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REZULTATE FINANCIARE 2002/2003
REZULTATE FINANCIARE 2002/2003
HVB BANK ROMANIA
Rezultate financiare
Rezultatul activit`]ii curente 534.582 268.814
Rezultatul \nainte de impozitare 534.582 268.814
Rezultatul net al exerci]iului financiar 462.322 249.940
Principalii indicatori
ROE dup` impozitare 34% 28%
Ponderea de]inut` de cheltuielile administrative \n veniturile nete opera]ionale 49% 56%
Rata solvabilit`]ii 1 12% 12%
Rata solvabilit`]ii 2 15% 16%
Rezultate bilan]iere
Total activ bilan]ier 21.100.352 19.240.647
Credite acordate clientelei 13.242.214 5.504.218
Total capitaluri proprii 1.342.365 880.042
Num`r angaja]i 225 189
Re]eaua de unit`]i teritoriale 9 5
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OVERVIEW 2002/2003
OVERVIEW 2002/2003
HVB BANK ROMANIA
Business results
Current activity profit 534.582 268.814
Pre-tax profit 534.582 268.814
Profit after tax 462.322 249.940
Key figures
Return on equity after taxes 34% 28%
Cost-Income ratio 49% 56%
Tier 1 solvency ratio 12% 12%
Tier 2 solvency ratio 15% 16%
Balance sheet figures
Balance sheet total 21.100.352 19.240.647
Loans to customers 13.242.214 5.504.218
Shareholders' equity 1.342.365 880.042
Staff number 225 189
Network-number of locations 9 5
2003 2002
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Succesul nostru este, simultan, o promisiune dar [i o responsabilitate: promisiunea c`ne bucur`m de încrederea clien]ilor no[tri [i responsabilitatea de a le confirma încontinuare a[tept`rile. Rezultatele au relevan]` în m`sura în care ele exprim` o rela]iede parteneriat foarte puternic`. Pentru HVB Bank - atât la nivel local cât [i interna]ional- încrederea reprezint` cea mai important` resurs`. Astfel putem cunoa[te nevoileindividuale ale clien]ilor [i putem dezvolta servicii financiare flexibile, inovatoare [ipersonalizate. Iar perfoman]ele partenerilor no[tri sunt o confirmare c` [tim s`capitaliz`m aceast` resurs`.
Încrederea - cel mai important capital
Our success is both a promise and a responsibility – the promise that we gained ourclient’s trust and the responsibility to further on meet their expectations. As we see it,results do make a difference if they express a strong partnership. For HVB BankRomania, as well as for our entire group, trust is the main asset. It is trust that enablesus to know our clients' personal needs so we could further develop personalized,flexible and innovative financial services. And the performances of all our businesspartners are proof that we have the skills and expertise to capitalize on it.
Trust is the main asset
Daniela Laz`r-Croitoru,Branch Manager, Bucharest
»E important s` g`se[ti timp pentru a te bucurade lucruri simple, dar care conteaz` în via]`. {i peplan profesional se întâmpl` la fel. Atitudineaface diferen]a. Pentru c` nu pot stabili o rela]ieapropiat` cu clien]ii decât dac` le ofer solu]iipersonalizate, adaptate nevoilor lor financiare.Trebuie s` fii deschis s` în]elegi cerin]elespecifice clien]ilor [i s` le r`spunzi pe m`sur`..«
It is important to find some time to enjoy thesimple things that really make a difference.This is valid for the professional life, as well.It is the attitude that counts. You cannotestablish a close relationship with the clientsunless you offer them personalized solutions,suitable for their financial needs. You have tobe open to understand their specific requestsand, more importantly, to answer themproperly.
Manuela Pl`pcianu,Head of Retail Division
»Înainte de orice solu]ie financiar`, prima ofert`pe care o facem clien]ilor este parteneriatul.În loc de "noi suntem banca dumneavoastr`",întotdeauna spun "dumneavoastr` sunte]ipartenerii no[tri". Este o schimbare foartesensibil` dar foarte important`. Pentru c` eu crednecondi]ionat c` aceast` abordare invit` ladialog, un element esen]ial în activitatea noastr`.«
The first offer to my clients is partnership.This comes first, before any other financialsolution. Instead of saying „we are yourbank”, I always prefer „you are ourpartners”. It is a small, yet very importantchange of approach. Because I stronglybelieve that this is an invitation to dialogue,an essential element for our activity.
»Dintotdeauna am fost atras de tot ceea ce enou, actual. |mi place performan]a [i îmi place [imai mult atunci când ofer clien]ilor solu]iiinovatoare, concepute astfel încât s` ]in` pasul curitmul accelerat în care se dezvolt` afacerile lor.«
Bogdan Cristocea,Branch Manager, Constan]a
I have always been interested in what is newand modern. I like performance and I like tooffer innovative solutions to my clients,especially since these solutions wereconceived to keep the pace with theaccelerated rhythm of their businesses.
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2004 este unul dintre cei mai importan]i ani în istoria recent` a Europei. UniuneaEuropean` [i-a extins grani]ele. Opt state din regiunea Europei Centrale [i de Est s-aual`turat deja Uniunii Europene, iar celelalte experimenteaz` un proces intens depreg`tire pentru momentul ader`rii. Acum câ]iva ani, acest lucru p`rea imposibil. Estefoarte important acum s` capitaliz`m avantajele [i oportunit`]ile acestui proces deintegrare. Iar noi suntem un juc`tor important în acest proces.
Re]eaua din Europa Central` [i de Est cuprinde acum 900 de sucursale, cu 18.000 deangaja]i, care deservesc aproape 4 milioane de clien]i. HVB Group este activ pe o pia]`de 200 milioane de oameni. Apropierea de clien]i [i expertiza local` sunt factori decisivipentru succesul în fiecare din aceste ]`ri. Datorit` re]elei putem profita de oportunit`]ilede colaborare, fie c` ele se reg`sesc în dezvoltarea de noi produse [i platforme IT, fieîn opera]iunile de back office. Re]eaua grupului nu cunoa[te constrângeri geografice.Avantajul unuia este avantajul tuturor.
Iar beneficiul clien]ilor no[tri este clar: expertiza local` [i interna]ional`, dintr-o singur`surs`.
Succes f`r` frontiere în inima Europei
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RAPORTUL CONSILIULUI DE ADMINISTRA}IE
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Raportul Consiliului de Administra]ie
HVB Bank Romania [i-a început activitatea în septembrie 1998 [i se bucur` ast`zi deo reputa]ie foarte bun` pe pia]a româneasc`, oferind servicii financiare inovatoaremenite a veni în întâmpinarea cerin]elor specifice ale clien]ilor, fie persoane fizice fiepersoane juridice.
În toat` aceast` perioad`, HVB Bank [i-a consolidat pozi]ia pe pia]` datorit` unui ritmde dezvoltare sus]inut. Au fost f`cu]i pa[i importan]i în ceea ce prive[te extindereateritorial` [i dezvoltarea continu` a portofoliului de produse [i servicii. În prezent, HVBBank Romania î[i deserve[te clien]ii prin intermediul celor 9 sucursale din Bucure[ti,Timi[oara, Oradea, Cluj, Bra[ov, Constan]a [i Sibiu.
HVB Bank a ob]inut la finalul anului 2003 un profit net de 462.322 miliarde lei,printr-o expansiune dinamic` în toate segmentele de activitate [i printr-o politic`eficient` a costurilor, ce au generat o cre[tere de 85% în compara]ie cu rezultatul anului2002. Profitabilitatea capitalului a atins 40%, înregistrând astfel un nivel de performan]`deosebit. Banca înregistra Total Active în valoare de 21.100 miliarde lei, în timp cenum`rul de clien]i a crescut semnificativ la 16.800, în compara]ie cu 10.000 anul trecut.
Cu performan]ele înregistrate în 2003 planurile de viitor nu pot fi decât optimiste.Datorit` ritmului de dezvoltare foarte dinamic, HVB Bank î[i va muta sediul centralîntr-o cl`dire nou`, spa]ioas` [i foarte modern` din Pia]a Charles de Gaulle. Banca vacontinua extinderea re]elei teritoriale [i l`rgirea portofoliului de produse [i servicii atâtpentru persoane fizice cât [i pentru persoane juridice.
Prin înfiin]area CAIB Asset Management, HVB Bank va începe vânzarea fondurilormutuale prin re]eaua sa de sucursale în 2004.
HVB Bank va continua s` se pozi]ioneze ca un partener de încredere cunoscut pentruprodusele [i serviciile sigure, flexibile [i inovatoare.
Mul]umim clien]ilor [i partenerilor de afaceri pentru încrederea pe care ne-o acord`[i angaja]ilor pentru devotamentul fa]` de dezvoltarea continu` a b`ncii.
Dan Pascariu Helmut Bernkopf
Pre[edinte Vicepre[edinte
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RAPORT PRIVIND DIVIZIILE B~NCII
Anul 2003 a venit ca o confirmare a trendului cresc`torpe care divizia Corporate Banking a HVB Bank Romanial-a urmat înc` de la înfiin]are. Rezultate record au fostposibile printr-o echip` activ` [i dedicat`, care a abordatcreativ [i flexibil cerin]ele noilor clien]i [i, în acela[i timp,a intensificat rela]iile cu clien]ii existen]i.Tranzac]ii majore au fost încheiate în domeniulcomer]ului, exportului [i finan]`rii de proiecte pentrucompanii atât din domeniul energetic, imobiliar,alimentar cât [i cel de prelucrare de cherestea.La sfâr[itul anului 2003, totalul portofoliului deîmprumuturi acordate clien]ilor persoane juridice era deaproximativ 530 milioane EUR, înregistrånd o cre[tereimpresionant` de 75% comparativ cu 2002. Num`rultotal de tranzac]ii în ceea ce prive[te pl`]ile interne [iinterna]ionale a crescut cu 71% în timp ce volumul depl`]i s-a dublat practic de la 3,06 miliarde EUR în 2002 la6,14 miliarde EUR în 2003. Num`rul tranzac]iilorbancare electronice a crescut cu 121% comparativ cuanul trecut.În segmentul de mari clien]i corporativi HVB Bank a atinso cot` de pia]` de aproximativ 30%, în timp ce num`rulde clien]i întreprinderi mici [i mijlocii a fost deaproximativ 700.De asemenea, o cre[tere semnificativ` a fost înregistrat`în segmentul imobiliar care a atins cifra de 80 milioaneEUR împrumuturi acordate la sfâr[itul anului 2003.Num`rul de clien]i s-a dublat aproape, de la 40 în 2002,la 78 în 2003. Prin flexibilitatea sa [i prin abordareaserioas` a cerin]elor clientului, HVB Bank [i-a consolidat
pozi]ia pe pia]`, fiind unul dintre cei mai importan]ifinan]atori de tranzac]ii imobiliare din Romånia.Solu]iile inovatoare pentru gestionarea lichidit`]ilor aucontribuit la reducerea costurilor financiare [i laeficientizarea administr`rii lichidit`]ilor clien]ilorcorporativi:• Colectarea [i livrarea de numerar – solu]ii care aucontribuit la reducerea resurselor alocate proces`rilor,manipul`rii [i transportului de numerar [i eliminareariscului legat de activit`]ile cu numerar.• Solu]ii pentru pl`]i [i încas`ri - set`ri electronice pentruadaptarea complex` a crean]elor [i a situa]iilor de plat`pe conturi.
HVB Bank a generat cu success mai multe tranzac]iiimportante în 2003, cum ar fi:Sindicaliz`ri - ac]ionând (împreun` cu Bank AustriaCreditanstalt) ca unic intermediar sau ca [i co-intermediar principal pentru împrumuturi sindicalizatede peste 260 milioane USD acordate pentru finan]areaimportului de gaze naturale pentru perioada de iarn`;Finan]`ri export - intermedierea finan]`rii pentruachizi]ia de trenuri noi speciale în valoare de peste 95milioane EUR pe parcursul anului 2003 pentru SocietateaNa]ional` de C`i Ferate;Finan]are proiecte - structurarea [i finan]area de tipgreenfield în valoare de 70 milioane EUR;Finan]are imobiliar` - Finan]area complexului debirouri Charles de Gaulle, o cl`dire de 16 etaje, de peste30 milioane EUR, în nordul Bucure[tiului.
Servicii adresate persoanelor juridice
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Activitatea de retail a HVB Bank a cunoscut o dezvoltarefoarte intens` în 2003. Urmând evolu]ia cererii de pepia]`, banca a dezvoltat noi produse, precum CreditulPersonal, Creditul pentru Construc]ii de Locuin]e saucredite care se adreseaz` unor anumite categorii declien]i. Noile produse se înscriu în strategia general` ab`ncii de a oferi produse personalizate cerin]elorspecifice ale clien]ilor, în condi]ii de maxim`transparen]` în ceea ce prive[te costurile [i condi]iile decreditare.
Un nou concept - pachetele de produse [i servicii – a fostimplementat prin respectarea politicii b`ncii de a oferiservicii în func]ie de segmentul de clien]i c`rora seadreseaz`. Astfel clien]ii pot beneficia de o gam` larg` deproduse în condi]ii de maxim` eficien]` a costurilor.Consilierea financiar` este un alt domeniu dezvoltat deHVB Bank Romania pentru pia]a de “retail”, serviciile de“private banking” jucånd un rol central \n aceast` nou`orientare.
Cardurile au înregistrat, de asemenea, o cre[teresemnificativ`. Astfel, num`rul cardurilor active a crescutcu 85% ajungând la 10.228, în timp ce volumultranzac]iilor a crescut cu 173%.
Conceptul de 24h B@nking a fost promovat în mod activprin implementarea [i dezvoltarea unor produse potrivitecerin]elor în continu` transformare ale clien]ilor (LobbyBanking, Telephone Banking [i Online B@nking). Unuldintre cele mai importante succese realizate în acestdomeniu a fost implementarea pl`]ilor externe prinOnline B@nking.
În acest demers continuu de a oferi servicii [i produsediversificate clien]ilor, HVB Bank a planificat o serie deproiecte ce urmeaz` a fi implementate în 2004:extinderea re]elei de sucursale, lansarea de noi produse[i servicii, dezvoltarea unor noi canale de distribu]ie [istabilirea de parteneriate strategice cu agen]ii imobiliare[i companii de asigur`ri.
Servicii adresate persoanelor fizice
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Tema principal` în 2003 a fost volatilitatea [i, în acestcontext trezoreria a reu[it s` capitalizeze noileoportunit`]i [i s` ob]in` venituri mari. HVB Bank acontinuat s` î[i men]in` pozi]ia de formator de pia]` [itotodat` s` î[i l`rgeasc` baza de clien]i.
Pe partea de gestionare de active [i pasive, diversitateapotrivit` de surse de refinan]are (fonduri primare, linii derefinan]are, pia]a interbancar`) a portofoliului crescândde credite, a contribuit semnificativ la veniturile dindobânzi ale b`ncii în acela[i timp p`strându-se olichiditate ridicat`. Mai mult decât atât, introducerea deproduse derivate de c`tre Banca Na]ional` a României aoferit trezoreriei oportunitatea de a îmbun`t`]igestionarea riscului de dobând`.
Departamentul de vânz`ri a oferit clien]ilor întreagagam` de produse existente. O aten]ie special` a fostacordat` gestion`rii riscului de curs [i oportunit`]ilor deinvesti]ie. Pe m`sur` ce se va avea acces la o varietatemai mare de produse derivative, va exista posibilitatea dea oferi clien]ilor produse mai performante de gestionarea riscurilor.
Pe o pia]` de capital în continu` cre[tere, HVB BankRomania [i-a f`cut apari]ia în pia]` anul trecut [i acâ[tigat pozi]ia de Lead Manager pentru emisiunea deobliga]iuni pentru Municipalitatea Timi[oara [i Jude]ulArad. Viitoarea dezvoltare a acestei pie]e prin cre[tereavolumelor [i a num`rului de emiten]i va oferi în viitor noioportunit`]i de afaceri ce vor putea fi capitalizate.
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RESURSE UMANE
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Cre[terea continu` a activit`]ii [i extinderea teritorial`implic` eforturi sus]inute pentru a asigura capitalul umannecesar ritmului constant de dezvoltare al b`ncii. Un rolimportant al departamentul de Resurse Umane este acelade a asista angaja]ii în procesul de perfec]ionare [idezvoltare profesional` prin capitalizarea oportunit`]ilorpe care le ofer` banca.
Echipele selec]ionate pentru noile sucursale au beneficiatde un program intensiv de preg`tire în cadrul b`ncii,pentru a cunoa[te standardele profesionale [i culturaorganiza]ional` a HVB Bank.
Num`rul angaja]ilor a crescut cu 30% în 2002 [i a ajunsla 225 la sfâr[itul lunii decembrie 2003.
Strategia de resurse umane a HVB Bank Romania vizeaz`,în egal` m`sur`, construirea unei echipe motivate [idedicate dar [i dezvoltarea continu` a b`ncii. Programeleinterne de training organizate în primul rând pentru aspori profesionalismul angaja]ilor [i pentru a cre[te
calitatea serviciilor lor c`tre clien]i se dovedesc un sprijinimportant \n procesul de diversificare continu` a produselor[i serviciilor oferite de banc`. Programele de recunoa[tereprofesional` au înregistrat un real succes [i s-au doveditun catalizator pentru performan]ele angaja]ilor b`ncii.
Preocuparea echipei de conducere pentru o comunicaredeschis` cu angaja]ii s-a reflectat clar într-un studiurealizat anul trecut cu scopul de a m`sura gradul demul]umire al angaja]ilor HVB Bank. Un instrument foarteeficient în dialogul cu angaja]ii, acest studiu se va repetaîn fiecare an.
Obiectivul departamentului de resurse umane pentruanul ce urmeaz` vizeaz` consolidarea politicii dedezvoltare a carierei profesionale [i identificareapersoanelor cheie [i a succesorilor pentru pozi]iileimportante.Vom continua s` implement`m programe depreg`tire [i dezvoltare profesional` care s` permit`angaja]ilor HVB Bank s` î[i cultive abilit`]ile [i s` î[iîmbun`t`]easc` mereu cuno[tin]ele.
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RAPORT FINANCIAR
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Noi am procedat la auditarea bilan]ului societ`]ii HVBBANK ROMANIA S.A. („Banca”) încheiat la 31 decembrie2003, a situa]iilor contului de profit [i pierdere, amodific`rilor capitalurilor proprii, a fluxurilor de trezoreriepentru exerci]iul încheiat la aceast` dat`, care reflecta:
• total active 21.100.351.861 mii lei• capital propriu (activ net) 1.342.364.619 mii lei• venituri totale 1.770.604.138 mii lei• rezultatul exerci]iului financiar-profit 462.322.222 mii lei
Conturile anuale au fost stabilite sub responsabilitateaconducerii B`ncii [i sunt întocmite în conformitate cuReglement`rile contabile în vigoare în România, [i anumeLegea Contabilit`]ii nr. 82/1991, Ordinul MinistruluiFinan]elor Publice [i al guvernatorului B`ncii Na]ionale aRomâniei nr. 1982/5/2001, precum [i Ordinul MinistruluiFinan]elor Publice nr.1827/2003. Responsabilitatea noastr`este ca, pe baza auditului nostru, s` exprim`m o opinieasupra acestor situa]ii financiare.
Noi am efectuat auditul nostru conform normelorinterna]ionale de audit [i Normelor de Audit emise deCamera Auditorilor din Romånia conform legisla]ieiprivitoare la audit în vigoare în România. Aceste normecer ca auditul s` fie planificat [i executat astfel încât s`ob]inem o asigurare rezonabil` c` nu sunt erori semnificativeîn conturile anuale. Un audit const` în a examina, pe baz`de sondaje, elementele probante care s` justifice sumele
[i informa]iile con]inute în conturile anuale. Un audit const`de asemenea, atât în evaluarea principiilor [i metodelorcontabile folosite [i a estim`rilor semnificative f`cute dec`tre conducerea societ`]ii pentru închiderea conturiloranuale, cât [i în efectuarea unei examin`ri a prezent`riide ansamblu a acesteia. Noi estim`m c` auditul efectuatfurnizeaz` o baz` rezonabil` exprim`rii opiniei noastre.
În opinia noastr`, situa]iile financiare ofer` o imagine real`,sub toate aspectele semnificative, a pozi]iei financiare aHVB BANK ROMANIA S.A. la 31 decembrie 2003, arezultatelor opera]iunilor sale, a situa]iei fluxurilor detrezorerie [i a situa]iei modific`rilor capitalurilor propriipentru anul încheiat la aceast` dat`, în conformitate cuReglement`rile contabile în vigoare în România [i anumeLegea Contabilit`]ii nr. 82/1991, Ordinul MinistruluiFinan]elor Publice [i al guvernatorului B`ncii Na]ionale aRomâniei nr. 1982/5/2001, precum [i Ordinul MinistruluiFinan]elor Publice nr. 1827/2003.
F`r` a califica opinia noastr`, atragem aten]ia asupraurm`toarelor:
• A[a cum este prezentat în Nota 1.1 a situa]iilor financiare,în cursul anului 2000 România a început un proces dearmonizare a principiilor sale contabile cu Directiva a IV-aComunit`]ii Economice Europene [i cu StandardeleInterna]ionale privind Raport`rile Financiare (IFRS). Cutoate acestea, ultimele cerin]e contabile ale Ministerului
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Finan]elor Publice sunt concepute pentru a r`spundenecesit`]ilor fiscale ale Ministerului Finan]elor [i suntaplicabile numai pe teritoriul României. Aceste noireglement`ri nu acoper` cerin]ele IFRS \n totalitate, \nunele aspecte fiind chiar diferite fa]` de prevederile IFRS,\n special cele care se refer` la IAS 29 „Raport`ri Financiare\n Economii Hiperinfla]ioniste”, IAS 32 „InstrumenteFinanciare – Prezentare” [i IAS 39 „Instrumente Financiare
– |nregistrare [i Valorizare”. Prin urmare, este posibil caaceste situa]ii financiare s` nu ofere o imagine real` apozi]iei financiare a B`ncii, a rezultatelor opera]iunilorsale, a situa]iei modific`rilor capitalului propriu, precum[i a situa]iei fluxurilor de trezorerie în conformitate cuIFRS. De aceea situa]iile financiare anexate nu sunt \ntocmitepentru uzul persoanelor ce nu cunosc impactul aspectelorprezentate mai sus.
Deloitte & Touche Romania SRLBucure[ti, 26 aprilie 2004
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ACTIV
Casa [i disponibilit`]i la b`nci (Nota 13.8)
Efecte publice [i alte titluri acceptate pentru refinan]are la b`nci centrale
Efecte publice [i valori asimilate (Nota 13.8)
Alte titluri acceptate pentru refinan]are la b`ncile centrale
Crean]e asupra institu]iilor de credit (Note 3.4; 13.8)
La vedere
Alte crean]e (Nota 3.1)
Crean]e asupra clientelei (Note 3.1; 3.3; 3.4)
Descoperiri de cont
Credite la termen
Obliga]iuni [i alte titluri cu venit fix (Note 3.5; 4.1; 4.2; 5)
Emise de organisme publice
Emise de al]i emiten]i, din care:
Obliga]iuni proprii
Ac]iuni [i alte titluri cu venit variabil (Note 4.3; 5)
Participa]ii, din care (Nota 13.2):
Participa]ii la institu]ii de credit
P`r]i în cadrul societ`]ilor comerciale legate, din care:
P`r]i în cadrul institu]iilor de credit
Imobiliz`ri necorporale, din care: (Nota 5)
Cheltuieli de constituire
Fond comercial
Imobiliz`ri corporale, din care: (Nota 5)
Cl`diri [i terenuri utilizate în scopul desf`[ur`rii activit`]ilor proprii
Capital subscris nev`rsat
Ac]iuni [i p`r]i proprii
Alte active (Nota 2.3)
Cheltuieli înregistrate în avans [i venituri angajate (Nota 2.4)
TOTAL ACTIV
2002
2.248.879.348
1.358.519.9691.358.519.969
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9.257.143.676129.635.096
9.127.508.580
5.492.944.1962.864.119.226
2.628.824.970
631.990.817
456.930.996
175.059.821
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2.167.860
1.150.960
1.150.960
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-
56.822.258
13.046
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90.287.228
43.322.137
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-
11.058.168
89.682.756
19.240.647.236
2003
3.680.318.418
-
-
-
2.004.220.072168.569.347
1.835.650.725
13.220.293.4046.594.463.899
6.625.829.505
1.758.782.843
559.815.712
1.198.967.131
-
3.478.139
5.763.460
-
-
-
88.940.113
15.933
-
153.115.285
69.650.477
-
-
91.665.950
93.774.177
21.100.351.861
2003*
89.508
-
-
-
48.744
4.100
44.645
321.529
160.383
161.146
42.775
13.615
29.160
-
85
140
-
-
-
2.163
-
-
3.724
1.694
-
-
2.229
2.281
513.178
2002*
64.403
38.905
38.905
-
265.103
3.712
261.391
157.305
82.022
75.284
18.099
13.085
5.013
-
62
33
33
-
-
1.627
-
-
2.586
1.241
-
-
317
2.568
551.008
* Sumele în EURO sunt ob]inute prin conversia cifrelor în ROL la cursul BNR din 31.12.2002, respectiv 34.919 EUR/ROL [i la cursul BNRdin 31.12.2003 respectiv 41.117 EUR/ROL. Aceste cifre sunt prezentate în scop infomativ [i nu au fost auditate de Deloitte & Touche.
BILAN} CONTABILLA 31 DECEMBRIE 2002 {I 31 DECEMBRIE 2003
26
BILAN} CONTABILLA 31 DECEMBRIE 2002 {I 31 DECEMBRIE 2003
\n mii Lei / \n mii EUR*
PASIV
Datorii privind institu]iile de credit (Nota 3.4)
La vedere
La termen (Nota 3.1)
Datorii privind clientela (Nota 3.4)
Depozite, din care:
La vedere
La termen (Nota 3.1)
Alte datorii, din care:
La vedere
La termen (Nota 3.1; 3.2)
Datorii constituite prin titluri
Titluri de pia]` interbancar`, obliga]iuni, titluri de crean]` negociabile în circula]ie
Alte titluri
Alte pasive (Nota 2.3)
Venituri înregistrate în avans [i datorii angajate (Nota 2.4)
Provizioane pentru riscuri [i cheltuieli, din care:
Provizioane pentru pensii [i obliga]ii similare
Alte provizioane
Datorii subordonate (Nota 3.6)
Capital social subscris (Nota 6)
Prime legate de capital
Rezerve (Nota 2.2)
Rezerve legale
Rezerve statutare sau contractuale
Rezerva general` pentru riscul de credit
Alte rezerve
Rezerve din reevaluare
Rezultatul reportat (Nota 13.4)
Rezultatul exerci]iului financiar (Nota 7)
Repartizarea profitului
TOTAL PASIV
2002
(1.769.808.203)(19.123.373)
(1.750.684.830)
(16.231.931.801)
(11.545.624.175)
-(11.545.624.175)
(4.686.307.626)
(3.955.241.458)
(731.066.168)
-
-
-
(46.870.634)
(70.180.871)
-
-
-
(241.813.330)
(362.733.900)
-
(325.504.170)
(90.922.097)
-
(109.987.061)
(124.595.012)
-
(152.337.367)
(249.939.889)
210.472.929
(19.240.647.236)
2003
(8.055.149.624)(2.531.171.257)
(5.523.978.367)
(11.236.852.795)(6.930.676.429)
(970.102.837)
(5.960.573.592)
(4.306.176.366)
(3.452.245.459)
(853.930.907)
-
-
-
(37.992.107)
(143.258.368)
-
-
-
(284.734.348)
(587.240.500)
-
(494.260.420)
(197.838.657)
-
(264.843.499)
(31.578.264)
-
(60.314.475)
(462.322.222)
261.772.998
(21.100.351.861)
2003*
(195.908)
(61.560)
(134.348)
(273.290)
(168.560)
(23.594)
(144.966)
(104.730)
(83.962)
(20.768)
-
-
-
(924)
(3.484)
-
-
-
(6.925)
(14.282)
-
(12.021)
(4.812)
-
(6.441)
(768)
-
(1.467)
(11.244)
6.367
(513.178)
2002*
(50.683)
(548)
(50.136)
(464.845)
(330.640)
-
(330.640)
(134.205)
(113.269)
(20.936)
-
-
-
(1.342)
(2.010)
-
-
-
(6.925)
(10.388)
-
(9.322)
(2.604)
-
(3.150)
(3.568)
-
(4.363)
(7.158)
6.027
(551.008)
* Sumele în EURO sunt ob]inute prin conversia cifrelor în ROL la cursul BNR din 31.12.2002, respectiv 34.919 EUR/ROL [i la cursul BNRdin 31.12.2003 respectiv 41.117 EUR/ROL. Aceste cifre sunt prezentate în scop infomativ [i nu au fost auditate de Deloitte & Touche.
\n mii Lei / \n mii EUR*
ELEMENTE |N AFARA BILAN}ULUI
Datorii contingente, din care: (Nota 12.1)
Accept`ri [i andos`ri
Garan]ii [i active gajate
Angajamente, din care: (Nota 12.2)
Angajamente aferente tranzac]iilor de vânzare cu posibilitate de r`scump`rare
27
Ra
po
rt f
ina
nci
ar
2002
742.972.889280.017.572
462.955.317
3.300.694.829-
2003
1.984.357.161663.691.728
1.320.665.433
5.612.621.487-
2001*
48.261
16.142
32.120
136.504
-
2002*
21.277
8.019
13.258
94.524
-
CONTURI EXTRABILAN}IERELA 31 DECEMBRIE 2002 {I 31 DECEMBRIE 2003
* Sumele în EURO sunt ob]inute prin conversia cifrelor în ROL la cursul BNR din 31.12.2002, respectiv 34.919 EUR/ROL [i la cursul BNRdin 31.12.2003 respectiv 41.117 EUR/ROL. Aceste cifre sunt prezentate în scop infomativ [i nu au fost auditate de Deloitte & Touche.
