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REZULTATE FINANCIARE 2003/2004

REZULTATE FINANCIARE 2003/2004

HVB BANK ROMANIA 2003 2004

Rezultate financiare

Mil ROL
Rezultatul activit`]ii curente 534.582 1.164.331Mil ROL
Mil ROL
Rezultatul \nainte de impozitare 534.582 1.164.331Mil ROL
Mil ROL
Rezultatul net al exerci]iului financiar 462.322 906.781 Mil ROL

Principalii indicatori
ROE dup` impozitare 34% 40%
Ponderea de]inut` de cheltuielile administrative \n veniturile nete opera]ionale 49% 37%
Rata solvabilit`]ii 15% 12%

Rezultate bilan]iere
Mil ROL
Total activ bilan]ier 21.100.352 41.652.355 Mil ROL
Mil ROL
Credite acordate clientelei 13.242.214 23.221.428 Mil ROL
Mil ROL
Total capitaluri proprii 1.342.365 2.249.146 Mil ROL

Num`r angaja]i 225 312

Re]eaua de unit`]i teritoriale 9 12

OVERVIEW 2003/2004

OVERVIEW 2003/2004

HVB BANK ROMANIA 2003 2004

Business results

Mil ROL
Current activity profit 534.582 1.164.331Mil ROL
Mil ROL
Pre-tax profit 534.582 1.164.331Mil ROL
Mil ROL
Profit after tax 462.322 906.781 Mil ROL

Key figures
Return on equity after taxes 34% 40%
Cost-Income ratio 49% 37%
Solvency ratio 15% 12%

Balance sheet figures


Mil ROL
Balance sheet total 21.100.352 41.652.355 Mil ROL
Mil ROL
Loans to customers 13.242.214 23.221.428 Mil ROL
Mil ROL
Shareholders' equity 1.342.365 2.249.146 Mil ROL

Staff number 225 312

Network-number of locations 9 12

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Sprijin financiar
|ncrederea - cel mai important capital
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 în

Parteneri de \ncredere
continuare a[tept`rile. Rezultatele au relevan]` în m`sura în care ele exprim` o rela]ie
de parteneriat foarte puternic`. Pentru HVB Bank - atât la nivel local cât [i interna]ional
- încrederea reprezint` cea mai important` resurs`. Astfel putem cunoa[te nevoile
individuale ale clien]ilor [i putem dezvolta servicii financiare flexibile, inovatoare [i
personalizate. Iar perfoman]ele partenerilor no[tri sunt o confirmare c` [tim s`
capitaliz`m aceast` resurs`.

Trust is the main asset


Our success is both a promise and a responsibility – the promise that we gained our
client’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 Bank
Romania, as well as for our entire group, trust is the main asset. It is trust that enables
us to know our clients' personal needs so we could further develop personalized,
flexible and innovative financial services. And the performances of all our business
partners are proof that we have the skills and expertise to capitalize on it.
Servicii flexibile

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Fulga Dinu
Senior Account Manager, Real Estate Finance

»|ntreaga experien]` acumulat` pån` acum, atåt


personal, cåt [i la nivel de companie, contribuie
la dezvoltarea permanent`. Iar acest lucru se
\ntåmpl`, \n mare m`sur`, pentru c` am \nv`]at
de la cei mai buni clien]i c` o afacere reu[it` nu
trebuie s` r`mån` niciodat` \n loc. Trebuie s` \[i
continue drumul [i s` evolueze cåt mai mult. Mai
ales cånd se poate baza pe sus]inerea unui
partener puternic.«
All the experience gained until now, personally
as well as on a company level, has the purpose
of pushing us forward. And this happens also
due to having learned from our best clients that
a successful business should never stay put. It
should always continue its mission and develop
as much as possible. Especially when it can
count on a strong partner.
Mihai Cårstoiu
System Analyst

»E adev`rat c` tehnologia tinde s` par` rece [i


neprietenoas`. Dar, folosit` corect, ea sus]ine din
umbr` cele mai \ndr`zne]e proiecte [i contribuie
la cele mai mari reu[ite. De aceea, consider c` o
afacere serioas`, la fel ca o banc` puternic`,
trebuie s` aib` \ntotdeauna \n spate un sistem
solid, bine pus la punct.«
It’s true that technology might seem rather
cold and unfriendly. But when it is used
correctly, it supports the most daring
projects and contributes to the greatest
successes. That is why I think that a strong
business, such as a strong bank, should
always be supported by a solid well
organized system.
Laura Bab`u
Branch Manager, Timi[oara

»Fiecare client este special. Fiecare client are nevoie


de servicii diferite [i, dac` acestea nu ar fi
personalizate, parteneriatul nostru nu ar putea
exista. Dar acesta nu este singurul motiv pentru
care fac tot posibilul s` cunosc fiecare client cåt mai
bine. |n timp, am descoperit c` experien]a lor
devine [i experien]a noastr` [i c`, p`strånd o
rela]ie stråns`, avem numai de cå[tigat.«
Every client is special. Every client needs
different services and, if these services were
not customized, our partnership could not
have existed. But this is not the only reason
for doing my best in order to get to know
each of our customers as well as possible. In
time, I have discovered that their experience
becomes ours and that both parties can
benefit from always keeping a close
relationship.
Dezvoltare de succes
2004 a fost un an definit de succes, \n special \n privin]a extinderii opera]iunilor HVB Group.
Ritmul de dezvoltare al ]`rilor din Europa Central` [i de Est a fost unul accelerat, iar Europa
de Sud-Est [i-a continuat cre[terea dinamic`. Pe plan interna]ional, integrarea economic` s-a
intensificat [i ea. Reformele implementate în ultimii ani au \nceput s`-[i arate rezultatele. Iar,
nu \n ultimul rånd, extinderea UE, din luna mai 2004, a atras aten]ia lumii asupra realiz`rilor
din aceast` regiune [i a perspectivelor promi]`toare privind dezvoltarea sa.
|n ultimii ani, HVB Group [i-a concentrat eforturile asupra extinderii [i consolid`rii re]elei: în
unele ]`ri, subsidiarele au fuzionat cu alte b`nci, sporindu-[i eficien]a, în timp ce în alte ]`ri
s-au pus bazele unor noi subsidiare. 2004 a \nsemnat o aten]ie sporit` dedicat` pie]ei [i
continuarea eforturilor de dezvoltare. Respectånd priorit`]ile [i fructificånd oportunit`]ile
locale, scopul este acela de a deveni un juc`tor important \n fiecare ]ar`.
Bank Austria Creditanstalt se pozi]ioneaz` \n cadrul HVB Group drept un ax al dezvolt`rii \n
spa]iul central [i est european. Un grup financiar ce coordoneaz` o re]ea de peste 1.400 de
sucursale \n 12 ]`ri [i deserve[te aproape 6,3 milioane de clien]i prin intermediul celor 30.000
de angaja]i ai s`i. De asemenea, indiferent de spa]iul european \n care \[i dezvolt` activitatea,
clien]ii corporativi au posibilitatea de a utiliza serviciile b`ncii \n opera]iunile lor pe pie]ele
interna]ionale. Iar leg`tura dintre sistemul bancar local [i pie]ele financiare mondiale este
asigurat` de re]eaua noastr` transregional`.
Scopul HVB Group este acela de a crea valoare pe o baz` solid`, definit` prin consisten]`,
eficien]` dedicat` clien]ilor, experien]` [i productivitate. Vrem s` fim printre cei mai buni \n
industria serviciilor financiare [i s` utiliz`m know-how-ul întregului Grup oriunde ne
dezvolt`m opera]iunile. Potrivit sloganului "unitate în diversitate", diversitatea cultural` a
Europei este cea care st` la baza dezvolt`rii sale. Iar dezvoltarea este [i scopul nostru.

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RAPORTUL CONSILIULUI DE ADMINISTRA}IE
Raportul Consiliului de Administra]ie
Raportul Consiliului de Administra]ie
HVB Bank Romania este membr` a HVB Group, una dintre cele mai importante institu]ii
financiare europene - a doua banc` privat` din Germania, liderul pie]ei bancare
austriece, prin Bank Austria Creditanstalt; cel mai mare juc`tor din regiunea Europei
Centrale [i de Est.

Cu peste 58.000 de angaja]i, 2000 de sucursale [i 9,8 milioane de clien]i, HVB Group
reprezint` capitalizarea pozi]iei, experien]ei [i puterii unora dintre cele mai importante
b`nci din regiune, sus]inute de soliditatea [i know how-ul unui grup financiar
interna]ional.

Prezent` \n Romånia \nc` din 1998, HVB Bank ofer` atåt avantajul cunoa[terii pie]ei
locale, cåt [i cel al apartenen]ei la un important grup bancar. Iar principalele beneficii
pentru clien]i sunt produsele [i serviciile standardizate, de \nalt` calitate, riscul integrat,
precum [i managementul profesionist al capitalului.

HVB Bank este singura banc` german` din România prezent` sub nume propriu. Pe
aceast` pia]`, grupul german ofer` prin intermediul HVB Bank Romania, HVB Leasing
[i CA IB, produse [i servicii financiar-bancare de investire, finan]`ri, servicii de
consultan]`, de cash-management, etc. atåt pentru persoane fizice cåt [i pentru persoane
juridice.

La finalul lui 2004, HVB Bank Romania \nregistra active totale \n valoare de 41.652
miliarde lei, cu 97% mai mari decåt \n 2003, [i un profit net de 907 miliarde lei, cu 96%

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peste cel din anul precedent. Randamentul la capital a fost de 40%, raportul costuri
administrative / venituri nete opera]ionale 37%, iar venitul per angajat 7.376 milioane
lei. La finalul anului, banca deservea 27.500 de clien]i prin intermediul a 12 sucursale,
avånd 312 angaja]i.

Rezulatele confirm` \nc` o dat` tendin]a de cre[tere \nregistrat` de HVB Bank \n


ultimii ani [i reprezint` un nou pas important \n dezvoltarea b`ncii. HVB Bank [i-a
consolidat pozi]ia pe pia]a romåneasc` datorit` unui ritm de dezvoltare sus]inut. Iar
flexibilitatea [i cre[terea constant` a performan]ei au definit atåt oferta destinat`
persoanelor juridice, cåt [i diversificarea continu` a portofoliului de produse [i servicii
adresate persoanelor fizice.
Din perspectiva acestei evolu]ii, este evident c` HVB Bank va continua s` de]in` o
pozi]ie de lider pe pia]a bancar` [i se va dovedi, [i pe viitor, un partener de \ncredere
pentru to]i clien]ii s`i. O banc` solid`, ce ofer` produse [i servicii sigure, flexibile [i
inovatoare. O institu]ie puternic`, ce \[i datoreaz` succesul, \n egal` m`sur`, echipei
sale de profesioni[ti devota]i, dar [i clien]ilor [i partenerilor care au investit \n HVB
Bank \ncredere. Un capital extrem de important, pentru care le mul]umim tuturor.

Dan Pascariu Wolfgang Schoiswohl Roland Rechar


Pre[edinte Vicepre[edinte Membru al Consiliului
de Administra]ie

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RAPORT PRIVIND DIVIZIILE B~NCII
Raport privind diviziile b`ncii
Servicii adresate persoanelor juridice
“ Anul trecut a fost cel mai bun an al nostru”. Valabil` [i farmaceutic`.
pentru 2004, declara]ia, devenit` motto al diviziei de Anul trecut, HVB Bank Romania s-a dovedit \nc` o dat` [i
Corporate Banking a HVB Bank Romania, este sus]inut` de cea mai activ` banc` de pe pia]a finan]`rilor imobiliare, cu
o politic` concentrat` pe cre[terea calit`]ii serviciilor [i peste 100 de clien]i [i cu mai mult de 163 de milioane EUR
produselor oferite clien]ilor corporativi. Performan]ele \n angajamente de real estate (fa]` de 80 milioane EUR,
\nregistrate la finalul lui 2004 de divizia dedicat` clien]ilor respectiv 78 de clien]i, la finalul lui 2003). 2004 a fost un an
persoane juridice sunt o confirmare fireasc` a acestei politici pe parcursul c`ruia HVB Bank a continuat s` dezvolte
aplicate \ntr-un mediu de afaceri care devine tot mai com- proiecte de referin]`, precum finan]area Cefin Logistics Park
plex [i dinamic \n a[tept`ri [i cerin]e. Din aceast` perspec- (75 milioane EUR – valoarea total` a proiectului), cel mai
tiv`, [i \n 2004 divizia de Corporate Banking [i-a dovedit, o mare centru logistic [i de distribu]ie din Bucure[ti, [i
dat` \n plus, spiritul inovator, profesionalismul [i eficien]a finan]area Plaza Romania, cel mai mare centru comercial
cu care a r`spuns solicit`rilor venite fie din industrii din ]ar` (45 milioane EUR).
specifice – unde HVB Bank Romania de]ine o expertiz` Pe parcursul anului 2004, HVB Bank a continuat s` dezvolte
important` (ex., domeniul energetic, industria auto, sectorul solu]ii pentru administrarea lichidit`]ilor cu impact asupra
proiectelor imobiliare) -, fie din segmente de pia]` \n plin` reducerii costurilor clien]ilor. Aceste solu]ii vizeaz`
expansiune (ex., segmentul \ntreprinderilor mici [i mijlocii). \mbun`t`]irea calit`]ii datelor, monitorizarea [i controlul
La finalul anului 2004, portofoliul de clien]i persoane lichidit`]ilor, optimizarea opera]iunilor pe contul curent.
juridice cuprindea 1.300 companii, un num`r cu 37% mai |n segmentul de mari clien]i corporativi, extinderea utiliz`rii
mare decåt cel din 2003. Pe segmentul corporativ, volumul aplica]iilor electronice s-a reflectat pe parcursul anului 2004
portofoliului de clien]i a crescut cu 30%. Iar pe pia]a \ntre- \n cre[terea volumului pl`]ilor electronice - cu 60% fa]` de
prinderilor mici [i mijlocii banca a avut o cre[tere de peste sfår[itul anului 2003 - [i \n cre[terea ponderii acestora, la
35% \n volum portofoliu, ajungånd la peste 900 clien]i. |n 80%, \n volumul total al pl`]ilor.
acela[i timp, totalul portofoliului de \mprumuturi acordate Cunoa[terea profund` a pie]ei locale, precum [i know-how-ul
clien]ilor persoane juridice a fost de aproximativ 830 milioane furnizat de grupul HVB au asigurat un avantaj extrem de
EUR, reprezentånd o cre[tere de 57% comparativ cu 2003. important pentru Divizia de Corporate Banking. Iar acest
|mpreun` cu Bank Austria Creditanstalt, HVB Bank s-a lucru a contribuit semnificativ la consolidarea pozi]iei b`ncii
impus drept liderul pie]ei romåne[ti \n ceea ce prive[te pe pia]`, ajutåndu-o s` ofere solu]ii locale unor clien]i
aranjarea de finan]`ri sindicalizate. Cele dou` b`nci au interna]ionali. Succesul partenerilor s`i este [i succesul
aranjat tranzac]ii importante \n sectoare precum cel b`ncii. Iar aceast` viziune st` la baza pozi]iei de lider pe
energetic, de infrastructur`, \n industria berii [i \n cea care HVB Bank o de]ine ast`zi.

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Servicii adresate persoanelor fizice
2004 a fost un an \n care HVB Bank Romania s-a concen- de peste 75.000 EUR, a continuat s` se pozi]ioneze printre
trat puternic pe dezvoltarea activit`]ii de Retail, confirmånd primele 5 de pe pia]a romåneasc`. Dup` 17 luni de
\nc` o dat` eforturile sale permanente de a se apropia de activitate, valoarea investi]iilor a ajuns la 56 milioane EUR,
clien]i. Extinderea re]elei de sucursale, lansarea de noi iar activele aflate \n administrare continu` s` creasc`.
produse, \ncheierea de parteneriate cu constructori [i for]a
mobil` de vånzare au fost doar cåteva dintre direc]iile pe Departamentul Carduri a primit premiul No-Cash pentru
care s-a concentrat activitatea de Retail \n 2004. “Emitentul cu cele mai active carduri”, iar, la sfår[itul lui
2004, num`rul cardurilor active a fost cu 97% mai mare
Pe parcursul anului, HVB Bank Romania a pus la dispozi]ia decåt la finalul anului 2003.
clien]ilor noi produse: Creditul Auto [i Pachetele de Servicii
pentru Liber Profesioni[ti - \n martie, Creditul pentru Noile sucursale (Unirea - \n Bucure[ti, apoi cea din Ploie[ti
Studii - \n iulie, Conturile de Economii - \n noiembrie. Iar [i cea din Arad) au crescut acoperirea teritorial` a b`ncii,
\n luna decembrie, a fost semnat acordul cu Banca strategia pentru 2005 urm`rind s` continue aceea[i linie
European` pentru Reconstruc]ie [i Dezvoltare, care a oferit directoare.
finan]are pentru un nou produs lansat \n 2005: al doilea
tip de credit pentru finan]are imobiliar` - creditul |n 2004, Divizia de Retail a HVB Bank Romania a
ipotecar. \nregistrat evolu]ii impresionante pe toate segmentele.
Comparativ cu finalul anului 2003, volumul portofoliului de
Info Center [i-a \nceput activitatea \n iulie, ca parte din credite a crescut cu 270%, num`rul clien]ilor cu credite -
programul de rela]ii cu clien]ii, [i, de atunci, ofer` constant cu 535%, num`rul total de clien]i – cu 65%, iar volumul
informa]ii despre produsele de creditare pe partea de depozitelor cu 40%. Venitul opera]ional a crescut cu 140%
Retail, precum [i solu]iile optime de finan]are, adecvate fa]` de valoarea \nregistrat` \n 2003.
nevoilor clien]ilor [i non-clien]ilor. |n paralel, un alt
Departament (Retail Lending Department) a fost creat Strategia b`ncii de a oferi clien]ilor servicii diversificate [i
pentru a facilita procesarea dosarelor de credit aduse de la standarde interna]ionale este confirmat` [i de ini]ierea,
Gemini Capital Consult – partenerul HVB Bank pentru \n 2004, a unei serii de proiecte ce vor fi implementate \n
for]a mobil` de vånzare. 2005: deschiderea de noi sucursale, utilizarea de noi
canale de distribu]ie, \ncheierea de parteneriate strategice,
Departamentul de Private Banking, \nfiin]at \n 2003 pentru lans`ri de noi produse, centralizarea activit`]ilor de
a furniza consultan]` financiar` clien]ilor cu active lichide back-office din sucursal` [i optimizarea proceselor.

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Raport privind diviziile b`ncii
Trezoreria
|n 2004, o bun` gestionare a volatilit`]ii pie]ei a adus din Trezoreriei printr-o apreciere corect` a curbei dobånzilor
nou rezultate bune \n ce prive[te veniturile pe segmentul [i o politic` corespunz`toare.
de arbitraj. Deschiderea pie]ei de la sfår[itul anului 2004
a fost binevenit`, oferind \nc` o dat` departamentului de {i \n 2004, HVB Bank s-a concentrat pe deservirea
Trezorerie posibilitatea de a dep`[i, prin rezultatele sale, clien]ilor corporativi, dezvoltåndu-[i \n continuare echipa
estim`rile. |n acest fel, HVB Bank [i-a consolidat pozi]ia de vånz`ri produse trezorerie. Aceasta a pus la dispozi]ia
de formator de pia]` [i a dezvoltat \n continuare clien]ilor servicii de \nalt` calitate [i toate produsele
portofoliul de clien]i. existente \n acest moment pe pia]`. Evolu]ia pie]ei
valutare la finalul anului 2004 a sporit cererea de
Departamentul de Gestionare a Activelor [i Pasivelor a instrumente [i tehnici de gestionare a riscului valutar.
continuat refinan]area portofoliul de credite – unul \ntr-o
permanent` cre[tere – prin \mbinarea unor instrumente Pe pia]a de capital, de[i \n 2004 au avut loc mai pu]ine
precum fondurile primare, liniile de refinan]are [i pia]a emisiuni de obliga]iuni decåt \n anul precedent, HVB
interbancar`. |n paralel cu p`strarea unei lichidit`]i Bank s-a implicat \n continuare \n tranzac]ii semnificative.
optime, Departamentul de Gestionare a Activelor [i |n 2004, spre exemplu, banca a co-aranjat cea mai mare
Pasivelor a reu[it totodat` s` contribuie la profitul emisiune de obliga]iuni municipale – cea de la Oradea.

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RESURSE UMANE
Resurse umane
Resurse umane
Num`rul angaja]ilor a crescut cu 38% \n cursul anului în primul rånd pentru a spori profesionalismul angaja]ilor
2004 [i a atins un total de 312 la sfår[itul lunii decembrie [i pentru a cre[te calitatea serviciilor lor c`tre clien]i se
2004. Noii angaja]i au urmat programe intensive de dovedesc un sprijin important \n procesul de diversificare
training \n cadrul HVB Bank pentru a-[i \nsu[i standardele continu` a produselor [i serviciilor oferite de banc`.
profesionale [i cultura organiza]ional` a b`ncii. Recunoa[terea performan]ei [i a eforturilor sus]inute este
unul din obiectivele noastre principale.
Strategia noastr` de resurse umane urm`re[te ca anga-
ja]ii HVB Bank s` fie motiva]i, fideli [i buni profesioni[ti Implementarea de noi programe de training [i dezvoltare
pentru a putea contribui la procesul continuu de dezvoltare va sus]ine \n continuare eforturile de a \mbun`t`]i nivelul
a organiza]iei. Programele interne de training organizate de cuno[tin]e [i profesionalismul angaja]ilor.

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RAPORT FINANCIAR
Raport financiar
Raport de audit
Noi am procedat la auditarea bilan]ului societ`]ii HVB anuale. Un audit const` de asemenea, atåt \n evaluarea
BANK ROMANIA S.A. („Banca”) \ncheiat la 31 decembrie principiilor [i metodelor contabile folosite [i a estim`rilor
2004, a situa]iilor contului de profit [i pierdere, a semnificative f`cute de c`tre conducerea societ`]ii pentru
modific`rilor capitalurilor proprii, a fluxurilor de trezorerie \nchiderea conturilor anuale, cåt [i \n efectuarea unei
pentru exerci]iul \ncheiat la aceast` dat`, care reflecta: examin`ri a prezent`rii de ansamblu a acesteia. Noi
estim`m c` auditul efectuat furnizeaz` o baz` rezonabil`
• total active 41.652.355.128 mii lei exprim`rii opiniei noastre.
• capital propriu (activ net) 2.249.146.067 mii lei
• venituri totale 3.115.287.614 mii lei |n opinia noastr`, situa]iile financiare la care s-a f`cut
• rezultatul exerci]iului financiar-profit 906.781.448 mii lei referire \n paragraful introductiv ofer` o imagine real`,
sub toate aspectele semnificative, a pozi]iei financiare a
Conturile anuale au fost stabilite sub responsabilitatea HVB BANK ROMANIA S.A. la 31 decembrie 2004, a
conducerii B`ncii [i sunt \ntocmite \n conformitate cu rezultatelor opera]iunilor sale, a situa]iei fluxurilor de
Reglement`rile contabile \n vigoare \n Romånia, [i anume trezorerie [i a situa]iei modific`rilor capitalurilor proprii
Legea Contabilit`]ii nr. 82/1991 republicat`, Ordinul pentru anul \ncheiat la aceast` dat`, \n conformitate cu
Ministrului Finan]elor Publice [i al guvernatorului B`ncii Reglement`rile contabile \n vigoare \n Romånia [i anume
Na]ionale a Romåniei nr. 1982/5/2001, precum [i Ordinul Legea Contabilit`]ii nr. 82/1991 republicat`, Ordinul
Ministrului Finan]elor Publice nr.1827/2003. Ministrului Finan]elor Publice [i al guvernatorului B`ncii
Responsabilitatea noastr` este ca, pe baza auditului Na]ionale a Romåniei nr. 1982/5/2001, precum [i Ordinul
nostru, s` exprim`m o opinie asupra acestor situa]ii Ministrului Finan]elor Publice nr. 1827/2003.
financiare.
F`r` a califica opinia noastr`, atragem aten]ia asupra
Noi am efectuat auditul nostru conform Normelor urm`toarelor:
Interna]ionale de audit [i Normelor de Audit emise de
Camera Auditorilor Financiari din Romånia. Aceste • A[a cum este prezentat \n Nota 1.1 a situa]iilor
norme cer ca auditul s` fie planificat [i executat astfel financiare, \n cursul anului 2000 Romånia a \nceput un
\ncåt s` ob]inem o asigurare rezonabil` c` nu sunt erori proces de armonizare a principiilor sale contabile cu
semnificative \n conturile anuale. Un audit const` \n a Directiva a IV-a a Comunit`]ii Economice Europene [i cu
examina, pe baz` de sondaje, elementele probante care Standardele Interna]ionale privind Raport`rile Financiare
s` justifice sumele [i informa]iile con]inute \n conturile (IFRS). Cu toate acestea, ultimele cerin]e contabile ale

23
Ministerului Finan]elor Publice sunt concepute pentru a „Instrumente Financiare – |nregistrare [i Valorizare”.
r`spunde necesit`]ilor fiscale ale Ministerului Finan]elor Prin urmare, este posibil ca aceste situa]ii financiare s` nu
Publice [i sunt aplicabile numai pe teritoriul Romåniei. ofere o imagine real` a pozi]iei financiare a B`ncii, a
Aceste noi reglement`ri nu acoper` cerin]ele IFRS \n rezultatelor opera]iunilor sale, a situa]iei modific`rilor
totalitate, \n unele aspecte fiind chiar diferite fa]` de capitalului propriu, precum [i a situa]iei fluxurilor de
prevederile IFRS, \n special cele care se refer` la IAS 29 trezorerie \n conformitate cu IFRS. De aceea situa]iile
„Raport`ri Financiare \n Economii Hiperinfla]ioniste”, IAS financiare anexate nu sunt \ntocmite pentru uzul persoa-
32 „Instrumente Financiare – Prezentare” [i IAS 39 nelor ce nu cunosc impactul aspectelor prezentate mai sus.

Deloitte Audit SRL


Bucure[ti, 27 mai 2005

24
BILAN} CONTABIL
LA 31 DECEMBRIE 2003 {I 31 DECEMBRIE 2004

\n mii Lei / \n mii EUR* 2003 2004 2003* 2004*

ACTIV

Casa [i disponibilit`]i la b`nci centrale (Nota 13.8) 3.680.318.418 5.354.928.306 89.508 135.011

Efecte publice [i alte titluri acceptate pentru refinan]are la b`nci centrale - 3.506.331.324 - 88.403
Efecte publice [i valori asimilate (Note 3.5; 4) - 3.506.331.324 - 88.403
Alte titluri acceptate pentru refinan]are la b`ncile centrale - - - -

Crean]e asupra institu]iilor de credit (Note 3.1;3.4) 2.004.220.072 7.100.226.007 48.744 179.014
La vedere (Nota 3.4) 168.569.347 1.099.939.495 4.100 27.732
Alte crean]e (Note 3.1; 3.4) 1.835.650.725 6.000.286.512 44.644 151.282

Crean]e asupra clientelei (Nota 3.3) 13.220.293.404 23.183.532.065 321.529 584.513

Obliga]iuni [i alte titluri cu venit fix (Note 3.5; 4) 1.758.782.843 1.744.286.551 42.775 43.978
Emise de organisme publice (Note 3.5; 4) 559.815.712 859.003.525 13.615 21.658
Emise de al]i emiten]i, din care: 1.198.967.131 885.283.026 29.160 22.320
Obliga]iuni proprii - - - -

Raport financiar
Ac]iuni [i alte titluri cu venit variabil (Nota 4.3) 3.478.139 3.478.139 85 88

Participa]ii, din care (Nota 4.3): 5.763.460 5.763.460 140 145


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) 88.940.113 110.702.024 2.163 2.791


Cheltuieli de constituire (Nota 5) 15.933 16.363.704 - 413
Fond comercial, \n m`sura \n care a fost achizi]ionat cu titlu oneros - - - -

Imobiliz`ri corporale, din care: (Nota 5) 153.115.285 213.550.291 3.724 5.384


Cl`diri [i terenuri utilizate în scopul desf`[ur`rii activit`]ilor proprii (Nota 5) 69.650.477 87.584.050 1.694 2.208

Capital subscris nev`rsat - - - -

Ac]iuni [i p`r]i proprii - - - -

Alte active (Nota 2.3) 91.665.950 206.209.520 2.229 5.199

Cheltuieli înregistrate în avans [i venituri angajate (Nota 2.4) 93.774.177 223.347.441 2.281 5.631

TOTAL ACTIV (Nota 14) 21.100.351.861 41.652.355.128 513.178 1.050.156

* Sumele în EURO sunt ob]inute prin conversia cifrelor în ROL la cursul BNR din 31.12.2003, respectiv 41.117 ROL/EUR [i la cursul BNR
din 31.12.2004 respectiv 39.663 ROL/EUR. Aceste cifre sunt prezentate în scop infomativ [i nu au fost auditate de Deloitte Audit SRL.

25
BILAN} CONTABIL
LA 31 DECEMBRIE 2003 {I 31 DECEMBRIE 2004

\n mii Lei / \n mii EUR* 2003 2004 2003* 2004*

PASIV

Datorii privind institu]iile de credit (Nota 3.4) 8.055.149.624 16.161.695.952 195.908 407.475
La vedere (Nota 3.4) 2.531.171.257 4.080.243.775 61.560 102.873
La termen (Nota 3.1) 5.523.978.367 12.081.452.177 134.348 304.602

Datorii privind clientela (Nota 3.1) 11.236.852.795 22.285.258.633 273.290 561.866


Depozite, din care: 6.930.676.429 15.878.386.617 168.560 400.333
La vedere (Nota 3.1) 970.102.837 2.114.146.828 23.594 53.303
La termen (Nota 3.1) 5.960.573.592 13.764.239.789 144.966 347.030
Alte datorii, din care: 4.306.176.366 6.406.872.016 104.730 161.533
La vedere (Nota 3.1; 3.2) 3.452.245.459 4.422.190.596 83.962 111.494
La termen (Nota 3.1; 3.2) 853.930.907 1.984.681.420 20.768 50.039

Datorii constituite prin titluri - - - -


Titluri de pia]` interbancar`, obliga]iuni, titluri de crean]` negociabile în circula]ie - - - -
Alte titluri - - - -

Alte pasive (Nota 2.3) 37.992.107 264.274.823 924 6.663

Venituri înregistrate în avans [i datorii angajate (Nota 2.4) 143.258.368 218.999.224 3.484 5.521

Provizioane pentru riscuri [i cheltuieli, din care: - - - -


Provizioane pentru pensii [i obliga]ii similare - - - -
Alte provizioane - - - -

Datorii subordonate (Nota 3.6) 284.734.348 472.980.429 6.925 11.925

Capital social subscris (Nota 6) 587.240.500 587.240.500 14.282 14.806

Prime de capital - - - -

Rezerve (Note 2.2; 7) 494.260.420 642.242.080 12.021 16.193


Rezerve legale (Nota 2.2) 197.838.657 197.838.657 4.812 4.988
Rezerve statutare sau contractuale - - - -
Rezerve pentru riscul de credit (Nota 2.2) 264.843.499 412.825.159 6.441 10.408
Rezerva de \ntrajutorare - - - -
Rezerva mutual` de garantare - - - -
Alte rezerve (Nota 2.2) 31.578.264 31.578.264 768 796

Rezerve din reevaluare - - - -

Rezultatul reportat
Profit (Nota 13) 60.314.475 260.863.699 1.467 6.577
Pierdere - - - -
Rezultatul exerci]iului financiar
Profit (Nota 13) 462.322.222 906.781.448 11.244 22.862
Pierdere - - - -

Repartizarea profitului (Nota 7) (261.772.998) (147.981.660) (6.367) (3.731)

TOTAL PASIV (Nota 14) 21.100.351.861 41.652.355.128 513.178 1.050.157

* Sumele în EURO sunt ob]inute prin conversia cifrelor în ROL la cursul BNR din 31.12.2003, respectiv 41.117 ROL/EUR [i la cursul BNR
din 31.12.2004 respectiv 39.663 ROL/EUR. Aceste cifre sunt prezentate în scop infomativ [i nu au fost auditate de Deloitte Audit SRL.

