Raport Anual HVB Bank Romania 2003

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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 politicèficient` 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 Cì 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` nouòrientare.

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 teritorialìmplic` 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` permitàngaja]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 noastrèste 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 sòb]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

-

2.167.860

1.150.960

1.150.960

-

-

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


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)



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



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



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


30


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


31

Ra

po

rt f

ina

nci

ar


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


32

\n mii Lei

Capital subscris

Prime de capital

Rezerve legale




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 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

35

No

te l

a s

itu

a]i

ile

fin

an

cia

re

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

1

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

36

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 compenseazò descre[tere din reevaluarea aceluia[i activ recunoscutànterior ca o cheltuial`. |n cazul în care valoarea contabilà 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 înregistratànterior 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 existèviden]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 strìnea 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


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))


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


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)


mii lei

Crean]e la termen


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


(*) 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


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


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 sèfectueze 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


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

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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



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


Fond comercial


Alte imobiliz`ri necorporale

Total


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 strìne, 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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a]i

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fin

an

cia

re

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


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 strìne

- 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 strìne

- 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

No

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a s

itu

a]i

ile

fin

an

cia

re

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 sì 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 sì.

* 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 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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a]i

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fin

an

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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


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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58

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]ionalà 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


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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61

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, reprezintòverdraft 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.

62

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 strìn`tate

B`nci strìne 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` reprezintàcea 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 monezilestrìne, 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 strìn` 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`

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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


credit - alte crean]e

Crean]e asupra clientelei

Minus: provizioane pentru credite


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


credit

Crean]e asupra clientelei

Minus: provizioane pentru credite


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


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

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n t

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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

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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


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


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


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

-

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OFF BALANCE SHEETSFOR THE YEARS ENDED DECEMBER 31, 2002 AND DECEMBER 31, 2003


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



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)

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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


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


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


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


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)

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STATEMENTS OF CASH FLOWSFOR THE YEARS ENDED DECEMBER 31, 2002 AND DECEMBER 31, 2003


96

in ROL thousands

Subscribed capital

Share capital premium

Legal 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

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in ROL thousands

Subscribed capital

Share capital premium

Legal 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

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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

101

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Legal proceedingsnot initiated

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


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


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

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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

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ate

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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

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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 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

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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


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

fin

an

cia

re

122

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.

123

No

tes

to t

he

fin

an

cia

l st

ate

me

nts

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.

No

tes

to t

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fin

an

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ate

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nts

125

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.

126

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

127

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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.

129

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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

130

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


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


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

131

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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


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 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

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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


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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Raport Anual HVB Bank Romania 2003

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