sredstva se izkazujejo ponabavni vrednosti, zmanjπani za amortizacijskipopravek vrednosti. Ta se obraËuna po metodienakomernega Ëasovnega amortiziranja za odpisvrednosti teh sredstev, na njihovo neodpisano vrednostv ocenjeni dobi koristnosti sredstva. ZemljiπËa insredstva v gradnji se ne amortizirajo.Ocenjene ekonomske dobe koristnosti sredstev sonaslednje:

Vlaganja v zakupljene objekte/sredstva se amortizirajov dobi, ki je krajπa, pri Ëemer se primerjata dobanjihove uporabe in preostala doba njihovega zakupa napodlagi metode enakomernega Ëasovnegaamortiziranja.Banka obËasno preverja vrednost svojih opredmetenihosnovnih sredstev, da bi ugotovila, ali so oslabljena inkoliko. »e je knjigovodska vrednost sredstva veËja odocenjene nadomestljive vrednosti, se odpiπe do zneskanadomestljive vrednosti. DobiËki in izgube iz prodajesredstev se doloËijo s primerjavo z njihovoknjigovodsko vrednostjo in se vkljuËujejo v rezultat izposlovanja. Popravila in obnove manjπega obsega seizkaæejo v izkazu poslovnega izida ob nastanku izdatka.Razveljavitev izgube zaradi oslabitve sredstva se zaradisprememb v ocenah nadomestljive vrednosti takojpripozna kot prihodek v izkazu poslovnega izida.Banka prav tako redno preverja dobo koristnostisredstev in po potrebi podaljπa amortizacijsko dobo.

DRUGA SREDSTVADruga sredstva sestavljajo limiti na tekoËih raËunihfiziËnih oseb, terjatve iz naslova kartiËnega poslovanjas fiziËnimi osebami, aktivne Ëasovne razmejitve,obraËunani prihodki, nadomestila in provizije ter drugeterjatve, ki niso izkazane v drugih postavkah.

DOLGOVI DO BANKDolgovi do bank zajemajo vse vrste vlog, prejetih oddomaËih in tujih bank, ne glede na njihov namen inobliko.

DOLGOVI DO STRANK, KI NISO BANKEDolgovi do strank, ki niso banke, zajemajo vse vrstedepozitov, prejetih od komitentov. Izraz strankevkljuËuje vse stranke razen bank; zadnje so opredeljenepod A.8.

REZERVACIJERezervacije se oblikujejo za potencialne izgube v zvezis tveganji, ki izhajajo iz zunajbilanËnih postavk, in spravdnimi spori, v katerih je banka udeleæena oziromaobstaja nevarnost, da bo udeleæena. Rezervacije sepripoznajo samo, Ëe obstaja pravna ali posrednaobveza do tretjih oseb zunaj banke in je mogoËe znesekobveze zanesljivo izmeriti.

ZASLUÆKI ZAPOSLENIHBanka svojim zaposlenim izplaËuje jubilejne nagradein odpravnine. Zaposleni so upraviËeni do jubilejnihnagrad, Ëe so v banki neprekinjeno zaposleni doloËenoËasovno obdobje. UpraviËenci do odpravnin pa so tistizaposleni, ki se upokojijo in so bili pred tem v bankizaposleni doloËeno minimalno Ëasovno obdobje.Sedanjo vrednost obvez za izplaËilo jubilejnih nagradin odpravnin je izraËunal za to usposobljen aktuar.KljuËne aktuarske predpostavke, uporabljene priizraËunu sedanje vrednosti omenjenih obvez, sonaslednje:• kot diskontna stopnja so uporabljeni na dan bilance

stanja znani træni donosi visoko kvalitetnih obveznic,katerih izdajatelji so druæbe iz evroobmoËja in

• tekoËi podatki o zaposlenih v banki (trajanjezaposlitve, starost, spol, povpreËni zasluæki), ocenena podlagi zabeleæenih podatkov o zaposlenih vbanki v prejπnjih letih ter druge predpostavke (viπinaizplaËanih bonusov, priËakovana poviπanja plaË,ocenjen znesek plaËil prispevkov za socialno inpokojninsko zavarovanje ter plaËil za zdravstvenozavarovanje).


Vlaganja v zakupljene objekte/sredstva 10 let 10 let

Strojna oprema, pohiπtvo

in motorna vozila 4-10 let 4-10 let

Neopredmetena sredstva

- programska oprema 5 let 5 let

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Znesek obvez, ki izhajajo iz jubilejnih nagrad inodpravnin zaposlencem, je pripoznan kot sedanjavrednost priËakovanih prihodnjih plaËil. AktuarskidobiËki in izgube so pripoznani v poslovnem izidu.Banka poleg navedenih nagrad in odpravnin svojimzaposlenim izplaËuje tudi nekatere druge zasluæke, kotso prispevki za pokojninsko zavarovanje. Ta izplaËilaso priznana kot odhodki v poslovnem izidu tekoËegaobdobja, glejte pojasnilo 24.

REZERVACIJE ZA GARANCIJE IN DRUGE PREVZETEFINAN»NE OBVEZEZnesek rezervacij za garancije in druge prevzetefinanËne obveze je pripoznan kot stroπek in kotobveznost, ko ima banka pravno ali posredno obvezoin ko je verjetno, da bo pri poravnavi obveze potrebenodtok dejavnikov, ki omogoËajo gospodarske koristi, inje znesek obveze mogoËe zanesljivo oceniti. Kakrπnekoli izgube iz pripoznanja rezervacij za obveze sevkljuËujejo v poslovni izid za obdobje poroËanja.

KAPITALCelotni kapital je sestavljen iz vplaËanega kapitala, t. j.kapitala, ki so ga dali delniËarji na razpolago banki(vpisani kapital in kapitalske rezerve) ter pridobljenegakapitala (rezerve, preseæki iz prevrednotenja, preneseniËisti dobiËki iz prejπnjih let in Ëisti dobiËek tekoËegaleta).

POGOJNE OBVEZNOSTI IN PREVZETEFINAN»NE OBVEZE, TUDI ZA BILAN»NE POSTAVKEPrevzete finanËne obveznosti za jamstva (garancije),tako finanËna, kot storitvena, predstavljajo nepreklicneobveze banke za plaËila, Ëe komitent banke ne izpolnisvojih obveznosti do tretjih oseb. Listinski akreditivi so nepreklicne pogojne obveznostibanke, ki na zahtevo stranke (kupca) izvrπi ali sprejmeplaËilo upraviËenca (prodajalca), skladno z izpolnjenimizahtevami izdanega akreditiva. Listinski akreditivi sozavarovani, podobno kot posojila oz. prevzete finanËneobveznosti za jamstva, glede na kreditno sposobnost inuspeπnost posojilojemalca.Osnovni namen prevzetih in nepreklicnih obveznosti izodobrenih posojil je, skladno s sklenjenim dogovorom,zagotovitev sredstev komitentu banke. Prevzete innepreklicne obveznosti iz odobrenih posojil sestavljajoneËrpana sredstva iz odobrenih posojil in neporabljeni,odobreni limiti na transakcijskih raËunih komitentovbanke.

Tveganja povezana s pogojnimi obveznostmi inprevzetimi finanËnimi obvezami se ocenjujejo podobnokot tveganja pri odobrenih posojilih, pri Ëemer jeupoπtevana kreditna sposobnost in uspeπnostposojilojemalca ter vrednosti prejetih zavarovanj ingarancij tretjih strank.

PRIHODKI IZ OBRESTI IN ODHODKI ZA OBRESTIV izkazu poslovnega izida se prihodki iz obresti inodhodki za obresti pripoznajo v ustreznem obdobju pometodi veljavnih obresti. Prihodki iz obresti vkljuËujejokupone, zasluæene pri naloæbah s stalnim donosom, terobraËunani diskont, premije na zakladne menice indruge razobrestene (diskontirane) instrumente.»e obstaja dvom o tem, ali bo posojilo odplaËano vskladu z doloËili pogodbe, se to oslabi do viπine njegovenadomestljive vrednosti. Obrestni prihodki oslabljenihposojil se pripoznavajo v diskontiranem znesku. Zanjegov izraËun se uporabi ista veljavna obrestna merakot za oceno nadomestljive vrednosti oslabljenegaposojila.

IZGUBE ZARADI OSLABITVE POSOJIL IN PREDUJMOVIzgube zaradi oslabitve posojil se pripoznajo, Ëeobstajajo objektivni dokazi, da banka ne bo prejelapoplaËila vseh dolgovanih ji zneskov. Znesek izgube jerazlika med knjigovodsko vrednostjo posojila oz.predujma in njegovo poplaËljivo vrednostjo, kateropredstavljajo priËakovana prihodnja plaËila, vkljuËno zzneski poplaËil iz prejetih garancij in zavarovanj,diskontirani z uporabo ob najemu posojila veljavneobrestne mere. Posebne rezervacije so oblikovane gledena kreditno sposobnost in uspeπnost posojilojemalca terob upoπtevanju vrednosti prejetih zavarovanj ingarancij tretjih strank.

PREJETE IN DANE PROVIZIJEPrejete in dane provizije se pripoznajo na danzakljuËka izvedene transakcije. VkljuËujejo predvsemprovizije iz opravljanja plaËilnega prometa, provizije izupravljanja sredstev v imenu in za raËun podjetij infiziËnih oseb pa tudi provizije prejete za odobrenaposojila in izdana jamstva.Provizije za druge storitve in provizije iz transakcij zizpeljanimi finanËnimi instrumenti se pripoznajo naosnovi doloËil sklenjenih pogodb.

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»ISTI IZ ID IZ TRGOVANJAPoleg realiziranih in nerealiziranih izidov merjenjatrgovalnih pozicij z uporabo metode vrednotenja potræni vrednosti Ëisti izid iz trgovanja vkljuËuje tudirazmejene obresti in stroπke financiranja v zvezi ssredstvi v posesti za trgovanje, razen delnic, terdobiËek ali izgubo iz prevrednotenja sredstev inobveznosti do virov sredstev izraæenih v tujih valutah.

OBDAV»ITEVDavki se obraËunajo v skladu z doloËbami ustrezneslovenske zakonodaje, na podlagi izidov poslovanja,izkazanih v izkazu poslovnega izida, pripravljenega vskladu s slovenskimi raËunovodskimi standardi,predpisi Banke Slovenije in drugo lokalno zakonodajona podroËju davkov. Davek iz dohodka se obraËuna po25-odstotni stopnji na obdavËljivi dohodek, ki gaustvari banka v davËnem obdobju (glejte pojasnilo 26).Odloæeni davek je namenjen pokrivanju zaËasnih razlik,ki nastanejo med davËno vrednostjo sredstev inobveznosti do virov sredstev, ter njihovo knjigovodskovrednostjo, z uporabo metode obveznosti po trenutnoveljavnih davËnih stopnjah. Odloæene obveznosti zadavek so pripoznane v celoti. Odloæena terjatev zadavek je izkazana, Ëe je verjetno, da bo na razpolagodovolj obdavËljivega dobiËka, ki ga bo mogoËeizkoristiti za take odloæene terjatve za davek.Odhodek za davek vkljuËuje v tekoËem letu odmerjenidavek od dohodka in izraËunani odloæeni davek.Davek od dohodka je obraËunan od obdavËljivegadohodka tekoËega leta. ObdavËljivi dohodek se razlikujeod Ëistih prihodkov prikazanih v izkazu poslovnegaizida, ker izkljuËuje prihodke in odhodke obdavËljive vprihodnjih letih (zaËasne razlike) in nadalje izkljuËujeprihodke in odhodke, ki nikoli niso in ne bodoobdavËljivi (stalne razlike).Banka mora plaËevati razliËne posredne davke izposlovanja, ki so vkljuËeni kot sestavina upravnihstroπkov.

POSLI V TUJIH VALUTAHPromptni posli, izraæeni v tujih valutah, se preraËunajov slovenske tolarje po uradnem teËaju Banke Slovenijena dan transakcije, ki je pribliæno enak veljavnimtrænim teËajem. Vsak dobiËek ali izguba, ki izhaja izsprememb teËaja po datumu transakcije, je v izkazuposlovnega izida vkljuËen kot dobiËek ali izguba izprevrednotovanja valutne pozicije in se izkazuje vpostavki ››Ëisti izid iz trgovanja«. Denarna sredstva inobveznosti, vkljuËno s prevzetimi finanËnimiobveznostmi za izroËitev ali prejem tuje valute v okvirupromptnih valutnih poslov, se preraËunajo po uradnemteËaju, ki velja na dan bilance stanja.Valutni terminski posli se preraËunajo v slovensketolarje po sklenjenem terminskem teËaju.Promptni devizni teËaji, ki jih je doloËila BankaSlovenije in so bili uporabljeni pri pripravi bilancestanja banke na dan poroËanja, so bili naslednji:

POSLOVANJE PO POOBLASTIL IHSredstva, ki jih banka upravlja kot pooblaπËenec,zaupnik ali posrednik, niso sredstva banke in kot takaniso vkljuËena v te raËunovodske izkaze.

ZAKONODAJNE ZAHTEVEZa banko veljajo zakonodajne zahteve Banke Slovenije.Ti predpisi vkljuËujejo limite in druge omejitve, ki senanaπajo na zahteve minimalne kapitalske ustreznosti,razvrπËanje posojil in zunajbilanËnih potencialnihobveznosti ter rezervacije za kritje kreditnega tveganja,likvidnostne, obrestne in valutne pozicije.Po stanju na dan 31. decembra 2005 je bila banka innjeno poslovanje v vseh pomembnih pogledih usklajenoz zakonodajnimi zahtevami.

Valuta 31. december 31. december

2005 2004

EUR 239.5756 239.743

USD 202.4297 176.2427

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POVEZANE STRANKEPovezane stranke so: • podjetja, ki neposredno ali prek enega ali veË

posrednikov usmerjajo poroËajoËo banko, ali jih tausmerja oz. so usmerjana skupaj z njo;

• posamezniki, ki imajo neposredno ali posredno deleæpri glasovanju v banki, kar jim omogoËa pomembenvpliv na banko, in vse osebe, za katere je mogoËepriËakovati, da bodo pri stikih z banko vplivale naomenjenega posameznika, ali na katere bo taposameznik vplival tudi sam;

• kljuËno vodilno osebje, torej posamezniki, ki imajoizvrπilno moË in odgovornost na podroËjihnaËrtovanja, usmerjanja in nadziranja dejavnostiskupine, tudi Ëlani uprave in vodilni funkcionarjibanke ter njihovi oæji druæinski Ëlani;

• podjetja, v katerih ima katerakoli oseba, opisana pod(b) ali (c), neposredno ali posredno pomemben deleæpri glasovanju, ali na katera lahko tak posameznikmoËno vpliva. Sem spadajo podjetja v lasti Ëlanovuprave ali glavnih delniËarjev banke in podjetij, kiimajo z banko kakπnega skupnega kljuËnega Ëlanauprave.

Pri prouËevanju vseh mogoËih oblik povezav medstrankami je pozornost namenjena vsebini povezave inne samo pravni obliki.

PRIMERLJIVI ZNESKINekateri primerljivi zneski v izkazu poslovnega izida inbilanci stanja so bili prerazvrπËeni, da bi ustrezaliletoπnji predstavitvi. UËinek ni pomemben in nimavpliva na izkazani Ëisti dobiËek ali viπino sredstev.Banka je med denar in denarne ustreznikeprerazvrstila za 34 milijard tolarjev kratkoroËnihblagajniπkih zapisov Banke Slovenije, ki so bili na dan31. decembra 2004 uvrπËeni med finanËne naloæbe,temu je bil prilagojen tudi izkaz finanËnih tokov za leto2004.

SPREMEMBE RA»UNOVODSKIH USMERITEVSpremembe raËunovodskih usmeritev zaradi sprejemanovih MSRP in spremenjenih MRS, kateri so stopili vveljavo 1. januarja 2005:• MRS 32 FinanËni instrumenti: razkrivanje in

predstavljanje in MRS 39 FinanËni instrumenti:pripoznavanje in merjenje

• Spremenjeni MRS 39 je uvedel skupino finanËnihsredstev po poπteni vrednosti skozi poslovni izid, kivkljuËuje finanËna sredstva uvrπËena kot v posesti zatrgovanje ter finanËna sredstva, ki jih banka pozaËetnem pripoznanju oznaËi po poπteni vrednostiskozi poslovni izid. Banka je po stanju na dan 1.

januarja 2005 nekatera posojila druæbam znespremenljivo obrestno mero razvrstila v kategorijofinanËnih sredstev po poπteni vrednosti skoziposlovni izid.

DRUGE SPREMEMBES 1. januarjem 2005 je banka priËela uporabljatidoloËila MRS 19 Zasluæki zaposlenih, zaradi Ëesar jeprviË preraËunala sedanje vrednosti obvez za jubilejnenagrade in odpravnine zaposlenim. Vpliv tespremembe na poslovni izid banke za leto 2005 jenepomemben, preneseni Ëisti dobiËki iz prejπnjih let paso bili zmanjπani za pribliæno 73 milijonov tolarjev.Podobno je banka s 1. januarjem 2005 priËelauporabljati metodo veljavne obrestne mere v skladu zMRS 39 FinanËni instrumenti: pripoznavanje inmerjenje. V skladu s tem je banka pomembne stroπke,nastale ob odobritvi posojila komitentu, zaËelarazmejevati Ëez celotno dobo trajanja posojila. Vpliv tespremembe na poslovni izid banke za leto 2005 je pravtako nepomemben, preneseni Ëisti dobiËki iz prejπnjihlet pa so bili zmanjπani za pribliæno 107 milijonovtolarjev.

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DENAR V BLAGAJNI IN STANJE NA RA»UNIH PRI CENTRALNI BANKI

POSOJILA IN PREDUJMI TER PLASMAJI BANKAM

Dne 31. decembra 2005 je bil razpon obrestnih mer za vezane tolarske vloge pri drugih bankah od 3,75 % do4,2 %, dne 31. decembra 2004 pa od 2,2 % do 5,1 %.Dne 31. decembra 2005 je bil razpon obrestnih mer zavezane vloge v evrih in drugih konvertibilnih tujihvalutah pri drugih bankah od 2,1 % do 4,7 %, dne31. decembra 2004 pa od 1,8 % do 7,25 %.Med vezane vloge pri bankah spadajo vezane vloge priBank Austria Creditanstalt AG Dunaj leta 2005 vznesku 23.969.060 tisoË tolarjev (leta 2004: 14.957.488tisoË tolarjev) in pri Banki Slovenije leta 2005 v znesku16.765.000 tisoË tolarjev (leta 2004: 11.140.000 tisoËtolarjev).

POSOJILA IN PREDUJMI STRANKAM, KI NISO BANKE

Posojila in predujmi strankam, ki niso banke, senaËelno dajejo v Sloveniji. Dne 31. decembra 2005je bil razpon obrestnih mer za tolarska posojila inpredujme strankam od 3,95 % do 13,5 %, dne31. decembra 2004 pa od 4,0 % do 13,95 %.Dne 31. decembra 2005 je bil razpon obrestnih merza posojila in predujme strankam v tuji valuti od1,6 % do 7,75 %, dne 31. decembra 2004 pa od1,38 % do 7,49 %.

V spodnji tabeli je podana analiza portfelja posojil inpredujmov strankam, ki niso banke po dejavnostih:

FINAN»NA SREDSTVA V POSESTI ZA TRGOVANJE

Dne 31. decembra 2005 je bila letna obrestna mera zazakladne menice, namenjene trgovanju, 3,4 %, dne 31.decembra 2004 pa 3,5 %. TeoretiËne vrednosti izpeljanih finanËnih instrumentovso izkazane v opombi 34.Obveznice, denominirane v tolarjih, vkljuËujejo

v tisoË SIT 31. 12. 2005 31. 12. 2004

Industrija 45.360.921 32.374.287

Trgovina 53.237.198 29.689.986

Gradbeniπtvo 5.158.930 7.804.919

FinanËno posredniπtvo vkljuËno

z zavarovalniπtvom 14.026.523 9.759.993

Druge storitve 68.159.440 42.866.988

Javni sektor 11.147.883 21.029.911

FiziËne osebe 50.950.079 44.695.308

248.040.974 188.221.392

v tisoË SIT 31. 12. 2005 31. 12. 2004

Zakladne menice, ki jih je izdala

Vlada Republike Slovenije 1.786.844 3.453.226

Obveznice, denominirane v tolarjih 12.746.009 9.634.414

Pozitivna træna vrednost

obrestnih zamenjav 302.778 237.894


obrestnih opcij 98.027 -

Pozitivna træna vrednost promptnih

valutnih poslov 10.042 -


valutnih opcij 21.156 1.048

Pozitivna træna vrednost valutnih

terminskih poslov 209.856 212.941

15.174.712 13.539.523

v tisoË SIT 31. 12. 2005 31. 12. 2004

Denar v blagajni 1.244.425 1.411.129

Denar na klirinπkem raËunu 723.295 (831.541)

Obvezne minimalne rezerve

pri Centralni banki 3.009.432 3.042.931

4.977.152 3.622.519

v tisoË SIT 31. 12. 2005 31. 12. 2004

Pravne osebe 198,926,074 152,626,060

FiziËne osebe 51,459,167 37,294,732

Razmejene obresti 850,457 785,969

(Minus) izgube zaradi oslabitve

posojil in predujmov 251,235,698 190,706,761

(3,194,724) (2,485,369)

248,040,974 188,221,392

v tisoË SIT 31. 12. 2005 31. 12. 2004

Vloge na vpogled pri bankah 16.406.274 6.307.498

Vezane vloge pri bankah 62.753.974 32.046.075

Razmejene obresti 4.151.820 132.879

79.312.068 38.486.452

65

obveznice, ki so jih izdali Republika Slovenija, Nemπkabanka in DARS.Obveznice in zakladne menice se vrednotijo po trænivrednosti na podlagi borznih teËajev ali kotacij OTC,objavljenih na sistemu Bloomberg. Valutni terminskiposli se vrednotijo po træni vrednosti na podlagi kotacij,objavljenih na sistemu Reuters. Za izraËun neto sedanjevrednosti obrestnih izpeljanih instrumentov seuporablja sistem vrednotenja OPUS, za izraËun poπtenevrednosti valutnih opcij pa Wall Street. V vseh primerihse za vrednotenje finanËnih instrumentov uporabljajojavno razpoloæljivi podatki.

ZA PRODAJO RAZPOLOÆLJIVE F INAN»NE NALOÆBE

Banka ima finanËne naloæbe v naslednjih slovenskihpravnih osebah: Bank Austria Creditanstalt Leasing

d.o.o. (9,9 %), Vino Breæice (3,94 %), Marles Holdingd.d., Maribor (1,68 %), Iskra TEL d.d., Kranj (0,42 %),Ljubljanska borza (2,21 %), Bankart d.o.o., Ljubljana(2,24 %), Slovenska izvozna druæba, d.d., Ljubljana (0,01%) in Swift (0,01 %).Obveznice in drugi vrednostni papirji s fiksnimdonosom vkljuËujejo obveznice, ki jih je izdalaRepublika Slovenija, denominirane v tolarjih, evrih inameriπkih dolarjih, tolarske obveznice, ki so jih izdalenemπke in slovenske banke, ter potrdila o vlogah, ki stajih izdali Banka Celje in Poπtna Banka Slovenije.Dne 31. decembra 2005 je bil razpon obrestnih mer zatolarske naloæbe od 3,25 % do 7,75 %, dne 31.decembra 2004 pa od 4,00 % do 8,46 %.Dne 31. decembra 2005 je bil razpon obrestnih mer zanaloæbe v tuji valuti od 3 % do 4,9 %, dne 31.decembra 2004 pa od 1,43 % do 2,36 %.

FINAN»NE NALOÆBE V POSESTI DO ZAPADLOSTI V PLA»ILO

Obveznice in drugi vrednostni papirji s fiksnimdonosom vkljuËujejo obveznice, ki jih je izdalaRepublika Slovenija, denominirane v tolarjih, evrih inameriπkih dolarjih.Za 31. december 2005 in 2004 je razpon obrestnih merza naloæbe v tolarjih in tujih valutah izkazan v prejπnjiopombi.

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Poπtena vrednost Stroπki Poπtena vrednost Stroπki

FinanËne naloæbe v slovenske pravne osebe 150.846 150.846 113.562 113.562

Dolæniπki vrednostni papirji 22.845.259 22.759.599 14.168.028 14.031.444

22.996.105 22.910.445 14.281.590 14.145.006

v tisoË SIT 31. 12. 2005 31. 12. 2004

Poπtena vrednost Stroπki Poπtena vrednost Stroπki

DolgoroËni dolæniπki vrednostni papirji: 1.168.760 1.168.760 3.461.521 3.461.521

Obveznice javnega sektorja

1.168.760 1.168.760 3.461.521 3.461.521

24.164.865 24.079.205 17.743.111 17.606.527

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OPREDMETENA OSNOVNA SREDSTVA IN NEOPREDMETENA SREDSTVA

DRUGA SREDSTVA

Glavno poveËanje drugih terjatev je posledica dejstva,da je banka zaËela leta 2005 financirati z akreditivi.

DOLGOVI DO BANK

Dne 31. decembra 2005 je bil razpon obrestnih merza tolarske zneske dolgov do bank od 3,65 % do 3,77%, dne 31. decembra 2004 pa od 3,35 % do 3,50 %.Dne 31. decembra 2005 je bil razpon obrestnih mer zazneske dolgov do bank, izraæenih v tujih valutah, od1 % do 5,74 %, dne 31. decembra 2004 pa od 1,09 %do 5,74 %. Glavni vir refinanciranja banke je Bank AustriaCreditanstalt AG Dunaj. Med vezane vloge spadajovloge, ki jih je banka leta 2005 prejela od Bank AustriaCreditanstalt AG Dunaj, v znesku 210.534.603 tisoËtolarjev (leta 2004: 94.040.380 tisoË tolarjev). Banka jeleta 2004 najela sindicirano posojilo v znesku 70 milijonovevrov, ki je izkazano med drugimi dolgovi do bank.

v tisoË SIT Vlaganja v Pohiπtvo, vozila RaËunalniπka Skupaj

zakupljene objekte in strojna oprema programska

/sredstva oprema

Nabavna vrednost

Dne 31. decembra 2004 1.054.193 1.863.781 1.601.479 4.519.453

Nakupi 118.266 258.722 600.991 977.979

Prodaje - (316.004) - (316.004)

Dne 31. decembra 2005 1.172.459 1.806.499 2.202.470 5.181.428

Amortizacijski popravek vrednosti

Dne 31. decembra 2004 257.890 1.108.411 499.931 1.866.232

Amortizacija za leto 2005 105.324 254.405 250.003 609.732

Odpisi - 46.500 - 46.500

Oslabitve 39.704 39.704

Prodaje - (315.393) - (315.393)

Dne 31. decembra 2005 363.214 1.133.627 749.934 2.246.775

»ista knjigovodska vrednost

Dne 31. decembra 2005 809.245 672.872 1.452.536 2.934.653

Dne 31. decembra 2004 796.303 755.370 1.101.548 2.653.221

v tisoË SIT 31. 12. 2005 31. 12. 2004

PrekoraËitev na tekoËih raËunih

fiziËnih oseb 330.134 284.655

Terjatve iz naslova kartiËnega

poslovanja s fiziËnimi osebami 185.299 151.766

Terjatve za vraËilo davka 132.732 -

Provizije 110.973 80.512

Vnaprej plaËani odhodki 19.190 146.370

Razmejeni prihodki 12.631 152.151

Druge terjatve 837.883 249.105

1.628.842 1.064.559

(Minus) izgube zaradi oslabitve

drugih sredstev (358.816) (224.505)

1.270.026 840.054

v tisoË SIT 31. 12. 2005 31. 12. 2004

Vloge na vpogled 12.123.385 303.882

Vezane vloge 175.758.750 94.088.329

Drugi dolgovi 75.016.529 57.959.531

Razmejene obresti 1.283.861 803.175

264.182.525 153.154.917

67

DOLGOVI DO STRANK, KI NISO BANKE

Dne 31. decembra 2005 je bil razpon obrestnih mer zatolarske zneske dolgov do strank od 0,30 % do 7,50 %,dne 31. decembra 2004 pa od 0,20 % do 8,92 %.Dne 31. decembra 2005 je bil razpon obrestnih mer zazneske dolgov do strank, izraæene v tujih valutah, od0,01 % do 4,51 %, dne 31. decembra 2004 pa od0,01% do 6,90 %.