26
CONTURI EXTRABILAN}IERE
LA 31 DECEMBRIE 2003 {I 31 DECEMBRIE 2004

\n mii Lei / \n mii EUR* 2003 2004 2003* 2004*

ELEMENTE |N AFARA BILAN}ULUI

Datorii contingente, din care: (Nota 12) 1.984.357.161 3.510.724.646 48.262 88.514
Accept`ri [i andos`ri (Nota 12) 1.320.665.433 2.118.575.138 32.120 53.414
Garan]ii [i active gajate (Nota 12) 663.691.728 1.392.149.508 16.142 35.099

Angajamente, din care: (Nota 12) 5.612.621.487 8.661.247.958 136.504 218.371


Angajamente aferente tranzac]iilor de vânzare cu posibilitate de r`scump`rare - - - -

* Sumele în EURO sunt ob]inute prin conversia cifrelor în ROL la cursul BNR din 31.12.2003, respectiv 41.117 ROL/EUR [i la cursul BNR
din 31.12.2004 respectiv 39.663 ROL/EUR. Aceste cifre sunt prezentate în scop infomativ [i nu au fost auditate de Deloitte Audit SRL.

Raport financiar

27
CONTUL DE PROFIT {I PIERDERE
LA 31 DECEMBRIE 2003 {I 31 DECEMBRIE 2004

\n mii Lei / \n mii EUR* 2003 2004 2003* 2004*

Dobânzi de primit [i venituri asimilate, din care: (Nota 9.1) 1.047.338.779 2.034.627.972 25.472 51.298
Aferente obliga]iunilor [i altor titluri cu venit fix (Nota 9.1) 177.202.345 397.019.459 4.310 10.010

Dobânzi de pl`tit [i cheltuieli asimilate (Nota 9.1) (345.486.260) (742.345.468) (8.403) (18.716)

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) 290.783.975 442.615.618 7.072 11.159

Cheltuieli cu comisioane (Nota 9.2) (35.437.056) (51.163.942) (862) (1.290)

Profit sau pierdere net` din opera]iuni financiare (Nota 9.3) 101.015.917 129.560.998 2.457 3.267

Alte venituri din exploatare (Nota 9.4) 12.701.166 5.096.857 309 129

Cheltuieli administrative generale (Note 9.5; 9.6) (445.436.758) (556.769.971) (10.833) (14.038)
Cheltuieli cu personalul, din care (Nota 9.5) (155.222.696) (217.964.516) (3.775) (5.495)
Salarii (Nota 9.5) (100.521.177) (142.104.543) (2.445) (3.583)
Cheltuieli cu asigur`rile sociale, din care: (32.158.547) (42.831.292) (782) (1.080)
Cheltuieli aferente pensiilor (Nota 9.5) (19.375.262) (25.565.488) (471) (645)
Alte cheltuieli administrative (Nota 9.6) (290.214.061) (338.805.455) (7.058) (8.543)

Corec]ii asupra valorii imobiliz`rilor necorporale [i corporale (Nota 9.7) (34.737.760) (68.027.052) (845) (1.715)

Alte cheltuieli de exploatare (Nota 9.4) (44.061.754) (54.578.070) (1.072) (1.376)

Corec]ii asupra valorii crean]elor [i provizioanelor pentru datorii


contingente [i angajamente (Nota 9.7) (330.834.599) (478.072.045) (8.046) (12.053)

Relu`ri din corec]ii asupra valorii crean]elor [i provizioanelor


pentru datorii contingente [i angajamente (Nota 9.7) 317.906.489 462.953.543 7.732 11.672

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) (27.485) - (1) -
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) 857.812 40.432.626 21 1.019

REZULTATUL ACTIVIT~}II CURENTE


Profit (Nota 13.5) 534.582.464 1.164.331.066 13.001 29.356
Pierdere - - - -
Impozitul pe rezultatul activit`]ii curente (Nota 13.5) (72.260.242) (257.549.618) (1.757) (6.494)

* Sumele în EURO sunt ob]inute prin conversia cifrelor în ROL la cursul BNR din 31.12.2003, respectiv 41.117 ROL/EUR [i la cursul BNR
din 31.12.2004 respectiv 39.663 ROL/EUR. Aceste cifre sunt prezentate în scop infomativ [i nu au fost auditate de Deloitte Audit SRL.

28
CONTUL DE PROFIT {I PIERDERE
LA 31 DECEMBRIE 2003 {I 31 DECEMBRIE 2004

\n mii Lei / \n mii EUR* 2003 2004 2003* 2004*

REZULTATUL ACTIVIT~}II CURENTE DUP~ IMPOZITARE


Profit (Nota 13.5) 462.322.222 906.781.448 11.244 22.862
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 1.770.604.138 3.115.287.614 43.063 78.544

Cheltuieli totale (1.236.021.674) (1.950.956.548) (30.062) (49.188)

Raport financiar
REZULTATUL BRUT
Profit 534.582.464 1.164.331.066 13.001 29.356
Pierdere - - - -
Impozitul pe profit (Note 13.5; 13.6) (72.260.242) (257.549.618) (1.757) (6.494)
Cheltuieli cu impozitul pe profit curent (72.260.576) (257.558.251) (1.757) (6.494)
Cheltuieli cu impozitul pe profit amånat - - - -
Venituri din impozitul pe profit amånat 334 8.633 - -
Alte impozite ce nu apar \n elementele de mai sus - - - -

REZULTATUL NET AL EXERCI}IULUI FINANCIAR


Profit 462.322.222 906.781.448 11.244 22.862
Pierdere - - - -
Rezultatul pe ac]iune
De baz` - - - -
Diluat - - - -

* Sumele în EURO sunt ob]inute prin conversia cifrelor în ROL la cursul BNR din 31.12.2003, respectiv 41.117 ROL/EUR [i la cursul BNR
din 31.12.2004 respectiv 39.663 ROL/EUR. Aceste cifre sunt prezentate în scop infomativ [i nu au fost auditate de Deloitte Audit SRL.

29
SITUA}IA FLUXURILOR DE TREZORERIE PENTRU ANII |NCHEIA}I
LA 31 DECEMBRIE 2003 {I 31 DECEMBRIE 2004

\n mii Lei / \n mii EUR* 2003 2004 2003* 2004*

REZULTATUL NET (Nota 13.5) 462.322.222 906.781.448 11.244 22.862

Componente ale rezultatului net care nu genereaz` fluxuri de trezorerie


aferente activit`]ii de exploatare
± constituirea sau regularizarea provizioanelor 10.375.445 16.148.076 252 407
± cheltuieli cu amortizarea (Nota 9) 34.737.761 68.027.052 845 1.715
± 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 (Nota 3) 42.921.018 63.164.568 1.044 1.593
± alte ajust`ri (Nota 13) 72.260.424 257.549.619 1.757 6.493

Sub - total 622.616.688 1.311.670.762 15.143 33.070


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 (Nota 3) (1.023.907.310) 254.370.878 (24.902) 6.413
± crean]e privind institu]iile de credit (Nota 3) (585.066.505) 192.437.347 (14.229) 4.852
± crean]e privind clientela (Nota 3) (7.737.996.002) (9.979.213.762) (188.195) (251.600)
± crean]e ata[ate (Nota 2) (3.820.072) (129.746.239) (93) (3.271)
± alte active aferente activit`]ii de exploatare (Nota 2) (89.582.384) (114.543.570) (2.179) (2.888)
± datorii privind institu]iile de credit (Nota 3) 6.285.341.421 8.106.546.328 152.865 204.386
± datorii privind clientela (Nota 3) (4.995.079.007) 11.048.405.838 (121.485) 278.558
± datorii ata[ate (Nota 2) 73.077.498 75.740.856 1.777 1.910
± alte pasive aferente activit`]ii de exploatare (Nota 2) (8.200.138) 200.651.965 (199) 5.059
- pl`]i în numerar reprezentând impozitul pe profit (Nota 13.5) (63.964.029) (231.918.867) (1.556) (5.847)

Fluxuri de numerar din activit`]i de exploatare (7.526.579.840) 10.734.401.536 (183.053) 270.641

Fluxuri de numerar din activit`]i de investi]ii


- pl`]i în numerar pentru achizi]ionarea de filiale sau alte subunit`]i (Nota 5) (5.922.779) - (144) -
+ 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 (Nota 3) (68.726.409) (148.643.595) (1.671) (3.748)
+ 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 (Nota 5) (129.683.673) (213.388.537) (3.154) (5.380)
+ 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 (204.332.861) (362.032.132) (4.970) (9.128)

* Sumele în EURO sunt ob]inute prin conversia cifrelor în ROL la cursul BNR din 31.12.2003, respectiv 41.117 ROL/EUR [i la cursul BNR
din 31.12.2004 respectiv 39.663 ROL/EUR. Aceste cifre sunt prezentate în scop infomativ [i nu au fost auditate de Deloitte Audit SRL.

30
SITUA}IA FLUXURILOR DE TREZORERIE PENTRU ANII |NCHEIA}I
LA 31 DECEMBRIE 2003 {I 31 DECEMBRIE 2004

\n mii Lei / \n mii EUR* 2003 2004 2003* 2004*

Fluxuri de numerar din activit`]i de finan]are


+ încas`ri în numerar din datorii constituite prin titluri [i datorii subordonate (Nota 3) - 188.246.081 - 4.746
- 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 - 188.246.081 - 4.746

Numerar la începutul perioadei (Nota 13.8) 12.859.543.773 5.128.631.072 312.755 129.305


± Fluxuri de numerar din activit`]i de exploatare (Nota 13.8) (7.526.579.840) 10.734.401.536 (183.053) 270.641
± Fluxuri de numerar din activit`]i de investi]ii (204.332.861) (362.032.132) (4.970) (9.128)
± Fluxuri de numerar din activit`]i de finan]are (Nota 3) - 188.246.081 - 4.746
± Efectul modific`rii cursului de schimb asupra numerarului - - - -

Raport financiar
Numerar la sfâr[itul perioadei (Nota 13.8) 5.128.631.072 15.689.246.557 124.733 395.564

* Sumele în EURO sunt ob]inute prin conversia cifrelor în ROL la cursul BNR din 31.12.2003, respectiv 41.117 ROL/EUR [i la cursul BNR
din 31.12.2004 respectiv 39.663 ROL/EUR. Aceste cifre sunt prezentate în scop infomativ [i nu au fost auditate de Deloitte Audit SRL.

31
SITUA}IA MODIFIC~RILOR CAPITALURILOR PROPRII PENTRU ANUL |NCHEIAT
LA 31 DECEMBRIE 2004

Cre[teri
\n mii Lei Sold la Total din care
1 ianuarie prin transfer

Capital subscris (Nota 6) 587.240.500 - -


Prime de capital - - -
Rezerve legale (Nota 2.2) 197.838.657 - -
Rezerve statutare sau contractuale - - -
Rezerva general` pentru riscul de credit (Nota 2.2) 264.843.499 - -
Rezerva reprezentånd fondul pentru riscuri bancare generale (Nota 2.2) - 147.981.660 147.981.660
Rezerve din reevaluare - - -
Rezerve pentru ac]iuni proprii - - -
Rezerve din conversie - - -
Rezerva de \ntrajutorare - - -
Rezerva mutual` de garantare - - -
Alte rezerve (Nota 2.2) 31.578.264 - -
Fonduri - - -
Rezultatul reportat
Profit nerepartizat (Nota 13) 25.641.089 200.549.224 200.549.224
Pierdere neacoperit` - - -
Rezultatul reportat provenit din adoptarea pentru prima dat` a IAS, mai pu]in IAS 29
Sold creditor (Nota 13) 34.673.386 - -
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 (Nota 13) 200.549.224 906.781.448 -
Sold debitor - - -

32
SITUA}IA MODIFIC~RILOR CAPITALURILOR PROPRII PENTRU ANUL |NCHEIAT
LA 31 DECEMBRIE 2004

Reduceri
\n mii Lei Total din care Sold la
prin transfer 31 decembrie

Capital subscris (Nota 6) - - 587.240.500


Prime de capital - - -
Rezerve legale (Nota 2.2) - - 197.838.657
Rezerve statutare sau contractuale - - -
Rezerva general` pentru riscul de credit (Nota 2.2) - - 264.843.499
Rezerva reprezentånd fondul pentru riscuri bancare generale (Nota 2.2) - - 147.981.660
Rezerve din reevaluare - - -
Rezerve pentru ac]iuni proprii - - -
Rezerve din conversie - - -
Rezerva de \ntrajutorare - - -
Rezerva mutual` de garantare - - -
Alte rezerve (Nota 2.2) - - 31.578.264
Fonduri - - -
Rezultatul reportat
Profit nerepartizat (Nota 13) - - 226.190.313
Pierdere neacoperit` - - -
Rezultatul reportat provenit din adoptarea pentru prima dat` a IAS, mai pu]in IAS 29

Raport financiar
Sold creditor (Nota 13) - - 34.673.386
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 (Nota 13) 348.530.884 348.530.884 758.799.788
Sold debitor - - -

33
NOTE LA SITUA}IILE FINANCIARE
Note la situa]iile financiare
1

PRINCIPII, POLITICI {I METODE CONTABILE

1.1 PRINCIPIILE CARE AU STAT LA BAZA ÎNTOCMIRII Situa]ia Modific`rilor Capitalurilor Proprii. Informa]ii
SITUA}IILOR FINANCIARE suplimentare sunt prezentate \n politicile contabile pentru
Aceste situa]ii financiare sunt responsabilitatea conducerii instrumente financiare derivate [i diminuarea riscurilor.
B`ncii [i sunt \ntocmite \n conformitate cu cerin]ele normelor
de contabilitate din Romånia [i a Ordinului Ministrului de |nainte de adoptarea IAS 39, toate datoriile [i titlurile de
Finan]e [i B`ncii Na]ionale a Romåniei 1982/5/ octombrie valoare de proprietate, cu excep]ia titlurilor de valoare
2002 (OMF 1982/5). Acestea cer ca situa]iile financiare s` tranzac]ionabile, au fost evaluate la cost amortizat, respectiv
fie \ntocmite \n conformitate cu: la cost, efectuåndu-se \nregistr`ri numai pentru deprecierile
care sunt considerate permanente.
• Legea contabilit`]ii nr. 82/1991 (republicat` [i modificat`),
• Cadrul general de \ntocmire [i prezentare a situa]iilor IAS 39 s-a aplicat prospectiv \n conformitate cu cerin]ele
financiare din OMF 1982/5 [i acestui standard [i de aceea situa]iile financiare comparative
• Standardele Interna]ionale de Contabilitate (IAS) nu au fost retratate.
publicate de Comitetul pentru Standardele Interna]ionale
de Contabilitate. ORDINUL MINISTRULUI DE FINAN}E {I AL B~NCII
NA}IONALE A ROMÂNIEI NR. 1982/5/2001
Situa]iile financiare au fost \ntocmite la costul istoric, cu (“REGLEMENT~RI CONTABILE ARMONIZATE CU
excep]iile prezentate in paragraful referitor la politicile DIRECTIVA COMUNIT~}II ECONOMICE EUROPENE nr.
contabile, modificate prin reevaluarea unor anumite active 86/635/CEE {I CU STANDARDELE INTERNA}IONALE DE
[i pasive financiare comerciale, investi]ii \n titluri disponibile CONTABILITATE APLICABILE INSTIU}IILOR DE CREDIT”)
pentru vånzare [i capital social.
Ordinul Ministrului de Finan]e [i al B`ncii Na]ionale a
|n 2001, IAS 39 “Instrumente financiare: recunoa[tere [i Romåniei nr. 1982/5/2001 (OMF 1982/5) a devenit aplicabil
evaluare“ a devenit aplicabil. Conducerea B`ncii a evaluat \ncepånd cu situa]iile financiare pentru anul 2001 pentru
[i decis c` adoptarea standardului IAS 39 nu va afecta b`ncile care \ndeplinesc criteriile stabilite \n ordonan]`.
semnificativ rezultatele activit`]ii B`ncii. Efectele financiare Conform OMF 1982/5, situa]iile financiare vor fi \ntocmite
ale adopt`rii IAS 39, dac` acestea exist`, sunt raportate \n la cost istoric.

35
1.2 POLITICI CONTABILE SPECIFICE Recunoa[terea venitu-Veniturile din dobånzi, cheltuielile cu
rilor [i cheltuielilor
Situa]iile financiare prezente sunt \ntocmite folosind dobånzile, alte venituri opera]ionale [i alte
urm`toarele principii contabile: cheltuieli opera]ionale sunt recunoscute pe baza contabilit`]ii
• Principiul continuit`]ii activit`]ii – presupune c` Banca de angajament, [i nu pe baza momentului cånd sunt \ncasate
\[i va continua \n mod normal func]ionarea \ntr-un viitor sau pl`tite.
previzibil f`r` a intra \n imposibilitatea continu`rii activit`]ii
sau f`r` reducerea semnificativ` a acesteia; Imobiliz`ri corporaleFiecare mijloc fix cu un cost de achizi]ie ce
[i necorporale
• Principiul permanen]ei metodelor – presupune ca dep`[e[te cincisprezece milioane de lei [i o
acelea[i reguli [i norme privind evaluarea, \nregistrarea durat` de via]` estimat` la peste un an, se capitalizeaz`.
\n contabilitate [i prezentarea elementelor de activ [i de Mijloacele fixe cu un cost mai mic de cincisprezece milioane
pasiv, precum [i a rezultatelor, asigurånd comparabilitatea lei se \nregistreaz` pe cheltuial`.
\n timp a informa]iilor contabile; Mijloacele fixe se \nregistreaz` la cost [i sunt amortizate
• Principiul pruden]ei – presupune ca valoarea oric`rui prin metoda liniar` dup` urm`toarele rate medii anuale
element s` fie determinat` luånd \n calcul, \n special, pe durata lor de via]` util`
urm`toarele aspecte: • |mbun`t`]iri la cl`diri 8,33%-10,62%
a) Se vor lua \n considerare numai profiturile recunoscute • Echipamente 11,11% - 33,33%
pån` la data \ncheierii exerci]iului financiar; • Mobilier
b) Se va ]ine seama de toate obliga]iile previzibile [i • Altele
pierderile poten]iale care au luat na[tere \n cursul Imobiliz`rile necorporale constau \n software, care se
exerci]iului financiar \ncheiat sau pe parcursul unui amortizeaz` pe o perioad` de trei ani.
exerci]iu anterior, chiar dac` asemenea obliga]ii sau Imobiliz`rile necorporale \n curs [i avansurile aferente se
pierderi apar \ntre data \ncheierii exerci]iului [i data refer` la proiecte de software ce urmeaz` s` fie implementate
\ntocmirii bilan]ului; [i puse \n func]iune \n perioada urm`toare.
c) Se va ]ine seama de toate ajust`rile de valoare datorate Imobiliz`rile corporale \n curs se refera \n special la lucr`rile
deprecierilor, indiferent dac` rezultatul exerci]iului de \mbun`t`]ire a sediilor noilor sucursale.
financiar este profit sau pierdere; Mijloacele fixe de]inute \n regim de leasing financiar sunt
• Principiul independen]ei exerci]iului – presupune ca capitalizate [i amortizate pe durata lor de via]`, prin aceea[i
toate veniturile [i cheltuielile corespunz`toare exerci]iului metod` ca [i mijloacele fixe proprii.
financiar pentru care se face raportarea s` fie luate \n Deprecierea mijloacelor fixe este calculat` conform
considerare, indiferent de data \ncas`rii sumelor sau a prevederilor IAS 36 “Deprecierea mijloacelor fixe”. IAS 36
efectu`rii pl`]ilor; men]ioneaz` c`, atunci cånd valoarea contabil` a activului
• Principiul evalu`rii separate a elementelor de activ [i dep`[e[te valoarea recuperabil` a acestuia, se constituie
de pasiv – presupune determinarea separat` a valorii o pierdere pentru depreciere. Valoarea recuperabil` este
aferente fiec`rui element individual de activ sau de pasiv; considerat` a fi cea mai mare dintre valoarea de utilitate
• Principiul intangibilit`]ii – bilan]ul de deschidere al unui [i pre]ul net de vånzare.
exerci]iu trebuie s` corespund` cu bilan]ul de \nchidere al Banca nu de]ine \n patrimoniu la 31 decembrie 2004
exerci]iului precedent, cu excep]ia corec]iilor impuse de terenuri [i cl`diri.
IAS 8 “Profitul net sau pierderea net` a perioadei, erori
fundamentale [i modific`ri ale politicilor contabile”; Deprecierea activelor Activele pe termen lung, altele decåt
• Principiul necompens`rii – valorile elementelor ce impozitele amånate de primit [i activele financiare, trebuie
reprezint` active nu pot fi compensate cu valorile verificate conform IAS 36 “Deprecierea activelor”.
elementelor ce reprezint` pasive, respectiv veniturile cu IAS 36 presupune recunoa[terea unei pierderi ca urmare a
cheltuielile, cu excep]ia compens`rilor \ntre active [i modific`rii valorii activului ori de cåte ori valoarea contabil`
pasive, admise de IAS; a unui activ dep`[e[te valoarea sa recuperabil`. Valoarea
• Principiul prevalen]ei economicului asupra juridicului recuperabil` reprezint` maximul dintre pre]ul net de vånzare
– informa]iile prezentate in situa]iile financiare anuale al unui activ [i valoarea sa de utilizare. Valoarea de utilizare
trebuie s` reflecte realitatea economic` a evenimentelor [i a unui activ reprezint` valoarea curent` a fluxurilor viitoare
tranzac]iilor, nu numai forma lor juridic`; de numerar estimate, ce se a[teapt` s` fie generate din utilizarea
• Principiul pragului de semnifica]ie – orice element care continu` a unui activ [i din vånzarea acestuia la sfår[itul
are o valoare semnificativ` trebuie prezentat distinct \n perioadei sale de via]`.
cadrul situa]iilor financiare anuale. Elementele cu valori |n plus, IAS 36 permite re\ntregirea ulterioar` a valorii
nesemnificative care au aceea[i natur` sau cu func]ii similare contabile dac` se constat` \ncetarea condi]iilor ce au
trebuie \nsumate, nefiind necesar` prezentarea lor separat`. determinat deprecierea activului respectiv.

Moneda Sumele sunt prezentate \n mii lei. Leasing Exist` leasing financiar \n cazul \n care, prin
de prezentare contractul de leasing, toate riscurile [i beneficiile propriet`]ii
asupra unui bun sunt transferate locatarului;

36
altfel, leasing-ul este opera]ional. Provizionul reprezint` diferen]a \ntre valoarea de \nregistrare
Mijloacele fixe de]inute \n regim de leasing financiar sunt [i valoarea recuperabil`, unde valoarea recuperabil` este
recunoscute ca active ale B`ncii la valoarea lor real` valabil` valoarea actual` a fluxurilor de numerar viitoare estimate,
la data achizi]iei. Obliga]ia corelativ` a locatorului este inclusiv sumele recuperabile din garan]ii [i valori colaterale,
eviden]iat` \n bilan] ca obliga]ie de leasing financiar. actualizate pe baza ratei dobånzii ini]iale.
Cheltuielile de finan]are, reprezentånd diferen]a dintre Aceste provizioane acoper` [i pierderile pentru care exist`
angajamentele totale de leasing [i valoarea real` a eviden]e obiective c` sunt pierderi probabile \n componen]a
mijloacelor achizi]ionate, se \nregistreaz` \n contul de profit portofoliului de credite de la data bilan]ului. Acestea au
[i pierdere pe durata contractului de leasing pentru a fost estimate pe baza istoricului evolu]iei pierderilor pentru
reflecta reparti]ia costurilor \n raport cu valoarea obliga]iilor fiecare component` \n parte, func]ie de performan]ele
r`mase de plat` pe fiecare exerci]iu financiar. debitorului [i de climatul economic \n care acesta activeaz`.
Ratele de leasing datorate \n baza contractelor de leasing Cånd un credit acordat este irecuperabil, acesta este \nregistrat
opera]ional sunt \nregistrate pe cheltuieli prin metoda ca pierdere si concomitent se \nregistreaz` anularea
linear`, pe durata contractului de leasing. provizionului corespunz`tor. Recuper`rile ulterioare sunt
\nregistrate in venituri din recuper`ri de crean]e.
Stocuri Stocurile sunt \nregistrate la minimul dintre
cost [i valoarea net` realizabil`. Costul se determin` prin Provizioane pentru Provizioanele pentru credite \ndoielnice se
metoda primului intrat primul ie[it (FIFO) pentru toate sume îndoielnice constituie pe baza evalu`rii portofoliului de
tipurile de stocuri. Valoarea net` realizabil` se estimeaz` credite [i avansuri la 31 decembrie 2004 [i respectiv 31

Note la situa]iile financiare


pe baza pre]ului de vånzare practicat \n cursul normal al decembrie 2003, inclusiv dobånzile ne\ncasate. Provizioanele
activit`]ii din care se scad costurile necesare pentru finalizare au fost \nregistrate pe cheltuieli \n contul de profit [i pierdere,
[i costurile de vånzare. fiind sc`zute din totalul creditelor [i al dobånzii ne\ncasate.
Provizioane specifice se constituie pentru creditele [i
Împrumuturi acordate|mprumuturile acordate de c`tre Banc` avansurile acordate, considerate ca neperformante potrivit
pentru a furniza debitorului resurse financiare
[i provizioane pentru metodologiei BNR. Pentru credite [i crean]e, procedura ia
împrumuturi acordate
sau ca parte a unui \mprumut acordat \n considerare atåt istoricul serviciului datoriei sub aspectul
printr-un credit sindicalizat sunt considerate a fi \mprumuturi pl`]ii dobånzii [i a creditului la scaden]`, cåt [i existen]a
acordate de c`tre Banc` [i sunt evaluate la costul amortizat. litigiilor cu privire la creditele neperformate. Evaluarea
Toate \mprumuturile [i avansurile sunt recunoscute \n difer` \n func]ie de tipul creditelor acordate clien]ilor din
momentul \n care banii sunt da]i debitorului. sectorul bancar [i clien]ilor din alte sectoare.
Provizionul pentru \mprumuturi se constituie atunci cånd |n urma unei astfel de evalu`ri rezult` clasificarea
exist` un motiv \ntemeiat pentru a se crede c` Banca nu \mprumuturilor \n cinci categorii, dup` cum urmeaz`:
va putea s` recupereze suma respectiv`.

Credite care nu fac


obiectul unui proces

Categoria de credit Sector bancar Rata provizionului (%)


Nr. zile de \ntårziere Nr. zile de \ntårziere

Standard max. 3 zile max. 15 zile 0%


În observa]ie - 16 - 30 zile 5%
Substandard 4 - 15 zile 31 - 60 zile 20%
Îndoielnic 16 - 30 zile 61 - 90 zile 50%
Pierdere min. 31 zile min. 91 zile 100%

37
Credite care fac |n cazul \n care au fost demarate debitorului sau al garantorului crean]ei respective, potrivit
obiectul unui proces
procedurile legale, toate categoriile de credite cerin]elor BNR. Ajustarea crean]ei cu gradul de risc aferent
se \nregistreaz` pe pierdere, iar provizionul este de 100%. se face pentru toate categoriile de credite, mai pu]in pentru
Provizioanele necesare se calculeaz` prin aplicarea cele din categoria pierdere.
procentelor men]ionate mai sus asupra soldului bilan]ier Gradul de risc asociat diferitelor categorii de garan]ii, \n
al creditului [i asupra dobånzii aferente datorate [i conformitate cu cerin]ele BNR, este prezentat \n urm`torul
ne\ncasate, dup` luarea \n calcul a gradului de risc al tabel:

Garan]ia Gradul de risc alocat


(%)

Garan]ie în form` b`neasc` 0%


Scrisori de garan]ie emise de b`nci [i administra]iile locale 20%
Ipoteci imobiliare, crean]e comerciale gajate [i alte gajuri 50%

Titluri Titlurile de]inute de Banc` sunt titluri de


plasament [i titluri de investi]ie precum [i titluri primite |nregistrarea \n contabilitate a cesiunii titlurilor de plasament
\n pensiune livrat` [i titluri date \n pensiune livrat`. se face la pre]ul de vånzare (cesiune), iar diferentele \ntre
Conducerea determin` clasificarea investi]iilor la momentul pre]ul de vånzare [i pre]ul de \nregistrare a titlurilor cedate
achizi]iei lor. se \nregistreaz` \n conturile de venituri [i cheltuieli, dup`
caz.
a) Investi]ii p`strate pån` la scaden]` (IPS)
Reprezint` titluri de investi]ii cu scaden]` fix` pe care Cursul de schimb Pentru opera]iunile efectuate \n valute str`ine
conducerea are inten]ia [i posibilitatea de a le p`stra pån` a fost luat \n considerare cursul oficial al leului romånesc
la scaden]`. |n aceast` categorie sunt incluse obliga]iunile \n vigoare la data efectu`rii opera]iunii. Activele [i pasivele
de stat (eurobonds) emise de Guvernul Romåniei sau de exprimate \n valut` au fost transformate \n Lei romåne[ti
alte companii romåne pe pia]a european`. folosindu-se cursurile oficiale de schimb ale B`ncii Na]ionale
Titlurile de investi]ii clasificate ca fiind IPS sunt \nregistrate a Romåniei valabile la data \ncheierii bilan]ului.
la cost amortizat folosind metoda randamentului, efectuånd Profitul sau pierderea rezultate din schimb valutar ap`rute
\nregistr`ri pentru orice depreciere care nu este temporar`. din regulariz`ri [i translat`ri ale elementelor exprimate \n
valut` au fost \nregistrate \n contul de profit [i pierdere.
b) Titluri de plasament (TP) Leul romånesc nu este convertibil \n afara teritoriului
Titlurile de plasament sunt achizi]ionate cu inten]ia de a Romåniei.
le de]ine o perioada mai \ndelungat`, dar f`r` ca aceast`
de]inere s` implice o p`strare pån` la scaden]a lor . Se consider` c` reprezint` numerar,
Numerar [i echivalent
de numerar
Titlurile de plasament sunt recunoscute ini]ial la cost (costul numerarul \n casierie [i \n conturile Nostro.
include [i costul tranzac]ion`rii). Dobånzile calculate pentru Echivalent numerar sunt considerate investi]iile pe termen
perioada scurs` \n cazul titlurilor cu venit fix sunt \nregistrate scurt, cu grad \nalt de lichiditate, care pot fi u[or
\n conturile de crean]e ata[ate. Cheltuielile de tranzac]ionare transformate \n numerar.
a activelor financiare de]inute pentru vånzare se includ \n
valoarea de achizi]ie. Primele se includ, de asemenea, \n Continuitatea Natura activit`]ii B`ncii, precum [i
activit`]ii
pre]ul de achizi]ie. Titlurile disponibile pentru vånzare se incertitudinea din Romånia privind rezultatul
evalueaz`, ulterior, la valoarea de achizi]ie sau la valoarea politicilor economice aplicate \n condi]ii opera]ionale reale,
cea mai mic` dintre valoarea de pia]` [i valoarea de fac posibil` apari]ia unor varia]ii imprevizibile privind
achizi]ie. Diferen]ele favorabile nu se \nregistreaz` \n viitoarele \ncas`ri. Totu[i, conducerea B`ncii consider` c`
contabilitate, iar pentru diferen]ele nefavorabile se constituie Banca \[i va continua \n mod normal activitatea \n viitor,
provizioane. [i, \n consecin]`, situa]iile financiare au fost \ntocmite pe
Dobånzile cuvenite pe perioada rezidual` aferente titlurilor aceast` baz`.
cu venit fix disponibile pentru vånzare se \nregistreaz` \n
contul de crean]e ata[ate, iar dividendele \ncasate aferente Pentru a \ntocmi aceste situa]ii financiare
Folosirea estim`rilor
titlurilor cu venit variabil disponibile pentru vånzare se \n conformitate cu OMF 1982/5/2001, Ordinul 2332/2001
\nregistreaz` \n contul de venit corespunz`tor. [i Ordinul 263/05.02.2004, a fost necesar` operarea unor

38
ajust`ri asupra conturilor statutare [i ob]inerea unor Situa]ii comparativeBanca a \ntocmit situa]ii financiare \n
informa]ii care nu pot fi disponibile direct din conturile conformitate cu OMF 1982/5/2001 pentru prima dat` \n
B`ncii. |nregistr`rile contabile statutare nu furnizeaz` anul 2001, iar pentru anul financiar 2004 sunt prezentate
\ntotdeauna suficiente informa]ii pentru a stabili cu acurate]e situa]iile financiare comparative, \ntocmite pentru anii
ajust`rile [i prezentarea informa]iilor necesare, motiv \ncheia]i la 31 decembrie 2003 [i la 31 decembrie 2004
pentru care au fost f`cute estim`ri pe baza celor mai bune
informa]ii disponibile. De[i aceste estim`ri individuale Impozitul pe profit Calculul impozitului pe profit porne[te de
prezint` un oarecare grad de incertitudine, efectul general la rezultatul anului financiar, corectat cu elemente deductibile
al acestuia asupra situa]iilor financiare este considerat ca [i nedeductibile la care se aplic` cote de impozitare aflate
nesemnificativ. \n vigoare la data \ncheierii bilan]ului contabil.
Impozitul amånat se calculeaz` utilizåndu-se metoda datoriei
Contribu]ii Banca pl`te[te contribu]ii la bugetul statului din bilan] [i se aplic` asupra diferen]elor temporare ap`rute
pentru salaria]i
pentru asigur`ri sociale, fondul de [omaj [i \ntre baza de impozitare a unui activ sau datorie [i valoarea
fondul de s`n`tate \n conformitate cu reglement`rile legale sa contabil` \nscris` \n bilan].
\n vigoare \n cursul anului, calculate la salariile brute. Impozitul amånat se calculeaz` la cotele preconizate a se
Valoarea acestor contribu]ii se \nregistreaz` \n contul de aplica \n perioada valorific`rii activului sau stingerii obliga]iei.
profit [i pierdere \n aceea[i perioad` \n care se \nregistreaz` Impozitele amånate de plat` sau de \ncasat se compenseaz`
[i cheltuielile cu salariile. dac` se refer` la impozitele pe profit percepute de aceea[i
Banca nu are alte obliga]ii prin legisla]ia romån` actual` autoritate fiscal`, iar Banca inten]ioneaz` s` \[i achite obliga-

Note la situa]iile financiare


privind pensiile angaja]ilor, asigur`ri de s`n`tate [i alte ]iile fiscale [i s` \ncaseze sumele cuvenite la valoarea net`.
cheltuieli cu salaria]ii. Pentru exerci]iul financiar 2004, Banca a pl`tit o cot` de
impozit pe profit de 25%.