\n mii Lei / \n mii EUR*
Dobânzi de primit [i venituri asimilate, din care: (Nota 9.1)
Aferente obliga]iunilor [i altor titluri cu venit fix
Dobânzi de pl`tit [i cheltuieli asimilate (Nota 9.1)
Venituri privind titlurile
Venituri din ac]iuni [i alte titluri cu venit variabil
Venituri din participa]ii
Venituri din p`r]i în cadrul societ`]ilor comerciale legate
Venituri din comisioane (Nota 9.2)
Cheltuieli cu comisioane (Nota 9.2)
Profit sau pierdere net` din opera]iuni financiare (Nota 9.3)
Alte venituri din exploatare (Nota 9.4)
Cheltuieli administrative generale
Cheltuieli cu personalul, din care (Note 9.5; 10)
Salarii
Cheltuieli cu asigur`rile sociale, din care:
Cheltuieli aferente pensiilor
Alte cheltuieli administrative (Nota 9.6)
Corec]ii asupra valorii imobiliz`rilor necorporale [i corporale (Nota 9.7)
Alte cheltuieli de exploatare (Nota 9.4)
Corec]ii asupra valorii crean]elor [i provizioanelor pentru datorii
contingente [i angajamente (Note 8.1; 9.8)
Relu`ri din corec]ii asupra valorii crean]elor [i provizioanelor
pentru datorii contingente [i angajamente (Note 8.1; 9.8)
Corec]ii asupra valorii titlurilor transferabile, care au caracter de imobiliz`ri
financiare, a participa]iilor [i a p`r]ilor în cadrul societ`]ilor comerciale legate
(Not` 9.9)
Relu`ri din corec]ii asupra valorii titlurilor transferabile care au caracter
de imobiliz`ri financiare, a participa]iilor [i a p`r]ilor
în cadrul societ`]ilor comerciale legate (Nota 9.9)
REZULTATUL ACTIVIT~}II CURENTE
Profit
Pierdere
Impozitul pe rezultatul activit`]ii curente (Nota 13.5)
28
2002
781.375.661
8.321.743
(268.020.940)
-
-
-
-
150.536.070
(23.376.315)
(52.859.122)
20.427.687
(293.183.822)
(93.307.619)
(64.643.240)
(16.373.990)
(7.231.831)
(199.876.203)
(22.365.314)
(37.245.228)
(92.298.753)
86.137.269
(60.838.738)
80.525.521
268.813.976
-
(18.874.087)
2003
1.047.338.779
177.202.345
(345.486.263)
-
-
-
-
290.783.975
(35.437.056)
101.015.917
12.701.166
(445.436.757)
(155.222.696)
(100.521.177)
(32.158.547)
(19.375.262)
(290.214.061)
(34.737.760)
(44.061.754)
(330.834.599)
317.906.489
(27.485)
857.812
534.582.464
-
(72.260.242)
2001*
25.472
4.310
(8.403)
-
-
-
-
7.072
(862)
2.457
309
(10.833)
(3.775)
(2.445)
(782)
(471)
(7.058)
(845)
(1.072)
(8.046)
7.732
(1)
21
13.001
-
(1.757)
2002*
22.377
238
(7.676)
-
-
-
-
4.311
(669)
(1.514)
585
(8.396)
(2.672)
(1.851)
(469)
-
(5.724)
(640)
(1.067)
(2.643)
2.467
(1.742)
2.306
7.698
-
(541)
CONTUL DE PROFIT {I PIERDERELA 31 DECEMBRIE 2002 {I 31 DECEMBRIE 2003
* Sumele în EURO sunt ob]inute prin conversia cifrelor în ROL la cursul BNR din 31.12.2002, respectiv 34.919 EUR/ROL [i la cursul BNRdin 31.12.2003 respectiv 41.117 EUR/ROL. Aceste cifre sunt prezentate în scop infomativ [i nu au fost auditate de Deloitte & Touche.
\n mii Lei / \n mii EUR*
REZULTATUL ACTIVIT~}II CURENTE DUP~ IMPOZITARE
Profit
Pierdere
Venituri extraordinare
Cheltuieli extraordinare
REZULTATUL ACTIVIT~}II EXTRAORDINARE
Profit
Pierdere
Impozitul pe rezultatul activit`]ii extraordinare
REZULTATUL ACTIVIT~}II EXTRAORDINARE DUP~ IMPOZITARE
Profit
Pierdere
Venituri totale
Cheltuieli totale
REZULTATUL BRUT
Profit
Pierdere
Impozitul pe profit (Note 13.5; 13.6)
Alte impozite
REZULTATUL NET AL EXERCI}IULUI FINANCIAR
Profit
Pierdere
29
Ra
po
rt f
ina
nci
ar
2002
462.322.222
-
-
-
-
-
-
-
-
1.770.604.138
(1.236.021.674)
534.582.464
-
72.260.242
-
462.322.222
-
2002
249.939.889
-
-
-
-
-
-
-
-
1.119.002.208
(850.188.232)
268.813.976
-
(18.874.087)
-
249.939.889
-
2001*
11.244
-
-
-
-
-
-
-
-
43.063
(30.061)
13.001
-
1.757
-
11.244
-
2002*
7.158
-
-
-
-
-
-
-
-
32.046
(24.347)
7.698
-
(541)
-
7.158
-
CONTUL DE PROFIT {I PIERDERELA 31 DECEMBRIE 2002 {I 31 DECEMBRIE 2003
* Sumele în EURO sunt ob]inute prin conversia cifrelor în ROL la cursul BNR din 31.12.2002, respectiv 34.919 EUR/ROL [i la cursul BNRdin 31.12.2003 respectiv 41.117 EUR/ROL. Aceste cifre sunt prezentate în scop infomativ [i nu au fost auditate de Deloitte & Touche.
30
\n mii Lei / \n mii EUR*
REZULTATUL NET
Componente ale rezultatului net care nu genereaz` fluxuri de trezorerie
aferente activit`]ii de exploatare
± constituirea sau regularizarea provizioanelor
± cheltuieli cu amortizarea
± alte ajust`ri aferente elementelor care nu genereaz` fluxuri de numerar
± ajust`ri aferente elementelor incluse la activit`]ile de investi]ie
sau de finan]are
± alte ajust`ri – impozit pe profit
Modific`ri ale activelor [i pasivelor aferente activit`]ii de exploatare
dup` ajust`rile pentru elementele care nu genereaz` fluxuri de
trezorerie aferente activit`]ii de exploatare
± titluri care nu au caracter de imobiliz`ri financiare
± crean]e privind institu]iile de credit
± crean]e privind clientela
± crean]e ata[ate
± alte active aferente activit`]ii de exploatare
± datorii privind institu]iile de credit
± datorii privind clientela
± datorii ata[ate
± alte pasive aferente activit`]ii de exploatare
- pl`]i în numerar reprezentând impozitul pe profit
Fluxuri de numerar din activit`]i de exploatare
Fluxuri de numerar din activit`]i de investi]ii
- pl`]i în numerar pentru achizi]ionarea de filiale sau alte subunit`]i
+ încas`ri în numerar din vânzarea de filiale sau alte subunit`]i
+ încas`ri în numerar reprezentând dividende primite
- pl`]i în numerar pentru achizi]ionarea de titluri care au caracter
de imobiliz`ri financiare
+ încas`ri în numerar din vânzarea de titluri care au caracter
de imobiliz`ri financiare
+ încas`ri în numerar reprezentând dobânzi primite
- pl`]i în numerar pentru achizi]ionarea de terenuri [i mijloace fixe,
active necorporale [i alte active pe termen lung
+ încas`ri în numerar din vânzarea de terenuri [i mijloace fixe,
active necorporale [i alte active pe termen lung
- alte pl`]i în numerar aferente activit`]ilor de investi]ii
+ alte încas`ri în numerar din activit`]i de investi]ii
Fluxuri de numerar din activit`]i de investi]ii
2003
462.322.222
10.375.445
34.737.761
-
42.921.018
72.260.242
622.616.688
(1.023.907.310)
(585.066.505)
(7.737.996.002)
(3.820.072)
(89.582.384)
6.285.341.421
(4.995.079.007)
73.077.498
(8.200.138)
(63.964.029)
(7.526.579.840)
(5.922.779)
-
-
(68.726.409)
-
-
(129.683.673)
-
-
-
(204.332.861)
2002
249.939.889
5.301.623
24.137.807
38.437
-
18.874.087
298.291.843
18.633.841
742.255
(1.604.843.330)
(30.140.752)
(3.579.831)
1.006.714.046
9.761.905.268
39.099.156
17.360.210
(18.030.953)
9.486.151.753
(1.658.820)
-
-
51.121.087
-
-
(84.919.986)
-
-
-
(35.457.719)
2003*
11.244
252
845
-
1.044
1.757
15.143
(24.902)
(14.229)
(188.195)
(93)
(2.179)
152.865
(121.485)
1.777
(199)
(1.556)
(183.053)
(144)
-
-
(1.671)
-
-
(3.154)
-
-
-
(4.970)
2002*
7.158
152
691
-
-
541
8.542
534
21
(45.959)
(863)
(103)
28.830
279.559
1.120
497
(516)
271.662
(48)
-
-
1.464
-
-
(2.432)
-
-
-
(1.015)
SITUA}IA FLUXURILOR DE TREZORERIE PENTRU ANII |NCHEIA}ILA 31 DECEMBRIE 2002 {I 31 DECEMBRIE 2003
* Sumele în EURO sunt ob]inute prin conversia cifrelor în ROL la cursul BNR din 31.12.2002, respectiv 34.919 EUR/ROL [i la cursul BNRdin 31.12.2003 respectiv 41.117 EUR/ROL. Aceste cifre sunt prezentate în scop infomativ [i nu au fost auditate de Deloitte & Touche.
31
Ra
po
rt f
ina
nci
ar
\n mii Lei / \n mii EUR*
Fluxuri de numerar din activit`]i de finan]are
+ încas`ri în numerar din datorii constituite prin titluri [i datorii subordonate
- pl`]i în numerar aferente datoriilor constituite prin titluri [i datorii subordonate
+ încas`ri în numerar din emisiunea de ac]iuni sau p`r]i
- pl`]i în numerar pentru achizi]ionarea de ac]iuni sau p`r]i proprii
+ încas`ri în numerar din vânzarea de ac]iuni sau p`r]i proprii
- pl`]i în numerar reprezentând dividende
- alte pl`]i în numerar aferente activit`]ilor de finan]are
+ alte încas`ri în numerar din activit`]i de finan]are
Fluxuri de numerar din activit`]i de finan]are
Numerar la începutul perioadei
± Fluxuri de numerar din activit`]i de exploatare
± Fluxuri de numerar din activit`]i de investi]ii
± Fluxuri de numerar din activit`]i de finan]are
± Efectul modific`rii cursului de schimb asupra numerarului
Numerar la sfâr[itul perioadei (Nota 13.8)
2003
-
-
-
-
-
-
-
-
-
12.859.543.773
(7.526.579.840)
(204.332.861)
-
-
5.128.631.072
2002
48.738.000
-
-
-
-
-
-
-
48.738.000
3.360.111.739
9.486.151.753
(35.457.719)
48.738.000
-
12.859.543.773
2003*
-
-
-
-
-
-
-
-
-
312.755
(183.053)
(4.970)
-
-
124.733
2002*
1.396
-
-
-
-
-
-
-
1.396
96.226
271.662
(1.015)
1.396
-
368.268
SITUA}IA FLUXURILOR DE TREZORERIE PENTRU ANII |NCHEIA}ILA 31 DECEMBRIE 2002 {I 31 DECEMBRIE 2003
* Sumele în EURO sunt ob]inute prin conversia cifrelor în ROL la cursul BNR din 31.12.2002, respectiv 34.919 EUR/ROL [i la cursul BNRdin 31.12.2003 respectiv 41.117 EUR/ROL. Aceste cifre sunt prezentate în scop infomativ [i nu au fost auditate de Deloitte & Touche.
32
\n mii Lei
Capital subscris
Prime de capital
Rezerve legale
Rezerve statutare sau contractuale
Rezerva general` pentru riscul de credit
Rezerve din reevaluare
Rezerve pentru ac]iuni proprii
Rezerve din conversie
Alte rezerve
Fonduri
Rezultatul reportat
Profit nerepartizat
Pierdere neacoperit`
Rezultatul reportat provenit din adoptarea pentru prima dat` a IAS, mai pu]in IAS 29
Sold creditor
Sold debitor
Rezultatul reportat provenit din modificarea politicilor contabile
Sold creditor
Sold debitor
Rezultatul reportat provenit din corectarea erorilor fundamentale
Sold creditor
Sold debitor
Rezultatul reportat reprezentând surplusul realizat din rezerve de reevaluare
Rezultatul exerci]iului financiar
Sold creditor
Sold debitor
Total
Sold la
1 ianuarie
362.733.900
-
90.922.097
-
109.987.061
-
-
-
124.595.012
-
51.212.890
-
140.591.437
-
-
-
-
-
-
-
880.042.397
Total
224.506.600
-
106.916.560
-
154.856.438
-
-
-
25.571.801
-
-
-
-
-
-
-
-
-
462.322.222
-
974.173.621
din care
prin transfer
224.506.600
-
106.916.560
-
154.856.438
-
-
-
25.571.801
-
-
-
-
-
-
-
-
-
-
-
511.851.399
SITUA}IA MODIFIC~RILOR CAPITALURILOR PROPRII PENTRU ANUL |NCHEIATLA 31 DECEMBRIE 2003
Cre[teri
33
Ra
po
rt f
ina
nci
ar
\n mii Lei
Capital subscris
Prime de capital
Rezerve legale
Rezerve statutare sau contractuale
Rezerva general` pentru riscul de credit
Rezerve din reevaluare
Rezerve pentru ac]iuni proprii
Rezerve din conversie
Alte rezerve
Fonduri
Rezultatul reportat
Profit nerepartizat
Pierdere neacoperit`
Rezultatul reportat provenit din adoptarea
pentru prima dat` a IAS, mai pu]in IAS 29
Sold creditor
Sold debitor
Rezultatul reportat provenit din modificarea politicilor contabile
Sold creditor
Sold debitor
Rezultatul reportat provenit din corectarea erorilor fundamentale
Sold creditor
Sold debitor
Rezultatul reportat reprezentând surplusul realizat din rezerve de reevaluare
Rezultatul exerci]iului financiar
Sold creditor
Sold debitor
Total
Total
-
-
-
-
-
-
-
-
118.588.549
-
25.571.801
-
105.918.051
-
-
-
-
-
-
261.772.998
-
511.851.399
din care
prin transfer
-
-
-
-
-
-
-
-
118.588.549
-
25.571.801
-
105.918.051
-
-
-
-
-
-
261.772.998
-
511.851.399
Sold la
31 decembrie
587.240.500
-
197.838.657
-
264.843.499
-
-
-
31.578.264
-
25.641.089
-
34.673.386
-
-
-
-
-
-
200.549.224
-
1.342.364.619
SITUA}IA MODIFIC~RILOR CAPITALURILOR PROPRII PENTRU ANUL |NCHEIATLA 31 DECEMBRIE 2003
Reduceri
NOTE LA SITUA}IILE FINANCIARE
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Aceste situa]ii financiare sunt responsabilitatea conduceriiB`ncii [i sunt întocmite în conformitate cu cerin]ele normelorde contabilitate din România [i a Ordinului Ministrului deFinan]e [i B`ncii Na]ionale a României 1982/5/ octombrie2002 (OMF 1982/5).Situa]iile financiare au fost întocmite la costul istoric, cuexcep]iile prezentate \n paragraful referitor la politicilecontabile, modificate prin reevaluarea unor anumite active[i pasive financiare comerciale, investi]ii în titluri disponibilepentru vânzare [i capital social.
ORDINUL MINISTRULUI DE FINAN}E {I AL B~NCIINA}IONALE A ROMÂNIEI NR. 1982/5 ("REGLEMENT~RI
CONTABILE ARMONIZATE CU DIRECTIVACOMUNIT~}ILOR ECONOMICE EUROPENE NR.86/635/CEE {I CU STANDARDELE INTERNA}IONALE DECONTABILITATE APLICABILE INSTITU}IILOR DE CREDIT")Ordinul Ministrului de Finan]e [i al B`ncii Na]ionale aRomâniei nr. 1982/5/2001 (OMF 1982/5) a devenit aplicabilîncepând cu situa]iile financiare pentru anul 2001 pentrub`ncile care îndeplinesc criteriile stabilite în ordonan]`.Conform OMF 1982/5/2001, situa]iile financiare vor fiîntocmite la cost istoric, dar b`ncile pot opta pentru ajustareala infla]ie potrivit IAS 29. IAS 29 cere ca situa]iile financiares` fie exprimate în termenii puterii de cump`rare de ladata bilan]ului contabil [i c` orice câ[tig sau pierdere dinpozi]ia monetar` net` s` fie incluse în contul de profit [ipierdere [i s` fie prezentat separat.
PRINCIPII, POLITICI {I METODE CONTABILE
1.1 PRINCIPIILE CARE AU STAT LA BAZA ÎNTOCMIRIISITUA}IILOR FINANCIARE
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1.2 POLITICI CONTABILE SPECIFICE
Situa]iile financiare prezente sunt întocmite folosindurm`toarele principii contabile:• Principiul continuit`]ii activit`]ii – presupune c` Bancaî[i va continua în mod normal func]ionarea într-un viitorprevizibil f`r` a intra în imposibilitatea continu`rii activit`]iisau f`r` reducerea semnificativ` a acesteia;• Principiul permanen]ei metodelor – presupune caacelea[i reguli [i norme privind evaluarea, înregistrareaîn contabilitate [i prezentarea elementelor de activ [i depasiv, precum [i a rezultatelor, asigurând comparabilitateaîn timp a informa]iilor contabile;
• Principiul pruden]ei – presupune ca valoarea oric`ruielement s` fie determinat` luând în calcul, în special,urm`toarele aspecte:a) Se vor lua în considerare numai profiturile recunoscutepân` la data încheierii exerci]iului financiar;b) Se va ]ine seama de toate obliga]iile previzibile [i pierderilepoten]iale care au luat na[tere în cursul exerci]iului financiarîncheiat sau pe parcursul unui exerci]iu anterior, chiardac` asemenea obliga]ii sau pierderi apar între dataîncheierii exerci]iului [i data întocmirii bilan]ului;c) Se va ]ine seama de toate ajust`rile de valoare datoratedeprecierilor, indiferent dac` rezultatul exerci]iului financiar
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este profit sau pierdere;• Principiul independen]ei exerci]iului – presupune catoate veniturile [i cheltuielile corespunz`toare exerci]iuluifinanciar pentru care se face raportarea s` fie luate înconsiderare, indiferent de data încas`rii sumelor sau aefectu`rii pl`]ilor;• Principiul evalu`rii separate a elementelor de activ [ide pasiv – presupune determinarea separat` a valoriiaferente fiec`rui element individual de activ sau de pasiv;• Principiul intangibilit`]ii – bilan]ul de deschidere al unuiexerci]iu trebuie s` corespund` cu bilan]ul de închidere alexerci]iului precedent, cu excep]ia corec]iilor impuse deIAS 8 "Profitul net sau pierderea net` a perioadei, erorifundamentale [i modific`ri ale politicilor contabile";• Principiul necompens`rii – valorile elementelor cereprezint` active nu pot fi compensate cu valorile elementelorce reprezint` pasive, respectiv veniturile cu cheltuielile, cuexcep]ia compens`rilor între active [i pasive, admise de IAS;• Principiul prevalen]ei economicului asupra juridicului– informa]iile prezentate \n situa]iile financiare anualetrebuie s` reflecte realitatea economic` a evenimentelor [itranzac]iilor, nu numai forma lor juridic`;• Principiul pragului de semnifica]ie – orice element careare o valoare semnificativ` trebuie prezentat distinct încadrul situa]iilor financiare anuale. Elementele cu valorinesemnificative care au aceea[i natur` sau cu func]ii similaretrebuie însumate, nefiind necesar` prezentarea lor separat`.
Sumele sunt prezentate \n mii lei.
Veniturile din dobånzi, cheltuielile cu dobânzile, alte venituri opera]ionale [i alte
cheltuieli opera]ionale sunt recunoscute pe baza contabilit`]iide angajament, iar nu pe baza cånd sunt \ncasate sau pl`tite.
Fiecare mijloc fix cu un cost de achizi]ie cedep`[e[te opt milioane de lei [i o durat` de
via]` estimat` de peste un an, se capitalizeaz`. Mijloacelefixe cu un cost mai mic de opt milioane lei se înregistreaz`pe cheltuial`. Mijloacele fixe se înregistreaz` la cost [i suntamortizate prin metoda liniar` dup` urm`toarele rate mediianuale pe durata lor de via]` util`.
• \mbun`t`]iri la cl`diri 10%• echipament 16,67% - 8,33%• mobilier 6,67%• altele 10%
Imobiliz`rile necorporale constau în software, care seamortizeaz` pe o perioad` de patru ani.Imobiliz`rile necorporale \n curs se refer` la proiecte desoftware ce urmeaz` s` fie implementate [i puse \n func]iune\n perioada urm`toare.Imobilizarile corporale \n curs se refer` \n special la lucr`rilede \mbun`t`]ire a sediilor noilor sucursale.
Mijloacele fixe de]inute în regim de leasing financiar suntcapitalizate [i amortizate pe durata lor de via]`, prin aceea[imetod` ca [i mijloacele fixe proprii.Deprecierea mijloacelor fixe este calculat` conformprevederilor IAS 36 "Deprecierea mijloacelor fixe". IAS 36men]ioneaz` c`, atunci când valoarea contabil` a activuluidep`[e[te valoarea recuperabil` a acestuia, se constituieo pierdere pentru depreciere. Valoarea recuperabil` esteconsiderat` a fi cea mai mare dintre valoarea de utilitate[i pre]ul net de vânzare.Terenurile [i cl`dirile sunt reevaluate, fiind exprimate lavaloarea just` determinat` în func]ie de valoarea lor r`mas`la data reevalu`rii minus amortizarea cumulat`. Diferen]elede reevaluare sunt înregistrate în creditul contului deDiferen]e de Reevaluare în cadrul capitalurilor proprii. Cutoate acestea, majorarea constatat` din reevaluare trebuierecunoscut` ca venit în m`sura în care aceasta compenseaz`o descre[tere din reevaluarea aceluia[i activ recunoscut`anterior ca o cheltuial`. |n cazul în care valoarea contabil`a unui activ este diminuat` ca rezultat al unei reevalu`ri,aceast` diminuare trebuie recunoscut` ca o cheltuial`, înm`sura în care aceasta dep`[e[te valoarea înregistrat`anterior ca surplus de reevaluare.
Activele pe termen lung, altele decât impozitele amânate de primit, trebuiesc
verificate conform IAS 36 "Deprecierea activelor".IAS 36 presupune recunoa[terea unei pierderi ca urmarea modific`rii valorii activului ori de câte ori valoareacontabil` a unui activ dep`[e[te valoarea sa recuperabil`.Valoarea recuperabil` reprezint` maximul dintre pre]ulnet de vânzare al unui activ [i valoarea sa de utilizare.Valoarea de utilizare a unui activ reprezint` valoareacurent` a fluxurilor viitoare de numerar estimate, ce sea[teapt` s` fie generate din utilizarea continu` a unui activ[i din vânzarea acestuia la sfâr[itul perioadei sale de via]`.|n plus, IAS 36 permite reîntregirea ulterioar` a valoriicontabile dac` se constat` încetarea condi]iilor ce audeterminat deprecierea activului respectiv.
Exist` leasing financiar în cazul în care, prin contractul de leasing, toate riscurile [i
beneficiile propriet`]ii asupra unui bun sunt transferatelocatorului; altfel, leasing-ul este opera]ional.Mijloacele fixe de]inute în regim de leasing financiar suntrecunoscute ca active ale B`ncii la valoarea lor real` valabil`la data achizi]iei. Obliga]ia corelativ` a locatorului esteeviden]iat` în bilan] ca obliga]ie de leasing financiar.Cheltuielile de finan]are, reprezentând diferen]a dintreangajamentele totale de leasing [i valoarea real` amijloacelor achizi]ionate, se înregistreaz` în contul de profit[i pierdere pe durata contractului de leasing pentru areflecta reparti]ia costurilor în raport cu valoarea obliga]iilorr`mase de plat` pe fiecare exerci]iu financiar. Ratele deleasing datorate în baza contractelor de leasing opera]ionalsunt înregistrate pe cheltuieli prin metoda linear`, pe duratacontractului de leasing.
Monedade prezentare
Recunoa[terea venitu-rilor [i cheltuielilor
Deprecierea activelor
Leasing
Imobiliz`ri corporale[i necorporale
Categoria de credit
Standard
În observa]ie
Substandard
Îndoielnic
Pierdere
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Credite care nu facobiectul unui proces
Sector bancar
Nr. zile de \ntårziere
max. 3 zile
-
4 - 15 zile
16 - 30 zile
min. 31 zile
Sector nebancar
Nr. zile de \ntårziere
max. 15 zile
16 - 30 zile
31 - 60 zile
61 - 90 zile
min. 91 zile
Rata provizionului (%)
0%
5%
20%
50%
100%
Stocurile sunt înregistrate la minimul dintrecost [i valoarea net` realizabil`. Costul se determin` prinmetoda primului intrat primul ie[it (FIFO) pentru toatetipurile de stocuri. Valoarea net` realizabil` se estimeaz`pe baza pre]ului de vânzare practicat în cursul normal alactivit`]ii din care se scad costurile necesare pentru finalizare[i costurile de vânzare.
Împrumuturile acordate de c`tre Banc` pentru a furniza debitorului resurse financiare sau ca parte a unui împrumut
acordat printr-un credit sindicalizat sunt considerate a fiîmprumuturi acordate de c`tre Banc` [i sunt evaluate lacostul amortizat.Toate împrumuturile [i avansurile sunt recunoscute înmomentul în care banii sunt da]i debitorului.Provizionul pentru împrumuturi se constituie atunci cândexist` un motiv întemeiat pentru a se crede c` Banca nuva putea s` recupereze suma respectiv`. Provizionulreprezint` diferen]a între valoarea de înregistrare [i valoarearecuperabil`, unde valoarea recuperabil` este valoareaactual` a fluxurilor de numerar viitoare estimate, inclusivsumele recuperabile din garan]ii [i valori colaterale,actualizate pe baza ratei dobânzii ini]iale.Aceste provizioane acoper` [i pierderile pentru care exist`eviden]e obiective c` sunt pierderi probabile în componen]aportofoliului de credite de la data bilan]ului. Acestea au
fost estimate pe baza istoricului evolu]iei pierderilor pentrufiecare component` în parte, func]ie de performan]eledebitorului [i de climatul economic în care acesta activeaz`.Când un credit acordat este irecuperabil, acesta este anulatîn contrapartid` cu provizionul corespunz`tor. Recuper`rileulterioare sunt înregistrate prin creditarea cheltuielii cuprovizioanele pentru credite îndoielnice.Cerin]ele de rezerve generale pentru risc de credit caredep`[esc aceste sume sunt eviden]iate în rezerva general`pentru riscul de credit prin alocarea din profitul net.
Provizioanele pentru credite îndoielnice seconstituie pe baza evalu`rii portofoliului de
credite [i avansuri la 31 decembrie 2002 [i 31 decembrie2003, inclusiv dobânzile neîncasate. Provizioanele au fostînregistrate pe cheltuieli în contul de profit [i pierdere,fiind sc`zute din totalul creditelor [i al dobânzii neîncasate.Provizioane specifice se constituie pentru creditele [iavansurile acordate, considerate ca neperformante potrivitmetodologiei BNR. Pentru credite [i crean]e, procedura iaîn considerare atât istoricul serviciului datoriei sub aspectulpl`]ii dobânzii [i a creditului la scaden]`, cât [i existen]alitigiilor cu privire la creditele neperformante. Evaluareadifer` în func]ie de tipul creditelor acordate clien]ilor dinsectorul bancar [i clien]ilor din alte sectoare.|n urma unei astfel de evalu`ri rezult` clasificareaîmprumuturilor în cinci categorii, dup` cum urmeaz`:
Stocuri
Împrumuturi acordate[i provizioane pentruîmprumuturi acordate
Provizioane pentrusume îndoielnice
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Gradul de risc alocat
(%)
0%
20%
50%
Garan]ia
Garan]ie în form` b`neasc`
Scrisori de garan]ie emise de b`nci [i administra]iile locale
Ipoteci imobiliare, crean]e comerciale gajate [i alte gajuri
Titluri
Credite care facobiectul unui proces
|n cazul în care au fost demarate procedurilelegale, toate categoriile de credite se
înregistreaz` pe pierdere, iar provizionul este de 100%.Provizioanele necesare se calculeaz` prin aplicareaprocentelor men]ionate mai sus asupra soldului bilan]ieral creditului [i asupra dobânzii aferente datorate [ineîncasate, dup` luarea în calcul a gradului de risc aldebitorului sau al garantorului crean]ei respective,
potrivit cerin]elor BNR. Ajustarea crean]ei cu gradul derisc aferent se face pentru toate categoriile de credite, maipu]in pentru cele din categoria pierdere.
Gradul de risc asociat diferitelor categorii de garan]ii, înconformitate cu cerin]ele BNR, este prezentat înurm`torul tabel:
Titlurile de]inute de Banc` sunt titluri deplasament (investi]ii p`strate pân` la scaden]`), titluridisponibile pentru vânzare [i titluri date în pensiune livrat`(titluri cu obliga]ie necondi]ionat` de r`scump`rare).Conducerea determin` clasificarea investi]iilor la momentulachizi]iei lor.|n anul 2000, înainte de adoptarea IAS 36, toate titlurilede investi]ie erau înregistrate la cost sau la costul amortizatnet de orice provizion pentru depreciere.
a) Investi]ii p`strate pân` la scaden]` (IPS)Reprezint` titluri de investi]ii cu scaden]` fix` pe careconducerea are inten]ia [i posibilitatea de a le p`stra pân`la scaden]`. |n aceast` categorie sunt incluse obliga]iunilede stat (eurobonds) emise de Guvernul României sau dealte companii române pe pia]a european`.Titlurile de investi]ii clasificate ca fiind IPS sunt înregistratela cost amortizat folosind metoda randamentului, efectuândînregistr`ri pentru orice depreciere care nu este temporar`.
b) Titluri de plasament (TP)Titlurile de plasament sunt achizi]ionate cu inten]ia de ale de]ine o perioad` mai \ndelungat`, dar f`r` ca aceast`de]inere s` implice o conservare pån` la scaden]a lor.Titlurile de plasament sunt recunoscute ini]ial la cost (costulinclude [i costul tranzac]ion`rii). Dobånzile calculate pentruperioada scurs` în cazul titlurilor cu venit fix sunt \nregistrate\n conturile de crean]e ata[ate. Cheltuielile de tranzac]ionarea activelor financiare de]inute pentru vånzare se includ \nvaloarea de achizi]ie. Primele se includ, de asemenea, \npre]ul de achizi]ie. Titlurile disponibile pentru vånzare seevalueaz`, ulterior, la valoarea de achizi]ie sau la valoareacea mai mica dintre valoarea de pia]` [i valoarea deachizi]ie. Diferen]ele favorabile nu se \nregistreaz` \ncontabilitate, iar pentru diferen]ele nefavorabile se constituieprovizioane.Dobånzile cuvenite pe perioada rezidual` aferente titlurilor
disponibile pentru vånzare cu venit fix se \nregistreaz` \ncontul de crean]e ata[ate, iar dividendele \ncasate aferentetitlurilor disponibile pentru vånzare cu venit variabil se\nregistreaz` \n contul de venit corespunz`tor.|nregistrarea \n contabilitate a cesiunii titlurilor de plasamentse face la pre]ul de vånzare (cesiune), iar diferen]ele \ntrepre]ul de vånzare [i pre]ul de \nregistrare a titlurilor cedatese \nregistreaz` \n conturile de venituri [i cheltuieli, dup`caz.
Pentru opera]iunile efectuate în valute str`inea fost luat în considerare cursul oficial al leului românescîn vigoare la data efectu`rii opera]iunii. Activele [i pasiveleexprimate în valut` au fost transformate în Lei române[tifolosindu-se cursurile oficiale de schimb ale B`ncii Na]ionalea României valabile la data încheierii bilan]ului.Profitul sau pierderea rezultate din schimb valutar ap`rutedin regulariz`ri [i translat`ri ale elementelor exprimate învalut` au fost înregistrate în contul de profit [i pierdere.Leul românesc nu este convertibil în afara teritoriuluiRomâniei.
Se consider` c` reprezint` numerar numerarul în casierie [i în conturile Nostro.
Echivalent numerar sunt considerate investi]iile pe termenscurt, cu grad înalt de lichiditate, care pot fi u[ortransformate în numerar.
Natura activit`]ii B`ncii, precum [i incertitudinea din România privind rezultatul
politicilor economice aplicate în condi]ii opera]ionale reale,fac posibil` apari]ia unor varia]ii imprevizibile privindviitoarele încas`ri. Totu[i, conducerea B`ncii consider` c`Banca î[i va continua în mod normal activitatea în viitor,[i, în consecin]`, situa]iile financiare au fost întocmite peaceast` baz`.