FINAN»NE OBVEZNOSTI V POSESTI ZA TRGOVANJE

DOLGORO»NE REZERVACIJE

Kot pojasnjuje opomba A.24, je banka sprejela MRS 19- Zasluæki zaposlenih, kar se odraæa tudi vprilagoditvah zaËetnih stanjih rezervacij za jubilejnenagrade in odpravnine.

DRUGI DOLGOVI

PoveËanje davkov in socialnih prispevkov je predvsemposledica poveËanja davka iz dobiËka v letu 2005.Stanje obveznosti do strank vkljuËuje prejetopredplaËilo stranke banke, ki je pravna oseba, zanakup toËk Capital Invest skladov, za katere se jeporavnava izvrπila v letu 2006.

Rev

idir

ani

raËu

no

vod

ski

izka

zi

v tisoË SIT 31. 12. 2005 31. 12. 2004

Rezervacije za zunajbilanËne

postavke 73.039 230.703

Rezervacije za zasluæke zaposlenih 114.440

Druge rezervacije 25.883 38.943

213.362 269.647

v tisoË SIT 31. 12. 2005 31. 12. 2004

Hranilne vloge

Vloge na vpogled 3.552.097 4.133.796

Vezane vloge 31.920.826 30.955.421

Drugi dolgovi do strank. ki niso banke

TekoËi poravnalni raËuni 53.082.216 39.115.050

Vezane vloge 61.275.642 41.972.483

Razmejene obresti 462.872 428.668

150.293.653 116.605.418

v tisoË SIT 31. 12. 2005 31. 12. 2004

Negativna træna vrednost obrestnih

zamenjav 280.362 243.268

Negativna træna vrednost obrestnih

opcij 98.027 -

Negativna træna vrednost promptnih

poslov - 4.922

Negativna træna vrednost valutnih

opcij 21.156 1.048

Negativna træna vrednost valutnih

terminskih poslov 278.276 108.244

677.821 357.482

v tisoË SIT 31. 12. 2005 31. 12. 2004

Obveznosti do dobaviteljev 334.374 246.676

V naprej vraËunani stroπki 396.727 440.827

Davki in socialni prispevki 461.358 162.647

Odloæene davËne obveznosti 966.344 881.013

PlaËe in bonusi 109.586 90.859

Obveznosti iz mednarodnih poravnav 33.298 30.810

Obveznosti do strank 227.573 67.964

Drugi dolgovi 71.160 154.494

2.600.420 2.075.290


Stanje 1. januarja

Rezervacije za zunajbilanËne

postavke, zasluæke zaposlenih 269.647 478.842

in pogojne obveznosti (170.725) (209.195)

Stanje 31. decembra 98.922 269.647

Stanje 1. januarja 83.392

Oblikovane rezervacije za odpravnine 14.943

Dejanska plaËila

Bilanca stanja dne 31. decembra 98.335

Stanje 1. januarja 14.164

Oblikovane rezervacija za jubilejne

nagrade 3.701

Dejanska plaËila (1.760)

Stanje 31. decembra 16.105

68

PODREJENE OBVEZNOSTI

Celotne podrejene obveznosti predstavljajo zneski, kijih banka dolguje svoji matiËni banki - Bank AustriaCreditanstalt AG Dunaj. Dne 31. decembra 2004 je bilrazpon letnih obrestnih mer za podrejene obveznosti vevrih od 2,52 % do 2,58 %. Banka je poravnala podrejene obveznosti v celoti dne28. 2. 2005.

DELNI©KI KAPITAL

Bank Austria Creditanstalt AG Dunaj, je lastnica 99,98% delnic banke. Preostalih 0,02 % je v lasti slovenskihpravnih in fiziËnih oseb. Vse delnice prinaπajoglasovalne pravice in pravico do dividend. Leta 2005 je banka dvakrat poveËala vplaËani kapital.Prvo poveËanje je odobrila skupπËina banke dne 12.januarja 2005. Banka je izdala 62.028 rednih delnic znominalno vrednostjo 10 tisoË tolarjev. Delnice so sevplaËale po ceni 130 tisoË tolarjev na delnico. Zato se jeosnovni kapital poveËal za 620.280 tisoË tolarjev,vplaËani preseæek kapitala pa za 7.443.360 tisoËtolarjev. Za drugo poveËanje je banka izdala 177.220delnic z nominalno vrednostjo 1 tisoË tolarjev. Tedelnice so se vplaËale ceni 18 tisoË tolarjev, kar jepoveËalo osnovni kapital za 177.220 tisoË tolarjev,medtem ko se je vplaËani preseæek kapitala poveËal za3.012.740 tisoË tolarjev.

Delnice, ki so bile odobrene, izdane in v celoti vplaËane31. decembra 2005 in 2004:

Za zadræane prihodke in dobiËek iz tekoËega leta niomejitev glede razdelitve. Za leto, ki se je konËalo31. decembra 2004, ni predlagana delitev dividend.

FINAN»NE POTENCIALNE IN POGOJNE OBVEZNOSTI

Pravni postopki. V svojem obiËajnem poslovanju jebanka vpletena v πtevilne pravne postopke za izterjavozavarovanja ali preostalega stanja kreditov in s tempovezanih obresti in nadomestil od neplaËnikov. Uprava banke meni, da noben pravni postopek, ki je bilv teku dne 31. decembra 2005, banki ne bo povzroËilmaterialne izgube.

Potencialne kreditne obveznosti. V spodnji tabeli soprikazani pogodbeni zneski zunajbilanËnih finanËnihinstrumentov banke, ki so potencialna obveznost zakreditiranje komitentov (veË v pojasnilu 5).

v tisoË SIT 31. 12. 2005 31. 12. 2004

Preostala zapadlost do treh mesecev - 28.760 181

Preostala zapadlost od treh do

dvanajstih mesecev 7.859.478

Preostala zapadlost nad pet let

- 7.888.419

v tisoË SIT 31. 12. 2005 31. 12. 2004

Osnovni kapital 3.898.878 3.101.378

VplaËani preseæek kapitala 10.719.886 263.786

Rezerve 4.107.496 4.107.496

Zadræani dobiËek 11.720.756 9.648.610

Za prodajo razpoloæljive rezerve 64.245 102.438

»isti dobiËek poslovnega leta 2.624.186 2.252.625

33.135.447 19.476.333

v tisoË SIT 31. 12. 2005 31. 12. 2004

Potencialne kreditne obveznosti 46.590.863 38.300.620

Garancije in stand-by akreditivi 36.806.418 43.535.596

Dokumentarni in komercialni

akreditivi 834.546 234.037

84.231.827 82.070.253

©tevilo delnic Po nominalni 31. 12. 2005 31. 12. 2004

vrednosti v tisoË SIT v tisoË SIT

13.000 100.000 1.300.000 1.300.000

120.028 10.000 1.200.280 580.000

1.398.598 1.000 1.398.598 1.221.378

Navadne delnice skupaj 3.898.878 3.101.378

69

OBRESTI IN PODOBNI PRIHODKI

Banka je prejela 18.569 tisoË tolarjev dividend, ki sovkljuËene v postavko Druge obresti in podobniprihodki, za svoje lastniπke vrednostne papirje (2004:14.365 tisoË tolarjev), razpoloæljive za prodajo.

OBRESTI IN PODOBNI ODHODKI

IZGUBE ZARADI OSLABITVE POSOJIL IN PREDUJMOV

Gibanje rezervacij za izgube zaradi oslabitve posojilin predujmov je bilo naslednje:

Gibanje rezervacij za izgube zaradi oslabitve drugihsredstev je bilo naslednje:

Gibanje rezervacij za garancije in druge potencialnekreditne obveznosti je bilo naslednje:

PREJETE PROVIZIJE

Rev

idir

ani

raËu

no

vod

ski

izka

zi


Obresti od posojil in predujmov

strankam, ki niso banke 9.264.577 7.168.726

Obresti od dolæniπkih vrednostnih

papirjev 3.419.065 2.782.421

Obresti od posojil in predujmov

bankam 1.689.381 794.619

Druge obresti in podobni prihodki 18.569 16.967

14.391.592 10.762.733


Stanje 1. januarja 224.504 154.821

Oblikovanje 185.852 132.556

Ukinitev (51.540) (62.873)



Stanje 1. januarja 230.705 460.443

Oblikovanje 637.011 533.273

Ukinitev (794.677) (763.011)



Stanje 1. januarja 2.485.369 1.697.505

Oblikovanje 1.918.667 1.935.575

Ukinitev (1.209.312) (1.147.711)

Stanje 31. decembra 3.194.724 2.485.369


Obresti od dolgov do strank,

ki niso banke 2.335.879 1.995.665

Obresti od dolgov do bank 5.078.833 3.176.474

Druge obresti 14.337 19.883

7.429.049 5.192.022


Odpisi (10.952) (66.820)

Izgube zaradi oslabitve posojil

in predujmov 644.938 719.861

Izgube zaradi oslabitve drugih sredstev 134.312 68.144

Rezervacije za garancije in druge

potencialne kreditne obveznosti (157.666) (229.738)

610.632 491.447


Provizije za menjavo tujih valut 1.165.223 1.019.637

Provizije za odobritev posojil 1.016.219 1.016.497

Provizije za posredniπke posle 478.948 285.910

Transakcijske provizije 654.994 407.495

Provizije za izpeljane finanËne

instrumente 233.917 -

Druga nadomestila za storitve 20.330 93.238

3.569.631 2.822.777

70

DANE PROVIZIJE

»ISTI IZ ID IZ TRGOVANJA

SPLO©NI UPRAVNI STRO©KI

PovpreËno πtevilo zaposlenih v banki v letih, ki sta sekonËali 31. decembra 2005 in 31. decembra 2004, jebilo 360 oziroma 305.

DRUGI POSLOVNI PRIHODKI IN ODHODKI

DAVEK IZ DOBI»KA

Odmerjeni davek iz dobiËka predstavlja znesek davka,ki ga je treba poravnati v skladu z Zakonom o davku oddohodkov pravnih oseb po predpisanih davËnihstopnjah. Odloæeni davËni prihodek ali odhodek izhajaiz spremembe knjigovodske vrednosti odloæenihterjatev za davek in odloæenih obveznosti za davek.Stopnja davka iz dobiËka oz. od dohodkov pravnih osebje bila za leti, ki sta se konËali 31. decembra 2005 in2004, 25-odstotna.

Davek iz dobiËka iz rednega delovanja se razlikuje odteoretiËnega zneska, ki bi izhajal iz uporabe osnovnedavËne stopnje:

Slovenska davËna zakonodaja in praksa sta se vzadnjih letih precej spremenili. ©tevilni deli zakonodaje


Provizije za menjavo tujih valut 51.374 45.028

Provizije za odobritev posojil 200.766 113.844

Provizije posredniπke posle 73.561 53.842

Transakcijke provizije 121.133 41.545

Provizije za izpeljane finanËne

instrumente 191.779 -

Nadomestila za druge storitve 503 72.165

639.116 326.424


PlaËe in bonusi 2.028.145 1.617.301

Stroπki socialnega zavarovanja 458.955 412.910

Amortizacija 609.731 510.037

Odpisi opredmetenih osnovnih sredstev 86.204 45.032

Stroπki obdelave podatkov 408.411 358.790

Najemnina 336.653 337.052

Drugi upravni stroπki 514.640 495.812

Stroπki svetovanja 132.499 43.076

Drugi prejemki zaposlenih 360.457 351.645

Komunikacija 317.866 233.894

Oglaπevanje, træenje in sponzorstvo 221.418 142.506

5.474.979 4.548.055


DobiËek pred obdavËitvijo 3.426.721 2.977.314

Veljavna davËna stopnja 25% 25%

ObraËunani davek iz dobiËka 856.680 744.329

DavËni uËinki:

Prihodkov, izvzetih iz davËne

osnove (152.042) (137.189)

DavËno nepriznanih odhodkov 54.020 64.678

RazliËnega pripoznavanja prihodkov

in odhodkov 43.877 52.871

Izkazani davek iz dobiËka 802.535 724.689

23% 24%


Izguba iz teËajnih razlik in menjave

tujih valut (111.954) (336.347)

DobiËek iz vrednostnih papirjev 126.014 257.074

DobiËek/(izguba) iz izpeljanih

finanËnih instrumentov (476.159) 20.567

(462.099) (58.706)


Drugi poslovni prihodki 144.007 126.655

Drugi poslovni odhodki (62.633) (118.197)

81.374 8.458


Odmerjeni davek 704.472 434.012

Odloæeni davek 98.063 290.677

802.535 724.689

71

πe vedno niso preizkuπeni, prav tako obstaja negotovostglede razlage, ki bi jo lahko davËni organi uporabili naπtevilnih podroËjih. Uprava banke je izvajalaspremenjeno davËno zakonodajo po naËelu previdnosti.DavËne pozicije, ki jih je sprejela banka, se lahkopreverijo, davËni organi pa jim lahko nasprotujejo.PoslediËno obstaja negotovost glede morebitnihuËinkov, Ëe bi se razlaga davËnih organov razlikovalaod tiste, ki jo je uporabila banka.Vendar pa uprava banke meni, da davËna obveznost, kibi morebiti izhajala iz takih okoliπËin, ne bi bila velika.Odloæeni davki odraæajo Ëiste davËne uËinke zaËasnihrazlik med knjigovodsko vrednostjo sredstev inobveznosti do virov sredstev za raËunovodskoporoËanje ter njihovo davËno vrednostjo. ZaËasnerazlike dne 31. decembra 2005 in 2004 se nanaπajo vglavnem na razliËne metode pripoznavanja prihodkovin odhodkov in na izkazane vrednosti nekaterihsredstev.

Odloæeni davek, ki je posledica zaËasnih razlik dne 31.decembra 2005 in 2004, je bil:

Odloæeni davek v viπini 98.062 tisoË tolarjev se jeknjiæil v breme poslovnega izida, odloæeni davek vviπini 21.415 tisoË tolarjev pa skozi kapital.

PODATKI ZA IZKAZ DENARNIH TOKOV

Blagajniπke zapise, ki jih je izdala centralna banka,banka πteje za denarne ustreznike in jih temu ustreznotudi razvrπËa.

Rev

idir

ani

raËu

no

vod

ski

izka

zi


Odloæene obveznosti. ki se nanaπajo

na naslednje:

Sploπne rezervacije za donosna

posojila 3.794.174 2.684.069


Vrednotenje za prodajo razpoloæljivih

vrednostnih papirjev in finanËnih

naloæb v posesti do zapadlosti v plaËilo 7.378 12.946

Vrednotenje finanËnih sredstev v

posesti za trgovanje - 269.109

Odloæena sredstva. ki se nanaπajo

na naslednje:

Vrednotenje finanËnih sredstev v

posesti za trgovanje 358.165 -

3.779.716 3.387.466

»iste odloæene obveznosti (3.779.716) (3.387.466)

Odloæene davËne obveznosti po

predpisani davËni stopnji (944.929) (846.867)

»iste odloæene davËne

(obveznosti)/terjatve (944.929) (846.867)

v tisoË SIT 31. 12. 2005 31. 12. 2004

Denar v blagajni in stanje na raËunih

pri centralni banki 1.244.425 1.411.129

Transakcijski raËuni pri drugih bankah 41.336.145 16.089.525

Zapisi, ki jih je izdala centralna banka 75.228.778 34.721.234

117.809.348 52.221.888

72

POSLI S POVEZANIMI STRANKAMI

Dne 31. decembra 2005 in 2004 je bilo stanje terjatev in obveznosti iz poslovanja s povezanimi strankaminaslednje:

31. 12. 2005 31. 12. 2004

v tisoË SIT % v tisoË SIT %

Posojila bankam in strankam, ki niso banke 39.346.734 12 19.594.219 8.64

»lani ravnateljstva 0 0.00 1.052 0.00

MatiËna banka 39.286.127 12.00 19.538.486 8.62

Druge stranke v skupini UniCredit 60.607 0.02 54.680 0.02

Terjatve iz naslova transakcij z izpeljanimi

finanËnimi instrumenti 139.031 32.18 62.815 13.90

MatiËna banka 139.031 32.18 56.383 12.48

Druge stranke v skupini UniCredit 0 0.00 6.433 1.42

Druge terjatve 29.771 2.34 28.670 3.41

MatiËna banka 24.819 1.95 28.356 3.38

Druge stranke v skupini UniCredit 4.952 0.39 314 0.04

Sredstva skupaj 39.515.536 13.18 19.657.034 13.18

Dolgovi do bank in strank, ki niso banke 221.327.887 53.40 131.592.911 48.78

»lani ravnateljstva 33.343 0.01 0 0.00

MatiËna banka 221.207.661 53.37 131.535.487 48.76


Obveznosti iz transakcij z izpeljanimi

finanËnimi instrumenti 255.633 44.09 213.524 59.73

MatiËna banka 246.729 42.55 212.781 59.52


Drugi dolgovi 210.769 8.11 162.650 7.84

MatiËna banka 0 0.00 0 0.00


Podrejene obveznosti 0 0.00 7.888.419 100.00

MatiËna banka 0 0.00 7.888.419 100.00

Skupaj obveznosti do virov sredstev 221.794.289 79.11 139.857.504 49.89

73

Kot matiËna banka je predstavljena Bank Austria Creditanstalt AG Dunaj. V svojem obiËajnem poslovanjubanka izvaja πtevilne transakcije z drugimi Ëlanicami skupine UniCredit Group. Vse te transakcije sesklepajo po obiËajnih poslovnih pogojih.

Dne 31. decembra 2005 in 2004 so bile transakcije, opravljene s povezanimi osebami, v izkazuposlovnega izida pripoznane:

Rev

idir

ani

raËu

no

vod

ski

izka

zi

2005 2004


Prihodki iz obresti 671.641 4.67 348.683 3.24

»lani ravnateljstva 0 0.00 0 0.00

MatiËna banka 668.321 4.64 345.237 3.21


Prejete provizije 172.584 4.83 221.616 7.85

MatiËna banka 152.471 4.27 207.404 7.35


Prihodki skupaj 844.225 9.50 570.299 11.09

Odhodki za obresti 4.814.854 64.81 3.107.768 59.86

»lani ravnateljstva 1.033 0.01 0 0.00

MatiËna banka 4.813.682 64.80 3.105.238 59.81

Druge stranke v skupini UniCredit 139 0.00 2.531 0.05

Odhodki za provizije 7.004 1.10 1.980 0.61

MatiËna banka 2.097 0.33 1.498 0.46


Nerealizirani rezultat iz transakcij z izpeljanimi

finanËnimi instrumenti (116.602) (150.709)

MatiËna banka (107.698) (156.398)

Druge stranke v skupini UniCredit (8.904) 5.690

Upravni stroπki 249.832 4.56 221.325 4.87


Odhodki skupaj 4.955.088 70.47 3.180.365 65.33

31. 12. 2005 31. 12. 2004


Potencialne in pogojne obveznosti 20.076.449 36.25 14.597.970 28.05

Izdane garancije 1.689.150 4.59 6.374.785 14.64

MatiËna banka 1.689.150 4.59 6.374.785 14.64

Prejete garancije 18.387.298 99.02 8.223.185 96.62

MatiËna banka 16.421.899 88.43 8.223.185 96.62

Druge stranke v skupini UniCredit 1.965.400 10.58 0 0.00

Izpeljani finanËni instrumenti - teoretiËne vrednosti 33.401.813 21.50 23.132.592 21.45

MatiËna banka 32.974.348 21.23 22.507.592 20.87


74

TRÆNO TVEGANJE

Banka je izpostavljena trænim tveganjem. Trænatveganja izhajajo iz odprtih valutnih in obrestnihpozicij ter iz razliËne vnovËljivosti sredstev inzapadlosti obveznosti banke v plaËilo v posameznihËasovnih obdobjih. Kot narekujejo najsodobnejπe ureditve v banËniπtvu,divizija zakladniπtva deluje kot osrednja enota banke,ki prevzema træna tveganja, in je odgovorna zaupravljanje treh kategorij tveganj. Divizija zakladniπtvaprek sistema referenËnih obrestnih mer in referenËnihteËajev, ki ga redno pregleduje in odobri Odbor zaupravljanje bilance banke, prevzema træno tveganjeod poslovnih divizij. Zato se træno tveganje upravljaz enega osrednjega mesta. Nobena poslovna divizijani izpostavljena valutnim, obrestnim ali likvidnostnimtveganjem.Likvidnostno tveganje se meri in upravlja v skladuz zakonodajo Banke Slovenije in πirokim naboromstandardov skupine. Pri valutnih in obrestnih tveganjih banka uporabljametodologijo ››tvegane vrednosti« za oceno svojeizpostavljenosti trænemu tveganju in najveËjihpriËakovanih izgub na podlagi nekaterih predpostavkglede razliËnih sprememb trænih pogojev. Odbor zaupravljanje bilance banke v tesnem sodelovanju z BankAustria Creditanstalt AG Dunaj, doloËi limite za raventvegane vrednosti, ki se spremlja dnevno.Dnevna træna tvegana vrednost (VAR) je ocenapotencialne izgube, izraËunana na podlagi99-odstotnega intervala zaupanja, ki bi lahko nastopila,Ëe bi ohranili pozicije banke nespremenjene za endelovni dan. To merilo je strukturirano tako, da do dnevne izgube,ki bi presegala tvegano vrednost, v povpreËju ne bismelo priti veË kakor enkrat na sto dni. Dejanski izidise redno spremljajo, da bi se preverila veljavnost

predpostavk in parametrov, ki se uporabljajo priizraËunu VAR.IzraËun VAR temelji na metodi zgodovinske simulacije,ki je januarja 2005 zamenjala nekdanji pristopvarianca/kovarianca. Z novo metodologijoizraËunavanja banka ne doloËa veË loËenih limitov VARza valutno in obrestno tveganje, temveË ju meri innadzoruje skupaj.Ker je VAR sestavni del politike nadzora trænegatveganja, ki ga uporablja banka, je uprava doloËilalimite VAR za celotno trgovanje in portfeljske posle,dejansko izpostavljenost v primerjavi z limiti papreverja dnevno skupaj s konsolidirano tveganovrednostjo na ravni celotne banke. Leta 2005 je bilpovpreËni dnevni VaR za banko 39,8 milijona tolarjev(ker se je metodologija spremenila, primerjava z letom2004 ni smiselna). Vendar pa ta pristop ne prepreËujeizgub zunaj teh limitov ob pomembnejπih trænihnihanjih.Vsi posli zakladniπtva, ki se vkljuËujejo bodisi v banËnoali v trgovalno knjigo, so prikazani na osnovi celotnedobiËkonosnosti. Da bi minimalizirali izgube, se zavalutno in obrestno tveganje dodatno vzpostavijo limitinajveËje dovoljene izgube (››stop-loss«) (60-dnevnikumulativni rezultat).

PlaËila, izplaËana Ëlanom uprave banke in nadzornega sveta v teh letih, so prikazana spodaj:

31. 12. 2005 31. 12. 2004


PlaËila Ëlanom uprave banke 78.184 0.03 98.628 0.05

PlaËila Ëlanom nadzornega sveta 0 0.00 0 0.00

Skupaj 78.184 0.03 98.628 0.05

©tevilo Ëlanov uprave banke 3 4

©tevilo Ëlanov nadzornega sveta 6 5

75

VALUTNO TVEGANJE

FinanËni poloæaj in denarni tokovi banke soizpostavljeni uËinkom nihanj deviznih teËajev. Bankaspremlja svojo valutno (FX) pozicijo v skladu zzakonskimi zahtevami Banke Slovenije, ki veljajo gledelimitov za odprte pozicije. Poleg tega banka upoπtevastroge limite odprte valutne pozicije po posameznih

valutah, ki jih doloËi Odbor za upravljanje bilancebanke. Banka si prizadeva Ëim bolj poveËati svojedobiËke v okviru doloËenih limitov.

Zgornja tabela prikazuje analizo glavne valutneizpostavljenosti banke.

Rev

idir

ani

raËu

no

vod

ski

izka

zi

v tisoË SIT SIT EUR USD Drugo Skupaj

Sredstva

Denar v blagajni in stanje na raËunih pri centralni banki 4.452.047 298.133 143.231 83.741 4.977.152

Blagajniπki zapisi, ki jih je izdala centralna banka 75.228.778 - - - 75.228.778

FinanËna sredstva v posesti za trgovanje 14.871.934 298.949 3.829 15.174.712

Posojila in predujmi ter plasmaji bankam 18.089.570 56.404.295 4.269.152 549.051 79.312.068

Posojila in predujmi strankam, ki niso banke 46.897.138 169.735.662 893.946 30.514.228 248.040.974

FinanËne naloæbe 23.912.682 162.689 89.494 24.164.865

Opredmetena osnovna sredstva in neopredmetena sredstva 2.934.653 - - - 2.934.653

Druga sredstva 658.644 574.605 28.487 8.290 1.270.026

187.045.446 227.474.333 5.424.310 31.159.139 451.103.228

Obveznosti do virov sredstev

Dolgovi do bank 12.730.424 224.779.861 1.924.621 24.747.619 264.182.525

Dolgovi do strank. ki niso banke 69.390.721 74.677.306 5.084.853 1.140.773 150.293.653

FinanËne obveznosti v posesti za trgovanje 401.426 276.214 - 181 677.821

Rezervacije 156.366 55.432 1.247 317 213.362

Drugi dolgovi 2.209.230 377.301 2.781 11.108 2.600.420

84.888.167 300.166.114 7.013.502 25.899.998 417.967.781

Neto bilanËna valutna pozicija 102.157.279 (72.691.781) (1.589.192) 5.259.141 33.135.447

ZunajbilanËna valutna pozicija 20.430.739 58.531.577 3.038.393 2.231.118 84.231.827

Skupaj neto valutna pozicija dne 31. decembra 2005 122.588.018 (14.160.204) 1.449.201 7.490.259 117.367.274

Sredstva skupaj dne 31. decembra 2004 107.768.278 172.684.461 5.725.231 10.996.315 297.174.285

Obveznosti skupaj dne 31. decembra 2004 (42.045.870) (225.333.906) (5.669.067) (7.302.328) (280.351.171)

Neto bilanËna valutna pozicija 65.722.408 (52.649.445) 56.164 3.693.987 16.823.114

ZunajbilanËna valutna pozicija 22.711.112 55.124.978 3.393.320 840.843 82.070.253

Skupaj neto valutna pozicija dne 31. decembra 2004 88.433.520 2.475.533 3.449.484 4.534.830 98.893.367

76

OBRESTNO TVEGANJE

Obrestno tveganje je tveganje, da se bo zaradisprememb trænih obrestnih mer spremenila vrednostfinanËnega instrumenta. »asovna doba, v kateri jeobrestna mera fiksirana za doloËen finanËni instrument,oznaËuje, koliko je ta izpostavljen obrestnemu tveganju.V spodnji tabeli so podatki o obsegu izpostavljenostibanke obrestnemu tveganju na podlagi:

• pogodbeno dogovorjenega datuma zapadlosti finanËnega instrumenta ali

• pri instrumentu, ki se prilagaja na træno obrestnomero pred zapadlostjo, na podlagi naslednjega datuma prilagoditve.