INFORMA}II PRIVIND UNELE POSTURI DIN BILAN}

2.1 CONTURI DE STOCURI


La 31 decembrie 2003 [i 31 decembrie 2004, Banca de]inea urm`toarele conturi de stocuri:

mii lei / 2003 Stocuri Provizioane Total mii lei / 2004 Stocuri Provizioane Total

Obiecte de inventar - - - Obiecte de inventar 11.757.958 - 11.757.958


Alte stocuri* 7.628.258 - 7.628.258 Alte stocuri* - - -

Total (Nota 2.3) 7.628.258 - 7.628.258 Total (Nota 2.3) 11.757.958 - 11.757.958

* Alte stocuri, \n sum` de 11.757.958 mii lei (2003: 7.628.259 mii lei), au o vitez` de rota]ie foarte mare, de aceea nu a fost necesar` constituirea
unui provizion pentru acestea.

2.2 REZERVE fondul de rezerv` atinge nivelul de 100% din capitalul


La data de 31 decembrie 2004, rezervele B`ncii \n sum` social. O dat` ce rezerva a atins nivelul de 100% din
de 642.242.080 mii lei (31 decembrie 2003: 494.260.420 capitalul social, aloc`ri suplimentare la fondul de
mii lei) includeau: rezerv` se pot face prin repartizarea a cåte maximum
• Rezervele legale, \n sum` de 197.838.657 mii lei (2003: 10% din profitul brut pån` cånd fondul de rezerv`
197.838.657 mii lei) sunt constituite astfel: atinge nivelul de 200% din capitalul social. Dup` acest
• Pån` la 31 decembrie 2003 \n concordan]` cu Legea nivel, aloc`ri suplimentare la fondul de rezerv` se pot
Bancar` nr. 58/1998 prin alocarea a cåte maximum face numai din profitul net. Aceast` rezerv` nu poate
100% din profitul brut (calculat conform standardelor fi distribuit` ac]ionarilor. Repartizarea din profitul
romåne[ti de contabilitate pentru b`nci) pån` cånd anului 2003 este de 106.916.560 mii lei.

39
• |ncepånd cu exerci]iul financiar al anului 2004, stabilite prin reglement`rile B`ncii Na]ionale a Romåniei,
b`ncile constituie fondul de rezerv` potrivit cu avizul Ministerului Finan]elor Publice, \n m`sura \n care
dispozi]iilor legisla]iei privind societ`]ile comerciale sumele respective se reg`sesc \n profitul net.
(Legea 31/1990 republicat`). Din profitul societ`]ii se Repartizarea din profitul anului 2004 este de
va prelua, \n fiecare an, cel pu]in 5% pentru formarea 147.981.660 mii lei.
fondului de rezerv`, pån` ce acesta va atinge minimum • Alte rezerve, \n sum` de 31.578.264 mii lei (2003:
a cincea parte din capitalul social. 31.578.264 mii lei) sunt alc`tuite din:
Repartizarea din profitul anului 2004 este de 0 mii lei. • Rezerve constituite \n conformitate cu Legea nr.
• Rezerva general` pentru riscul de credit, \n sum` de 189/2001 [i cu Decizia nr.3/2002, \n suma de
264.843.499 mii lei, s-a constituit pån` la 31 decembrie 6.006.463 mii lei (2003: 6.006.463 mii lei) din care :
2003 \n conformitate cu Legea Bancar` nr. 58/1998 [i este 667.385 mii lei (2003: 667.385 mii lei), aferent`
egal` cu pån` la 2% din soldul creditelor la sfår[itul reducerii cu 50% a impozitului pe profit pentru
anului. Aceast` rezerv` nu poate fi distribuit` ac]ionarilor. utilizarea profitului, \n decursul anului fiscal curent,
• Rezerva pentru riscuri bancare, \n sum` de pentru investi]ii \n active corporale [i necorporale,
147.981.660 mii lei s-a constituit \ncepånd cu 1 ianuarie precum [i 5.339.077 mii lei (2003: 5.339.077 mii lei)
2004 si este aferent` exerci]iului financiar al anului 2004. reprezentånd valoarea acestor investi]ii. Aceste
|ncepånd cu exerci]iul financiar al anului 2004, b`ncile rezerve nu pot fi distribuite ac]ionarilor.
constituie fondul pentru riscuri bancare generale din • Alte rezerve \n sum` de 25.571.801 mii lei (2003:
profitul contabil determinat \nainte de deducerea impozi- 25.571.801 mii lei), aferente diferen]elor de curs
tului pe profit, \n limita a 1% din soldul activelor purt`toare rezultate din evaluarea activelor [i pasivelor \n valut`,
de riscuri specifice activit`]ii bancare, a[a cum sunt stabilite \n conformitate cu Legea nr. 189/2001.

2.3 ALTE ACTIVE {I ALTE PASIVE

Alte active 31 decembrie 2003 31 decembrie 2004

Impozit pe profit de recuperat 1.375.629 -


Debitori diver[i 8.809.704 22.298.578
Conturi de ajustare devize - activ 73.852.359 121.784
Conturi de ajustare privind instrumentele financiare derivative de curs de schimb - 172.031.200
Alte stocuri (Nota 2.1) 7.628.258 11.757.958

Total alte active 91.665.950 206.209.520

Alte pasive 31 decembrie 2003 31 decembrie 2004

Creditori diver[i* 13.770.141 20.851.451


Conturi de ajustare devize - pasiv 478.761 190.812.363
Conturi de ajustare privind instrumentele financiare derivative de dobånda - 1.093.203
Impozite amânate – pasiv (Nota 13.6) 8.633 -
Alte pasive** 23.734.572 51.517.806

Total alte pasive 37.992.107 264.274.823

* Creditorii diver[i, \n sum` de 20.851.451 mii lei la 31 decembrie 2004 (2003: 13.770.141 mii lei), cuprind \n special sume de plat` a furnizorilor
de servicii IT pentru actualizarea programelor informatice [i \ntre]inerea lor, precum [i alte servicii ale furnizorilor externi [i interni.
**Alte pasive \n suma de 51.517.806 mii lei la 31 decembrie 2004 (2003: 23.734.572 mii lei) includ \n principal impozite de plat` la bugetul statului.

40
2.4 CHELTUIELI {I VENITURI ÎNREGISTRATE ÎN AVANS

mii lei
Cheltuieli înregistrate în avans [i crean]e ata[ate 31 decembrie 2003 31 decembrie 2004

Cheltuieli înregistrate în avans 7.864.139 22.789.757


Venituri de primit 300.943 264.754
Crean]e ata[ate din:
- titluri primite \n pensiune livrat` - 1.177.257
- efecte publice [i valori asimilate (Nota 4.1) - 54.299.427
- titluri p`strate pân` la scaden]` 52.032.486 31.850.340
- titluri de plasament (Nota 4.3) 5.806.250 46.782.386
- plasamente la BNR 10.906.393 22.418.492
- credite acordate clientelei 13.517.790 40.405.887
- plasamente la alte b`nci 66.351 274.670
- credite acordate b`ncilor 443.291 879.273
- descoperiri de cont 2.158.914 1.820.227
- dobânzi restante 731.523 611.850

Total cheltuieli înregistrate în avans [i crean]e ata[ate 93.828.079 223.574.318

Note la situa]iile financiare


Minus: provizion pentru riscul de rat` de dobând` (Nota 8.1) (53.902) (226.877)

Cheltuieli înregistrate în avans [i crean]e ata[ate - net 93.774.177 223.347.441

mii lei
Venituri înregistrate în avans [i datorii ata[ate 31 decembrie 2003 31 decembrie 2004

Venituri înregistrate în avans* 82.718.822 140.216.788


Cheltuieli de pl`tit 26.436.721 8.636.029
Datorii ata[ate pentru:
- conturi curente [i depozite ale clientelei 7.067.860 19.065.843
- credite de la institu]ii financiare (Nota 13.7) 1.139.741 9.573.402
- plasamente ale altor b`nci 25.288.446 35.970.465
- credit subordonat (Nota 3.6) 606.778 5.530.363
- titluri date în pensiune livrat` - 6.334

Total venituri înregistrate în avans [i datorii ata[ate 143.258.368 218.999.224

* Veniturile \nregistrate \n avans \n sum` de 140.216.788 mii lei la 31 decembrie 2004 (2003: 82.718.822 mii lei) cuprind \n principal comisionul
de baz` pentru creditele de factoring, sconturi, comisioane aferente creditelor acordate, precum [i venituri din biletele la ordin andosate de Banc`.

41
3

SITUA}IA CREAN}ELOR {I A DATORIILOR

3.1 CREAN}E {I DATORII LA TERMEN

mii lei Maturitate rezidual`


Sold la 31 Pån` la 3 luni |ntre 3 luni |ntre 1 Peste 5 ani
Crean]e la termen decembrie 2003 [i 1 an [i 5 ani

Institu]ii de credit 1.835.650.725 1.301.181.622 148.871.875 380.701.944 4.895.284


Credite acordate clientelei 13.242.214.442 7.588.145.855 1.955.031.342 2.303.920.972 1.395.116.273
Minus: provizioane (21.921.038) (10.142.136) (3.649.368) (3.742.973) (4.386.561)
Credite acordate clientelei - net 13.220.293.404 7.578.003.719 1.951.381.974 2.300.177.999 1.390.729.712

Total crean]e 15.055.944.129 8.879.185.341 2.100.253.849 2.680.879.943 1.395.624.996

mii lei Maturitate rezidual`


Sold la 31 Pån` la 3 luni |ntre 3 luni |ntre 1 Peste 5 ani
Datorii la termen decembrie 2003 [i 1 an [i 5 ani

Institu]ii de credit (5.523.978.367) (850.749.867) (72.839.585) (2.473.880.557) (2.126.508.358)


Depozitele clientelei (5.960.573.593) (5.598.694.531) (277.153.090) (64.766.271) (19.959.701)
Alte datorii fa]` de clientel` (853.930.907) (3.126.427) (30.777.107) (370.213.577) (449.813.796)
Datorii din alte titluri - - - - -

Total datorii (12.338.482.867) (6.452.570.825) (380.769.782) (2.908.860.405) (2.596.281.855)

Crean]e/(datorii) la termen - net 2.717.461.262 2.426.614.516 1.719.484.067 (227.980.462) (1.200.656.859)

mii lei Maturitate rezidual`


Sold la 31 Pån` la 3 luni |ntre 3 luni |ntre 1 Peste 5 ani
Crean]e la termen decembrie 2004 [i 1 an [i 5 ani

Institu]ii de credit 5.000.112.845 4.602.484.467 211.024.359 182.206.111 4.397.908


Credite acordate clientelei 23.221.428.205(*) 11.188.208.776 3.344.540.039 6.307.979.040 2.380.700.350
Minus: provizioane (37.896.139) (24.663.594) (2.907.279) (6.834.991) (3.490.275)
Credite acordate clientelei - net 23.183.532.066 11.163.545.182 3.341.632.760 6.301.144.049 2.377.210.075

Total crean]e 28.183.644.911 15.766.029.649 3.552.657.119 6.483.350.160 2.381.607.983

42
mii lei Maturitate rezidual`
Sold la 31 Pån` la 3 luni |ntre 3 luni |ntre 1 Peste 5 ani
Datorii la termen decembrie. 2004 [i 1 an [i 5 ani

Institu]ii de credit (12.081.452.177) (586.301.771) (902.013.963) (9.113.361.898) (1.479.774.545)


Depozitele clientelei (13.757.709.597) (13.579.034.798) (178.674.799) - -
Alte datorii fa]` de clientel` (1.984.233.191) (2.904.100) (27.459.960) (1.758.039.284) (195.829.847)
Carnete [i librete de economii (6.530.191) (6.530.191) - - -

Total datorii (27.823.394.965) (14.168.240.669) (1.108.148.722) (10.871.401.182) (1.675.604.392)

Crean]e/(datorii) la termen - net 360.249.946 1.597.788.980 (2.444.508.397) (4.388.051.022) 706.003.591

(*) La 31 decembrie 2004, creditele acordate clientelei cuprindeau suma de 9.569.850.493 reprezentånd descoperiri de cont ale clien]ilor
(31 decembrie 2003: 6.603.090.669 mii lei).

Note la situa]iile financiare


3.2 ALTE DATORII C~TRE CLIENTEL~

mii lei
Alte datorii c`tre clientel` 31 decembrie 2003 31 decembrie 2004

Credite de la institu]ii financiare (853.930.907) (1.984.233.191)


Titluri date în pensiune livrat` - (448.229)

Total alte datorii (853.930.907) (1.984.681.420)

3.3 CREAN}E ASUPRA CLIENTELEI

La 31 decembrie 2003, portofoliul de credite al B`ncii era structurat astfel:

mii lei Lei Devize Total

Crean]e comerciale 3.081.379 223.125.322 226.206.701


Credite pentru export - 500.928.411 500.928.411
Credite pentru echipamente - 915.210.161 915.210.161
Credite pentru investi]ii - 2.262.591.315 2.262.591.315
Alte credite 48.085.101 2.668.503.536 2.716.588.637
Descoperiri de cont – net 1.273.310.486 5.321.153.413 6.594.463.899
Alte sume 39.475 - 39.475
Credite restante - 4.264.805 4.264.805

Total 1.324.516.441 11.895.776.963 13.220.293.404

43
La 31 decembrie 2004, portofoliul de credite al B`ncii era structurat astfel:

mii lei Lei Devize Total

Crean]e comerciale - 252.325.226 252.325.226


Credite pentru export - 1.001.609.739 1.001.609.739
Credite pentru echipament - 803.975.591 803.975.591
Credite pentru investi]ii - 5.223.476.557 5.223.476.557
Alte credite 21.000.000 6.194.112.833 6.215.112.833
Credite acordate clientelei financiare 137.823.000 - 137.823.000
Descoperiri de cont – net 775.034.521 8.772.165.685 9.547.200.206
Alte sume – valori de recuperat 747.383 24.413 771.796
Credite restante - 1.237.117 1.237.117

Total 934.604.904 22.249.365.200 23.183.532.065

Sumele sunt prezentate net de provizion.


Portofoliul de credite la 31 decembrie 2004 era format din credite acordate societ`]ilor care \[i desf`[urau activitatea
\n industrie [i comer], credite acordate societ`]ilor de stat, credite acordate persoanelor fizice precum [i credite
acordate angaja]ilor B`ncii. Creditele sunt acordate atåt \n lei cåt [i \n devize. Creditele acordate \n devize sunt \n
principal credite \n dolari [i euro.

3.4 ANALIZA CREAN}ELOR {I DATORIILOR FA}~ DE ALTE B~NCI {I CLIENTEL~

mii lei
31 decembrie 2003 La vedere La termen Total

Crean]e
- asupra b`ncilor 168.569.347 1.835.650.726 2.004.220.073
- asupra clientelei – net 6.598.768.179 6.621.525.225 13.220.293.404
credite acordate clientelei 6.607.394.949 6.634.819.493 13.242.214.442
minus: provizioane pentru credite (8.626.770) (13.294.268) (21.921.038)

Total crean]e 6.767.337.526 8.457.175.951 15.224.513.477

Datorii
- pentru b`nci (2.531.171.257) (5.523.978.367) (8.055.149.624)
- pentru clientel` (4.422.348.296) (6.814.504.500) (11.236.852.796)

Total datorii (6.953.519.553) (12.338.482.867) (19.292.002.420)

Total crean]e/(datorii) - net (186.182.027) (3.881.306.916) (4.067.488.943)

44
mii lei
31 decembrie 2004 La vedere La termen Total

Crean]e
- asupra b`ncilor 1.099.939.495 5.000.112.845 6.100.052.340
- titluri luate \n pensiune livrat` - 1.000.173.667 1.000.173.667
- asupra clientelei – net 9.549.209.119 13.634.322.947 23.183.532.066
credite acordate clientelei 9.572.318.263 13.649.109.942 23.221.428.205
minus: provizioane pentru credite (23.109.144) (14.786.995) (37.896.139)
Total crean]e 10.649.148.614 19.634.609.459 30.283.758.073

Datorii
- pentru b`nci (4.080.243.775) (12.081.452.177) (16.161.695.952)
- titluri date \n pensiune livrat` - (448.230) (448.230)
- pentru clientel` (6.536.337.425) (15.748.472.979) (22.284.810.404)

Total datorii (10.616.581.200) (27.830.373.386) (38.446.954.586)

Note la situa]iile financiare


Total crean]e/(datorii) - net 32.567.414 (8.195.765.927) (8.163.196.513)

3.5 ANALIZA PE SCADEN}E A TITLURILOR

La 31 decembrie 2003, Banca de]inea urm`toarele titluri (de investi]ie [i plasament) scadente dup` cum urmeaz`:

mii lei Scadente


Scadente \n mai
Emise de: \ntr-un an mult de un an Total

Guvernul României 150.985.282 365.227.130 516.212.412


Administra]ii publice \n afar` de stat - 43.603.300 43.603.300
Alte companii - 1.460.752.901 1.460.752.901
Total 150.985.282 1.869.583.331 2.020.568.613

Reevaluarea titlurilor în devize (261.785.770)

Total 1.758.782.843

La 31 decembrie 2004, Banca de]inea urm`toarele titluri scadente dup` cum urmeaz`:

mii lei Scadente


Scadente \n mai
Emise de: \ntr-un an mult de un an Total

Guvernul României 405.142.578 556.623.887 961.766.465


Administra]ii publice \n afar` de stat 5.145.220 27.759.200 32.904.420
Alte companii - 945.401.752 945.401.752
Total 410.287.798 1.529.784.839 1.940.072.637

Reevaluarea titlurilor în devize (195.786.086)

Total 1.744.286.551

45
3.6 CREDITE SUBORDONATE

2003 2004
EUR mii lei EUR mii lei

Bank Austria Creditanstalt International AG Vienna 6.924.979 284.734.348 11.924.979 472.980.429

Total 6.924.979 284.734.348 11.924.979 472.980.429

La 31 decembrie 2000, Banca avea un credit subordonat \n sum` de 3 milioane dolari, de la Bank Austria Aktiengesellschaft pentru opera]iile
proprii ale b`ncii, cu scaden]a ini]ial` la 25 septembrie 2001. La 23 iulie 2001, acest credit a fost convertit \n EUR 3,5 milioane [i rescaden]at
pån` pe data de 25 septembrie 2006, [i ulterior a fost prelungit pån` la 25 septembrie 2007.

La 29 august 2001, Banca a \ncheiat un nou contract de credit subordonat \n sum` de 3,4 milioane EUR pentru acela[i scop, cu scaden]a final`
la 29 august 2007. Cele dou` credite subordonate au fost rescaden]ate dup` cum urmeaz`:
· Creditul de 3,5 milioane EUR a fost rescaden]at pån` la 25 septembrie 2009;
· Creditul de 3,4 milioane de EUR a fost rescaden]at pån` la 29 august 2009.
La 29 septembrie 2004 Banca a \ncheiat un nou contract de credit subordonat \n sum` de 5 milioane EUR pentru opera]iunile proprii ale
b`ncii, cu scaden]a final` la 29 septembrie 2010.
|mprumuturile au o perioad` fix` [i prestabilit` de rambursare. Conform angajamentelor \ncheiate, aceste \mprumuturi sunt subordonate
tuturor celorlalte datorii ale B`ncii, \n cazul lichid`rii acesteia.

Creditele subordonate au fost acordate de Bank Austria Aktiengesellschaft, care este ac]ionar majoritar al HVB Bank Romania SA.

Datoriile ata[ate sunt calculate zilnic, iar soldul acestora se ridicau la 31 decembrie 2004 la 5.530.363 mii lei (31 decembrie 2003: 606.778
mii lei) (Nota 2.4).
|mprumuturile subordonate prezentate mai sus nu stipuleaz` posibilitatea convertirii acestora \n ac]iuni.

PORTOFOLIUL DE TITLURI

4.1 TITLURI P~STRATE PÂN~ LA SCADEN}~

mii lei
31 decembrie 2003 Valoarea Pre]ul Pre]ul Cå[tiguri
contabil` de achizi]ie de rambursare nerealizate
Emise de: (1) (2) (3) (4)=(3)-(1)
Guvernul României 561.701.197 564.823.746 556.514.000 (5.187.197)
Alte companii 329.909.624 334.517.633 328.936.000 (973.624)

Total (Nota 3.5) 891.610.821 899.341.379 885.450.000 (6.160.821)

mii lei
31 decembrie 2004 Valoarea Pre]ul Pre]ul Cå[tiguri
contabil` de achizi]ie de rambursare nerealizate
Emise de: (1) (2) (3) (4)=(3)-(1)
Guvernul României 479.643.294 483.971.892 475.956.000 (3.687.294)
Alte companii 198.565.048 198.999.187 198.315.000 (250.048)

Total (Nota 3.5) 678.208.342 682.971.079 674.271.000 (3.937.342)

46
4.2 TITLURI DE TRANZAC}IE

La 31 decembrie 2004 [i 31 decembrie 2003 nu existau \n portofoliul b`ncii titluri de tranzac]ie.

4.3 TITLURI DE PLASAMENT

mii lei
31 decembrie 2003 Pre]ul Valoarea Cå[tig
de achizi]ie de pia]` /(pierdere)
Denominate \n (1) (2) (3)=(2)-(1)
Lei 53.627.950 53.627.950 -
Dolari 1.075.329.842 1.075.329.842 -

Total 1.128.957.792 1.128.957.792 -


(Nota 3.5)

Note la situa]iile financiare


mii lei
31 decembrie 2004 Pre]ul Valoarea Cå[tiguri
de achizi]ie de pia]` /(pierdere)
Denominate \n (1) (2) (3)=(2)-(1)
Lei 509,517,924 509,517,924 -
EUR 5,509,667 5,509,667 -
Dolari 746,836,704 746,836,704 -

Total 1,261,864,295 1,261,864,295 -


(Nota 3.5)

La 31 decembrie 2004, crean]ele ata[ate pentru titlurile de plasament erau \n sum` de 46.782.386 (31 decembrie 2003: 5.806.250 mii lei) (Nota 2.4).

4.4 IMOBILIZ~RI FINANCIARE La finele anului 2004, valoarea total` a ac]iunilor de]inute
Banca este membr` a “Societ`]ii Na]ionale de la Transfond a r`mas neschimbat`, adic` 3.121.939 mii lei.
Compensare, Decontare [i Depozitare pentru Valori
Mobiliare” (SNCDD). |n calitate de utilizator al serviciilor |n cursul anului 2003 au fost achizi]ionate 296.200
SNCDD, HVB Bank Romania S.A. de]ine 100 de ac]iuni ac]iuni \n valoare total` de 296.200 mii lei , reprezentånd
\nregistrate la costul de achizi]ie, \n valoare de 60.000 mii 0,7405% din capitalul social al Biroului de Credit SA,
lei, ceea ce reprezint` 0,26 % din capitalul social. valoarea de 296.200 mii lei men]inåndu-se neschimbat`
[i la finele anului 2004.
|n cursul anului 2000, Banca a cump`rat 160 de ac]iuni
Transfond \n valoare de 1.600.000 mii lei. |n prezent, |n cursul anului 2002 banca a investit \n capitalul social
Transfond coordoneaz` transferul de fonduri [i proprieta- al HVB Leasing Romania suma de 1.150.960 mii lei
te asupra titlurilor de stat \ntre institu]ii financiare, b`nci reprezentånd contravaloarea a 40.000 EUR, participa]ia
[i Trezoreria Statului. |n cursul anului 2002 banca a mai reprezentånd 20% din capitalul social al societ`]ii sus
achizi]ionat 19 ac]iuni \n valoare total` de 507.860.mii lei, men]ionate. Nu au fost modific`ri \n 2003 [i 2004 astfel
astfel la finele anului 2002 valoarea totala a ac]iunilor c` la finele anului 2004, investi]ia \n capitalul social al
de]inute la Transfond era de 2.107.860 mii lei. HVB Leasing Romania a r`mas de 1.150.960 mii lei.
|n cursul anului 2003 au fost mai fost achizi]ionate 18
ac]iuni \n valoare total` de 1.014.079 mii lei astfel c` |n cursul anului 2003 banca a investit \n capitalul social
valoarea total` a ac]iunilor de]inute la Transfond a ajuns al societ`]ii CA IB Asset Management S.A.I SA suma de
la finele anului 2003 la 3.121.939 mii lei. 942.500 mii lei, aceast` sum` reprezentånd o participare

47
de 5% la capitalul social . |n anul 2004 nu au fost achizi]ionarea a 677.673 ac]iuni \n valoare total` de
modific`ri astfel c` la finele anului participa]ia a r`mas 100.000 EUR reprezentånd 3.670.000 mii lei (evaluate la
de 942.500 mii lei. curs istoric). La finele anului 2004, participa]ia la aceasta
institu]ie financiar` a r`mas neschimbat`: 3.670.000 mii
De asemenea \n cursul anului 2003 banca a investit \n lei (evaluate la curs istoric).
capitalul social al societ`]ii CA IB Securities S.A prin

ACTIVE IMOBILIZATE {I FINANCIARE

VALOARE BRUT~

mii lei
Sold la Sold la
Imobiliz`ri necorporale 1 ianuarie 2004 Cre[teri Reduceri 31 decembrie 2004

Fond comercial - - - -
Cheltuieli de constituire 29.274 14.672 (4.604) 39.342
Alte imobiliz`ri necorporale 95.959.630 73.044.466 - 169.004.096
Imobiliz`ri în curs 30.466.160 30.349.229 (41.928.853) 18.886.536

Total 126.455.064 103.408.367 (41.933.457) 187.929.974

Imobiliz`ri corporale

Terenuri - - - -
Amenaj`ri de terenuri - - - -
Cl`diri 83.773.765 29.171.658 - 112.945.423
Echipamente (ma[ini, utilaje, instala]ii de lucru) 16.011.899 7.312.912 - 23.324.811
Aparate [i instala]ii de m`surare, control [i reglare 30.035.536 12.994.855 - 43.030.391
Mijloace de transport 9.135.005 4.460.198 (1.493.833) 12.101.370
Mobilier, birotic`, echipamente de protec]ie [i alte
active corporale 53.302.590 19.422.459 - 72.725.049
Active în curs 7.977.907 36.618.088 (21.235.715) 23.360.280

Total 200.236.702 109.980.170 (22.729.548) 287.487.324

Imobiliz`ri financiare

Efecte publice [i valori asimilate - 3.506.331.324 - 3.506.331.324


Obliga]iuni [i alte titluri cu venit fix 1.758.782.843 - (14.496.292) 1.744.286.551
P`r]i \n cadrul societ`]ilor comerciale legate - - - -
Participa]ii [i activit`]i de portofoliu 9.241.599 - - 9.241.599

Total 1.768.024.442 3.506.331.324 (14.496.292) 5.259.859.474

Total active imobilizate 2.094.716.208 3.719.719.861 (79.159.297) 5.735.276.772

48
DEPRECIERE / AMORTIZARE

mii lei
Sold la Deprecierea din Reduceri Sold la
Imobiliz`ri necorporale 1 ianuarie 2004 cursul exerci]iului sau relu`ri 31 decembrie 2004

Fond comercial - - - -
Cheltuieli de constituire 13.342 14.240 (4.604) 22.978
Alte imobiliz`ri necorporale 37.501.609 39.703.363 - 77.204.972

Total 37.514.951 39.717.603 (4.604) 77.227.950

Imobiliz`ri corporale

Amenaj`ri de terenuri - - - -
Cl`diri 14.123.288 11.238.085 - 25.361.373
Echipamente (ma[ini, utilaje, instala]ii de lucru) 2.149.880 2.121.383 - 4.271.263
Aparate [i instala]ii de m`surare, control [i reglare 17.273.129 7.461.829 - 24.734.958
Mijloace de transport 4.169.014 1.941.408 (1.493.833) 4.616.589

Note la situa]iile financiare


Mobilier, birotic`, echipamente de protec]ie [i alte
active corporale 9.406.106 5.546.744 - 14.952.850

Total 47.121.417 28.309.449 (1.493.833) 73.937.033

Total amortiz`ri 84.636.368 68.027.052 (1.498.437) 151.164.983

mii lei Valoare net`


Valoare brut` Amortizare contabil`

Imobiliz`ri corporale 287,487,324 (73.937.033) 213.550.291


Imobiliz`ri necorporale 187,929,974 (77.227.950) 110.702.024

Total 475,417,298 (151.164.983) 324.252.315

Nu s-au efectuat cheltuieli de dezvoltare [i nici nu s-a investit \n fondul comercial. Cheltuielile de constituire nu sunt semnificative, fiind
reprezentate din taxe notariale [i alte comisioane necesare.