Cursul de schimb
Numerar [i echivalentde numerar
Continuitateaactivit`]ii
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Pentru a întocmi aceste situa]ii financiareîn conformitate cu OMF 1982/5/2001 [i ordinul 2332/2001a fost necesar` operarea unor ajust`ri asupra conturilorstatutare [i ob]inerea unor informa]ii care nu pot fidisponibile direct din conturile B`ncii. Înregistr`rile contabilestatutare nu furnizeaz` întotdeauna suficiente informa]iipentru a stabili cu acurate]e ajust`rile [i prezentareainforma]iilor necesare, motiv pentru care au fost f`cuteestim`ri pe baza celor mai bune informa]ii disponibile.De[i aceste estim`ri individuale prezint` un oarecare gradde incertitudine, efectul general al acestuia asupra situa]iilorfinanciare este considerat ca nesemnificativ.
Banca pl`te[te contribu]ii la bugetul statului pentru asigur`ri sociale, fondul de
[omaj [i fondul de s`n`tate în conformitate cu reglement`rilelegale în vigoare în cursul anului, calculate la salariile brute.Valoarea acestor contribu]ii se înregistreaz` în contul deprofit [i pierdere în aceea[i perioad` în care se înregistreaz`[i cheltuielile cu salariile.Banca nu are alte obliga]ii prin legisla]ia român` actual`privind pensiile angaja]ilor, asigur`ri de s`n`tate [i altecheltuieli cu salaria]ii.
Banca a întocmit situa]ii financiare înconformitate cu OMF 1982/5/2001 pentru prima dat` înanul 2001, iar pentru anul financiar 2003 sunt prezentatesitua]iile financiare comparative, \ntocmite pentru anii\ncheia]i la 31.12.2002 [i la 31.12.2003.
Calculul impozitului pe profit porne[te de larezultatul anului financiar, corectat cu elemente deductibile[i nedeductibile la care se aplic` cote de impozitare aflateîn vigoare la data încheierii bilan]ului contabil.Impozitul amânat se calculeaz` utilizându-se metoda datorieidin bilan] [i se aplic` asupra diferen]elor temporare ap`ruteîntre baza de impozitare a unui activ sau datorie [i valoareasa contabil` înscris` în bilan].Impozitul amânat se calculeaz` la cotele preconizate a seaplica în perioada valorific`rii activului sau stingerii obliga]iei.Impozitele amânate de plat` sau de încasat se compenseaz`dac` se refer` la impozitele pe profit percepute de aceea[iautoritate fiscal`, iar Banca inten]ioneaz` s` î[i achite obliga-]iile fiscale [i s` încaseze sumele cuvenite la valoarea net`.|n prezent, Banca pl`te[te o cot` de impozit pe profit de 25%.Diferen]ele favorabile sau nefavorabile rezultate dinreevaluarea activelor [i pasivelor în valut` au fost considerateneimpozabile [i respectiv nedeductibile pân` la 30 iunie2002 inclusiv (odat` cu abrogarea facilit`]ilor fiscale dinLegea 189/2001).|n conformitate cu Legea impozitului pe profit 414/2002 [icu normele metodologice aferente, anul fiscal 2002 a fost\mp`r]it \n dou` perioade fiscale [i anume ianuarie – iunie2002 [i respectiv iulie – decembrie 2002.Pentru perioada ianuarie – iunie 2002, profitul utilizat pentruinvesti]ii \n active corporale [i necorporale a beneficiat deo reducere de 50% din impozitul pe profit. |n conformitatecu Decizia 3/2002 valoarea acestor investi]ii se \nregistreaz`\n “Alte rezerve” analitic distinct.|n anul fiscal 2003 au fost aplicate prevederile Legiiimpozitului pe profit 414/2002 [i prevederile normelormetodologice aferente.
Situa]ii comparative
Contribu]iipentru salaria]i
Folosirea estim`rilor Impozitul pe profit
mii lei / 2003
Obiecte de inventar
Alte stocuri (Nota 2.3)
Total
Total
-
7.628.259
7.628.259
Provizioane
-
-
-
Stocuri
-
7.628.259
7.628.259
ELEMENTE DE BILAN}
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2.1 CONTURI DE STOCURI
La 31 decembrie 2003 [i 31 decembrie 2002, Banca de]inea urm`toarele conturi de stocuri:
Total
-
1.853.984
1.853.984
Provizioane
(3.525.595)
-
(3.525.595)
Stocuri
3.525.595
1.853.984
5.379.579
mii lei / 2002
Obiecte de inventar
Alte stocuri (Nota 2.3)
Total
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2.2 REZERVE
La data de 31 decembrie 2003, rezervele B`ncii în sum`de 494.260.420 mii lei (2002:325.504.170 mii lei)includeau:• Rezervele legale, în sum` de 197.838.657 mii lei (2002:90.922.097 mii lei), sunt constituite în concordan]` cuLegea Bancar` nr. 58/1998 prin alocarea a câte maximum20% din profitul brut (calculat conform standardelorromâne[ti de contabilitate pentru b`nci) pân` când fondulde rezerv` atinge nivelul de 100% din capitalul social. Odat` ce rezerva a atins nivelul de 100% din capitalul social,aloc`ri suplimentare la fondul de rezerv` se pot face prinrepartizarea a câte maximum 10% din profitul brut pân`când fondul de rezerv` atinge nivelul de 200% din capitalulsocial. Dup` acest nivel, aloc`ri suplimentare la fondul derezerv` se pot face numai din profitul net. Aceast` rezerv`nu poate fi distribuit` ac]ionarilor. Repartizarea din profitulanului 2003 este de 106.916.560 mii lei;
• Rezerva general` pentru riscul de credit, în sum` de264.843.499 mii lei (2002: 109.987.061 mii lei), esteconstituit` în conformitate cu Legea Bancar` nr. 58/1998
[i este egal` cu pân` la 2% din soldul creditelor la sfâr[itulanului. Aceast` rezerv` nu poate fi distribuit` ac]ionarilor.Repartizarea din profitul anului 2003 este de 154.856.438mii lei;
• Alte rezerve, în sum` de 31.578.264 mii lei (2002:124.595.012 mii lei) sunt alc`tuite din:
• Rezerve constituite \n conformitate cu Legea nr.189/2001 [i cu Decizia nr.3/2002, în sum` de 6.006.463mii lei (2002: 6.006.463 mii lei) reprezentånd: 667.385 miilei (2002: 667.385 mii lei), aferent` reducerii cu 50% aimpozitului pe profit pentru utilizarea profitului, în decursulanului fiscal curent, pentru investi]ii în active corporale [inecorporale, precum [i 5.339.078 mii lei (2002: 5.339.078mii lei), reprezentând valoarea acestor investi]ii, nu pot fidistribuite ac]ionarilor.
• Provizioane pentru diferen]ele nefavorabiledin curs valutar în sum` de 25.571.801 mii lei (2002:118.588.549 mii lei), aferente diferen]elor de curs rezultate\n urma reevalu`rii activelor [i pasivelor în valut`, stabiliteîn conformitate cu legea nr. 189/2001.
2.3 ALTE ACTIVE {I ALTE PASIVE
Alte active
Impozit pe profit de recuperat
Debitori diver[i
Conturi de ajustare devize - activ (Nota 13.12 (e))
Alte stocuri (Nota 2.1)
Valori primite la încasare
Impozit amânat (Nota 13.6 b)
Total alte active
31 decembrie 2002
3.961.102
3.777.202
1.465.880
1.853.984
-
-
11.058.168
31 decembrie 2003
1.375.629
8.809.704
73.852.359
7.628.258
-
-
91.665.950
Alte pasive
Creditori diver[i*
Conturi de ajustare devize - pasiv (Nota 13.12(e))
Impozite amânate – pasiv (Nota 13.6 b)
Alte pasive**
Total alte pasive
31 decembrie 2002
34.343.414
1.474.915
8.967
11.043.338
46.870.634
31 decembrie 2003
13.770.141
478.761
8.633
23.734.572
37.992.107
* Creditorii diver[i, în sum` de 13.770.141 mii lei (2002: 34.343.414 mii lei), cuprind în special sume de plat` furnizorilor de servicii IT,
pentru actualizarea programelor informatice [i între]inerea lor, precum [i alte servicii ale furnizorilor externi [i interni.
** Alte pasive în sum` de 23.734.572 mii lei (2002: 11.043.338 mii lei) includ în principal impozite de plat` la bugetul statului.
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2.4 CHELTUIELI {I VENITURI ÎNREGISTRATE ÎN AVANS
31 decembrie 2003
7.864.139
300.943
52.032.486
-
5.806.250
10.906.393
13.517.790
66.351
443.291
2.158.914
731.523
93.828.079
(53.902)
93.774.177
31 decembrie 2002
3.368.101
-
45.828.269
13.954.384
-
11.706.920
10.728.432
1.682.269
-
2.133.911
605.721
90.008.007
(325.251)
89.682.756
31 decembrie 2002
35.572.628
5.922.637
11.587.072
6.562.930
495.463
-
10.040.141
70.180.871
31 decembrie 2003
82.718.822
26.436.721
7.067.860
1.139.741
25.288.446
-
606.778
143.258.368
* Veniturile înregistrate în avans în sum` de 82.718.822 mii lei (2002: 35.572.628 mii lei) cuprind în principal comisionul de baz` pentru
creditele de factoring, sconturi, comisioane aferente creditelor acordate, precum [i venituri din biletele la ordin andosate de Banc`.
Venituri înregistrate în avans [i datorii ata[ate
Venituri înregistrate în avans*
Cheltuieli de pl`tit
Datorii ata[ate pentru:
- conturi curente [i depozite ale clientelei
- credite de la institu]ii financiare (Nota 13.7)
- plasamente ale altor b`nci
- titluri date în pensiune livrat`
- credit subordonat (Nota 3.6)
Total venituri înregistrate în avans [i datorii ata[ate
Cheltuieli înregistrate în avans [i crean]e ata[ate
Cheltuieli înregistrate în avans
Venituri de primit
Crean]e ata[ate din:
- titluri p`strate pân` la scaden]` (Nota 4.1)
- titluri de tranzac]ie (Nota 4.2)
- titluri de plasament (Nota 4.2)
- plasamente la BNR
- credite acordate clientelei
- plasamente la alte b`nci
- credite acordate b`ncilor
- descoperiri de cont
- dobânzi restante
Total cheltuieli înregistrate în avans [i crean]e ata[ate
Minus: provizion pentru riscul de rat` de dobând` (Nota 8.1)
Total cheltuieli înregistrate în avans [i crean]e ata[ate - net
42
SITUA}IA CREAN}ELOR {I A DATORIILOR
3
3.1 CREAN}E {I DATORII LA TERMEN
mii lei
Crean]e la termen
Institu]ii de credit
Credite acordate clientelei
Minus: provizioane
Credite acordate clientelei - net
Total crean]e
Pån` la 3 luni
1.301.181.622
7.588.145.855
(10.142.136)
7.578.003.719
8.879.185.341
Sold la 31
decembrie, 2003
1.835.650.725
13.242.214.442
(21.921.038)
13.220.293.404
15.055.944.129
|ntre 3 luni
[i 1 an
148.871.875
1.955.031.342
(3.649.368)
1.951.381.974
2.100.253.849
Peste 5 ani
4.895.284
1.395.116.273
(4.386.561)
1.390.729.712
1.395.624.996
|ntre 1
[i 5 ani
380.701.944
2.303.920.972
(3.742.973)
2.300.177.999
2.680.879.943
Maturitate rezidual`
La 31 decembrie 2003, creditele acordate clientelei cuprindeau suma de 6.603.090.669 mii lei reprezentând descoperiri de cont ale clien]ilor.
La 31 decembrie 2003, sumele datorate institu]iilor de credit, includeau împrumutul pe termen lung de la BACAI Viena în sum` de
4.652.840.367 mii lei (Nota 13.7) [i respectiv 871.138.000 mii lei reprezentånd depozite atrase de la alte b`nci (2002: 1.214.225.000 mii lei).
mii lei
Datorii la termen
Institu]ii de credit
Depozitele clientelei
Alte datorii fa]` de clientel`
Datorii din alte titluri
Total datorii
Crean]e/(datorii) la termen - net
Pån` la 3 luni
(850.749.867)
(5.598.694.531)
(3.126.427)
-
(6.452.570.825)
2.426.614.516
Sold la 31
decembrie, 2003
(5.523.978.367)
(5.960.573.593)
(853.930.907)
-
(12.338.482.867)
2.717.461.262
|ntre 3 luni
[i 1 an
(72.839.585)
(277.153.090)
(30.777.107)
-
(380.769.782)
1.719.484.067
Peste 5 ani
(2.126.508.358)
(19.959.701)
(449.813.796)
-
(2.596.281.855)
(1.200.656.859)
|ntre 1
[i 5 ani
(2.473.880.557)
(64.766.271)
(370.213.577)
-
(2.908.860.405)
(227.980.462)
Maturitate rezidual`
mii lei
Crean]e la termen
Institu]ii de credit
Credite acordate clientelei
Minus: provizioane
Credite acordate clientelei - net
Total crean]e
Pån` la 3 luni
9.122.509.360
3.163.614.119*
(816.117)
3.162.798.002
12.285.307.362
Sold la 31
decembrie, 2002
9.127.508.580
5.504.218.440
(11.274.244)
5.492.944.196
14.620.452.776
|ntre 3 luni
[i 1 an
-
192.167.378
-
192.167.378
192.167.378
Peste 5 ani
4.999.220
264.290.576
(1.887.543)
262.403.033
267.402.253
|ntre 1
[i 5 ani
-
1.884.146.367
(8.570.584)
1.875.575.783
1.875.575.783
Maturitate rezidual`
(*) La 31 decembrie 2002, creditele acordate clientelei cuprindeau suma de 2.864.121.667 mii lei reprezentând descoperiri de cont ale clien]ilor.
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3.3 CREAN}E ASUPRA CLIENTELEI
Portofoliul de credite la 31 decembrie 2003 [i 31 decembrie 2002 era format din credite acordate societ`]ilor careî[i desf`[urau activitatea în industrie [i comer], credite acordate societ`]ilor de stat, credite acordate persoanelorfizice precum [i credite acordate angaja]ilor B`ncii. Creditele sunt acordate atât în lei, cât [i în devize. Crediteleacordate în devize sunt în principal credite în dolari [i EUR.
(*) La 31 decembrie 2002, sumele datorate institu]iilor de credit, includeau descoperirile de cont ale Chase Manhattan \n sum` de 14.420.780
mii lei [i împrumutul pe termen lung de la BACAI Viena în sum` de 522.039.050 mii lei (Nota 13.7).
mii lei
Datorii la termen
Institu]ii de credit
Depozitele clientelei
Alte datorii fa]` de clientel`
Datorii din alte titluri
Total datorii
Crean]e/(datorii) la termen - net
Pån` la 3 luni
(1.228.645.780)*
(10.799.033.450)
(1.612.227)
-
(12.029.291.457)
256.015.905
Sold la 31
decembrie, 2002
(1.750.684.830)
(11.545.624.175)
(731.066.168)
-
(14.027.375.173)
593.077.603
|ntre 3 luni
[i 1 an
-
(652.946.574)
-
-
(652.946.574)
(460.779.196)
Peste 5 ani
(522.039.050)
(1.948.893)
(591.610.126)
-
(1.115.598.069)
(848.195.816)
|ntre 1
[i 5 ani
-
(91.695.258)
(137.843.815)
-
(229.539.073)
1.646.036.710
Maturitate rezidual`
31 decembrie 2002
731.066.168
-
-
731.066.168
31 decembrie 2003
853.930.907
-
-
853.930.907
3.2 ALTE DATORII C~TRE CLIENTEL~
Alte datorii c`tre clientel`
Credite de la institu]ii financiare (Nota 13.7)
Titluri date în pensiune livrat`
Alte datorii
Total alte datorii
La 31 decembrie 2003, portofoliul de credite al B`ncii era structurat astfel:
Total
226.206.701
500.928.411
915.210.161
2.262.591.315
2.716.588.637
6.594.463.899
39.475
4.264.805
13.220.293.404
Devize
223.125.322
500.928.411
915.210.161
2.262.591.315
2.668.503.536
5.321.153.413
-
4.264.805
11.895.776.963
Lei
3.081.379
-
-
-
48.085.101
1.273.310.486
39.475
-
1.324.516.441
mii lei
Crean]e comerciale
Credite pentru export
Credite pentru echipamente
Credite pentru investi]ii
Alte credite
Descoperiri de cont – net
Alte sume
Credite restante
Total
44
mii lei
Credite de trezorerie
Credite pentru echipament
Credite pentru investi]ii
Alte credite
Descoperiri de cont – net
Alte sume
Credite restante
Total
La 31 decembrie 2002, portofoliul de credite al B`ncii era structurat astfel:
Total
-
849.204.561
338.102.171
1.433.299.144
2.864.119.226
737.681
7.481.413
5.492.944.196
Devize
-
849.204.561
338.102.171
1.429.720.975
2.364.074.604
516.621
366.596
4.981.985.528
Lei
-
-
-
3.578.169
500.044.622
221.060
7.114.817
510.958.668
mii lei
31 decembrie 2003
Crean]e
- asupra b`ncilor
- asupra clientelei – net
credite acordate clientelei
minus: provizioane pentru credite
Total crean]e
Datorii
- pentru b`nci
- pentru clientel`
Total datorii
Total crean]e/(datorii) - net
Total
2.004.220.073
13.220.293.404
13.242.214.442
(21.921.038)
15.224.513.477
(8.055.149.624)
(11.236.852.796)
(19.292.002.420)
(4.067.488.943)
La termen
1.835.650.726
6.621.525.225
6.634.819.493
(13.294.268)
8.457.175.951
(5.523.978.367)
(6.814.504.500)
(12.338.482.867)
(3.881.306.916)
La vedere
168.569.347
6.598.768.179
6.607.394.949
(8.626.770)
6.767.337.526
(2.531.171.257)
(4.422.348.296)
(6.953.519.553)
(186.182.027)
3.4 ANALIZA CREAN}ELOR {I DATORIILOR FA}~ DE ALTE B~NCI {I CLIENTEL~
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3.5 ANALIZA PE SCADEN}E A TITLURILOR
mii lei
Emise de:
Guvernul României
Alte companii
Total
Minus: diferen]e de conversie
Total
La 31 decembrie 2002, Banca de]inea urm`toarele titluri scadente dup` cum urmeaz`:
Total
673.632.849
1.454.509.150
2.128.141.999
(137.631.213)
1.990.510.786
Scadente \n mai
mult de un an
497.402.880
1.454.509.150
1.951.912.030
Scadente
\ntr-un an
176.229.969
-
176.229.969
mii lei
Emise de:
Guvernul României
Administra]ii publice \n afar` de stat
Alte companii
Total
Minus: diferen]e de conversie
Total
La 31 decembrie 2003, Banca de]inea urm`toarele titluri (de investi]ie [i plasament) scadente dup` cum urmeaz`:
Total
516.212.412
43.603.300
1.460.752.901
2.020.568.613
(261.785.770)
1.758.782.843
Scadente \n mai
mult de un an
365.227.130
43.603.300
1.460.752.901
1.869.583.331
Scadente
\ntr-un an
150.985.282
-
-
150.985.282
Total
9.257.143.676
5.492.944.196
5.504.218.440
(11.274.244)
14.750.087.872
(1.769.808.203)
(16.231.931.801)
(18.001.740.004)
(3.251.652.132)
La termen
9.127.508.580
2.620.605.877
2.631.064.004
(10.458.127)
11.748.114.457
(1.750.684.830)
(12.276.690.343)
(14.027.375.173)
(2.279.260.716)
La vedere
129.635.096
2.872.338.319
2.873.154.436
(816.117)
3.001.973.415
(19.123.373)
(3.955.241.458)
(3.974.364.831)
(972.391.416)
mii lei
31 decembrie 2002
Crean]e
- asupra b`ncilor
- asupra clientelei – net
credite acordate clientelei
minus: provizioane pentru credite
Total crean]e
Datorii
- pentru b`nci
- pentru clientel`
Total datorii
Total crean]e/(datorii) - net
46
La 31 decembrie 2003, crean]ele ata[ate pentru investi]iile p`strate pân` la scaden]` erau în sum` de 52.032.486 mii lei (2002: 45.828.269mii lei) (Nota 2.4).
Bank Austria Creditanstalt International AG Vienna
Total
La 31 decembrie 2000, Banca avea un credit subordonat în sum` de 3 milioane dolari, de la Bank Austria Aktiengesellschaft pentru opera]iileinterne ale b`ncii, cu scaden]a ini]ial` la 25 septembrie 2001. La 23 iulie 2001, acest credit a fost convertit în EUR - 3,5 milioane [i rescaden]atpân` pe data de 25 septembrie 2006 [i ulterior a fost prelungit pån` la 25.09.2007. La 29 august 2001, Banca a \ncheiat un nou contract decredit subordonat de 3,4 milioane EUR pentru acela[i scop, cu scaden]a final` la 29 august 2007.
|mprumuturile au o perioad` fix` [i prestabilit` de rambursare. Conform angajamentelor încheiate, aceste \mprumuturi sunt subordonatetuturor celorlalte datorii ale B`ncii, în cazul lichid`rii acesteia.
Creditul subordonat a fost acordat de Bank Austria Aktiengesellschaft, care este compania holding din care face parte Banca.
Datoriile ata[ate sunt calculate zilnic, iar soldul acestora la 31 decembrie 2003 se ridic` la 606.778 mii lei (2002: 10.040.141mii lei) (Nota 2.4).Creditul subordonat prezentat mai sus nu stipuleaz` posibilitatea convertirii acestuia \n ac]iuni.
3.6 CREDITE SUBORDONATE
mii lei
284.734.348
284.734.348
EUR
6.924.979
6.924.979
mii lei
241.813.330
241.813.330
EUR
6.924.979
6.924.979
2003 2002
PORTOFOLIUL DE TITLURI
4
4.1 TITLURI P~STRATE PÂN~ LA SCADEN}~
mii lei
31 decembrie 2002
Emise de:
Guvernul României
Alte companii
Total
Minus diferen]a din conversie
Total
Cå[tiguri
nerealizate
(4)=(3)-(1)
(5.474.880)
(2.657.150)
(8.132.030)
Pre]ul
de rambursare
(3)
482.138.000
279.352.000
761.490.000
Pre]ul
de achizi]ie
(2)
489.195.130
284.092.254
773.287.384
Valoarea
contabil`
(1)
487.612.880
282.009.150
769.622.030
(137.631.213)
631.990.817
Cå[tiguri
nerealizate
(4)=(3)-(1)
(5.187.197)
(973.624)
(6.160.621)
Pre]ul
de rambursare
(3)
556.514.000
328.936.000
885.450.000
Pre]ul
de achizi]ie
(2)
564.823.746
334.517.633
899.341.379
Valoarea
contabil`
(1)
561.701.197
329.909.624
891.610.821
mii lei
31 decembrie 2003
Emise de:
Guvernul României
Alte companii
Total (Nota 3.5)
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4.3 IMOBILIZ~RI FINANCIARE
Banca este membr` a “Societ`]ii Na]ionale de Compensare,Decontare [i Depozitare pentru Valori Mobiliare” (SNCDD).În calitate de utilizator al serviciilor SNCDD, HVB RomaniaS.A. de]ine 100 de ac]iuni înregistrate la costul de achizi]ie,în valoare de 60.000 mii lei, ceea ce reprezint` 0,26 % dincapitalul social.În cursul anului 2000, Banca a cump`rat 160 de ac]iuniTransfond în valoare de 1.600.000 mii lei. În prezent,Transfond coordoneaz` transferul de fonduri [i proprietateasupra titlurilor de stat între institu]ii financiare, b`nci [iTrezoreria Statului.|n cursul anului 2002 banca a mai achizitionat 19 ac]iuni\n valoare total` de 507.860.mii lei, astfel la finele anului2002 valoarea total` a ac]iunilor de]inute la Transfond erade 2.107.860 mii lei.|n cursul anului 2003 au fost mai fost achizi]ionate 18ac]iuni \n valoare total` de 1.014.079 mii lei, astfel c`valoarea total` a ac]iunilor de]inute la Trasfond a ajuns lafinele anului 2003 la 3.121.939 mii lei.|n cursul anului 2002 banca a investit \n capitalul social al
HVB Leasing Romania suma de 1.150.960 mii lei reprezen-tånd contravaloarea a 40.000 EUR, participa]ia reprezen-tånd 20% din capitalul social al societa]ii sus men]ionate.|n cursul anului 2003 au fost achizi]ionate 296.200 ac]iuni\n valoare total` de 296.200 mii lei, reprezentånd 0,7405%din capitalul social al Biroului de Credit SA.|n cursul anului 2003 banca a investit \n capitalul social alsociet`]ii CAIB Asset Management S.A.I SA suma de942.500 mii lei, aceast` sum` reprezentånd o participarede 5% la capitalul social.De asemenea, \n cursul anului 2003 banca a investit \ncapitalul social al societ`]ii CAIB Securities S.A prinachizi]ionarea a 677.673 ac]iuni \n valoare total` de100.000 EUR reprezentånd 3.670.000 mii lei (evaluate lacurs istoric).Conform reglement`rilor B`ncii Na]ionale a României,Banca nu are dreptul s` de]in` mai mult de 20% dincapitalul social al unei societ`]i, s` investeasc` peste 10%din capitalurile sale într-o singur` companie sau s`efectueze investi]ii de peste 50% din capitalurile saleproprii în capitalul social al altor companii.
4.2 TITLURI DE TRANZAC}IE
La 31 decembrie 2002, crean]ele ata[ate pentru titlurile de tranzac]ie erau în sum` de 0 mii lei (2002: 13.954.384 mii lei) (Nota 2.4).
TITLURI DE PLASAMENT
La 31 decembrie 2003, crean]ele ata[ate pentru titlurile de plasament erau în sum` de 5.806.250 mii lei (Nota 2.4).
La 31 decembrie 2003 nu existau \n portofoliu b`ncii titluri de tranzac]ie.
Cå[tiguri
nerealizate
-
-
-
Valoarea
de pia]`
186.019.969
1.172.500.000
1.358.519.969
Pre]ul
de achizi]ie
186.019.969
1.172.500.000
1.358.519.969
mii lei
31 decembrie 2002
|n:
Lei
Dolari
Total
Cå[tig /
pierdere
(3)=(2)-(1)
-
-
-
Valoarea
de pia]`
(2)
53.627.950
1.075.329.842
1.128.957.792
Pre]ul
de achizi]ie
(1)
53.627.950
1.075.329.842
1.128.957.792
(Nota 3.5)
mii lei
31 decembrie 2003
Lei
Dolari
Total
48
mii lei
Imobiliz`ri necorporale
Fond comercial
Cheltuieli de constituire
Alte imobiliz`ri necorporale
Imobiliz`ri în curs
Total
Imobiliz`ri corporale
Terenuri
Amenaj`ri de terenuri
Cl`diri
Echipamente (ma[ini, utilaje, instala]ii de lucru)
Aparate [i instala]ii de m`surare control [i reglare
Mijloace de transport
Mobilier, birotic`, echipamente de protec]ie [i alte
active corporale
Active în curs
Total
Imobiliz`ri financiare
Efecte publice [i valori asimilate
Obliga]iuni [i alte titluri cu venit fix
P`r]i \n cadrul societ`]ilor comerciale legate
Participa]ii [i activit`]i de portofoliu
Total
Total active imobilizate
* Mi[carea valorii obliga]iunilor [i a altor titluri cu venit fix, precum [i mi[carea costului [i amortiz`rii cumulate pentru imobiliz`rile corporale[i necorporale reprezint` descre[terea net` în an rezultat` din diferen]a între activele achizi]ionate [i cele vândute în cursul anului.Nu s-au efectuat cheltuieli de dezvoltare [i nici nu s-a investit în fondul comercial. Cheltuielile de constituire nu sunt semnificative, fiindreprezentate de taxe notariale [i alte comisioane necesare.
ACTIVE IMOBILIZATE {I FINANCIARE
5
VALOARE BRUT~
Sold la
31 decembrie 2003
-
29.274
95.959.630
30.466.160
126.455.064
-
-
83.773.765
16.011.899
30.035.536
9.135.005
53.302.590
7.977.907
200.236.702
-
1.758.782.843
-
9.241.599
1.768.024.442
2.094.716.208
Reduceri
-
18.792
-
20.290.372
20.309.164
-
-
-
-
854.700
-
511.237
34.475.901
35.841.838
1.358.519.968
-
-
-
1.358.519.968
1.414.670.970
Cre[teri
-
17.396
40.799.764
25.876.188
66.693.348
-
-
33.938.143
8.261.068
9.142.463
3.523.379
21.943.113
40.948.432
117.756.598
-
1.126.792.026
-
5.922.779
1.132.714.805
1.317.164.751
Sold la
1 ianuarie 2003
-
30.670
55.159.866
24.880.344
80.070.880
-
-
49.835.622
7.750.831
21.747.773
5.611.626
31.870.714
1.505.376
118.321.942
1.358.519.968
631.990.817
-
3.318.820
1.993.829.605
2.192.222.427
49
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re
DEPRECIERE / AMORTIZARE
Sold la
1 ianuarie 2003
-
17.624
23.230.998
23.248.622
-
6.513.485
900.582
12.340.828
2.315.042
5.964.777
28.034.714
51.283.336
Reduceri
sau relu`ri
-
18.792
-
18.792
-
-
-
854.700
-
511.237
1.365.937
1.384.729
Deprecierea din
cursul exerci]iului
-
14.510
14.270.611
14.285.121
-
7.609.803
1.249.298
5.787.003
1.853.972
3.952.564
20.452.640
34.737.761
Sold la
31 decembrie 2003
-
13.342
37.501.609
37.514.951
-
14.123.288
2.149.880
17.273.131
4.169.014
9.406.104
47.121.417
84.636.368
mii lei
Imobiliz`ri corporale
Imobiliz`ri necorporale
Total
Valoare net`
contabil`
153.115.285
88.940.113
242.055.398
Amortizare
(47.121.417)
(37.514.951)
(84.636.368)
Valoare brut`
200.236.702
126.455.064
326.691.766
mii lei
Imobiliz`ri necorporale
Fond comercial
Cheltuieli de constituire
Alte imobiliz`ri necorporale
Total
Imobiliz`ri corporale
Amenaj`ri de terenuri
Cl`diri
Echipamente (ma[ini, utilaje, instala]ii de lucru)
Aparate [i instala]ii de m`surare, control [i reglare
Mijloace de transport
Mobilier, birotic`, echipamente de protec]ie [i alte
active corporale
Total
Total amortiz`ri
Suma \n valut`
10.000.000
7.832.621
Valuta
USD
EUR
Echivalent
mii lei
150.000.000
212.733.900
362.733.900
CAPITALUL SOCIAL
6
Capitalul social a fost subscris pe 13 noiembrie 1997 [i a fost pl`tit în cursul anului 1997 pân` la 31 decembrie 2002:
mii lei
Subscris [i pl`tit integral
Total capital social
50
|n concordan]` cu legisla]ia român`, toate b`ncile,inclusiv sucursalele b`ncilor str`ine, trebuie s` î[icreasc` capitalul social pân` la nivelul minim de 250miliarde lei pân` la data de 31 mai 2002, pân` la nivelulde 320 miliarde lei pân` la data de 31 mai 2003 [i pân`la nivelul de 370 miliarde lei pân` la data de 31 mai 2004.În cursul anului 2001 ac]ionarii B`ncii au crescutcapitalul social al B`ncii de la 100.000.596 mii lei la31 decembrie 2000 la 362.733.900 mii lei la 31decembrie 2001.Schimb`rile juridice determinate de ultima cre[tere decapital au implicat anularea ac]iunilor existente (782.000ac]iuni cu valoarea nominal` de 191.815,8568 lei) [iemiterea a 3.627.339 ac]iuni ordinare noi, la valoareanominal` de 100.000 lei.La 31 decembrie 2002 [i 31 decembrie 2001, capitalulsocial era format din 3.627.339 ac]iuni cu valoarea
nominal` de 100.000 lei, [i era de]inut de societ`]icomerciale nerezidente.La 31 decembrie 2003, capitalul social al b`ncii era de587.240.500 mii lei, valoarea major`rii capitalului socialfiind de 224.506.600 mii lei. Pentru majorare au fostutilizate 137.306.417 mii lei reprezentånd rezerve dinevaluarea disponibilita]ilor \n devize \n conformitate cuprevederile Legii 189//2001, \nregistrate \n bilan]ulb`ncii la 31.12.2002 [i 87.200.183 mii lei reprezentåndrezerve din influen]ele de curs valutar aferente aprecieriidisponibilit`]ilor \n valut` reprezentånd capital socialv`rsat \n valut`, conform HG 252/1996.Modalitatea de majorare a capitalului social a fostemiterea a 2.245.066 ac]iuni cu valoarea nominal` de100.000 lei, iar capitalul social de 587.240.500 mii lei afost \mp`r]it \n 5.872.405 ac]iuni nominative cu o valoarenominal` de 100.000 lei.