Sredstva in obveznosti, ki nimajo pogodbenodogovorjenega datuma zapadlosti ali ne prinaπajoobresti, so uvrπËena v kategorijo ››neobrestovanepostavke in postavke brez doloËene zapadlosti«.Strategija banke je Ëim bolj poveËati rezultat iz naslovareferenËnih obrestnih mer in celotni donos obrestnepozicije z aktivnim upravljanjem izpostavljenosti bankeobrestnemu tveganju za vsako posamezno valuto.Sistem limitov za baziËne toËke, ki ga je odobril Odborza upravljanje bilance banke in metoda VARpredstavljata okvir, znotraj katerega se sprejemajoodloËitve glede izpostavljenosti tveganjem.

v tisoË SIT do 1 meseca od 1 do 3 od 3 do 12 od 1 do 5 Vec kot 5 let Neobrestovano Skupaj

mesecev mesecev let in ‘brez

doloËene

zapadlosti’

Sredstva

Denar v blagajni in stanje na raËunih

pri centralni banki 1.738.942 3.238.210 4.977.152

Blagajniπki zapisi, ki jih je izdala

centralna banka 37.228.778 38.000.000 75.228.778

FinanËna sredstva v posesti za trgovanje 1.786.845 2.109.740 71.620 6.155.867 4.408.782 641.858 15.174.712

Posojila in predujmi ter plasmaji bankam 57.274.626 9.822.600 12.062.917 151.925 79.312.068

Posojila in predujmi strankam,

ki niso banke 88.521.969 72.913.607 64.215.119 11.027.942 10.475.798 886.539 248.040.974

FinanËne naloæbe 800.000 1.316.670 16.788.320 4.448.389 811.486 24.164.865

Opredmetena osnovna sredstva

in neopredmetena sredstva 2.934.653 2.934.653

Druga sredstva 1.270.026 1.270.026

186.551.160 123.645.947 77.666.326 33.972.129 19.332.969 9.934.697 451.103.228

Obveznosti

Dolgovi do bank 75.098.481 92.735.504 87.624.220 6.463.463 1.068.889 1.191.968 264.182.525

Dolgovi do strank, ki niso banke 115.632.738 25.994.343 6.718.333 1.200.708 284.659 462.872 150.293.653

FinanËne obveznosti v posesti za trgovanje 677.821 677.821

Rezervacije 213.362 213.362

Drugi dolgovi 2.600.420 2.600.420

190.731.219 118.729.847 94.342.553 7.664.171 1.353.548 5.146.443 417.967.781

BilanËni razmik (4.180.059) 4.916.100 (16.676.227) 26.307.958 17.979.421 4.788.254 33.135.447

ZunajbilanËni razmik 46.590.863 37.640.964 84.231.827

Skupaj obrestni razmik dne

31. decembra 2005 42.410.804 4.916.100 - 16.676.227 26.307.958 17.979.421 42.429.218.0 117.367.274

Sredstva skupaj dne 31. decembra 2004 118.053.075 45.659.802 69.582.226 44.059.930 16.108.680 6.363.793 299.827.506

Obveznosti skupaj dne 31. decembra 2004 101.741.896 111.017.751 56.664.084 6.614.279 707.443 3.605.720 280.351.173

BilanËni razmik 16.311.179 (65.357.949) 12.918.142 37.445.651 15.401.237 2.758.073 19.476.3

ZunajbilanËni razmik (38.300.620) (43.769.633) (82.070.253)

Skupaj obrestni razmik dne

31. decembra 2004 (21.989.441) (65.357.949) 12.918.142 37.445.651 15.401.237 (41.011.560) (62.593.920)

77

LIKVIDNOSTNO TVEGANJE

Likvidnostno tveganje je merilo obsega, v katerem bobanka morda morala pridobiti sredstva za izpolnitevsvojih potencialnih obveznosti, vkljuËno s finanËnimiinstrumenti. Banka vzdræuje svoj obseg likvidnosti vskladu s predpisi Banke Slovenije. Spodnja tabelaprikazuje strukturo sredstev in obveznosti do virovsredstev, razdeljenih v ustrezne skupine zapadlosti napodlagi preostalega obdobja od datuma bilance stanjado pogodbenega datuma zapadlosti. Podana je napodlagi najbolj previdnega obravnavanja datumovzapadlosti, Ëe pogodbene klavzule dopuπËajo moænostpredËasnega odplaËila.Odbor za upravljanje bilance banke je doloËil svojapravila za upravljanje z likvidnostnim tveganjem tako,da vzdræuje svoj obseg likvidnosti v normalnih pogojih(scenarij delujoËe banke) ali v izrednih razmerah(scenarij likvidnosti v izrednih razmerah).

Kot tak je doloËil mejne koliËnike likvidnosti, ki jihmora upoπtevati banka.Banka je izpostavljena dnevnim vpoklicem svojihrazpoloæljivih denarnih virov iz depozitov prek noËi,transakcijskih raËunov, zapadlih depozitov, Ërpanjposojil, garancij in iz maræ in drugih vpoklicevizpeljanih finanËnih instrumentov, poravnanih zgotovino. Banka ne vzdræuje denarnih virov, ki bizadostovali za vse te potrebe, saj izkuπnje kaæejo, da selahko minimalno reinvestiranje zapadlih sredstevpredvidi z visoko stopnjo verjetnosti. Banka doloËalimite za minimalni deleæ razpoloæljivih zapadlihsredstev, ki so potrebna za zadostitev tem vpoklicem, inza minimalno raven medbanËnih in drugih posojil, kimorajo biti na razpolago za pokrivanje dvigov nanepriËakovani ravni povpraπevanja.

Rev

idir

ani

raËu

no

vod

ski

izka

zi

v tisoË SIT na zahtevo manj kot 3 - 12 1 - 5 VeË kot 5 let Skupaj

90 dni mesecev let

Sredstva

Denar v blagajni in stanje na raËunih pri centralni banki 1.244.425 - 3.732.727 4.977.152

Blagajniπki zapisi, ki jih je izdala centralna banka - 75.228.778 - 75.228.778

FinanËna sredstva v posesti za trgovanje - 14.756.216 225.533 82.635 110.328 15.174.712

Posojila in predujmi ter plasmaji bankam 16.452.066 24.884.078 5.658.495 31.358.088 959.341 79.312.068

Posojila in predujmi strankam, ki niso banke 6.407.213 49.416.127 40.737.552 96.935.889 54.544.193 248.040.974

FinanËne naloæbe - 23.696.260 282.879 34.880 150.846 24.164.865

Opredmetena osnovna sredstva in neopredmetena

sredstva - - 2.934.653 2.934.653

Druga sredstva 529.930 19.641 713.984 6.471 1.270.026

24.103.704 188.511.389 46.924.100 129.125.476 62.438.559 451.103.228

Obveznosti

Dolgovi do bank 1.195.376 17.921.273 12.926.212 230.969.816 1.169.848 264.182.525

Dolgovi do strank, ki niso banke 56.768.855 73.954.143 9.112.592 10.173.404 284.659 150.293.653

FinanËne obveznosti v posesti za trgovanje 285.711 224.746 62.007 105.357 677.821

Rezervacije 8.421 23.591 19.738 68.082 93.530 213.362

Drugi dolgovi 1.057.108.53 569.546.62 972.526.36 1.237.78 2.600.420

57.972.652 93.241.827 22.852.835 242.245.835 1.654.632 417.967.781

BilanËni razmik (33.868.948) 95.269.562 24.071.265 (113.120.359) 60.783.927 33.135.447

ZunajbilanËni razmik (6.290.811) (23.812.430) (14.461.742) (28.153.911) (10.142.747) (82.861.641)

Skupni razmik dne 31. decembra 2005 -40.159.759 71.457.132 9.609.523 (141.274.270) 50.641.180 (49.726.194)

Sredstva skupaj dne 31. decembra 2004 11.403.980 103.108.599 55.905.650 96.804.337 32.604.940 299.827.506

Obveznosti skupaj dne 31. decembra 2004 43.572.863 53.874.393 38.083.643 129.059.326 15.760.948 280.351.173

BilanËni razmik (32.168.883) 49.234.206 17.822.007 (32.254.989) 16.843.992 19.476.333

ZunajbilanËni razmik (4.577.771) (19.622.085) (11.960.004) (14.384.728) (28.081.682) (78.626.270)

Skupaj likvidnostni razmik dne 31. decembra 2004 (36.746.654) 29.612.121 5.862.003 (46.639.717) (11.237.690) (59.149.937)

78

OCENJENA PO©TENA VREDNOST FINAN»NIHSREDSTEV IN OBVEZNOSTI

Poπtena vrednost finanËnih instrumentov je znesek,za katerega je mogoËe zamenjati sredstvo oziromaporavnati obveznost med dobro obveπËenima involjnima strankama v premiπljenem poslu. Podlagaza træno vrednost so objavljene træne cene, Ëe so narazpolago. Vendar pa za znaten del finanËnihinstrumentov banke træne cene niso na razpolago.Kadar træne cene niso na razpolago, se poπtenavrednost oceni bodisi z uporabo modela diskontiranegadenarnega toka ali z uporabo drugih modelovdoloËanja cen. Spremembe predpostavk, vkljuËnoz diskontnimi stopnjami in ocenjenimi prihodnjimidenarnimi tokovi, znatno spremenijo oceno. Po mnenju uprave banke se poπtena vrednost finanËnihsredstev in obveznosti banke bistveno ne razlikuje odzneskov, podanih v bilanci stanja dne 31. decembra2005.

Spodnja tabela prikazuje knjigovodske vrednosti inpoπtene vrednosti finanËnih sredstev in obveznosti, ki v bilanci stanja banke niso izkazane po poπtenivrednosti:

Pri oceni poπtene vrednosti finanËnih instrumentovbanke so bile uporabljene naslednje metode inpredpostavke:• Denar v blagajni in stanje na raËunih pri centralni

banki ter blagajniπki zapisi, ki jih je izdala centralnabanka

Knjigovodska vrednost denarja v blagajni in stanja naraËunih pri centralni banki ter blagajniπkih zapisov, kijih je izdala centralna banka, je na sploπno pribliænoenaka njihovi poπteni vrednosti. • FinanËna sredstva v posesti za trgovanjePoπtene vrednosti zakladnih menic in vrednostnihpapirjev v posesti za trgovanje so doloËene na podlagiobjavljenih trænih cen oziroma, Ëe te niso na razpolago,z uporabo metode doloËanja cen na podlagi trænihdonosov.• Posojila in predujmi ter plasmaji bankamOcenjena poπtena vrednost posojila in predujmov terplasmajev bankam, katerim se obrestna meraspreminja v obdobju, krajπem od 180 dni, je pribliænoenaka knjigovodski vrednosti. Banka nima materialnihpostavk, katerim se obrestna mera spreminja vobdobju, daljπem od 180 dni.

v tisoË SIT 31. 12. 2005 31. 12. 2004

Knjigovodska Poπtena Knjigovodska Poπtena

vrednost vrednost vrednost vrednost

FinanËna sredstva 446.704.227 446.714.920 296.334.232 296.610.819

Denar v blagajni in stanje na raËunu pri centralni banki 4.748.374 4.748.374 3.622.519 3.622.519

Blagajniπki zapisi, ki jih je izdala centralna banka 75.228.778 75.228.778 34.721.234 34.721.234

FinanËna sredstva v posesti za trgovanje 15.159.055 15.159.055 13.539.523 13.539.523

Posojila in predujmi ter plasmaji bankam 79.312.068 79.312.068 38.486.452 38.486.452

Posojila in predujmi strankam, ki niso banke 248.040.974 248.051.667 188.221.392 188.366.968

FinanËne naloæbe 24.214.978 24.214.978 17.743.112 17.874.123

FinanËne obveznosti 415.147.299 415.147.299 278.006.236 278.051.753

Dolgovi do bank 264.182.525 264.182.525 153.154.917 153.200.434

Dolgovi do strank, ki niso banke 150.293.653 150.293.653 116.605.418 116.605.418

FinanËne obveznosti v posesti za trgovanje 671.121 671.121 357.482 357.482

Podrejeni dolg _ _ 7.888.419 7.888.419

79

• Posojila in predujmi strankam, ki niso bankePoπtena vrednost posojil s spremenljivim donosom, kise redno obnavljajo, brez pomembnih spremembkreditnega tveganja, je na sploπno pribliæno enakanjihovi knjigovodski vrednosti. Poπtena vrednost posojils fiksno obrestno mero se oceni z analizamidiskontiranih denarnih tokov na podlagi obrestnih mer,ki se posojilojemalcem s podobno boniteto trenutnoponujajo za posojila s podobnimi pogoji. Poπtenavrednost nedonosnih posojil strankam se oceni zmodelom diskontiranih denarnih tokov ali na podlagiocenjene vrednosti zavarovanja, Ëe to obstaja. • Vlaganja in naloæbePoπtene vrednosti vrednostnih papirjev, ki se izkazujejokot v posesti do zapadlosti v plaËilo ali kot razpoloæljiviza prodajo, so objavljene cene na delujoËem trgu

KREDITNO TVEGANJE

Banka je izpostavljena kreditnemu tveganju, kipredstavlja tveganje, da nasprotna stranka ne bo moglav celoti plaËati zapadlih zneskov. Banka strukturiraravni kreditnega tveganja, ki mu je izpostavljena, spostavitvijo limitov na znesek tveganja, ki jesprejemljivo v povezavi z enim posojilojemalcem aliskupino posojilojemalcev in gospodarskimi panogami.Taka tveganja se redno spremljajo in se letno alipogosteje preverjajo. Izpostavljenost kreditnemu tveganju se upravlja zredno analizo sposobnosti posojilojemalcev inpotencialnih posojilojemalcev, da izvajajo plaËila obrestiin glavnice, po potrebi pa tudi s spreminjanjem tehkreditnih limitov. Izpostavljenost kreditnemu tveganjuse delno upravlja tudi z zavarovanji in garancijami, kijih pridobivajo pravne in fiziËne osebe.

KREDITNO TVEGANJE IZPELJANIH FINAN»NIH INSTRUMENTOV - nadomestljiva vrednost izpeljanih finanËnihinstrumentov s pozitivno poπteno vrednostjo prav takopredstavlja kreditno izpostavljenost banke. Po navadigre za majhen del osnovne vrednosti pogodb. Kreditnaizpostavljenost vsake pogodbe je oznaËena s kreditnimekvivalentom, izraËunanim po sploπno uporabljenimetodologiji z uporabo metode trenutneizpostavljenosti, in vkljuËuje poπteno træno vrednostpogodbe (le Ëe je ta pozitivna, sicer se upoπtevavrednost niË) ter del nominalne vrednosti, ki nakazujepotencialno spremembo poπtene træne vrednosti v Ëasutrajanja pogodbe. Kreditni ekvivalent se doloËi vodvisnosti od vrste pogodbe in njene zapadlosti. Bankadnevno ocenjuje kreditna tveganja pri vseh finanËnihinstrumentih.

borznih vrednostnih papirjev ali pa se izraËunajo zdiskontiranjem prihodnjih denarnih tokov z uporaboveljavnih trænih teËajev. FinanËne naloæbe v posesti dozapadlosti v plaËilo se izkazujejo po odplaËni vrednosti.• Dolgovi do bank in dolgovi do strank, ki niso bankePoπtena vrednost vlog na vpogled predstavljaknjigovodsko vrednost vlog na vpogled na dan bilancestanja. Poπtena vrednost vezanih vlog s spremenljivoobrestno mero je pribliæno enaka njihovi knjigovodskivrednosti na dan bilance stanja. Poπtena vrednost vlogs fiksno obrestno mero se oceni z diskontiranjemnjihovih prihodnjih denarnih tokov z uporaboobrestnih mer, trenutno veljavnih za vloge s podobnimipreostalimi zapadlostmi.• FinanËni instrumentiPoπtene vrednosti finanËnih instrumentov dne 31.decembra 2005 in 2004 so prikazane v spodnji tabeli:

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v tisoË SIT TeoretiËna Pozitivna træna Negativna træna

vrednost vrednost vrednost

2005

Valutni terminski posli (vkljuËno s terminskimi deli valutnih zamenjav) 103.208.917 209.856 278.276

Obrestne zamenjave 39.517.968 302.778 280.363

Valutne opcije 1.661.016 21.156 21.156

2004

Valutni terminski posli (vkljuËno s terminskimi deli valutnih zamenjav) 78.111.788 212.941 108.244

Obrestne zamenjave 29.716.117 144.238 149.613

Pogodbe o fiksni obrestni meri v doloËenem Ëasu 849.490 1.048 1.048

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Dne 31. decembra 2005 je imela banka potencialnokreditno izpostavljenost v viπini 1.678.588 tisoË tolarjev(2004: 845.527 tisoË tolarjev) za primer, Ëe strankene bi izpolnjevale obveznosti iz izpeljanih finanËnihinstrumentov. To predstavlja bruto nadomestljivovrednost po trænih teËajih na dan 31. decembra 2005za vse veljavne pogodbe za primer, Ëe vse stranke nebi izpolnjevale obveznosti, in ne vkljuËuje uËinkasaldacije.Banka previdno izbira stranke. Pri medbanËnihtransakcijah menjave valut in transakcijah nadenarnem trgu banka upoπteva limite doloËene zastranko in limite doloËene za skupino povezanih oseb.Na sploπno morajo nebanËni komitenti, ki sklenejo zbanko transakcijo z izpeljanimi finanËnimi instrumenti,predloæiti banki zavarovanje glede na svojo kreditnosposobnost. Obseg zavarovanja doloËi banka v skladus profilom tveganja komitenta in se redno preverja.Majhen del pozicij je pokrit s kreditnimi linijami, ki jihredno preverjajo v oddelku upravljanja kreditnegatveganja.

RAZLIKE MED SRS IN MSRP

Usklajevanje delniπkega kapitala banke v skladu s SRSin MSRP prikazuje spodnja tabela:


Delniπki kapital v raËunovodskih

izkazih po SRS 30.227.990 17.247.803

Razveljavitev sploπnih rezervacij

za donosna posojila 3.794.174 2.684.069

Vrednotenje netrgovalnih

vrednostnih papirjev (2.055) 3.518


Drugo 614 614

Posojila pripoznana po poπteni

vrednosti skozi izkaz poslovnega izida (8.957) -

UËinek spremembe raËunovodskih

usmeritev - Ëasovne razmejitve

provizij za posojila in garancije (107.352) -

UËinek spremembe raËunovodskih

usmeritev - rezervacije za zasluæke

zaposlenih (114.440) -

Odloæeni davek (1.040.269) (846.867)

Odloæeni davek za vrednostne papirje,

razpoloæljive za prodajo (21.415) (34.146)

Delniπki kapital v raËunovodskih

izkazih po MSRP 33.135.447 19.476.333

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Usklajevanje neto dobiËka banke v skladu s SRS inMSRP prikazuje spodnja tabela:

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DOGODKI PO DATUMU BILANCE STANJA

Banka je preverila dobo koristnosti osnovnih sredstevdne 1. januarja 2006 in ocenila dobo koristnostiinformacijskega sistema banke na pet let. Razlika vletnih stroπkih amortizacije se materialno nispremenila.

ODOBRITEV RA»UNOVODSKIH IZKAZOV

Te raËunovodske izkaze je uprava banke odobrila23. januarja 2006.


DobiËek pred obdavËitvijo v

raËunovodskih izkazih po SRS 2.425.802 2.026.091

Razveljavitev sploπnih rezervacij

za donosna posojila 1.110.105 755.227

Vrednotenje netrgovalnih vrednostnih

papirjev 65.439 (185.304)

TeËajne razlike z naslova vrednotenja

netrgovalnih vrednostnih papirjev - 2.311

Vrednotenje trgovalnih vrednostnih

papirjev (138.416) 72.431

Vrednotenje izpeljanih finanËnih

instrumentov (31.915) (3.680)

Posojila pripoznana po poπteni

vrednosti skozi izkaz poslovnega izida (8.957) -

Rezervacije za zasluæke zaposlenih (16.883) -

»asovne razmejitve provizij za

posojila in garancije 35.731 -

Druge rezervacije (14.185) 315.937

Drugo - (5.699)

»isti dobiËek pred obdavËitvijo

v raËunovodskih izkazih po MSRP 3.426.721 2.977.314

Davek iz dobiËka (802.535) (724.689)

»isti dobiËek v raËunovodskih

izkazih po MSRP 2.624.186 2.252.625

MREÆA POSLOVNIH ENOT V SLOVENIJI

83

PE LJUBLJANA BTC

©martinska 140, SI-1000 LjubljanaTelefon: 01 5876 600Faks: 01 5876 554

PE LJUBLJANA CELOV©KA

Celovπka 150, SI-1000 LjubljanaTelefon: 01 5000 540Faks: 01 5000 544

PE LJUBLJANA TRÆA©KA

Træaπka 19, SI-1000 LjubljanaTelefon: 01 2410 360Faks: 01 2410 363

PE LJUBLJANA WOLFOVA

Wolfova 1, SI-1000 LjubljanaTelefon: 01 5876 402Faks: 01 5876 489

PE CELJE

AπkerËeva 15, SI-3000 CeljeTelefon: 03 4252 470Faks: 03 4252 477

PE KOPER

Ferrarska 5a, SI-6000 KoperTelefon: 05 6101 010Faks: 05 6101 060

PE KRANJ

Na skali 1, SI - 4000 KranjTelefon: 04 2018 172Faks: 04 2018 177

PE MARIBOR

Svetozarevska 6, SI-2000 MariborTelefon: 02 2285 320Faks: 02 2526 386

PE MURSKA SOBOTA

Trg zmage 5, SI-9000 Murska SobotaTelefon: 02 5341 440Faks: 02 5341 450

PE NOVA GORICA

Tolminskih puntarjev 2b, SI-5000Nova GoricaTelefon: 05 3383 130Faks: 05 3383 143

PE NOVO MESTO

Glavni trg 20, SI-8000 Novo mestoTelefon: 07 3737 400Faks: 07 3737 417

PE PTUJ

Ulica heroja Lacka 1, SI-2250 PtujTelefon: 02 7980 340Faks: 02 7980 345

PE VELENJE

©aleπka 20a, SI-3320 VelenjeTelefon: 03 8987 300Faks: 03 8987 303

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Naslovi

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05

Corporate and Project FinanceInternational Corporates

86

ORGANISATIONAL SCHEME UNTIL 31 JULY 2005

STEFAN VAVTI

Product Management

Corporate Banking

KLAUS PRIVERSCHEK

Marketing Asset ManagementBrokerage

Ljubljana BTC Branch Maribor BranchNovo mesto BranchKoper BranchCelje BranchKranj Branch

Investment Center, Private Banking and FreelancersFinancing CenterCelje BranchVelenje BranchMurska Sobota BranchKranj BranchLjubljana Wolfova BranchLjubljana BTC BranchLjubljana Træaπka BranchLjubljana Celovπka BranchNovo mesto BranchKoper BranchNova Gorica BranchMaribor BranchPtuj Branch

Retail Banking

Mid Market

DivisionDepartment / BranchBranch with Corporate DeskStaff Function

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HERIBERT FERNAU

International Markets Bank Operations Risk Management

Custody Service Risk AssessmentLoan Administration andSettlementContracts and Work-OutsBalance Sheet Analysis

Founds TransferInformation TehnologyOrganisationTehnical SupportElectronic BankingCard Business

Finance and Market Risk

Accounting and BookkeepingControlling and Head officereporting Central bank reporting andMarket risk

FRANCE ARHAR

Secretary OfficeLegal Office

Human ResourcesPublic Relations

Internal Audit - Reports toWhole Board

Investment Center, PrivateBanking and FreelancersFinancing Center

Celje BranchVelenje BranchMurska Sobota BranchKranj BranchLjubljana Wolfova BranchLjubljana BTC BranchLjubljana Træaπka BranchLjubljana Celovπka BranchNovo mesto BranchKoper BranchNova Gorica BranchMaribor BranchPtuj Branch

Corporate and Project FinanceInternational Corporates

88

ORGANISATIONAL SCHEME FROM 1 AUGUST 2005

STEFAN VAVTI

Marketing

Corporate Banking

FRANCE ARHAR

International Markets Retail Banking

Mid Marketing

Ljubljana BTC Branch Maribor BranchNovo mesto BranchKoper BranchCelje BranchKranj Branch

Secretary OfficeLegal OfficeHuman Resources

Public RelationsProduct Management

BrokerageCustody ServiceAsset Management

DivisionDepartment / BranchBranch with Corporate DeskStaff Function

Internal Audit - Reports toWhole Board

Founds TransferInformation TechnologyOrganisationTechnical SupportElectonic BankingCard Business

89

HERIBERT FERNAU

Risk Management

Risk AssessmentLoan Administration andSettlementContracts and Work-OutsBalance Sheet Analysis

Finance and Market Risk

Accounting Controlling CB reporting and Market risk

Bank Operations

GOVERNING BODIES

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SUPERVISORY BOARD

Chairman of the Supervisory Board:

Mag. Helmut Bernkopf*

Deputy Chairman of the Supervisory Board:

Mag. Wolfgang Helpa

Members of the Supervisory Board:

Dr. Erhard GehbergerMag. Martin KlauzerMag. Friedrich RacherHerbert Hangel**Ralf Cymanek***

MANAGEMENT BOARD

Chairman of the Management Board:

Dr. France Arhar

Members of the Management Board:

Dr. Heribert FernauDr. Klaus Priverschek****Mag. Stefan Vavti

* until 12 January 2005 member of the Supervisory Board, from 13 January 2005 Chairman of the Supervisory Board

** since 31 May 2005*** until 31 January 2005

**** until 31 July 2005

Governing Bodies

REPORT BY THE CHAIRMAN OF THE MANAGEMENT BOARD

93

Chairman’s Report

Another successful year lies behind the Slovenian economy, with encouragingeconomic growth of around 4%, and further convergence with the Maastrichtcriteria, the prerequisites for joining the monetary union. We can say that theprogramme for ERM II entry and adoption of the euro, as the basis for economicpolicy, has been successfully implemented. Growth in the banking sector was severaltimes larger than growth in economy as a whole, with turnover up slightly morethan 20%. Comparing our results with this macro environment and with thecompetition, we at Bank Austria Creditanstalt d.d. Ljubljana can be extremelysatisfied, the bank having taken a large and significant step towards increasing ourmarket share, increasing our profits and expanding our business network and theproducts that we take to the Slovenian market and to other markets in conjunctionwith our partners.