CAPITALUL SOCIAL

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 Echivalent Valuta Suma \n valut`


mii lei
Subscris [i pl`tit integral 150.000.000 USD 10.000.000
212.733.900 EUR 7.832.621
Total capital social 362.733.900

49
|n concordan]` cu legisla]ia romån`, toate b`ncile, fost modific`ri \n structura ac]ionariatului; singura
inclusiv sucursalele b`ncilor str`ine, trebuie s` \[i modificare a fost cea a numelui ac]ionarului principal [i
creasc` capitalul social pån` la nivelul minim de 320 anume: Bank Austria Creditanstalt AG.
miliarde lei pån` la data de 31 mai 2003 [i pån` la nivelul |n cursul anului 2003 capitalul social s-a majorat cu suma
de 370 miliarde lei pån` la data de 31 mai 2004. de 224.506.600 mii lei. Pentru majorare au fost utilizate
|n cursul anului 2001, ac]ionarii B`ncii au crescut 137.306.417 mii lei reprezentånd rezerve din evaluarea
capitalul social al B`ncii de la 100.000.596 mii lei la 31 disponibilit`]ilor \n devize \n conformitate cu prevederile
decembrie 2000 la 362.733.900 mii lei la 31 decembrie Legii 189/2001, \nregistrate \n bilan]ul b`ncii la 31
2001. Schimb`rile juridice determinate de ultima cre[tere decembrie 2002, [i 87.200.183 mii lei reprezentånd
de capital au implicat anularea ac]iunilor existente rezerve din influen]ele de curs valutar aferente aprecierii
(782.000 ac]iuni cu valoarea nominal` de 191.815,8568 disponibilit`]ilor \n valut` reprezentånd capital social
lei) [i emiterea a 3.627.339 ac]iuni ordinare noi, la v`rsat \n valut`, conform HG 252/1996.
valoarea nominal` de 100.000 lei. Modalitatea de majorare a capitalului social a fost
La 31 decembrie 2001, capitalul social era format din emiterea a 2.245.066 ac]iuni cu valoarea nominal` de
3.627.339 ac]iuni cu valoarea nominal` de 100.000 lei, [i 100.000 lei, iar capitalul social de 587.240.500 mii lei a
era de]inut de societ`]i comerciale nerezidente. |n anul fost \mp`r]it \n 5.872.405 ac]iuni nominative cu o valoare
2002 nu au fost efectuate modific`ri \n structura nominal` de 100.000 lei
capitalului, nu au fost efectuate modific`ri (major`ri). |n cursul anului 2004 nu au existat modific`ri privind
Astfel, capitalul social al b`ncii la 31 decembrie 2002 era capitalul social. La 31 decembrie 2004, capitalul social al
de 362.733.900 mii lei. |n concluzie \n anul 2002 nu au b`ncii era de 587.240.500 mii lei.

La 31 decembrie 2004 si 31 decembrie 2003, structura ac]ionariatului a fost urm`toarea:

mii lei Num`r de ac]iuni % Valoare

Bank Austria Creditanstalt AG 5.856.089 99.72% 585.608.900


Al]ii 16.316 0.28% 1.631.600
Total 5.872.405 100% 587.240.500

ALOCAREA PROFITULUI

mii lei 2003 2004


Profitul net al anului 462.322.222 906.781.448

- Rezerve legale (Nota 13.5) (106.916.560) -


- Rezerve statutare (Nota 13.5) - -
- Rezerva general` pentru riscul de credit (154.856.438) (147.981.660)
- Alte rezerve - -
- Alte fonduri - -
- Participarea personalului la profit - -
- Dividende - -
- Acoperirea pierderii contabile din anii preceden]i - -
- Alte repartiz`ri - -

Total profit repartizat (261.772.998) (147.981.660)


Profit nealocat 200.549.224 758.799.788

A[a cum este prezentat` \n Nota 2.2, distribu]ia profitului anului 2004, \n sum` de 147.981.660 mii lei a fost efectuat` respectånd prevederile Legii
Bancare nr. 58/1998, dup` cum urmeaz`:
- rezerva pentru riscuri bancare: 1% din valoarea activelor purt`toare de riscuri bancare \n sold la data de 31 decembrie 2004, \n sum` de 147.981.660 mii lei.

50
8

PROVIZIOANE

8.1 PROVIZIOANE PENTRU RISCURI {I CHELTUIELI

Atåt \n cursul anului 2004, cåt [i \n cursul anului 2003 nu au fost constituite provizioane pentru riscuri [i cheltuieli.

8.2 PROVIZIOANE PENTRU DATORII ÎNDOIELNICE

mii lei Provizioane pentru Provizioane Total


crean]e ata[ate pentru credite
nerecuperabile

Sold la 1 ianuarie 2003 325.251 11.274.244 11.599.495


Mi[c`ri în timpul anului (Nota 9.8) (278.708) 14.457.045 14.178.337

Note la situa]iile financiare


Diferen]e din schimburile valutare 7.359 (2.560.025) (2.552.666)
Pierderi din crean]e nerecuperabile (Nota 9.8) - (1.250.226) (1.250.226)

Sold la 1 ianuarie 2004 53.902 21.921.038 21.974.940


Mi[c`ri nete în timpul anului (Nota 9.8) 200.214 14.918.288 15.118.502
Diferen]e din schimburile valutare (27.239) 1.056.813 1.029.574
Pierderi din crean]e nerecuperabile (Nota 9.8) - - -

Sold la 31 decembrie 2004 226.877 37.896.139 38.123.016


(Nota 2.4) (Nota 3.4)

51
9

CONTUL DE PROFIT {I PIERDERE

9.1 VENIT DIN DOBÂNZI {I CHELTUIELI CU DOBÂNZILE

mii lei
31 decembrie 2003 31 decembrie 2004
Venituri din dobânzi
De la:
- credite acordate persoanelor fizice [i juridice 556.964.065 1.022.591.536
- plasamente la b`nci române[ti [i str`ine 208.216.670 446.350.953
- ac]iuni [i obliga]iuni* 177.202.345 397.019.459
- titluri primite \n pensiune livrat` - 1.177.257
- plasamente la Banca Na]ional` a României 34.487.576 54.146.800
- garan]ii emise 24.522.477 38.590.674
- angajamente de finan]are 45.837.744 72.582.078
- venituri din chirii casete de valori - 2.169.215
- angajamente aferente opera]iunii derivate de dobånd` 107.902 -

Total venituri din dobânzi 1.047.338.779 2.034.627.972

Cheltuieli cu dobânzile
Pentru:
- conturile [i depozitele clien]ilor (193.308.792) (365.362.381)
- plasamente de la b`nci române[ti [i str`ine (102.430.832) (298.398.871)
- datorii subordonate (12.698.946) (14.014.947)
- credite la termen (25.309.648) (39.594.724)
- angajamente cu alte b`nci [i clien]i (8.194.027) (22.681.718)
- ac]iuni [i obliga]iuni de stat* (3.350.456) (2.286.493)
- titluri date \n pensiune livrat` - (6.334)
- cheltuieli privind instrumentele financiare derivate de dobånd` (193.562) -

Total cheltuieli cu dobânzile (345.486.263) (742.345.468)

Venit net din dobânzi 701.852.516 1.292.282.504

* Veniturile [i cheltuielile din opera]iunile cu obliga]iuni de stat \n sum` de 397.019.459 mii lei (2003: 177.202.345 mii lei) [i, respectiv, 2.286.493
mii lei ( 2003: 3.350.456 mii lei), se refer` la amortizarea primelor, dobånzi aferente titlurilor [i alte cheltuieli cu titlurile.

52
9.2 VENITURI {I CHELTUIELI CU COMISIOANE

mii lei
31 decembrie 2003 31 decembrie 2004
Venituri din comisioane
Din:
- tranzac]ii ale clientelei 150.178.009 204.358.326
- instrumente de plat` 96.142.073 158.362.329
- alte servicii financiare 35.109.279 63.227.644
- servicii de consultan]` 2.130.141 236.306
- opera]iuni interbancare 6.130.239 6.157.962
- opera]iuni cu titluri 1.094.234 10.273.051

290.783.975 442.615.618
Total venituri din comisioane

Cheltuieli cu comisioanele
Din:
- opera]iuni interbancare (20.884.112) (29.483.740)

Note la situa]iile financiare


- instrumente de plat` (10.462.855) (17.690.830)
- tranzac]ii ale clientelei (64.729) (1.767.388)
- alte servicii financiare - -
- opera]iuni cu titluri (4.025.360) (2.217.887)
- opera]iuni de schimb [i arbitraj - (4.097)

Total cheltuieli cu comisioanele (35.437.056) (51.163.942)

Venit net din comisioane 255.346.919 391.451.676

9.3 PROFIT NET DIN DIFEREN}E DE CURS VALUTAR

mii lei
31 decembrie 2003 31 decembrie 2004

Venituri din diferen]e de curs valutar 160.762.374 385.016.296


Cheltuieli cu diferen]e de curs valutar (80.527.968) (247.697.781)

Venituri nete din diferen]e de schimb valutar 80.234.406 137.318.515

Venituri din titlurile de tranzac]ie 61.126.785 -


Venituri din cesiune titluri de plasament 24.331.976 20.479.717
Pierderi la titlurile de tranzac]ie (48.585.668) -
Pierderi din cesiune la titlurile de plasament (16.091.582) (28.237.234)

Venituri nete din opera]iuni cu titluri 20.781.510 (7.757.517)

Profit net din opera]iuni financiare 101.015.917 129.560.998

Veniturile [i pierderile din diferen]ele de curs valutar au rezultat atåt din reevaluarea activelor [i pasivelor \n valut`,
cåt [i din opera]iunile de 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 plasament.

53
9.4 ALTE VENITURI {I CHELTUIELI DIN EXPLOATARE

mii lei
31 decembrie 2003 31 decembrie 2004
Alte venituri din exploatare

Alte venituri din activitatea de exploatare 6.622.110 675.399


Venituri din angajamente date clientelei 3.808.220 1.570.147
Venituri din chirii 1.560.111 -
Alte venituri 710.725 2.851.311

Total venituri din exploatare 12.701.166 5.096.857

Alte cheltuieli din exploatare

Cheltuieli privind taxele* (40.231.871) (45.634.462)


Cheltuieli privind sponsoriz`rile (1.759.254) (3.287.260)
Penalit`]i [i compensa]ii pentru daune (840.531) (1.974.143)
Alte cheltuieli de exploatare bancare (287.758) (3.514.710)
Alte cheltuieli (942.340) (167.495)

Total cheltuieli din exploatare (44.061.754) (54.578.070)

Venit net din exploatare (31.360.588) (49.481.213)

* Cheltuielile cu alte taxe, \n sum` de 45.634.462 mii lei (2003: 40.231.871 mii lei) includ \n principal contribu]ia la fondul de garantare a
depozitelor [i contribu]ia la fondul de risc.

9.5 CHELTUIELI CU PERSONALUL

mii lei
31 decembrie 2003 31 decembrie 2004

Salarii 100.521.177 142.104.543


Contribu]ia angajatorului la asigur`rile sociale 19.375.262 25.565.488
Contribu]ia angajatorului la fondul de [omaj 4.258.410 5.179.741
Contribu]ia angajatorului la fondul de s`n`tate 8.524.875 12.086.063
Alte cheltuieli privind angaja]ii 22.542.972 33.028.681

Total cheltuieli cu personalul 155.222.696 217.964.516

54
9.6 CHELTUIELI ADMINISTRATIVE

mii lei
31 decembrie 2003 31 decembrie 2004
Cheltuieli cu:
- ter]i 142.470.780 151.691.496
- chirii 55.273.897 57.987.948
- protocol [i publicitate 29.065.045 33.428.042
- telecomunica]ii 18.224.032 25.294.867
- materiale 15.967.887 20.935.279
- transport 8.718.460 11.716.523
- obiecte de inventar [i alte stocuri 5.637.822 14.535.177
- între]inere [i repara]ii 6.201.023 9.345.891
- asigur`ri 2.815.868 5.390.093
- utilit`]i 2.990.845 5.057.184
- colaboratori 153.334 32.464
- audit 1.983.865 2.764.592
- leasing 711.203 625.899

Total cheltuieli administrative 290.214.061 338.805.455

Note la situa]iile financiare


9.7 DEPRECIEREA IMOBILIZ~RILOR CORPORALE {I AMORTIZAREA IMOBILIZ~RILOR NECORPORALE

mii lei
31 decembrie 2003 31 decembrie 2004

Amortizarea imobiliz`rilor necorporale (Nota 5) 14.285.121 39.717.603


Deprecierea imobiliz`rilor corporale (Nota 5) 20.452.639 28.309.449

Total cheltuieli privind amortizarea [i deprecierea \n cursul anului 34.737.760 68.027.052

9.8 VENITURI {I CHELTUIELI CU PROVIZIOANELE

mii lei
31 decembrie 2003 31 decembrie 2004

Corec]ii ale valorili crean]elor [i provizioane (330.834.599) (478.072.045)


Relu`ri din valoarea crean]elor [i provizioanelor 317.906.489 462.953.543

Cheltuieli nete privind provizioanele (Nota 8.2.) (12.928.110) (15.118.502)

55
9.9 VENITURI {I CHELTUIELI DIN CEDAREA TITLURILOR TRANSFERABILE

mii lei
31 decembrie 2003 31 decembrie 2004

Venituri din cedarea titlurilor transferabile* 857.812 40.432.626


Cheltuieli privind cedarea titlurilor transferabile (27.485) -

Venit net din cedarea titlurilor transferabile 830.327 40.432.626

* Venitul din cedarea titlurilor transferabile este ob]inut \n principal din obliga]iuni de stat exprimate \n EUR [i lei, emise de Ministerul Finan]elor.

10

INFORMA}II PRIVIND ANGAJA}II

mii lei
31 decembrie 2003 31 decembrie 2004

Cheltuieli cu remunera]iile personalului 100.521.177 142,104,543


Cheltuieli privind asigur`rile [i protec]ia social`, din care 32.158.547 42,831,293
- cheltuieli privind pensiile 19.375.262 25,565,489
Alte cheltuieli privind personalul 22.542.972 33,028,680

Total 155.222.696 217,964,516

La 31 decembrie 2004, Banca avea 312 angaja]i (31 decembrie 2003: 225) din care 304 erau angaja]i permanen]i
(31 decembrie 2003: 216).
Num`rul mediu de angaja]i \n anul 2004 a fost de 252 (31 decembrie 2003: 205).
|n timpul activit`]ii curente, Banca face pl`]i privind pensiile \n numele angaja]ilor s`i c`tre institu]iile de stat romåne.
To]i angaja]ii B`ncii sunt inclu[i \n sistemul de pensii de stat. Banca nu are alt plan de pensii sau de beneficii dup`
pensionare, [i, \n consecin]`, nu are nici o obliga]ie legat` de pensii. |n plus, Banca nu are nici o obliga]ie de a oferi
alte beneficii suplimentare angaja]ilor s`i.

11

INFORMA}II PRIVIND PIE}ELE GEOGRAFICE

La 31 decembrie 2004, Banca \[i desf`[ura activitatea prin intermediul a 12 sucursale opera]ionale aflate pe teritoriul
Romåniei (2003: 9 sucursale). Nu exist` segmente geografice [i toate veniturile [i cheltuielile sunt realizate pe o
singur` pia]`.

56
12

DATORII CONTINGENTE {I ANGAJAMENTE

12.1 DATORII CONTINGENTE


Datoriile contingente ale B`ncii existente \n sold la 31 decembrie 2003 [i 31 decembrie 2004 erau urm`toarele:

mii lei
31 decembrie 2003 31 decembrie 2004

Garantate cu depozite 66.890.930 42.526.452


Garantate cu scrisori de garan]ie - -
Garantate cu credite stand by 117.105.189 381.461.285

Scrisori de garan]ie în lei 183.996.189 423.987.737

Garantate cu depozite 97.458.507 84.566.643


Garantate cu scrisori de garan]ie - -
Garantate cu credite stand-by 942.340.499 1.610.020.758

Note la situa]iile financiare


Scrisori de garan]ie în valut` 1.039.799.006 1.694.587.401

Total scrisori de garan]ie 1.223.795.195 2.118.575.138

Acreditive confirmate 96.870.238 183.278.678

Total accept`ri [i andos`ri 1.320.665.433 2.301.853.816

Garan]ii emise c`tre alte b`nci 663.691.728 1.208.870.830

Total datorii contingente 1.984.357.161 3.510.724.646

12.2 ANGAJAMENTE

mii lei
31 decembrie 2003 31 decembrie 2004

Garantate cu depozite 904.847.742 457.131.721


Acreditive emise 904.847.742 457.131.721
Deschideri de credite confirmate 4.707.773.745 8.204.116.237

Total angajamente 5.612.621.487 8.661.247.958

12.3 OBLIGA}II PRIVIND CHIRIA


Obliga]iile pentru anul 2005 privind chiria de pl`tit pentru sediile celor patru sucursale opera]ionale din Bucure[ti,
precum [i pentru alte opt loca]ii \n ]ar` erau la data de 31 decembrie 2004 \n valoare de 68.115.954 mii lei
(2003: 46.754.930 mii lei).

57
12.4 OBLIGA}II PRIVIND LEASINGUL
La 31 decembrie 2004, Banca avea obliga]ii privind leasingul opera]ional [i financiar, obliga]ii care devin scadente dup`
cum urmeaz`:

mii lei
31 decembrie 2003 31 decembrie 2004

|n termen de un an 4.252.853 4.891.319


Din al doilea pån` \n al cincilea an inclusiv 32.141.805 20.126.075
Peste cinci ani - -

Total 36.394.658 25.017.394

12.5 ALTE ELEMENTE EXTRABILAN}IERE


|n plus, Banca a \nregistrat la 31 decembrie 2003, \n La 31 decembrie 2004
conturile din afara bilan]ului urm`toarele:
• Dou` contracte SWAP \ncheiate cu Bank Austria Viena,
• Dou` contracte SWAP \ncheiate cu Bank Austria Viena, valoarea net` fiind \n sum` de 1.068.063 mii lei;
valoarea net` fiind \n sum` de 72.492.025 mii lei; • Scrisorile de garan]ie primite ca garan]ii pentru creditele
• Scrisorile de garan]ie primite ca garan]ii pentru acordate clien]ilor precum [i alte garan]ii primite de la
creditele acordate clien]ilor precum [i alte garan]ii b`nci \n valoare total` de 10.516.889.065 mii lei;
primite de la b`nci \n valoare total` de • Gajuri [i alte garan]ii primite pentru creditele acordate,
8.486.206.615 mii lei; \n valoare de 4.608.440.039 mii lei;
• Gajuri [i alte garan]ii primite pentru creditele acordate, • Creditele trecute pe cheltuial` ca urmare a hot`rårii
\n valoare de 3.819.252.621 mii lei; finale a instan]ei sunt \n sum` de 10.778.651 mii lei;
• Creditele trecute pe cheltuial` ca urmare a hot`rårii • Cecurile de c`l`torie \n valoare de 7.450.538 mii lei;
finale a instan]ei sunt \n sum` de 16.156.507 mii lei; • Angajament de finan]are \n valoare de 396.630.000 mii
• Cecurile de c`l`torie \n valoare de 16.424.754 mii lei; lei de la Bank Austria Viena;
• Angajament de finan]are \n valoare de 1.233.510.000 • Angajamente de plat` pentru bunuri luate \n loca]ie
mii lei de la Bank Austria Viena; simpl` (contracte leasing), \n valoare de 25.017.394 mii lei;
• Dou` contracte IRS \n valoare total` de 147.125.400 mii • Dou` contracte IRS \n valoare total` de 134.796.600 mii
lei \ncheiate cu Bank Austria Viena. Ambele contracte au lei \ncheiate cu Bank Austria Viena. Ambele contracte au
scaden]a \n 2006. scaden]a \n 2006.

58
13

ALTE INFORMA}II

13.1 PREZENTARE GENERAL~


HVB BANK ROMANIA S.A a fost \nregistrat` la Registrul Bank Austria Creditanstalt Group, la data de 20 iulie
Comer]ului ca societate comercial` la data de 24 2001, Banca Na]ional` a Romåniei a aprobat schimbarea
noiembrie 1997 [i a ob]inut autoriza]ia de func]ionare ca denumirii B`ncii din Bank Austria Creditanstalt Romania
banc` de la Banca Na]ional` a Romåniei la data de 13 S.A. \n HVB BANK ROMANIA S.A.
aprilie 1998. La data de 25 August 1998, Banca Na]ional` |ncepånd cu 31 August 1998, Banca a \nceput
a Romåniei a aprobat schimbarea denumirii B`ncii din opera]iunile bancare [i func]ioneaz` ca o banc`
Banca Creditanstalt S.A. \n Bank Austria Creditanstalt comercial` [i de economii oferind o gam` larg` de servicii
Romania S.A. Ca urmare a fuziunii dintre HVB Group [i adresate tuturor categoriilor de clien]i.

13.2 SUCURSALE {I SOCIET~}I ASOCIATE


|n anul 2004, Banca nu a efectuat investi]ii \n societ`]i asociate.

Note la situa]iile financiare


|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 CA IB Asset Management;
• 677.673 ac]iuni \n valoare de 3.670.000 mii lei, \n capitalul social al societ`]ii CA IB Securities SA.

13.3 POZI}IA VALUTAR~


Pozi]ia net` valutar` a B`ncii, declarat` la Banca Na]ional` a Romåniei, reflect` faptul c` pasivele \n valut` dep`[esc
activele \n valut` la 31 decembrie 2004 cu o sum` reprezentånd 5,30% din fondurile proprii ale B`ncii (2003: 6,46%),
calculate conform reglement`rilor B`ncii Na]ionale a Romåniei care prev`d ca aceast` dep`[ire s` nu fie mai mare de
20% din fondurile proprii, iar pe fiecare valut` \n parte s` nu dep`[easc` 10% din fondurile proprii.

La 31 decembrie 2003 pozi]ia net` a principalelor valute, exprimat` \n mii lei se prezenta astfel:

mii lei
Elemente \n
Valuta Active Pasive afara bilan]ului Pozi]ie net`

Dolari SUA 561.993.505 - (544.673.465) 17.320.040


EUR - (1.211.952.046) 1.128.489.000 (83.463.046)
Lire sterline 3.765.033 - - 3.765.033
Dolar Australian 675.060 - - 675.060
Alte valute 1.975.408 - - 1.975.408

Total 568.409.006 (1.211.952.046) 583.815.535 (59.727.505)

59
La 31 decembrie 2004 pozi]ia net` a principalelor valute, exprimat` în mii lei se prezenta astfel:

mii lei
Elemente \n
Valuta Active Pasive afara bilan]ului Pozi]ie net`

Dolari SUA 2.524.904.581 - (2.520.082.230) 4.822.350


EUR - (5.801.996.523) 5.674.527.190 (127.469.333)
Lire sterline 2.985.043 - - 2.985.043
Dolar Australian 781.420 - - 781.420
Alte valute 2.508.815 - - 2.508.815

Total 2.531.179.860 (5.801.996.523) 3.154.444.960 (116.371.703)

Ratele oficiale de schimb valabile la 31 decembrie 2004 erau 29.067 ROL/USD, 39.663 ROL/EUR, 56.108 ROL/ GBP, 22.651 ROL/ AUD, iar
31 decembrie 2003 erau 32.595 ROL/USD, 41.117 ROL/EUR, 58.058 ROL/ GBP, 24.472 ROL/ AUD.

13.4 REZULTATUL REPORTAT REZULTAT DIN APLICAREA PENTRU PRIMA DAT~ A IAS, ÎN AFAR~ DE IAS 29

La 31 decembrie 2004 rezultatul reportat din prima respective pentru majorarea capitalului social al b`ncii
aplicare a IAS este de 34.673.386 mii lei (2003: avånd \n vedere dispozi]iile art IX din Legea 485/2003 -
34.673.386 mii lei). Lege pentru modificarea [i completarea Legii Bancare nr.
Rezultatul reportat din prima aplicare a IAS, \n afar` de 58/1998, care stabile[te c` rezervele existente \n sold [i
IAS 29 a fost diminuat \n cursul anului 2003 cu suma de care, pån` la data intr`rii \n vigoare a legii men]ionate
105.918.051 mii lei, astfel ca soldul a ajuns la 31 „puteau constitui sursa de majorare a capitalului social,
decembrie 2003 la suma de 34.673.386 mii lei. potrivit legisla]iei aplicabile, vor putea fi utilizate \n
Aceasta diminuare este justificat` prin utilizarea sumei continuare \n acest scop pån` la epuizarea acestora’’.

13.5 IMPOZITUL PE PROFIT CURENT

mii lei
31 decembrie 2003 31 decembrie 2004
Venituri totale 1.770.604.138 3,115,287,614
Cheltuieli totale (1.236.021.674) (1,950,956,548)
Profit brut 534.582.464 1,164,331,066

Venituri neimpozabile* (6.392.950) (8,633)


Cheltuieli nedeductibile 22.625.456 27,032,639
Venit din impozit pe profit amånat 334 8,633
Rezerve legale (Nota 7) (106.916.560) -
Rezerva general` pentru riscul de credit (Nota 7) (154.856.439) (147,981,660)
Profitul fiscal aferent exerci]iului 289.042.305 1,043,382,045
Pierdere fiscal` din exerci]iile anterioare - -
Impozit pe profit (72.260.576) (260,845,511)
Credit fiscal - 3,287,260
Pierdere fiscal` reportat` - -
Cheltuiala cu impozitul pe profit aferent` exerci]iului (72.260.576) (257,558,251)

* Banca Na]ional` a Romåniei a efectuat o verificare a B`ncii \n cursul anului 2003. Potrivit raportului BNR, veniturile neimpozabile [i
cheltuielile nedeductibile din reevaluarea disponibilului \n devize au fost diferite fa]` de cele calculate de banc`, rezervele constituite au fost
recalculate [i majorate cu 25.571.801 mii lei [i impozitul pe profit al anului 2003 diminuat cu 6.392.950 mii lei.

60
13.6 RECONCILIEREA IMPOZITULUI PE PROFIT

a) Calcularea prima facie a impozitului pe profit este reconciliat` cu cheltuiala cu impozitul pe profit, dup` cum urmeaz`:

mii lei Anul \ncheiat la Anul \ncheiat la


31 decembrie 2003 31 decembrie 2004

Profit înainte de impozitare 534.582.464 1.164.339.699


Ajust`ri ale rezultatului reportat ca urmare a aplic`rii
pentru prima dat` a IAS (Nota 13.4) - -

Profit ajustat înainte de impozitare 534.582.464 1.164.339.699

Impozitul pe profit la rata de 25% 133.645.616 291.084.925


Efectul fiscal al diferen]elor permanente (61.385.040) (33.526.674)
Efectul fiscal al diferen]elor temporare - -

Total (61.385.040) (33.526.674)

Note la situa]iile financiare


Cheltuiala curent` cu impozitul pe profit 72.260.576 257.558.251

Cheltuiala curent` cu impozitul pe profit 72.260.576 257.558.251

Efectul fiscal al diferen]elor temporare (334) (8.633)

Impozitul pe profit aferent perioadei curente conform IAS 72.260.242 257.549.618

b) Componentele mai importante ale (veniturilor)/cheltuielilor din impozite amânate cu efect fiscal temporar sunt
prezentate în urm`torul tabel:

mii lei
31 decembrie 2003 31 decembrie 2004

Subven]ii transferate la venituri 334 8.633

Total datorii privind impozitul pe profit amânat 334 8.633

61
13.7 CREDITE DE LA INSTITU}II FINANCIARE

mii lei
Credite de la institu]ii financiare 31 decembrie 2003 31 decembrie 2004

BA-CA Export Leasing GmbH (a) 31.590.907 16.927.055


HVB Leasing Romania SA (b) - 5.031.399
Banca European` de Investi]ii (c) 822.340.000 772.384.737
Kreditanstalt für Wiederaufbau (d) - 1.189.890.000

Total (Nota 3.2) 853.930.907 1.984.233.191

Credite de la alte b`nci

BA-CA Viena (Nota 3.1) (e) 3.419.330.367 8.378.854.277


Hypovereins Munich (f) 1.233.510.000 2.379.780.000

Total 4.652.840.367 10.758.634.277

a. BA-CA Export Leasing GmbH d. Kreditanstalt für Wiederaufbau


|mprumutul de la BA-CA Export Leasing GmbH (fosta La 27 decembrie 2001, Banca a semnat un contract de
Creditanstalt Leasing GmbH) este format din contracte de \mprumut cu Kreditanstalt für Wiederaufbau, \n valoare
leasing financiar, \ncheiate pentru achizi]ionarea de de 30.000.000 EUR, necesar finan]`rii proiectelor de
echipamente, mobilier [i autovehicule. investi]ii \n domeniul \ntreprinderilor mici [i mijlocii, a
Suma de 16.927.055 mii lei la 31 decembrie 2004 (31 infrastructurii municipalit`]ii, protec]iei mediului [i
decembrie 2003: 31.590.907 mii lei) reprezint` suma construc]iei de locuin]e.
datorat` c`tre BA-CA Export Leasing GmbH pentru La 31 decembrie 2004, dobånda datorat` aferent` era \n
mijloacele fixe cump`rate pe baz` de credit \n regim de suma de 8.485.106 mii lei.
leasing financiar.
e. BA-CA Viena
b. HVB Leasing Romania SA |mprumuturile acordate de c`tre BA-CA Viena au fost
|n anul 2004 banca a \ncheiat 3 contracte de leasing acordate sub forma de linii de refinan]are, cu scopul
financiar \n valoare total` de 5.031.399 mii lei \n scopul finan]`rii opera]iunilor proprii.
achizi]ion`rii de autoturisme. La 31 decembrie 2004, dobånda datorat` aferent`
\mprumuturilor de la BA-CA Viena era \n sum` de
c. Banca European` de Investi]ii 13.503.975 mii lei.
La 15 octombrie 2001, Banca a intrat \ntr-o facilitare de
credit \n valoare de 20 milioane EUR de la Banca f. Hypovereins Munich
European` de Investi]ii, cu scopul de a finan]a micii La 31 decembrie 2004 banca avea dou` \mprumuturi,
investitori. fiecare de cåte 30.000.000 EUR, contractate \n scopul
Dobånda datorat` aferent` este la 31 decembrie 2004 \n ob]inerii de surse de refinan]are.
suma de 1.088.297 mii lei (31 decembrie 2003: La 31 decembrie 2004, dobånda datorat` aferent`
3.710.700 mii lei). \mprumuturilor de la Hypovereins Munich era \n suma de
20.038.574 mii lei.

62
13.8 NUMERAR {I ECHIVALENT NUMERAR

mii lei
31 decembrie 2003 31 decembrie 2004

Disponibil \n casierie 260.975.046 327.866.645


Disponibil la BNR 3.419.343.372 5.027.061.661

Total numerar 3.680.318.418 5.354.928.306

Conturi de corespondent 104.131.185 379.945.710


Depozite la vedere la b`nci 50.000.000 715.166.000
Alte sume 14.438.162 4.827.785
Crean]e asupra institu]iilor de credit la vedere (Nota 14) 168.569.347 1.099.939.495

Depozite la b`nci centrale 1.040.000.000 4.400.000.000


Depozite la termen la b`nci 205.585.000 135.000.000
Depozite colaterale 4.895.284 4.397.908

Note la situa]iile financiare


Crean]e la termen acodate b`ncilor 585.170.441 460.714.937
Titluri primite \n pensiune livrat` - 1.000.173.667
Crean]e asupra institu]iilor de credit la termen (Nota 14) 1.835.650.725 6.000.286.512

Minus sume cu scaden]e mai mari de trei luni (590.065.725) (397.628.378)


Total crean]e asupra institu]iilor de credit la termen (Nota 14) 1.245.585.000 6.702.597.629

Efecte publice [i valori asimilate - 3.506.331.324


Minus sume cu scaden]e mai mari de trei luni - -
Total efecte publice [i valori asimilate (Nota 14) - 3.506.331.324

Obliga]iuni [i alte titluri cu venit fix (Nota 14) 1.758.782.843 1.744.286.551


Minus sume cu scaden]e mai mari de trei luni (1.724.624.536) (1.618.897.253)

Total obliga]iuni [i alte titluri cu venit fix (Nota 14) 34.158.307 125.389.298

Total echivalent numerar 1.448.312.654 10.334.318.251

Total numerar [i echivalent numerar 5.128.631.072 15.689.246.557

63
13.9 INDICATORI DE SOLVABILITATE de gradul lor de risc, inclusiv elementele \n afara
Banca \[i monitorizeaz` permanent resursele de capital bilan]ului, conform reglement`rilor \n vigoare. Nivelul de
conform reglement`rilor emise de Banca Na]ional` a solvabilitate al B`ncii la 31 decembrie 2004 a fost de
Romåniei. Indicatorii de solvabilitate sunt calcula]i pe 12,01 % (2003: 12,50% pentru capitalul de rangul 1 [i
baza informa]iilor financiare \ntocmite potrivit respectiv 15,08% pentru capitalul de rangul 2).
standardelor romåne[ti de contabilitate. Banca trebuie Reglement`rile \n vigoare la 31 decembrie 2004 ( Norma
s`-[i m`soare nivelul de solvabilitate raportånd nivelul 12/2003) impun un nivel minim al indicatorului de
fondurilor proprii la totalul activelor ponderate \n func]ie solvabilitate de 12% .