La 31 decembrie 2003, structura ac]ionariatului a fost urm`toarea:
Valoare
585.608.900
1.631.600
587.240.500
%
99.72%
0.28%
100%
Num`r de ac]iuni
5.856.089
16.316
5.872.405
mii lei
Bank Austria Creditanstalt AG
Al]ii
Total
2003
462.322.222
(106.916.560)
-
(154.856.438)
-
-
-
-
-
-
(261.772.998)
200.549.224
2002
249.939.889
(53.762.795)
-
(32.115.123)
(124.595.011)
-
-
-
-
-
(210.472.929)
39.466.960
ALOCAREA PROFITULUI
7
A[a cum este prezentat` în Nota 2.2, distribu]ia profitului în sum` de 261.772.998 mii lei (2002: 210.472.929 mii lei) a fost efectuat`respectând prevederile Legii Bancare nr. 58/1998 [i Legii nr. 189/2001.
mii lei
Profitul net al anului
- Rezerve legale (Nota 13.5)
- Rezerve statutare (Nota 13.5)
- Rezerva general` pentru riscul de credit
- Alte rezerve
- Alte fonduri
- Participarea personalului la profit
- Dividende
- Acoperirea pierderii contabile din anii preceden]i
- Alte repartiz`ri
Total profit repartizat
Profit nealocat
51
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PROVIZIOANE
8
8.1 PROVIZIOANE PENTRU DATORII ÎNDOIELNICE
Total
4.797.564
6.161.484
640.447
11.599.495
14.178.337
(2.552.666)
(1.250.226)
21.974.940
Provizioane
pentru credite
4.723.587
5.916.307
634.350
11.274.244
14.457.045
(2.560.025)
(1.250.226)
21.921.038
(Nota 3.4)
Provizioane pentru
crean]e ata[ate
nerecuperabile
73.977
245.177
6.097
325.251
(278.708)
7.359
-
53.902
(Nota 2.4)
mii lei
Sold la 1 ianuarie 2002
Mi[c`ri în timpul anului (Nota 9.8)
Diferen]e din schimburile valutare
Sold la 1 ianuarie 2003
Mi[c`ri nete în timpul anului (Nota 9.8)
Diferen]e din schimburile valutare
Pierderi din crean]e nerecuperabile (Nota 9.8)
Sold la 31 decembrie 2003
*Veniturile [i cheltuielile din opera]iunile cu obliga]iuni de stat în sum` de 177.202.345 mii lei (2002: 163.906.505 mii lei) [i respectiv 3.350.456mii lei (2002: 3.790.062 mii lei), se refer` la amortizarea primelor, dobânda pentru titlurile în pensiune livrat` [i alte cheltuieli cu titlurile.
CONTUL DE PROFIT {I PIERDERE
9
9.1 VENIT DIN DOBÂNZI {I CHELTUIELI CU DOBÂNZILE
31 decembrie 2002
370.984.244
201.106.000
163.906.505
30.375.160
11.310.745
3.693.007
-
781.375.661
(174.474.235)
(43.143.502)
(12.814.039)
(25.982.129)
(7.816.973)
(3.790.062)
-
(268.020.940)
513.354.721
31 decembrie 2003
556.964.065
208.216.670
177.202.345
34.487.576
24.522.477
45.837.744
107.902
1.047.338.779
(193.308.792)
(102.430.832)
(12.698.946)
(25.309.648)
(8.194.027)
(3.350.456)
(193.562)
(345.486.263)
701.852.516
mii lei
Venituri din dobânzi
De la:
- credite acordate persoanelor fizice [i juridice
- plasamente la b`nci române[ti [i str`ine
- ac]iuni [i obliga]iuni*
- plasamente la Banca Na]ional` a României
- garan]ii emise
- angajamente de finan]are
- angajamente aferente opera]iunii derivate de dobånd`
Total venituri din dobânzi
Cheltuieli cu dobânzile
Pentru:
- conturile [i depozitele clien]ilor
- plasamente de la b`nci române[ti [i str`ine
- datorii subordonate
- credite la termen
- angajamente cu alte b`nci [i clien]i
- ac]iuni [i obliga]iuni de stat*
- cheltuieli privind instrumentele financiare derivate de dobånd`
Total cheltuieli cu dobânzile
Venit net din dobânzi
52
Veniturile [i pierderile din diferen]ele de curs valutar au rezultat atât din reevaluarea activelor [i pasivelor în valut`, cât [i din opera]iunilede schimb \n nume propriu dar [i ale clien]ilor – tranzac]ii spot [i forward.
Veniturile [i pierderile din opera]iunile cu titluri au rezultat din tranzac]ionarea [i cesiunea titlurilor de tranzac]ie [i respectiv a celor deplasament.
9.2 VENITURI {I CHELTUIELI CU COMISIOANE
31 decembrie 2002
57.515.591
55.380.576
23.543.298
12.532.007
1.184.243
380.355
150.536.070
(15.317.879)
(5.637.880)
(1.500.813)
(917.910)
-
(1.833)
(23.376.315)
127.159.755
31 decembrie 2003
150.178.009
96.142.073
35.109.279
6.130.239
1.094.234
2.130.141
290.783.975
(20.884.112)
(10.462.855)
(64.729)
-
(4.025.360)
-
(35.437.056)
255.346.919
mii lei
Venituri din diferen]e de curs valutar
Cheltuieli cu diferen]e de curs valutar
Rezultat net din diferen]e de schimb valutar
9.3 PROFIT NET DIN DIFEREN}E DE CURS VALUTAR
31 decembrie 2002
514.811.974
(567.671.096)
(52.859.122)
31 decembrie 2003
241.695.813
(140.679.896)
101.015.917
mii lei
Venituri din comisioane
Din:
- tranzac]ii ale clientelei
- instrumente de plat`
- alte servicii financiare
- opera]iuni interbancare
- opera]iuni cu titluri
- servicii de consultan]`
Total venituri din comisioane
Cheltuieli cu comisioanele
Din:
- opera]iuni interbancare
- instrumente de plat`
- tranzac]ii ale clientelei
- opera]iuni de investi]ii
- opera]iuni cu titluri
- alte servicii financiare
Total cheltuieli cu comisioanele
Venit net din comisioane
53
* În alte venituri din exploatare este inclus` suma de 6.392.950 mii lei, care se refer` la o ajustare aferent` impozitului pe profit al anului 2002(recalcularea rezervelor aferente evalu`rii disponibilit`]ilor \n devize \n conformitate cu Legea 189/2001).** Cheltuiala cu alte taxe, în sum` de 40.231.871 mii lei (2002 - 34.778.995 mii lei) const` în principal din contribu]ia la fondul de garantarea depozitelor [i contribu]ia la fondul de risc.
9.4 ALTE VENITURI {I CHELTUIELI DIN EXPLOATARE
31 decembrie 2002
2.891.032
16.445.629
1.070.665
20.361
20.427.687
(34.778.993)
(1.894.753)
(345.858)
(146.515)
-
(79.109)
(37.245.228)
(16.817.541)
31 decembrie 2003
6.622.110
3.808.220
1.560.111
710.725
12.701.166
(40.231.871)
(1.759.254)
-
(840.531)
(287.758)
(942.340)
(44.061.754)
(31.360.588)
9.5 CHELTUIELI CU PERSONALUL
31 decembrie 2002
(64.643.240)
(7.231.831)
(3.774.502)
(5.367.657)
(12.290.389)
(93.307.619)
31 decembrie 2003
(100.521.177)
(19.375.262)
(4.258.410)
(8.524.875)
(22.542.972)
(155.222.696)
mii lei
Alte venituri din exploatare
Alte venituri din activitatea de exploatare*
Venituri din angajamente date clientelei
Venituri din chirii
Alte venituri
Total venituri din exploatare
Alte cheltuieli din exploatare
Cheltuieli privind taxele**
Cheltuieli privind sponsoriz`rile
Cheltuieli financiare
Penalit`]i [i compensa]ii pentru daune
Alte cheltuieli de exploatare bancare
Alte cheltuieli
Total cheltuieli din exploatare
Venit net din exploatare
mii lei
Salarii
Contribu]ia angajatorului la asigur`rile sociale
Contribu]ia angajatorului la fondul de [omaj
Contribu]ia angajatorului la fondul de s`n`tate
Alte cheltuieli privind angaja]ii
Total cheltuieli cu personalul
54
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fin
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mii lei
Cheltuieli cu:
- ter]i
- chirii
- protocol [i publicitate
- telecomunica]ii
- materiale
- transport
- obiecte de inventar
- între]inere [i repara]ii
- asigur`ri
- utilit`]i
- colaboratori
- audit
- leasing
- consultan]`
Total cheltuieli administrative
9.6 CHELTUIELI ADMINISTRATIVE
31 decembrie 2002
(92.519.355)
(42.312.897)
(21.692.923)
(14.046.757)
(8.883.167)
(8.110.295)
(1.772.494)
(4.331.457)
(1.723.544)
(2.219.235)
-
(1.679.244)
(490.904)
(93.931)
(199.876.203)
31 decembrie 2003
(142.470.780)
(55.273.897)
(29.065.045)
(18.224.032)
(15.967.887)
(8.718.460)
(5.637.822)
(6.201.023)
(2.815.868)
(2.990.845)
(153.334)
(1.983.865)
(711.203)
-
(290.214.061)
mii lei
Amortizarea imobiliz`rilor necorporale (Nota 5)
Deprecierea imobiliz`rilor corporale (Nota 5)
Total cheltuieli privind amortizarea [i deprecierea
9.7 DEPRECIEREA IMOBILIZ~RILOR CORPORALE {I AMORTIZAREA IMOBILIZ~RILOR NECORPORALE
31 decembrie 2002
(10.094.388)
(12.270.926)
(22.365.314)
31 decembrie 2003
(14.285.121)
(20.452.639)
(34.737.760)
mii lei
Corec]ii ale valorili crean]elor [i provizioane
Relu`ri din valoarea crean]elor [i provizioanelor
Cheltuieli nete privind provizioanele (Nota 8.2.)
9.8 VENITURI {I CHELTUIELI CU PROVIZIOANELE
31 decembrie 2002
(92.298.753)
86.137.269
(6.161.484)
31 decembrie 2003
(330.834.599)
317.906.489
(12.928.110)
55
INFORMA}II PRIVIND PIE}ELE GEOGRAFICE
11
La 31 decembrie 2003, Banca î[i desf`[ura activitatea prin intermediul a nou` sucursale opera]ionale aflate pe teritoriulRomâniei (2002: cinci sucursale). De aceea nu exist` segmente geografice [i toate veniturile [i cheltuielile sunt realizatepe o singur` pia]`.
În timpul activit`]ii curente, Banca face pl`]i privind pensiile în numele angaja]ilor s`i c`tre institu]iile de stat române.To]i angaja]ii B`ncii sunt inclu[i în sistemul de pensii de stat. Banca nu are alt plan de pensii sau de beneficii dup`pensionare, [i, în consecin]`, nu are nici o obliga]ie legat` de pensii. |n plus, Banca nu are nici o obliga]ie de a oferi altebeneficii suplimentare angaja]ilor s`i.
* Venitul din cedarea obliga]iunilor de stat în sum` de 857.812 mii lei (2002: 80.525.521 mii lei), în principal este ob]inut din obliga]iuni de statexprimate în EUR [i lei, emise de Ministerul Finan]elor.
mii lei
Venituri din cedarea obliga]iunilor de stat*
Cheltuieli privind cedarea obliga]iunilor de stat
Venit net din cedarea obliga]iunilor de stat
9.9 VENITURI {I CHELTUIELI DIN CEDAREA OBLIGA}IUNILOR DE STAT
31 decembrie 2002
80.525.521
(60.838.738)
19.686.783
31 decembrie 2003
857.812
(27.485)
830.327
CHELUIELI CU PERSONALUL
10
mii lei
Cheltuieli cu remunera]iile personalului
Cheltuieli privind asigur`rile [i protec]ia social`, din care
cheltuieli privind pensiile
Alte cheltuieli privind personalul
Total
31 decembrie 2002
64.643.240
16.373.990
-
12.290.389
93.307.619
31 decembrie 2003
100.521.177
32.158.547
19.375.262
22.542.972
155.222.696
mii lei
Garantate cu depozite
Garantate cu scrisori de garan]ie
Garantate cu credite stand by
Scrisori de garan]ie în lei
Garantate cu depozite
Garantate cu scrisori de garan]ie
Garantate cu credite stand-by
Scrisori de garan]ie în valut`
Total scrisori de garan]ie
Acreditive confirmate
Total accept`ri [i andos`ri
Garan]ii emise c`tre alte b`nci
Total datorii contingente
56
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Datoriile contingente ale B`ncii existente \n sold la 31 decembrie 2003 [i 31 decembrie 2002 erau urm`toarele:
DATORII CONTINGENTE {I ANGAJAMENTE
12
12.1 DATORII CONTINGENTE
31 decembrie 2002
46.721.210
75.909.180
66.532.546
189.162.936
113.718.470
45.295.809
112.485.630
271.499.909
460.662.845
2.292.472
462.955.317
280.017.572
742.972.889
31 decembrie 2003
66.890.930
-
117.105.189
183.996.189
97.458.507
-
942.340.499
1.039.799.006
1.223.795.195
96.870.238
1.320.665.433
663.691.728
1.984.357.161
mii lei
Garantate cu depozite
Acreditive emise
Deschideri de credite confirmate
Total angajamente
12.2 ANGAJAMENTE
31 decembrie 2002
532.734.467
532.734.467
2.767.960.362
3.300.694.829
31 decembrie 2003
904.847.742
904.847.742
4.707.773.745
5.612.621.487
12.3 OBLIGA}II PRIVIND CHIRIA
Obliga]iile pentru anul 2004 sunt aferente chiriei ce trebuie pl`tit` pentru sediile sucursalelor.
57
mii lei
|n termen de un an
Din al doilea pån` \n al cincilea an inclusiv
Peste cinci ani
Total
31 decembrie 2002
12.413.564
26.210.824
-
38.624.388
31 decembrie 2003
4.252.853
32.141.805
-
36.394.658
12.5 ALTE ELEMENTE EXTRABILAN}IERE
În plus, Banca a înregistrat în conturile din afarabilan]ului urm`toarele:
31 decembrie 2002• un contract SWAP încheiat cu Bank Austria Viena,valoarea net` fiind în sum` de 1.459.880 mii lei;• scrisorile de garan]ie primite ca garan]ii pentrucreditele acordate clien]ilor precum [i scrisorile degaran]ie emise în valoare total` de 3.191.997.078 mii lei;• gajuri [i alte garan]ii primite pentru creditele acordate,în valoare de 2.347.766.805 mii lei;• creditele trecute pe cheltuial` ca urmare a hot`râriifinale a instan]ei sunt în sum` de 10.032.637 mii lei;• cecurile de c`l`torie [i numerarul de]inut în EUR învaloare de 11.926.815 mii lei.
31 decembrie 2003• dou` contracte SWAP încheiate cu Bank Austria Viena,valoarea net` fiind în sum` de 72.492.025 mii lei;• scrisorile de garan]ie primite ca garan]ii pentru crediteleacordate clien]ilor precum [i alte garan]ii primite de la
b`nci \n valoare total` de 8.486.206.615 mii lei;• gajuri [i alte garan]ii primite pentru creditele acordate,în valoare de 3.819.252.621 mii lei;• creditele trecute pe cheltuial` ca urmare a hot`râriifinale a instan]ei sunt în sum` de 16.156.507 mii lei;• cecurile de c`l`torie în valoare de 16.424.754 mii lei.• angajament de finan]are \n valoare de 1.233.510.000mii lei de la Bank Austria,• dou` contracte IRS \n valoare total` de 147.125.400 miilei \ncheiate cu Bank Austria Viena.Nu mai sunt alte obliga]ii decât cele men]ionate mai sus.
La 31 decembrie 2003 nu a existat nici unul dinelementele urm`toare:• active ipotecate/gajate pentru datoriile proprii saupentru datoriile ter]elor p`r]i;• obliga]ii contractuale viitoare pentru pl`]ile de pensii;• active în pensiune livrat`, altele decât cele men]ionateîn Nota 4.2;• obliga]ii referitoare la litigii care s` fie materiale pentrua fi prezentate \n notele la situa]iile financiare.
12.4 OBLIGA}II PRIVIND LEASINGUL
La data bilan]ului, Banca avea obliga]ii privind leasingul opera]ional [i financiar, obliga]ii care devin scadente dup` cumurmeaz`:
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ALTE INFORMA}II
13
13.1 PREZENTARE GENERAL~
HVB BANK ROMANIA S.A a fost înregistrat` la RegistrulComer]ului ca societate comercial` la data de 24noiembrie 1997 [i a ob]inut autoriza]ia de func]ionare cabanc` de la Banca Na]ional` a României la data de 13Aprilie 1998. La data de 25 August 1998 Banca Na]ional`a României a aprobat schimbarea denumirii B`ncii dinBanca Creditanstalt S.A. în Bank Austria CreditanstaltRomania S.A. Ca urmare a fuziunii dintre HVB Group [iBank Austria – Creditanstalt Group, la data de 20 iulie2001, Banca Na]ional` a României a aprobat schimbareadenumirii B`ncii din Bank Austria Creditanstalt RomaniaS.A. în HVB BANK ROMANIA S.A.
Începând cu 31 August 1998, Banca a început opera]iunilebancare [i func]ioneaz` ca o banc` comercial` [i deeconomii oferind o gam` larg` de servicii adresate tuturorcategoriilor de clien]i. La 31 decembrie 2002, Banca î[idesf`[ura activitatea prin cinci unit`]i operative: una situat`în aceea[i cl`dire cu sediul central, alta constituit` casucursal`, situat` în centrul capitalei [i alte trei sucursale înTimi[oara, Cluj Napoca [i Oradea. |n anul 2003 au fostdeschise alte patru sucursale în: Bra[ov, Constan]a,Bucure[ti [i Sibiu, astfel c` la finele anului 2003 banca \[idesf`[ura activitatea prin nouz unit`]i operative.Se preconizeaz` deschiderea unei sucursale \n Arad, \ndecursul anului 2004.
mii lei
Valuta
Dolari SUA
EUR
Lire sterline
Dolar Australian
Alte valute
Total
Pozi]ie net`
17.320.040
(83.463.046)
3.765.033
675.060
1.975.408
(59.727.505)
Elemente \n
afara bilan]ului
(544.673.465)
1.128.489.000
-
-
-
583.815.535
Pasive
-
(1.211.952.046)
-
-
-
(1.211.952.046)
Active
561.993.505
-
3.765.033
675.060
1.975.408
568.409.006
La 31 decembrie 2002 pozi]ia net` a principalelor valute, exprimat` în mii lei se prezenta astfel:
Ratele oficiale de schimb valabile la 31 decembrie 2003 erau 32.595 lei/USD, 41.117 lei/EUR [i 58.058 lei/GBP [i 24.472 lei/AUD, iar la31 decembrie 2002 erau 33.500 lei/USD, 34.919 lei/EUR, 53.712 lei/ GBP [i 18.864 lei/AUD.
13.2 SUCURSALE {I SOCIET~}I ASOCIATE
În cursul anului 2002, Banca a investit în cadrul HVB Leasing (la constituirea acesteia) cu 20% din capitalul acesteisociet`]i, în sum` de 1.150.960 mii lei, reprezentând 200 de ac]iuni.
|n anul 2003, Banca a efectuat dou` investi]ii \n valoare total` de 4.612.500 mii lei, astfel:• ac]iuni \n valoare de 942.500 mii lei, reprezentånd 5% din capitalul social al societ`]ii CAIB Asset Management;• 677.673 ac]iuni \n valoare de 3.670.000 mii lei, \n capitalul social al societ`]ii CAIB Securities SA (Nota 4.3).
13.3 POZI}IA VALUTAR~
Pozi]ia net` valutar` a B`ncii, declarat` la Banca Na]ional` a României, reflect` faptul c` pasivele în valut` dep`[escactivele în valut` la 31 decembrie 2003 cu o sum` reprezentând 5,39% din fondurile proprii ale B`ncii (\n 2002: 7,07%),calculate conform reglement`rilor B`ncii Na]ionale a României care prev`d ca aceast` dep`[ire s` nu fie mai mare de20% fondurile proprii, iar pe fiecare valut` \n parte s` nu dep`[easc` 10% din fondurile proprii.
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Aceast` diminuare este justificat` prin utilizarea sumei respective pentru majorarea capitalului social al b`ncii avånd \nvedere dispozi]iile art IX din Legea 485/2003-Lege pentru modificarea [i completarea Legii Bancare nr. 58/1998, carestabile[te c` rezervele existente \n sold [i care, pån` la data intr`rii \n vigoare a legii men]ionate „puteau constitui sursade majorare a capitalului social, potrivit legisla]iei aplicabile, vor putea fi utilizate \n continuare \n acest scop pån` laepuizarea acestora.”
Începând cu 1 ianuarie 2002, moneda EURO a înlocuit toate monedele utilizate în statele membre ale Uniunii Europene.
mii lei
Valuta
Dolari SUA
EUR
Lire sterline
Dolar Australian
Alte valute
Total
Pozi]ie net`
(69.252.782)
(7.194.210)
4.683.931
1.091.347
(189.303)
(70.861.017)
Elemente \n
afara bilan]ului
23.693.448
(246.575)
-
-
-
23.446.873
Pasive
(92.946.230)
(6.947.635)
-
-
(696.345)
(100.590.210)
Active
-
-
4.683.931
1.091.347
507.042
6.282.320
La 31 decembrie 2002 pozi]ia net` a principalelor valute, exprimat` în mii lei se prezenta astfel:
13.4 a) REZULTATUL REPORTAT REZULTAT DIN APLICAREA PENTRU PRIMA DAT~ A IAS, ÎN AFAR~ DE IAS 29
31 decembrie 2003
140.591.437
(105.918.051)
34.673.386
mii lei
Sold la 1 ianuarie 2003
Sume utilizate pentru majorarea capitalului social
Sold la 31 decembrie 2003
60
mii lei
Venituri totale
Cheltuieli totale
Profit brut
Venituri neimpozabile
Cheltuieli nedeductibile
Venit din impozit pe profit amånat
Rezerve legale (Nota 7)
Rezerva general` pentru riscul de credit (Nota 7)
Profitul fiscal aferent exerci]iului
Pierdere fiscal` din exerci]iile anterioare
Impozit pe profit
Pierdere fiscal` reportat`
Cheltuiala cu impozitul pe profit aferent` exerci]iului
13.5 RECONCILIEREA IMPOZITULUI PE PROFIT
31 decembrie 2002
1.119.002.208
(850.188.232)
268.813.976
(126.611.486)
18.866.111
-
(53.762.795)
(32.115.122)
75.190.684
-
(18.797.671)
-
(18.797.671)
31 decembrie 2003
1.770.604.138
(1.236.021.674)
534.582.464
(6.392.950)
22.625.456
334
(106.916.560)
(154.856.439)
289.042.305
-
(72.260.576)
-
(72.260.576)
(a) Banca Na]ional` a României a efectuat o verificare a B`ncii în cursul anului 2003. Potrivit raportului BNR, veniturile neimpozabile [icheltuielile nedeductibile din reevaluarea disponibilului \n devize au fost diferite fa]` de cele calculate de banc`, iar rezervele constituite aufost recalculate [i majorate cu 25.571.801 mii lei [i impozitul pe profit al anulul 2003 diminuat cu 6.392.950 mii lei.
(b) Banca Na]ional` a României a efectuat o verificare a B`ncii în cursul anului 2002. Potrivit raportului BNR, veniturile neimpozabile [icheltuielile nedeductibile au fost recalculate [i majorate cu 9.155.744 mii lei. Prin urmare, veniturile neimpozabile [i cheltuielile nedeductibileau fost reconsiderate în vederea calcul`rii impozitului amânat.
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31 decembrie 2002
-
-
-
-
8.967
-
8.967
b) Componentele mai importante ale (veniturilor)/cheltuielilor din impozite amânate cu efect fiscal temporar suntprezentate în urm`torul tabel:
31 decembrie 2003
-
-
-
-
334
-
334
mii lei
Câ[tig/(pierdere) din tranzac]ii în pensiune livrat`
Crean]e ata[ate pentru titluri în pensiune livrat`
Reclasificare de crean]e ata[ate
Datorii neînregistrate (facturi)
Subven]ii transferate la venituri
Corec]ii privind veniturile neimpozabile [i cheltuielile nedeductibile (Nota 9.4)
Total datorii privind impozitul pe profit amânat
13.6 RECONCILIEREA IMPOZITULUI PE PROFIT
Anul \ncheiat la
31 decembrie 2002
268.813.976
-
268.813.976
67.203.494
(48.405.823)
-
(48.405.823)
18.797.671
18.797.671
76.416
18.874.087
Anul \ncheiat la
31 decembrie 2003
534.582.464
-
534.582.464
133.645.616
(61.385.040)
-
(61.385.040)
72.260.576
72.260.576
(334)
72.260.242
a) Calcularea prima facie a impozitului pe profit este reconciliat` cu cheltuiala cu impozitul pe profit, dup` cum urmeaz`:
mii lei
Profit înainte de impozitare
Ajust`ri ale rezultatului reportat ca urmare a aplic`rii
pentru prima dat` a IAS (Nota 13.4)
Profit ajustat înainte de impozitare
Impozitul pe profit la rata previzionat` de 25%
Efectul fiscal al diferen]elor permanente
Efectul fiscal al diferen]elor temporare
Total
Cheltuiala curent` cu impozitul pe profit
Cheltuiala curent` cu impozitul pe profit
Efectul fiscal al diferen]elor temporare
Impozitul pe profit aferent perioadei curente conform IAS
a. Creditanstalt Leasing GmbH|mprumutul de la Baca Export Leasing GmbH (fostaCreditanstalt Leasing GmbH) este format din contracte deleasing financiar, încheiate pentru achizi]ionarea deechipamente [i autovehicule.Suma de 31.590.907 mii lei (2002 - 32.686.168 mii lei) la31 decembrie 2003 reprezint` suma datorat` c`tre BacaExport Leasing GesmbH pentru mijloacele fixe cump`ratepe baz` de credit în regim de leasing.
b. Banca European` de Investi]iiLa 15 octombrie 2001, Banca a intrat într-o facilitare decredit în valoare de 20 milioane EUR de la BancaEuropean` de Investi]ii, cu scopul de a finan]a miciiinvestitori.Dobånda datorat` aferent` era \n sum` de 1.139.741 miilei la 31.12.2003, respectiv 3.710.700 mii lei la31.12.2002 (Nota 2.4).
c. BACA ViennaLa 31 decembrie 2002 Banca avea un \mprumut de14.950 mii EURO de la Bank Austria Aktiengesellschaft,\mprumut necesar finan]`rii opera]iunilor proprii.La 31 decembrie 2003 banca mai avea un alt \mprumut(linia total` de refinan]are fiind de 21.000.000 USD ),contractat de la Bank Austria Creditanstalt AG, cu dou`trageri de 10.300.000 USD [i 4.550.000 EUR.
d. Chase Manhattan BankÎmprumutul de la Chase Manhattan Bank, reprezint`overdraft accidental la 31 decembrie 2002.
e. Hypovereins MunichLa 31 decembrie 2003 banca avea un \mprumut de30.000.000 EUR, contractat tot \n scopul ob]inerii desurs` de refinan]are.
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13.7 CREDITE DE LA INSTITU}II FINANCIARE
31 decembrie 2002
32.686.168
698.380.000
731.066.168
522.039.050
14.420.780
-
536.459.830
31 decembrie 2003
31.590.907
822.340.000
853.930.907
3.419.330.367
-
1.233.510.000
4.652.840.367
mii lei
Credite de la institu]ii financiare
Creditanstalt Leasing GmbH (a)
Banca European` de Investi]ii (b)
Total (Nota 3.2)
Credite de la alte b`nci
BACA Viena (Nota 3.1) (c)
Chase Manhattan Bank (Nota 3.1) (d)
Hypovereins Munich (e)
Total
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13.8 NUMERAR {I ECHIVALENT NUMERAR
31 decembrie 2002
162.315.440
2.086.563.908
2.248.879.348
830.000.000
129.635.096
8.295.699.218
1.358.519.969
1.809.362
10.615.663.645
(4.999.220)
12.859.543.773
mii lei
Disponibil \n casierie
Disponibil la BNR
Total numerar
Depozite la BNR
Conturi curente la BNR
Depozite la alte b`nci (Nota 13.10)
Efecte publice [i alte titluri
Alte sume
Total echivalent numerar
Minus: sume cu scaden]e mai mari de trei luni
Total numerar [i echivalent numerar
31 decembrie 2003
260.975.046
3.419.343.372
3.680.318.418
104.131.185
50.000.000
14.438.162
168.569.347
1.040.000
205.585.000
4.895.284
585.170.441
1.835.650.725
(585.170.441)
(4.895.284)
1.245.585.000
1.758.782.843
(1.724.624.536)
34.158.307
1.448.312.654
5.128.631.072
mii lei
Disponibil \n casierie
Disponibil la BNR
Total numerar
Conturi de corespondent
Depozite la vedere la b`nci
Alte sume
Crean]e asupra institu]iilor de credit la vedere (Nota 14)
Depozite la b`nci centrale
Depozite la termen la b`nci
Depozite colaterale
Crean]e la termen acodate b`ncilor
Crean]e asupra institu]iilor de credit la termen (Nota 14)
Minus crean]e la termen acodate b`ncilor
Minus sume cu scaden]e mai mari de trei luni
Total crean]e asupra institu]iilor de credit la termen
Obliga]iuni [i alte titluri cu venit fix (Nota 14)
Minus sume cu scaden]e mai mari de trei luni
Total obliga]iuni [i alte titluri cu venit fix
Total echivalent numerar
Total numerar [i echivalent numerar
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13.9 INDICATORI DE SOLVABILITATE
Banca î[i monitorizeaz` permanent resursele de capitalconform reglement`rilor emise de Banca Na]ional` aRomâniei. Indicatorii de solvabilitate sunt calcula]i pebaza informa]iilor financiare întocmite potrivitstandardelor române[ti de contabilitate. Banca trebuies`-[i m`soare nivelul de solvabilitate raportând nivelulfondurilor proprii la totalul activelor ponderate în func]iede gradul lor de risc, inclusiv elementele în afarabilan]ului, conform reglement`rilor în vigoare. Nivelul desolvabilitate al B`ncii la 31 decembrie 2003 pentru
capitalul de rangul 1 [i capitalul de rangul 2 era de12,50% [i respectiv 15,80% (2002: 11,90% [i respectiv15,80%). Reglement`rile impun un nivel minim de 8%pentru capitalul de rangul 1 [i 12% pentru capitalul derangul 2.Pentru calculul indicatorilor de solvabilitate, capitalul derangul 1 cuprinde capitalurile proprii, iar capitalul derangul 2 cuprinde capitalul de rangul 1, datoriilesubordonate, subven]iile [i alte elemente. Datoriilesubordonate includ un credit de la Bank Austria Viennaîn sum` de 284.734.348 mii lei (2002: 241.813.330 mii lei).