The rapid growth in the bank’s turnover, which rose by more than 50%, wasdecisively supported by the shareholders. They provided equity to increase thebank’s capital by just under Euro 47 million, while upholding the policy laid down in2002 that the bank’s entire profit would be reinvested, thus allowing for additionalorganic growth. We are convinced that this policy of strengthening the bank’smaterial basis is credible in the eyes of our partners, and is also in line with ourlong-term strategy of increasing our market share and our aim of being among the

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leading banks on the Slovenian market. This growth allowed us to increase ourmarket share by 1.1 percentage points, taking our market share in terms of totalassets to 6.5%, and making us the fifth-largest bank in Slovenia. We are particularlygrateful to the shareholders for the support that they have shown.

Fundamentally, Slovenia can be said to have undergone rapid lending growthrecently, which can be partly attributed to the process of the deepening of financialintermediation as the country catches up with wealthier members of the EU, and tointerest rate convergence. There is rapid current growth in household lending andcorporate lending, with both sectors recording rates between 23% and 25%. Themain factors in the increase in household lending include the relatively stronggrowth in private spending, which has been in excess of 3% since 2003, the releaseof housing loans on the basis of the National Housing Savings Scheme, which wasreflected in an increase in consumer loans and housing loans, the relatively low debtratio in comparison with wealthier countries, and increased competition on thelending market, which has helped to make loan procedures faster and to reducecosts.

These trends were also reflected in our own performance, as we succeeded inexpanding our lending to non-bank sectors by 31%. The highest growth within thiswas recorded by household lending, which rose by 36%, and by mortgage lending inparticular, where Bank Austria Creditanstalt d.d. Ljubljana enjoys a market share of11%. Thanks to interest rate convergence and the relatively stable tolar exchangerate, the lion’s share of the increase in lending was in Swiss francs, despite the riskof exchange rate losses. The results from lending to SMEs were also a cause forcelebration, the bank achieving 50% growth.

95

In the context of the aforementioned increase in capital, the bank also recorded asignificant increase in primary sources, which were up 29%, while deposits by non-bank sectors grew by just 9% approximately in the banking sector as a whole.However it could also be said that our bank’s co-dependence on the banking sector,particularly abroad, is constantly increasing, because of higher consumer spendingand the decline in saving on one hand, and because of the migration of bankdeposits to mutual funds, and partly to capital and real estate markets or directly toaccounts in foreign banks on the other hand. In other words, banks are being forcedto seek the missing sources of financing through bank-to-bank lending, whichrecorded high growth: 64% for the sector as a whole, and 72% for our bank.

Given this structure in the balance sheet, it is understandable that the dominantinfluence on end results is still exerted by interest income, which recorded netgrowth of approximately 5% in the banking sector as a whole, but 25% at BankAustria Creditanstalt d.d. Ljubljana. Non-interest income rose by 15% in the bankingsector as a whole, but by 17% at our bank.

Our operating costs rose more quickly than those of the banking sector overall, aswe expanded our business network, expanded our workforce and made newinvestments in information technology. However, at 20%, the increase in costs lastyear was significantly less than that in turnover. Put it another way, operating costsare equivalent to 1.2% of the bank’s total assets, while for the sector as a whole thefigure is in excess of 2%.

Going by the macroeconomic environment and the developments in the financialintermediation sector in Slovenia last year, our results as measured by internationalaccounting standards and disclosed in the income statement are encouraging andpleasing. Despite inflation falling by just under one-third, and interest margins

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falling by a further 15%, the bank saw profit grow by 15%, to stand at SIT 3.426billion (Euro 14.3 million).

To our business partners I would say that the results we achieved last year are firstand foremost a reflection of the increasing level of trust that we share, and for thiswe would like to express our warmest thanks to you. Without new ideas, newproducts and the increasing interest expressed on both sides, there would be neithergrowth nor good results, both of which commit us further to providing even betterservices and seeking new opportunities on the domestic market and on foreignmarkets, with the latter becoming even more attractive as we expand our financialgroup in conjunction with the UniCredit Group, and more secure thanks to thenetwork owned by UniCredit. We firmly believe that new synergy within the newgroup will help to further strengthen our joint position both inside and outside theEuropean Union, and that this will be an important contribution made by our bankto the partnership that Slovenia will seek as a new member of the monetary union.This entails new challenges and more opportunities, but even today it is demandingthat we close ranks to achieve greater efficiency, further cuts in costs and evenbetter results in the context of fierce competition, as only in this way can the futurebe even better for us and for you.

I would like to take this opportunity to pay tribute to all the members of thesupervisory board for the constructive proposals, ideas and solutions that they putforward both inside and outside their sessions. Here I would also like to express ourthanks to my colleague Dr. Klaus Priverschek, who left the management board lastAugust to assume new duties abroad. And the warmest thanks must go to all of you,my colleagues at Bank Austria Creditanstalt d.d. Ljubljana, who laboured soselflessly to prove what we can achieve together if we genuinely have the will toreach the targets that we set. You yourselves are the capital that our partners andour shareholders place their trust in, and it is up to all of us to meet the objectivesthat we set in the future. Let us be sure that solidity, ethics and professionalism inour relations will be the foundation for our continuing prosperity.

Dr. France Arhar

Chairman of the Management Board Ljubljana, 7 February 2006

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THE ECONOMIC ENVIRONMENT IN 2005

99

There were three factors that had an impact on theeconomic environment in 2005: commodities and oilprices, the growth in activity on key export markets,and the euro/dollar exchange rate. After three years,the euro began to fall against the dollar in year-on-yearterms in the second half of 2005.

For the third year in a row, economic growth inSlovenia improved in comparison with growth in theold EU15. As in previous years, the pattern in year-on-year growth in GDP in Slovenia was similar to that inthe rest of the EU in 2005. In both cases growthweakened at the end of 2004 before picking upsignificantly in the second quarter of 2005, except thatthe pace in Slovenia was much quicker. Growth inSlovenia in 2005 outstripped growth in the EU15 bymore than 2.5 percentage points.1

Economic growth in the third quarter was 3.7%, whileinitial estimates are that GDP rose by 3.9% in 2005 asa whole. This GDP growth was dictated by exportgrowth, which was significantly faster than economicgrowth. Imports grew a fraction more slowly thanexports in 2005, the trade deficit falling over the year,and in fact there was a trade surplus up to andincluding the third quarter.

The fluctuation in economic activity on export marketshad a diminishing impact on the pace of Slovenia’sexports. The relative current rate of growth inhousehold spending and government spending beganto strengthen in 2005, while investment spendingweakened. Among the sectors that recorded the fastestincrease in value added were financial intermediation,transport and trade.2

The current account deficit totalled Euro 254 millionin 2005, as a result of the favourable trends in tradein goods and services. The cumulative current accountposition in 2004 was a deficit of 544 million Euro.

According to provisional Bank of Slovenia figures, totalexports rose by 12.6% in nominal terms in 2005 (goodsby 11.9%, services by 15.6%). Exports of goods to EUmember-states rose fastest. The largest rises in 2005were in exports to Portugal (up more than 200%) andto France (up more than 42%). Among the new EUmember-states, the largest rises were in exports to theCzech Republic (up 29%) and to Slovakia (up 21%). Themost important European markets for Slovenianexports are Germany, Italy, France, Austria, Poland, theUnited Kingdom, Spain and Slovakia.

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The Economic Environment in 2005

100

Imports rose by 10.9% in nominal terms in 2005(goods by 11.0%, services by 10.8%). The largest riseswere in imports from Portugal (up 48%), Luxembourg(up 45%), Spain (up 25%), Poland (up 25%) andBelgium (up 23%). Slovenia also increased its importsfrom Asia, which were up 30% in the first elevenmonths of 2005, and accounted for 5% of total imports.Among European countries, Slovenia’s most importantpartners for imports are Germany, Italy, Austria,France, Hungary, the Netherlands, Spain and the CzechRepublic.3

The proportion of exports accounted for by highlyprocessed products is increasing, while intermediateproducts are the fastest-growing imports. The surplusin trade and in services was larger than in 2004,primarily as a result of good results in transport andtourism.

There was a surplus of Euro 663.8 million in thecapital and financial position at the end of 2005,primarily as a result of a surplus in the financialaccount.4

Slovenia’s gross external debt stood at Euro 19,511million at the end of 2005, according to provisionalfigures. It was up Euro 4,233 million from the end of2004, primarily as a result of loans taken abroad. Thebanking sector accounted for 27% of the increase in thegross external debt in 2005. The net external debtincreased to Euro 2,316 million in 2005, having stoodat Euro 874 million at the end of 2004. The largestrepayment of debt in 2005 came in May when theEurobonds were repaid, while the government hasbeen making net repayments to banks since lastSeptember via securities issues, holding the generalgovernment debt at Euro 2.1 billion at the end of year.5

The decline in interest rates ended in the final quarterof 2005, and real interest rates began to rise. Last yearthe central bank succeeded in maintaining at leastpartial control of the level of real interest rates, withdevelopments in the financial account again the mainfactor in this, as in 2004.

The period of participation in the ERM II began whenSlovenia joined on 28 June 2004, and will last twoyears at least. The exchange rate is allowed to fluctuate15% either side of the central rate, although anarrower band can be agreed. EU member-states thathave not introduced the euro decide themselves whento include their currency in the system, but this isexpected of them. Participating in the ERM II for twoyears without the exchange rate against the euroleaving the allowed band around the central rate andwithout making a devaluation is one of theprerequisites for introducing the euro. During thisphase the independence of monetary policy diminishes.Exchange rate policy is focused on the stability of theeuro exchange rate.

The final phase is the introduction of the euro once theconvergence criteria have been met. Slovenia currentlymeets the criteria relating to the size of the generalgovernment deficit, public debt and interest rates, andsince last November it has also met the price stabilitycriterion. The EMU convergence price index iscalculated as the 12-monthly average of theharmonised index of consumer prices. The convergencecriterion (a high level of price stability) is that inflationmay not exceed the average inflation in the threemember-states with the best price stability by morethan 1.5 percentage points. There was no deviationfrom the convergence criterion in November orDecember 2005.6

Table: Convergence criteria with figures for the eurozone (Austria, Belgium, Finland, France, Germany, Greece,Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain) and for Slovenia

Inflation in last Long-term General Public debt in

12 months* (%) interest rates in government 2004 (% of GDP)

last 12 months* (%) deficit in 2005

(% of GDP)

Eurozone 2,2 3,42 -2,7 70,8

Convergence criterion 2,5 5,37 -3,0 60,0

Slovenia 2,5 3,81 -2,1 29,8

* Last 12 months refers to the average of figures to December 2005 inclusive

101

The increase in growth in the banking system’s totalassets continued in 2005, when it reached 23.1% year-on-year. Small banks recorded the largest rise in totalassets in 2005. The market shares of the four largestbanks in terms of total assets and lending fell last year.Banks declared a pre-tax profit of SIT 65.0 billion lastyear, up 15.9% from the previous year. Foreign bankssuch as Bank Austria Creditanstalt, Hypo Alpe-AdriaBank and Raiffeisen Krekova banka continued torecord rapid growth in their total assets.

Forecasts for world economic growth in 2006 varyconsiderably, but they all point to a slight improvementin economic conditions in comparison with 2005. Thegap between economic growth in the eurozone and theUSA is expected to narrow. It will undoubtedly be amomentous year for the Slovenian economy. In theiractions the government and the entire corporate sectorare focused on achieving the priority objective ofadopting the euro as Slovenia’s currency.

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0052000 2001 2002 2003 2004 2005

GDP growth (%) 4,1 2,7 3,5 2,7 4,2 3,9

Inflation (annual average; %) 8,9 8,4 7,5 5,6 3,6 2,5

Foreign exchange reserves (Euro mill.) 4,705 6,514 7,842 7,703 7,491 8,832

Current account (Euro millions) -583 38 344 -81 -544 -254

Unemployment (ILO rate; %) 7,0 6,4 6,4 6,7 6,3 6,1

Budget deficit (% of GDP) -1,3 -1,3 -2,9 -1,4 -1,4 -1,4

1 Faculty of Law Institute of Economics, Economic Trends, January 20062 Bank of Slovenia, Bulletin, February 20063 Statistical Office of the Republic of Slovenia4 Institute of Macroeconomic Analysis and Development, Economic Review,

February 20065 Bank of Slovenia, Bulletin, February 20066 Statistical Office of the Republic of Slovenia7 Sources: Institute of Macroeconomic Analysis and Development,

Economic Review, January 2005; Bank of Slovenia, Bulletin, February 2006

MACROECONOMIC INDICATORS FOR SLOVENIA, 2000 TO 2005 7

PERFORMANCE REVIEW

103

CORPORATE BANKING

There were good results achieved in corporate bankingin 2005, despite the level of competition in this sectorand the continuing decline in the interest margin. Wewere very happy to have expanded our business inboth lending and deposits. We recorded an increase innon-interest income, partly through specialist bankingproducts such as project financing, trade finance, cashmanagement, group payment products and treasuryproducts.

By pressing ahead with the strategy laid down in 2004,we again proved that we can grow faster than thecompetition in practically all areas of banking servicesfor businesses. Thus the strategic values of flexibility,expertise, a focus on the customer and the market, andpersonnel development at the bank remain at the verycentre of our approach.

We could not be successful without the confidence thatour customers place in us, and for this we thank themsincerely. We also pay tribute to our colleagues at thebank for their dedication, professionalism, and flair forbusiness.

The corporate banking market in Slovenia witnessed anumber of trends in 2005:

• Slovenia met its inflation target (the CPI was 2.5%),and also recorded healthy economic growth, anincrease in industrial output and growth in capitalspending. The sharp decline in domestic interestrates, and thus in financial intermediation margins,naturally had an impact on the banking sector’soverall income statement.

• The sound macroeconomic environment (economicgrowth) remains an invitation to new competitors,while those already in the market saw an increasinglyfierce battle for almost all segments of the market.Bank Austria Creditanstalt d.d. Ljubljana has risen tothe competitive challenge and remained active in themarket, offering competitive banking products,competitive services and customer-friendly solutions.

• One consequence of the decline in interest rates andthe focus on providing services to customers wasthat non-interest income continued to grow inimportance in comparison with interest income.

• Slovenia joining the European Union increased thecompetitive pressures in many sectors of the

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economy, and the performance of many businessesvisibly worsened. In light of the fierce competitionamong banks, it can be said that companies withpoorer credit ratings are being offered financingat terms that in some cases do not cover the banks’risk costs. Bank Austria Creditanstalt d.d. Ljubljanatakes on corporate risk by assessing each financingdeal separately, and by setting financing termswith regard to the specific deal and the customer’scredit rating.

In this environment, here are some of the mostimportant facts relating to our corporate bankingservices:

• Liabilities to corporate clients grew by 58% in 2005,while the banking sector as a whole recordedgrowth of just 22%.

• Bank Austria Creditanstalt d.d. Ljubljana’s claimsagainst corporate clients grew by 33%, againoutstripping the growth recorded by the bankingsector as a whole (22%). We succeeded indiversifying our credit risk and securing ourinvestments, as is evident from the low proportionof bad loans.

• There was an increase in the volume of foreignpayment transactions, while average commissionsfell as we adjusted to customers’ demands toequalise prices between domestic and foreignpayments in light of the approaching introductionof the euro. We have introduced a new module forinternational payments (GPP), allowing for greatercomputerisation in payment orders and fewer delaysfor the bank in European settlement systems.Another factor in the rise in total non-interestincome was Bank Austria Creditanstalt d.d.Ljubljana’s ability to offer specialist paymentservices for foreign and domestic customers, whocould benefit from the international bankingnetwork of the HVB Group and the parent bank inVienna.

• There was good development in domestic payments:volume was up more than 100%, while prices roseslightly owing to the high quality of the servicesprovided and the high costs of maintaining thesystems needed to provide such high-qualitypayments services. The bank invested much effortin reorganising its processes and in supportingdomestic payments, which also brought with ithigher costs, and thus a gradual increase inprices for domestic payments aimed at coveringthese costs.

• We place great emphasis on our success in sellingtreasury products to companies, who are becomingincreasingly aware of the benefits of hedging againstexchange rate and interest rate risk, and thesuitability of the services that we provide. BankAustria Creditanstalt d.d. Ljubljana is without doubtone of the leading institutions in Slovenia for thesetypes of solution.

• The bank also offered companies even greater valueadded in trade finance services and business withthe rest of the world, in particular with the countriesof the former Soviet Union. Finally and notably, wewere successful in introducing companies to theinvestment opportunities presented by the CapitalInvest funds managed by our banking group.

• The bank upgraded the solutions that it offers incash management (electronic banking) and madefurther progress in its cash pooling services forcustomers. The list of companies that have opted forthese services is growing rapidly.

Based on the trends outlined above, our corporatebanking performance exceeded the forecasts in thebusiness plan, and accounted for the lion’s share of thebank’s growth in 2005. By providing high-quality andinnovative business solutions and offering customerservice at the highest level of expertise, and also atthe right price, we have succeeded in retaining ourcustomers’ trust.

The focus in 2006 and beyond will be on:

• growing our business with SMEs within ourexpanded network throughout Slovenia, via newsales channels and with an emphasis of workingwith the retail banking division

• launching and standardising new products andservices, particularly in the SME segment, with theaim of increasing the speed at which we can provideservices for customers

• further developing advanced niche services such astrade finance, cash management, hedging of interestrate and exchange rate risks, investment ininvestment funds and leasing

• providing solutions for infrastructure and projectfinancing tailored for Slovenian municipalities andthe public sector

• making intensive preparations for the introductionof the euro

• improving processes and IT support, primarily byintroducing the CRM system and overhauling theinternet pages for corporate banking

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We anticipate that competition in the banking sectorwill be even fiercer in 2006, and this will of coursehave an impact on our performance. We aim tocontribute to growth in the Slovenian economy bycontinuing to introduce advanced banking services,and we firmly believe that with our focus on thecustomer and our motivated, energetic team we canonce again outdo our past performance and pastsuccesses, even as circumstances grow moredemanding.

Our heartfelt aim is to provide services of the highestquality to current customers and potential newcustomers, and to develop a top banking team, thusmeeting and surpassing our business plans andproviding our shareholders with a suitable long-termreturn on the capital they have invested.

RETAIL BANKING

Bank Austria Creditanstalt d.d. Ljubljana continuedto implement its strategic decision to expand retailbanking in 2005, and by opening three new branchesin Nova Gorica, Kranj and Ljubljana we improved ourcontact with existing and potential customers. Thiscompleted the second phase of the expansion of thebank’s network of branches in Slovenia, and has alsogiven our customers faster access to a wide range ofbanking services and products.

In keeping with our clear focus on our clientele, weupgraded our retail banking services to satisfy eventhe most demanding customers. By taking a personalapproach, maintaining a comprehensive outlook, andgiving the fullest consideration of the customer’sattitude to risk, financial objectives, investment horizonand financial expectations, we have built confidenceamong our existing customers and succeeded inattracting new customers. The bank has successfullyexpanded its services by introducing the marketing offoreign funds in Slovenia.

The 2005 financial year was notable for fiercecompetition in the Slovenian banking sector. Theconfidence placed in us by customers old and new isfurther evidence that with our proactive approach,flexible products and customer-friendly services BankAustria Creditanstalt d.d. Ljubljana has succeeded inlistening to our clientele’s needs, as confirmed by theincrease in turnover in all areas of retail banking.

With a 65% increase in housing lending, comparedwith the 36% increase in the banking sector as awhole, we have gained a market share of 11%. Thanksto an upgrade in our product portfolio, the qualityof our retail banking packages, and good advertisingsupport, the bank recorded a 70% increase in thenumber of people using its internet banking services,and an increase of one-quarter in the number oftransaction account holders in the 2005 financial year.The number of payment and credit card holders roseby 35% over the same period. The bank maintainedits market share of household deposits last year. Therewas an increase of 10% in short-term time deposits,primarily thanks to the very successful attraction ofdomestic currency deposits, which were up 43%compared with 2004.

Bank Austria Creditanstalt d.d. Ljubljana was againvery active in 2005 in training and personneldevelopment. The bank provided extra training forpersonnel throughout the sales network, thus ensuringsignificant progress in sales activities, job satisfactionand the effectiveness of face-to-face customer contacts.Particular attention was focused on the introduction ofthe management by objectives system to build onsuccess, and this was reflected in increased motivationamong personnel, a leap in the quality of our services,and the reinforcement of the bank’s reputation.

ASSET MANAGEMENT

There was a fundamental reorganisation of the assetmanagement department in the second half of 2005,and asset management services were consequentlyabandoned. The primary reason for abandoning theseservices lies in the bank’s new strategy and objectivesin connection with investment funds, where weachieved good results in 2005.

Bank Austria Creditanstalt d.d. Ljubljana completed theregistration of eight mutual funds on 1 March 2005:Capital Invest Select Europe Stock, Capital InvestAmerica Stock, Capital Invest Austria Stock, CapitalInvest Euro Government Bond, Capital Invest EuroCorporate Bond, Capital Invest Euro Cash, CapitalInvest Dollar Bond and Capital Invest Guarantee Basket2010. CI Guarantee Basket 2010 was the firstguaranteed fund on the Slovenian mutual fundsmarket. It is a fund of funds that invests in shares inblue-chip companies in central and eastern Europe, inRussian and Turkish equities, and in eurobonds, andholds the highest credit ratings, thus guaranteeing

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additional stability for the fund. As a guaranteed fund,it offers investors an attractive potential return andthree guarantees from the largest Austrian bank, BankAustria Creditanstalt AG Vienna. Bank AustriaCreditanstalt AG Vienna guarantees that investors inthe fund will receive a payout of at least 100% of theprincipal when the fund matures. The next alternativeguarantee offered to investors by Bank AustriaCreditanstalt AG Vienna is that at maturity they willreceive 80% of the highest value reached by the fundduring its lifetime. The third guarantee offered toinvestors by Bank Austria Creditanstalt AG Vienna isthat at maturity they will receive 100% of the highestvalue reached by the fund during the period that it waspossible to buy fund points.

Just a few months after this, we launched three morefunds on the market: CI Eastern Europe Stock, CentralEurope Bond and CI Guarantee Basket 2013. CIGuarantee Basket 2013 is structured the same as CIGuarantee Basket 2010, but has a different maturitydate and subscription period.

The main confirmation that the strategy was rightcame from the results that we achieved. By the endof 2005 we had attracted a total of Euro 21.1 millionfrom more than 1,400 new investors. Given thecurrent macroeconomic indicators and trends, wefirmly believe that this successful growth will continuein 2006.

SECURITIES TRADING

The bank recorded SIT 136.75 billion of securitiestransactions in 2005, an increase of 84.52% from thevolume in 2004. Our volume of trading on theLjubljana Stock Exchange totalled SIT 114.68 billion,ranking the bank fourth among the members of theexchange, with a share of 8.74%. Our volume on theLjubljana Stock Exchange was up SIT 68.93 billionfrom 2004, or 168.26%. The increase in volume wasthe result of greater interest on the part of foreigninvestors, and the introduction of the new market-makers’ market for Slovenian government bonds. BankAustria Creditanstalt d.d. Ljubljana is one of the officialmarket-makers for government bonds. The favourabledevelopments on the capital market are also areflection of the change in tax legislation that enteredinto force on 1 January 2006. The volume of securitiesbrokerage on foreign markets amounted to SIT 22.07billion, a rise of 26.84% from 2004.

INTERNATIONAL MARKETS

Despite the difficult market environment in the year2005, International Markets division (INM) made againa strong contribution to the bottom line of the bank.INM achieved an operating income of Euro 5.68 millionand an operating result of Euro 3.77 million. Thedomestic markets environment in 2005 wascharacterized by stable tolar exchange rate, inverseinterest rate curve and further stabilization of inflation.The bank managed to counterbalance the negativeimpact of low tolar exchange rate volatility on tradingresult with increase in FX market share, especially inforwards trading.

The flattening of the euro yield curve and the increasein the costs of key liquidity instrument with Bank ofSlovenia had a negative impact on the result from assetand liabilities management activities. The decline inlong term euro yields has been timely addressed witha build up of a model portfolio.

Domestic fixed income market was marked by gradualconvergence of the tolar yield curve to euro levels onthe longer end of the curve, increased issuance of statesovereign bonds and growing interest from non-resident market participants. The bank defended itsposition as one of the main liquidity providers in localfixed income market. This fact was reflected in thestrong growth of trading assets. Following theintroduction of prime brokerage system in Slovenia,Bank Austria Creditanstalt d.d. Ljubljana became aprime broker with domestic state securities.Furthermore, the International Markets Divisionsucceeded in its efforts to break trough in the bondorigination segment by winning its first leadmanagement mandate with a corporate customer.

In the past year the bank further strengthened itsposition in the segment of treasury products sold tocorporate customers. The treasury sales unitsignificantly broadened its product range, particularlyin the area of interest rate and foreign exchangederivatives, and made a strong contribution to theoverall result of the bank.

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CUSTODY SERVICES

There was a significant expansion in custody servicesin 2005, both for foreign customers investing on thedomestic market and for domestic customers investingon foreign markets. We recorded 7,856 securitiestrades in 2005, 92% more than in 2004, of which 23%were for foreign investors on the Slovenian market,and 77% were for Slovenian investors on foreignmarkets. The amount of securities under custodytotalled Euro 476 million at the end of the year, upEuro 100 million or 27% from the end of 2004. Of this,Euro 414 million or 87% was in the form ofinvestments in Slovenian securities by foreigninvestors.

The number and volume of portfolio investments madeon the Slovenian market was reasonably stablethroughout 2004 and the first eight months of 2005.The volume in value terms fluctuated slightly, but thenumber of transactions was equally distributedthroughout the year. September 2005 saw a recordhigh in the number of securities trades made by thebank, and correspondingly we achieved a recordincrease in investments by foreign portfolio investors.The increase in activity by foreign investors continuedfor the rest of the year, with equities accounting formost activity. The introduction of a special tradingsegment for treasury bills and Slovenian governmentbonds was also a factor in the increase in brokeragefor these securities. The growing interest in theSlovenian market on the part of foreign portfolioinvestors was reflected in the four new contracts signedwith foreign custodians and portfolio investors, and inthe number of new securities accounts opened.

The number of transactions made on foreign marketsfor domestic investors almost doubled in 2005. At thebeginning of the year we were providing custodyservices in Croatia for our customers. By the end of theyear we were making settlements for 20 differentmarkets in western and eastern Europe, North Americaand the East Asia. The increase in numbers oftransaction volume was not reflected in an increase ininvestments volume under custody by domesticinvestors. Investments on foreign markets by domesticinvestors were almost one-fifth lower at the end of2005 than at the end of 2004.

Last year we began providing custody services for apension fund managed by a major insurer. By the endof the year, the fund’s investments accounted for 2%of all securities under custody.