13.10 CONCENTRAREA EXPUNERII

a) Depozite la b`nci

Depozitele la alte b`nci la sfâr[itul perioadei erau:

mii lei

Descriere 31 decembrie 2003 31 decembrie 2004

B`nci din str`in`tate 4.895.284 633.563.908


B`nci str`ine înregistrate în România [i b`nci române[ti 255.585.000 221.000.000

Total (Nota 13.8) 260.480.284 854.563.908

b) Credite [i avansuri

Conform Reglement`rilor B`ncii Na]ionale a Romåniei, creditele acordate unui singur client nu pot dep`[i 20% din
capitalurile proprii calculate \n baza normelor romåne[ti de contabilitate, iar orice credit ce dep`[e[te 10% din
capitalurile proprii trebuie raportat.

13.11 VALOAREA JUST~ scaden]` [i a costurilor nesemnificative ale tranzac]iei.


Conform IAS 32 “Instrumente financiare: prezentare [i Depozitele la termen, creditele [i avansurile acordate
descriere” este obligatorie descrierea valorii juste a clien]ilor, biletele la ordin, garan]iile [i acreditivele sunt
activelor [i pasivelor financiare. Valoarea just` reprezint` \nregistrate la sume nete datorit` provizioanelor generale
acea sum` pentru care un activ poate fi schimbat sau care [i specifice, valoare considerat` a fi practic similar`
ar putea stinge o obliga]ie \ntre p`r]ile avizate [i valorii juste deoarece instrumentele respective sunt
interesate ale unei tranzac]ii din cadrul grupului de purt`toare de dobånd` la ratele de pia]`. |n consecin]`,
companii. Avånd \n vedere climatul economic romånesc, orice modificare \n valoarea just` a activelor financiare,
activele [i obliga]iile financiare ale B`ncii sunt afectate de datorit` modific`rii dobånzii, va atrage dup` sine [i o
devalorizarea leului romånesc \n compara]ie cu monezile modificare a valorii juste a obliga]iilor aferente.
str`ine, de nivelul pre]urilor de pia]` [i de ratele
dobånzii. Investi]iile financiare reprezint` participa]ii \n societ`]i
necotate [i obliga]iuni emise de Ministerul de Finan]e
Valoarea depozitelor pe termen scurt ale clien]ilor, pentru care nu exist` valoare de pia]`, precum [i obliga-
depozitelor de la alte b`nci [i a obliga]iunilor este ]iuni tranzac]ionate pe pia]a european`. Cu toate acestea,
apropiat` de valoarea just` datorit` termenelor scurte de conducerea consider` c` valoarea contabil` a acestora nu

64
13.12 INSTRUMENTE FINANCIARE [i cea a datoriilor purt`toare de dobånd` folosite pentru
Urm`toarele paragrafe prezint` pe scurt natura finan]area activelor respective. Perioada pe care se
activit`]ilor cu privire la instrumentele financiare [i men]ine rata dobånzii stabilite pentru un instrument
politicile adoptate de conducere \n acest sens. financiar indic`, prin urmare, \n ce m`sur` acesta este
expus riscului dobånzii. Restabilirea pre]ului pentru active
a) Riscul valutar [i pasive r`måne la latitudinea B`ncii. Instrumentele
Banca func]ioneaz` \n condi]ii de hiperinfla]ie [i financiare sunt purt`toare de dobånd` la rata pie]ei. Prin
efectueaz` tranzac]ii atåt \n moneda romåneasc` (Leul), urmare, se consider` c` valorile juste nu difer` \n mod
cåt [i \n valut`. Moneda romåneasc` a suferit o semnificativ de valorile contabile.
devalorizare accentuat`, activele nete exprimate \n lei fiind
expuse riscului de diminuare a valorii. c) Riscul de credit
Instrumentele financiare derivate ale B`ncii reprezint` |n cursul activit`]ii sale obi[nuite, Banca \[i asum` riscul
contractele Forward Swap si IRS [i tranzac]ii Spot de credit cu privire la \mprumuturile [i avansurile pe care
ne\nchise. Acestea reprezint` angajamentele contractuale le acord` clien]ilor, cu privire la plasamentele sale la alte
ale B`ncii de a achizi]iona sau a vinde valut` na]ional` sau institu]ii financiare [i alte elemente extra bilan]iere. Banca
str`in` la pre]uri fixe la o dat` viitoare precis`. Banca nu poate, de asemenea, suferi pierderi ca urmare a concentra]iei
a efectuat nici o tranzac]ie cu instrumente derivate semnificative a riscului de credit \ntr-un anumit sector sau
\ncorporate pån` la data de 31 decembrie 2004. domeniu de activitate, sau \ntr-o anumit` grupare

Note la situa]iile financiare


Aceste instrumente financiare sunt evaluate la valoarea economic`, \n contextul schimb`rii mediului economic din
just`, iar varia]iile favorabile (active) [i nefavorabile Romånia. Gestionarea riscului de credit se face cu
(datorii) ca urmare a modific`rii valorii juste sunt raportate regularitate prin urm`rirea atent` a respect`rii plafoanelor
\n contul de profit [i pierdere. Valoarea just` a de creditare [i prin evaluarea bonit`]ii debitorilor.
instrumentelor de]inute de Banc` este prezentat` \n nota
13.11. d) Riscul de lichiditate
Banca urm`re[te zilnic evolu]ia nivelului lichidit`]ilor
b) Riscul de rat` a dobånzii pentru a-[i putea achita obliga]iile la data la care acestea
Riscul ratei de dobånd` este compus din riscul de fluctua]ie devin exigibile. Analiza pe scaden]e a activelor [i pasivelor
\nregistrat \n valoarea unui anumit instrument financiar ca la 31 decembrie 2004 este prezentat` \n nota 14.
urmare a varia]iei ratelor dobånzii [i din riscul diferen]elor |mprumuturile [i liniile de credit sunt re\nnoite frecvent [i
dintre scaden]a activelor financiare purt`toare de dobånd` pot avea scaden]e mai mari decåt cele precizate \n nota 14.

d) Contracte standard [i derivative

mii lei
Valoarea na]ional` Valoarea just`
de contract Active Datorii
Perioada încheiat` la 31 decembrie 2003
Tranzac]ii Swap de devize 147.125.400 (618.445) 146.506.955
Tranzac]ii Forward de devize 907.737.414 (72.324.457) 835.412.957
Tranzac]ii Spot de devize 2.169.744 (1.049.141) 1.120.603

Total 1.057.032.558 (73.992.043) 983.040.515

Perioada încheiat` la 31 decembrie 2004


Tranzac]ii Swap de devize 134.796.600 (2.944.311) 131.852.289
Tranzac]ii Forward de devize 2.876.491.732 (172.031.200) 2.704.460.532
Tranzac]ii Spot de devize 277.953.227 - 277.953.227

Total 3.289.241.559 (174.975.511) 3.114.266.048

65
13.13 EVENIMENTE ULTERIOARE DATEI DE 31 DECEMBRIE 2004

Nu exist` evenimente semnificative ulterioare datei de 31 decembrie 2004 care s` necesite o ajustare a valorilor din
prezentele situa]ii financiare ale B`ncii.

14

ANALIZA PE SCADEN}E A ACTIVELOR {I PASIVELOR LA 31 DECEMBRIE 2003

\n mii Lei
Pån` la o lun` |ntre o lun` [i |ntre 3 luni [i |ntre 1 an [i Cu scaden]`
ACTIV inclusiv 3 luni inclusiv un an inclusiv 5 ani inclusiv Peste 5 ani nedefinit` TOTAL

Casa, disponibilit`]i la b`nci


centrale 3.680.318.418 - - - - - 3.680.318.418
Crean]e asupra institu]iilor de
credit - la vedere 168.569.347 - - - - - 168.569.347
Crean]e asupra institu]iilor de
credit - alte crean]e 1.262.126.319 39.055.303 148.871.875 380.701.944 - 4.895.284 1.835.650.725
Crean]e asupra clientelei 7.069.669.274 518.476.581 1.955.031.342 2.303.920.972 1.395.116.273 - 13.242.214.442
Minus: provizioane pentru credite (9.415.677) (726.459) (3.649.368) (3.742.973) (4.386.561) - (21.921.038)
7.060.253.597 517.750.122 1.951.381.974 2.300.177.999 1.390.729.712 - 13.220.293.404

Obliga]iuni [i alte titluri cu venit fix 1.734.265 32.424.042 147.273.975 1.512.376.282 64.974.279 - 1.758.782.843
Ac]iuni [i alte titluri cu venit variabil - - - - - 3.478.139 3.478.139
Participa]ii - - - - - 5.763.460 5.763.460
Mijloace fixe - - - - - 242.055.398 242.055.398
Alte active 73.852.359 - - - - 17.813.591 91.665.950
Cheltuieli \nregistrate \n avans
[i venituri angajate 28.302.640 4.905.818 19.442.042 36.122.194 5.055.385 - 93.828.079
Minus: provizion pentru
riscul de dobånd` (53.902) - - - - - (53.902)
28.248.738 4.905.818 19.442.042 36.122.194 5.055.385 - 93.774.177

Total active 12.275.103.043 594.135.285 2.266.969.866 4.229.378.419 1.460.759.376 274.005.872 21.100.351.861

66
\n mii Lei
Pån` la o lun` |ntre o lun` [i |ntre 3 luni [i |ntre 1 an [i Cu scaden]`
PASIV inclusiv 3 luni inclusiv un an inclusiv 5 ani inclusiv Peste 5 ani nedefinit` TOTAL

Datorii la vedere privind


institu]iile de credit 2.531.171.257 - - - - - 2.531.171.257
Datorii la termen privind
institu]iile de credit 850.749.867 - 72.839.585 2.473.880.557 2.126.508.358 - 5.523.978.367
Datorii la vedere privind clientela 4.422.348.296 - - - - - 4.422.348.296
Datorii la termen privind clientela 4.567.947.182 1.033.874.170 307.930.197 884.793.249 19.959.701 - 6.814.504.499
Depozite 4.567.021.397 1.031.673.133 277.153.090 64.766.271 19.959.701 - 5.960.573.592
Alte datorii 925.785 2.201.037 30.777.107 820.026.978 - - 853.930.907
Datorii constituite prin titluri - - - - - - -
Alte pasive 35.406.776 - 2.585.331 - - - 37.992.107
Venituri înregistrate în avans [i
datorii angajate 114.457.639 27.493.436 591.904 715.389 - - 143.258.368
Provizioane pentru riscuri [i
cheltuieli - - - - - - -
Credite subordonate [i datorii
ata[ate - - - - 284.734.348 - 284.734.348
Total datorii 12.522.081.017 1.061.367.606 383.947.017 3.359.389.195 2.431.202.407 - 19.757.987.242

Raport financiar
Capital social - - - - - 587.240.500 587.240.500
Rezultat reportat [i rezerve - - - - - 755.124.119 755.124.119

Total capitaluri proprii - - - - - 1.342.364.619 1.342.364.619

Total datorii [i capitaluri proprii 12.522.081.017 1.061.367.606 383.947.017 3.359.389.195 2.431.202.407 1.342.364.619 21.100.351.861

Risc de lichiditate (246.977.974) (467.232.321) 1.883.022.849 869.989.224 (970.443.031) (1.068.358.747) -

Deficit de lichiditate cumulat (246.977.974) (714.210.295) 1.168.812.554 2.038.801.778 1.068.358.747 - -

67
15

ANALIZA PE SCADEN}E A ACTIVELOR {I PASIVELOR LA 31 DECEMBRIE 2004

\n mii Lei
Pån` la o lun` |ntre o lun` [i |ntre 3 luni [i |ntre 1 an [i Cu scaden]`
ACTIV inclusiv 3 luni inclusiv un an inclusiv 5 ani inclusiv Peste 5 ani nedefinit` TOTAL

Casa, disponibilit`]i la b`nci


centrale 5.354.928.306 - - - - - 5.354.928.306
Efecte publice [i alte titluri
acceptate 1.244.266.537 2.262.064.787 - - - - 3.506.331.324
Crean]e asupra institu]iilor de
credit 6.651.654.481 50.943.148 211.024.359 182.206.111 - 4.397.908 7.100.226.007
Crean]e asupra clientelei 10.134.342.604 1.053.866.170 3.344.540.039 6.307.979.040 2.380.700.351 - 23.221.428.204
Minus: provizioane pentru credite (23.562.796) (1.099.522) (2.906.205) (6.837.614) (3.490.002) - (37.896.139)
10.110.779.808 1.052.766.648 3.341.633.834 6.301.141.423 2.377.210.349 - 23.183.532.065

Obliga]iuni [i alte titluri cu venit fix 42.078.763 83.310.535 284.898.500 1.245.622.178 88.376.575 - 1.744.286.551
Ac]iuni [i alte titluri cu venit variabil - - - - - 3.478.139 3.478.139
Participa]ii - - - - - 5.763.460 5.763.460
Mijloace fixe - - - - - 324.252.315 324.252.315
Alte active 205.157.206 - - - - 1.052.314 206.209.520
Cheltuieli \nregistrate \n avans
[i venituri angajate 117.563.924 38.277.535 29.240.553 33.534.091 4.958.215 - 223.574.318
Minus: provizion pentru
riscul de dobånd` (220.423) (6.077) (377) - - - (226.877)
117.343.501 38.271.458 29.240.176 33.534.091 4.958.215 - 223.347.441

Total active 23.726.208.602 3.487.356.576 3.866.796.869 7.762.503.806 2.470.545.139 338.944.136 41.652.355.128

68
\n mii Lei
Pån` la o lun` |ntre o lun` [i |ntre 3 luni [i |ntre 1 an [i Cu scaden]`
PASIV inclusiv 3 luni inclusiv un an inclusiv 5 ani inclusiv Peste 5 ani nedefinit` TOTAL

Datorii privind institu]iile de credit 4,632,021,549 34,523,997 902,013,963 9,113,361,898 1,479,774,545 - 16,161,695,952

Datorii privind clientela 19,740,805,989 384,448,754 206,134,759 1,758,039,284 195,829,847 - 22,285,258,633


Depozite 15,317,493,473 382,218,345 178,674,799 - - - 15,878,386,617
Alte datorii 4,423,312,516 2,230,409 27,459,960 1,758,039,284 195,829,847 - 6,406,872,016
Datorii constituite prin titluri - - - - - - -
Alte pasive 260,678,482 - 3,596,341 264,274,823
Venituri înregistrate în avans - - -
[i datorii angajate 167,481,032 36,022,603 15,495,589 - - - 218,999,224
Provizioane pentru riscuri [i
cheltuieli - - - - - - -
Credite subordonate - - - 274,665,429 198,315,000 - 472,980,429

Total datorii 24,800,987,052 454,995,354 1,127,240,652 11,146,066,611 1,873,919,392 - 39,403,209,061

Capital social - - - - - 587,240,500 587,240,500


Rezultat reportat [i rezerve - - - - - 1,661,905,567 1,661,905,567

Raport financiar
Total capitaluri proprii - - - - - 2,249,146,067 2,249,355,129

Total datorii [i capitaluri proprii 24,800,987,052 454,995,354 1,127,240,652 11,146,066,611 1,873,919,392 2,249,146,067 41,652,355,128

Risc de lichiditate (1,074,778,450) 3,032,361,222 2,739,556,217 (3,383,562,805) 596,625,747 (1,910,201,931) -

Deficit de lichiditate cumulat (1,074,778,450) 1,957,582,772 4,697,138,989 1,313,576,184 1,910,201,931 - -

69
INFORMA}II GENERALE
Informa]ii generale
Adrese \n Romånia
SEDIU CENTRAL ARAD ORADEA
HVB Bank Romania S.A. - BUCURE{TI Bd. Revolu]iei 72 Pia]a Unirii 2-4
Pia]a Charles De Gaulle 15 Telefon: +40 (0257) 206 565 Telefon: +40 (0259) 406 700
Telefon: +40 (021) 203 22 22 Fax: +40 (0257) 213 300 Fax: +40 (0259) 461 701
Fax: +40 (021) 230 84 85
BRA{OV PLOIE{TI
Str. Mure[enilor 2 Str. Unirii 6
SUCURSALE Telefon: +40 (0268) 506 280 Telefon: +40 (0244) 406 800
Fax: +40 (0268) 477 437 Fax: +40 (0244) 529 000
SUCURSALA MILLENNIUM
Calea Victoriei 88, CLUJ SIBIU
Bucure[ti, sector 1 Pia]a Unirii 10 Bd. Nicolae B`lcescu 25
Telefon: +40 (021) 307 93 00 Telefon: +40 (0264) 406 070 Telefon: +40 (0269) 206 830
Fax: +40 (021) 310 19 69 Fax: +40 (0264) 450 511 Fax: +40 (0269) 214 005

SUCURSALA DECEBAL CONSTAN}A TIMI{OARA


Bd. Unirii 80, Bl.J1 Tronson 1, Bd. Tomis 132 Pia]a Victoriei 2
Bucure[ti, sector 3 Telefon: +40 (0241) 606 100 Telefon: +40 (0256) 306 800
Telefon: +40 (021) 327 77 45 Fax: +40 (0241) 553 770 Fax: +40 (0256) 306 806
Fax: +40 (021) 327 77 44
IA{I
SUCURSALA UNIREA Str. Anastasie Panu 31
Piata Unirii 1, Telefon: +40 (0232) 206 240
Bucure[ti, sector 3 Fax: +40 (0232) 273 564
Telefon: +40 (021) 308 31 08
Fax: +40 (021) 316 58 08

71
Adrese \n Europa Central` [i de Est
HVB Central Profit Banka D. D. Bayerische Hypo-und Bayerische Hypo-und Vereinsbank HVB Bank Slovakia a.s.
Zelenih Baretki 24 Vereinsbank AG Tallinn Branch AG Vilnius Branch Mostova 6
71000 Sarajevo Liivalaia 13/15 Vilniaus gatve 35/3 814 16 Bratislava 1
Bosnia 10118 Tallinn 01119 Vilnius Slovakia
and Herzegovina Estonia Lithuania Tel.: (+42 12) 5969 1111
Tel.: (+387 33) 222 999 Tel.: (+37 2) 66 88 300 Tel.: (+370 5) 2745 300 Fax.: (+42 21) 5969 94 06
Fax: (+387 33) 253 690 Fax.: (+37 2) 66 88 309 Fax.: (+370 5) 2745 307 www.hvb-bank.sk
www.hvb.ba www.hvb.ee www.hvb.lt
Bank Austria Creditanstalt d.d.
HVB Bank Biochim AD Skopje Representative Office Bank BPH Ljubljana
1 Ivan Vazov Str. Dimitrie Cupovski 4-2/6 Towarowa 25 A, Smartinska 140
1026 Sofia 1000 Skopje 00 958 Warszawa, 1000 Ljubljana
Bulgaria Former Yugoslav Republic Poland Slovenia
Tel.: (+359 2) 92 69 210 of Macedonia Tel.: (+48 22) 531 80 00 Tel.: (+386 1) 5876 600
Fax.: (+359 2) 92 69 440 Tel.: (+389 2) 3215 130 Fax.: (+48 22) 531 9286 Fax.: (+386 1) 5876 552
www.biochim.com Fax.: (+389 2) 3215 140 www.bph.pl www.ba-ca.si

HVB Splitska Banka d.d. HVB Bank Hungary Rt. International Moscow Bank Hvb Bank Ukarine
Rudera Boskovica 16 Akademia utca 17 Prechistenskaya nab. 9 14-A, Vul. Yaroslaviv Val
21000 Split 1054 Budapest Moscow 119034 01034 Kyiv
Croatia Hungary Russia Ukraine
Tel.: (+385 21) 304 304 Tel.: (+36 1) 269 08 12 Tel.: (+70 95) 258 7258 Tel.: (+38 044) 230 3300
Fax.: (+385 21) 304 034 Fax.: (+36 1) 353 49 59 Fax.: (+70 95) 258 7272 Fax.: (+38 044) 230 3391
www.spliskabanka.hr www.hvb.hu www.imb.ru www.hvb.com.ua

HVB Bank Czech Republic a. s. HVB Bank Latvia AS. HVB Bank Serbia and Montenegro a.d.
Namesti Republiky 3a Elizabetes iela 63 Rajiceva 27-29
110 00 Praha 1 1050 Riga 11000 Beograd
Czech Republic Latvia Serbia and Montenegro
Tel.: (+420 2) 22 111 2111 Tel.: (+37 1) 7085 500 Tel.: (+381 11) 3204 500
Fax.: (+420 2) 22 111 9622 Fax.: (+37 1) 7085 507 Fax.: (+381 11) 3342 200
www.hvb.cz www.hvb.lv www.hvb.co.yu

72
Growth for success
2004 was a successful year of expansion for our banking group.
The upswing in the countries in Central and Eastern Europe has been accelerating, and
South-East Europe is experiencing dynamic growth. International economic integration
has further intensified. The reforms carried out with great determination in the past years
are now beginning to pay off. The first round of EU accession in May 2004, in particular,
attracted the world's attention to the achievements of this region and its promising
growth prospects.
Within our banking group, the past years saw the build-up of our network: in some
countries, operations merged to form efficient units, while in other countries banking
operations were newly established. In 2004, our efforts focused on the market. We have
launched a growth initiative, we are expanding. Taking into account local priorities and
opportunities, we want to become one of the leading universal banks in each country.
The Bank Austria Creditanstalt Group sees itself within HVB Group as the bank for a
growing Europe. Our network of more than 1,400 offices in 12 countries gives us an
extensive presence. Some 30,000 employees serve about 6.3 million customers. Our
corporate customers, wherever they are located, can use our services for their activities
in international markets. And our product specialists form a cross-regional network
providing a link between local banking and global financial markets.
We want to create value on a sustainable basis, through growth, efficiency for our
customers, and through productivity. We want to be among the very best in the financial
services industry and use know-how in the entire Group, wherever it is to be found. In
line with the motto "unity in diversity", Europe's growth is rooted in its cultural diversity.
Growth is our common objective.

74
75
MANAGEMENT REPORT
Management Report
Management Report
HVB Bank Romania is member of HVB Group, one of the most important European
financial institutions - the second private bank in Germany, the leader of the Austrian
banking market, through Bank Austria Creditanstalt, the main player in Central and
Eastern Europe.

With over 58,000 employees, 2,000 branches and 9,8 million clients, HVB Group means
capitalizing the position, the expertise and the power of some of the leading banks in
the region, supported by an international banking group’s strength and know-how.

Present in Romania since 1998, HVB Bank provides both the advantage of being well
acquainted with the local market and the membership to a major financial group. And
the main benefits for the clients are the top quality standardized products and services,
the integrated risk and the professional capital management.

HVB Bank is the only German bank operating under its own name on the Romanian
market. Through HVB Bank Romania, HVB Leasing and CA IB, the German group offers
a complete range of banking services, including financing solutions, cash management,
investment banking, etc., for both corporate and private customers.

At the end of 2004, HVB Bank registered total assets amounting to ROL 41,652 billion
(97% growth, compared to 2003) and a net profit of ROL 907 billion, with an increase
of 96% as compared to the results of the previous year. The ROE was of 40%, the
cost/income ratio – 37% and the income per employee – ROL 7,376 mio. The bank

77
served 27,500 clients through its 12 branches in the country, with 312 employees.

The results of last year show that HVB Bank followed its growth course and made
another major step forward. HVB Bank has won an important position on the
Romanian market due to a sustained development rhythm. During the last year,
important steps have been taken in terms of corporate offer and continuous
development of new retail products and innovative services.

Given the consistent development, HVB Bank will definitely continue to position itself
as a leader on the Romanian banking market and as a reliable partner for each of
its customers. A strong bank, which offers secure, flexible and innovative products
and services. A powerful institution, which owes its success both to its professional
devoted team and to its clients and partners who invested trust in HVB Bank. These
are our most important assets we wish to thank you all for.

Dan Pascariu Wolfgang Schoiswohl Roland Rechar


Chairman Deputy Chairman Member of the Board

78
REPORT ON THE DIVISIONS
Report on the divisions
Corporate Banking Division
“Last year was our best year”. Valid also for 2004, this leading the edge on Romania’s corporate syndications
statement, which became Corporate Banking Division’s market. Major transactions had been mandated and were
motto, is backed up by a policy oriented first towards the arranged for borrowers in the infrastructure sector, the oil
permanent improvement of the quality of the products and and gas industry, the brewery industry and the
services offered to the corporate clients. pharmaceutical industry.
The performances of the Corporate Banking Division at In 2004, HVB Bank Romania proved once more to be the
the end of 2004 are the natural confirmation of this policy, most active bank on the real estate transactions market,
applied into a more and more complex and dynamic having more than 100 clients and more than EUR 163
business environment, regarding both expectations and million in commercial real estate commitments (compared
demands. In 2004, our Corporate Banking Division to 78 clients and EUR 80 million at the end of 2003). Last
successfully proved also its innovation and quick reaction year, HVB Bank developed outstanding projects, as Cefin
capacity, and also the professionalism and efficiency in the Logistic Park financing (EUR 75 million – the total value of
way of responding to certain industries’ requirements, the project), the biggest logistic and distribution center in
where HVB Bank Romania holds an important expertise Bucharest, and also Plaza Romania financing, the biggest
(as energy sector, automotive industry, real estate finance, commercial center in Romania (EUR 45 million).
etc.) or to some segments of the market which are in full HVB Bank Romania continued to develop solutions for
expansion (small and medium sized companies’ segment, cash management, with the view of reducing clients’ costs.
for example). These solutions refer to data quality improvement, cash
By the end of 2004, the corporate clients portfolio was monitoring and control, and optimising current account
made of 1,300 companies, 37% increase compared to operations.
2003. Regarding the key accounts segment, HVB Bank In particular for key accounts, the extension of electronic
Romania consolidated its considerable market share, applications usage had as consequence an increased
increasing with 30% the volume of clients portfolio, while volume of electronic payments, 60% more than in 2003,
on the small and medium-sized companies market the and also in the total volume of payments (80%).
portfolio volume increased with more than 35%, reaching HVB Bank Romania Corporate Banking Division benefited
a number of more than 900 clients. also by the experience and know-how that are defining a
In the same time, the total of loans portfolio, granted to major international banking group, and all these facts
corporate customers, was around EUR 830 million, allowed HVB Bank Romania to offer to its clients
meaning a 57% increase compared to 2003. innovative, complex solutions, at a regional level.
Together with Bank Austria Creditanstalt, HVB Bank was

81
Retail Banking Division
In 2004, HVB Bank Romania has focused more in Romania. After 17 months of activity the value of the
intensively on the Retail segment, bringing the bank investments reached 56 Million EUR , while the assets
closer to its customers: the opening of new branches, the continue to be rapidly growing.
launching of new products, new partnerships with Real
Estate Developers and Mobile Sales Force are just a few The Card Department received the No-Cash Award for
of 2004 activity’s milestones. the “Issuer with Most Active Cards”, while at the end of
2004, the number of active cards was 97% higher than at
Throughout the year a new set of products became the end of 2003.
available to clients: the Car Loan and the Packages for
Professionals in March, the Study Loan in July, the The new opened branches (Unirea in Bucharest, the
Savings Accounts in November. branch in Ploiesti, and the branch in Arad) created the
An agreement with the European Bank for opportunity of covering new areas in Romania and the
Reconstruction and Development was signed in 2005 strategy is to open more branches.
December, providing financing for a new loan product to During 2004, the Retail Banking Division of HVB Bank
be launched in 2005: the second house financing with Romania recorded impressive evolutions in all segments
mortgage. (as compared to the end of 2003): the volume of the loan
portfolio increased with 270%, the number of lending
The Info Center went live in July as part of the customer- clients with 535%, the total number of clients with 65%
care program and since then continuously updated and the primary funds with 40%. The Operating Income
clients and non-clients about Retail lending products and increased with 140% on a year-on-year basis.
provided them with the best financing solutions according
to their needs. At the same time, another division (the The desire to offer to the clients high quality and
Retail Lending Department) was created in order to diversified services created a series of projects that will
facilitate the processing of loans brought by HVB’s Mobile be implemented in 2005: the opening of new branches,
Sales Force partner – Gemini Capital Consult. the settling of new channels of distribution and strategic
partnerships, the launch of new products, the
The Private Banking Department, established in 2003 to centralization of back-office activities and the processes
provide financial planning and client advising on streamlining to name just a few of the Retail Banking
investments optimization for clients with net liquid assets Division’s priorities for 2005.
of over EUR 75,000, continued to rank among the top 5

82
Report on the divisions
Treasury division
In 2004 once more, a good handling of the market a good assessment of the yield curve and the consequent
volatility secured a generous level of revenues on the policies.
trading side. The opening of the market towards the end
of 2004 was very well received, giving the Treasury Continuing its strong focus of servicing corporate
Department the opportunity to exceed expectations. HVB customers, HVB Bank increased and improved its sales
Bank continued to maintain its market-maker position force in 2004. The Sales Desk offered our customers high
and was able to add new customers to the client base. level services and the full range of products available in
the market. The evolution of the market at the end of
The Assets and Liabilities Management was able to fund 2004 increased the demand of FX-risk hedging know-how
the ever-increasing loan portfolio with a proper mix of and instruments.
refinancing: primary funds, refinancing lines and
inter-bank market. While keeping a healthy liquidity On the Capital Markets, although in 2004 there were less
position, the Assets and Liabilities Management was able bond issues than in 2003, HVB Bank co-arranged the
to contribute to the Treasury Department's profit through biggest municipality bond issue, the municipality of Oradea.

83
HUMAN RESOURCES
Human resources
Human Resources
The number of employees increased by 38% during 2004 organization. Internal training programs are designed to
and reached 312 by end of December 2004. The new improve the competence of our current employees and to
recruted employees followed a structured and intensive increase the quality of their service to our customers, as
training plan within the bank’s Headquarters in Bucharest, well as to support the diversification of our products and
in order to perform in line with HVB’s standards and services. Rewarding high performance and sustained
organizational culture. efforts is one of our primary goals.

Our human resources strategy is aiming to have motivated, We will continue to implement world-class learning and
committed and proficient employees within HVB Bank in development programs to allow all of our employees to
order to support the continuous developments of our maintain and upgrade their skills and knowledge.