13.10 CONCENTRAREA EXPUNERII
a) Depozite la b`nci
mii lei
Descriere
B`nci din str`in`tate
B`nci str`ine înregistrate în România [i b`nci române[ti
Total (Nota 13.8)
31 decembrie 2002
7.726.749.218
568.950.000
8.295.699.218
31 decembrie 2003
4.895.284
255.585.000
260.480.284
Depozitele la alte b`nci la sfâr[itul perioadei erau:
13.11 VALOAREA JUST~
Conform IAS 32 "Instrumente financiare: prezentare [idescriere" este obligatorie descrierea valorii juste aactivelor [i pasivelor financiare. Valoarea just` reprezint`acea sum` pentru care un activ poate fi schimbat sau carear putea stinge o obliga]ie între p`r]ile avizate [iinteresate ale unei tranzac]ii din cadrul grupului decompanii. Având în vedere climatul economic românesc,activele [i obliga]iile financiare ale B`ncii sunt afectate dedevalorizarea leului românesc în compara]ie cu monezilestr`ine, de nivelul pre]urilor de pia]` [i de ratele dobânzii.Valoarea depozitelor pe termen scurt ale clien]ilor,depozitelor de la alte b`nci [i a obliga]iunilor esteapropiat` de valoarea just` datorit` termenelor scurte de
scaden]` [i a costurilor nesemnificative ale tranzac]iei.Depozitele la termen, creditele [i avansurile acordateclien]ilor, biletele la ordin, garan]iile [i acreditivele suntînregistrate la sume nete datorit` provizioanelor generale[i specifice, valoare considerat` a fi practic similar`valorii juste deoarece instrumentele respective suntpurt`toare de dobând` la ratele de pia]`. În consecin]`,orice modificare în valoarea just` a activelor financiare,datorit` modific`rii dobânzii, va atrage dup` sine [i omodificare a valorii juste a obliga]iilor aferente.Investi]iile financiare reprezint` participa]ii în societ`]inecotate [i obliga]iuni emise de Ministerul de Finan]epentru care nu exist` valoare de pia]`, precum [iobliga]iuni tranzac]ionate pe pia]a european`.
b) Credite [i avansuri
Conform Reglement`rilor B`ncii Na]ionale a României, creditele acordate unui singur client nu pot dep`[i 20% dincapitalurile proprii calculate în baza normelor române[ti de contabilitate, iar orice credit ce dep`[e[te 10% dincapitalurile proprii trebuie raportat.
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13.12 INSTRUMENTE FINANCIARE
Urm`toarele paragrafe prezint` pe scurt naturaactivit`]ilor cu privire la instrumentele financiare [ipoliticile adoptate de conducere în acest sens.
a) Riscul valutarBanca func]ioneaz` în condi]ii de hiperinfla]ie [iefectueaz` tranzac]ii atât în moned` româneasc` (Leul),cât [i în valut`. Moneda româneasc` a suferit o devalorizareaccentuat`, activele nete exprimate în lei fiind expuseriscului de diminuare a valorii.Instrumentele financiare derivate ale B`ncii reprezint`doar contractele Forward [i Swap cu scaden]e scurte [itranzac]ii Spot neînchise. Acestea reprezint` angajamentelecontractuale ale B`ncii de a achizi]iona sau a vinde valut`na]ional` sau str`in` la pre]uri fixe la o dat` viitoareprecis`. Banca nu a efectuat nici o tranzac]ie cu instrumentederivate încorporate pân` la data de 31 decembrie 2003.Aceste instrumente financiare sunt evaluate la valoareajust`, iar varia]iile favorabile (active) [i nefavorabile(datorii) ca urmare a modific`rii valorii juste sunt raportateîn contul de profit [i pierdere. Valoarea just` a instrumentelorde]inute de Banc` este prezentat` în nota 13.12(e).
b) Riscul de rat` a dobânziiRiscul ratei de dobând` este compus din riscul defluctua]ie înregistrat în valoarea unui anumit instrumentfinanciar ca urmare a varia]iei ratelor dobânzii [i dinriscul diferen]elor dintre scaden]a activelor financiarepurt`toare de dobând` [i cea a datoriilor purt`toare de
dobând` folosite pentru finan]area activelor respective.Perioada pe care se men]ine rata dobânzii stabilite pentruun instrument financiar indic`, prin urmare, în cem`sur` acesta este expus riscului dobânzii. Restabilireapre]ului pentru active [i pasive r`mâne la latitudineaB`ncii. Instrumentele financiare sunt purt`toare dedobând` la rata pie]ei, prin urmare se consider` c` valorilejuste nu difer` în mod semnificativ de valorile contabile.
c) Riscul de creditÎn cursul activit`]ii sale obi[nuite, Banca î[i asum` risculde credit cu privire la împrumuturile [i avansurile pe carele acord` clien]ilor, cu privire la plasamentele sale la alteinstitu]ii financiare [i alte elemente extra bilan]iere.Banca poate, de asemenea, suferi pierderi ca urmare aconcentra]iei semnificative a riscului de credit într-unanumit sector sau domeniu de activitate, sau într-oanumit` grupare economic`, în contextul schimb`riimediului economic din România. Gestionarea riscului decredit se face cu regularitate prin urm`rirea atent` arespect`rii plafoanelor de creditare [i prin evaluareabonit`]ii debitorilor.
d) Riscul de lichiditateBanca urm`re[te zilnic evolu]ia nivelului lichidit`]ilorpentru a-[i putea achita obliga]iile la data la care acesteadevin exigibile. Analiza pe scaden]e a activelor [i pasivelorla 31 decembrie 2003 este prezentat` în nota 15.Împrumuturile [i liniile de credit sunt reînnoite frecvent [ipot avea scaden]e mai mari decât cele precizate în nota 15.
d) Contracte standard [i derivative
Datorii
-
(478.761)
-
(478.761)
(Nota 2.3)
-
(1.470.700)
(4.215)
(1.474.915)
(Nota 2.3)
Active
-
72.803.218
1.049.141
73.852.359
(Nota 2.3)
1.459.880
6.000
-
1.465.880
(Nota 2.3)
Valoarea na]ional`
de contract
-
907.737.414
2.169.744
-
9.045.880
95.392.883
80.313.235
-
mii lei
Perioada încheiat` la 31 decembrie 2003
Tranzac]ii Swap de devize
Tranzac]ii Forward de devize
Tranzac]ii Spot de devize
Total
Perioada încheiat` la 31 decembrie 2002
Tranzac]ii Swap de devize
Tranzac]ii Forward de devize
Tranzac]ii Spot de devize
Total
Valoarea just`
66
ANALIZA PE SCADEN}E A ACTIVELOR {I PASIVELOR LA 31 DECEMBRIE 2003
14
|ntre 3 luni [i
un an inclusiv
-
-
148.871.875
1.955.031.342
(3.649.368)
1.951.381.974
147.273.975
-
-
-
-
19.442.042
-
19.442.042
2.266.969.866
Peste 5 ani
-
-
-
1.395.116.273
(4.386.561)
1.390.729.712
64.974.279
-
-
-
-
5.055.385
-
5.055.385
1.460.759.376
TOTAL
3.680.318.418
168.569.347
1.835.650.725
13.242.214.442
(21.921.038)
13.220.293.404
1.758.782.843
3.478.139
5.763.460
242.055.398
91.665.950
93.828.079
(53.902)
93.774.177
21.100.351.861
Cu scaden]`
nedefinit`
-
-
4.895.284
-
-
-
-
3.478.139
5.763.460
242.055.398
17.813.591
-
-
-
274.005.872
Pån` la o lun`
inclusiv
3.680.318.418
168.569.347
1.262.126.319
7.069.669.274
(9.415.677)
7.060.253.597
1.734.265
-
-
-
73.852.359
28.302.640
(53.902)
28.248.738
12.275.103.043
|ntre o lun` [i
3 luni inclusiv
-
-
39.055.303
518.476.581
(726.459)
517.750.122
32.424.042
-
-
-
-
4.905.818
-
4.905.818
594.135.285
|ntre 1 an [i
5 ani inclusiv
-
-
380.701.944
2.303.920.972
(3.742.973)
2.300.177.999
1.512.376.282
-
-
-
-
36.122.194
-
36.122.194
4.229.378.419
\n mii Lei
ACTIV
Casa, disponibilit`]i la b`nci
centrale
Crean]e asupra institu]iilor de
credit - la vedere
Crean]e asupra institu]iilor de
credit - alte crean]e
Crean]e asupra clientelei
Minus: provizioane pentru credite
Obliga]iuni [i alte titluri cu venit fix
Ac]iuni [i alte titluri cu venit variabil
Participa]ii
Mijloace fixe
Alte active
Cheltuieli \nregistrate \n avans
[i venituri angajate
Minus: provizion pentru
riscul de dobånd`
Total active
13.13 EVENIMENTE ULTERIOARE DATEI DE 31 DECEMBRIE 2003
În afar` de cele men]ionate mai sus, nu exist` alte evenimente semnificative ulterioare datei de 31 decembrie 2002 cares` necesite o ajustare a valorilor din prezentele situa]ii financiare ale B`ncii.
|ntre 3 luni [i
un an inclusiv
-
72.839.585
-
307.930.197
277.153.090
30.777.107
-
2.585.331
591.904
-
-
383.947.017
-
-
-
383.947.017
1.883.022.849
1.168.812.554
Peste 5 ani
-
2.126.508.358
-
19.959.701
19.959.701
-
-
-
-
-
284.734.348
2.431.202.407
-
-
-
2.431.202.407
(970.443.031)
1.068.358.747
TOTAL
2.531.171.257
5.523.978.367
4.422.348.296
6.814.504.499
5.960.573.592
853.930.907
-
37.992.107
143.258.368
-
284.734.348
19.757.987.242
587.240.500
755.124.119
1.342.364.619
21.100.351.861
-
-
Cu scaden]`
nedefinit`
-
-
-
-
-
-
-
-
-
-
-
-
587.240.500
755.124.119
1.342.364.619
1.342.364.619
(1.068.358.747)
-
Pån` la o lun`
inclusiv
2.531.171.257
850.749.867
4.422.348.296
4.567.947.182
4.567.021.397
925.785
-
35.406.776
114.457.639
-
-
12.522.081.017
-
-
-
12.522.081.017
(246.977.974)
(246.977.974)
|ntre o lun` [i
3 luni inclusiv
-
-
-
1.033.874.170
1.031.673.133
2.201.037
-
-
27.493.436
-
-
1.061.367.606
-
-
-
1.061.367.606
(467.232.321)
(714.210.295)
|ntre 1 an [i
5 ani inclusiv
-
2.473.880.557
-
884.793.249
64.766.271
820.026.978
-
-
715.389
-
-
3.359.389.195
-
-
-
3.359.389.195
869.989.224
2.038.801.778
\n mii Lei
PASIV
Datorii privind institu]iile de
credit - la vedere
Datorii privind institu]iile de
credit - la termen
Datorii privind clientela la vedere
Datorii privind clientela la termen
Depozite
Alte datorii
Datorii constituite prin titluri
Alte pasive
Venituri înregistrate în avans [i
datorii angajate
Provizioane pentru riscuri [i
cheltuieli
Credite subordonate [i datorii
ata[ate
Total datorii
Capital social
Rezultat reportat [i rezerve
Total capitaluri proprii
Total datorii [i capitaluri proprii
Risc de lichiditate
Deficit de lichiditate cumulat
67
Ra
po
rt f
ina
nci
ar
ANALIZA PE SCADEN}E A ACTIVELOR {I PASIVELOR LA 31 DECEMBRIE 2002
15
|ntre 3 luni [i
un an inclusiv
-
40.443.674
1.809.360
192.167.378
-
192.167.378
-
-
-
-
-
54.788.776
(325.251)
54.463.525
288.883.937
Peste 5 ani
-
-
-
264.290.576
(1.887.543)
262.403.033
341.808.115
-
-
-
-
515.137
-
515.137
604.726.285
TOTAL
2.248.879.348
1.358.519.969
9.257.143.676
5.504.218.440
(11.274.244)
5.492.944.196
631.990.817
2.167.860
1.150.960
147.109.486
11.058.168
90.008.007
(325.251)
89.682.756
19.240.647.236
Cu scaden]`
nedefinit`
-
-
-
-
-
-
-
2.167.860
1.150.960
147.109.486
-
-
-
-
150.428.306
Pån` la o lun`
inclusiv
2.248.879.348
85.868.080
9.025.335.098
-
-
-
-
-
-
1.466.633
17.355.311
-
17.355.311
11.378.904.470
|ntre o lun` [i
3 luni inclusiv
-
49.918.215
225.000.000
3.163.614.119
(816.117)
3.162.798.002
-
-
-
-
9.591.535
13.676.339
-
13.676.339
3.460.984.091
|ntre 1 an [i
5 ani inclusiv
-
1.182.290.000
4.999.218
1.884.146.367
(8.570.584)
1.875.575.783
290.182.702
-
-
-
-
3.672.444
-
3.672.444
3.356.720.147
\n mii Lei
ACTIV
Casa, disponibilit`]i la b`nci
centrale
Efecte publice [i alte titluri
acceptate
Crean]e asupra institu]iilor de
credit
Crean]e asupra clientelei
Minus: provizioane pentru credite
Obliga]iuni [i alte titluri cu venit fix
Ac]iuni [i alte titluri cu venit variabil
Investi]ii
Mijloace fixe
Alte active
Cheltuieli \nregistrate \n avans
[i venituri angajate
Minus: provizion pentru
riscul de dobånd`
Total active
68
|ntre 3 luni [i
un an inclusiv
-
659.386.838
652.946.574
6.440.264
34.343.414
46.746.471
-
740.476.723
-
-
-
740.476.723
(451.592.786)
(1.637.052.295)
Peste 5 ani
-
700.328.893
1.948.893
698.380.000
-
1.955
-
700.330.848
-
-
-
700.330.848
(95.604.563)
729.614.091
TOTAL
1.769.808.203
16.231.931.801
11.545.624.175
4.686.307.626
46.870.634
70.180.871
241.813.330
18.360.604.839
362.733.900
517.308.497
880.042.397
19.240.647.236
-
-
Cu scaden]`
nedefinit`
-
-
-
-
-
-
-
-
362.733.900
517.308.497
880.042.397
880.042.397
(729.614.091)
-
Pån` la o lun`
inclusiv
1.233.348.373
3.955.241.458
-
3.955.241.458
1.641.252
508.805
-
5.190.739.888
-
-
-
5.190.739.888
6.188.164.582
6.188.164.582
|ntre o lun` [i
3 luni inclusiv
-
10.802.792.425
10.799.033.450
3.758.975
8.984.035
22.831.722
-
10.834.608.182
-
-
-
10.834.608.182
(7.373.624.091)
(1.185.459.509)
|ntre 1 an [i
5 ani inclusiv
536.459.830
114.182.187
91.695.258
22.486.929
1.901.933
91.918
241.813.330
894.449.198
-
-
-
894.449.198
2.462.270.949
825.218.654
\n mii Lei
PASIV
Datorii privind institu]iile de credit
Datorii privind clientela
Depozite
Alte datorii
Alte pasive
Venituri înregistrate în avans
[i datorii angajate
Credite subordonate [i datorii
ata[ate
Total datorii
Capital social
Rezultat reportat [i rezerve
Total capitaluri proprii
Total datorii [i capitaluri proprii
Risc de lichiditate
Deficit de lichiditate cumulat
69
Ra
po
rt f
ina
nci
ar
INFORMA}II GENERALE
Adrese \n Romånia Info
rma
]ii
ge
ne
rale
SEDIUL CENTRAL
HVB Bank Romania S.A.BUCURE{TIStr. Dr. Grigore Mora nr. 37Telefon: +40 (021) 203 23 13Telefax: +40 (021) 230 84 85
SUCURSALE
SUCURSALA MILLENNIUM - BUCURE{TI
Calea Victoriei nr. 88Telefon: +40 (021) 203 23 13Telefax: +40 (021) 231 05 40
SUCURSALA DECEBAL - BUCURE{TI
B-dul Unirii nr. 80, bl. J1,Tronson 1Telefon: +40 (021) 327 77 45Telefax: +40 (021) 327 77 44
BRA{OV
Str. Mure[enilor nr. 2Telefon: +40 (0268) 506 280Telefax: +40 (0268) 477 437
CLUJ
Pia]a Unirii nr. 10Telefon: +40 (0264) 406 070Telefax: +40 (0264) 450 510
CONSTAN}A
Bd. Tomis nr. 132Telefon: +40 (0241) 606 100Telefax: +40 (0241) 553 770
ORADEA
Pia]a Unirii nr. 2-4Telefon: +40 (0259) 406 700Telefax: +40 (0259) 461 700
TIMI{OARA
Pia]a Victoriei nr. 2Telefon: +40 (0256) 306 800Telefax: +40 (0256) 306 806
SIBIU
Bd. Nicolae B`lcescu nr. 25Telefon: +40 (0269) 206 830Telefax: +40 (0269) 213 080
71
Adrese \n Europa Central` [i de Est
72
Bank Austria Creditanstalt AG
Am Hof 21010 WienAustriaTel.:(+43 1) 711 910
HVB Bank
Fra Andjela Zvizdovica 1Tower B71000 SarajevoBosnia - HerzegovinaTel.:(+387 33) 250 900
HVB Bank Biochim
Ivan Vazov Street 1, 1026 Sofia
BulgariaTel.: (+359 2) 92 69 210
HVB Splitska Banka d.d.
R. Boscovica 16HR - 21000 SplitCroatiaTel.:(+385 21) 304 304
HVB Bank
nam. Republiky 3a110 00 Praha 1Czech RepublicTel.:(+420 2) 21 112 111
HypoVereinsbank
Am Tucherpark 16 80538 München
GermanyTel.(+49) 89 378 0
HVB Bank
Akademia u. 171054 BudapestHungaryTel.:(+36 1) 269 08 12
Bank BPH PBK.
Towarowa 25 A, 00 958 Warszawa,
PolandTel. (+48 22) 531 80 00
HVB Bank
37, Dr. Grigore Mora Street Charles de Gaulle sq.
71278 BucharestRomaniaTel.:(+40 21) 203 2222
International Moscow Bank
9, Prechistenskaya Emb.Moscow 119034
RussiaTel.:(+70 95) 258 7258
HVB Bank
Rajiceva 27-2911000 BeogradSerbia and MontenegroTel.:(+381 11) 3204 500
HVB Bank
Mostova 6814 16 Bratislava 1SlovakiaTel.:(+42 12) 5969 1111
Bank Austria Creditanstalt
Smartinska 1401000 LjubljanaSloveniaTel.:(+386 1) 5876 600
HVB Bank
Vul. Yaroslaviv Val, 14-AKyiv 01034
UkraineTel.:(+38 0) 44 230 3300
74
2004 is one of the most important years in recent European history. The EuropeanUnion has been enlarged. Eight countries from the region of Central and Eastern Europehave joined the EU, and other countries are making intensive preparations foraccession. A few years ago, this would have been inconceivable. It is important now totake full advantage of opportunities arising from European integration. And we are amajor player in this process.
The CEE network currently comprises about 900 offices with just under 18,000employees, who serve some 4 million customers. HVB Group is active in a market of200 million people. Proximity to customers and local expertise are the decisive factorsfor success in each of these countries. Through our network we will use opportunitiesfor cooperation in the best possible way, whether in the development of new productsand IT platforms or in back-office operations. The Group’s network is not limited byborders, the advantage of one is the advantage of all.
The benefit for customers is clear: international and local know-how available from asingle source.
Success without boundaries in the heart of Europe
75
MANAGEMENT REPORT
77
Ma
na
ge
me
nt
Re
po
rt
Management Report
HVB Bank Romania started its business activities in September 1998. It is among themost highly reputed foreign banks, offering innovative financial services to meet thespecific needs of corporate and retail customers.
During the past financial year, HVB Bank further strengthened its position on theRomanian market due to a sustained development rhythm. Important steps have beentaken in terms of territorial expansion and continuous development of new productsand services. At the end of 2003, HVB Bank Romania had 9 branches in Bucharest,Timi[oara, Oradea, Cluj, Bra[ov, Constan]a and Sibiu.
In 2003 the bank generated a net profit of ROL 462.322 million through dynamicexpansion in all core business segments and efficient cost management, registering anincrease of 85% as compared to the previous year-end result. With a return on equity40% of the bank achieved an impressive earning performance. Total Assets reachedROL 21.100 billion, while the number of clients registered a significant increase to16,000 compared to 10,000 last year.
With the good performance of 2003, the future outlook can be only optimistic. In viewof the dynamic business development, the bank will move its head office to a newbuilding in Charles de Gaulle Square. The main commitments for the year to come willcontinue to focus on the expansion of the branch network throughout the country, thewidening of the retail and corporate product range and the increase of the customers’portfolio. Following the establishment of CA IB Asset Management, HVB Bank will start
selling mutual funds through its branch network in 2004.
HVB Bank will continue to position itself as a reliable partner widely known for safe,flexible and innovative products and services.
We thank all our customers and business partners for their confidence in us and ourprofessional staff for their commitment to bank’s further growth.
Dan Pascariu Helmut Bernkopf
President Vicepresident
78
REPORT ON THE DIVISIONS
Re
po
rt o
n t
he
div
isio
ns
2003 came as a confirmation of the upward businesstrend on which the Corporate Banking Division of HVBBank Romania S.A. has embarked since itsestablishment. New record results were made possiblethrough a dedicated corporate banking team, which pro-actively addressed the requirements of newly targetedbusinesses and at the same time intensified therelationships with existing clients.Major transactions were concluded in the areas of trade,export and project finance for companies in the energy,real estate, food and timber sectors as well as for theautomotive industry.The total committed loan portfolio on corporatecustomers side amounted at the end of 2003 atapproximately EUR 530 Mio, registering an impressive75% increase versus 2002. The combined number ofdomestic and international corporate paymenttransactions increased by 71% while the paymentvolumes basically doubled from EUR 3.06 bn in 2002 toEUR 6.14 bn in 2003. The number of e-bankingtransactions increased year on year by 121%.In the “Key Account” segment, HVB Bank reached amarket share of around 30% while the“Mid-Market”portfolio ranged at approximately 700 corporateaccounts, 40% more than the previous year. A significant increase was also registered in the RealEstate segment, which reached EUR 80 mio in committedloans at the end of 2003. The number of clients almostdoubled from 40 in 2002 to 78 in 2003. Due to itsflexibility and customer-oriented approach, HVB Bank
has gained a highly regarded position on the market asbeing one of the most important financiers of real estatetransactions in Romania.New tailor-made Cash Management solutions contributedto reducing the financial costs and improving the liquiditysituation of corporate customers:• Cash Pick-up and Delivery - solutions aiming atreducing the resources allocated to cash processing,handling, transportation and eliminating the risk relatedto cash activities,• Payment and Incoming solutions - advanced electronictools to accommodate complex account receivables andaccount payables situations.
HVB Bank Romania successfully generated several highprofile transactions in 2003, such as:Syndications: acting (together with Bank AustriaCreditanstalt AG) as Sole Mandated Arranger or Joint-Mandated Lead Arranger for syndicated loans of overUSD 260 mio granted to finance the imports of naturalgas for winter periodExport finance: arranging financing for acquisition ofnew special trains in value of over EUR 95 mio during2003 for the national railways companyProject finance: structuring and financing a EUR 70 miogreenfield investment which generated the largestvertically integrated sawmill in RomaniaReal estate finance: financing the Charles de Gaulleoffice complex, a 16 floor development amounting to overEUR 30 mio in the north of Bucharest.
Corporate Banking Division
81
82
The retail strategy of HVB Bank had a very intensedevelopment in 2003. Following the evolution of themarket demand, new products have been developed,such as Personal Loan, Construction Loan and specialloans for professionals. The new products comply withthe bank’s policy to have offers tailored to its clients’needs and completely transparent in terms of costs andloan conditions.
A new concept - packages of products and services - wasimplemented in line with the strategy to design thebank’s services depending on the target client segments.By using the “package” offer, the clients can benefit froma wide portfolio of services in terms of high cost-efficiency. Financial counseling is a new field developedby HVB Bank, the Private Banking services playing acentral role in this new business approach. PrivateBanking facilitates the clients’ investments throughbrokerage services, treasury client’s operations andinternational placements, providing superior bankingservices with perfect comfort and privacy.
The card segment registered a significant growth as well.Therefore the number of active cards increased by 85 %with 10,228 active cards,while the volume transactionsby 173 %.
The 24 h B@nking concept has been actively promoted,by designing a range of services adjusted to thecontinuously changing needs of the clients (LobbyBanking, Telephone Banking and Online B@nking). Oneof the most important successes achieved in this fieldwas the implementation of foreign payments via OnlineB@nking.
In the pursuit to offer high quality and diversifiedservices to the clients a series of projects are planned tobe implemented in 2004: expansion of the branchnetwork, launch of new products and services,development of new channels of distribution and setup ofstrategic partnerships with insurance companies,retailers and real estate agencies.
Retail Banking Division
As the main theme in 2003 was market volatility, theTreasury Department was able to capitalize the newbusiness opportunities and generate high revenues. Thuswe continued to maintain our inter-bank Market Makerposition, as well as to increase our customer base.
On the Asset and Liabilities Management side, the properrefinancing mix (primary funds, refinancing lines, inter-bank market) of the growing loan portfolio contributedsignificantly to the bank's net interest income whilekeeping a sound liquidity position. Moreover, theintroduction of several derivative products by theNational Bank offered the Treasury the opportunity toimprove the management of the interest rate risk.
The sales desk offered the clients the whole range ofproducts available on the market. Special attention wasfocused on FX risk hedging and investment opportunities.With the future derivative products, we will be able tooffer our customers a broader range of hedging products.
On the growing capital market side, HVB Bank hastapped the market last year and won the lead managerposition to arrange the bond issue of two local entities:Municipality of Timi[oara and County of Arad.The further development of this market by increasingvolumes and number of issuers will offer new businessopportunities in future.
Treasury division Re
po
rt o
n t
he
div
isio
ns
83
Human Resources
85
Continuous growth and territorial expansion of the bankinvolve sustained efforts in acquiring new resources. Akey role of the Human Resources department isto develop the current employees towards betterperformance and to take the fullest advantage of newopportunities.
The selected teams for the new branches followed astructured and intensive training plan within the bank’sheadquarter in Bucharest in order to perform in line withHVB’s standards and organizational culture.
The number of employees increased by 30% during 2002and reached 225 by end of December 2003.
HVB Bank’s human resources strategy ensures that thebank has motivated, committed employees and supportsthe current development of the bank. Internal training
programs that are aiming to improve the competence ofour employees and to increase the quality of their serviceto our customers, support the diversification of ourproducts and services. Recognition and award programshave been implemented to reward high performance andsustained efforts.
The management's increased focus on openness andcommunication was clearly reflected in last year'ssatisfaction survey, a process that will continue on ayearly basis.
Our focus over the next year will be on further developinga career policy as well as improving successioncandidates for key jobs. We will continue to implementworld-class learning and development programs to allowall of our employees to maintain and upgrade their skillsand knowledge.
Human Resources Hu
ma
n r
eso
urc
es
FINANCIAL REPORT
87
We have audited the statutory financial statements of HVBBank Romania S.A. for the year ended December 31, 2003and issued our report thereon dated April 27, 2004. Thefinancial statements are responsibility of the Bank’smanagement and are prepared in accordance with theRomanian Statutory Accounting Requirements (“RAS”). Theaccompanying financial information has been extractedfrom and is consistent with those financial statements,which were issued in Romanian language. Our opinion onthe full financial statements of the Bank is presented below:
We have audited the accompanying balance sheet of HVBBANK ROMANIA S.A. (“the Bank”) as of December 31,2003 and the related statements of profit and loss, changesin shareholders’ equity and cash flows for the financialyear then ended, which reflect:
ROL thousand• total assets 21,100,351,861• total shareholders’ equity net assets 1,342,364,619• total income 1,770,604,138• net profit for the year 462,322,222
The accompanying financial statements are the responsibilityof Bank’s management and are prepared in accordancewith the Romanian Statutory Accounting Requirements(“RAS”) comprising the accounting law no. 82/1991, theMinistry of Public Finance and National Bank of Romania
Order no. 1982/5/2001 and the Ministry of Public FinanceOrder no. 1827/2003. Our responsibility is to express anopinion on these financial statements based on our audit.
We conducted our audit in accordance with InternationalStandards on Auditing and in accordance with the AuditingStandards issued by the Romanian Chamber of Auditorsin accordance with Romanian legislation regarding auditing.Those standards require that we plan and perform theaudit in order to obtain reasonable assurance about whetherthe financial statements are free of material misstatement.An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accountingprinciples used and significant estimates made bymanagement, as well as evaluating the overall financialstatement presentation. We believe that our audit providesa reasonable basis for our opinion.
In our opinion, the accompanying financial statementspresent fairly, in all material respects, the financial positionof HVB BANK ROMANIA S.A. as of December 31, 2003 andthe results of its operations, changes in shareholders’ equityand cash flows for the year then ended in accordance withRomanian Statutory Accounting Requirements, comprisingthe accounting law no. 82/1991, the Ministry of PublicFinance and National Bank of Romania Order no.1982/5/2001 and the Ministry of Public Finance Order no.1827/2003.
Auditor’s report Fin
an
cia
l re
po
rt
88
Without qualifying our opinion, we draw attention to thefollowing:• As presented in Note 1.1 to the financial statements,during the year 2000 Romania started the process ofharmonising its accounting principles with the FourthDirective of the European Community and InternationalFinancial Reporting Standards (IFRS). However, the latestaccounting requirements issued by the Ministry of PublicFinance are designed to address the fiscal needs of theMinistry of Public Finance and are applicable in Romaniaonly. Such newly issued regulations do not address therequirements of all IFRS and are different in some aspects
from the IFRS, in particular matters relating to IAS 29“Financial Reporting in Hyper-inflationary Economies”,IAS 32 “Financial Instruments – Disclosure and presentationand IAS 39 “Financial Instruments – Recognition andMeasurement”. As a result, these financial statements maynot express a true and fair view of the financial positionof the Bank, the results of its operation, the changes inshareholder’s equity nor its cash flows in accordance withIFRS. Accordingly, these financial statements should notbe used by any party who is not aware of the above.