The most important development in the legislative areawas the introduction of new tax legislation, which

affected the tax treatment of domestic and foreigninvestors in securities. We offered foreign investors onthe Slovenian market a new service in 2005: tax reliefbased on international agreements for avoiding doubletaxation.

In 2005 Bank Austria Creditanstalt d.d. Ljubljana wasthe only bank in Slovenia to be awarded the status of arecommended custodian by the magazine GlobalCustodian, and was also named the best provider ofcustody services in Slovenia.

RISK MANAGEMENT

Risk management is of vital importance in the bankingsector, and Bank Austria Creditanstalt d.d. Ljubljanawill continue to focus on this area. Given theirsensitivity, at the moment financial markets tend torespond to the negative information resulting from anyproblems that arise in the performance of an individualfinancial institution, and this can be followed by ageneral lack of confidence. In risk management ourbank upholds the highest global security standards inthe profession, and naturally applies the regulatoryrequirements prescribed by the Bank of Slovenia andother regulatory institutions. To manage and controlrisks, the bank has introduced complex standards,procedures, and criteria that apply throughout thegroup.

Traditionally, the most important activity for auniversal bank such as Bank Austria Creditanstalt d.d.Ljubljana has been credit risk management. The bankhas many years of wide-ranging experience incontrolling this type of risk, and sets out preciseprocedures for the constant monitoring of overall creditexposure and credit exposure to individual customersor groups of customers. Every single deal with acustomer is tracked closely by the bank. Under Bank ofSlovenia regulations, all credit risks are classified intoone of five categories (A,B, C, D and E). We also furtherclassify credit risks into 28 different categories on thebasis of an internal model for grading customers.Based on these classifications and taking all theavailable information into consideration, banks createspecific provisions for individual banking risks. Paststatistics show that our losses from individual creditrisks have been relatively small compared with thefigures available for the banking sector as a whole.As in previous years, we maintained a sound andconservative portfolio structure in 2005, with morethan 95% of our exposure in the highest category (A).

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To reduce the credit risk of our overall portfolio, welook to spread our loans among numerous customersand various lines of business (portfolio diversification).

In dealing with market risks, Bank AustriaCreditanstalt AG Vienna clearly defines the criteria forcontrolling market risks, and the bank is obliged touphold these in its daily business. The bankdistinguishes between the actual performance ofmarket risk management, and oversight of theimplementation of market risk management policy. Alldivisions have their own powers and clear guidelinesregarding interest rates, exchange rates, and thestructure of assets and liabilities in terms of maturity.The treasury division monitors individual types of riskfor the bank as a whole, and controls them with theinstruments at its disposal. Our market riskmanagement policy is set out by the assets andliabilities committee. Oversight of the implementationof market risk management policy is the responsibilityof the controlling and market risk departments.

In addition to these risk management methods, wehave continued to introduce the new Basel IIstandards, and are also focusing hard on themanagement of operational risks. A project group wasformed back in 2002 as part of a broader projectwithin the banking group to ensure that the Basel IIstandards would be introduced effectively and at theright time. Bank Austria Creditanstalt d.d. Ljubljanaopted to introduce a standardised approach measuringcapital adequacy. The project group is continuing withthe preparation and execution of individual tasks toensure that our bank is one of the first in the entiregroup to meet the new Basel II requirements, and tocalculate its capital adequacy in accordance with thenew standards. We are already preparing an advancedIRB approach. Given its complexity and its wide-ranging nature, this project is of exceptionalimportance to the bank, and will require even moreinput in the future, in terms of both financial andhuman resources.

INFORMATION TECHNOLOGY SUPPORT

Bank Austria Creditanstalt d.d. Ljubljana continued toexpand its network of branches in Slovenia in 2005,opening new branches in Ljubljana, Kranj and NovaGorica as planned. We plan to open one more branchin 2006, with which our expansion throughout thecountry will be complete.

The bank continued to record a rapid increase in thenumber of users of VISA cards (up 38%), MasterCard(up 31%) and Maestro cards (up 33%). There was aneven greater increase in the number of transactionsusing cards issued by the bank (VISA up 73%,MasterCard up 28 % and Maestro up 48 %). At thesame time as new branches were opening, theexpansion of the ATM network was underway, with18 machines in operation by the end of the year. Theupgrade of the ATMs to the EMV standard was alsocompleted. All the ATMs are equipped with anti-skimming devices.

The bank recorded a significant increase in paymenttransactions in 2005. There was a rise of 23% in thenumber of domestic payments, and a rise of more than17% in the number of international payments. As partof a project at the entire banking group, wesuccessfully implemented new information support forinternational payments. The processing of internationalpayments for the majority of the group’s subsidiaries inCentral and Eastern Europe is based at a centre inPrague.

We also continued to update the software/technologyplatform in 2005. The bank carried out an iSeriescentralisation project, in order to improve thereliability of the IBM iSeries central computer (alsoknown as the AS/400), to cut the costs of maintenanceand upgrades, and to standardise the system software.Since November 2005 the bank information system hasrun on a central iSeries computer in Vienna. Thetransition was made seamlessly for our customers. Infact, during the transition there was a significantimprovement in the responsiveness of some banksystems of vital importance to customers (for example,the online banking system), with telecommunicationspathways having been simplified.

In the first half of the year we began preparations forthe most important project of 2006: the introduction ofthe euro. A strong, experienced team was put together,the bank having successfully carried out a range ofimportant infrastructure and information projects inrecent years, including two in 2005 (the newinformation support for international payments, and

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iSeries centralisation). By the end of the year we haddefined all the changes in information support and inother areas of banking that the introduction of the euroas the national currency will necessitate.

We also made improvements to project managementtechniques and rules in 2005. Top-quality projectmanagement allows us to better manage the resourcesat our disposal, and to achieve our objectives fasterand at lower cost. In order to improve our relationswith customers and to allow an approach more tailoredto the individual, we began to introduce a customerrelationship manager (CRM) system in the second halfof the year. The project will be completed in the firstquarter of 2006.

Bank Austria Creditanstalt d.d. Ljubljana continued tosee a rapid rise in the numbers using our electronicbanking systems in 2005, with 25% more corporateusers and 70% more personal users than in theprevious year. The proportions of payment orders sentelectronically rose to 77% in domestic payments and81% in international payments. Despite the expansionof the branch network, the trend of a decline in manualprocessing of payment orders continued. In line withthe introduction of new information support forinternational payments, the electronic banking systemswere also upgraded, and now offer our customers extraservices in payment transactions with the rest of theworld. The internet banking system was also upgradedto provide complete support for companies, SMEs inparticular. This provided flexibility in our range ofservices, giving our customers an additional tool tosimplify their dealings with the bank.

MANAGEMENT OF HUMAN CAPITAL

OUR PERSONNELBank Austria Creditanstalt d.d. Ljubljana again sawgrowth in all areas of HR management in 2005. Thebank had a total of 337 personnel at the beginningof the year, but this had risen to 391 by the end of theyear, including an average of 36 people hired on acontract basis. This was a rise of 16%, with a total of73 people joining the organisation and 33 departing.The bank also employed 15 interns on average overthe year.

We opened three new branches in our expandingnetwork in 2005: in Kranj, Ljubljana and Nova Gorica.The average age of our personnel is 37, and womenmake up 61% of the workforce. We have a particularfocus on training and education, with 4% of our

personnel holding a doctorate or master’s degree, 42%holding a university or other tertiary qualification, and54% holding a secondary qualification. There is a trendof improving qualifications, with the proportion holdinga university-level qualification rising by 1.5% at theexpense of those with a two-year tertiary qualification.

PERSONNEL TRAINING, EDUCATION AND DEVELOPMENTThe bank has always benefited from a good knowledgeof products and services, an awareness of customers’needs, and the right approach to customers. Last yearwe earmarked over 0.7% of total revenues for trainingand education, an increase of 0.1 percentage pointsfrom the previous year. Our personnel received a totalof 16,811 hours of training and education (up 67%),an average of 47.6 hours each (up 42%). An averageof SIT 193,500 was spent on training and education foreach member of personnel (up 12%).

The training and education programmes includedprofessional courses in banking and finance, bankingschool, courses for obtaining public licences andcertificates, language courses, classes in computerskills, sales school, orientation seminars for newrecruits, and seminars in management by objectives,project management, presentation techniques,negotiation techniques, conflict management andcommunication skills. There were 75 personnelenrolled in language classes (English and German),with each course lasting 40 hours, making a total of3,040 hours of language training.

In September 2004 we introduced an orientationseminar for new recruits entitled “Welcome to the Best”to make them familiar with the bank’s strategy andvision, and the main organisational units and theirroles at the bank. This seminar was attended by 67personnel in 2005, and accounted for 7.0% of all hoursof instruction.

The bank also focuses on broadening knowledgethrough the acquisition of licences. Last year a totalof 29 personnel passed the professional examinationin investment fund marketing and the sale ofinvestment certificates and investment fund shares,or passed the professional examination in insurancebrokerage.

Alongside the seminars provided in Slovenia, there wasalso training offered by the parent bank in Vienna. Atotal of 31 personnel received training at the parentbank, their 744 hours of instruction accounting for4.0% of the total hours. Of the total hours of

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instruction, 19.0% consisted of training and educationin using managerial skills, 19.0% consisted of languagetraining, and 63.0% consisted of professional trainingin banking, finance, informatics and organisation.

MANAGEMENT BY OBJECTIVES AND PERSONNEL DEVELOPMENTA particular focus last year was the Management byObjectives and Personnel Development project, whichaccounted for 7.0% of all hours of instruction. Itinvolved 63.0% of all personnel, including all theexecutives.

With this project we focused even more on measuringindividuals’ on-the-job performance, and directly linkedperformance to rewards.

To this end, we updated and established two importantmanagement tools, the annual objective-setting andobjective assessment interview, and the annualdevelopment interview. At the same time we alsocreated a tool for measuring individual atitude forleadership. We use these tools to guide and manageour personnel, to motivate and reward them, and totake measures to help them develop and improve.

ORGANISATIONAL CLIMATEA job satisfaction survey was carried out as part of aproject in the autumn in order to improve the qualityof our HR management. The results clearly showed thefirst positive shifts from the survey conducted inautumn 2004, and confirmed that the right approachhas been taken to build up the systems with which weunderpin the strategy required for reaching our targetson the Slovenian banking market.

CORPORATE COMMUNICATIONS

The aim of corporate communications at Bank AustriaCreditanstalt d.d. Ljubljana is to support theimplementation of the bank’s strategy and objectives.The basic function of our dialogue-based corporatecommunications at the bank is to maintain goodrelations with those we consider to be of the utmostimportance, especially our customers, our employeesand our shareholders, and with the general public.

In 2005 we defined our corporate communicationpolicy as an approach that supports life success forindividuals, corporate profitability and growth for theSlovenian economy in general. Here we are led bystrategic elements such as trust, professionalism,proactivism, responsiveness and innovation. We are

committed to values such as expertise, opencommunication, cooperation and teamwork,responsibility, trust, a focus on objectives, personaldevelopment and learning, loyalty, readiness forenvironmental challenges and constant improvement.One of the most important values to which we arecommitted in our activities is an awareness of socialresponsibility.

The period of investing in the expansion of the banknetwork was to a great extent completed in 2005,and we have entered a period of reinforcing andstrengthening our position on the market andmaintaining our strong competitive advantage. Ourstrategy of corporate communication, which wasembarked on in earnest in 2005 and will be followedin the future, will focus on further increasing ourmarket share and developing a wide range of products.We will provide an integral range of services at thebank, endeavouring to further exploit synergies withinthe group as a whole.

Bank Austria Creditanstalt d.d. Ljubljana took 6.5% ofthe market in 2005, making it the fifth-largest bank inSlovenia.

MARKET SHARE OF BANK AUSTRIA CREDITANSTALT D.D. LJUBLJANA

1,0%

2,0%

3,0%

4,0%

5,0%

6,0%

7,0%

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MARKETINGThe bank adopted a more penetrative marketingstrategy in 2005 than it had done in previous years.The key marketing element at the retail bankingdivision consisted of product-oriented advertisingcampaigns, which when used with a variety ofcommunications tools and a wider media packageallowed us to communicate more effectively withdifferent target groups. We focused above all on targetgroups facing a search for housing solutions, investorsin foreign mutual funds, and potential new customers,for whom a new banking package was made ready.

Events were the main communications tool used by thecorporate banking division and the treasury division,allowing for more effective targeting and a personalapproach to customers. Thus our traditional eventssuch as the Europa Forum and the new-year concert atthe Slovenian Philharmonic were complemented bybusiness breakfasts where the focus was on our cashmanagement services and the range of treasuryinstruments, and by social events such as sailing andbowling. We also focused on our range of trade financeservices, using engaging mailshots to appeal directly tothe target group.

The branch network expansion strategy saw us openthree new branches: in Kranj, Ljubljana and NovaGorica. Each new branch had a formal opening event,which hosted existing customers and those attracted inthe first weeks of operation, local dignitaries,musicians, and representatives of charitable andcultural organisations, these organisations receivinga donation to mark the occasion.

A significant amount of printed material was producedfor our customers, such as the annual report, productbrochures, direct mailshots, invitations to events andother promotional material, the aim of which was toraise the profile of the bank in general, a group ofproducts, or individual services.

Through the expansion and improvement of thenetwork of branches, a dedicated and attentiveapproach to customers, the creation of attractive termsfor existing products, the development of new bankingproducts adapted to the needs of existing and potentialcustomers, and more effective promotion viaadvertising and PR as the bank’s key marketcommunication elements, we have proved that we area forward-looking and highly consumer-friendly bank.

PUBLIC RELATIONSThe PR department at Bank Austria Creditanstalt d.d.Ljubljana endeavours to use consistent, strategiccommunications in the mass media and theenvironment to build long-term relations with its targetclientele, and to further contribute to the public’s trustin the bank, bringing the bank closer to our targetgroups. We are constantly striving to establish a fair,interactive and partnership-based dialogue between thebank and our environment (particular in relations withthe mass media). At the same time the PR departmentsupports the positioning of the bank’s products. Itsoverall approach is to build the bank’s reputation andthe trust it enjoys from business partners and amongthe public in general. One of the department’s tasks isto implement the vision, the mission statement and thestrategy of Bank Austria Creditanstalt d.d. Ljubljana.This includes strengthening employee loyalty andsatisfaction as part of a strong corporate culture, andmaintaining the strong position of the company’sshares.

The PR department held four press conferences in2005, which were very well-covered in the media: toannounce the annual results for the previous year, tolaunch the new product Optimus, to mark the openingof the Central international exhibition, and one duringthe Europa Forum event where we announced theBusiness Award. Press releases were used throughoutthe year to brief the media on developments at thebank, while numerous answers for journalists’questions were also prepared. Thanks to all theseactivities, Bank Austria Creditanstalt d.d. Ljubljanamore than doubled its level of media coverage.

Inside the PR department, we also strengthened ourcommunications with our personnel with the help ofthe BACAvice e-newsletter, which comes out everythree months. Given the bank’s major expansion in thelast two years, which from a communications point ofview entails a poorer flow of information, our aim withBACAvice was primarily to bridge this gap and helppersonnel members to be better-informed about thebank. We updated and upgraded the PR pages on theintranet, where we also began regularly publishingdetails of the latest news and events.

The PR department was actively involved in a numberof projects in 2005, such as the euro implementationproject, the UniCredit project and the introduction ofmanagement by objectives. Another of the PRdepartment’s responsibilities was to organise eventssuch as Capital Invest, the Business Award, the EuropaForum in Ljubljana, the Slovenian Philharmonic for

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business partners, the Primus award forcommunicational excellence in management, a classicalconcert for customers in Lendava, an internationalmusical forum in Trenta and the Writing for Centraland Eastern Europe journalism prize.

SOCIAL RESPONSIBIL ITY

Bank Austria Creditanstalt d.d. Ljubljana wishes to findits place in the local community as a strong, innovativegroup, bringing the local community the finest globalopportunities and helping it to develop. We embracethis responsibility, as we are aware of our geographicalroots as a leading European financial group, our aimbeing to nurture these roots and to play a vital role insociety and the local community in which we operate.

In keeping with its striving for social responsibilityof one hand, and innovation on the other, Bank AustriaCreditanstalt d.d. Ljubljana is not only involved insociety through its core business activities, but alsoaims to give back to society as a sponsor and donor.We understand social responsibility in the sense oftrying to support and assist the environment in whichwe operate. Bank Austria Creditanstalt d.d. Ljubljana isseen as a sponsor and donor all over Slovenia, focusingprimarily on aid for charitable organisations andsupport for Slovenian culture. Donations are most oftenmade to charity projects, while sponsorship is providedfor cultural events, and on occasion for business eventsthat complement our advertising.

Some of the money allocated to donations andsponsorship has become an established tradition,mainly in the form of projects that we support everyyear. Whenever one of our branches opens, donationsare made to local charities. We try as far as possible todistribute some money very widely, yet sensibly,including as many different organisations and projectsas possible that can benefit from our money.

For the third consecutive year Bank AustriaCreditanstalt d.d. Ljubljana made a donation of SIT 4.5million to the Slovenian Philharmonic for purchasingnew instruments, our aim being to make a contributionto its 300-year tradition of enriching the cominggenerations of music lovers.

We also sponsored numerous charitable and culturalprojects: a donation together with Dars for purchasingequipment for premature babies, sponsorship of the TVtransmission of the new-year concert by the ViennaPhilharmonic, sponsorship of the Red Cross’s NeverAlone 2005 campaign, a donation to the City of Nova

Gorica for its Nova Gorica - the Child-Friendly Cityfestival, a donation to the 2005 Idrija Lace Festival, adonation for the Pomurje Academic Centre,sponsorship of the Kranfest 2005 regional event,sponsorship of the regional country games in Dolenjskaand Bela Krajina, sponsorship of Velenje’s Ice Landevent, sponsorship of Vransko’s 2005 summer festival,and a donation to Ljubljana’s Faculty of Law during theEuropean Association of Law and Economicsconference, among others.

Bank Austria Creditanstalt d.d. Ljubljana was alsoactive in 2005 as part of the parent banking group’ssponsorship of cultural events. In conjunction withsoloists from the Vienna Philharmonic, we organisedthe international musical forum, a string masterclassheld in Slovenia in Trenta. The masterclass is open toyoung, talented musicians from any country in Centraland Eastern Europe. The group’s aim in sponsoringcultural events is to support the exchange of cultureand knowledge and to promote young talent. Inconjunction with Siemens Austria, the Hilger galleryand Bank Austria Creditanstalt AG Vienna weorganised Central, an exhibition that gave anopportunity for little-known young artists from Centraland Eastern Europe to show their work in public. Theexhibition is constantly on the move around the region,finding a local audience wherever it goes.

FINANCIAL RESULTS

The 2005 financial statements of Bank AustriaCreditanstalt d.d. Ljubljana have been prepared inaccordance with International Financial ReportingStandards (IFRSs) published by the InternationalAccounting Standards Board (IASB) and in accordancewith the interpretations of the International FinancialReporting Interpretations Committee (IFRIC/SIC)applicable at the balance sheet date. All IASs publishedby the IASB in the International Financial ReportingStandards 2005 as International Accounting Standardsapplicable to financial statements for 2005 have beenapplied. The comparative figures for the previous yearare also based on these standards

After an increase of the total assets by SIT 70.336 Mioin 2004 Bank Austria Creditanstalt d.d. Ljubljana keptthe momentum also in 2005 and even increased thebalance sheet by SIT 151.275 Mio.

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Claims to customer rose by SIT 60.529 Mio (2004: SIT60.922 Mio) and reached SIT 251.236 Mio by the endof the year. One quarter of the increase relates toprivate customer business whereas three quartersresult from business with corporate customers. Thevolume development of trading assets was very volatileduring the year and was depending on the marketenvironment and trading opportunities and amountedto SIT 15.159 Mio (2004: 13.428) by the 31st ofDecember.

Claims to credit institutions more than doubled fromSIT 38.486 Mio to SIT 79.312 Mio. The cash reserveand financial assets strongly increased from togetherSIT 56.087 Mio to SIT 104.371 Mio, whereas billseligible for refinancing with the central bank are in2005 shown in the cash reserve which reflects betterthe character of the instrument.

The increase on the asset side was mainly financed bysight and fixed term deposits which grew by SIT33.689 Mio (2004: SIT 24.740 Mio) and additionalinterbank deposits which strongly grew by SIT 111.028Mio (2004: SIT 38.386 Mio). Two capital increaseswhich totaled together SIT 11.254 Mio proved thecommitment of the main shareholder towards itsoperation in Slovenia and helped to finance thebusiness growth in 2005.

The net interest income strongly increased year onyear from SIT 5.571 Mio to SIT 6.963 Mio which is a25% growth rate. However, the asset margin (netinterest income/Ø total assets) was declining from2.13% to 1.81% in the same period as margins are stillunder pressure in Slovenia in the customer business.The net interest income development has also to beseen together with the trading result as the negativeinterest rate differential of FX Forwards and FX Swapsis shown in the trading result whereas the liquiditywhich is generated by these instruments is invested int-bills and bonds which produce net interest income.

As already pointed out in the risk management partthe bank tries to reduce the impairment losses on loansand advances by state-of the art risk managementtechniques and a focus on clients with high creditworthiness. In 2005 the losses on loans and advancesamount to SIT 611 Mio (2004: SIT 491 Mio) which isan increase of SIT 119 Mio or 24%. The risk/earningsratio amounts to 9% as it was in 2005.

Net fee and commission income grew also in 2005 by17% and reached SIT 2.931 Mio (2004: SIT 2.496 Mio).Tailor made solutions as well as the bank’s servicecompetence and attractive products are reasons for this

further increase. All security fees, be it custody,brokerage, investment fund or bond origination, arestrongly above the previous year and in total amountto SIT 405 Mio (+75%). Payment and FX fees had a23% increase in 2005 and amount to SIT 1.568 Mioeven though the market environment (decreasingpayment fees) was very difficult for the bank. However,innovative solutions like the FX customer forwardscontributed to the growth. Also other service feeswhich comprise mainly out of derivative fees increasedby 294% and amounted to SIT 62 Mio and reflect thebank’s expertise on the field on FX and interest ratehedging and optimization for our customers. Onlylending fees declined by 8% to SIT 895 Mio as theimplementation of effective yield had a negative impacton the result. Additionally it has to be stated thatlending fees are further under pressure in theSlovenian market.

The net trading result amounts to minus SIT 462 Miocompared to a loss of SIT 59 Mio in 2004. Inaccordance with IAS 39 the bank valuates allderivatives mark to market. FX Swaps with the CentralBank as well as customer forwards are an importantliquidity instrument for the bank and stronglyincreased in total volume this year; the negativeinterest rate differential is shown mark to market inthe trading result being responsible for the reportedloss.

The operative trading activities contributed positivelyto the net trading result. The money market tradingactivities profited from the market making activitiesin T-bills as well as from the decreasing yields whilehaving appropriate positions. Also within FX-tradingthe bank was able to use the market movements andvolatility in its favor. The bank is one of the most activemarket participants in those transactions.

The increased business is of course also reflected inincreasing costs. The bank currently invests a lot ofmoney to build up competitive advantages in order tosucceed also after the Euro introduction in Slovenia.The opening of new branches for retail customers,the regional presence of corporate customer clientexecutives as well as the enhancement of the ITinfrastructure (new payment systems, Basel II) ofcourse leads at the beginning to higher expenses andpays only off after a certain period of time.

However, the bank manages its administrative coststightly and with caution. The general administrativeexpenses amount to SIT 5.475 Mio (2004: SIT 4.548Mio) whereas staff expenses count for more than

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50% and are SIT 2.767 Mio (2004: SIT 2.382 Mio). Other administrative expenses which consist of IT,marketing, communication, rent and rent relatedand other similar expenses amount to SIT 2.012 Mioafter SIT 1.611 Mio in 2004. Depreciation increasedfrom SIT 555 Mio in 2004 to SIT 696 Mio in 2005.The cost/income ratio before risk amounts to 58%(2004: 58%).

Within the taxes on income of SIT 803 Mio (2004: SIT725 Mio) the bank records current taxes of SIT 704 Mioand deferred taxes of SIT 98 Mio.

In 2005 the bank achieved an income before taxesof SIT 3.427 Mio compared to SIT 2.977 Mio in 2004which is an increase of 15%. The net income aftertaxes amounts to SIT 2.624 Mio which is SIT 371Mio above the 2004 result (+17%).

The return on equity before taxes amounts to 12,03%(2004: 16,34%).

PLANS

For Slovenia’s economy and for the banking sector inparticular, 2006 will be a momentous year in manyways, prime among which will be the replacement ofthe national currency and the fixing of the tolarexchange rate against the euro. The convergence ininflation and short-term interest rates with the levels inthe EMU will have an extra impact on developments onthe domestic market, which will demand even greaterfocus from the banking sector. Judging by the medium-term development strategy adopted by the Sloveniangovernment last June, the Slovenian economy willcontinue to enjoy encouraging growth in the future,outstripping growth in the old EU15 by at least 2percentage points, which means that in the comingyears we can expect financial transactions with the restof the world and domestic spending to continuegrowing, and the depth of the domestic financialsystem to continue increasing. Despite the rise ininterest rates, terms of financing will remain relativelyfavourable on both the domestic market and on foreignmarkets. Demand for foreign sources of financing willalso be driven by Slovenia’s low risk premium, whichmeans that foreign markets will provide additionalcompetition for domestic financial intermediaries. It isbanks that will play the most important role in theseactivities, for which reason the proportion of corporatefinancing accounted for by foreign loans will declinefrom today’s estimated level of one-third to one-fifth.The favourable terms of trade mean that the relatively

strong household and corporate spending willstrengthen further, the debt ratio of both groups rising.At the same time there will be a trend of increasinglong-term borrowing at the expense of short-termborrowing, with expanding investment another factorin this. By contrast, the average maturity of tolardeposits can be expected to continue changing infavour of short-term deposits: short-term tolar depositswill grow more quickly than long-term deposits thanksto the decreasing slope in the interest rate yield curve.

We are aware that the expanded European market willbring fiercer competition, but with it new opportunitiesand challenges. Together with out partners, we at BankAustria Creditanstalt d.d. Ljubljana are thereforeendeavouring to track these changes to the best of ourabilities. Our shareholders are well aware of this, andby taking us into the UniCredit Group last year theycreated the first genuinely European bank, whichcontrols the largest market share in the fastest-growingEU countries. This is of particular importance to us, asthe synergies generated by the group as a whole shouldrepresent further potential opportunities, in themarketing of new products, risk reduction and theattraction of the highest-grade sources of financing onthe international capital market. The keys to ourcontinuing growth on the Slovenian market lie first inthe favourable macro environment, and second in thesupport and cooperation that we receive from the newfinancial group, which operates in more than 40countries. With our know-how, our determination, andour ability to listen to our partners, we are convincedwe can meet our strategic target in the medium-term:to be the number two bank, with a market share of atleast 10%, and to reduce risk and find other marketniches with sought-after products. In aiming to makethe path to our objective as safe and as successful aspossible, and to take our market share past 7%, we willconcentrate on the following this year:

• we will endeavour to see that the euro project isoptimally carried out by the bank, and by ourpartners

• we will strive to ensure that the Basel II projectbrings the bank further reductions in risk, and thusbetter exploitation of capital and better returns

• tougher competition among both domestic andforeign financial intermediaries will see interestmargins decline further, and we will therefore workto expand our business with partners old and new,and our turnover in new treasury products that aimto reduce the interest rate and exchange rate risks

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that market participants will face in 2006• we must compensate for the relative decline in

interest income with an increase in non-interestincome in the marketing of mutual funds, workingwith insurers to sell banking/insurance products

• in order to take our services even closer to ourpartners, we must conclude the first phase of theproject of expanding the business network. It is thenup to us to analyse the market, and to take steps tofurther increase our market share and achieve evenbetter results, meeting the need to strengthen ourcooperation with those brokering the sale of ourproducts and services

• we will endeavour to offer the market new specialistbanking services in trade finance and cashmanagement, and infrastructure and projectfinancing in conjunction with our sister companyBank Austria Creditanstalt Leasing d.o.o.