85
FINANCIAL REPORT
Financial report
Auditor’s report
We have audited the accompanying balance sheet of HVB and perform the audit in order to obtain reasonable
BANK ROMANIA S.A. (“the Bank”) as of December 31, assurance about whether the financial statements are
2004 and the related statements of profit and loss, free of material misstatement. An audit includes
changes in shareholders’ equity and cash flows for the examining, on a test basis, evidence supporting the
financial year then ended, which reflect: amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles
ROL used and significant estimates made by management, as
thousands well as evaluating the overall financial statement
• total assets 41,652,355,128 presentation. We believe that our audit provides a
• total shareholders’ equity reasonable basis for our opinion.
net assets 2,249,146,067
• total income 3,115,287,614 In our opinion, the accompanying financial statements
• net profit for the year 906,781,448 present fairly, in all material respects, the financial
position of HVB BANK ROMANIA S.A. as of December 31,
The accompanying financial statements are the 2004 and the results of its operations, changes in
responsibility of Bank’s management and are prepared in shareholders’ equity and cash flows for the year then
accordance with the Romanian Statutory Accounting ended in accordance with Romanian Statutory
Requirements (“RAS”) comprising the accounting law no. Accounting Requirements, comprising the accounting law
82/1991, the Ministry of Public Finance and National no. 82/1991, the Ministry of Public Finance and National
Bank of Romania Order no. 1982/5/2001 and the Ministry Bank of Romania Order no. 1982/5/2001 and the Ministry
of Public Finance Order no. 1827/2003. Our of Public Finance Order no. 1827/2003.
responsibility is to express an opinion on these financial
statements based on our audit. Without qualifying our opinion, we draw attention to the
following:
We conducted our audit in accordance with International
Standards on Auditing and in accordance with the • As presented in Note 1.1 to the financial statements,
Auditing Standards issued by the Romanian Chamber of during the year 2000 Romania started the process of
Auditors in accordance with Romanian legislation harmonising its accounting principles with the Fourth
regarding auditing. Those standards require that we plan Directive of the European Community and International

87
accounting requirements issued by the Ministry of Public presentation and IAS 39 “Financial Instruments –
Finance are designed to address the fiscal needs of the Recognition and Measurement”. As a result, these
Ministry of Public Finance and are applicable in Romania financial statements may not express a true and fair view
only. Such newly issued regulations do not address the of the financial position of the Bank, the results of its
requirements of all IFRS and are different in some aspects operation, the changes in shareholder’s equity, nor its
from the IFRS, in particular matters relating to IAS 29 cash flows in accordance with IFRS. Accordingly, these
“Financial Reporting in Hyper-inflationary Economies”, financial statements should not be used by any party who
IAS 32 “Financial Instruments – Disclosure and is not aware of the above.

Deloitte Audit SRL


Bucharest, May 27, 2005

88
BALANCE SHEETS
AS AT DECEMBER 31, 2003 AND DECEMBER 31, 2004

in ROL thousands / in EUR thousands*


2003 2004 2003* 2004*

ASSETS

Petty cash, cash at banks (Note 13.8) 3,680,318,418 5,354,928,306 89,508 135,011

Public bills of exchange and other bonds accepted for refinance at central banks - 3,506,331,324 - 88,403
Public bills of change and assimilated values (Notes 3.5; 4) - 3,506,331,324 - 88,403
Other bonds accepted for refinance at central banks - - - -

Receivables from credit institutions (Notes 3.1; 3.4) 2,004,220,072 7,100,226,007 48,744 179,014
At sight (Note 3.4) 168,569,347 1,099,939,495 4,100 27,732
Other receivables (Notes 3.1; 3.4) 1,835,650,725 6,000,286,512 44,644 151,282

Receivables from customers (Note 3.3) 13,220,293,404 23,183,532,065 321,529 584,513

Debentures and other fixed income bonds (Notes 3.5; 4) 1,758,782,843 1,744,286,551 42,775 43,978
Issued by public organisations (Notes 3.5; 4) 559,815,712 859,003,525 13,615 21,658
Issued by others institutions, out of which: 1,198,967,131 885,283,026 29,160 22,320
Own debentures - - - -

Financial report
Shares and other variable income securities (Note 4.3) 3,478,139 3,478,139 85 88

Investments, out of which (Note 4.3): 5,763,460 5,763,460 140 145


Investments in credit institutions - - - -

Shares in related parties, out of which: - - - -


Shares in credit institutions - - - -

Intangible assets, out of which (Note 5) 88,940,113 110,702,024 2,163 2,791


Set-up expenses (Note 5) 15,933 16,363,704 - 413
Good will - - - -

Tangible assets, out of which (Note 5) 153,115,285 213,550,291 3,724 5,384


Land and buildings used for own activities (Note 5) 69,650,477 87,584,050 1,694 2,208

Subscribed and not paid-in share capital - - - -

Own shares - - - -

Other assets (Note 2.3) 91,665,950 206,209,520 2,229 5,199

Prepayments and accrued income (Note 2.4) 93,774,177 223,347,441 2,281 5,631

TOTAL ASSETS (Note 14) 21,100,351,861 41,652,355,128 513,178 1,050,157

* The EURO figures are obtained by converting the ROL figures using the NBR rate of exchange of 41,117 ROL/EUR available
as of December, 31, 2003 and of 39,663 ROL/EUR available as of December, 31 2004. The EURO figures are presented for
information purpose only and were not audited by Deloitte Audit SRL.

89
BALANCE SHEETS
AS AT DECEMBER 31, 2003 AND DECEMBER 31, 2004

in ROL thousands / in EUR thousands* 2003 2004 2003* 2004*

LIABILITIES

Liabilities over credit institutions (Note 3.4) 8,055,149,624 16,161,695,952 195,908 407,475
At sight (Note 3.4) 2,531,171,257 4,080,243,775 61,560 102,873
At term (Note 3.1) 5,523,978,367 12,081,452,177 134,348 304,602

Liabilities over customers (Note 3.1) 11,236,852,795 22,285,258,633 273,290 561,866


Deposits, out of which: 6,930,676,429 15,878,386,617 168,560 400,333
At sight (Note 3.1) 970,102,837 2,114,146,828 23,594 53,303
At term (Note 3.1) 5,960,573,592 13,764,239,789 144,966 347,030
Other liabilities, out of which: 4,306,176,366 6,406,872,016 104,730 161,533
At sight (Notes 3.1; 3.2) 3,452,245,459 4,422,190,596 83,962 111,494
At term (Notes 3.1, 3.2) 853,930,907 1,984,681,420 20,768 50,039

Liabilities from bonds - - - -


Interbanking market bonds, debentures, negotiable bonds - - - -
Other bonds - - - -

Other liabilities (Note 2.3) 37,992,107 264,274,823 924 6,663

Unearned income and accrued expenses (Note 2.4) 143,258,368 218,999,224 3,484 5,521

Provisions for risks and charges, out of which: - - - -


Provisions for pensions and similar debts - - - -
Other provisions - - - -

Subordinated debts (Note 3.6) 284,734,348 472,980,429 6,925 11,925

Subscribed and paid-in share capital (Note 6) 587,240,500 587,240,500 14,282 14,806

Share premium - - - -

Reserves (Notes 2.2; 7) 494,260,420 642,242,080 12,021 16,193


Legal reserves (Note 2.2) 197,838,657 197,838,657 4,812 4,988
Statutory and contractual reserves - - - -
General reserve for credit risk (Note 2.2) 264,843,499 412,825,159 6,441 10,408
Other reserves - - - -
Mutual guarantee reserve - - - -
Other reserves (Note 2.2) 31,578,264 31,578,264 768 796

Revaluation reserves - - - -

Retained profit/(loss)
Profit (Note 13) 60,314,475 260,863,699 1,467 6,577
Loss - - - -
Profit/(loss) for the financial year
Profit (Note 13) 462,322,222 906,781,448 11,244 22,862
Loss - - - -

Profit allocation (Note 7) (261,772,998) (147,981,660) (6,367) (3,731)

TOTAL LIABILITIES (Note 14) 21,100,351,861 41,652,355,128 513,178 1,050,157

* The EURO figures are obtained by converting the ROL figures using the NBR rate of exchange of 41,117 ROL/EUR available
as of December, 31, 2003 and of 39,663 ROL/EUR available as of December, 31 2004. The EURO figures are presented for
information purpose only and were not audited by Deloitte Audit SRL.

90
OFF BALANCE SHEETS
FOR THE YEARS ENDED DECEMBER 31, 2003 AND DECEMBER 31, 2004

in ROL thousands / in EUR thousands* 2003 2004 2003* 2004*

OFF BALANCE SHEET ITEMS

Contingent liabilities, out of which (Note 12) 1,984,357,161 3,510,724,646 48,262 88,514
Endorsements and acceptances (Note 12) 1,320,665,433 2,118,575,138 32,120 53,414
Guarantees and pledged assets (Note 12) 663,691,728 1,392,149,508 16,142 35,099

Commitments, out of which (Note 12) 5,612,621,487 8,661,247,958 136,504 218,371


Commitments for REPO transactions - - - -

* The EURO figures are obtained by converting the ROL figures using the NBR rate of exchange of 41,117 ROL/EUR available
as of December, 31, 2003 and of 39,663 ROL/EUR available as of December, 31 2004. The EURO figures are presented for
information purpose only and were not audited by Deloitte Audit SRL.

Financial report

91
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2003 AND DECEMBER 31, 2004

in ROL thousands / in EUR thousands* 2003 2004 2003* 2004*

Interest income and assimilated income, out of which (Note 9.1) 1,047,338,779 2,034,627,972 25,472 51,298
From debentures and other fixed income bonds (Note 9.1) 177,202,345 397,019,459 4,310 10,010

Interest expense and assimilated expenses (Note 9.1) (345,486,260) (742,345,468) (8,403) (18,716)

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) 290,783,975 442,615,618 7,072 11,159

Commission expenses (Note 9.2) (35,437,056) (51,163,942) (862) (1,290)

Net profit/(loss) from financial operations (Note 9.3) 101,015,917 129,560,998 2,457 3,267

Other operating income (Note 9.4) 12,701,166 5,096,857 309 129

General administrative expenses (Notes 9.5; 9.6) (445,436,758) (556,769,971) (10,833) (14,038)
Personnel expenses, out of which (Note 9.5) (155,222,696) (217,964,516) (3,775) (5,495)
Salaries (Note 9.5) (100,521,177) (142,104,543) (2,445) (3,583)
Social security charges, out of which (Note 9.5) (32,158,547) (42,831,292) (782) (1,080)
Pension expenses (Note 9.5) (19,375,262) (25,565,488) (471) (645)
Other administrative expenses (Note 9.6) (290,214,061) (338,805,455) (7,058) (8,543)

Corrections over tangible and intangible assets value (Note 9.7) (34,737,760) (68,027,052) (845) (1,715)

Other operating expenses (Note 9.4) (44,061,754) (54,578,070) (1,0720 (1,376)

Corrections over the value of receivables and provisions for contingent


liabilities and commitments (Note 9.7) (330,834,599) (478,072,045) (8,046) (12,053)

Income from the reversal of and provisions for contingent liabilities


and commitments (Note 9.7) 317,906,489 462,953,543 7,732 11,672

Provision for financial assets, investments


and shares in related parties (Note 9.9) (27,485) - (1) -

Income from reversal of provisions for financial assets, investments


and shares in related parties (Note 9.9) 857,812 40,432,626 21 1,019

CURRENT ACTIVITY PROFIT/(LOSS)


Profit (13.5) 534,582,464 1,164,331,066 13,001 29,356
Loss - - - -
Tax on profit (Note 13.5) (72,260,242) (257,549,618) (1,757) (6,494)

* The EURO figures are obtained by converting the ROL figures using the NBR rate of exchange of 41,117 ROL/EUR available
as of December, 31 2003 and of 39,663 ROL/EUR available as of December, 31 2004. The EURO figures are presented for
information purpose only and were not audited by Deloitte Audit SRL.

92
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2003 AND DECEMBER 31, 2004

in ROL thousands / in EUR thousands* 2003 2004 2003* 2004*

CURRENT ACTIVITY PROFIT/(LOSS) AFTER TAX


Profit (Note 13.5) 462,322,222 906,781,448 11,244 22,862
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 1,770,604,138 3,115,287,614 43,063 78,544

Total expenses (1,236,021,674) (1,950,956,548) (30,062) (49,188)

Financial report
GROSS PROFIT/(LOSS) FOR THE YEAR
Profit 534,582,464 1,164,331,066 13,001 29,356
Loss - - - -
Profit tax (Notes 13.5; 13.6) (72,260,242) (257,549,618) (1,757) (6,494)
Expenses with tax on current profit (72,260,576) (257,558,251) (1,757) (6,494)
Expenses with tax on deferred income - - - -
Revenues from tax on deferred income 334 8,633 - -
Other taxes which are not mentioned in the above elements - - - -

NET PROFIT/(LOSS) FOR THE FINANCIAL YEAR


Profit 462,322,222 906,781,448 11,244 22,862
Loss - - - -
Result per share
Basic - - - -
Diluted - - - -

* The EURO figures are obtained by converting the ROL figures using the NBR rate of exchange of 41,117 ROL/EUR available
as of December, 31 2003 and of 39,663 ROL/EUR available as of December, 31 2004. The EURO figures are presented for
information purpose only and were not audited by Deloitte Audit SRL.

93
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2003 AND DECEMBER 31, 2004

in ROL thousands / in EUR thousands* 2003 2004 2003* 2004*

NET RESULT OF THE YEAR (Note 13.5) 462,322,222 906,781,448 11,244 22,862
Components of net profit/(loss) that do not generate cash flows
for the operating activity
± provisions 10,375,445 16,148,076 252 407
± depreciation expenses (Note 9) 34,737,761 68,027,052 845 1,715
± other adjustments for items that do not generate cash flows - - - -
± adjustments for items included in investment and financial activities (Note 3) 42,921,018 63,164,568 1,044 1,593
± other adjustments (Note 13) 72,260,424 257,549,619 1,757 6,493

Sub - total 622,616,688 1,311,670,762 15,143 33,070


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 (Note 3) (1,023,907,310) 254,370,878 (24,902) 6,413
± receivables from credit institutions (Note 3) (585,066,505) 192,437,347 (14,229) 4,852
± receivables from customers (Note 3) (7,737,996,002) (9,979,213,762) (188,195) (251,600)
± accrued receivables (Note 2) (3,820,072) (129,746,239) (93) (3,271)
± other assets of operating activity (Note 2) (89,582,384) (114,543,570) (2,179) (2,888)
± debts over credit institutions (Note 3) 6,285,341,421 8,106,546,328 152,865 204,386
± debts over the customers (Note 3) (4,995,079,007) 11,048,405,838 (121,485) 278,558
± accrued payables (Note 2) 73,077,498 75,740,856 1,777 1,910
± other liabilities of operating activity (Note 2) (8,200,138) 200,651,965 (199) 5,059
- cash payments of profit tax (Note 13.5) (63,964,029) (231,918,867) (1,556) (5,847)

Cash flow from operating activity (7,526,579,840) 10,734,401,536 (183,053) 270,641

Cash flow from investing activity


- cash payments for purchase of branches (Note 5) (5,922,779) - (144) -
+ cash receipts from sale of branches - - - -
+ cash receipts from received dividends - - - -
- cash payments for purchase of bonds as financial assets (Note 3) (68,726,409) (148,643,595) (1,671) (3,748)
+ 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 (Note 5) (129,683,673) (213,388,537) (3,154) (5,380)
+ 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 (204,332,861) (362,032,132) (4,970) (9,128)

* The EURO figures are obtained by converting the ROL figures using the NBR rate of exchange of 41,117 ROL/EUR available
as of December, 31 2003 and of 39,663 ROL/EUR available as of December, 31 2004. The EURO figures are presented for
information purpose only and were not audited by Deloitte Audit SRL.

94
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2003 AND DECEMBER 31, 2004

in ROL thousands / in EUR thousands* 2003 2004 2003* 2004*

Cash flow from financing activity


+ cash receipts from bonds and subordinated debts (Note 3) - 188,246,081 - 4,746
- 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 - 188,246,081 - 4,746

Cash at the beginning of period (Note13.8) 12,859,543,773 5,128,631,072 312,755 129,305


± Cash flow from operating activity (Note 13.8) (7,526,579,840) 10,734,401,536 (183,053) 270,641
± Cash flow from investment activity (204,332,861) (362,032,132) (4,970) (9,128)
± Cash flow from financing activity (Note 3) - 188,246,081 - 4,746
± Changes of foreign exchange rates – effect on cash - - - -

Financial report
Cash at the end of period (Note 13.8) 5,128,631,072 15,689,246,557 124,733 395,564

* The EURO figures are obtained by converting the ROL figures using the NBR rate of exchange of 41,117 ROL/EUR available
as of December, 31 2003 and of 39,663 ROL/EUR available as of December, 31 2004. The EURO figures are presented for
information purpose only and were not audited by Deloitte Audit SRL.

95
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED DECEMBER 31, 2004

Increase
in ROL thousands Balance at Total,
January 1 out of which transfer

Subscribed capital (Note 6) 587,240,500 - -


Share capital premium - - -
Legal reserves (Note 2.2) 197,838,657 - -
Statutory and contractual reserves - - -
General reserves for credit risk (Note 2.2) 264,843,499 - -
General banking risks reserves (Note 2.2) - 147,981,660 147,981,660
Revaluation reserve - - -
Own shares reserves - - -
Conversion reserves - - -
Other reserves (Note 2.2) - - -
Mutual guarentee reserve - - -
Other reserves 31,578,264 - -
Funds - - -
Retained earnings
Unallocated profit (Note 13) 25,641,089 200,549,224 200,549,224
Uncovered loss - - -
Retained earnings from first use of IAS less IAS 29
Credit balance (Note 13) 34,673,386 - -
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 (Note 13) 200,549,224 906,781,448 -
Debit balance - - -

96
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED DECEMBER 31, 2004

Decrease
in ROL thousands Total, Balance at
out of which transfer Decembre 31

Subscribed capital (Note 6) - - 587,240,500


Share capital premium - - -
Legal reserves (Note 2.2) - - 197,838,657
Statutory and contractual reserves - - -
General reserves for credit risk (Note 2.2) - - 264,843,499
General banking risks reserves (Note 2.2) - - 147,981,660
Revaluation reserve - - -
Own shares reserves - - -
Conversion reserves - - -
Other reserves (Note 2.2) - - -
Mutual guarentee reserve - - -
Other reserves - - 31,578,264
Funds - - -
Retained earnings
Unallocated profit (Note 13) - - 226,190,313
Uncovered loss - - -
Retained earnings from first use of IAS less IAS 29

Financial report
Credit balance (Note 13) - - 34,673,386
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 (Note 13) 348,530,884 348,530,884 758,799,788
Debit balance - - -

97
NOTES TO THE FINANCIAL STATEMENTS
Notes to the financial statements
1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1.1 BASIS OF PREPARATION OF THE financial statements. The effects resulted from the application
FINANCIAL STATEMENTS of IAS 39, if there are some, are recorded in the Statements
These financial statements are the responsibility of the of Changes in Shareholders’ Equity. Further information
Bank’s management and are prepared in accordance with is disclosed in the accounting policies related to the derivative
the Romanian statutory accounting requirements and the financial instruments and risks diminution.
Ministry of Public Finance’s (MoF) and National Bank of
Romania Order no. 1982/5/ October 2002 (MoF 1982/5). Before the application of IAS 39, all financial assets and
These require that the financial statements should be liabilities, except for the transaction titles, were evaluated
prepared in accordance with: at amortized cost, respectively at cost, and only those
depreciations, which were considered permanent, were
• Accounting Law no. 82/1991 (revised) recorded.
• General requirements regarding the preparation of the
financial statements as stipulated by OMF 1982/5 and IAS 39 was applied prospectively as stipulated by this
• International Accounting Standards (IAS) issued by the standard and that is why the comparatives were not restated.
Commission for International Accounting Standards.
ORDER OF MINISTRY OF PUBLIC FINANCE AND NATIONAL
The financial statements are prepared under the historical BANK OF ROMANIA NO. 1982/5/2001 (“ACCOUNTING
cost convention, with the exceptions presented at accounting REGULATIONS HARMONIZED TO 86/635 DIRECTIVE OF
policies paragraph, as for the revaluation of certain financial EUROPEAN ECONOMIC COMMITTEE AND TO
assets and financial liabilities held for trading, available- INTERNATIONAL ACCOUNTING STANDARDS”)
for-sale investment securities and share capital.
The Ministry of Public Finance and National Bank of
Starting with 2001, IAS 39 „Financial Instruments, Romania Order no. 1982/5/2001 (MoF 1982/5) is applicable
recognition and evaluation” became applicable. The beginning with financial statements of year 2001 for the
management of the Bank decided that the application of banks which meet the criteria set out in the Ordinance.
IAS 39 provisions would not affect significantly the bank’s According to MoF 1982/5/2001, financial statements will
be elaborated at historical cost.

99
1.2 SIGNIFICANT ACCOUNTING POLICIES
The Bank’s present financial statements are prepared using the cost of the assets over their estimated useful lives:
the following accounting principles: • Leasehold improvements 8.33%-10.62%
• Going Concern – the Bank will continue its activity as • Equipment 11.11% - 33.33%
normal in a foreseeable future, without being in the • Furniture 6.67%
impossibility to continue its activity or significantly • Other 4%-20%
reduce it; Intangible assets consist of software, which is amortised
• Consistency – the same rules and norms should be over a period of three years.
consistently applied to evaluation, recording and Intangible assets in progress and the related advances
presentation of the balance sheet items and the statement consist of software projects, which are to be implemented
of operations assuring the compatibility in time of the and used in future.
accounting information; Tangible assets in progress represent mainly improvement
• Prudence principle – value of each item should be workings regarding the new branches’ locations.
calculated based on prudence principle. Especially: Assets held under finance leases are capitalised and
a) Only profits recognised before the period end will be depreciated over their expected useful lives on the same
considered; basis as owned assets.
b) All foreseeable obligations and potential losses arisen Impairment of property, plant and equipment is based on
during the current or prior periods (even if these the provisions of IAS 36 “Impairment of Assets”. IAS 36
obligations or losses appear between the period end requires that when the carrying amount of an asset exceeds
and the balance sheet date) will be considered; its recoverable value an impairment loss should be
c) All adjustments regarding impairments will be taken recognised. The recoverable amount is considered to be
into account, regardless the effect over the result of the the higher of value in use and its net selling price.
period; As at December 31, 2004, the Bank does not hold lands or
• Separate evaluation of assets and liabilities – each buildings.
balance sheet position will be calculated separately;
• Matching principle – opening Balance equals prior year Impairment of assets Long-term assets, other than deferred tax
closing Balance, except for corrections imposed by IAS 8 assets and financial assets are tested for impairment in
“Net Profit or Loss for the Period, Fundamental Errors and accordance with IAS 36 “Impairment of Assets”.
Changes in Accounting Policies”; IAS 36 requires an impairment loss to be recognised
• Offsetting principle - values of assets cannot be offset whenever carrying value of an asset exceeds its recoverable
against values of liabilities, the same for expenses and amount. Recoverable amount of an asset is the higher of
revenues, except for the ones accepted by IAS; its net selling price and value in use. Value in use of an
• Substance over form principle – information presented asset is the present value of estimated future cash flows
in Financial Statements should reflect the economic expected from the continuing use of an asset and from its
substance of events and transactions, not merely the disposal at the end of the its life period.
legal form; In addition IAS 36 allows subsequent restoration of the
• Materiality principle – every item with a material value portion of carrying values if the impairment conditions
must be presented separately in the Financial Statements. cease to exist.
Items with immaterial value and same nature or similar
functions should be aggregated, their separate presentation Leasing Leases are classified as finance leases
not being necessary. whenever the terms of the lease transfer substantially all
the risks and rewards of ownership to the lessee. All other
Currency used for All amounts are presented in ROL thousand. leases are classified as operating leases.
presentation
Assets held under finance leases are recognised as assets
of the Bank at their fair value at the date of acquisition.
Interest income, interest expense, other
Income and expense The corresponding liability to the lessor is included in the
recognition
operating income and other operating balance sheet as a finance lease obligation. Finance costs,
expenses are recognised on an accrual basis and not on a which represent the difference between the total leasing
cash basis. commitments and the fair value of the assets acquired, are
charged to the income statement over the term of the
Fixed assets and Asset with acquisition cost more than relevant lease so as to produce a constant periodic rate of
intangible assets
fifthteen ROL million and an estimated useful charge on the remaining balance of the obligations for each
life exceeding one year are capitalised. Assets with accounting period.
acquisition cost less than fifthteen ROL million are expensed. Rentals payable under operating leases are charged to
Fixed assets are recorded at cost and depreciated on a income on a straight-line basis over the term of the
straight-line basis at the following annual rates to write off relevant lease.

100
Inventories Inventories are recorded at the lower of cost the borrowers and reflecting the current economic climate
and net realisable value. Cost is determined by first in first in which the borrowers operate. When a loan is
out (FIFO) cost method for all types of stocks. Net realisable uncollectable, it is written off against the related provision.
value is estimated on selling price in the normal course of Subsequent recoveries are credited to the bad and doubtful
activity less necessary selling expenses. debt expense.

Originated loans andLoans originated by the Bank providing Provisions for Provisions for doubtful debts are based on
provision for loans money to the borrower or to a sub- doubtful debts evaluations of loans and advances as at
participation agent at draw down are categorised as loans December 31, 2004 and December 31, 2003, respectively,
originated by the Bank and are carried at amortised cost. including the accrued interest. Provisions have been
All loans and advances are recognised when cash is recognised as an expense, charged against income and
advanced to borrowers. deducted from the total amount of loans and advances and
Provision for loans is established when there is objective accrued interest.
evidence that the Bank will not be able to collect all amounts Specific provisions are made against the loans and advances
due. The provision is the difference between the carrying and accrued interest receivable, which are considered to
amount and the recoverable amount, where the recoverable be bad and doubtful using a NBR methodology. For loans
amount is the present value of expected future cash flows, and receivable the approach assesses both the debt service

Notes to the financial statements


including amounts recoverable from guarantees and record, in terms of the timeliness of payments of either
collateral, discounted based on the interest rate at inception. interest or principal, and the initiation of legal procedures
The loan loss provision also covers losses where there is of loans in litigation. The assessment is different depending
objective evidence that probable losses are present in on the type of loans granted to banking or non-banking
components of the loan portfolio at the balance sheet date. customers.
These have been estimated based upon historical patterns The combined assessment results in the classification of
of losses in each component, the credit ratings allocated to the loans into five categories as follows:

Legal proceedings
not initiated

Loan category No. of days overdue Provision rate (%)


Banking sector Non-banking sector

Standard max. 3 days max. 15 days 0%


Watch - 16 - 30 days 5%
Substandard 4 - 15 days 31 - 60 days 20%
Doubtful 16 - 30 days 61 - 90 days 50%
Loss min. 31 days min. 91 days 100%

101
Legal proceedings In cases where judicial proceedings have guarantor, according with NBR requirements. The exposure
initiated started the necessary classification for all can be adjusted for all loans and receivables except those
type of loans is loss and 100% provision is made. classified as loss.
The necessary provision is calculated by applying the above-
mentioned percentages to the outstanding exposure after The degree of risk allocated to various classes of collateral
taking into account the risk degree of the debtor or of the as per NBR requirements is as follows:

Guarantee Degree of risk assigned


(%)

Cash collateral 0%
Guarantees issued by Banks and local administrations 20%
Mortgages over real estates, commercial receivable and other pledges 50%

Securities Securities hold by the Bank are securities and the differences between the sale price and the historical
for placement (held to maturity), securities held for trading cost are recorded using revenues or expenses accounts, as
and securities held under repurchase transactions. needed.
Management determinates the appropriate classification
of its investment at the time of purchase. Foreign exchange Transactions denominated in foreign
currencies are translated into Romanian lei at the rates
a) Held-to-Maturity (HTM) ruling at the dates of the transactions. Assets and liabilities
Represents investment securities with fixed maturity denominated in foreign currencies are translated using
where management has both the intent and ability to hold exchange rates of National Bank of Romania ruling at the
to maturity. This category includes eurobonds securities balance sheet date.
issued by Romanian Government and other Romanian Foreign exchange gains or losses arising from translation
companies on the European market. of elements denominated in foreign currency are credited
Investment securities classified as HTM are carried at or charged to the profit and loss account.
amortised cost using the effective yield method providing Romanian Leu is not convertible outside Romanian territory.
for any impairment that is other than temporary.
Cash and cash Cash is considered to be cash on hand and
b) Investment securities (IS) equivalents Nostro accounts. Cash equivalents are short
Investment securities are acquired in order to be held for term, highly liquid investments that are readily convertible
a longer period of time, but this does not involve their into cash.
preservation until maturity.
Investment securities are initially recognised at cost Going concern The nature of Bank’s activity and the
(including transaction cost). Interest calculated while uncertainty from Romania, referring to the result of current
holding the fixed income securities, is recorded using economic policies implemented in real operational
attached debts accounts. The transaction costs related to conditions, make possible the appearance of unpredictable
financial assets held for sale are included in the purchase variations regarding the future cash inflows. However,
cost. Premiums are also included in the purchase cost. Bank’s management considers that the Bank will be able
Securities available for sale are evaluated afterwards using to continue its activity on a going concern basis in the future
the purchase price or using the lowest between market and, consequently, the financial statements were prepared
value and purchase price. Favorable differences are not accordingly.
recorded in accounting and for the unfavorable differences
provisions are made. Use of estimates In order to elaborate these financial
Interest due for the residual period, regarding securities statements in accordance with Order no. 1982/5/2001,
bearing fixed income available for sale is recorded using Order no. 2332/2001 and Order 263/05.02.2004, it was
attached debts accounts, and the dividends earned for necessary to perform some adjustments over the statutory
securities with variable income are recorded in the proper accounts and obtaining the information that wasn’t available
revenue account. directly from the Bank’s accounts. Accordingly, statutory
The sale of securities is recorded in accounting at sale price records don’t always provide enough information to fairly

102
establish the adjustments and necessary informational financial statements present comparatives for the years
disclosures; because of this reason, estimation was made ended at 31.12.2003 and 31.12.2004 respectively.
on the basis of the best available information. Although
these individual estimations present a certain degree of Profits Tax The charge for current tax is based on the
uncertainty, the overall effect over financial statements is results for the year as adjusted for non-assessable or
considered to be immaterial. disallowed items. It is calculated using tax rates that have
been enacted or substantively enacted by the balance sheet
Contributions for The Bank pays contributions to the State date.
employees
Budget for social insurance, social pension Deferred tax is accounted for using the balance sheet liability
and unemployment fund according to levels established by method in respect of temporary differences arising from
present legislation during the year, computed against gross differences between the carrying amount of assets and
wages. The value of these contributions is recorded into liabilities in the financial statements and the corresponding
the profit and loss account in the same period with tax basis used in the computation of taxable profit.
corresponding salary expenses. Deferred tax is calculated at the tax rates that are expected
The Bank does not have other obligations according to to apply to the period when the asset is realised or the
present Romanian legislation regarding the future pensions, liability is settled.
health insurance and other labour expenses. Deferred tax assets and liabilities are offset when they

Notes to the financial statements


relate to income taxes levied by the same taxation authority
Comparative The bank prepared its financial statements and the bank intends to settle its current tax assets and
statements
in accordance with Order of Ministry of liabilities on a net basis.
Public Finance and National Bank of Romania no. For the year ended December 31, 2004, the Bank has paid
1982/5/2001 for the first time in 2001. For 2004 the an income tax rate of 25%.

BALANCE SHEET ITEMS

2.1 INVENTORIES ACCOUNTS


As at December 31, 2003 and December 31, 2004 the Bank had the following inventory accounts:

ROL thousands / 2003 Inventories Provisions Total ROL thousands / 2004 Inventories Provisions Total

Small tools - - - Small tools - - -


Other inventories (a) 7,628,258 - 7,628,258 Other inventories (a) 11,757,958 - 11,757,958

Total (Note 2.3) 7,628,258 - 7,628,258 Total (Note 2.3) 11,757,958 - 11,757,958

(a) The inventories amounting ROL 11,757,958 thousands (2003: ROL 7,628,258 thousands) have a rapid turnover, therefore no provision for
obsolete inventories were provided for these financial statements.

2.2 RESERVES maximum 100% of gross profit (as calculated under


As at December 31, 2004, reserves amounting to ROL Romanian Accounting Standards for banks) until the
642,242,080 thousands (December 31 2003: reserve reaches 100% of the share capital. Once the
ROL 494,260,420 thousands) include: reserve has reached 100% of the share capital, additional
• Legal reserves, in amount of ROL 197,838,657 thousand allocation can be made at a maximum 10% of the gross
(2003: ROL 197,838,657 thousands) are as follows: profit until the reserve reaches 200% of the share capital.
• Till December 2003, legal reserves are established in Thereafter, additional allocations can be made from
accordance with Banking Law no. 58/1998 at a the net profit.