Deloitte & Touche Romania SRLBucharest, April, 2004
89
Fin
an
cia
l re
po
rt
BALANCE SHEETSAS AT DECEMBER 31, 2002 AND DECEMBER 31, 2003
* The EURO figures are obtained by converting the ROL figures using the NBR rate of exchange of 34,919 ROL/EUR available as of December, 31 2002 and of 41,117 ROL/EUR available as of December, 31 2003. The EURO figures are presented for information purpose only and were not audited by Deloitte & Touche.
in ROL thousands / in EUR thousands*
ASSETS
Petty cash, cash at banks (Note 13.8)
Public bills of exchange and other bonds accepted for refinance at central banks
Public bills of change and assimilated values (Note 13.8)
Other bonds accepted for refinance at central banks
Receivables from credit institutions (Notes 3.4; 13.8)At sight
Other receivables (Note 3.1)
Receivables from customers (Notes 3.1; 3.3; 3.4)Overdrafts - net
Term loans - net
Debentures and other fixed income bonds (Notes 3.5; 4.1; 4.2; 5)Issued by public institutions
Issued by others, out of which:
Own debentures
Shares and other variable income securities (Notes 4.3; 5)
Investments, out of which (Note 13.2):Investments in credit institutions
Shares in related parties, out of which:Shares in credit institutions
Intangible assets, out of which (Note 5)Set-up expenses
Good will
Tangible assets, out of which (Note 5)Land and buildings used for own activities
Subscribed and not paid-in share capital
Own shares
Other assets (Note 2.3)
Prepayments and accrued income (Note 2.4)
Total assets
2002
2,248,879,348
1,358,519,9691,358,519,969
-
9,257,143,676129,635,096
9,127,508,580
5,492,944,1962,864,119,226
2,628,824,970
631,990,817
456,930,996
175,059,821
-
2,167,860
1,150,960
1,150,960
-
-
56,822,258
13,046
-
90,287,228
43,322,137
-
-
11,058,168
89,682,756
19,240,647,236
2003
3,680,318,418
-
-
-
2,004,220,072168,569,347
1,835,650,725
13,220,293,4046,594,463,899
6,625,829,505
1,758,782,843
559,815,712
1,198,967,131
-
3,478,139
5,763,460
-
-
-
88,940,113
15,933
-
153,115,285
69,650,477
-
-
91,665,950
93,774,177
21,100,351,861
2003*
89,508
-
-
-
48,744
4,100
44,645
321,529
160,383
161,146
42,775
13,615
29,160
-
85
140
-
-
-
2,163
-
-
3,724
1,694
-
-
2,229
2,281
513,178
2002*
64,403
38,905
38,905
-
265,103
3,712
261,391
157,305
82,022
75,284
18,099
13,085
5,013
-
62
33
33
-
-
1,627
-
-
2,586
1,241
-
-
317
2,568
551,008
in ROL thousands / in EUR thousands*
LIABILITIES
Liabilities over credit institutions (Note 3.4)
At sight
On term (Note 3.1)
Liabilities over customers (Note 3.4)
Deposits, out of which:
At sight
On term (Note 3.1)
Other debts, out of which:
At sight
On term (Notes 3.1, 3.2)
Liabilities from bonds
Interbanking market bonds, debentures, negotiable bonds
Other bonds
Other liabilities (Note 2.3)
Unearned income and accrued expenses (Note 2.4)
Provisions for risks and charges, out of which:
Provisions for pensions and similar debts
Other provisions
Subordinated debts (Note 3.6)
Subscribed and paid-in share capital (Note 6)
Share premium
Reserves (Note 2.2)
Legal reserves
Statutory and contractual reserves
General reserve for credit risk
Other reserves
Revaluation reserves
Retained profit/(loss) (Note 14.4)
Profit/(loss) for the financial year (Note 7)
Profit allocation
Total liabilities
BALANCE SHEETSAS AT DECEMBER 31, 2002 AND DECEMBER 31, 2003
* The EURO figures are obtained by converting the ROL figures using the NBR rate of exchange of 34,919 ROL/EUR available as of December, 31 2002 and of 41,117 ROL/EUR available as of December, 31 2003. The EURO figures are presented for information purpose only and were not audited by Deloitte & Touche.
2002
(1,769,808,203)(19,123,373)
(1,750,684,830)
(16,231,931,801)
(11,545,624,175)
-(11,545,624,175)
(4,686,307,626)
(3,955,241,458)
(731,066,168)
-
-
-
(46,870,634)
(70,180,871)
-
-
-
(241,813,330)
(362,733,900)
-
(325,504,170)
(90,922,097)
-
(109,987,061)
(124,595,012)
-
(152,337,367)
(249,939,889)
210,472,929
(19,240,647,236)
2003
(8,055,149,624)(2,531,171,257)
(5,523,978,367)
(11,236,852,795)(6,930,676,429)
(970,102,837)
(5,960,573,592)
(4,306,176,366)
(3,452,245,459)
(853,930,907)
-
-
-
(37,992,107)
(143,258,368)
-
-
-
(284,734,348)
(587,240,500)
-
(494,260,420)
(197,838,657)
-
(264,843,499)
(31,578,264)
-
(60,314,475)
(462,322,222)
261,772,998
(21,100,351,861)
2003*
(195,908)
(61,560)
(134,348)
(273,290)
(168,560)
(23,594)
(144,966)
(104,730)
(83,962)
(20,768)
-
-
-
(924)
(3,484)
-
-
-
(6,925)
(14,282)
-
(12,021)
(4,812)
-
(6,441)
(768)
-
(1,467)
(11,244)
6,367
(513,178)
2002*
(50,683)
(548)
(50,136)
(464,845)
(330,640)
-
(330,640)
(134,205)
(113,269)
(20,936)
-
-
-
(1,342)
(2,010)
-
-
-
(6,925)
(10,388)
-
(9,322)
(2,604)
-
(3,150)
(3,568)
-
(4,363)
(7,158)
6,027
(551,008)
90
in ROL thousands / in EUR thousands*
OFF BALANCE SHEET ITEMS
Contingent liabilities, out of which (Note 12.1)Endorsements and acceptances
Guarantees and pledged assets
Commitments, out of which (Note 12.2)Commitments for REPO transactions
2002
742,972,889280,017,572
462,955,317
3,300,694,829-
2003
1,984,357,161663,691,728
1,320,665,433
5,612,621,487-
2003*
48,261
16,142
32,120
136,504
-
2002*
21,277
8,019
13,258
94,524
-
91
Fin
an
cia
l re
po
rt
OFF BALANCE SHEETSFOR THE YEARS ENDED DECEMBER 31, 2002 AND DECEMBER 31, 2003
* The EURO figures are obtained by converting the ROL figures using the NBR rate of exchange of 34,919 ROL/EUR available as of December, 31 2002 and of 41,117 ROL/EUR available as of December, 31 2003. The EURO figures are presented for information purpose only and were not audited by Deloitte & Touche.
2002
781,375,661
8,321,743
(268,020,940)
-
-
-
-
150,536,070
(23,376,315)
(52,859,122)
20,427,687
(293,183,822)
(93,307,619)
(64,643,240)
(16,373,990)
-
(199,876,203)
(22,365,314)
(37,245,228)
(92,298,753)
86,137,269
(60,838,738)
80,525,521
268,813,976
-
(18,874,087)
2003
1,047,338,779
177,202,345
(345,486,260)
-
-
-
-
290,783,975
(35,437,056)
101,015,917
12,701,166
(445,436,758)
(155,222,696)
(100,521,177)
(32,158,547)
(19,375,262)
(290,214,061)
(34,737,760)
(44,061,754)
(330,834,599)
317,906,489
(27,485)
857,812
534,582,464
-
(72,260,242)
2003*
25,472
4,310
(8,403)
-
-
-
-
7,072
(862)
2,457
309
(10,833)
(3,775)
(2,445)
(782)
(471)
(7,058)
(845)
(1,072)
(8,046)
7,732
(1)
21
13,001
-
(1,757)
2002*
22,377
238
(7,676)
-
-
-
-
4,311
(669)
(1,514)
585
(8,396)
(2,672)
(1,851)
(469)
-
(5,724)
(640)
(1,067)
(2,643)
2,467
(1,742)
2,306
7,698
-
(541)
92
STATEMENTS OF OPERATIONSFOR THE YEARS ENDED DECEMBER 31, 2002 AND DECEMBER 31, 2003
* The EURO figures are obtained by converting the ROL figures using the NBR rate of exchange of 34,919 ROL/EUR available as of December, 31 2002 and of 41,117 ROL/EUR available as of December, 31 2003. The EURO figures are presented for information purpose only and were not audited by Deloitte & Touche.
in ROL thousands / in EUR thousands*
Interest income and assimilated income, out of which (Note 9.1)
From debentures and other fixed income bonds
Interest expense and assimilated expenses (Note 9.1)
Income from bonds
Income from shares and other variable income securities
Income from investments
Income from shares in related parties
Commission income (Note 9.2)
Commission expenses (Note 9.2)
Net profit/(loss) from financial operations (Note 9.3)
Other operating income (Note 9.4)
General administrative expenses
Personnel expenses, out of which (Notes 9.5; 10)
Salaries
Social security charges, out of which
Pension expenses
Other administrative expenses (Note 9.6)
Corrections over tangible and intangible assets value (Note 9.7)
Other operating expenses (Note 9.4)
Corrections over the value of receivables and provisions for contingent
liabilities and commitments (Notes 8.1; 9.8)
Income from the reversal of and provisions for contingent liabilities
and commitments (Notes 8.1; 9.8)
Provision for financial assets, investments
and shares in related parties (Note 9.9)
Income from reversal of provisions for financial assets, investments
and shares in related parties (Note 9.9)
CURRENT ACTIVITY PROFIT/(LOSS)
Profit
Loss
Profit tax on current activity profit (Note 13.5)
93
Fin
an
cia
l re
po
rt
in ROL thousands / in EUR thousands*
CURRENT ACTIVITY PROFIT/(LOSS) AFTER TAX
Profit
Loss
Extraordinary income
Extraordinary expenses
EXTRAORDINARY PROFIT/(LOSS) FOR THE YEAR
Profit
Loss
Profit tax on extraordinary activity profit
EXTRAORDINARY PROFIT (LOSS) AFTER TAX
Profit
Loss
Total income
Total expenses
GROSS PROFIT/(LOSS) FOR THE YEAR
Profit
Loss
Profit tax (Note 13.5, Note 13.6)
Other taxes
NET PROFIT/(LOSS) FOR THE FINANCIAL YEAR
Profit
Loss
STATEMENTS OF OPERATIONSFOR THE YEARS ENDED DECEMBER 31, 2002 AND DECEMBER 31, 2003
* The EURO figures are obtained by converting the ROL figures using the NBR rate of exchange of 34,919 ROL/EUR available as of December, 31 2002 and of 41,117 ROL/EUR available as of December, 31 2003. The EURO figures are presented for information purpose only and were not audited by Deloitte & Touche.
2002
462,322,222
-
-
-
-
-
-
-
-
1,770,604,138
(1,236,021,674)
534,582,464
-
72,260,242
-
462,322,222
-
2002
249,939,889
-
-
-
-
-
-
-
-
1,119,002,208
(850,188,232)
268,813,976
-
(18,874,087)
-
249,939,889
-
2001*
11,244
-
-
-
-
-
-
-
-
43,063
(30,061)
13,001
-
1,757
-
11,244
-
2002*
7,158
-
-
-
-
-
-
-
-
32,046
(24,347)
7,698
-
(541)
-
7,158
-
94
in ROL thousands / in EUR thousands*
NET PROFIT/(LOSS) BEFORE TAX
Components of net profit/(loss) that do not generate cash flows
for the operating activity
± provisions
± depreciation expenses
± other adjustments for items that do not generate cash flows
± adjustments for items included in investment and financial activities
± other adjustments – profit tax
Changes in assets and liabilities of operating activity after the adjustments
for the items that do not generate cash flows for the operating activity
± bonds that are not financial assets
± receivables from credit institutions
± receivables from customers
± accrued receivables
± other assets of operating activity
± debts over credit institutions
± debts over the customers
± accrued payables
± other liabilities of operating activity
- cash payments of profit tax
Cash flow from operating activity
Cash flow from investing activity
- cash payments for purchase of branches
+ cash receipts from sale of branches
+ cash receipts from received dividends
- cash payments for purchase of bonds as financial assets
+ cash receipts from sale of bonds as financial assets
+ cash receipts from interest received
- cash payments for purchase of land and fixed assets, intangibles
and other long term assets
+ cash receipts from sale of land and fixed assets,
intangibles and other long term assets
- other cash payments from investing activity
+ other cash receipts from investing activity
Cash flow from investing activity
STATEMENTS OF CASH FLOWSFOR THE YEARS ENDED DECEMBER 31, 2002 AND DECEMBER 31, 2003
* The EURO figures are obtained by converting the ROL figures using the NBR rate of exchange of 34,919 ROL/EUR available as of December, 31 2002 and of 41,117 ROL/EUR available as of December, 31 2003. The EURO figures are presented for information purpose only and were not audited by Deloitte & Touche.
2003
462,322,222
10,375,445
34,737,761
-
42,921,018
72,260,424
622,616,688
(1,023,907,310)
(585,066,505)
(7,737,996,002)
(3,820,072)
(89,582,384)
6,285,341,421
(4,995,079,007)
73,077,498
(8,200,138)
(63,984,029)
(7,526,579,840)
(5,922,779)
-
-
(68,726,409)
-
-
(129,683,673)
-
-
-
(204,332,861)
2002
249,939,889
5,301,623
24,137,807
38,437
-
18,874,087
298,291,843
18,633,841
742,255
(1,604,843,330)
(30,140,752)
(3,579,831)
1,006,714,046
9,761,905,268
39,099,156
17,360,210
(18,030,953)
9,486,151,753
(1,658,820)
-
-
51,121,087
-
-
(84,919,986)
-
-
-
(35,457,719)
2003*
11,244
252
845
-
1,044
1,757
15,143
(24,902)
(14,229)
(188,195)
(93)
(2,179)
152,865
(121,485)
1,777
(199)
(1,556)
(183,053)
(144)
-
-
(1,671)
-
-
(3,154)
-
-
-
(4,970)
2002*
7,158
152
691
-
-
541
8,542
534
21
(45,959)
(863)
(103)
28,830
279,559
1,120
497
(516)
271,662
(48)
-
-
1,464
-
-
(2,432)
-
-
-
(1,015)
2003
-
-
-
-
-
-
-
-
-
12,859,543,773
(7,526,579,840)
(204,332,861)
-
-
5,128,631,072
2002
48,738,000
-
-
-
-
-
-
-
48,738,000
3,360,111,739
9,486,151,753
(35,457,719)
48,738,000
-
12,859,543,773
2003*
-
-
-
-
-
-
-
-
-
312,755
(183,053)
(4,970)
-
-
124,733
2002*
1,396
-
-
-
-
-
-
-
1,396
96,226
271,662
(1,015)
1,396
-
368,268
in ROL thousands / in EUR thousands*
Cash flow from financing activity
+ cash receipts from bonds and subordinated debts
- cash payments for bonds and subordinated debts
+ cash receipts from issue of shares
- cash payments for purchase of shares
+ cash receipts from sale of own shares
- cash payments as dividends
- other cash payments from financing activity
+ other cash receipts from financing activity
Cash flow from financing activity
Cash at the beginning of period
± Cash flow from operating activity
± Cash flow from investment activity
± Cash flow from financing activity
± Changes of foreign exchange rates – effect on cash
Cash at the end of period (Note 13.8)
95
Fin
an
cia
l re
po
rt
STATEMENTS OF CASH FLOWSFOR THE YEARS ENDED DECEMBER 31, 2002 AND DECEMBER 31, 2003
* The EURO figures are obtained by converting the ROL figures using the NBR rate of exchange of 34,919 ROL/EUR available as of December, 31 2002 and of 41,117 ROL/EUR available as of December, 31 2003. The EURO figures are presented for information purpose only and were not audited by Deloitte & Touche.
96
in ROL thousands
Subscribed capital
Share capital premium
Legal reserves
Statutory and contractual reserves
General reserves for credit risk
Revaluation reserve
Own shares reserves
Conversion reserves
Other reserves
Funds
Retained earnings
Unallocated profit
Uncovered loss
Retained earnings from first use of IAS less IAS 29
Credit balance
Debit balance
Retained earnings from changes in accounting policies
Credit balance
Debit balance
Retained earnings from correction of fundamental errors
Credit balance
Debit balance
Retained earnings representing surplus from revaluation reserves
Profit / (Loss) for the period
Credit balance
Debit balance
Total
STATEMENT OF CHANGES IN EQUITYFOR THE YEAR ENDED DECEMBER 31, 2003
IncreaseBalance at
January 1
362,733,900
-
90,922,097
-
109,987,061
-
-
-
124,595,012
-
51,212,890
-
140,591,437
-
-
-
-
-
-
-
880,042,397
Total,
out of which
224,506,600
-
106,916,560
-
154,856,438
-
-
-
25,571,801
-
-
-
-
-
-
-
-
-
462,322,222
-
974,173,621
transfer
224,506,000
-
106,916,560
-
154,856,438
-
-
-
25,571,801
-
-
-
-
-
-
-
-
-
-
-
511,851,399
97
Fin
an
cia
l re
po
rt
in ROL thousands
Subscribed capital
Share capital premium
Legal reserves
Statutory and contractual reserves
General reserves for credit risk
Revaluation reserve
Own shares reserves
Conversion reserves
Other reserves
Funds
Retained earnings
Unallocated profit
Uncovered loss
Retained earnings from first use of IAS less IAS 29
Credit balance
Debit balance
Retained earnings from changes in accounting policies
Credit balance
Debit balance
Retained earnings from correction of fundamental errors
Credit balance
Debit balance
Retained earnings representing surplus from revaluation reserves
Profit / (Loss) for the period
Credit balance
Debit balance
Total
STATEMENT OF CHANGES IN EQUITYFOR THE YEAR ENDED DECEMBER 31, 2003
DecreaseTotal,
out of which
-
-
-
-
-
-
-
-
118,588,549
-
25,571,801
-
105,918,051
-
-
-
-
-
-
261,772,998
-
511,851,399
transfer
-
-
-
-
-
-
-
-
118,588,549
-
25,571,801
-
105,918,051
-
-
-
-
-
-
261,772,998
-
511,851,399
Balance at
Decembre 31
587,240,500
-
197,838,657
-
264,843,499
-
-
-
31,578,264
-
25,641,089
-
34,673,386
-
-
-
-
-
-
200,549,224
-
1,342,364,619
NOTES TO THE FINANCIAL STATEMENTS
99
1.2 SIGNIFICANT ACCOUNTING POLICIES
The Bank’s present financial statements are prepared usingthe following accounting principles:• Going Concern – the Bank will continue its activity asnormal in a foreseeable future, without being in the impossi-bility to continue its activity or significantly reduce it;• Consistency – the same rules and norms should beconsistently applied to evaluation, recording andpresentation of the balance sheet items and the statementof operations assuring the compatibility in time of theaccounting information;• Prudence principle – value of each item should be
calculated based on prudence principle. Especially:a) Only profits recognised before the period end will beconsidered;b) All foreseeable obligations and potential losses arisenduring the current or prior periods (even if these obligationsor losses appear between the period end and the balancesheet date) will be considered;c) All adjustments regarding impairments will be takeninto account, regardless the effect over the result of theperiod;• Accrual basis of accounting – all revenues and expensesrelated to the respective period will be included, disregarding
These financial statements are the responsibility of theBank’s management and are prepared in accordance withthe Romanian statutory accounting requirements and theMinistry of Public Finance’s (MoF) and National Bank ofRomania Order no. 1982/5/ October 2002 (MoF 1982/5).The financial statements are prepared under the historicalcost convention, with the exemptions presented ataccounting policies paragraph, as for the revaluation ofcertain financial assets and financial liabilities held fortrading, available-for-sale investment securities and sharecapital.ORDER OF MINISTRY OF PUBLIC FINANCE’S ANDNATIONAL BANK OF ROMANIA NO. 1982/5/2001
(“ACCOUNTING REGULATIONS HARMONIZED TO 86/635DIRECTIVE OF EUROPEAN ECONOMIC COMMITTEE ANDTO INTERNATIONAL ACCOUNTING STANDARDS”)
The Ministry of Public Finance and National Bank ofRomania Order no. 1982/5/2001 (MoF 1982/5) is applicablebeginning with financial statements of year 2001 for thecompanies which meet the criteria set out in the Ordinance.According to MoF 1982/5/2001, financial statements willbe elaborated at historical cost, but nevertheless, the banksmay choose IAS 29, meaning adjusting to inflation rate.IAS 29 requires financial statements to be expressed interms of purchasing power at the balance sheet date, andany gain or loss on net monetary position to be includedinto Profit and Loss account and to be separately disclosed.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
1.1 BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS
1
No
tes
to t
he
fin
an
cia
l st
ate
me
nts
100
their payment/disbursement date;• Separate evaluation of assets and liabilities – eachbalance sheet position will be calculated separately;• Matching principle – opening Balance equals prior yearclosing Balance, except for corrections imposed by IAS 8“Net Profit or Loss for the Period, Fundamental Errors andChanges in Accounting Policies”;• Offsetting principle - values of assets cannot be offsetagainst values of liabilities, the same for expenses andrevenues, except for the ones accepted by IAS;• Substance over form principle – information presentedin Financial Statements should reflect the economicsubstance of events and transactions, not merely the legalform;• Materiality principle – every item with a material valuemust be presented separately in the Financial Statements.Items with immaterial value and same nature or similarfunctions should be aggregated, their separate presentationnot being necessary.
All amounts are presented in ROL thousand.
Interest income, interest expense, other operating income and other operating
expenses are recognised on an accrual basis and not on acash basis.
Asset with acquisition cost more than eight ROL million and an estimated useful
life exceeding one year are capitalised. Assets withacquisition cost less than eight ROL million are expensed.Fixed assets are recorded at cost and depreciated on astraight-line basis at the following annual rates to write offthe cost of the assets over their estimated useful lives:
• leasehold improvements 10%• equipment 16.67% - 8.33%• furniture 6.67%• other 10%
Intangible assets consist of software, which is amortisedover a period of four years.Tangible assets in progress represent mainly improvementworkings regarding the new branches’ locations.Assets held under finance leases are capitalised anddepreciated over their expected useful lives on the samebasis as owned assets.Impairment of property, plant and equipment is based onthe provisions of IAS 36 “Impairment of Assets”. IAS 36requires that when the carrying amount of an asset exceedsits recoverable value an impairment loss should berecognised. The recoverable amount is considered to bethe higher of value in use and its net selling price.Land and buildings are stated at their revalued amounts,being the fair value on the basis of their existing use at thedate of revaluation less any subsequent accumulated
depreciation. Any revaluation surplus is credited torevaluation reserve in the statement of changes inshareholders’ equity except to the extent it reverses arevaluation decrease for the same asset previouslyrecognised as an expense, in which case the increase incredited to the income statement. A revaluation decreaseis charged as expense to the extent it exceeds the balance,if any, held in the revaluation reserve relating to the sameasset.
Long-term assets, other than deferred taxassets and financial assets are tested for impairment inaccordance with IAS 36 “Impairment of Assets”.IAS 36 requires an impairment loss to be recognisedwhenever carrying value of an asset exceeds its recoverableamount. Recoverable amount of an asset is the higher ofits net selling price and value in use. Value in use of anasset is the present value of estimated future cash flowsexpected from the continuing use of an asset and from itsdisposal.In addition IAS 36 allows subsequent restoration of theportion of carrying values if the impairment conditionscease to exist.
Leases are classified as finance leaseswhenever the terms of the lease transfer substantially allthe risks and rewards of ownership to the lessee. All otherleases are classified as operating leases.Assets held under finance leases are recognised as assetsof the Bank at their fair value at the date of acquisition.The corresponding liability to the lessor is included in thebalance sheet as a finance lease obligation. Finance costs,which represent the difference between the total leasingcommitments and the fair value of the assets acquired, arecharged to the income statement over the term of therelevant lease so as to produce a constant periodic rate ofcharge on the remaining balance of the obligations for eachaccounting period.Rentals payable under operating leases are charged toincome on a straight-line basis over the term of the relevantlease.
Inventories are recorded at the lower of costand net realisable value. Cost is determined by first in firstout (FIFO) cost method for all types of stocks. Net realisablevalue is estimated on selling price in the normal course ofactivity less necessary selling expenses.
Loans originated by the Bank providing money to the borrower or to a sub-
participation agent at draw down are categorised as loansoriginated by the Bank and are carried at amortised cost.All loans and advances are recognised when cash isadvanced to borrowers.Provision for loans is established when there is objectiveevidence that the Bank will not be able to collect all amountsdue. The provision is the difference between the carrying
Currency used forpresentation
Income and expenserecognition
Impairment of assets
Leasing
Inventories
Originated loans andprovision for loans
Fixed assets andintangible assets
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amount and the recoverable amount, where the recoverableamount is the present value of expected future cash flows,including amounts recoverable from guarantees andcollateral, discounted based on the interest rate at inception.The loan loss provision also covers losses where there isobjective evidence that probable losses are present incomponents of the loan portfolio at the balance sheet date.These have been estimated based upon historical patternsof losses in each component, the credit ratings allocated tothe borrowers and reflecting the current economic climatein which the borrowers operate. When a loan isuncollectable, it is written off against the related provision.Subsequent recoveries are credited to the bad and doubtfuldebt expense.Statutory and other regulatory loan loss reserverequirements that exceed these amounts are dealt with inthe general banking reserves as an appropriation of retainedearnings.
Provisions for doubtful debts are based onevaluations of loans and advances as at
December 31, 2003 and December 31, 2002, respectively,including the accrued interest. Provisions have beenrecognised as an expense, charged against income anddeducted from the total amount of loans and advances andaccrued interest.Specific provisions are made against the loans and advancesand accrued interest receivable, which are considered tobe bad and doubtful using a NBR methodology. For loansand receivable the approach assesses both the debt servicerecord, in terms of the timeliness of payments of eitherinterest or principal, and the initiation of legal proceduresof loans in litigation. The assessment is different dependingon the type of loans granted to banking or non-bankingcustomers.The combined assessment results in the classification ofthe loans into five categories as follows:
Banking sector
No. of days overdue
max. 3 days
-
4 - 15 days
16 - 30 days
min. 31 days
Non-banking sector
No. of days overdue
max. 15 days
16 - 30 days
31 - 60 days
61 - 90 days
min. 91 days
Provision rate (%)
0%
5%
20%
50%
100%
Loan category
Standard
Watch
Substandard
Doubtful
Loss
Provisions fordoubtful debts
102
Legal proceedingsinitiated
Degree of risk assigned
(%)
0%
20%
50%
Guarantee
Cash collateral
Guarantees issued by Banks and local administrations
Mortgages over real estates, commercial receivable and other pledges
In cases where judicial proceedings have started the necessary classification for all
type of loans is loss and 100% provision is made.
The necessary provision is calculated by applying theabove - mentioned percentages to the outstandingexposure after taking into account the risk degree of the
debtor or of the guarantor, according with NBRrequirements. The exposure can be adjusted for all loansand receivables, except those classified as loss.
The degree of risk allocated to various classes of collateralas per NBR requirements is as follows:
Securities Securities hold by the Bank are securitiesfor placement (held to maturity), securities held fortrading and securities held under repurchasetransactions. Management determinates the appropriateclassification of its investment at the time of purchase.In 2000, prior to adoption of IAS 39, all investmentsecurities were carried at cost or amortised cost less anyprovision for impairment.
a) Held-to-Maturity (HTM)Represents investment securities with fixed maturitywhere management has both the intent and ability to holdto maturity. This category includes eurobonds securitiesissued by Romanian Government and other Romaniancompanies on the European market.Investment securities classified as HTM are carried atamortised cost using the effective yield method providingfor any impairment that is other than temporary.
b) Investment securities (IS)Investment securities are acquired in order to be held fora longer period of time, but this does not involve theirpreservation until maturity.Investment securities are initially recognised at cost(including transaction cost). Interest calculated whileholding the fixed income securities, is recorded usingattached debts accounts. The transaction costs related tofinancial assets held for sale are included in the purchasecost. Premiums are also included in the purchase cost.Securities available for sale are evaluated afterwardsusing the purchase price or using the lowest betweenmarket value and purchase price. Favourable differencesare not recorded in accounting and for the unfavourabledifferences provisions are made.Interest due for the residual period, regarding securitiesbearing fixed income available for sale is recorded usingattached debts accounts, and the dividends earned for
securities with variable income are recorded in theproper revenue account.The sale of securities is recorded in accounting at saleprice and the differences between the sale price and thehistorical cost are recorded using revenues or expensesaccounts, as needed.
Transactions denominated in foreigncurrencies are translated into Romanian lei at the ratesruling at the dates of the transactions. Assets andliabilities denominated in foreign currencies aretranslated using exchange rates of National Bank ofRomania ruling at the balance sheet date.Foreign exchange gains or losses arising fromtranslation of elements denominated in foreign currencyare credited or charged to the profit and loss account.Romanian Leu is not convertible outside Romanianterritory.
Cash is considered to be cash on hand andNostro accounts. Cash equivalents are
short term, highly liquid investments that are readilyconvertible into cash.
The nature of Bank’s activity and theuncertainty from Romania, referring to the result ofcurrent economic policies implemented in realoperational conditions, make possible the appearance ofunpredictable variations regarding the future cashinflows. However, Bank’s management considers that theBank will be able to continue its activity on a goingconcern basis in the future and, consequently, thefinancial statements were prepared accordingly.
In order to elaborate these financialstatements in accordance with Ministry of PublicFinance’s and National Bank of Romania Order no.
Foreign exchange
Cash and cashequivalents
Going concern
Use of estimates
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1982/5/2001 and Order no. 2332/2001, it was necessaryto perform some adjustments over the statutory accountsand obtaining the information that wasn’t availabledirectly from the Bank’s accounts. Accordingly, statutoryrecords don’t always provide enough information to fairlyestablish the adjustments and necessary informationaldisclosures; because of this reason, estimation was madeon the basis of the best available information. Althoughthese individual estimations present a certain degree ofuncertainty, the overall effect over financial statements isconsidered to be immaterial.
The Bank pays contributions to the State Budget for social insurance, social pension
and unemployment fund according to levels establishedby present legislation during the year, computed againstgross wages. The value of these contributions is recordedinto the profit and loss account in the same period withcorresponding salary expenses.The Bank does not have other obligations according topresent Romanian legislation regarding the futurepensions, health insurance and other labour expenses.
The bank prepared its financial statementsin accordance with Order of Ministry of
Public Finance and National Bank of Romania no.1982/5/2001 for the first time in 2001. For 2003 thefinancial statements present comparatives for the yearsended at 31.12.2002 and 31.12.2003 respectively.
The charge for current tax is based on theresults for the year as adjusted for non-assessable or
disallowed items. It is calculated using tax rates that havebeen enacted or substantively enacted by the balancesheet date.Deferred tax is accounted for using the balance sheetliability method in respect of temporary differencesarising from differences between the carrying amount ofassets and liabilities in the financial statements and thecorresponding tax basis used in the computation oftaxable profit.Deferred tax is calculated at the tax rates that areexpected to apply to the period when the asset is realisedor the liability is settled.Deferred tax assets and liabilities are offset when theyrelate to income taxes levied by the same taxationauthority and the bank intends to settle its current taxassets and liabilities on a net basis.The Bank is currently paying an income tax rate of 25%.The foreign gains and losses resulting from revaluation ofassets and liabilities denominated in foreign currenciesare treated as non-taxable and non-deductible until June30, 2002 (when the fiscal facilities stipulated in Law189/2001 were annulled).According to Law 414/2002 regarding tax on profit, thefiscal year 2002 was splited into 2 fiscal periods asfollows: January-June 2002 and July-December 2002.For the period January-June 2002, there was a 50%reduction of income tax related to Bank’s investments, intangible and intangible asset. The value of suchinvestments was recorded as other reserves, as perDecision no. 3/2002. In the fiscal year 2003 the stipulations of Law 414/2002regarding tax on profit were applied.