• SMEs, which form the core of the Slovenianeconomy, expect more initiatives and sound advicefrom us, and demand a fast, professional approach,and we will therefore work even harder in this areato allow them to take better advantage ofinternational markets via our network

• being able to respond with a fast, professionalapproach while dealing with fierce competitionmeans that we need to have a constant concern forefficiency and cost-cutting, and these will be thesubject of even greater focus, while we should alsoseek to acquire new know-how, as only this willstrengthen us, making us more attractive in the eyesof our partners and more capable of managing dealsand building mutual trust, which is after all the basisfor all human relationships

We are sure that with our responsible, ethicalapproach, coupled with an awareness that we canalways do more, we will achieve the objectives that wehave set, and together with our partners we will finishthe year with even better results and celebrate newsuccesses.

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The Supervisory Board monitored and oversaw the bank’s performance and thework of the Management Board in 2005 in line with the Supervisory Board powers,responsibilities and duties as defined in the Banking Act, the Companies Act and thebank’s own articles of association. The Supervisory Board convened two ordinary sessions, and took its decisions atthese. In keeping with the bank’s need for efficiency, certain resolutions were alsopassed at correspondence sessions, in line with legal regulations and the powersoutlined in the articles of association. The Supervisory Board regularly monitored the current operations of the bank in2005, and the financial results that it achieved. At its ordinary sessions theSupervisory Board was briefed by the Management Board regarding all significantbusiness events at the bank and other activities related to the bank’s operations, theeconomic and political environment, the important changes in legislation affectingthe bank’s operations, and the actual financial results that the bank achieved incomparison with the forecasts in the business plan. The Management Board alsoregularly kept the Supervisory Board informed of the financial results forecast forthe end of the financial year, and of the results achieved.

The Supervisory Board was regularly briefed about the implementation of theinternal audit department’s plan of work, its findings, and inspections by outside

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regulatory institutions. The Supervisory Board approved the internal audit plan for2005 in April 2005.

The Supervisory Board was also actively involved in the approval of all the measuresand activities required to implement the overall business policy of the parentbanking group.The Supervisory Board also approved the development plan and the bank’s basicbusiness policies for 2005.

There were a number of changes to the make-up of the Supervisory Board in 2005.Mr Helmut Bernkopf was appointed to the Supervisory Board and became itschairman in January 2005, with Mr Ralf Cymanek stepping down from the board.Mr Herbert Hangel was appointed to the Supervisory Board in May 2005.

The Management Board drew up the Annual Report on the bank’s performance in2005, and submitted it to the Supervisory Board for review by the legal deadline.Together with the Annual Report, the Supervisory Board also received the auditreport on the 2005 financial statements, drawn up by the official auditor Deloitted.o.o., allowing the Supervisory Board to formulate an official position on the bank’saudit report. The Management Board proposed that the Supervisory Board pass aresolution on the use of the net profit, and also submitted a draft resolution on theuse of the balance sheet profit to be approved by the Supervisory Board before beingdecided upon by the general meeting.

The Supervisory Board reviewed the Annual Report submitted by the ManagementBoard. It established that the Annual Report was in accordance with the informationand reports on the bank’s performance in 2005, and with those reports on theeconomic and political environment in which the bank operates that were presentedto the Supervisory Board during the course of the financial year. Comparing theAnnual Report with the audited financial statements for the 2005 financial year, theSupervisory Board established that the financial results presented in the AnnualReport were in accordance with the audit report. Having heard reports, findings andrecommendations from the internal audit department and outside regulators, theManagement Board has taken these recommendations into consideration, and as faras possible has already carried out the necessary activities for their implementation

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or ensured that the necessary activities are underway. The Supervisory Board isof the opinion that the Management Board and the Supervisory Board itself havefulfilled all their legal requirements in the 2005 financial year. Based on the regularmonitoring of the bank’s operations and the aforementioned reviews, theSupervisory Board approved the Annual Report on the bank’s performance in 2005.

The audit report on the financial statements for 2005 submitted to the SupervisoryBoard together with the Annual Report included an opinion from the official auditor.The official auditor issued an unqualified opinion. The Supervisory Board has beenbriefed on the bank’s audit report for 2005, and has lodged no objections to thereport.

A resolution on the use of the net profit from the 2005 financial year, and a draftresolution on the use of the balance sheet profit for the 2005 financial year weresubmitted by the Management Board to the Supervisory Board for discussion. Giventhe planned expansion of turnover in 2006 and in subsequent years, in accordancewith the bank’s medium-term plans and with a view to meet the capital adequacyrequirements, the Management Board has proposed that instead of being distributedto the shareholders, the bank’s net profit should be fully transferred to the bank’sother reserves. The Management Board proposes that the Supervisory Board and theannual shareholder meeting accept the resolution for the use of the net profit fromthe financial year 2005, in accordance with their powers. Accepting this proposalwill allow the bank to continue to grow. The Supervisory Board has thus passed theresolution on the use of the net profit from the 2005 financial year, has approved theManagement board’s proposal for the use of the balance sheet profit from 2005, andhas recommended that the general meeting pass it as proposed.

Chairman of the Supervisory Board

Mag. Helmut Bernkopf

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Statement of Responsibility of the Management Board

The Management is responsible for the preparation of the financial statements for thefinancial year. These must give a true and fair view of the state of affairs of Bank AustriaCreditanstalt d.d. Ljubljana (“the Bank”) as of the end of financial year and of the profitor loss and cash flow for that year. Management is required to prepare the financialstatements on a going concern basis unless it is not appropriate.

In preparing the financial statements on pages 5 through 41 for the year ended 31 December 2005, management has used appropriate accounting policies, consistentlyapplied and supported them by reasonable and prudent judgments and estimates,and ensured that all accounting standards which they consider significant have beenfollowed.

Management has the responsibility for ensuring that the Bank keeps accounting recordswhich disclose with reasonable accuracy the financial position of the Bank and whichenable them to ensure that the financial statements comply, in all material respects,with the regulations of the Government of the Republic of Slovenia, the Central Bankof Slovenia and International Financial Reporting Standards. Management also has ageneral responsibility for taking such steps as are reasonably necessary to safeguardthe assets of the Bank and to prevent and detect fraud and other irregularities.

On behalf of the Management


Chairman of the Management Board Member of the Management Board Ljubljana, 27 January 2006

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Independent Auditors’ Report

To the shareholders and Supervisory Board of Bank Austria Creditanstalt d.d. Ljubljana

We have audited the accompanying unconsolidated financial statements of Bank AustriaCreditanstalt d.d. Ljubljana (the Bank), which comprise the balance sheet as of 31December 2005, and the related statements of income, changes in eqity and cash flowsfor the year then ended, and the summery of significant accounting policies and otherexplanatory notes. This financial statements ate the responsibility of the Bank’smanagement. Our responsibility is to express an opinion on the financial statementsbased on our audit.

We conducted our audit in accordance with International Standards on Auditing issuedby the International Federations of Accountants. Those Standards feqire that we plantand perform the obtain reasonable assurance about wheter the unconsolidated financialstatementsare free of material misstatements. An audit includes exsaming, on a testbasis, evidence supporting the amounts and disclosures in the unconsolidated financialstatements. An audit also incudes assesing the accounting principles used and significantestimates made by management, as well as evaluating the overall financial statementpresentation. We belive that our audit provides a reasonable basis for our opinion.

In our opinion, the unconsolidated financial statements present fairly, in all materialrespects the financial position of the Bank as of 31 December 2005, and the results ofits operations, changes in equity and cash flows for the year then ended in accordancewith International Financial Reporting Standards as adopted by the EU.

Deloitte d.o.o. Ljubljana, 27 January 2006

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Chairman of the Management Board Member of the Management Board

The accompanying accounting policies and notes are an integral part of these financial statements.

BALANCE SHEET

SIT ’000 Notes 31. 12. 2005 31. 12. 2004

Assets

Cash and balance with the central bank 3 4,977,152 3,622,519

Bills issued by the central bank 75,228,778 34,721,234

Loans and advances to, and placements with banks 4 79,312,068 38,486,452

Loans and advances to customers 5 248,040,974 188,221,392

Trading assets 6 15,174,712 13,539,523

Available-for-sale securities 7 22,996,105 14,281,590

Securities held-to-maturity 8 1,168,760 3,461,521

Property, equipment and intangible assets 9 2,934,653 2,653,221

Other assets 10 1,270,026 840,054

451,103,228 299,827,506

Liabilities and shareholders’ equity

Amounts owned to banks 11 264,182,525 153,154,917

Amounts owned to customers 12 150,293,653 116,605,418

Trading liabilities 13 677,821 357,482

Provisions 14 213,362 269,647

Other liabilities 15 2,600,420 2,075,290

Subordinated debt 16 - 7,888,419

Shareholders’ equity 17 33,135,447 19,476,333

451,103,228 299,827,506

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SIT ’000 Notes 2005 2004

Interest and similar income 19 14,391,592 10,762,733

Interest and similar expose 20 (7,429,049) (5,192,022)

Net interest and similar income 6,962,543 5,570,711

Losses on loans and advances 21 (610,632) (491,447)

Net interest and similar income after losses on loans and advances 6,351,911 5,079,264

Fee and commission income 22 3,569,631 2,822,777

Fee and commission expense 23 (639,116) (326,424)

Net fee and commission income 2,930,515 2,496,353

Net trading result 24 (462,099) (58,706)

General administrative expanses 25 (5,474,980) (4,548,055)

Other operating income, net 26 81,374 8,458

Profit before taxes 3,426,721 2,977,314

Taxes on income 27 (802,535) (724,689)

Net profit for the year 2,624,186 2,252,625

STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

SIT ’000 Share capital Share premium Retained Revaluation Total

earnings reserve for the

AFS

Balance at 1 January 2005 3,101,378 263,786 13,756,106 47,865 17,169,135

Increase in fair value of available-for sale

investments net deffered tax - - 54,573 54,573

Net income for the year - - 2,252,625 2,252,625

Balance at 31 December 2005 3,101,378 263,786 16,008,731 102,438 19,476,333

Changes in accounting policies (180,479) (180,479)

Balance at 1 January 2004 3,101,378 263,786 15,828,253 102,438 19,295,855

Issue of share capital 797,500 10,456,100 - 11,253,600

Decrease in fair value of available-for-sale

investments net of deffered tax - - (38,193) (38,193)

Net income for the year _ _ 2,624,186 2,624,186

Balance at 31 December 2005 3,898,878 10,719,886 18,452,438 64,245 33,135,447

The accompanying accounting policies and notes are an integralpart of these financial statements. Changes in accountingpolicies are defined under item A.23.

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STATEMENT OF CASH FLOWS

SIT ’000 2005 2004

Profit before tax 3,426,721 2,977,314

Non-cash items included in profit before tax, and adjustments to reconcile profit before tax

to cash flows from operating activities:

Depreciation and amortisation 695,936 510,037

Losses on loans and advances 843,667 1,046,921

Changes in fair values of trading assetes and liabilities (425,875) (94,401)

Increase in provisions (56,285) (209,195)

Changes in accounting policy (180,480) -

Gains / losses on disposals of intangible assets, property plant and equipment 611 857

Operating income before charges in operating assets and liabilities 4,304,295 4,231,533

Trading assets 149,177 (6,031,283)

Trading liabilities (357,482) -

Loans and advances (77,629,271) (81,456,451)

Other assets (564,283) (455,593)

Amounts owed to banks and customers 144,715,843 63,126,722

Other liabilities 173,840 (691,012)

Tax paid (438,516) (342,215)

Cash flows from operating activities 70,353,603 (21,618,299)

Proceeds from disposals of:

Investments 80,617,972 190,046,146

Property and equipment - 602,360

Payments for purchases of:

Investments (87,771,321) (151,450,322)

Property and equipment (977,979) (1,549,461)

Cash flows from investing activities (8,131,328) 37,648,723

Cash proceeds from issued share-capital 11,253,600

Subordinated liabilities and other finacial activities (7,888,419) 4,854,502

Cash flows from financing activities 3,365,181 4,854,502

Net increase / decrease in cash and cash equivalents 65,587,459 20,884,926

Cash and cash equivalents at 1 January 52,221,889 31,336,963

Cash and cash equivalents at 31 December 117,809,348 52,221,889

The accompanying accounting policies and notes are an integralpart of these financial statements.

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PRINCIPAL ACTIVITIES

Bank Austria Creditanstalt d.d. Ljubljana (the “Bank”)is a commercial bank incorporated in Slovenia, andprovides a wide variety of financial services tocorporate and individual customers. The Bank wasregistered as a joint-stock company on 24 January1991. The Bank’s legal address is ©martinska 140,Ljubljana, Slovenia. At 31 December 2005, the Bankwas operating a total of thirteen branches throughoutSlovenia. The ultimate parent company of the Bank isUniCredit S.p.A., Genova.

The Bank’s main areas of operation are as follows:• accepting deposits from the public and placing of

deposits;• providing current and term deposit accounts;• granting short and long-term loans and guarantees

to the State Treasury, local municipalities, corporatecustomers, private individuals and other creditinstitutions dealing with finance lease and foreignexchange transactions;

• treasury operations in the interbank market;• trust management and investment banking services;• performing local and international payments;• providing retail banking services through its branch

network in the Slovenia.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATIONThese unconsolidated financial statements have beenprepared in accordance with International FinancialReporting Standards (IFRS) and interpretationsapproved by the International Accounting StandardsBoard (IASB) as adopted by the European Union.These standards and interpretations were previouslycalled International Accounting Standards (IAS). As ofthe date of issuance of these financial statements, IFRSas adopted by the European Union do not differ fromIFRS as issued by the IASB, except for portfolio hedgeaccounting under IAS 39 which has not been approvedby the EU. The Bank does not use portfolio hedging,and hence has determined that portfolio hedgeaccounting under IAS 39 would have no impact on thefinancial statements had it been approved by the EUat the balance sheet date.These financial statements are prepared in accordancewith International Financial Reporting Standards(“IFRS”), under the historical cost convention, exceptfor the revaluation of certain financial instruments atfair value.

The presentation currency of these financial statementsis Slovene Tolar (“SIT”), which is tied to EURO. Thevariance of SIT/EURO exchange rates in the periodfrom 31 December 2004 to 31 December 2005, andfrom 31 December 2003 to 31 December 2004 wasinsignificant. The financial statements are stated inthousands of SIT unless otherwise noted.The preparation of financial statements in conformitywith IFRS requires management to make estimates andassumptions that affect the reported amounts of assetsand liabilities and disclosure of contingent assets andliabilities at the date of the financial statements andtheir reported amounts of revenues and expensesduring the reporting period. These estimates are basedon the information available at the date of the financialstatements and actual results could differ from thoseestimates. Judgments and estimations made bymanagement of the Bank, as well as key sourcesof estimation uncertainty are disclosed within theparticular accounting policy disclosure.The Bank maintains its books of accounts and preparesfinancial statements for regulatory purposes inaccordance with Slovenian Accounting Standards(“SAS”), the Regulation on Books of Accounts andAnnual Report of Banks and Savings Banks and otherregulations issued by the Bank of Slovenia. Theaccompanying financial statements are based on theaccounting records of the Bank, together withappropriate adjustments and reclassifications necessaryfor fair presentation in accordance with IFRS.

CASH AND CASH EQUIVALENTS For the purpose of reporting cash flows, cash is definedas cash on hand and current accounts with banks,excluding the compulsory minimum reserve with theBank of Slovenia.Cash equivalents are defined as short-term, highlyliquid investments that are readily convertible toknown amounts of cash.Bills issued by the Central Bank are short-term, riskfree highly liquid investments that are used for liquiditymanagement purposes. Bills issued by the central bankcan be sold back to the central bank on a repurchasebasis if necessary, but are typically held to maturity.As such they are accounted for in the same manneras held to maturity investments and carried atamortised cost.

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LOANS AND ADVANCES TO CUSTOMERS Loans where the Bank provides money directly to aborrower are categorised as loans originated by theBank and are carried at amortised cost or at fair valuethrough profit and loss using marked-to-model value.Third party insignificant expenses, such as legal fees,incurred in securing a loan are treated as part of thecost of the transaction, as for material third partyexpenses, they are amortised over the useful life of theloan. Further explanations are presented in note A.23.All loans and advances are recognised when cash isadvanced to borrowers.Loans and advances to customers and financialinstitutions are stated net of impairment losses onloans and advances. A provision for impairment lossesis made if there is an objective evidence that the Bankwill not be able to collect all amounts. In such cases theBank assesses the future cash flows including the useof collateral based on past experience, the financialsituation of the customer as well as industry specificsand discounts the cash flow structure by using theeffective interest rate of the original transaction.When a loan is uncollectible, it is written off againstthe provision for impairment losses on loans andadvances; subsequent recoveries are credited to theimpairment losses on loans and advances line in theincome statement.The carrying amount of non-accruing loans representsthe amount of the receivable decreased by theallowance for expected losses, for further guidance seenote A.14.

DERIVATIVE F INANCIAL INSTRUMENTSIn the normal course of business, the Bank is a party tocontracts for derivative financial instruments, whichrepresent a very low initial investment compared to thenotional value of the contract. The derivative financialinstruments used include interest rate and currencyforward or swap or option contracts. These financialinstruments are used by the Bank to hedge interestrate risk and currency exposures associated with itstransactions in the financial markets.Derivative financial instruments are initially recognisedat cost and subsequently re-measured at their fairvalue. Fair values are obtained from quoted marketprices, discounted cash flow models and optionspricing models as appropriate. Changes in the fairvalue of derivative financial instruments that do notqualify for hedge accounting are recognised in the “Nettrading result” as they arise. All derivatives are carriedas assets when fair value is positive and as liabilitieswhen fair value is negative.

Certain derivative transactions, while providingeffective economic hedges under the Bank’s riskmanagement positions, do not qualify for hedgeaccounting under the specific rules of IAS 39 and aretherefore treated as derivatives held for trading withfair value gains and losses charged directly to the “Nettrading result”. As at 31 December 2005 the Bank hadneither fair value hedging nor cash flow hedgingimplemented.Derivative contracts with Bank’s customers are closedwith opposite deals with the mother Bank. Commonclasses of derivative contracts that Bank enters in withits customers are listed below.The fair value of derivative instruments held fortrading is disclosed in note 6 and 13, while notionalcontract values are disclosed in note 34.

FOREIGN CURRENCY CONTRACTSForeign currency contracts are agreements to exchangespecific amounts of currencies at a specified rate ofexchange, at a spot date (settlement occurs two daysafter the trade date) or at a forward date (settlementoccurs more than two days after the trade date). Thenotional amount of these contracts does not representthe actual market or credit risk associated with thesecontracts. Foreign currency contracts are used by theBank for risk management and trading purposes.

FOREIGN EXCHANGE SWAPS AND INTEREST RATE SWAPSThe Bank enters into foreign-exchange swap andinterest rate swap transactions. The swap transactionis a complex agreement concerning the swap of certainfinancial instruments, which usually consist of aprompt trade and one or more futures contracts.Interest rate swaps obligate two parties to exchangeone or more payments calculated with reference tofixed or periodically reset rates of interest applied to aspecific notional principal amount. Notional principal isthe amount upon which interest rates are applied todetermine the payment streams under interest rateswaps. Such notional principal amounts often are usedto express the volume of these transactions but are notactually exchanged between the counter-parties. TheBank’s interest rate swaps were used for managementof interest rate exposures and have been accounted forat mark-to-market value.

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OPTION CONTRACTS Option contracts represent the formal reservation ofthe right to buy or sell an asset at the specifiedquantity, within a given time in the future and at acertain price. The buyer of the option has the right, butnot the obligation, to exercise the right to buy or sell anasset and the seller has the obligation to sell orpurchase the asset at the specified quantity and at theprice defined in the option contract.

SECURITIES In accordance with IAS 39, the Bank classifies itssecurities based on the intent at the time of acquisitionas: ’securities held for trading’, ‘securities available-for-sale’ and ‘held-to-maturity investments’. The principaldifferences among the classifications relates to thestrategy of the Bank at acquisition and consequentlythe measurement of securities and the recognition oftheir fair values in the financial statements. Allsecurities held by the Bank are recognised usingsettlement date accounting and initially measured attheir cost including transaction costs, if any.

SECURITIES HELD FOR TRADINGSecurities held for trading include debt securitiesacquired by the Bank for the purpose of generating aprofit from short-term fluctuations in prices.Subsequent to the initial recognition these securitiesare accounted for and stated at fair value, whichapproximates the price quoted on recognised stockexchanges or calculated by acceptable valuationmodels. The Bank includes unrealised gains and lossesin ‘Net trading result’. Interest earned on tradingsecurities is accrued on a daily basis and reported in‘Net Trading result’ in the income statement. All purchases and sales of securities held for tradingthat require delivery within the time frame establishedby regulation or market convention (‘regular way‘purchases and sales) are recognised as spottransactions. Transactions that do not meet the ‘regularway’ settlement criterion are treated as financialderivatives.The Bank does not classify any securities within ‘a fairvalue through profit and loss‘ category.

SECURITIES HELD TO MATURITYSecurities held to maturity are financial assets withfixed or determinable payments and fixed maturitiesthat the Bank has the positive intent and ability to holdto maturity. This portfolio comprises treasury bills anddebt securities. Held-to-maturity investments arecarried at amortised cost using the effective yieldmethod, less any provision for impairment. The Bank assesses, on a regular basis, whether there isany objective evidence that an investment held tomaturity may be impaired. A financial asset is impairedif its carrying amount is greater than its estimatedrecoverable amount which is equal to the present valueof the expected future cash flows discounted at thefinancial instrument’s original effective interest rate.The amount of the impairment loss for assets carried atamortised cost is calculated as the difference betweenthe asset’s carrying amount and the present value ofthe expected future cash flows discounted at thefinancial instrument’s original effective interest rate.When an impairment of assets is identified, the Bankmakes an allowance to reduce the investment to itsrealisable value, which is recognised in the incomestatement.

AVAILABLE-FOR-SALE SECURITIESAvailable-for-sale securities are those financial assetsthat are not classified as trading or held to maturity.This portfolio includes both equity and debt securities.Subsequent to initial recognition, available-for-salefinancial assets are re-measured at fair value, based onquoted prices. In circumstances where the quotedmarket prices are not readily available, the fair value ofdebt securities is estimated using the present value offuture cash flows and the fair value of unquoted equityinstruments is estimated using applicable price /earnings or price / cash flow ratios refined to reflectspecific circumstances of the issuer. Unrealised gainsand losses arising from changes in the fair value ofsecurities classified as available for sale are reported inequity until the financial asset is sold, at which time therealised gain or loss is reported in net profit or loss.Where the impairment of securities available for sale isassociated with credit risk and is other than temporary,the carrying amount of the security is immediatelywritten down to its recoverable value. This write downis included in the income statement line ‘Otheroperating expenses’. Interest earned whilst holdingavailable-for-sale securities is accrued on a daily basisand reported as “Interest income” in the incomestatement.

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Dividends on equity securities available for sale arerecorded when paid and included as cash and in‘Interest income’ in the income statement.

PROPERTY, EQUIPMENT AND INTANGIBLE ASSETSProperty and equipment are stated at historical costless accumulated depreciation. Depreciation iscalculated on a straight-line basis to write down thecost of such assets to their residual values over theirestimated useful lives. Land and assets in the courseof construction are not depreciated.

The estimated economic useful lives are set out below:

Leasehold improvements are capitalised anddepreciated over the lesser of their useful life or theremaining lease term on a straight-line basis.The Bank periodically assesses its property andequipment for impairment. Where the carrying amountof an asset is greater than its estimated recoverableamount, it is written down to its recoverable amount.Gains and losses on disposal of assets are determinedby reference to their carrying amount and are takeninto account in determining operating income. Repairsand renewals if of minor extent are charged to theincome statement when the expenditure is incurred.Reversals of impairment losses are recognised asincome immediately in the income statement due tochanges in the estimates used to determine therecoverable amount since the last impairment loss wasrecognised. The Bank also periodically reviews theuseful life and extends the period of depreciation ifappropriate.

OTHER ASSETSOther assets consist of overdrafts of current accountsheld by private customers, credit card claims to privatecustomers, prepaid expenses, accrued income, fees andcommissions and other receivables that are notdisclosed under any other item.

AMOUNTS OWED TO BANKSAmounts owed to banks comprise any type of depositsreceived from domestic and foreign banks, irrespectiveof their purpose and form.

AMOUNTS OWED TO CUSTOMERSAmounts owed to customers comprise any type ofdeposits received from clients. The term clients includeall customers except banks; the latter are defined underitem A.8.

PROVISIONSProvisions are recognised for potential losses relevantto the risks resulting from off-balance sheet items andpending or at threatened litigation. A provision isrecognised only if there is a legal or constructiveobligation towards third parties outside the Bank anda reliable estimate can be made of the amount of theobligation.

EMPLOYEE BENEFITSThe Bank provides its employees with jubilee salariesand severance payments. The employees are entitledto claim jubilee salaries in circumstances where theyare employed with the Bank for a defined period oftime. The employees are entitled to receive severancepayments if they are employed by the Bank until theirretirement age and were employed with the Bank fora minimum defined period.Valuations of these obligations are carried out byindependent qualified actuaries. The main actuarialassumptions included in the calculation of theobligation are:• Discount rate determined by reference to market

yields at the balance sheet date on high qualitycorporate bonds for the EURO-zone and

• Bank’s most recent employee data (the length ofemployment with the Bank, age, gender, averagesalary) and estimates made on the basis ofmonitored historical data about the Bank’semployees and other estimates (the amount ofbonuses, anticipated increase in salaries, estimatedamount of social security and health insurancecontributions).

SIT ’000 2005 2004

Leasehold improvement 10 years 10 years

Hardware, furniture

and motor vehicles 4-10 years 4-10 years

Intangible assets - software 5 years 5 years

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These obligations are measured at the present valueof the future cash outflows. The gains and losses arerecognised in the income statement. The Bank additionally provides short-term benefitsto its employees, such as contributions to retirementpension insurance and recognises the costs of thesecontributions as incurred.

PROVISION FOR GUARANTEES AND OTHER OFFBALANCE SHEET CREDIT RELATED COMMITMENTSThe amount of provisions for guarantees and other offbalance sheet credit related commitments is recognisedas an expense and a liability when the Bank haspresent legal or constructive obligations and it isprobable that an outflow of resources embodyingeconomic benefits will be required to settle thatobligation and a reasonable estimate of the amount ofthe resulting loss can be made. Any loss resulting fromrecognition of provision for liability is recognised in theincome statement for the period.