103
This reserve cannot be distributed to the shareholders. stipulated by the Norms of National Bank of Romania
- The allocation from the 2003 profit was ROL agreed by the Ministry of Public Finance, to the extent that
106,916,560 thousands; those amounts refer to the net profit.
• Starting with 2004, the Bank constitutes the reserves The allocation from the 2004 profit was ROL 147,981,660
fund in accordance with the provisions of laws regarding thousands.
the commercial Companies (Law no. 31/1990 reissued). • Other reserves amounting to ROL 31,578,264 thousand
Every year at least 5% of the profit will be transferred (2002: ROL 31,578,264 thousands) consist of:
to the reserves fund till this will reach maximum of the • Reserves in accordance with Law no 189/2001 and
five part of the share capital. The allocation of the profit to Decision 3/2002, amounting to ROL 6,006,463
for 2004 was ROL 0 thousands. thousands (2003: ROL 6,006,463 thousands), out of
• General reserve for credit risk amounting to ROL which ROL 667,385 thousands (2003: ROL 667,385
264,843,499 thousands was established till December 2003 thousands) in respect of the reduction of the tax on
in accordance with Banking Law 58/1998 and is equal to profit with 50% related to the use of profit, for the
a maximum 2% of outstanding loans. This reserve cannot current fiscal year with respect to investments in tangible
be distributed to the shareholders. and intangible assets, and ROL 5,339,077 thousands
• Reserve for banking risks in amount of ROL 147,981,660 (2003: ROL 5,339,077 thousands) representing the value
thousand was established starting with January 1, 2004 of these. This reserve cannot be distributed to the
and it refers to year 2004. shareholders.
Starting with 2004, Banks establish the fund for general • Other reserves in amount of ROL 25.571.801 thousands
banking risks of the accounting profit before the deduction (2003: ROL 25.571.801 thousands), which relates to
of the tax on profit in amount of 1% of the balance of the revaluation of assets and liabilities denominated in
assets carrying risks specific to the banking activities, as foreign currency, in accordance with law no 189/2001.

2.3 OTHER ASSETS AND OTHER LIABILITIES

ROL thousands

Other assets December 31, 2003 December 31, 2004

Profit tax receivable 1,375,629 -


Sundry debtors 8,809,704 22,298,578
Unrealised foreign exchange differences 73,852,359 121,784
Adjustment accounts related to Fx derivatives - 172,031,200
Other inventory (Note 2.1) 7,628,258 11,757,958

Total other assets 91.665.950 206,209,520

ROL thousands

Other liabilities December 31, 2003 December 31, 2004

Sundry creditors (a) 13,770,141 20,851,451


Unrealised foreign exchange differences - liability 478,761 190,812,363
Adjustments accounts related to interest rate derivatives - 1,093,203
Deferred tax liability (Note 13.6) 8,633 -
Other liabilities (b) 23,734,572 51,517,806

Total other liabilities 37,992,107 264,274,823

(a) Sundry creditors amounting to ROL 20,851,451 thousands ( at December 31, 2004: ROL 13,770,141 thousands) 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.
(b) Other liabilities amounting to ROL 51,517,806 thousands (2003: ROL 23,734,572 thousands) mainly include taxes to be paid to state budget.

104
2.4 PREPAYMENTS AND DEFERRED INCOME

ROL thousand

Prepayments and accrued interest receivable December 31, 2003 December 31, 2004

Prepaid expenses 7,864,139 22,789,757


Income to be received 300,943 264,754
Accrued interest receivable from:
- repo agreements - 1,177,257
- bills of exchange and other assimilated assets (Note 4.1) - 54,299,427
- securities held to maturity 52,032,486 31,850,340
- investment securities (Note 4.3) 5,806,250 46,782,386
- placements with NBR 10,906,393 22,418,492
- loans granted to customers 13,517,790 40,405,887
- placements with other banks 66,351 274,670
- credits with banks 443,291 879,273
- overdrafts 2,158,914 1,820,227

Notes to the financial statements


- overdue interest 731,523 611,850

Total prepayments and accrued interest receivable 93,828,079 223,574,318

Less: provision for interest risk (Note 8.2) (53,902) (226,877)

Prepayments and accrued receivables - net 93,774,177 223,347,441

ROL thousand

Deferred income and accrued interest payable December 31, 2003 December 31, 2004

Deferred income (a) 82,718,822 140,216,788


Accrued expenses 26,436,721 8,636,029
Accrued interest payable for:
- customers’ current accounts and deposits 7,067,860 19,065,843
- loans from financial organisations (Note 13.7) 1,139,741 9,573,402
- placements from other banks 25,288,446 35,970,465
- subordinated loan (Note 3.6) 606,778 5,530,363
- repo agreements - 6,334

Total deferred income and accrued interest payable 143,258,368 218,999,224

(a) The deferred income amounting to ROL 140,216,788 thousand (2003: ROL 82,718,822 thousand) mainly consists in flat fee for factoring
loans, discounts, commissions related to the granted loans and income from promissory notes endorsed by the Bank.

105
3

STATEMENT OF RECEIVABLES AND PAYABLES

3.1 TERM RECEIVABLE AND PAYABLES

ROL thousands Residual maturity


Balance at Up to Between Between 1 Over 5 years
Term receivables December 31, 2003 3 months 3 months and and 5 years
1 year
Credit institutions 1,835,650,725 1,301,181,622 148,871,875 380,701,944 4,895,284
Loans to customers 13,242,214,442 7,588,145,855 1,955,031,342 2,303,920,972 1,395,116,273
Less: provisions (21,921,038) (10,142,136) (3,649,368) (3,742,973) (4,386,561)
Loans to customers - net 13,220,293,404 7,578,003,719 1,951,381,974 2,300,177,999 1,390,729,712

Total receivables 15,055,944,129 8,879,185,341 2,100,253,849 2,680,879,943 1,395,624,996

ROL thousands Residual maturity


Balance at Up to Between Between 1 Over 5 years
Term payables December 31, 2003 3 months 3 months and and 5 years
1 year
Credit institutions (5,523,978,367) (850,749,867) (72,839,585) (2,473,880,557) (2,126,508,358)
Customer deposits (5,960,573,593) (5,598,694,531) (277,153,090) (64,766,271) (19,959,701)
Other customer’s debts (853,930,907) (3,126,427) (30,777,107) (370,213,577) (449,813,796)
Debts from other bonds - - - - -

Total debts (12,338,482,867) (6,452,570,825) (380,769,782) (2,908,860,405) (2,596,281,855)

Net term receivable / (payable) 2,717,461,262 2,426,614,516 1,719,484,067 (227,980,462) (1,200,656,859)

ROL thousands Residual maturity


Balance at Up to Between Between Over 5 years
Term receivables December 31, 2004 3 months 3 months and 1 and 5 years
1 year
Credit institutions 5,000,112,845 4,602,484,467 211,024,359 182,206,111 4,397,908
Credits to customers 23,221,428,205(*) 11,188,208,776 3,344,540,039 6,307,979,040 2,380,700,350
Less provisions (37,896,139) (24,663,594) (2,907,279) (6,834,991) (3,490,275)
Loans to customers net 23,183,532,066 11,163,545,182 3,341,632,760 6,301,144,049 2,377,210,075

Total receivables 28,183,644,911 15,766,029,649 3,552,657,119 6,483,350,160 2,381,607,983

(*) As at December 31, 2004, loans to customers included the amount of ROL 9,569,850,493 thousands representing overdrafts to customers
(December 31, 2003: ROL 6,603,090,669 thousands).

106
ROL thousand Residual maturity
Balance at Up to 3 months 3 months - Between 1 Over 5 years
Term payables December 31, 2004 one year and 5 years

Credit institutions (12,081,452,177) (586,301,771) (902,013,963) (9,113,361,898) (1,479,774,545)


Customers’ deposits (13,757,709,597) (13,579,034,798) (178,674,799) - -
Other debts to customers (1,984,233,191) (2,904,100) (27,459,960) (1,758,039,284) (195,829,847)
Saving passbooks (6,530,191) (6,530,191) - - -

Total payables (27,823,394,965) (14,168,240,669) (1,108,148,722) (10,871,401,182) (1,675,604,392)

Net term receivable / (payable) 360,249,946 1,597,788,980 (2,444,508,397) (4,388,051,022) 706,003,591

Notes to the financial statements


3.2 OTHER LIABILITIES TO CUSTOMERS

ROL thousands
Other liabilities to customers December 31, 2003 December 31, 2004

Loans from financial institutions (853,930,907) (1,984,233,191)


Repo agreements - (448,229)

Total other liabilities (853,930,907) (1,984,681,420)

3.3 RECEIVABLES FROM CUSTOMERS

As at December 31, 2003, the Bank’s loan portfolio was structured as follows:

ROL thousands Romanian lei Foreign currency Total

Trade receivables 3,081,379 223,125,322 226,206,701


Loans for trade export - 500,928,411 500,928,411
Loans for equipment - 915,210,161 915,210,161
Loans for investments - 2,262,591,315 2,262,591,315
Other loans 48,085,101 2,668,503,536 2,716,588,637
Overdrafts – net 1,273,310,486 5,321,153,413 6,594,463,899
Other amounts 39,475 - 39,475
Overdue loans - 4,264,805 4,264,805

Total 1,324,516,441 11,895,776,963 13,220,293,404

107
As at December 31, 2004, the Bank’s loan portfolio was structured as follows:

ROL thousands Romanian lei Foreign currency Total

Trade receivable - 252,325,226 252,325,226


Loans for trade export - 1,001,609,739 1,001,609,739
Loans for equipment - 803,975,591 803,975,591
Loans for investments - 5,223,476,557 5,223,476,557
Other loans 21,000,000 6,194,112,833 6,215,112,833
Loans to financial customers 137,823,000 - 137,823,000
Overdrafts – net 775,034,521 8,772,165,685 9,547,200,206
Other amounts – to be recovered 747,383 24,413 771,796
Overdue loans - 1,237,117 1,237,117

Total 934,604,904 22,249,365,200 23,183,532,065

The above amounts are net of the provision.


The loans portfolio as at December 31, 2004 consisted of loans granted to commercial companies acting in industry,
trade, and loans to public companies and to Bank’s employees. The loans are granted both in Romanian lei and in
foreign currencies. The loans in foreign currencies are mainly denominated in EURO and US Dollars.

3.4 ANALYSIS OF RECEIVABLES AND LIABILITIES OVER BANKS AND CUSTOMERS

ROL thousands
December 31, 2003 Sight Term Total

Receivables
- from banks 168,569,347 1,835,650,726 2,004,220,073
- from customers – net 6,598,768,179 6,621,525,225 13,220,293,404
Loans granted to customers 6,607,394,949 6,634,819,493 13,242,214,442
Less: provision for loans (8,626,770) (13,294,268) (21,921,038)

Total receivables 6,767,337,526 8,457,175,951 15,224,513,477

Payables
- to banks (2,531,171,257) (5,523,978,367) (8,055,149,624)
- to customers (4,422,348,296) (6,814,504,500) (11,236,852,796)

Total payables (6,953,519,553) (12,338,482,867) (19,292,002,420)

Total net receivables/(payables) (186,182,027) (3,881,306,916) (4,067,488,943)

108
ROL thousands
December 31, 2004 Sight Term Total

Receivables
- from banks 1,099,939,495 5,000,112,845 6,100,052,340
- Repo agreements - 1,000,173,667 1,000,173,667
- from customers – net 9,549,209,119 13,634,322,947 23,183,532,066
Loans granted to customers 9,572,318,263 13,649,109,942 23,221,428,205
Less: provision for loans (23,109,144) (14,786,995) (37,896,139)

Total receivables 10,649,148,614 19,634,609,459 30,283,758,073

Payables
- to banks (4,080,243,775) (12,081,452,177) (16,161,695,952)
- Repo agreements - (448,230) (448,230)
- to customers (6,536,337,425) (15,748,472,979) (22,284,810,404)

Notes to the financial statements


Total payables (10,616,581,200) (27,830,373,386) (38,446,954,586)

Total net receivables/(payables) 32,567,414 (8,195,765,927) (8,163,196,513)

3.5 MATURITY ANALYSIS OF SECURITIES

As at December 31, 2003, the Bank held securities maturing as follows:

ROL thousands Due within Due after


Issued by one year one year Total

Romanian Government 150,985,282 365,227,130 516,212,412


Public administrations except the State - 43,603,300 43,603,300
Other companies - 1,460,752,901 1,460,752,901
Total 150,985,282 1,869,583,331 2,020,568,613

Revaluation of securities in foreign currency (261,785,770)

Total 1,758,782,843

As at December 31, 2004, the Bank held securities maturing as follows:

ROL thousands Due within Due after


Issued by one year one year Total

Romanian Government 405,142,578 556,623,887 961,766,465


Public administrations except the State 5,145,220 27,759,200 32,904,420
Other companies - 945,401,752 945,401,752
Total 410,287,798 1,529,784,839 1,940,072,637

Revaluation of securities in foreign currency (195,786,086)

Total 1,744,286,551

109
3.6 SUBORDINATED LOANS

2003 2004
EUR ROL’000 EUR ROL’000

Bank Austria Creditanstalt International AG Vienna 6,924,979 284,734,348 11,924,979 472,980,429

Total 6,924,979 284,734,348 11,924,979 472,980,429

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, 2001 and rescheduled till September 25, 2006 and
then till September 25, 2007 and subsequently it was rescheduled till September 25, 2007.

On August 29, 2001 the Bank concluded a new subordinated loan contract of Euro 3.4 million with final maturity on August 29, 2007 for the
same purpose. These 2 loans were rescheduled as follows:
· The loan in amount of EUR 3.5 million was rescheduled till September 25, 2009,
· The loans in amount of EUR 3.4 million were rescheduled till August 29, 2009.
On September 29, 2004, the Bank concluded a new subordinated loan contract of EUR 5 million for Bank’s own operations with maturity on
September 29, 2010.
The loans have fixed and predetermined period for reimbursement. According to the loan agreements, the loans are subordinated to all other
obligations 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, 2004 amounted to ROL 5,530,363 thousand
(December 31, 2003: ROL 606,778 thousand) (Note 2.4).
The above-mentioned subordinated loans do not stipulate the lender’s option to convert the loan into shares.

SECURITIES AND TREASURY BILLS

4.1 SECURITIES HELD TO MATURITY

ROL thousands
December 31, 2003 Book value Purchase value Reimbursement Unrealised gain
value
Issued by: (1) (2) (3) (4)=(3)-(1)
Romanian Government 561,701,197 564,823,746 556,514,000 (5,187,197)
Other companies 329,909,624 334,517,633 328,936,000 (973,624)

Total (Note 3.5) 891,610,821 899,341,379 885,450,000 (6,160,821)

ROL thousands
December 31, 2004 Book value Purchase value Reimbursement Unrealised gain
value
Issued by: (1) (2) (3) (4)=(3)-(1)
Romanian Government 479,643,294 483,971,892 475,956,000 (3,687,294)
Other companies 198,565,048 198,999,187 198,315,000 (250,048)

Total 678,208,342 682,971,079 674,271,000 (3,937,342)

110
4.2 TRADING SECURITIES

At December 31, 2004 and 2003 there were no trading securities in Bank’s portfolio.

4.3 INVESTMENT SECURITIES

ROL thousands
December 31, 2003
Purchase value Market value Unrealised gain
Denominated in: (1) (2) (3) = (2) - (1)
Romanian Lei 53,627,950 53,627,950 -
US Dollar 1,075,329,842 1,075,329,842 -

Total 1,128,957,792 1,128,957,792 -


(Note 3,5)

Notes to the financial statements


ROL thousands
December 31, 2004
Purchase value Market value Unrealised gain
Denominated in: (1) (2) (3) = (2) - (1)
Romanian Lei 509,517,924 509,517,924 -
EUR 5,509,667 5,509,667 -
US Dollar 746,836,704 746,836,704 -

Total 1,261,864,295 1,261,864,295 -


(Note 3.5)

As at December 31, 2004 the accrued interest receivable for the investment securities amounted to ROL 46,782,386 thousands (December 31,
2003: ROL 5,806,250 thousands) (Note 2.4).

4.3 EQUITY PARTICIPATION

The Bank is a member in the “Societatea Na]ional` de During 2003, the Bank invested in 296,200 shares of Biroul
Compensare Decontare [i Depozitare Pentru Valori de Credit SA amounted to ROL 296,200 thousands, meaning
Mobiliare” (SNCDD). As a user of services from SNCDD, 0.7405% of the company’s share capital, and at the end of 2004,
HVB Bank Romania S.A owns 100 shares that are recorded the amount of ROL 296,200 thousand remained unchanged.
at purchase cost amounting to ROL 60,000 thousands and During 2002, the Bank invested the amount of ROL 1,150,960
represents 0.26 % of its share capital. thousands (EUR 40,000) in HVB Leasing Romania, meaning
During 2000, the Bank invested in 160 shares of Transfond 20% of the company’s share capital. There were no changes
amounted to ROL 1,600,000 thousands. Transfond is during 2003 and 2004, thus at the end of 2004, the
currently managing the transfer of funds and property over investment in the share capital of HVB Leasing Romania was
Treasury-bills between financial institutions, banks and in amount of ROL 1,150,960 thousands.
State Treasury. During 2002, the Bank invested in another 19 During 2003, the Bank invested the amount of ROL
shares of Transfond amounted to ROL 507,860 thousands. 942,500 thousands in CA IB Asset Management S.A.I SA,
Thus, the total value of Transfond shares held by the Bank meaning 5% of the company’s share capital. There were no
as at December 31, 2002 was ROL 2,017,860 thousands. changes during 2004, thus at the end of 2004 the
During 2003, the Bank invested in another 18 shares of investment was in amount of ROL 942,500 thousands.
Transfond amounted to ROL 1,014,079 thousands. Thus, Also, during 2003, the Bank invested in 677,673 shares of
the total value of Transfond shares held by the Bank as at CA IB Securities SA amounted to EUR 100,000 (ROL
December 31, 2003 was ROL 3,121,939 thousands. 3,670,000 thousands-historical cost). At the end of 2004,
At the end of 2004, the value of the shares held by the Bank the investment remained unchanged, namely in amount of
remained unchanged, namely ROL 3,121,939 thousands. ROL 3,670,000 thousands (evaluated at historic cost).

111
5

FIXED ASSETS AND FINANCIAL ASSETS

GROSS VALUE

ROL thousands
Balance at Balance at
Intangibles assets January 1, 2004 Increase Decrease December 31, 2004

Goodwill - - - -
Set-up expenses 29,274 14,672 (4,604) 39,342
Other intangibles 95,959,630 73,044,466 - 169,004,096
Intangibles in progress 30,466,160 30,349,229 (41,928,853) 18,886,536

Total 126,455,064 103,408,367 (41,933,457) 187,929,974

Tangibles

Land - - - -
Land improvement - - - -
Buildings 83,773,765 29,171,658 - 112,945,423
Equipment (work equipment and machinery) 16,011,899 7,312,912 - 23,324,811
Measuring, control and correction devices 30,035,536 12,994,855 - 43,030,391
Means of transport 9,135,005 4,460,198 (1,493,833) 12,101,370
Furniture, office machines, protection equipment
and other tangibles 53,302,590 19,422,459 - 72,725,049
Tangible in progress 7,977,907 36,618,088 (21,235,715) 23,360,280

Total 200,236,702 109,980,170 (22,729,548) 287,487,324

Financial assets

Public bills of exchange and assimilated values - 3,506,331,324 - 3,506,331,324


Debentures and other fixed income bonds 1,758,782,843 - (14,496,292) 1,744,286,551
Shares in commercial companies - - - -
Investments 9,241,599 - - 9,241,599

Total 1,768,024,442 3,506,331,324 (14,496,292) 5,259,859,474

Total fixed assets 2,094,716,208 3,719,719,861 (79,159,297) 5,735,276,772

112
DEPRECIATION / AMORTIZATION

ROL thousands
Balance at Depreciation Balance at
Intangibles January 1, 2004 during the year Disposal December 31, 2004

Goodwill - - - -
Set-up expenses 13,342 14,240 (4,604) 22,978
Other intangibles 37,501,609 39,703,363 - 77,204,972

Total 37,514,951 39,717,603 (4,604) 77,227,950

Tangibles

Land improvement - - - -
Buildings 14,123,288 11,238,085 - 25,361,373
Equipment (work equipment and machinery) 2,149,880 2,121,383 - 4,271,263

Notes to the financial statements


Measuring, control and correction devices 17,273,129 7,461,829 - 24,734,958
Means of transport 4,169,014 1,941,408 (1,493,833) 4,616,589
Furniture, office machines, protection equipment and
other tangibles 9,406,106 5,546,744 - 14,952,850

Total 47,121,417 28,309,449 (1,493,833) 73,937,033

Total depreciation 84,636,368 68,027,052 (1,498,437) 151,164,983

ROL thousands
Gross value Amortisation Net book value

Tangibles 287,487,324 (73,937,033) 213,550,251


Intangibles 187,929,974 (77,227,950) 110,702,024

Total 475,417,298 (151,164,983) 324,252,315

There are no development expenses or goodwill purchased. The set-up expenses are not significant and they represent legal taxes and other fees.

SHARE CAPITAL

The share capital was called up and allotted on November 13, 1997 and was paid during 1997 till December 31, 2003:

ROL thousands Equivalent


ROL thousand Currency Amount currency

Called up, allotted and fully paid 150,000,000 USD 10,000,000


212,733,900 EUR 7,832,621
Total share capital 362,733,900

113
According to Romanian law, all Banks including branches of 2002; the only change was the name of the main
foreign banks, had to increase their share capital to a shareholder, namely, Bank Austria Creditanstalt AG.
minimum of Romanian lei 320 billion by May 31, 2003, by During 2003, the share capital was increased with ROL
370 billion by May 31, 2004. 224,506,600 thousand. The increase has been done through
During year 2001, the Bank’s shareholders increased the ROL 137,306,417 thousands, representing reserves from
Bank’s social capital from ROL 100,000,596 thousands as foreign exchange cash evaluation in accordance with Law
at December 31, 2000 to ROL 362,733,900 thousands as 189/2001, recorded in the balance sheet as at December 31,
at December 31, 2001. Legal changes implied by the last 2002 and ROL 87,200,183 thousands representing reserves
increase of share capital involved cancellation of the from the exchange rate influences corresponding to the cash
existing shares (782,000 with par value ROL in foreign currency, representing paid share capital in
191,815.8568) and issue of new 3,627,339 ordinary foreign currency, in accordance with HG 252/1996.
shares with a par value of ROL 100,000. The share capital was increased through the issue of
As at December 31, 2001, the share capital was comprised 2,245,066 shares with nominal value of ROL 100,000 and
of 3,627,339 shares with a par value of ROL 100,000 and it the share capital in total amount of ROL 587,240,500
was hold by foreign commercial companies. During 2002 thousands was split in 5,872,405 shares with a nominal
there were no changes in share capital structure and there value of ROL 100,000.
were no increases in the share capital. Thus, as at December During 2004, there were no changes in share capital. As at
2002 the share capital was of ROL 362,733,900 thousands. December 31, 2004, the share capital amounted to ROL
There was no change in shareholders’ structure during 587,240,500 thousands.

As at December 31, 2004 and December 31, 2003, the structure of shareholders is as follows :

ROL thousands Number of shares % Amount

Bank Austria Creditanstalt AG 5,856,089 99.72% 585,608,900


Others 16,316 0.28% 1,631,600

Total 5,872,405 100% 587,240,500

PROFIT DISTRIBUTION

ROL thousands 2003 2004


Net profit for the year 462,322,222 906,781,448

- Legal reserves (Note 13.5) (106,916,560) -


- Satutory reserves (Note 13.5) - -
- General reserve for credit risk (154,856,438) (147,981,660)
- Other reserves - -
- Other funds - -
- Staff participation to profit - -
- Dividends - -
- Cover of accounting loss from previous years - -
- Other distributions - -

Total profit allocation (261,772,998) (147,981,660)


Not distributed profit 200,549,224 758,799,788

As presented in Note 2.2, the distribution of profits amounting to ROL 147,981,660 thousands was carried out in accordance with Banking
Law no. 58/1998 and Law no. 189/2001, as it follows:
- Banking risks reserve: 1% of the value of assets carrying banking risks recorded in the balance as at December 31, 2004 in amount of ROL
147,981,660 thousand

114
8

PROVISIONS

8.1 PROVISIONS FOR RISKS AND CHARGES

During 2004 and 2003, the Bank did not record any provision for risks and charges.

8.2 PROVISIONS FOR DOUBTFUL DEBTS

ROL thousands Provisions for


un-collectable Provisions
accrued intrest for loans Total

Balance at January 1, 2003 325,251 11,274,244 11,599,495

Notes to the financial statements


Movements during the year (Note 9.8) (278,708) 14,457,045 14,178,337
Exchange rate differences 7,359 (2,560,025) (2,552,666)
Losses from un-collecteble receivables (Note 9.8) - (1,250,226) (1,250,226)

Balance at January 1, 2004 53,902 21,921,038 21,974,940


Net movements during the year (Note 9.8) 200,214 14,918,288 15,118,502
Exchange rate differences (27,239) 1,056,813 1,029,574
Losses from un-collecteble receivables (Note 9.8) - - -

Balance at December 31, 2004 226,877 37,896,139 38,123,016


(Note 2.4) (Note 3.4)

115
9

STATEMENT OF OPERATIONS

9.1 INTEREST INCOME AND EXPENSES

ROL thousands
December 31, 2003 December 31, 2004
Interest income
From:
- loans to individuals and enterprises 556,964,065 1,022,591,536
- placements to domestic and foreign banks 208,216,670 446,350,953
- securities and treasury bills* 177,202,345 397,019,459
- Repo agreements - 1,177,257
- placements to National Bank of Romania 34,487,576 54,146,800
- guarantees issued 24,522,477 38,590,674
- financing commitments 45,837,744 72,582,078
- income from leasing of saving boxes - 2,169,215
- commissions from derivatives financial operations 107,902 -

Total interest income 1,047,338,779 2,034,627,972

Interest expense
With:
- customers current accounts and deposits (193,308,792) (365,362,381)
- placements with domestic and foreign banks (102,430,832) (298,398,871)
- subordinated debts (12,698,946) (14,014,947)
- term loans (25,309,648) (39,594,724)
- commitments with other banks and clients (8,194,027) (22,681,718)
- securities and treasury bills* (3,350,456) (2,286,493)
- Repo agreements - (6,334)
- commissions from derivatives financial operations (193,562) -

Total interest expense (345,486,263) (742,345,468)

Net interest expense 701,852,516 1,292,282,504

* Income and expenses from treasury bills operations amounted to ROL 397,019,459 thousands (2003: ROL 177,202,345 thousands) and
ROL 2,286,493 thousands (2003: ROL 3,350,456 thousands) respectively, related to premium amortisation, interest for treasury bills and sundry
expenses with bonds.

116
9.2 COMMISSION INCOME AND EXPENSES

ROL thousands
December 31, 2003 December 31, 2004
Commission income
From:
- customers’ transactions 150,178,009 204,358,326
- payment instruments 96,142,073 158,362,329
- other financial services 35,109,279 63,227,644
- consulting services 2,130,141 236,306
- interbanking operations 6,130,239 6,157,962
- operations with securities 1,094,234 10,273,051

Total commission income 290,783,975 442,615,618

Commission expense
From:

Notes to the financial statements


- interbanking operations (20,884,112) (29,483,740)
- payment instruments (10,462,855) (17,690,830)
- customers’ transactions (64,729) (1,767,388)
- other financial services - -
- investment operations (4,025,360) (2,217,887)
- foreign exchange operations - (4,097)

Total commission expense (35,437,056) (51,163,942)

Net commission income 255,346,919 391,451,676

9.3 NET PROFIT FROM FOREIGN EXCHANGE DIFFERENCES

ROL thousands
December 31, 2003 December 31, 2004

Foreign exchange gain 160,762,374 385,016,296


Expenses with foreign exchange (80,527,968) (247,697,781)

Net result from foreign exchange differences 80,234,406 137,318,515

Income from held for trading investments 61,126,785 -


Income from cession of placements 24,331,976 20,479,717
Losses from held for trading investments (48,585,668) -
Losses from cession of placements (16,091,582) (28,237,234)

Net income from investments’ operations 20,781,510 (7,757,517)

Net profit financing operations 101,015,917 129,560,998

The foreign exchange loss and gain resulted both from the revaluation of assets and liabilities in currency, and from the
exchange operations for 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.

117
9.4 OTHER OPERATING INCOME AND EXPENSES

ROL thousands
December 31, 2003 December 31, 2004
Other operating income

Other income from operating activity 6,622,110 675,399


Income from commitments given to clients 3,808,220 1,570,147
Income from rent 1,560,111 -
Other income 710,725 2,851,311

Total operating income 12,701,166 5,096,857

Other operating expenses

Expenses with taxes* (40,231,871) (45,634,462)


Sponsorship expenses (1,759,254) (3,287,260)
Penalties and damage compensations (840,531) (1,974,143)
Other banking operating expenses (287,758) (3,514,710)
Other expenses (942,340) (167,495)

Total operating expenses (44,061,754) (54,578,070)

Net operating income (31,360,588) (49,481,213)

* Expense with other taxes amounting to ROL 45,634,462 thousands (2003: 40,231,871 thousands) mainly consist of deposits guarantee fund
contribution and contribution to risk fund.

9.5 PERSONNEL EXPENSES

ROL thousands
December 31, 2003 December 31, 2004

Salaries 100,521,177 142,104,543


Employer’s contribution to social security 19,375,262 25,565,488
Employer’s contribution to unemployment fund 4,258,410 5,179,741
Employer’s contribution to health fund 8,524,875 12,086,063
Other expenses with employees 22,542,972 33,028,681

Total personnel expenses 155,222,696 217,964,516

118
9.6 ADMINISTRATIVE EXPENSES

ROL thousands
December 31, 2003 December 31, 2004
Expenses with:
- third parties 142,470,780 151,691,496
- rent 55,273,897 57,987,948
- protocol and advertising 29,065,045 33,428,042
- telecommunication 18,224,032 25,294,867
- consumption materials 15,967,887 20,935,279
- means of transport 8,718,460 11,716,523
- small tools and other inventories 5,637,822 14,535,177
- maintenance and repairs 6,201,023 9,345,891
- insurance 2,815,868 5,390,093
- utilities 2,990,845 5,057,184
- collaborators 153,334 32,464
- audit 1,983,865 2,764,592

Notes to the financial statements


- leasing 711,203 625,899

Total administrative expenses 290,214,061 338,805,455

9.7 DEPRECIATION OF TANGIBLE FIXED ASSETS AND AMORTISATION OF INTANGIBLES

ROL thousands
December 31, 2003 December 31, 2004

Intangibles amortisation (Note 5) 14,285,121 39,717,603


Tangibles depreciation (Note 5) 20,452,639 28,309,449

Total amortisation and depreciation expense for year 34,737,760 68,027,052

9.8 PROVISIONS INCOME AND EXPENSES

ROL thousands
December 31, 2003 December 31, 2004

Corrections over receivables and provisions (330,834,599) (478,072,045)


Income from value of receivables and provisions 317,906,489 462,953,543

Net provision expense (Note 8.2.) (12,928,110) (15,118,502)

119
9.9 INCOME AND EXPENSES FROM CEASE OF T BILLS

ROL thousands
December 31, 2003 December 31, 2004

Income from cease of treasury bills* 857,812 40,432,626


Expenses with cease of treasury bills (27,485) -

Net income from cease of treasury bills 830,327 40,432,626

* Income from cease of treasury bills mainly arise from treasury bills denominated in EUR and ROL, issued by Ministry of Finance.