ROL thousand / 2002
Small tools
Other inventories (Note 2.3)
Total
Total
-
1,853,984
1,853,984
Provisions
(3,525,595)
-
(3,525,595)
Inventories
3,525,595
1,853,984
5,379,579
BALANCE SHEET ITEMS
2
2.1 INVENTORIES ACCOUNTS
As at December 31, 2003 and December 31, 2002 the Bank had the following inventory accounts:
Contributions foremployees
Profits Tax
Comparativestatements
Total
-
7,628,259
7,628,259
Provisions
-
-
-
Inventories
-
7,628,259
7,628,259
ROL thousand / 2003
Small tools
Other inventories (Note 2.3)
Total
104
2.2 RESERVES
As at December 31, 2003, reserves amounting to ROL494,260,420 thousand (2002: ROL 325,504,170thousand) include:• Legal reserves amounting to ROL 197,838,657thousand (2002: ROL 90,922,097 thousand) areestablished in accordance with Banking Law no. 58/1998at a maximum 20% of profit before tax (as calculatedunder Romanian Accounting Standards for banks) untilthe reserve reaches 100% of the share capital. Once thereserve has reached 100% of the share capital, additionalallocation can be made at a maximum 10% of the profitbefore tax until the reserve reaches 200% of the sharecapital. Thereafter, additional allocations can be madefrom the net profit. This reserve cannot be distributed tothe shareholders. The allocation from the 2003 profit wasROL 106,916,560 thousand; • General reserve for credit risk amounting to ROL264,843,499 thousand (2002: ROL 109,987,061thousand) is established in accordance with Banking Law58/1998 and is equal to a maximum 2% of outstanding
loans. This reserve cannot be distributed to theshareholders. The allocation from the 2003 profit wasROL 154,856,438 thousand; • Other reserves amounting to ROL 31,578,264 thousand(2002: ROL 124,595,012 thousand) consist of:
• In accordance with Law no 189/2001 and to Decision3/2002, reserves, amounting to ROL 6,006,463thousand (2002: ROL 6,006,463 thousand), include the50% income tax reduction in profit taxes allowed forcurrent fiscal year in respect of investments in tangibleand intangible assets – amounting to ROL 667,385thousand, (2002: ROL 667,385 thousand), andaccording with the Decision no.3/2002 - the value ofsuch investments amounting to ROL 5,339,078thousand (2002: ROL 5,339,078 thousand.). Thisreserve cannot be distributed to the shareholders.• Foreign exchange revaluation reserve amounted toROL 25,571,801 thousand (2002: ROL 118,588,549thousand) which relates to revaluation of assets andliabilities denominated in foreign currency, inaccordance with law no 189/2001.
31 decembrie 2003
1,375,629
8,809,704
73,852,359
7,628,258
-
-
91,665,950
31 decembrie 2003
13,770,141
478,761
8,633
23,734,572
37,992,107
2.3 OTHER ASSETS AND OTHER LIABILITIES
* Sundry creditors amounting to ROL 13,770,141 thousand (2002: ROL 34,343,414 thousand) comprise mainly amounts to be paid to providers
of IT support, software upgrade and maintenance, as well as other services provided by domestic and foreign suppliers.
** Other liabilities amounting to ROL 23,734,572 thousand (2002: ROL 11,043,338 thousand) mainly include taxes to be paid to state budget.
December 31, 2002
3,961,102
3,777,202
1,465,880
1,853,984
-
-
11,058,168
ROL thousand
Other assets
Profit tax receivable
Sundry debtors
Unrealised foreign exchange differences (Note 13.12 (e))
Inventory (Note 2.1)
Values received at encashment
Deferred tax asset (Note 13.6 b)
Total other assets
December 31, 2002
34,343,414
1,474,915
8,967
11,043,338
46,870,634
ROL thousand
Other liabilities
Sundry creditors *
Unrealised foreign exchange differences (Note 13.12 (e))
Deferred tax liability (Note 13.6 b)
Other liabilities **
Total other liabilities
105
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31 decembrie 2002
35,572,628
5,922,637
11,587,072
6,562,930
495,463
-
10,040,141
70,180,871
31 decembrie 2003
82,718,822
26,436,721
7,067,860
1,139,741
25,288,446
-
606,778
143,258,368
* The deferred income amounting to ROL 82,718,822 thousand (2002: ROL 35.572.628 thousand) mainly consists in flat fee for factoring
loans and income from promissory notes endorsed by the Bank.
31 decembrie 2003
7,864,139
300,943
52,032,486
-
5,806,250
10,906,393
13,517,790
66,351
443,291
2,158,914
731,523
93,828,079
(53,902)
93,774,177
31 decembrie 2002
3,368,101
-
45,828,269
13,954,384
-
11,706,920
10,728,432
1,682,269
-
2,133,911
605,721
90,008,007
(325,251)
89,682,756
2.4 PREPAYMENTS AND DEFERRED INCOME
ROL thousand
Prepayments and accrued interest receivable
Prepaid expenses
Income to be received
Accrued interest receivable from:
securities held to maturity (Note 4.1)
treasury bills held for trading (Note 4.2)
investment securities (Note 4.2)
placements with NBR
loans granted to customers
placements with other banks
credits with banks
overdrafts
overdue interest
Total prepayments and accrued interest receivable
Less: provision for interest risk (Note 8.1)
Prepayments and accrued receivables - net
ROL thousand
Deferred income and accrued interest payable
Deferred income*
Accrued expenses
Accrued interest payable for:
- customers’ current accounts and deposits
- loans from financial organisations (Note 13.7)
- placements from other banks
- liabilities under repurchase agreements
- subordinated loan (Note 3.6)
Total deferred income and accrued interest payable
106
STATEMENT OF RECEIVABLES AND PAYABLES
3
3.1 TERM RECEIVABLE AND PAYABLES
(*) As at December 31, 2003, loans to customers included the amount of ROL 6,603,090,669 thousand representing overdrafts to customers.
(**) As at December 31, 2003, amounts owed to credit institutions included the long term loan from BACAI Vienna amounting to ROL
4,652,840,367 thousand (Note 13.7) and other banks’ deposits amounting ROL 871,138,000 thousand (2002: ROL 1,214,225,000 thousand)
Up to
3 months
1,301,181,622
7,588,145,855
(10,142,136)
7,578,003,719
8,879,185,341
Balance at
December 31, 2003
1,835,650,725
13,242,214,442
(21,921,038)
13,220,293,404
15,055,944,129
3 months
one year
148,871,875
1,955,031,342
(3,649,368)
1,951,381,974
2,100,253,849
Over 5 years
4,895,284
1,395,116,273
(4,386,561)
1,390,729,712
1,395,624,996
Between 1
and 5 years
380,701,944
2,303,920,972
(3,742,973)
2,300,177,999
2,680,879,943
Up to
3 months
(850,749,867)
(5,598,694,531)
(3,126,427)
-
(6,452,570,825)
2,426,614,516
Balance at
December 31, 2003
(5,523,978,367)
(5,960,573,593)
(853,930,907)
-
(12,338,482,867)
2,717,461,262
3 months
one year
(72,839,585)
(277,153,090)
(30,777,107)
-
(380,769,782)
1,719,484,067
Over 5 years
(2,126,508,358)
(19,959,701)
(449,813,796)
-
(2,596,281,855)
(1,200,656,859)
Between 1
and 5 years
(2,473,880,557)
(64,766,271)
(370,213,577)
-
(2,908,860,405)
(227,980,462)
(*) As at December 31, 2002, loans to customers included the amount of ROL 2,864,121,667 thousand representing overdrafts to customers.
Residual maturity
Residual maturity
ROL thousand
Term receivables
Credit institutions
Loans to customers
Less: provisions
Loans to customers - net
Total receivables
ROL thousand
Term payables
Credit institutions
Customer deposits
Other customer’s debts
Debts from other bonds
Total debts
Net term receivable / (payable)
Up to
3 months
9,122,509,360
3,163,614,119*
(816,117)
3,162,798,002
12,285,307,362
Balance at
December 31, 2002
9,127,508,580
5,504,218,440
(11,274,244)
5,492,944,196
14,620,452,776
3 months -
one year
-
192,167,378
-
192,167,378
192,167,378
Over 5 years
4,999,220
264,290,576
(1,887,543)
262,403,033
267,402,253
Between
1 and 5 years
-
1,884,146,367
(8,570,584)
1,875,575,783
1,875,575,783
Residual maturityROL thousand
Term receivables
Credit institutions
Loans to customers
Less: provisions
Loans to customers - net
Total receivables
107
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3.3 RECEIVABLES FROM CUSTOMERS
The loans portfolio as at December 31, 2003 and December 31, 2002 respectively consisted of loans granted tocommercial companies acting in industry, trade, loans to public companies and to Bank’s employees. The loans aregranted both in Romanian lei and in foreign currencies. The loans in foreign currencies are mainly denominated inEURO and US Dollars.
(*) As at December 31, 2002, amounts owed to credit institutions included overdraft from Chase Manhattan amounting to ROL 14,420,780
thousand and long term loan from BACAI Vienna amounting to ROL 522,039,050 thousand (Note 13.7).
ROL thousand
Term payables
Credit institutions
Customer deposits
Other debts to customers
Debts from other bonds
Total debts
Net term receivable / (payable)
Up to 3 months
(1,228,645,780)*
(10,799,033,450)
(1,612,227)
-
(12,029,291,457)
256,015,905
Balance at
December 31, 2002
(1,750,684,830)
(11,545,624,175)
(731,066,168)
-
(14,027,375,173)
593,077,603
3 months -
one year
-
(652,946,574)
-
-
(652,946,574)
(460,779,196)
Over 5 years
(522,039,050)
(1,948,893)
(591,610,126)
-
(1,115,598,069)
(848,195,816)
Between 1
and 5 years
-
(91,695,258)
(137,843,815)
-
(229,539,073)
1,646,036,710
Residual maturity
December 31, 2002
731,066,168
-
-
731,066,168
December 31, 2003
853,930,907
-
-
853,930,907
3.2 OTHER LIABILITIES TO CUSTOMERS
Other liabilities to customers
Loans from financial institutions (Note 13.7)
Liabilities under repurchase agreements
Other liabilities
Total other liabilities
As at December 31, 2003, the Bank’s loan portfolio was structured as follows:
Total
226,206,701
915,210,161
500,928,411
2,262,591,315
2,716,588,637
6,594,463,899
39,475
4,264,805
13,220,293,404
Foreign currency
223,125,322
915,210,161
500,928,411
2,262,591,315
2,668,503,536
5,321,153,413
-
4,264,805
11,895,776,963
Romanian lei
3,081,379
-
-
-
48,085,101
1,273,310,486
39,475
-
1,324,516,441
ROL thousand
Trade receivables
Loans for equipment
Loans for trade export
Loans for investments
Other loans
Overdrafts – net
Other amounts
Overdue loans
Total
108
ROL thousand
Treasury loans
Loans for equipment
Loans for investments
Other loans
Overdrafts – net
Other amounts
Overdue loans
Total
As at December 31, 2002, the Bank’s loan portfolio was structured as follows:
Total
-
849,204,561
338,102,171
1,433,299,144
2,864,119,226
737,681
7,481,413
5,492,944,196
Foreign currency
-
849,204,561
338,102,171
1,429,720,975
2,364,074,604
516,621
366,596
4,981,985,528
Romanian lei
-
-
-
3,578,169
500,044,622
221,060
7,114,817
510,958,668
ROL thousand
December 31, 2003
Receivables
from banks
from customers – net
Loans granted to customers
Less: provision for loans
Total receivables
Payables
to banks
to customers
Total payables
Total net receivables/(payables)
Total
2,004,220,073
13,220,293,404
13,242,214,442
(21,921,038)
15,224,513,477
(8,055,149,624)
(11,236,852,796)
(19,292,002,420)
(4,067,488,943)
Term
1,835,650,726
6,621,525,225
6,634,819,493
(13,294,268)
8,457,175,951
(5,523,978,367)
(6,814,504,500)
(12,338,482,867)
(3,881,306,916)
Sight
168,569,347
6,598,768,179
6,607,394,949
(8,626,770)
6,767,337,526
(2,531,171,257)
(4,422,348,296)
(6,953,519,553)
(186,182,027)
3,4 MATURITY ANALYSIS OF RECEIVABLES AND LIABILITIES OVER BANKS AND CUSTOMERS
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3.5 ANALYSIS OF SECURITIES
ROL thousand
Issued by
Romanian Government
Other companies
Total
Less conversion differences
Total
As at December 31, 2002, the Bank held securities maturing as follows:
Total
673,632,849
1,454,509,150
2,128,141,999
(137,631,213)
1,990,510,786
Due after
one year
497,402,880
1,454,509,150
1,951,912,030
Due within
one year
176,229,969
-
176,229,969
ROL thousand
Issued by
Romanian Government
Public administrations except the State
Other companies
Total
Less conversion differences
Total
As at December 31, 2003, the Bank held securities maturing as follows:
Total
516,212,412
43,603,300
1,460,752,901
2,020,568,613
(261,785,770)
1,758,782,843
Due after
one year
365,227,130
43,603,300
1,460,752,901
1,869,583,331
Due within
one year
150,985,282
-
-
150,985,282
Total
9,257,143,676
5,492,944,196
5,504,218,440
(11,274,244)
14,750,087,872
(1,769,808,203)
(16,231,931,801)
(18,001,740,004)
(3,251,652,132)
Term
9,127,508,580
2,620,605,877
2,631,064,004
(10,458,127)
11,748,114,457
(1,750,684,830)
(12,276,690,343)
(14,027,375,173)
(2,279,260,716)
Sight
129,635,096
2,872,338,319
2,873,154,436
(816,117)
3,001,973,415
(19,123,373)
(3,955,241,458)
(3,974,364,831)
(972,391,416)
ROL thousand
December 31, 2002
Receivables
- from banks
- from customers – net
- Loans granted to customers
Less: provision for loans
Total receivables
Payables
- to banks
- to customers
Total payables
Total net receivables/(payables)
110
As at December 31, 2003, the accrued interest receivable for the held-to-maturity securities amounted to ROL 52,032,486 thousand (2002:ROL 45,828,269 thousand) (Note 2.4).
Bank Austria Creditanstalt International AG Vienna
Total
As at December 31, 2000, the Bank had a subordinated loan of USD 3 million from Bank Austria Aktiengesellschaft for Bank’s own operations,with initial maturity on September 25, 2001. This loan was converted in Euro on July 23, 2001and rescheduled till September 25, 2006 andthen till September 25, 2007. Subsequently, on August 29, 2001 the Bank concluded a new subordinated loan contract of Euro 3.4 million withfinal maturity on August 29, 2007 for the same purpose.The loans have fixed and predetermined period for reimbursement. According to the loan agreements, the loans are subordinated to all otherobligations of the Bank in case of liquidation.The subordinated loans were granted by Bank Austria Aktiengesellschaft, which is the Bank’s holding company.The accrued interest payable is calculated on a daily basis and the balance as at December 31, 2003 amounted to ROL 606,778 thousand(2002: ROL 10,040,141 thousand) (Note 2.4).The above-mentioned subordinated loan does not stipulate the lender’s option to convert the loan into shares.
3.6 SUBORDINATED LOANS
ROL’000
284,734,348
284,734,348
EUR
6,924,979
6,924,979
ROL’000
241,813,330
241,813,330
EUR
6,924,979
6,924,979
2003 2002
SECURITIES AND TREASURY BILLS
4
4.1 SECURITIES HELD TO MATURITY
ROL thousand
December 31, 2002
Issued by:
Romanian Government
Other companies
Total
Less conversion differences
Total
Unrealised gain
(4)=(3)-(1)
(5,474,880)
(2,657,150)
(8,132,030)
Reimbursement
value
(3)
482,138,000
279,352,000
761,490,000
Purchase value
(2)
489,195,130
284,092,254
773,287,384
Book value
(1)
487,612,880
282,009,150
769,622,030
(137,631,213)
631,990,817
Unrealised gain
(4)=(3)-(1)
(5,187,197)
(973,624)
(6,160,621)
Reimbursement
value
(3)
556,514,000
328,936,000
885,450,000
Purchase value
(2)
564,823,746
334,517,633
899,341,379
Book value
(1)
561,701,197
329,909,624
891,610,821
ROL thousand
December 31, 2003
Issued by:
Romanian Government
Other companies
Total (Note 3.5)
111
No
tes
to t
he
fin
an
cia
l st
ate
me
nts
4.3 EQUITY PARTICIPATION
The Bank is a member in the “Societatea Na]ional` deCompensare Decontare [i Depozitare Pentru ValoriMobiliare” (SNCDD). As a user of services from SNCDD,HVB Romania S.A owns 100 shares that are recorded atpurchase cost amounting to ROL 60,000 thousand andrepresents 0.26 % of its share capital.During 2000, the Bank invested in 160 shares ofTransfond amounted to ROL 1,600,000 thousand. Thecompany is currently managing the transfer of funds andproperty over Treasury-bills between financial institutions,banks and State Treasury.During 2002, the Bank invested in another 19 shares ofTransfond amounted to ROL 507,860 thousand. Thus, thetotal value of Transfond shares held by the Bank as atDecember 31, 2002 was ROL 2,017,860 thousand.During 2003, the Bank invested in another 18 shares ofTransfond amounted to ROL 1,014,079 thousand. Thus,the total value of Transfond shares held by the Bank as at
December 31, 2003 was ROL 3,121,939 thousand.During 2002, the Bank invested the amount of ROL1,150,960 thousand (EUR 40,000) in HVB LeasingRomania, meaning 20% of the company’s share capital.During 2003, the Bank invested in 296,200 shares ofBiroul de Credit SA amounted to ROL 296,200 thousand,meaning 0.7405% of the company’s share capital.During 2003, the Bank invested the amount of ROL942,500 thousand in CAIB Asset Management S.A.I SA ,meaning 5% of the company’s share capital.Also, during 2003, the Bank invested in 673,673 shares ofCAIB Securities SA amounted to EUR 100,000 (ROL3,670,000 thousand-historical cost).Under the rules of the National Bank of Romania, the Bankis not permitted to hold more than 20% in a company, toinvest more than 10% of Bank’s net equity in one companyor to have total investments in share capital of companieswhich exceed 50% of Bank’s net equity.
4.2 TRADING SECURITIES
As at December 31, 2003, the accrued interest receivable for the trading securities amounted to ROL 0 thousand
(2002: ROL 13,954,384 thousand) (Note 2.4).
INVESTMENT SECURITIES
As at December 31, 2003, the accrued interest receivable for the investment securities amounted to ROL 5,806,250 thousand (Note 2.4).
At December 31, 2003 there were no trading securities in Bank’s portfolio.
Unrealised gain
-
-
-
Market value
186,019,969
1,172,500,000
1,358,519,969
Purchase value
186,019,969
1,172,500,000
1,358,519,969
ROL thousand
December 31, 2003
Denominated in:
Romanian Lei
US Dollar
Total
Unrealised gain
-
-
-
Market value
53,627,950
1,075,329,842
1,128,957,792
Purchase value
53,627,950
1,075,329,842
1,128,957,792
(Note 3,5)
ROL thousand
December 31, 2003
Denominated in:
Romanian Lei
US Dollar
Total
112
ROL thousand
Intangibles
Goodwill
Set-up expenses
Other intangibles
Intangibles in progress
Total intangibles
Tangibles
Land
Land improvement
Buildings
Equipment (work equipment and machinery)
Measuring, control and correction devices
Transport means
Furniture, office machines, protection, equipment’s
and other tangibles
Tangible in progress
Total tangibles
Financial assets
Public bills af exchange and assimilated values
Debentures and other fixed income bonds
Shares in commercial companies
Investments
Total financial assets
Total fixed assets
(*) The gross value of decrease in debentures and other fixed income bonds as well as movement of cost and accumulated depreciation fortangible and intangible assets represent the net movement for the year between items acquired during the year and items disposed during theyear.There are no development expenses or goodwill purchased. The set-up expenses are not significant and they represent legal taxes and otherfees.
FIXED ASSETS AND FINANCIAL ASSETS
5
COST
Balance at
December 31, 2003
-
29,274
95,959,630
30,466,160
126,455,064
-
-
83,773,765
16,011,899
30,035,536
9,135,005
53,302,590
7,977,907
200,236,702
-
1,758,782,843
-
9,241,599
1,768,024,442
2,094,716,208
Decrease
-
18,792
-
20,290,372
20,309,164
-
-
-
-
854,700
-
511,237
34,475,901
35,841,838
1,358,519,968
-
-
-
1,358,519,968
1,414,670,970
Increase
-
17,396
40,799,764
25,876,188
66,693,348
-
-
33,938,143
8,261,068
9,142,463
3,523,379
21,943,113
40,948,432
117,756,598
-
1,126,792,026
-
5,922,779
1,132,714,805
1,317,164,751
Balance at
January 1, 2003
-
30,670
55,159,866
24,880,344
80,070,880
-
-
49,835,622
7,750,831
21,747,773
5,611,626
31,870,714
1,505,376
118,321,942
1,358,519,968
631,990,817
-
3,318,820
1,993,829,605
2,192,222,427
113
No
tes
to t
he
fin
an
cia
l st
ate
me
nts
DEPRECIATION / AMORTIZATION
Balance at
January 1, 2003
-
17,624
23,230,998
23,248,622
-
6,513,485
900,582
12,340,828
2,315,042
5,964,777
28,034,714
51,283,336
Disposal
-
18,792
-
18,792
-
-
-
854,700
-
511,237
1,365,937
1,384,729
Charge for the year
-
14,510
14,270,611
14,285,121
-
7,609,803
1,249,298
5,787,003
1,853,972
3,952,564
20,452,640
34,737,761
Balance at
December 31, 2003
-
13,342
37,501,609
37,514,951
-
14,123,288
2,149,880
17,273,131
4,169,014
9,406,104
47,121,417
84,636,368
ROL thousand
Tangibles
Intangibles
Total
Net book value
153,115,285
88,940,113
242,055,398
Amortisation
(47,121,417)
(37,514,951)
(84,636,368)
Cost
200,236,702
126,456,064
326,691,766
ROL thousand
Intangibles
Goodwill
Set-up expenses
Other intangibles
Total intangibles
Tangibles
Land improvement
Buildings
Equipment (work equipment and machinery)
Measuring, control and correction devices
Transportation means
Furniture, office machines, protection equipment and
other tangibles
Total tangibles
Total depreciation
Amount currency
10,000,000
7,832,621
Currency
USD
EUR
Equivalent
ROL thousand
150,000,000
212,733,900
362,733,900
SHARE CAPITAL
6
The share capital was called up and allotted on November 13, 1997 and was paid during 1997 till December 31, 2002:
ROL thousand
Called up, allotted and fully paid
Total share capital
114
According to Romanian law, all Banks including branchesof foreign banks, had to increase their share capital to aminimum of Romanian lei 250 billion by May 31, 2002,by 320 billion by May 31, 2003 and by 370 billion by May31, 2004. During year 2001, the Bank’s shareholdersincreased the Bank’s social capital from ROL 100,000,596thousand as at December 31, 2000 to ROL 362,733,900thousand as at December 31, 2001. Legal changesimplied by the last increase of share capital involvedcancellation of the existing shares (782,000 with parvalue ROL 191,815.8568) and issue of new 3,627,339ordinary shares with a par value of ROL 100,000. AtDecember 31, 2002 and December 31, 2001 the sharecapital represents 3,627,339 shares with par value ofRomanian lei 100,000 owned by non-resident companies.At December 31, 2003 the share capital was ROL
587,240,500 thousands, the value of the increase of sharecapital being of ROL 224,506,600 thousands. Theincrease has been done through ROL 137,306,417thousand, representing reserves from foreign exchangecash evaluation in accordance with Law 189/2001,recorded in the balance sheet as at December 31, 2002and ROL 87,200,183 thousand representing reservesfrom the exchange rate influences corresponding to thecash in foreign currency, representing paid share capitalin foreign currency, in accordance with HG 252/1996.The share capital was increased through the issue of2,245,066 shares with nominal value of ROL 100,000 andthe share capital in total amount of ROL 587,240,500thousand was split in 5,872,405 shares with a nominalvalue of ROL 100,000.
As at December 31, 2003 and December 31, 2002, the structure of shareholders is as follows :
Amount
585,608,900
1,631,600
587,240,500
%
99.72%
0.28%
100%
Number of shares
5,856,089
16,316
5,872,405
ROL thousand
Bank Austria Aktiengesellschaft
Others
Total
2003
462,322,222
(106,916,560)
-
(154,856,438)
-
-
-
-
-
-
(261,772,998)
200,549,224
2002
249,939,889
(53,762,795)
-
(32,115,123)
(124,595,011)
-
-
-
-
-
(210,472,929)
39,466,960
PROFIT DISTRIBUTION
7
As presented in Note 2.2, the distribution of profits amounting to ROL 261,772,998 thousand (2002: ROL 210,472,929 thousand) was carriedout in accordance with Banking Law no. 58/1998 and Law no. 189/2001.
ROL thousand
Net profit for the year
- Legal reserves (Note 13.5)
- Satutory reserves (Note 13.5)
- General reserve for credit risk
- Other reserves
- Other funds
- Staff participation to profit
- Dividends
- Cover of accounting loss from previous years
- Other distributions
Total profit allocation
Not distributed profit
115
No
tes
to t
he
fin
an
cia
l st
ate
me
nts
PROVISIONS
8
8.1 PROVISIONS FOR DOUBTFUL DEBTS
Total
4,797,564
6,161,484
640,447
11,599,495
14,178,337
(2,552,666)
(1,250,226)
21,974,940
Provisions
for loans
4,723,587
5,916,307
634,350
11,274,244
14,457,045
(2,560,025)
(1,250,226)
21,921,038
(Note 3.4)
Provisions for
un-collectable
accrued intrest
73,977
245,177
6,097
325,251
(278,708)
7,359
-
53,902
(Note 2.4)
ROL thousand
Balance at January 1, 2002
Movements during the year (Note 9.8)
Exchange rate differences
Balance at January 1, 2003
Net movements during the year (Note 9.8)
Exchange rate differences
Losses from bad debts (Note 9.8)
Balance at December 31, 2003
*Income and expenses from treasury bills operations amounted to ROL 177,202,345 thousand (2002: ROL 163,906,505 thousand) and ROL3,350,456 thousand (2002: ROL 3,790,062 thousand) respectively, related to premium amortisation, interest for treasury bills under repurchaseagreements and sundry expenses with bonds.
STATEMENT OF OPERATIONS
9
9.1 INTEREST INCOME AND EXPENSES
December 31, 2002
370,984,244
201,106,000
163,906,505
30,375,160
11,310,745
3,693,007
-
781,375,661
(174,474,235)
(43,143,502)
(12,814,039)
(25,982,129)
(7,816,973)
(3,790,062)
-
(268,020,940)
513,354,721
December 31, 2003
556,964,065
208,216,670
177,202,345
34,487,576
24,522,477
45,837,744
107,902
1,047,338,779
(193,308,792)
(102,430,832)
(12,698,946)
(25,309,648)
(8,194,027)
(3,350,456)
(193,562)
(345,486,263)
701,852,516
ROL thousand
Interest income
From:
- loans to individuals and enterprises
- placements to domestic and foreign banks
- securities and treasury bills*
- placements to National Bank of Romania
- guarantees issued
- financing commitments
- commissions from derivatives financial operations
Total interest income
Interest expense
With:
- customers current accounts and deposits
- placements with domestic and foreign banks
- subordinated bedt
- term loans
- commitments with other banks and clients
- securities and treasury bills*
- expenses with derivatives financial operations
Total interest expense
Net interest expense
The foreign exchange loss and gain resulted both from the revaluation of assets and liabilities in currency, and from the exchange operationsfor the Bank and for its clients – spot and forward transactions.The loss and gain from securities operations resulted from the transactions and cessions of transaction bills, respectively of placement bills.
9.2 COMMISSION INCOME AND EXPENSES
December 31, 2002
57,515,591
55,380,576
23,543,298
12,532,007
1,184,243
380,355
150,536,070
(15,317,879)
(5,637,880)
(1,500,813)
(917,910)
-
(1,833)
(23,376,315)
127,159,755
December 31, 2003
150,178,009
96,142,073
35,109,279
6,130,239
1,094,234
2,130,141
290,783,975
(20,884,112)
(10,462,855)
(64,729)
-
(4,025,360)
-
(35,437,056)
255,346,919
ROL thousand
Foreign exchange gain
Expenses with foreign exchange
Net result from foreign exchange differences
9.3 NET PROFIT FROM FOREIGN EXCHANGE DIFFERENCES
December 31, 2002
514,811,974
(567,671,096)
(52,859,122)
December 31, 2003
241,695,813
(140,679,896)
101,015,917
ROL thousand
Commission income
From:
- customers transactions
- payment instruments
- other financial services
- interbanking operations
- operations with securities
- consulting services
Total commission income
Commission expense
From:
- interbanking operations
- payment instruments
- customers transactions
- investment operations
- commissions regarding securities
- other financial services
Total commission expense
Net commission income
116
117
* Included in Other income from operating activity is the amount of ROL 6,392,950 thousand related to corrections for profit tax for the year2002 (reserves’ recalculation corresponding to the cash in foreign currency in accordance with Law 189/2001).** Expense with other taxes amounting to ROL 40,231,871 (2002: 34,778,995 thousand) thousand mainly consist of deposits guarantee fundcontribution and contribution to risk fund.
9.4 OTHER OPERATING INCOME AND EXPENSES
December 31, 2002
2,891,032
16,445,629
1,070,665
20,361
20,427,687
(34,778,993)
(1,894,753)
(345,858)
(146,515)
-
(79,109)
(37,245,228)
(16,817,541)
December 31, 2003
6,622,110
3,808,220
1,560,111
710,725
12,701,166
(40,231,871)
(1,759,254)
-
(840,531)
(287,758)
(942,340)
(44,061,754)
(31,360,588)
9.5 PERSONNEL EXPENSES
December 31, 2002
(64,643,240)
(7,231,831)
(3,774,502)
(5,367,657)
(12,290,389)
(93,307,619)
December 31, 2003
(100,521,177)
(19,375,262)
(4,258,410)
(8,524,875)
(22,542,972)
(155,222,696)
ROL thousand
Other operating income
Other income from operating activity*
Income from commitments given to clients
Income from rent
Other income
Total operating income
Other operating expenses
Expenses with taxes**
Sponsorship expenses
Financial expenses
Penalties and damage compensations
Other banking operating expenses
Other expenses
Total operating expenses
Net operating income
ROL thousand
Salaries
Employer’s contribution to social security
Employer’s contribution to unemployment fund
Employer’s contribution to health fund
Other expenses with employees
Total
118
No
tes
to t
he
fin
an
cia
l st
ate
me
nts
ROL thousand
Expenses with:
- third parties
- rent
- protocol and advertising
- telecommunication
- consumption materials
- travel
- small tools
- maintenance and repairs
- insurance
- utilities
- collaborators
- audit
- leasing
- consulting
Total
9.6 ADMINISTRATIVE EXPENSES
December 31, 2002
(92,519,355)
(42,312,897)
(21,692,923)
(14,046,757)
(8,883,167)
(8,110,295)
(1,772,494)
(4,331,457)
(1,723,544)
(2,219,235)
-
(1,679,244)
(490,904)
(93,931)
(199,876,203)
December 31, 2003
(142,470,780)
(55,273,897)
(29,065,045)
(18,224,032)
(15,967,887)
(8,718,460)
(5,637,822)
(6,201,023)
(2,815,868)
(2,990,845)
(153,334)
(1,983,865)
(711,203)
-
(290,214,061)
ROL thousand
Intangibles amortisation (Note 5)
Tangibles depreciation (Note 5)
Total amortisation and depreciation expense for year
9.7 DEPRECIATION OF TANGIBLE FIXED ASSETS AND AMORTISATION OF INTANGIBLES
December 31, 2002
(10,094,388)
(12,270,926)
(22,365,314)
December 31, 2003
(14,285,121)
(20,452,639)
(34,737,760)
ROL thousand
Provisions expenses
Provisions income
Net provision expense (Note 8.2.)