SHAREHOLDERS’ EQUITYShareholders’ equity is composed of paid-in capital,i.e., capital made available to the company byshareholders (including share capital plus sharepremium), and retained earnings (composed ofreserves, revaluation reserves for available for salesecurities, profit carried forward from the previousyear, and net income).

FINANCIAL COMMITMENTS AND CONTINGENCIESOff balance sheet commitments from guarantees, bothfinancial and service, represent irrevocable obligationsthat the Bank will make payments in the eventcustomer cannot fulfill its obligations against the thirdparties. Documentary letter of credit is an irrevocableundertaking of the issuing Bank acting at the requestof a customer (buyer) to make payment to thebeneficiary (seller) or to pay or accept bills of exchangedrawn by the beneficiary against stipulated documents,provided all terms and conditions of the letter of creditare complied with. The documentary letters of creditare collateralised depending on the creditworthinessof the customer and on the same basis as guaranteesor loans.

The primary purpose of unused credit facilities (loancommitments) is to ensure that funds are availableto a customer as required. Commitments to grant loansissued by the Bank represent issued loan commitmentsand unused part of approved overdraft loans.The risk associated with off balance sheet financialcommitments and contingent liabilities is assessedsimilarly as for loans to customers taking into accountthe financial position and activities of the entity towhich the Bank issued the guarantee and taking intoaccount the collateral obtained.

INTEREST INCOME AND EXPENSEInterest income and expense are recognised in theincome statement on a time proportion basis using theeffective yield method. Interest income includescoupons earned on fixed income investments andaccrued discounts and premiums on treasury bills andother discounted instruments.When loans become impaired, they are written downto their recoverable amounts and interest incomethereafter recognised based on the rate of interest thatwas used to discount the future cash flows for thepurpose of measuring the recoverable amount.

IMPAIRMENT LOSSES ON LOANS AND ADVANCESAn allowance for loan impairment is established ifthere is objective evidence that the Bank will not beable to collect all amounts due. The amount of theallowance is the difference between the carryingamount and the recoverable amount, being the presentvalue of expected cash flows, including amountsrecoverable from guarantees and collateral, discountedat the original effective interest rate of loans computedat initial recognition. Specific allowances are assessedwith reference to the credit standing and performanceof the borrower and take into account the value of anycollateral or third party guarantees.

FEE AND COMMISSION INCOME AND EXPENSEFees and commissions are recognised on completionof the underlying transaction and consist mainly of feesreceived from payment and from the managing offunds on behalf of legal entities and citizens, togetherwith commissions from loans and guarantees.Other service and derivative transaction fees arerecognised based on the conditions of underlyingcontracts.

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NET TRADING RESULTIn addition to the realised and unrealised results frommeasuring the trading positions using the mark-to-market method, the net trading result includes accruedinterest and funding costs relating to trading assetsother than shares, as well as gain or loss from therevaluation of foreign currency assets and liabilities.

TAXATIONTaxes are calculated in accordance with the provisionsof the relevant legislation of Slovenia, based on theprofit or loss recognised in the income statementprepared pursuant to Slovenian accounting standards,regulations issued by the Bank of Slovenia and othernational legislation relevant to the taxation. Incometax is applied at the rate of 25% on taxable incomegenerated by the Bank for the taxation period (seenote 27).Deferred taxes are provided for temporary differencesarising between the tax bases of assets and liabilitiesand their carrying values for financial reportingpurposes, using the liability method at currentlyenacted tax rates. Deferred tax liabilities are providedfor in full. Deferred tax assets are recorded to theextent that it is probable that future taxable profit willbe available against which the tax assets can beutilised.Income tax expense represents the sum of the taxcurrently payable and deferred tax.The tax expense is based on taxable income for theyear. Taxable income differs from net income asreported in the income statement because it excludesitems of income or expense that are taxable ordeductible in other years and it further excludes itemsthat are never taxable or deductible. The Company’sliability for current tax is calculated using tax rates thathave been enacted or substantively enacted by thebalance sheet date.The Bank is subject to various indirect operating taxes.These are included as component of administrativeexpenses.

FOREIGN CURRENCY TRANSLATIONSpot transactions denominated in foreign currenciesare translated into Slovenian Tolar at the official Bankof Slovenia exchange rate on the date of thetransaction, which approximates the prevailing marketrates. Any gain or loss resulting from the change inrates of exchange subsequent to the date of transactionis included in the income statement as a gain or lossfrom the revaluation of foreign currency positions andare recognised in ‘Net trading result‘. Monetary assetsand liabilities, including outstanding commitments todeliver or acquire foreign currencies under spotexchange transactions, are translated at the official rateof exchange valid at the balance sheet date.Forward transactions denominated in foreign currencyare translated into Slovenian Tolar using the forwardrate.

The spot rates of exchange set forth by the Bank ofSlovenia and used in the preparation of the Bank’sbalance sheet at the reporting date were as follows:

Currency 31 December 31 December

2005 2004

EUR 239,5756 239,743

USD 202,4297 176,2427

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FIDUCIARY ACTIVITIESAssets managed by the Bank in its capacity as anominee, trustee or agent are not assets of the Bankand accordingly are not included in these financialstatements.

REGULATORY REQUIREMENTSThe Bank is subject to the regulatory requirements ofthe Bank of Slovenia. These regulations include limitsand other restrictions pertaining to minimum capitaladequacy requirements, classification of loans and offbalance sheet commitments and provisioning to covercredit risk, liquidity, interest rate and foreign currencyposition. At 31 December 2005 the Bank wassubstantially in compliance with all regulatoryrequirements.

RELATED PARTIESRelated parties are those counter parties thatrepresent: • enterprises that directly, or indirectly through one

or more intermediaries, control, or are controlled by,or are under common control with, the reportingenterprise;

• individuals owning, directly or indirectly, an interestin the voting power of the Bank that gives themsignificant influence over the Bank, and anyoneexpected to influence, or be influenced by, thatperson in their dealings with the Bank;

• key management personnel, that is, those personshaving authority and responsibility for planning,directing and controlling the activities of the Group,including directors and officers of the Bank andclose members of the families of such individuals;and

• enterprises in which a substantial interest in thevoting power is owned, directly or indirectly, by anyperson described in (b) or (c) or over which such aperson is able to exercise significant influence. Thisincludes enterprises owned by directors or majorshareholders of the Bank and enterprises that havea member of key management in common with theBank.

In considering each possible related party relationship,attention is directed to the substance of therelationship, and not merely the legal form.

COMPARATIVE AMOUNTSCertain comparative amounts in the income statementand the balance sheet have been reclassified toconform to the current year’s presentation. The impactis not significant, and has no impact on the reportednet profit or assets.Within cash and cash equivalents short term t-bills ofthe central bank in the amount of 34 billion sit werereclassified which were in 2004 presented in theinvestments. Consequently also the cash flow statementfor 2004 was changed.

CHANGES OF ACCOUNTING POLICIESChanges of accounting policies arising fromimplementation of new IFRS and revised IAS effectivefrom 1 January 2005:• IAS 32 Financial Instruments: Disclosure and

Presentation and IAS 39 Financial Instruments:Recognition and Measurement

• Revised IAS 39 recognises a category of financialassets at fair value through profit and loss if theasset is classified as held for trading or if it is, uponinitial recognition, designated by the entity to bevalued at fair value through profit and loss. TheBank has as at 1.1.2005 classified certain fixedinterest rate bearing corporate loans as financialassets at fair value through profit and loss. The fairvalue of these loans is determined by the presentvalue of such loans discounted using thecreditriskfree zero coupon interest rate.

OTHER CHANGESSince 1.1.2005, the Bank adopted IAS 19 EmployeeBenefits, based on which it has for the first timecalculated jubilee salaries and severance paymentsprovisions. The impact of this change on the Bank’sprofit or loss in year 2005 is immaterial, while retainedearnings were restated for approximately 73 million SIT.Similarly since 1.1.2005, the Bank has adoptedeffective interest method in accordance with IAS 39Financial Instruments: Recognition and Measurement.In accordance with requirements of this method Bankstarted to amortise material transaction costs over theuseful life of the loan. The impact of this change on theBank’s profit or loss in year 2005 is immaterial as well,while retained earnings were restated forapproximately 107 million SIT.

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CASH AND BALANCES WITH THE CENTRAL BANK

LOANS AND ADVANCES TO, AND PLACEMENTS WITH BANKS

At 31 December 2005 and 2004, interest rates on termdeposits to other banks, denominated in SIT rangedfrom 3.75 % to 4.2 % and 2.20 % to 5.10 %,respectively.At 31 December 2005 and 2004, interest rates on termdeposits to other banks, denominated in EUR and otherconvertible foreign currencies ranged from 2.1 % to 4.7 % and 1.80 % to 7.25 %, respectively.Within Term Deposits are included term depositsplaced with Bank Austria Creditanstalt AG Vienna in2005 SIT 23,969,060 thousands (in 2004: SIT14,957,488 thousands) and with the Bank of Sloveniain 2005 SIT 16,765,000 thousands (in 2004:11,140,000 thousands).

LOANS AND ADVANCES TO CUSTOMERS

Loans and advances to customers are made principallywithin Slovenia. At 31 December 2005 and 2004interest rates on loans and advances to customers,denominated in SIT ranged from 3.95 % to 13.5 % and4.00 % to 13.95 %, respectively.At 31 December 2005 and 2004, interest rates on loansand advances to customers denominated in foreigncurrencies ranged from 1.6 % to 7.75 % and 1.38 % to7.49 %, respectively.

An industry analysis of the gross portfolio of loans andadvances to customers follows:

TRADING ASSETS

At 31 December 2005 and 2004 treasury bills held for trading earned annual interest of 3.4 % and 3.5 %,respectively. Notional amounts of derivative financial instrumentsare disclosed in note 34.SIT denominated bonds include bonds issued byRepublic of Slovenia, German bank and DARS.

SIT ’000 31. 12. 2005 31. 12. 2004

Industry 45,360,921 32,374,287

Trade 53,237,198 29,689,986

Construction 5,158,930 7,804,919

Insurance, financial services 14,026,523 9,759,993

Other services 68,159,440 42,866,988

Public sector 11,147,883 21,029,911

Individuals 50,950,079 44,695,308

248,040,974 188,221,392

SIT ’000 31.12.2005 31.12.2004

Treasury bills issued by the

Government of Slovenia 1,786,844 3,453,226

SIT denominated bonds 12,746,009 9,634,414

Positive market value of interest

rate swaps 302,778 237,894

Positive market value of

rate options 98,027 -


spot currency transaction 10,042 -


foreign currency options 21,156 1,048


foreign currency forwards 209,856 212,941

15,174,712 13,539,523

SIT ’000 31. 12. 2005 31. 12. 2004

Cash on hand 1,244,425 1,411,129

Cash on clearing account 723,295 (831,541)

Obligatory minimum reserves

with the central bank 3,009,432 3,042,931

4,977,152 3,622,519

SIT ’000 31. 12. 2005 31. 12. 2004

Companies 198,926,074 152,626,060

Individuals 51,459,167 37,294,732

Accured interest 850,457 785,969

(Less) impairmement losses on loans

and advances 251,235,698 190,706,761

(3,194,724) (2,485,369)

248,040,974 188,221,392

SIT ’000 31. 12. 2005 31. 12. 2004

Demand deposits with banks 16,406,274 6,307,498

Term deposits with banks 62,753,974 32,046,075

Accured interest 151,820 132,879

79,312,068 38,486,452

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AVAILABLE FOR SALE SECURITIES

The Bank holds shares of the following Slovenecompanies: Bank Austria Creditanstalt Leasing d.o.o.(9,9 %), Vino Breæice (3.94 %), Marles Holding d.d.,Maribor (1.68 %), Iskra TEL d.d., Kranj (0.42 %),Ljubljana Strock Exchange (2.21 %), Bankart d.o.o.,Ljubljana (2.24 %), Slovenska izvozna druæba, d.d.,Ljubljana (0.01 %) and Swift (0.01 %).Bonds and other fixed income securities include SIT,EUR and USD denominated bonds issued by the

SECURITIES HELD-TO MATURITY

Bonds and other fixed income securities include SIT,EUR and USD denominated bonds issued by theRepublic of Slovenia.At 31 December 2005 and 2004, interest rates oninvestments denominated in SIT and foreign currenciesare disclosed within the previous note.

Bonds and Treasury bills are marked to market basedon quoted prices on the stock exchange or over thecounter quotations via Bloomberg. Foreign currencyforwards are marked to market based on quotationson Reuters. For the calculation of net present value

of Interest rate derivatives the valuation system OPUSis used and for the calculation of fair value of foreigncurrency options Wall Street is used. In all cases publicavailable data is used for valuation of financialinstruments.

Republic of Slovenia, SIT denominated bonds issued byGerman and Slovene banks and certificates of depositissued by Banka Celje and Poπtna Banka Slovenije.At 31 December 2005 and 2004, interest rates oninvestments denominated in SIT ranged from 3.25 %to 7.75 % and 4.00 % to 8.46 %, respectively.At 31 December 2005 and 2004, interest rates oninvestments, denominated in foreign currencies rangedfrom 3 % to 4.9 % and 1.43 % to 2.36 %, respectively.

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SIT ’000 31. 12. 2005 31. 12. 2004

Fair Value Cost Fair Value Cost

Equity securities issued by Slovene companies 150,846 150,846 113,562 113,562

Debt securities 22,845,259 22,759,599 14,168,028 14,031,444

22,996,105 22,910,445 14,281,590 14,145,006

SIT ’000 31. 12. 2005 31. 12. 2004

Fair Value Cost Fair Value Cost

Long-term debt securities: 1,168,760 1,168,760 3,461,521 3,461,521

Public sector bonds

1,168,760 1,168,760 3,461,521 3,461,521

24,164,865 24,079,205 17,743,111 17,606,527

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PROPERTY, EQUIPMENT AND INTANGIBLE ASSETS

OTHER ASSETS

The main increase in other receivables is due to thefact, that in 2005 the Bank started financing withletters of credit.

AMOUNTS OWED TO BANKS

At 31 December 2005 and 2004, interest rates onamounts owed to banks denominated in SIT rangedfrom 3.65 % to 3.77% and 3.35% to 3.50%,respectively.At 31 December 2005 and 2004, interest rates onamounts owed to banks, denominated in foreigncurrencies ranged from 1 % to 5.74 % and 1.09% to5.74%, respectively. The main source of the Bank’s refinancing is BankAustria Creditanstalt AG Vienna. Within time depositsare included deposits received from Bank AustriaCreditanstalt AG Vienna in 2005 amounting to SIT210,534,603 thousands (in 2004: SIT 94,040,380thousands). The Bank took a syndicated loan in 2004in the amount of EUR 70 million, shown under otherborrowings from banks.

SIT ’000 Leasehold Furniture Computer Total

improvement vehicles and software

hardware

Cost

At 31 December 2004 1,054,193 1,863,781 1,601,479 4,519,453

Additions 118,266 258,722 600,991 977,979

Disposals - (316,004) - (316,004)

At 31 December 2005 1,172,459 1,806,499 2,202,470 5,181,428

Accumulated depreciation

At 31 December 2004 257,890 1,108,411 499,931 1,866,232

Depreciation for 2005 105,324 254,405 250,003 609,732

Write-offs - 46,500 - 46,500

Impairments 39,704 39,704

Disposals - (315,393) - (315,393)

At 31 December 2005 363,214 1,133,627 749,934 2,246,775

Net book value

At 31 December 2005 809,245 672,872 1,452,536 2,934,653

At 31 December 2004 796,303 755,370 1,101,548 2,653,221

SIT ’000 31. 12. 2005 31. 12. 2004

Overdrafts of current accounts held

by private costumers 330,134 284,655

Credit card claims to private customers 185,299 151,766

Tax refunds recivable 132,732 -

Fees and commissions 110,973 80,512

Prepaid expenses 19,190 146,370

Accored income 12,631 152,151

Other receivables 837,883 249,105

1,628,842 1,064,559

(Less) impairment losses

on other assets (358,816) (224,505)

1,270,026 840,054

SIT ’000 31. 12. 2005 31. 12. 2004

Demand deposits 12,123,385 303,882

Time deposits 175,758,750 94,088,329

Other borrowing 75,016,529 57,959,531

Accured interest 1,283,861 803,175

264,182,525 153,154,917

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AMOUNTS OWED TO CUSTOMERS

At 31 December 2005 and 2004, interest rates onamounts owed to customers, denominated in SITranged from 0.30 % to 7.50 % and 0.20 % to 8.92%,respectively.At 31 December 2005 and 2004, interest rates onamounts owed to customers, denominated in foreigncurrencies ranged from 0.01% to 4.51 % and 0.01%to 6.90%, respectively.

TRADING LIABILITIES

PROVISIONS

As explained in the note A.24 the bank adopted IAS 19- Employees benefits, which is also reflected in therestated opening balances of provisions for jubileesalaries and severance payments.

OTHER LIABILITIES

Increase of taxes and social contributions is mainly dueto increase in tax on income for year 2005. Amountsdue to customers balance includes a receivedprepayment from Bank’s corporate customer forpurchase of Capital Invest funds coupons, which wascompleted in 2006.

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SIT ’000 31. 12. 2005 31. 12. 2004

Provisions for off-balance sheet items 73,039 230,703

Provisions for employee benefits 114,440 -

Other provisions 25,883 38,943

213,362 269,647

SIT ’000 31. 12. 2005 31. 12. 2004

Saving deposits

Demand deposits 3,552,097 4,133,796

Time deposits 31,920,826 30,955,421

Other amouts owed to customers

Current settlement accounts 53,082,216 39,115,050

Time deposits 61,275,642 41,972,483

Accrued interest 462,872 428,668

150,293,653 116,605,418

SIT ’000 31. 12. 2005 31. 12. 2004

Negative market value of

Interest Rate Swaps 280,362 243,268


Interest Rate Options 98,027 -

Negative market value of spots - 4,922


foreign currency options 21,156 1,048


foreign currecy forward contracts 278,276 108,244

677,821 357,482

SIT ’000 31. 12. 2005 31. 12. 2004

Accounts payable 334,374 246,676

Accrued expense 396,727 440,827

Taxes and social contributions 461,358 162,647

Deffered tax liabilities 966,344 881,013

Wages and salaries 109,586 90,859

Liabilities for international settlements 33,298 30,810

Amounts due to customers 227,573 67,964

Other liabilities 71,160 154,494

2,600,420 2,075,290

SIT ’000 2005 2004

Balance at 1 January

Provisions for off-balance sheet items,

employee benefits 269,647 478,842

and contingent liabilities (170,725) (209,195)

Balance at 31 December 98,922 269,647

Balance at 1 January 83,392

Net pension cost 14,943

Actual payments

Balance at 31 December 98,335

Balance at 1 January 14,164

Net awards cost 3,701

Actual payments (1.760)

Balance at 31 December 16,105

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SUBORDINATED DEBT

All subordinated loans represent amounts owed to theBank’s immediate Parent, Bank Austria CreditanstaltAG Vienna. At 31 December 2004 subordinated loansdenominated in EUR bear an annual interest from 2.52 % to 2.58 %. The Bank repaid the subordinated loan on Febuary28th 2005.

SHAREHOLDERS’ EQUITY

Bank Austria Creditanstalt AG Vienna, owns 99.98 % ofthe Bank’s shares. The remaining 0.02 % is owned bySlovene companies and individuals. All shares havevoting and dividend rights. In year 2005 the Bank has increased paid-in-capitaltwice. First increase was approved by the Bank’sassembly on January 12th 2005. Bank has issued62.028 regular shares with nominal value of 10thousands SIT. Shares were paid in by the value of 130thousands SIT per share. For that reason share capitalincreased for 620.280 thousands SIT and sharepremium for 7.443.360 thousands SIT. For the secondincrease the Bank has issued 177.220 shares withnominal value of 1 thousand SIT. These shares werepaid-in by the value of 18 thousands SIT, whichincreased share capital for 177.220 thousands SIT,while share premium was increased for 3.012.740thousands SIT.

Shares authorised, issued and fully paid at 31 December 2005 and 2004:

There are no restrictions on distributions from retainedearnings and current year profit. No dividends havebeen proposed to be distributed for the year ended 31December 2004.

FINANCIAL COMITMENTS AND CONTINGENCIES

Legal proceedings. In the ordinary course of business,the Bank has been involved in a number of legalproceedings to recover collateral or outstanding creditbalances, as well as related interest and expenses fromdefaulted customers. The management of the Bankbelieves that any legal proceedings pending at 31December 2005 will not result in material loss to theBank.

Credit commitments. The following table indicates thecontractual amounts of the Bank’s off-balance-sheetfinancial instruments that commit to extend credit tocustomers (see note 5).

SIT ’000 31. 12. 2005 31. 12. 2004

Remaining maturity up to three months - 28,760 181

Remaining maturity three to

twelve months - 181

Remaining maturity over five years 7,859,478

- 7,888,419

SIT ’000 31. 12. 2005 31. 12. 2004

Share capital 3,898,878 3,101,378

Share premium 10,719,886 263,786

Reserves 4,107,496 4,107,496

Retained earnings 11,720,756 9,648,610

Available-for-sale reserve 64,245 102,438

Current year profit 2,624,186 2,252,625

33,135,447 19,476,333

SIT ’000 31. 12. 2005 31. 12. 2004

Commitmets to extend credit 46,590,863 38,300,620

Guarantees and standby letters

of credit 36,806,418 43,535,596

Documentary and commercial letters

of credit 834,546 234,037

84,231,827 82,070,253

Number of shares Par value 31 .12. 2005 31. 12. 2004

SIT SIT ’000 SIT ’000

13,000 100,000 1,300,000 1,300,000

120,028 10,000 1,200,280 580,000

1,398,598 1,000 1,398,598 1,221,378

Total ordinary shares 3,898,878 3,101,378

139

INTEREST AND SIMILAR INCOME

The Bank received 18.569 thousand SIT of dividendson its available for sale equity securities (2004: 14.365thousand SIT), which are included within Other interestand similar income.

INTEREST AND SIMILAR EXPENSE

IMPAIRMENT LOSSES ON LOANS AND ADVANCES

The movement in the impairment losses on loans andadvances was as follows:

The movement in the impairment losses on otherassets was as follows:

The movement in the provisions for guarantees andother credit related commitments was as follows:

FEE AND COMMISSION INCOME

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SIT ’000 2005 2004

Interest on loans and advances

to customer 9,264,577 7,168,726

Interest on debt securities 3,419,065 2,782,421

Interest on loans and advances

to banks 1,689,381 794,619

Other interest and similar income 18,569 16,967

14,391,592 10,762,733

SIT ’000 2005 2004

At 1 January 224,504 154,821

Allocation 185,852 132,556

Release (51,540) (62,873)

At 31 December 358,816 224,504

SIT ’000 2005 2004

At 1 January 230,705 460,443

Allocation 637,011 533,273

Release (794,677) (763,011)

At 31 December 73,039 230,705

SIT ’000 2005 2004

At 1 January 2,485,369 1,697,505

Allocation 1,918,667 1,935,575

Release (1,209,312) (1,147,711)

At 31 December 3,194,724 2,485,369

SIT ’000 2005 2004

Interest on amounts owed

to customers 2,335,879 1,995,665

Interest on amounts owed to banks 5,078,833 3,176,474

Other interest 14,337 19,883

7,429,049 5,192,022

SIT ’000 2005 2004

Direct write-offs (10,952) (66,820)

Impairment losses on loans and

advances 644,938 719,861

Impairment losses on other assets 134,312 68,144

Provisions for guarantees and other

credit related commitments (157,666) (229,738)

610,632 491,447

SIT ’000 2005 2004

Foreign exchange commissions 1,165,223 1,019,637

Loan origination fees 1,016,219 1,016,497

Security bussines and custody fees 478,948 285,910

Transaction fees 654,994 407,495

Derivatives fees 233,917 -

Other service changes 20,330 93,238

3,569,631 2,822,777

140

FEE AND COMMISSION EXPENSE

NET TRADING RESULT

GENERAL ADMINISTRATIVE EXPENSES

The average number of personnel employed by theBank during the years ended 31 December 2005 and2004 was 360 and 305, respectively.

OTHER OPERATING INCOME AND EXPENSE

TAXES ON INCOME

Current income tax expense represents the amountof tax to be paid under Slovene law statutory tax rates.Deferred tax income or expense results from thechange of carrying amounts of deferred tax assets anddeferred tax liabilities. The corporate income tax ratefor the years ended 31 December 2005 and 2004 was25 %.

The tax on the operating profit differs from thetheoretical amount that would arise using the basic taxrate as follows:

Slovenian tax legislation and practice has changedsignificantly in recent years. Many parts of thelegislation remain untested and there is uncertaintyabout the interpretation that the tax authorities mayapply in a number of areas. Management of the Bank

SIT ’000 2005 2004

Foreign exchange commissions 51,374 45,028

Loan origination fees 200,766 113,844

Security business and custody fees 73,561 53,842

Transaction fees 121,133 41,545

Derivatives fees 191,779 -

Other service changes 503 72,165

639,116 326,424

SIT ’000 2005 2004

Wages, salaries and bonuses 2,028,145 1,617,301

Social security costs 458,955 412,910

Depreciation and amortization 609,731 510,037

Write-downs of property

and equipment 86,204 45,032

Data processing costs 408,411 358,790

Rent 336,653 337,052

Other administrative expense 514,640 495,812

Consulting and professional fees 132,499 43,076

Other employee benefits 360,457 351,645

Communication 317,866 233,894

Advertising, marketing and

sposorship 221,418 142,506

5,474,979 4,548,055

SIT ’000 2005 2004

Profit before tax 3,426,721 2,977,314

Applicable tax rate 25% 25%

Computed income tax expense 856,680 744,329

Tax effects from:

tax-exempt income (152,042) (137,189)

non deductible expenses 54,020 64,678

different income - and expense

recognition 43,877 52,871

Reported tax on income 802,535 724,689

23% 24%

SIT ’000 2005 2004

Foreign exchange losses (111,954) (336,347)

Gains on securities 126,014 257,074

Gains / (losses) on derivative

instruments (476,159) 20,567

(462,099) (58,706)

SIT ’000 2005 2004

Other operating income 144,007 126,655

Other operating expenses (62,633) (118,197)

81,374 8,458

SIT ’000 2005 2004

Current taxes 704,472 434,012

Deffered taxes 98,063 290,677

802,535 724,689

141

has applied revised tax legislation on a prudent basis.Tax positions taken by the Bank are subject toexamination and could be challenged by the taxauthorities. As a result, there is uncertainty about thepotential impacts should the interpretation of the taxauthorities differ from that applied by the Bank.However, the Bank’s Management considers that theany tax liability, which might arise in connection suchcircumstances, would not be material.Deferred taxes reflect the net tax effects of temporarydifferences between the carrying amounts of assets andliabilities for financial reporting purposes and theamounts used for tax purposes. Temporary differencesat 31 December 2005 and 2004 relate mostly todifferent methods of income and expense recognitionas well as to recorded values of certain assets.

Deferred tax resulting from temporary differences at 31 December 2005 and 2004 were:

Deferred taxes in the amount of 98.062 thousands SITwere debited to profit and loss and deferred taxes inthe amount of 21.415 thousands SIT went throughequity.