10

INFORMATION REGARDING EMPLOYEES

ROL thousands
December 31, 2003 December 31, 2004

Expenses with staff salaries 100,521,177 142,104,543


Expenses with social securities, out of which: 32,158,547 42,831,293
- Expenses with pensions 19,375,262 25,565,489
Other staff expenses 22,542,972 33,028,680

Total 155,222,696 217,964,516

As at December 31, 2004, the Bank had 312 employees (December 31, 2003: 225 employees) out of which 304 were full
time employees (December 31, 2003: 216).
The average number of employees during 2004 was 252 (December 31, 2003: 205).
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 pensions
plan or benefits after retirement and, consequently, does not have any obligations related to pensions. In addition, the
bank has no obligation to offer other additional benefits to its employees.

11

INFORMATION REGARDING GEOGRAPHICAL SEGMENTS

As at December 31, 2004, the Bank operates and carries on its activities through 12 operational branches located in
Romania (2003: 9 branches). Therefore there are no geographical segments and all income and expenses are incurred
in one market.

120
12

CONTINGENT LIABILITIES AND COMMITMENTS

12.1 CONTINGENT LIABILITIES


The contingent liabilities of the Bank as at December 31, 2003 and December 31, 2004, were as follows:

ROL thousands
December 31, 2003 December 31, 2004

Secured by cash deposits 66,890,930 42,526,452


Secured by letters of guarantee - -
Secured by stand by credit 117,105,189 381,461,285

Guarantees in ROL 183,996,189 423,987,737

Secured by cash deposits 97,458,507 84,566,643


Secured by letters of guarantee - -
Secured by stand-by credit 942,340,499 1,610,020,758

Note la situa]iile financiare


Guarantees in hard currencies 1,039,799,006 1,694,587,401

Total letters of guarantee 1,223,795,195 2,118,575,138

Confirmed letters of credit 96,870,238 183,278,678

Total endorsements and acceptances 1,320,665,433 2,301,853,816

Guarantees issued to other banks 663,691,728 1,208,870,830

Total contingent liabilities 1,984,357,161 3,510,724,646

12.2 COMMITMENTS

ROL thousands
December 31, 2003 December 31, 2004

Secured by cash deposits 904,847,742 457,131,721


Issued letters of credit 904,847,742 457,131,721
Undrawn loan commitments 4,707,773,745 8,204,116,237

Total commitments 5,612,621,487 8,661,247,958

12.3 RENT COMMITMENTS


The rent commitments for the year 2005, related to the 4 operational branches in Bucharest and 8 in other locations in
the country, amounted to ROL 68,115,954 thousand as at December 31, 2004 (2003: 46,754,930 thousand).

121
12.4 LEASE COMMITMENTS
As at December 31, 2004, the Bank had outstanding commitments under financial and operational lease, which fall due
as follows:

ROL thousands
December 31, 2003 December 31, 2004

Within one year 4,252,853 4,891,319


In the second to fifth years inclusive 32,141,805 20,126,075
Over five years - -

Total 36,394,658 25,017,394

12.5 OTHER OFF BALANCE SHEET ITEMS


As at December 31, 2003, in addition, the Bank has As at December 31, 2004
recorded the following off balance-sheet items: • Two SWAP agreements concluded with Bank Austria
Vienna, the net value amounting to ROL 1,068,063
• 2 SWAP contracts concluded with Bank of Austria thousands;
Vienna, net value of ROL 72,492,025 thousands; • Letters of guarantee received by the bank for the loans
• Letters of Guarantee received as guarantees for loans granted to the customers, as well as other guarantees
granted to customers and for LG issued in amount of ROL received from the bank in total amount of ROL
8,486,206,615 thousands; 10,516,889,065 thousands;
• Pledges and other guarantees received for loans granted • Mortgages and other guarantees received for the granted
in amount of ROL 3,819,252,621 thousands; loans in amount of ROL 4,608,440,039 thousands;
• Loans written off balance sheet based on final court • The loans written off in accordance with the final
decision and the related accrued interest receivable in decision of the Court in amount to ROL 10,778,651
amount of ROL 16,156,507 thousands; thousands;
• Travel cheques in amount of ROL 16,424,754 • Travel cheques in amount of ROL 7,450,538 thousands.
thousands; • Financing agreement in amount of ROL 396,630,000
• Financing agreement in total amount of ROL thousands received from Bank Austria Vienna;
1,233,510,000 thousands with Bank of Austria; • Leasing agreements for leased assets in amount of ROL
• Two IRS agreements in total amount of ROL 25,017,394 thousands;
147,125,400 thousands with Bank of Austria Vienna. • 2 IRS agreements in total amount of ROL 134,796,600
Both agreements have the maturity during 2006. thousands with Bank of Austria Vienna. Both agreements
have the maturity during 2006.

122
13

OTHER INFORMATION

13.1 GENERAL OVERVIEW merger between HVB Group and Bank Austria
HVB BANK ROMANIA S.A. was registered at the Creditanstalt Group, on July 20, 2001, the National Bank
Romanian Chamber of Commerce Register as a of Romania approved the change of Bank’s name from
commercial company on November 24, 1997 and Bank Austria Creditanstalt Romania S.A to HVB BANK
obtained banking operations license from National Bank ROMANIA S.A.
of Romania on April 13, 1998. On August 25, 1998, the Beginning with August 31,1998, the Bank started
National Bank of Romania approved the change of banking operations and operates as a commercial and
Bank’s name from Banca Creditanstalt S.A. to Bank retail bank providing a wide range of services to all
Austria Creditanstalt Romania S.A. As a result of the categories of customers.

13.2 SUBSIDIARIES AND ASSOCIATED COMPANIES


During 2004, the Bank did not invest in related parties.

Note la situa]iile financiare


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 CA IB Asset Management;
• 677,673 shares in total amount of ROL 3,670,000 thousands to the share capital of CA IB Securities SA.

13.3 CURRENCY POSITION


The Bank’s net currency position reported to the National Bank of Romania showed that the liabilities in hard currency
as at December 31, 2004 exceeded the hard currency assets by an amount equal to 5.30% (2003: 6.46%) of the Bank’s
own funds as calculated the National Bank of Romania’s regulations, which stipulate that such excess should not be
greater than 20% of own funds and for each currency should not be greater than 10% of equity.

As at December 31, 2003 the net position in foreign currencies, expressed in thousand ROL was as follows:

ROL thousands
Off balance
Currency Assets Liabilities sheet items Net position

US dollars 561,993,505 - (544,673,465) 17,320,040


EUR - (1,211,952,046) 1,128,489,000 (83,463,046)
GB pounds 3,765,033 - - 3,765,033
Australian dollar 675,060 - - 675,060
Qther currencies 1,975,408 - - 1,975,408

Total 568,409,006 (1,211,952,046) 583,815,535 (59,727,505)

123
As at December 31, 2004 the net position in foreign currencies, expressed in thousand ROL was as follow:

ROL thousands
Off balance
Currency Assets Liabilities sheet items Net position

US dollars 2,524,904,581 - (2,520,082,230) 4,822,350


EUR - (5,801,996,523) 5,674,527,190 (127,469,333)
GB Pounds 2,985,043 - - 2,985,043
Australian dollar 781,420 - - 781,420
Other currencies 2,508,815 - - 2,508,815

Total 2,531,179,860 (5,801,996,523) 3,154,444,960 (116,371,703)

Official exchange rates valid as at December 31, 2004 were 29,067 ROL/USD, 39,663 ROL/EUR, 56,108 ROL/GBP and 22,651 ROL/AUD and
as at December 31, 2003 were 32,595 ROL/USD, 41,117 ROL/EUR, 58,058 ROL/GBP and 24,472 ROL/AUD.

13.4 RETAINED EARNINGS FROM THE FIRST APPLICATION OF IAS, EXCEPT IAS 29
As at December 31, 2004 the reported earning from the This decrease is explained by using the amount for the
first application of IAS amounted to ROL 34,673,386 increase in Bank’s share capital in accordance with the
thousands (2003: ROL 34,673,386 thousands). stipulations of art. IX from Law 485/2003, that revised
the Banking Law nr. 58/1998. This stipulates that the
The retained earning after the first application of IAS, existing reserves from balance sheet which, until the date
except of IAS 29 was decreased during 2003 by ROL of recognition of Banking Law “could constitute the
105,918,051 thousands and as at December 31, 2003 the source of increase of share capital according to the
balance was of ROL 34,673,386 thousands. applicable law, may be further used in this sense until
they equal zero.”

13.5 TAX RECONCILIATION

ROL thousands
December 31, 2003 December 31, 2004
Total revenues 1,770,604,138 3,115,287,614
Total expenses (1,236,021,674) (1,950,956,548)

Gross profit 534,582,464 1,164,331,066


Non taxable revenues* (6,392,950) (8,633)
Non deductible expenses 22,625,456 27,032,639
Income from deferred tax 334 8,633
Legal reserves (Note 7) (106,916,560) -
General reserves for credit risk (Note 7) (154,856,439) (147,981,660)
Fiscal profit for the year 289,042,305 1,043,382,045
Fiscal loss from previous years - -
Tax on profit (72,260,576) (260,845,511)
Fiscal credit - 3,287,260
Fiscal loss carried forward - -
Profit tax expense for the current year (72,260,576) (257,558,251)

* During year 2003 the Bank’s activity has been reviewed by the NBR. According to NBR report the non-taxable income and non-deductible
expenses from cash revaluation were different from those estimated by the Bank and the reserves have been recalculated and increased by
ROL 25,571,801 thousand and the profit for year 2003 was reduced by ROL 6,392,950 thousand.

124
13.6 DEFERRED TAX RECONCILIATION

a) The prima facie tax charge to the profit before taxation is reconciled to te profit tax expense as follows:

ROL thousands Year ended at Year ended at


December 31, 2003 December 31, 2004

Profit before taxation 534,582,464 1,164,339,699


Adjustments to retained earnings due to first year
application of IAS (Note 13.4) - -

Adjusted profit before taxation 534,582,464 1,164,339,699

Profit tax at 25%, expected rate 133,645,616 291,084,925


Tax effect of permanent differences (61,385,040) (33,526,674)
Tax effect of temporary differences - -

Notes to the financial statements


Total (61,385,040) (33,526,674)

Current profit tax expense 72,260,576 257,558,251

Current profit tax expense 72,260,576 257,558,251

Tax effect of temporary differences (334) (8,633)

Profit tax expense for the period after


implementation of IAS 72,260,242 257,549,618

b) Major components of deferred tax (income)/expenses with temporary tax effect are as follows:

ROL thousands
December 31, 2003 December 31, 2004

Subsidies transferred to income 334 8,633

Total deferred tax (asset)/liability 334 8,633

125
13.7 LOANS FROM FINANCIAL INSTITUTIONS

ROL thousands
Loans from financial institutions December 31, 2003 December 31, 2004

BA-CA Export Leasing GmbH (a) 31,590,907 16,927,055


HVB Leasing Romania SA (b) - 5,031,399
European Investment Bank (c) 822,340,000 772,384,737
Kreditanstalt für Wiederaufbau (d) - 1,189,890,000

Total (Note 3.2) 853,930,907 1,984,233,191

Loans from other banks

BA-CA Vienna (e) (Note 3.1) 3,419,330,367 8,378,854,277


Hypovereins Munich (f) 1,233,510,000 2,379,780,000

Total 4,652,840,367 10,758,634,277

a. BA-CA Export Leasing GmbH d. Kreditanstalt für Wiederaufbau


The loan from BA-CA Export Leasing GmbH (former As at December 27, 2001, the Bank concluded a loan
known as Creditanstalt Leasing GmbH) comprise agreement with Kreditanstalt für Wiederaufbau, in
financial leasing agreements concluded for purchase of amount of EUR 30,000,000 for financing of investment
equipment, furniture and vehicles. projects for small and middle enterprises, for
The amount of ROL 16,927,055 thousands as at improvement of infrastructure of municipality, for
December 31, 2004 (2003: ROL 31,590,907 thousands) environment protection and construction of houses.
represents amounts owed to BA-CA Export GmbH for As at December 31, 2004, the accrued interest was in
fixed assets purchased by credit through finance leasing. amount of ROL 8,485,106 thousand.

b. HVB Leasing Romania SA e. BA-CA Vienna


During 2004, the Bank concluded 3 agreements of finance The loans from BA-CA Vienna were granted as
leasing in total amount of ROL 5,031,399 thousands for refinancing line for Bank’s own operations.
purchase of vehicles. As at December 31, 2004, the accrued interest related to
the loan from BA-CA Vienna amounted to ROL
c. European Investment Bank 13,503,975 thousands.
On October 15, 2001, the Bank entered into a credit
facility of EUR 20 million from European Investment f. Hypovereins Munich
Bank with the purpose of financing the small investors. As at December 31, 2004, the Bank had 2 loans in
The accrued interest as at December 31, 2004 amounts amount of EUR 30,000,000 each granted for financing
to ROL 1,088,297 thousands (December 31, 2003: ROL purposes.
3,710,700 thousands). As at December 31, 2004, the accrued interest related to
the loan from Hypovereins Munich amounted to ROL
20,038,574 thousand.

126
13.8 CASH AND CASH EQUIVALENTS

ROL thousands
December 31, 2003 December 31, 2004

Petty cash 260,975,046 327,866,645


Cash at NBoR 3,419,343,372 5,027,061,661

Total cash 3,680,318,418 5,354,928,306

Correspondent accounts 104,131,185 379,945,710


Deposits with other banks 50,000,000 715,166,000
Other amounts 14,438,162 4,827,785
Sight deposits with other banks (Note 14) 168,569,347 1,099,939,495

Deposits with central banks 1,040,000,000 4,400,000,000

Notes to the financial statements


Deposits with banks at term 205,585,000 135,000,000
Collateral deposits 4,895,284 4,397,908
Credit with banks at term 585,170,441 460,714,937
Repo agreements - 1,000,173,667
Receivables with credit institutions at term (Note 14) 1,835,650,725 6,000,286,512

Less: amounts with maturity more than 3 months (590,065,725) (397,628,378)


Total receivables with credit institutions at term (Note 14) 1,245,585,000 6,702,597,629

Bill of exchange and assimilated values - 3,506,331,324


Less: amounts with maturity more than 3 months - -

Total bills of exchange and assimilated values (Note 14) - 3,506,331,324

Bonds with fixed income (Note 14) 1,758,782,843 1,744,286,551


Less amounts with maturity more than 3 months (1,724,624,536) (1,618,897,253)

Total bonds with fixed income (Note 14) 34,158,307 125,389,298

Total cash equivalent 1,448,312,654 10,334,318,251

Total cash and cash equivalents 5,128,631,072 15,689,246,557

127
13.9 SOLVENCY RATIOS (shareholders’ equity) to its risk weighted assets including
The Bank monitors its capital resources pursuant to the off balance sheet commitments as prescribed by the
Regulations issued by the National Bank of Romania. The Regulations. The Bank’s solvency ratios as at December
solvency (capital adequacy) ratios are calculated based on 31, 2004 were 12.01% (2003: 12.50% for Tier 1 and
the financial information prepared in accordance with 15.08% for Tier 2). The Regulations in force as at
Romanian Accounting Standards. The Bank is required to December 31, 2004 (Norm 12/2003) require that the
measure solvency ratios by comparing its capital solvency ratios should be of 12%.

13.10 CONCENTRATION OF EXPOSURE

a) Deposits at banks

Deposits at the end of the period with other banks were as follows:

ROL thousands

Description December 31, 2003 December 31, 2004

Foreign banks 4,895,284 633,563,908


Foreign banks registered in Romania and Romanian banks 255,585,000 221,000,000

Total (Note 13.8) 260,480,284 854,563,908

b) Loans and advances

Regulations of the National Bank of Romania stipulate that loans granted to one customer should not exceed 20% of the
equity as calculated under Romanian accounting principles, and every individual loan exceeding 10% of the statutory
equity to be reported.

13.11 FAIR VALUES Term deposits, loans and advances to customers, bills of
According to IAS 32, Financial Instruments: Disclosure exchange, guarantees and letters of credit are stated at
and Presentation, disclosure of fair values of financial amounts net of general and specific provisions for
assets and liabilities is required. Fair value is the amount impairment which is considered to be materially similar
for which an asset could be exchanged or a liability could to fair values because these items carry market interest
be settled between knowledgeable and willing parties in rates As a result, any change in the fair value of the assets
an arms length transactions. Based on the Romanian due to change in interest rate will be matched with
economic environment the Bank’s financial assets and change in the fair value of the related liabilities.
liabilities are affected by exchange rate devaluation,
market prices and interest rates. Financial investments represent shares in unquoted
companies and Treasury bills issued by Ministry of
Fair value of short-term customer deposits, due from Finance for which there is no market and securities
banks and Treasury Bills is estimated to approximate traded on European market. In spite of this, the
their carrying values because of their short maturities management of the Company considers that there is no
and insignificant transaction costs. significant difference between the book value and the fair
value of these items.

128
13.12 FINANCIAL INSTRUMENTS interest bearing assets differ from the maturities of the
The following is a summary of the nature of activities interest bearing liabilities used to fund those assets. The
and management policies with respect to financial length of time for which the rate of interest is fixed on a
instruments. financial instrument therefore indicates to what extent it
is exposed to interest rate risk. The assets and liabilities
a) Currency risk are re-priceable at the discretion of the Bank. These
The Bank operates in a hyperinflationary economy and items carry market interest rates. As a result, the fair
undertakes transaction in both Romanian Lei (ROL) and values are not considered to be materially different from
foreign currencies. In the past ROL has experienced their carrying values.
severe devaluation as a result there is exposure of loss in
value of its ROL denominated net assets. c) Credit risk
The Bank’s derivative financial instruments represent In the normal course of its business, the Bank incurs
only Forward, Swap and IRS contracts and undelivered credit risk on its loans and advances to customers and
Spot transactions. These represent the Bank’s contractual on funds with other financial institutions and other off
commitments to purchase or sell domestic or foreign balance sheet items. There is also a risk of losses to be
currency at fixed prices on pre-determined future date. incurred from concentrations of credit risk to a single
The Bank has not entered in any embedded derivative industry or economic group due to changes in economic

Notes to the financial statements


product transactions as at December 31, 2004. conditions in Romania. The Bank manages its exposure
These financial instruments are carried at fair values and to credit risk on a regular basis by closely monitoring
favourable (assets) and unfavourable (liabilities) fluctuations credit limits and, assessments of borrowers.
as a result of changes in fair values are reported in the
statement of operations. The fair values of these instruments d) Liquidity risk
held by the Bank are presented in Note 13.11. The Bank monitors its liquidity on a daily basis in order
to manage its obligations when they fall due. Maturity
b) Interest Rate Risk analysis of assets and liabilities as at December 31, 2004
Interest rate risk is comprised of the risk that the value has been disclosed in note 14. Loans and credit lines are
of a financial instrument will fluctuate due to changes in renewed and consequently can have longer maturities
market interest rates and the risk that the maturities of than stated in note 14.

e) Regular contracts and derivative instruments

ROL thousands
Difference
National amount to the fair value Fair value
December 31, 2003
Currency Swap 147,125,400 (618,445) 146,506,955
Currency forwards 907,737,414 (72,324,457) 835,412,957
Currency spots 2,169,744 (1,049,141) 1,120,603

Total 1,057,032,558 (73,992,043) 983,040,515

December 31, 2004


Currency Swap 134,796,600 (2,944,311) 131,852,289
Currency forwards 2,876,491,732 (172,031,200) 2,704,460,532
Currency spots 277,953,227 - 277,953,227

Total 3,289,241,559 (174,975,511) 3,114,266,048

129
13.13 SUBSEQUENT EVENTS TO DECEMBER 31, 2004

There are no significant elements subsequent to December 31, 2004 which would require an adjustment of the values
presented in these financial statements.

14

MATURITY ANALYSIS FOR ASSETS AND LIABILITIES AS AT DECEMBER 31, 2003

ROL thousands Up to Between Between Between


one 1 and 3 3 months 1 and 5 Undefined
ASSETS month months and 1 year years Over 5 years maturity TOTAL

Petty cash 3,680,318,418 - - - - - 3,680,318,418


Receivables from credit
institutions at sight 168,569,347 - - - - - 168,569,347
Receivables from credit
institutions at term 1,262,126,319 39,055,303 148,871,875 380,701,944 - 4,895,284 1,835,650,725
Receivables from customers 7,069,669,274 518,476,581 1,955,031,342 2,303,920,972 1,395,116,273 - 13,242,214,442
Less: provisions for loans (9,415,677) (726,459) (3,649,368) (3,742,973) (4,386,561) - (21,921,038)
7,060,253,597 517,750,122 1,951,381,974 2,300,177,999 1,390,729,712 - 13,220,293,404

Bonds and other fixed income


debentures 1,734,265 32,424,042 147,273,975 1,512,376,282 64,974,279 - 1,758,782,843
Shares and other variable income
securities - - - - - 3,478,139 3,478,139
Investments - - - - - 5,763,460 5,763,460
Fixed assets - - - - - 242,055,398 242,055,398
Other assets 73,852,359 - - - - 17,813,591 91,665,950
Prepayments and accrued income 28,302,640 4,905,818 19,442,042 36,122,194 5,055,385 - 93,828,079
Less: provision for interest risk (53,902) - - - - - (53,902)
28,248,738 4,905,818 19,442,042 36,122,194 5,055,385 - 93,774,177

Total assets 12,275,103,043 594,135,285 2,266,969,866 4,229,378,419 1,460,759,376 274,005,872 21,100,351,861

130
ROL thousands Up to Between Between Between
one 1 and 3 3 months 1 and 5 Over Undefined
LIABILITIES month months and 1 year years 5 years maturity TOTAL

Liabilities from credit institutions


at sight 2,531,171,257 - - - - - 2,531,171,257
Liabilities from credit institutions
at term 850,749,867 - 72,839,585 2,473,880,557 2,126,508,358 - 5,523,978,367
Liabilities from customers at sight 4,422,348,296 - - - - - 4,422,348,296
Liabilities from customers 4,567,947,182 1,033,874,170 307,930,197 884,793,249 19,959,701 - 6,814,504,499
Deposits 4,567,021,397 1,031,673,133 277,153,090 64,766,271 19,959,701 - 5,960,573,592
Other debts 925,785 2,201,037 30,777,107 820,026,978 - - 853,930,907
Liabilities from securities - - - - - - -
Other liabilities 35,406,776 - 2,585,331 - - - 37,992,107
Unearned income and accrued
expenses 114,457,639 27,493,436 591,904 715,389 - - 143,258,368
Provisions for risks and charges - - - - - - -

Notes to the financial statements


Subordinated loans - - - - 284,734,348 - 284,734,348
Total liabilities 12,522,081,017 1,061,367,606 383,947,017 3,359,389,195 2,431,202,407 - 19,757,987,242

Share capital - - - - - 587,240,500 587,240,500


Retained earnings and reserves - - - - - 755,124,119 755,124,119

Total equity - - - - - 1,342,364,619 1,342,364,619

Total liabilities and equity 12,522,081,017 1,061,367,606 383,947,017 3,359,389,195 2,431,202,407 1,342,364,619 21,100,351,861

Liquidity (246,977,974) (467,232,321) 1,883,022,849 869,989,224 (970,443,031) (1,068,358,747) -

Cumulative liquidity gap (246,977,974) (714,210,295) 1,168,812,554 2,038,801,778 1,068,358,747 - -

131
15

MATURITY ANALYSIS FOR ASSETS AND LIABILITIES AS AT DECEMBER 31, 2004

ROL thousands Up to Between Between Between


one 1 and 3 3 months 1 and 5 Over Undefined
ASSETS month months and 1 year years 5 years maturity TOTAL

Petty cash 5,354,928,306 - - - - - 5,354,928,306


Public bills of change and other
bonds 1,244,266,537 2,262,064,787 - - - - 3,506,331,324
Receivables from credit
institutions 6,651,654,481 50,943,148 211,024,359 182,206,111 - 4,397,908 7,100,226,007
Receivables from customers 10,134,342,604 1,053,866,170 3,344,540,039 6,307,979,040 2,380,700,351 - 23,221,428,204
Less: provisions for loans (23,562,796) (1,099,522) (2,906,205) (6,837,614) (3,490,002) - (37,896,139)
10,110,779,808 1,052,766,648 3,341,633,834 6,301,141,423 2,377,210,349 - 23,183,532,065

Bonds and other fixed income


debentures 42,078,763 83,310,535 284,898,500 1,245,622,178 88,376,575 - 1,744,286,551
Shares and other variables income
securities - - - - - 3,478,139 3,478,139
Investments - - - - - 5,763,460 5,763,460
Fixed assets - - - - - 324,252,315 324,252,315
Other assets 205,157,206 - - - - 1,052,314 206,209,520
Prepayments and accrued income 117,563,924 38,277,535 29,240,553 33,534,091 4,958,215 - 223,574,318
Less: provision for interest risk (220,423) (6,077) (377) - - - (226,877)
117,343,501 38,271,458 29,240,176 33,534,091 4,958,215 - 223,347,441

Total assets 23,726,208,602 3,487,356,576 3,866,796,869 7,762,503,806 2,470,545,139 338,944,136 41,652,355,128

132
ROL thousands Up to Between Between Between
one 1 and 3 3 months 1 and 5 Other Undefined
LIABILITIES month months and 1 year years 5 years maturity TOTAL

Liabilities from credit institutions 4,632,021,549 34,523,997 902,013,963 9,113,361,898 1,479,774,545 - 16,161,695,952

Liabilities from customers 19,740,805,989 384,448,754 206,134,759 1,758,039,284 195,829,847 - 22,285,258,633


Deposits 15,317,493,473 382,218,345 178,674,799 - - - 15,878,386,617
Other debts 4,423,312,516 2,230,409 27,459,960 1,758,039,284 195,829,847 - 6,406,872,016

Debts from bonds - - - - - - -


Other liabilities 260,678,482 - 3,596,341 264,274,823
Deferred income and accrued - - -
liabilites 167,481,032 36,022,603 15,495,589 - - - 218,999,224
Provisions for risks and changes - - - - - - -
Subordinated loans - - - 274,665,429 198,315,000 - 472,980,429

Notes to the financial statements


Total liabilities 24,800,987,052 454,995,354 1,127,240,652 11,146,066,611 1,873,919,392 - 39,403,209,061

Share capital - - - - - 587,240,500 587,240,500


Retained earnings and reserves - - - - - 1,661,905,567 1,661,905,567

Total equity - - - - - 2,249,146,067 2,249,355,129

Total liabilities and equity 24,800,987,052 454,995,354 1,127,240,652 11,146,066,611 1,873,919,392 2,249,146,067 41,652,355,128

Liquidity risk (1,074,778,450) 3,032,361,222 2,739,556,217 (3,383,562,805) 596,625,747 (1,910,201,931) -

Cumulative liquidity gap (1,074,778,450) 1,957,582,772 4,697,138,989 1,313,576,184 1,910,201,931 - -

133
GENERAL INFORMATION
General information
Addresses in Romania
HEAD OFFICE ARAD ORADEA
HVB Bank Romania S.A. - BUCHAREST 72, Revolu]iei Bd. 2-4, Unirii Square
15, Charles De Gaulle Square Phone: +40 (0257) 206 565 Phone: +40 (0259) 406 700
Phone: +40 (021) 203 22 22 Fax: +40 (0257) 213 300 Fax: +40 (0259) 461 701
Fax: +40 (021) 230 84 85
BRA{OV PLOIE{TI
2, Mure[enilor Str. 6, Unirii Str.
BRANCHES Phone: +40 (0268) 506 280 Phone: +40 (0244) 406 800
Fax: +40 (0268) 477 437 Fax: +40 (0244) 529 000
MILLENNIUM BRANCH
88, Victoriei Av. CLUJ SIBIU
Bucharest, 1 10, Unirii Square 25, Nicolae B`lcescu Bd.
Phone: +40 (021) 307 93 00 Phone: +40 (0264) 406 070 Phone: +40 (0269) 206 830
Fax: +40 (021) 310 19 69 Fax: +40 (0264) 450 511 Fax: +40 (0269) 214 005

DECEBAL BRANCH CONSTAN}A TIMI{OARA


80, Unirii Bd. Bl.J1 Tronson 1, 132, Tomis Bd. 2, Victoriei Square
Bucharest, 3 Phone: +40 (0241) 606 100 Phone: +40 (0256) 306 800
Phone: +40 (021) 327 77 45 Fax: +40 (0241) 553 770 Fax: +40 (0256) 306 806
Fax: +40 (021) 327 77 44
IA{I
UNIREA BRANCH 31, Anastasie Panu Str.
1, Unirii Square Phone: +40 (0232) 206 240
Bucharest, 3 Fax: +40 (0232) 273 564
Phone: +40 (021) 308 31 08
Fax: +40 (021) 316 58 08

135
Addresses in Central and Eastern Europe
HVB Central Profit Banka d.d. Bayerische Hypo-und Bayerische Hypo-und Vereinsbank HVB Bank Slovakia a.s.
Zelenih Baretki 24 Vereinsbank AG Tallinn Branch AG Vilnius Branch Mostova ul. 6
71000 Sarajevo Liivalaia 13/15 Vilniaus gatve 35/3 814 16 Bratislava 1
Bosnia 10118 Tallinn 01119 Vilnius Slovakia
and Herzegovina Estonia Lithuania Tel.: (+42 12) 5969 11 11
Tel.: (+387 33) 222 999 Tel.: (+37 2) 66 88 300 Tel.: (+370 5) 2745 300 Fax.: (+42 12) 5969 94 06
Fax: (+387 33) 253 690 Fax.: (+37 2) 66 88 309 Fax.: (+370 5) 2745 307 www.hvb-bank.sk
www.hvb.ba www.hvb.ee www.hvb.lt
Bank Austria Creditanstalt d.d.
HVB Bank Biochim AD Skopje Representative Office Bank BPH Ljubljana
1 Ivan Vazov Str. Dimitrie Cupovski 4-2/6 ul. Towarowa 25 A, Smartinska 140
1026 Sofia 1000 Skopje 00 958 Warszawa, 1000 Ljubljana
Bulgaria Former Yugoslav Republic Poland Slovenia
Tel.: (+359 2) 92 69 210 of Macedonia Tel.: (+48 22) 531 80 00 Tel.: (+386 1) 5876 600
Fax.: (+359 2) 92 69 440 Tel.: (+389 2) 3215 130 Fax.: (+48 22) 531 92 86 Fax.: (+386 1) 5876 552
www.biochim.com Fax.: (+389 2) 3215 140 www.bph.pl www.ba-ca.si

HVB Splitska Banka d.d. HVB Bank Hungary Rt. International Moscow Bank HVB Bank Ukarine
Rudera Boskovica 16 Akademia utca 17 Prechistenskaya nab. 9 14-A, Yaroslaviv val
21000 Split 1054 Budapest Moscow 119034 01034 Kyiv
Croatia Hungary Russia Ukraine
Tel.: (+385 21) 304 304 Tel.: (+36 1) 269 08 12 Tel.: (+70 95) 258 7258 Tel.: (+38 044) 230 3300
Fax.: (+385 21) 304 034 Fax.: (+36 1) 353 49 59 Fax.: (+70 95) 258 7272 Fax.: (+38 044) 230 3391
www.spliskabanka.hr www.hvb.hu www.imb.ru www.hvb.com.ua

HVB Bank Czech Republic a.s. HVB Bank Latvia AS. HVB Bank Serbia and Montenegro a.d.
Namesti Republiky 3a Elizabetes iela 63 Rajiceva 27-29
110 00 Praha 1 1050 Riga 11000 Beograd
Czech Republic Latvia Serbia and Montenegro
Tel.: (+420 2) 22 111 2111 Tel.: (+37 1) 7085 500 Tel.: (+381 11) 3204 500
Fax.: (+420 2) 22 111 9622 Fax.: (+37 1) 7085 507 Fax.: (+381 11) 3342 200
www.hvb.cz www.hvb.lv www.hvb.co.yu

136