9.8 PROVISIONS INCOME AND EXPENSES
December 31, 2002
(92,298,753)
86,137,269
(6,161,484)
December 31, 2003
(330,834,599)
317,906,489
(12,928,110)
119
INFORMATION REGARDING GEOGRAPHICAL SEGMENTS
11
As at December 31, 2003, the Bank operates and carries on its activities through nine operational branches located inRomania (2002: five branches). Therefore there are no geographical segments and all income and expenses are incurredin one market.
During its normal course of activity, the bank makes payments to the Romanian state institutions on behalf of its employees’pensions. All the bank’s employees are included in the state pensions system. The bank does not operate any pensionsplan or benefits after retirement and, consequently, does not have any obligations related to pensions. In addition, thebank has no obligation to offer other additional benefits to its employees.
* Income from cease of treasury bills amounting to ROL 857,812 thousand (2002: ROL 80,525,521 thousand) mainly arise from treasury billsdenominated in USD and ROL, issued by Ministry of Finance.
ROL thousand
Income from cease of treasury bills*
Expenses with cease of treasury bills
Net income from cease of treasury bills
9.9 INCOME AND EXPENSES FROM CEASE OF T BILLS
December 31, 2002
80,525,521
(60,838,738)
19,686,783
December 31, 2003
857,812
(27,485)
830,327
INFORMATION REGARDING PERSONNEL EXPENSES
10
ROL thousand
Expenses with staff salaries
Expenses with social securities, out of which:
Expenses with pensions
Other staff expenses
Total
December 31, 2002
64,643,240
16,373,990
-
12,290,389
93,307,619
December 31, 2003
100,521,177
32,158,547
19,375,262
22,542,972
155,222,696
ROL thousand
Secured by cash deposits
Secured by letters of guarantee
Secured by stand by credit
Guarantees in lei
Secured by cash deposits
Secured by letters of guarantee
Secured by stand-by credit
Guarantees in hard currencies
Total letters of guarantee
Confirmed letters of credit
Total endorsements and acceptances
Guarantees issued to other banks
Total contingent liabilities
120
No
te l
a s
itu
a]i
ile
fin
an
cia
re
The contingent liabilities of the Bank as at December 31, 2002 and December 31, 2003, were as follows:
CONTINGENT LIABILITIES AND COMMITMENTS
12
12.1 CONTINGENT LIABILITIES
December 31, 2002
46,721,210
75,909,180
66,532,546
189,162,936
113,718,470
45,295,809
112,485,630
271,499,909
460,662,845
2,292,472
462,955,317
280,017,572
742,972,889
December 31, 2003
66,890,930
-
117,105,189
183,996,189
97,458,507
-
942,340,499
1,039,799,006
1,223,795,195
96,870,238
1,320,665,433
663,691,728
1,984,357,161
ROL thousand
Secured by cash deposits
Issued letters of credit
Undrawn loan commitments
Total commitments
12.2 COMMITMENTS
December 31, 2002
532,734,467
532,734,467
2,767,960,362
3,300,694,829
December 31, 2003
904,847,742
904,847,742
4,707,773,745
5,612,621,487
12.3 RENT COMMITMENTS
At December 31, 2003, the Bank has rent commitments for the year 2004 for its locations.
121
ROL thousand
Within one year
In the second to fifth years inclusive
After five years
Total
December 31, 2002
12,413,564
26,210,824
-
38,624,388
December 31, 2003
4,252,853
32,141,805
-
36,394,658
12.5 OTHER OFF BALANCE SHEET ITEMS
In addition, the Bank has recorded the following offbalance-sheet items:
December 31, 2002• A SWAP contract concluded with Bank of AustriaVienna, net value amounted to ROL 1,459,880 thousand;• Letters of Guarantee received as collateral for loansgranted to customers and for LG issued in amount of ROL3,191,997,078 thousand;• Pledges and other guarantees received for loans grantedin amount of ROL 2,347,766,805 thousand;• Loans written off balance sheet based on final courtdecision and the related accrued interest receivable inamount of ROL 10,032,637 thousand;• Travel cheques and cash in Euro in custody in amountof ROL 11,926,815 thousand.
December 31, 2003• 2 SWAP contracts concluded with Bank of AustriaVienna, net value of ROL 72,492,025 thousand;• Letters of Guarantee received as guarantees for loansgranted to customers and for LG issued in amount of ROL8,486,206,615 thousand;
• Pledges and other guarantees received for loans grantedin amount of ROL 3,819,252,621 thousand;• Loans written off balance sheet based on final courtdecision and the related accrued interest receivable inamount of ROL 16,156,507 thousand;• Travel cheques in amount of ROL 16,424,754thousand.a fi prezentate \n notele la situa]iile financiare.• Financing agreement in total amount of ROL1,233,510,000 thousands with Bank of Austria,• 2 IRS agreements in total amount of ROL 147,125,400thousands with Bank of Austria Vienna.There are no commitments other than the abovementioned.
As at December 31, 2003 there were no:• Assets pledged for own debts or for third parties debts;• Future contractual commitments for pensionspayments;• Assets held under repurchase agreements other thanthe one mentioned in Note 4.2;• Litigation commitments which should be mentioned inthe notes to the financial statements.
12.4 LEASE COMMITMENTS
As at balance sheet date, the Bank had outstanding commitments under financial and operational lease, which fall dueas follows:
No
te l
a s
itu
a]i
ile
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OTHER INFORMATION
13
13.1 GENERAL OVERVIEW
HVB BANK ROMANIA S.A. was registered at theRomanian Chamber of Commerce Register as acommercial company on November 24, 1997 andobtained banking operations licence from National Bankof Romania on April 13, 1998. On August 25, 1998, theNational Bank of Romania approved the change of Bank’sname from Banca Creditanstalt S.A. to Bank AustriaCreditanstalt Romania S.A. As a result of the mergerbetween HVB Group and Bank Austria –CreditanstaltGroup, on July 20, 2001, the National Bank of Romaniaapproved the change of Bank’s name from Bank AustriaCreditanstalt Romania S.A to HVB BANK ROMANIA S.A.
Beginning with August 31,1998, the Bank startedbanking operations and operates as a commercial andretail bank providing a wide range of services to allcategories of customers. As at December 31, 2002, theBank had five separate operational branches: one in thesame office as the Head Office, one downtown Bucharestand another three operational branches in Timisoara ClujNapoca and Oradea. During year 2003 another 4branches were opened in: Brasov, Constanta, Bucharestand Sibiu, thus at December 31, 2003 the Bank had 9operative brahches.Another branch is planned to be open during the year2004 in Arad.
mii lei
Currency
US dollars
EUR
GB pounds
Australian dollar
Qther currencies
Total
Net position
17,320,040
(83,463,046)
3,765,033
675,060
1,975,408
(59,727,505)
Off balance
sheet items
(544,673,465)
1,128,489,000
-
-
-
583,815,535
Liabilities
-
(1,211,952,046)
-
-
-
(1,211,952,046)
Assets
561,993,505
-
3,765,033
675,060
1,975,408
568,409,006
As at December 31, 2003 the net position in foreign currencies, expressed in thousand ROL was as follows:
Official exchange rates valid as at December 31, 2003 were 32,595 ROL/USD, 41,117 ROL/EUR, 58,058 ROL/GBP and 24,472 ROL/AUD andas at December 31, 2002 were 33,500 ROL/USD, 34,919 ROL/EUR, 53,712 ROL/GBP and 18,864 ROL/AUD.
13.2 SUBSIDIARIES AND ASSOCIATED COMPANIES
In year 2002, the Bank has invested in HVB Leasing (at its establishment) of 20% of the share capital of thiscompany, amounting to ROL 1,150,960 thousand representing 200 shares.During year 2003, the Bank made 2 investments in total amount of ROL 4,612,500 thousands, as it follows:• Shares of total amount of ROL 942,500 thousands, representing 5% of the share capital of CAIB AssetManagement;• 677,673 shares in total amount of ROL 3,670,000 thousands to the share capital of CAIB Securities SA (Note 4.3).
13.3 CURRENCY POSITION
The Bank’s net currency position reported to the National Bank of Romania showed that the liabilities in hard currencyas at December 31, 2003 exceeded the hard currency assets by an amount equal to 5.39% (2002: 7.07%) of the Bank’sown funds as calculated the National Bank of Romania’s regulations, which stipulate that such excess should not begreater than 20% of own funds and for each currency should not be greater than 10% of equity.
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This decrease is explained by using the amount for the increase in Bank’s share capital in accordance with thestipulations of art. IX from Law 485/2003, that revised the Banking Law nr. 58/1998. This stipulates that the existingreserves from balance sheet which, until the date of recognition of Banking Law “could constitute the source of increaseof share capital according to the applicable law, may be further used in this sense until they equal zero.”
Starting with January 1, 2002 the EURO currency officially replaced all currencies used in European Union member states.
ROL thousand
Currency
US dollars
EUR
GB Pounds
Australian dollar
Other currencies
Total
Net position
(69,252,782)
(7,194,210)
4,683,931
1,091,347
(189,303)
(70,861,017)
Off balance
sheet items
23,693,448
(246,575)
-
-
-
23,446,873
Liabilities
(92,946,230)
(6,947,635)
-
-
(696,345)
(100,590,210)
Assets
-
-
4,683,931
1,091,347
507,042
6,282,320
As at December 31, 2002 the net position in foreign currencies, expressed in thousand ROL was as follows::
13.4 a) RETAINED EARNINGS FROM THE FIRST APPLICATION OF IAS, EXCEPT IAS 29
December 31, 2003
140,591,437
(105,918,051)
34,673,386
ROL thousand
Balance as at January 1, 2003
Amounts used in share capital increasing
Balance as at December 31, 2003
124
ROL thousand
Total revenues
Total expenses
Gross profit
Non taxable revenues
Non deductible expenses
Income from deferred tax
Legal reserves (Note 7)
General reserves for credit risk (Note 7)
Fiscal profit for the year
Fiscal loss from previous years
Tax on profit
Fiscal loss carried forward
Profit tax expense for the current year
13.5 PROFIT TAX RECONCILIATION
December 31, 2002
1,119,002,208
(850,188,232)
268,813,976
(126,611,486)
18,866,111
-
(53,762,795)
(32,115,122)
75,190,684
-
(18,797,671)
-
(18,797,671)
December 31, 2003
1,770,604,138
(1,236,021,674)
534,582,464
(6,392,950)
22,625,456
334
(106,916,560)
(154,856,439)
289,042,305
-
(72,260,576)
-
(72,260,576)
(a) During year 2003 the Bank’s activity has been reviewed by the NBR. According to NBR report the non-taxable income and non-deductibleexpenses from cash revaluation were different from those estimated by the Bank and the reserves have been recalculated and increased byROL 25,571,801 thousand and the profit for year 2003 was reduced by ROL 6,392,950 thousand.
(b) During year 2002 the Bank’s activity has been reviewed by the NBR. According to NBR report the non-taxable income and non-deductibleexpenses have been recalculated and increased by thousand ROL 9,155,744. Therefore, the non-taxable income and non-deductible expenseshave been reconsidered for deferred tax purposes.
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December 31, 2002
-
-
-
-
8,967
-
8,967
b) Major components of deferred tax (income)/expenses with temporary tax effect are as follows:
December 31, 2003
-
-
-
-
334
-
334
ROL thousand
Unrealised gain from REPO transactions
Accrued interest for T bills under repurchase agreements
Reclassification of accrued interest receivable
Unrecorded liabilities (invoices)
Subsidies transferred to income
Correction of non-taxable income and non-deductible expense (Note 9.4)
Total deferred tax (asset)/liability
13.6 DEFERRED TAX RECONCILIATION
Year ended
December 31, 2002
268,813,976
-
268,813,976
67,203,494
(48,405,823)
-
(48,405,823)
18,797,671
18,797,671
76,416
18,874,087
Year ended
December 31, 2003
534,582,464
-
534,582,464
133,645,616
(61,385,040)
-
(61,385,040)
72,260,576
72,260,576
(334)
72,260,242
a) The prima facie tax charge to the profit before taxation is reconciled to te profit tax expense as follows:
ROL thousand
Profit before taxation
Adjustments to retained earnings due to first year
application of IAS (Note 13.4)
Adjusted profit before taxation
Profit tax at 25%, expected rate
Tax effect of permanent differences
Tax effect of temporary differences
Total
Current profit tax expense
Current profit tax expense
Tax effect of temporary differences
Profit tax expense for the period after
implementation of IAS
a. Creditanstalt Leasing GmbHLoan from Baca Export Leasing GmbH (previously knownas Creditanstalt Leasing GmbH comprises of financialleasing contracts concluded to acquire equipment andcars.The amount of ROL 31,590,907 thousand as at December31, 2003 (2002: ROL 32,686,168) represents amountsowed to Baca Export GesmbH for fixed assets purchasedby credit through finance leasing.
b. European Investment BankOn October 15, 2001, the Bank entered into a creditfacility of Euro 20 million from European InvestmentBank with the purpose of financing the small investors.As at December 31, 2003 the owed correspondinginterest was in total amount of ROL 1,139,741 thousandslei, respectively ROL 3,710,700 thousands as at December31, 2002. (Note 2.4).
c. BACA ViennaAs at December 31, 2002 the Bank had a term loan ofEURO 14,950 thousand from Bank AustriaAktiengesellschaft for Bank’s own operations.As at December 31, 2003 the Bank had another loan (totalrefinancing line being of USD 21,000,000) with BankAustria Creditanstalt AG with 2 drawings of USD10,300,000 and EUR 4,550,000.
d. Chase Manhaten BankThe loan from Chase Manhaten represents accidentaloverdraft as at December 31, 2002.
e. Hypovereins MunichAs at December 31, 2003 the bank had a loan of EUR30,000,000 for refinancing purposes.
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13.7 LOANS FROM FINANCIAL INSTITUTIONS
December 31, 2002
32,686,168
698,380,000
731,066,168
522,039,050
14,420,780
-
536,459,830
December 31, 2003
31,590,907
822,340,000
853,930,907
3,419,330,367
-
1,233,510,000
4,652,840,367
ROL thousand
Loans from financial institutions
Creditanstalt Leasing GmbH (a)
European Investment Bank (b)
Total (Note 3.2)
Loans from other banks
BACA Vienna (Note 3.1) (c)
Chase Manhattan Bank (Note 3.1) (d)
Hypovereins Munich (e)
Total
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13.8 CASH AND CASH EQUIVALENTS
December 31, 2002
162,315,440
2,086,563,908
2,248,879,348
830,000,000
129,635,096
8,295,699,218
1,358,519,969
1,809,362
10,615,663,645
(4,999,220)
12,859,543,773
ROL thousand
Petty cash
Cash at NBoR
Total cash
Deposits with NBR
Current accounts with NBR
Deposits with other banks (Note 13.10)
Public bills of exchange an other bonds
Other amounts
Total cash equivalents
Less: amounts over three months
Total cash and cash equivalents
December 31, 2003
260,975,046
3,419,343,372
3,680,318,418
104,131,185
50,000,000
14,438,162
168,569,347
1,040,000
205,585,000
4,895,284
585,170,441
1,835,650,725
(585,170,441)
(4,895,284)
1,245,585,000
1,758,782,843
(1,724,624,536)
34,158,307
1,448,312,654
5,128,631,072
ROL thousand
Petty cash
Cash at NBR
Total cash
Corespondent accounts
Deposits in banks at sight
Other amounts
Receivables with credit institutions at sight (Note 14)
Deposits with central banks
Deposits with banks at term
Collateral deposits
Credit with banks at term
receivables with credit institutions at term (Note 14)
Less: credit with banks at term
Less: amounts with maturity more than 3 months
Total receivables with credit institutions at term
Bonds with fixed income (Note 14)
Less amounts with maturity more than 3 months
Total bonds with fixed income
Total cash
Total cash and cash equivalents
128
13.9 SOLVENCY RATIOS
The Bank monitors its capital resources pursuant to theRegulations issued by the National Bank of Romania.The solvency (capital adequacy) ratios are calculatedbased on the financial information prepared inaccordance with Romanian Accounting Standards. TheBank is required to measure solvency ratios bycomparing its capital (shareholders’ equity) to its riskweighted assets including off balance sheetcommitments as prescribed by the Regulations. TheBank’s solvency ratios as at December 31, 2003 for Tier
1 and Tier 2 were 12.50% and 15.08%, respectively(2002: 11.90% and 15.80%). The Regulations require itto be minimum 8% for Tier 1 and 12% for Tier 2.The Bank’s Tier 1 capital for the purpose of solvencyratio represents shareholder’s equity where as the Tier2 capital comprises Tier 1 capital plus subordinateddebts, subsidies and other items. The subordinateddebts include a loan from Bank Austria Viennaamounting to ROL 284,734,348 thousand (2002: ROL241,813,330 thousand).
13.10 CONCENTRATION OF EXPOSURE
a) Deposits at banks
ROL thousand
Description
Foreign banks
Foreign banks registered in Romania and Romanian banks
Total (Note 13.8)
December 31, 2002
7,726,749,218
568,950,000
8,295,699,218
December 31, 2003
4,895,284
255,585,000
260,480,284
Deposits at the end of the period with other banks were as follows:
13.11 FAIR VALUES
According to IAS 32, Financial Instruments: Disclosureand Presentation, disclosure of fair values of financialassets and liabilities is required. Fair value is the amountfor which an asset could be exchanged or a liability couldbe settled between knowledgeable and willing parties inan arms length transactions. Based on the Romanianeconomic environment the Bank’s financial assets andliabilities are affected by exchange rate devaluation,market prices and interest rates. Fair value of short-termcustomer deposits, due from banks and Treasury Bills isestimated to approximate their carrying values because oftheir short maturities and insignificant transaction costs.
Term deposits, loans and advances to customers, bills ofexchange, guarantees and letters of credit are stated atamounts net of general and specific provisions forimpairment which is considered to be materially similarto fair values because these items carry market interestrates As a result, any change in the fair value of the assetsdue to change in interest rate will be matched withchange in the fair value of the related liabilities. Financialinvestments represent shares in unquoted companies andTreasury bills issued by Ministry of Finance for whichthere is no market and securities traded on Europeanmarket.
b) Loans and advances
Regulations of the National Bank of Romania stipulate that loans to any one customer should not exceed 20% of theequity as calculated under Romanian accounting principles, and every individual loan exceeding 10% of the statutoryequity to be reported.
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13.12 FINANCIAL INSTRUMENTS
The following is a summary of the nature of activitiesand management policies with respect to financialinstruments.
a) Currency riskThe Bank operates in a hyperinflationary economy andundertakes transaction in both Romanian Lei (ROL) andforeign currencies. In the past ROL has experiencedsevere devaluation as a result there is exposure of lossin value of its ROL denominated net assets.The Bank’s derivative financial instruments representonly Forward exchange and currency Swap contractsand IRS of short maturities and undelivered Spottransactions. These represent the Bank’s contractualcommitments to purchase or sell domestic or foreigncurrency at fixed prices on pre-determined future date.The Bank has not entered in any embedded derivativeproduct transactions as at December 31, 2003. Thesefinancial instruments are carried at fair values andfavourable (assets) and unfavourable (liabilities)fluctuations as a result of changes in fair values arereported in the statement of operations. The fair valuesof these instruments held by the Bank are presented inNote 13.12(e).
b) Interest rate riskInterest rate risk is comprised of the risk that the valueof a financial instrument will fluctuate due to changesin market interest rates and the risk that the maturities
of interest bearing assets differ from the maturities ofthe interest bearing liabilities used to fund those assets.The length of time for which the rate of interest is fixedon a financial instrument therefore indicates to whatextent it is exposed to interest rate risk. The assets andliabilities are re-priceable at the discretion of the Bank.These items carry market interest rates as a result thefair values are not considered to be materially differentfrom their carrying values.
c) Credit riskIn the normal course of its business, the Bank incurscredit risk on its loans and advances to customers andon funds with other financial institutions and other offbalance sheet items. There is also a risk of losses to beincurred from concentrations of credit risk to a singleindustry or economic group due to changes in economicconditions in Romania. The Bank manages its exposureto credit risk on a regular basis by closely monitoringcredit limits and, assessments of borrowers.
d) Liquidity riskThe Bank monitors its liquidity on a daily basis in orderto manage its obligations when they fall due. Maturityanalysis of assets and liabilities as at December 31,2003 has been disclosed in note 15. Loans and creditlines are renewed and consequently can have longermaturities than stated in note 15.
d) Regular contracts and derivative instruments
Liabilities
-
(478,761)
-
(478,761)
(Note 2,3)
-
(1,470,700)
(4,215)
(1,474,915)
(Note 2.3)
Assets
-
72,803,218
1,049,141
73,852,359
(Note 2,3)
1,459,880
6,000
-
1,465,880
(Note 2.3)
National amount
-
907,737,414
2,169,744
-
9,045,880
95,392,883
80,313,235
-
ROL thousand
Period ended December 31, 2003
Currency Swap
Currency forwards
Currency spots
Total
Period ended December 31, 2002
Currency Swap
Currency forwards
Currency spots
Total
Fair values
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MATURITY ANALYSIS FOR ASSETS AND LIABILITIES AS AT DECEMBER 31, 2003
14
Between
3 months
and 1 year
-
-
148,871,875
1,955,031,342
(3,649,368)
1,951,381,974
147,273,975
-
-
-
-
19,442,042
-
19,442,042
2,266,969,866
Over 5 years
-
-
-
1,395,116,273
(4,386,561)
1,390,729,712
64,974,279
-
-
-
-
5,055,385
-
5,055,385
1,460,759,376
TOTAL
3,680,318,418
168,569,347
1,835,650,725
13,242,214,442
(21,921,038)
13,220,293,404
1,758,782,843
3,478,139
5,760,460
242,055,398
91,665,950
93,828,079
(53,902)
93,774,177
21,100,351,861
Undefined
maturity
-
-
4,895,284
-
-
-
-
3,478,139
5,763,460
242,055,398
17,813,591
-
-
-
274,005,872
Up to
one
month
3,680,318,418
168,569,347
1,262,126,319
7,069,669,274
(9,415,677)
7,060,253,597
1,734,265
-
-
-
73,852,359
28,302,640
(53,902)
28,248,738
12,275,103,043
Between
1 and 3
months
-
-
39,055,303
518,476,581
(726,459)
517,750,122
32,424,042
-
-
-
-
4,905,818
-
4,905,818
594,135,285
Between
1 and 5
years
-
-
380,701,944
2,303,920,972
(3,742,973)
2,300,177,999
1,512,376,282
-
-
-
-
36,122,194
-
36,122,194
4,229,378,419
ROL thousand
ASSETS
Petty cash
Receivables from credit
institutions at sight
Receivables from credit
institutions at term
Receivables from customers
Less: provisions for loans
Bonds and other fixed income
debentures
Shares and other variable income
securities
Investments
Fixed assets
Other assets
Prepayments and accrued income
Less: provision for interest risk
Total assets
13.13 SUBSEQUENT EVENTS
Other than the ones mentioned above there are no other significant events, which have occurred since December 31,2003, and wich require adjustment to the figures presented in these financial statements.
Between
3 months
and 1 year
-
72,839,585
-
307,930,197
277,153,090
30,777,107
-
2,585,331
591,904
-
-
383,947,017
-
-
-
383,947,017
1,883,022,849
1,168,812,554
Over
5 years
-
2,126,508,358
-
19,959,701
19,959,701
-
-
-
-
-
284,734,348
2,431,202,407
-
-
-
2,431,202,407
(970,443,031)
1,068,358,747
TOTAL
2,531,171,257
5,523,978,367
4,422,348,296
6,814,504,499
5,960,573,592
853,930,907
-
37,992,107
143,258,368
-
284,734,348
19,757,987,242
587,240,500
755,124,119
1,342,364,619
21,100,351,861
-
-
Undefined
maturity
-
-
-
-
-
-
-
-
-
-
-
-
587,240,500
755,124,119
1,342,364,619
1,342,364,619
(1,068,358,747)
-
Up to
one
month
2,531,171,257
850,749,867
4,422,348,296
4,567,947,182
4,567,021,397
925,785
-
35,406,776
114,457,639
-
-
12,522,081,017
-
-
-
12,522,081,017
(246,977,974)
(246,977,974)
Between
1 and 3
months
-
-
-
1,033,874,170
1,031,673,133
2,201,037
-
-
27,493,436
-
-
1,061,367,606
-
-
-
1,061,367,606
(467,232,321)
(714,210,295)
Between
1 and 5
years
-
2,473,880,557
-
884,793,249
64,766,271
820,026,978
-
-
715,389
-
-
3,359,389,195
-
-
-
3,359,389,195
869,989,224
2,038,801,778
ROL thousand
LIABILITIES
Liabilities from credit institutions
at sight
Liabilities from credit institutions
at term
Liabilities from customers at sight
Liabilities from customers
Deposits
Other debts
Liabilities from securities
Other liabilities
Unearned income and accrued
expenses
Provisions for risks and charges
Subordinated loans
Total liabilities
Share capital
Retained earnings and reserves
Total equity
Total liabilities and equity
Liquidity
Cumulative liquidity gap
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MATURITY ANALYSIS FOR ASSETS AND LIABILITIES AS AT DECEMBER 31, 2002
15
Between
3 months
and 1 year
-
40,443,674
1,809,360
192,167,378
-
192,167,378
-
-
-
-
-
54,788,776
(325,251)
54,463,525
288,883,937
Over
5 years
-
-
-
264,290,576
(1,887,543)
262,403,033
341,808,115
-
-
-
-
515,137
-
515,137
604,726,285
TOTAL
2,248,879,348
1,358,519,969
9,257,143,676
5,504,218,440
(11,274,244)
5,492,944,196
631,990,817
2,167,860
1,150,960
147,109,486
11,058,168
90,008,007
(325,251)
89,682,756
19,240,647,236
Undefined
maturity
-
-
-
-
-
-
-
2,167,860
1,150,960
147,109,486
-
-
-
-
150,428,306
Up to
one
month
2,248,879,348
85,868,080
9,025,335,098
-
-
-
-
-
-
1,466,633
17,355,311
-
17,355,311
11,378,904,470
Between
1 and 3
months
-
49,918,215
225,000,000
3,163,614,119
(816,117)
3,162,798,002
-
-
-
-
9,591,535
13,676,339
-
13,676,339
3,460,984,091
Between
1 and 5
years
-
1,182,290,000
4,999,218
1,884,146,367
(8,570,584)
1,875,575,783
290,182,702
-
-
-
-
3,672,444
-
3,672,444
3,356,720,147
ROL thousand
ASSETS
Petty cash
Public bills of change and other
bonds
Receivables from credit
institutions
Receivables from customers
Less: provisions for loans
Bonds and other fixed income
debentures
Shares and other variables income
securities
Investments
Fixed assets
Other assets
Prepayments and accrued income
Less: provision for interest risk
Total assets
132
Between
3 months
and 1 year
-
659,386,838
652,946,574
6,440,264
34,343,414
46,746,471
-
740,476,723
-
-
-
740,476,723
(451,592,786)
(1,637,052,295)
Other
5 years
-
700,328,893
1,948,893
698,380,000
-
1,955
-
700,330,848
-
-
-
700,330,848
(95,604,563)
729,614,091
TOTAL
1,769,808,203
16,231,931,801
11,545,624,175
4,686,307,626
46,870,634
70,180,871
241,813,330
18,360,604,839
362,733,900
517,308,497
880,042,397
19,240,647,236
-
-
Undefined
maturity
-
-
-
-
-
-
-
-
362,733,900
517,308,497
880,042,397
880,042,397
(729,614,091)
-
Up to
one
month
1,233,348,373
3,955,241,458
-
3,955,241,458
1,641,252
508,805
-
5,190,739,888
-
-
-
5,190,739,888
6,188,164,582
6,188,164,582
Between
1 and 3
months
-
10,802,792,425
10,799,033,450
3,758,975
8,984,035
22,831,722
-
10,834,608,182
-
-
-
10,834,608,182
(7,373,624,091)
(1,185,459,509)
Between
1 and 5
years
536,459,830
114,182,187
91,695,258
22,486,929
1,901,933
91,918
241,813,330
894,449,198
-
-
-
894,449,198
2,462,270,949
825,218,654
ROL thousand
LIABILITIES
Liabilities from credit institutions
Liabilities from customers
Deposits
Other debts
Other liabilities
Unearned income and accrued
expenses
Subordinated loans
Total liabilities
Share capital
Retained earnings and reserves
Total equity
Total liabilities and equity
Liquidity
Cumulative liquidity gap
133
No
tes
to t
he
fin
an
cia
l st
ate
me
nts
GENERAL INFORMATIONS
Addresses in Romania Ge
ne
ral
info
rma
tio
n
HEAD OFFICE
HVB Bank Romania S.A.BUCHAREST37, Dr. Grigore Mora St.Telephone: +40 (021) 203 23 13Telefax: +40 (021) 230 84 85
BRANCHES
MILLENIUM BRANCH - BUCHAREST
88 Calea Victoriei St.Telephone: +40 (021) 203 23 13Telefax: +40 (021) 231 05 40
DECEBAL BRANCH - BUCHAREST
80 Unirii Sq, bl. J1, Tronson 1Telefon: +40 (021) 327 77 45Telefax: +40 (021) 327 77 44
BRA{OV
2, Mure[enilor St.Telephone: +40 (0268) 506 280Telefax: +40 (0268) 477437
CLUJ
10, Unirii Sq.Telephone: +40 (0264) 406 070Telefax: +40 (0264) 450 510
CONSTAN}A
132, Tomis St.Telephone: +40 (0241) 606 100Telefax: +40 (0241) 553 770
ORADEA
2-4, Unirii Sq.Telephone: +40 (0259) 406 700Telefax: +40 (0259) 461 700
TIMI{OARA
2, Victoriei Sq.Telephone: +40 (0256) 306 800Telefax: +40 (0256) 306 806
SIBIU
25, Nicolae B`lcescu Sq.Telefon: +40 (0269) 206 830Telefax: +40 (0269) 213 080
135
Addresses in Central and Eastern Europe
Bank Austria Creditanstalt AG
Am Hof 21010 WienAustriaTel.: (+43 1) 711 910
HVB Bank
Fra Andjela Zvizdovica 1Tower B71000 SarajevoBosnia - HerzegovinaTel.: (+387 33) 250 900
Bank Biochim
Ivan Vazov Street 1, 1026 Sofia
BulgariaTel.: (+359 2) 92 69 210
Splitska Banka d.d.
R. Boscovica 16HR - 21000 SplitCroatiaTel.: (+385 21) 304 304
HVB Bank
nam. Republiky 3a110 00 Praha 1Czech RepublicTel.: (+420 2) 21 112 111
HypoVereinsbank
Am Tucherpark 16 80538 München
GermanyTel.: (+49) 89 378 0
HVB Bank
Akademia u. 171054 BudapestHungaryTel.: (+36 1) 269 08 12
Bank BPH PBK.
Towarowa 25 A, 00 958 Warszawa,
PolandTel.: (+48 22) 531 80 00
HVB Bank
37, Dr. Grigore Mora Street Charles de Gaulle sq.
71278 BucharestRomaniaTel.: (+40 21) 203 2222
International Moscow Bank
9, Prechistenskaya Emb.Moscow 119034
RussiaTel.: (+70 95) 258 7258
HVB Bank
Rajiceva 27-2911000 BeogradSerbia and MontenegroTel.: (+381 11) 3204 500
HVB Bank
Mostova 6814 16 Bratislava 1SlovakiaTel.: (+42 12) 5969 1111
Bank Austria Creditanstalt
Smartinska 1401000 LjubljanaSloveniaTel.: (+386 1) 5876 600
HVB Bank
Vul. Yaroslaviv Val, 14-AKyiv 01034
UkraineTel.: (+38 0) 44 230 3300
136
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