INFORMATION FOR CASH FLOW STATEMENT

Bills issued by the central bank are by the Bankconsidered as cash equivalents and are classified assuch.

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SIT ’000 2005 2004

Deferred liabilities relating to

General provisions for

performing loans 3,794,174 2,684,069


Valuation of securities available

for sale and investments held

to maturity 7,378 12,946

Valuation of trading assets - 269,109

Deferred assets relating to

Valuation of trading assets 358,165 -

3,779,716 3,387,466

Net deferred liabilities (3,779,716) (3,387,466)

Deferred tax liabilities at the

statutory tax rate (944,929) (846,867)

Net deferred tax (liability)/assets (944,929) (846,867)

SIT ’000 31. 12. 2005 31. 12. 2004

Cash and balance with

central banks 1,244,425 1,411,129

Current accounts with other banks 41,336,145 16,089,525

Bills issued by the Central bank 75,228,778 34,721,234

117,809,348 52,221,888

142

RELATED-PARTY TRANSACTIONS

As at 31 December 2005 and 2004, balances outstanding with related parties comprised:

31. 12. 2005 31. 12. 2004

SIT ’000 % SIT ’000 %

Amounts due from banks and customers 39,346,734 12 19,594,219 8.64

Directors 0 0.00 1,052 0.00

Parent company 39,286,127 12.00 19,538,486 8.62

Other companies within UniCredit Group 60,607 0.02 54,680 0.02

Receivables from financial derivative transaction 139,031 32.18 62,815 13.90

Parent company 139,031 32.18 56,383 12.48

Other companies within UniCredit Group 0 0.00 6,433 1.42

Other receivables 29,771 2.34 28,670 3.41

Parent company 24,819 1.95 28,356 3.38

Other companies within UniCredit Group 4,952 0.39 314 0.04

Assets total 39,515,536 13.18 19,657,034 13.18

Amounts due to banks and customers 221,327,887 53.40 131,592,911 48.78

Directors 33,343 0.01 0 0.00

Parent company 221,207,661 53.37 131,535,487 48.76


Payables on financial derivatives transactions 255,633 44.09 213,524 59.73

Parent company 246,729 42.55 212,781 59.52


Other liabilites 210,769 8.11 162,650 7.84

Parent company 0 0.00 0 0.00


Subordinated debt 0 0.00 7,888,419 100.00

Parent company 0 0.00 7,888,419 100.00

Liabilities total 221,794,289 79.11 139,857,504 49.89

143

As of 31 December 2005 and 2004, transactions made with related parties comprised:

As parent company Bank Austria Creditanstalt AG Vienna is presented. In the normal course of businessthe Bank enters into numerous transactions with other members of the UniCredit Group. All of thesetransactions are done on normal commercial terms.

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31. 12. 2005 31. 12. 2004

SIT ’000 % SIT ’000 %

Commitments and contingent liabilities 20,076,449 36.25 14,597,970 28.05

Guarantees issued 1,689,150 4.59 6,374,785 14.64

Parent company

Guarantees recived 18,387,298 99.02 8,223,185 96.62

Parent company 16,421,899 88.43 8,223,185 96.62

Other companies within UniCredit Group 1,965,400 10.58 0 0.00

Derivatives - notional amounts 33,401,813 21.50 23,132,592 21.45

Parent company 32,974,348 21.23 22,507,592 20.87


2005 2004

SIT ’000 % SIT ’000 %

Interest income 671,641 4.67 348,683 3.24

Directors 0 0.00 0 0.00

Parent company 668,321 4.64 345,237 3.21


Fee income 172,584 4.83 221,616 7.85

Parent company 152,471 4.27 207,404 7.35


Income total 844,225 9.50 570,299 11.09

Interest expenses 4,814,854 64.81 3,107,768 59.86

Directors 1,033 0.01 0 0.00

Parent company 4,813,682 64.80 3,105,238 59.81

Other companies within UniCredit Group 139 0.00 2,531 0.05

Fee expenses 7,004 1.10 1,980 0.61

Parent company 2,097 0.33 1,498 0.46


Unrealised result from financial derivatives (116,602) (150,709)

Parent company (107,698) (156,398)

Other companies within UniCredit Group (8,904) 5,690

Administrative expenses 249,832 4.56 221,325 4.87


Expenses total 4,955,088 70.47 3,180,365 65.33

144

MARKET RISK

The Bank is exposed to market risks. Market risks arisefrom foreign exchange and interest rate open positionsas well as liquidity mismatches. As is the current industry practice the local treasuryacts as the bank’s central market risk transformationunit and is responsible for the management of thethree risk categories. Treasury buys via a referencerate system, which is regularly reviewed and approvedby the Assets and Liabilities Committee, the marketrisk from the business divisions. Hence the market riskis centrally concentrated and managed. None of thebusiness divisions is running any foreign exchange,interest rate or liquidity risk.Liquidity risk is measured and managed in accordancewith the Bank of Slovenia legislation and group widestandards. For foreign exchange and interest rate risk the Bankapplies a ‘value at risk’ methodology to estimate themarket risk of positions held and the maximum lossesexpected, based upon a number of assumptions forvarious changes in market conditions. The Assets andLiabilities Committee in close cooperation with BankAustria Creditanstalt AG Vienna sets limits on the valueof risk, which is monitored on a daily basis.The daily market value at risk measure (“VaR”) is anestimate, with a confidence level set at 99%, of thepotential loss which might arise if the current positions

were to be held unchanged for one business day. Themeasurement is structured so that daily lossesexceeding the VaR figure should occur, on average, notmore than once every hundred days. Actual outcomesare monitored regularly to test the validity of theassumptions and parameters/factors used in the VARcalculation.The VAR calculation is based on a historical simulationapproach which replaced in January 2005 the previousVariance/Covariance approach. With the newcalculation methodology the bank doesn’t set separateVAR limits for FX and IR anymore but measures andcontrols the aggregated interest and exchange risk.Since VaR constitutes an integral part of the Bank’smarket risk control regime, VaR limits are establishedby the Board for all trading and portfolio operations;actual exposure against limits, together with aconsolidated Bank-wide VaR, is reviewed daily bymanagement. In 2005, average daily VaR for the Bankwas SIT 39,8 mio in 2005 (since the methodologychanged, the comparison with 2004 doesn’t make anysense). However, the use of this approach does notprevent losses outside of these limits in the event ofmore significant market movements.All treasury activities, that means trading and bankbook, are measured on a daily basis by using a totalreturn approach. In order to minimize losses stop-losslimits (60 day profit and loss figure) are set additionallyfor foreign exchange and interest rate risk.

Remuneration paid to the members of the Management and Supervisory Boards during the years was as follows:

31. 12. 2005 31. 12. 2004

SIT ’000 % SIT ’000 %

Remuneration to the Management Board members 78,184 0.03 98,628 0.05

Remuneration to the Supervisory Board members 0 0.00 0 0.00

Total 78,184 0.03 98,628 0.05

Numbers of the Management Board members 3 4

Numbers of the Supervisory Board members 6 5

145

FOREIGN CURRENCY RISK

The Bank’s financial position and cash flows areexposed to the effects of fluctuations in foreigncurrency exchange rates. The Bank monitors its foreignexchange (FX) position for compliance with theregulatory requirements of the Slovenian Central Bankestablished in respect of limits on open positions.

Additionally the Bank complies with strict foreignexchange volume limits, set up by the Assets andLiabilities Committee. The Bank seeks to maximise itsprofits within the given limit frames.

The table above provides an analysis of the Bank’smain currency exposures.

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SIT ’000 SIT EUR USD Other Total

Assets

Cash and balance with the Central bank 4,452,047 298,133 143,231 83,741 4,977,152

Bills issued by the Central bank 75,228,778 - - - 75,228,778

Trading assets 14,871,934 298,949 3,829 15,174,712

Loans and advances to, and placements with banks 18,089,570 56,404,295 4,269,152 549,051 79,312,068

Loans and advances to customers 46,897,138 169,735,662 893,946 30,514,228 248,040,974

Available for-sale and held-to-maturity securities 23,912,682 162,689 89,494 24,164,865

Property, equipment and intangible assets 2,934,653 - - - 2,934,653

Other assets 658,644 574,605 28,487 8,290 1,270,026

187,045,446 227,474,333 5,424,310 31,159,139 451,103,228

Liabilities

Amounts owed to banks 12,730,424 224,779,861 1,924,621 24,747,619 264,182,525

Amounts owed to customers 69,390,721 74,677,306 5,084,853 1,140,773 150,293,653

Trading liabilities 401,426 276,214 - 181 677,821

Provisions 156,366 55,432 1,247 317 213,362

Other liabilities 2,209,230 377,301 2,781 11,108 2,600,420

84,888,167 300,166,114 7,013,502 25,899,998 417,967,781

Net Balance sheet FX Position 102,157,279 (72,691,781) (1,589,192) 5,259,141 33,135,447

Off-Balance sheet FX Position 20,430,739 58,531,577 3,038,393 2,231,118 84,231,827

Total net FX Position at 31 December 2005 122,588,018 (14,160,204) 1,449,201 7,490,259 117,367,274

Total assets at 31 December 2004 107,768,278 172,684,461 5,725,231 10,996,315 297,174,285

Total liabilities at 31 December 2004 (42,045,870) (225,333,906) (5,669,067) (7,302,328) (280,351,171)

Net Balance sheet FX Position 65,722,408 (52,649,445) 56,164 3,693,987 16,823,114

Off-Balance sheet FX Position 22,711,112 55,124,978 3,393,320 840,843 82,070,253

Total net FX Position at 31 December 2004 88,433,520 2,475,533 3,449,484 4,534,830 98,893,367

146

INTEREST RATE RISK

Interest rate risk is the risk that the value of a financialinstrument will fluctuate due to changes in marketinterest rates. The length of time for which the rate ofinterest is fixed on a financial instrument, therefore,indicates to what extent it is exposed to interest raterisk. The table below provides information on theextent of the Bank’s interest rate exposure based • either on the contractual maturity date of its

financial instruments or,• in the case of instruments that reprise to a market rate

of interest before maturity, the next reprising date.

Those assets and liabilities that do not have contractualmaturity date or are not interest bearing are groupedin ‘maturity undefined’ category.The bank strategy is to maximize the fund transferpricing result and total return of the interest rateposition by actively managing the interest rate gapposition for each currency. The basis point limitsystem, which is approved by Assets and LiabilitiesCommittee, and the Value at Risk is the frame withindecisions on positioning are made.

SIT ’000 Up to 1 1-3 months 3-12 months 1-5 years Over 5 years Non-interest Total

month bearing and

“maturity

undefined”

Assets

Cash and balance with the central bank 1,738,942 3,238,210 4,977,152

Bills issued by the central bank 37,228,778 38,000,000 75,228,778

Trading assets 1,786,845 2,109,740 71,620 6,155,867 4,408,782 641,858 15,174,712

Loans and advances to, and placements

with banks 57,274,626 9,822,600 12,062,917 151,925 79,312,068

Loans and advances to customers 88,521,969 72,913,607 64,215,119 11,027,942 10,475,798 886,539 248,040,974

Available for-sale and held-to-maturity

securities 800,000 1,316,670 16,788,320 4,448,389 811,486 24,164,865

Property, equipment and intangible assets 2,934,653 2,934,653

Other assets 1,270,026 1,270,026

186,551,160 123,645,947 77,666,326 33,972,129 19,332,969 9,934,697 451,103,228

Liabilities

Amounts owed to banks 75,098,481 92,735,504 87,624,220 6,463,463 1,068,889 1,191,968 264,182,525

Amounts owed to customers 115,632,738 25,994,343 6,718,333 1,200,708 284,659 462,872 150,293,653

Trading liabilities 677,821 677,821

Provisions 213,362 213,362

Other liabilities 2,600,420 2,600,420

190,731,219 118,729,847 94,342,553 7,664,171 1,353,548 5,146,443 417,967,781

Balance sheet gap (4,180,059) 4,916,100 (16,676,227) 26,307,958 17,979,421 4,788,254 33,135,447

Off-Balance sheet gap 46,590,863 37,640,964 84,231,827

Total gap at 31 December 2005 42,410,804 4,916,100 - 16,676,227 26,307,958 17,979,421 42,429,218.0 117,367,274

Total assets at 31 December 2004 118,053,075 45,659,802 69,582,226 44,059,930 16,108,680 6,363,793 299,827,506

Total liabilities at 31 December 2004 101,741,896 111,017,751 56,664,084 6,614,279 707,443 3,605,720 280,351,173

Balance sheet gap 16,311,179 (65,357,949) 12,918,142 37,445,651 15,401,237 2,758,073 19,476,333

Off-Balance sheet gap (38,300,620) (43,769,633) (82,070,253)

Total interest rate gap

at 31 December 2004 (21,989,441) (65,357,949) 12,918,142 37,445,651 15,401,237 (41,011,560) (62,593,920)

147

LIQUIDITY RISK

Liquidity risk is a measure of the extent to which theBank may be required to raise funds to meet itscommitments associated with financial instruments.The Bank maintains its liquidity profiles in accordancewith regulations laid down by the Bank of Slovenia.The table below provides an analysis of assets,liabilities into relevant maturity groupings based on theremaining period from the balance sheet date to thecontractual maturity date. It is presented under themost prudent consideration of maturity dates whereoptions or repayment schedules allow for earlyrepayment possibilities.The Assets and Liabilities Committee has establishedits liquidity risk management rules such that itmaintains its liquidity profile in normal conditions(going concern scenario) and in crisis conditions (crisis

liquidity scenario). As such, the Bank has defined a setof trigger points which the bank has to comply with.The Bank is exposed to daily calls on its available cashresources from overnight deposits, current accounts,maturing deposits, loan drawdowns, guarantees andfrom margin and other calls on cash-settledderivatives. The Bank does not maintain cashresources to meet all of these needs as experienceshows that a minimum level of reinvestment ofmaturing funds can be predicted with a high level ofcertainty. The Bank sets limits on the minimumproportion of maturing funds available to meet suchcalls and on the minimum level of interbank and otherborrowing facilities that should be in place to coverwithdrawals at unexpected levels of demand.

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SIT ’000 On demand Under 3 - 12 1 - 5 Over 5 Total

90 days months years years

Assets

Cash and balance with the Central bank 1,244,425 - 3,732,727 4,977,152

Bills issued by the Central bank - 75,228,778 - 75,228,778

Trading assets - 14,756,216 225,533 82,635 110,328 15,174,712

Loans and advances to, and placements with banks 16,452,066 24,884,078 5,658,495 31,358,088 959,341 79,312,068

Loans and advances to customers 6,407,213 49,416,127 40,737,552 96,935,889 54,544,193 248,040,974

Available for-sale and held-to-maturity securities - 23,696,260 282,879 34,880 150,846 24,164,865

Property, equipment and intangible assets - - 2,934,653 2,934,653

Other assets 529,930 19,641 713,984 6,471 1,270,026

24,103,704 188,511,389 46,924,100 129,125,476 62,438,559 451,103,228

Liabilities

Amounts owed to banks 1,195,376 17,921,273 12,926,212 230,969,816 1,169,848 264,182,525

Amounts owed to customers 56,768,855 73,954,143 9,112,592 10,173,404 284,659 150,293,653

Trading liabilities 285,711 224,746 62,007 105,357 677,821

Provisions 8,421 23,591 19,738 68,082 93,530 213,362

Other liabilities 1,057,108.53 569,546.62 972,526.36 1,237.78 2,600,420

57,972,652 93,241,827 22,852,835 242,245,835 1,654,632 417,967,781

Balance sheet gap (33,868,948) 95,269,562 24,071,265 (113,120,359) 60,783,927 33,135,447

Off-Balance sheet gap (6,290,811) (23,812,430) (14,461,742) (28,153,911) (10,142,747) (82,861,641)

Total gap at 31 December 2005 -40,159,759 71,457,132 9,609,523 (141,274,270) 50,641,180 (49,726,194)

Total assets at 31 December 2004 11,403,980 103,108,599 55,905,650 96,804,337 32,604,940 299,827,506

Total liabilities at 31 December 2004 43,572,863 53,874,393 38,083,643 129,059,326 15,760,948 280,351,173

Balance sheet gap (32,168,883) 49,234,206 17,822,007 (32,254,989) 16,843,992 19,476,333

Off-Balance sheet gap (4,577,771) (19,622,085) (11,960,004) (14,384,728) (28,081,682) (78,626,270)

Total interest rate gap at 31 December 2004 (36,746,654) 29,612,121 5,862,003 (46,639,717) (11,237,690) (59,149,937)

148

ESTIMATED FAIR VALUE OF F INANCIAL ASSETS AND LIABILITIES

Fair value of financial instruments is the amount forwhich an asset could be exchanged, or a liabilitysettled, between knowledgeable, willing parties in anarm’s-length transaction. Fair value is based on quotedmarket prices, where available. However, no readilyavailable market prices exist for a significant portionof the Bank’s financial instruments. In circumstanceswhere the quoted market prices are not readilyavailable, the fair value is estimated using discountedcash flow models or other pricing techniques asappropriate. Changes in underlying assumptions,including discount rates and estimated future cashflows, significantly affect the estimates. It is the opinion of the management of the Bank thatthe fair value of the Bank’s financial assets andliabilities are not materially different from the amountsstated in the balance sheet at 31 December 2005.

The following table summarises the carrying valuesand fair values of those financial assets and liabilitiesnot presented on the Bank’s balance sheet at their fairvalue:

In estimating the fair value of the Bank’s financialinstruments, the following methods and assumptionswere used:• Cash and balances with the central bank and bills

issued by the central bankThe carrying values of cash and balances with thecentral bank and bills issued by the central bank aregenerally deemed to approximate their fair value. • Trading assets

Fair values of Treasury bills and securities held fortrading are marked to market using quoted marketprices and if not available by pricing via the marketyield.• Loans and advances to and placed with banksThe estimated fair value of amounts placed with bankswith interest commitments up to 180 daysapproximates their carrying amounts. The bank has nomaterial position with interest commitments more than180 days.• Loans and advances to customers The fair value of variable yield loans that regularlyreprise, with no significant change in credit risk,generally approximates their carrying value. The fairvalue of loans at fixed interest rates is estimated usingdiscounted cash flow analyses, based upon interestrates currently offered for loans with similar terms toborrowers of similar credit quality. The fair value ofnon-performing loans to customers is estimated using adiscounted cash flow analysis or the estimated value ofthe underlying collateral, where available. • Investments Fair values of securities carried in the Held to maturityor Available for sale portfolio are quoted market pricesor calculated by discounting future cash flows using

prevailing market rates. Held to maturity investmentsare carried at amortised cost.• Amounts due to banks and customers The fair value of term deposits payable on demandrepresents the carrying value of amounts payable ondemand at the balance sheet date. The fair value ofterm deposits at variable interest rates approximatestheir carrying values at the balance sheet date. The fairvalue of deposits at fixed interest rates is estimated by

SIT ’000 31. 12. 2005 31. 12. 2004

Carrying value Fair value Carrying value Fair value

Financial assets 446,704,227 446,714,920 296,334,232 296,610,819

Cash and balance with central bank 4,748,374 4,748,374 3,622,519 3,622,519

`Bills issued by the central bank 75,228,778 75,228,778 34,721,234 34,721,234

Trading assets 15,159,055 15,159,055 13,539,523 13,539,523

Loans and advances to, and placements with banks 79,312,068 79,312,068 38,486,452 38,486,452

Loans and advances to customers 248,040,974 248,051,667 188,221,392 188,366,968

Available-for-sale and held-to-maturity 24,214,978 24,214,978 17,743,112 17,874,123

Financial liabilities 415,147,299 415,147,299 278,006,236 278,051,753

Amounts owed to banks 264,182,525 264,182,525 153,154,917 153,200,434

Amounts owed to customers 150,293,653 150,293,653 116,605,418 116,605,418

Trading liabilities 671,121 671,121 357,482 357,482

Subordinated debt _ _ 7,888,419 7,888,419

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discounting their future cash flows using ratescurrently offered for deposits of similar remainingmaturities.• Financial instrumentsThe fair values of financial instruments held as at 31December 2005 and 2004 are set out in the followingtable:

CREDIT RISK

The Bank is exposed to credit risk which is the riskthat the counterparty will be unable to pay amounts infull when due. The Bank structures the levels of creditrisk it undertakes by placing limits on the amount ofrisk accepted in relation to one borrower, or groups ofborrowers, and to industry segments. Such risks aremonitored on a revolving basis and subject to anannual or more frequent review. Exposure to credit risk is managed through regularanalysis of the ability of borrowers and potentialborrowers to meet interest and capital repaymentobligations and by changing these lending limits whereappropriate. Exposure to credit risk is also managed inpart by obtaining collateral and corporate and personalguarantees.

CREDIT RISK OF F INANCIAL DERIVATIVES - the replacement cost of financial derivativeinstruments with positive fair value is also part of theBank’s credit exposure. It is usually a small fraction ofthe notional amounts of the contracts. The creditexposure of each contract is indicated by the creditequivalent calculated pursuant to generally applicablemethodology using the current exposure method andinvolves the fair market value of the contract (only ifpositive, otherwise a zero value is taken into account)and a portion of nominal value, which indicates the

potential change in fair market value over the term ofthe contract. The credit equivalent is establisheddepending on the type of contract and its maturity. TheBank assesses credit risks of all financial instrumentson a daily basis. At 31 December 2005 the Bank has a potential creditexposure of SIT 1,678,588 thousand (2004: SIT845,527 thousand) in the event of non-performance bycounterparties to its financial derivative instruments.This represents the gross replacement cost at marketrates at 31 December 2005 of all outstandingagreements in the event of all counterparties defaultingand does not allow for the effect of nettingarrangements.Bank is selective in its choice of counterparties. Inter-bank foreign exchange and money market transactionsare subject to counterparty limits and limits on groupof related entities.In general non-bank customers, which enter intoderivative transactions with bank, are required to keepcollateral with the bank according to their credit-worthiness. The size of collateral is set by bankaccording to the risk profile of the customer’s positionand is regularly reviewed. A small portion of positionsis covered by credit lines regularly reviewed by creditrisk management.

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SIT ’000 Notional amount Positive market Negative market

value value

2005

Foreign exchange forwards (including forward leg of swap transaction) 103,208,917 209,856 278,276

Interest rate swaps 39,517,968 302,778 280,363

Foreign currency options 1,661,016 21,156 21,156

2004

Foreign exchange forwards (including forward leg of swap transaction) 78,111,788 212,941 108,244

Interest rate swaps 29,716,117 144,238 149,613

Foreign currency options 849,490 1,048 1,048

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DIFFERENCES BETWEEN SAS AND IFRS

Reconciliation of the Bank’s shareholders’ equity underSAS and IFRS is shown under schedule below:

Reconciliation of the Bank’s net income under SAS andIFRS is shown under schedule below:

POST-BALANCE-SHEET EVENTS

The Bank reviewed the useful life of fixed assets as atJanuary 1st, 2006 and assessed the useful life of theBank’s IT system as five years. The difference in yearlydepreciation charge has not materially changed.

APPROVAL OF THE FINANCIAL STATEMENTS

These financial statements were accepted by theManagement Board on 23rd January 2006.

SIT ’000 2005 2004

Shareholders’ equity per SAS

Financial Statement 30,227,990 17,247,803

Reversal of general provisions for

performing loans 3,794,174 2,684,069

Valuation of non-trading securities (2,055) 3,518


Other 614 614

Loans valued at fair value through

profit and loss (8,957) -

Change in accounting policy effect

- fee accruals, loans and guarantees (107,352) -

Change in accounting policy effect

- provisions for employee benefits (114,440) -

Deferred tax (1,040,269) (846,867)

Deferred tax on securities available

for sale (21,415) (34,146)

Shareholders’ equity per IFRS

Financial Statements 33,135,447 19,476,333

SIT ’000 2005 2004

Income before taxes under SAS

Financial Statement 2,425,802 2,026,091

Reversal of general provisions for

performing loans 1,110,105 755,227

Valuation of non-trading securities 65,439 (185,304)

Trading - foreign exchange on

non-trading securities valuation - 2,311

Valuation of trading securities (138,416) 72,431

Valuation of derivatives (31,915) (3,680)

Loans valued at fair value through

profi and loss (8,957) -

Provisions for employee benefits (16,883) -

Fee accruals - loans and guarantees 35,731 -

Other provisions (14,185) 315,937

Other - (5,699)

Net income before taxes per IFRS

Financial Statements 3,426,721 2,977,314

Less taxes on income (802,535) (724,689)

Net income per IFRS Financial

Statements 2,624,186 2,252,625

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BRANCH NETWORKIN SLOVENIA

153

LJUBLJANA BTC BRANCH

©martinska 140, SI-1000 LjubljanaTel: 01 5876 600Fax: 01 5876 554

LJUBLJANA CELOV©KA BRANCH

Celovπka 150, SI-1000 LjubljanaTel: 01 5000 540Fax: 01 5000 544

LJUBLJANA TRÆA©KA BRANCH

Træaπka 19, SI-1000 LjubljanaTel: 01 2410 360Fax: 01 2410 363

LJUBLJANA WOLFOVA BRANCH

Wolfova 1, SI-1000 LjubljanaTel: 01 5876 402Fax: 01 5876 489

CELJE BRANCH

AπkerËeva 15, SI-3000 CeljeTel: 03 4252 470Fax: 03 4252 477

KOPER BRANCH

Ferrarska 5a, SI-6000 KoperTel: 05 6101 010Fax: 05 6101 060

KRANJ BRANCH

Na skali 1, SI - 4000 KranjTel: 04 2018 172Fax: 04 2018 177

MARIBOR BRANCH

Svetozarevska 6, SI-2000 MariborTel: 02 2285 320Fax: 02 2526 386

MURSKA SOBOTA BRANCH

Trg zmage 5, SI-9000 Murska SobotaTel: 02 5341 440Fax: 02 5341 450

NOVA GORICA BRANCH

Tolminskih puntarjev 2b, SI-5000Nova GoricaTel: 05 3383 130Fax: 05 3383 143

NOVO MESTO BRANCH

Glavni trg 20, SI-8000 Novo mestoTel: 07 3737 400Fax: 07 3737 417

PTUJ BRANCH

Ulica heroja Lacka 1, SI-2250 PtujTel: 02 7980 340Fax: 02 7980 345

VELENJE BRANCH

©aleπka 20a, SI-3320 VelenjeTel: 03 8987 300Fax: 03 8987 303

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Contacts in Slovenia

Publisher:

Bank Austria Creditanstalt d.d. Ljubljana

SI — 1000 Ljubljana

©martinska 140

tel: (+386) 1 5876 600

fax: (+386) 1 5876 684

e-mail: [email protected]

Translated by:

Amidas d.o.o.

Photography:

Dragan Arrigler

Print:

Tiskarna Schwarz

Our sincere thanks to the Slovenian Philharmonic

for kindly allowing us to take photographs

in its quarters.

Documents

Letno poroËilo 2005 Annual Report 2005 · 40 Korporativno komuniciranje 42 Druæbena odgovornost 43 Predstavitev finanËnega rezultata poslovanja 44 NaËrti 47 PORO»ILO NADZORNEGA