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REZULTATE FINANCIARE 2002/2003

REZULTATE FINANCIARE 2002/2003 HVB BANK ROMANIA Rezultate financiare Rezultatul activit`]ii curente Rezultatul \nainte de impozitare Rezultatul net al exerci]iului financiar Principalii indicatori ROE dup` impozitare Ponderea de]inut` de cheltuielile administrative \n veniturile nete opera]ionale Rata solvabilit`]ii 1 Rata solvabilit`]ii 2 Rezultate bilan]iere Total activ bilan]ier Credite acordate clientelei Total capitaluri proprii Num`r angaja]i Re]eaua de unit`]i teritoriale 21.100.352 13.242.214 1.342.365 225 9
Mil ROL Mil ROL Mil ROL

2003

2002

534.582 534.582 462.322

Mil ROL Mil ROL Mil ROL

268.814 Mil ROL 268.814 Mil ROL 249.940 Mil ROL

34% 49% 12% 15%

28% 56% 12% 16%

19.240.647 Mil ROL 5.504.218 Mil ROL 880.042 Mil ROL 189 5

OVERVIEW 2002/2003

OVERVIEW 2002/2003 HVB BANK ROMANIA Business results Current activity profit Pre-tax profit Profit after tax Key figures Return on equity after taxes Cost-Income ratio Tier 1 solvency ratio Tier 2 solvency ratio Balance sheet figures Balance sheet total Loans to customers Shareholders' equity Staff number Network-number of locations 21.100.352 13.242.214 1.342.365 225 9
Mil ROL Mil ROL Mil ROL

2003

2002

534.582 534.582 462.322 34% 49% 12% 15%

Mil ROL Mil ROL Mil ROL

268.814 Mil ROL 268.814 Mil ROL 249.940 Mil ROL 28% 56% 12% 16%

19.240.647 Mil ROL 5.504.218 Mil ROL 880.042 Mil ROL 189 5

ncrederea - cel mai important capital


Succesul nostru este, simultan, o promisiune dar [i o responsabilitate: promisiunea c` ne bucur`m de ncrederea clien]ilor no[tri [i responsabilitatea de a le confirma n continuare a[tept`rile. Rezultatele au relevan]` n m`sura n care ele exprim` o rela]ie de parteneriat foarte puternic`. Pentru HVB Bank - att la nivel local ct [i interna]ional - ncrederea 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`.
Parteneri de \ncredere Servicii flexibile

Trust is the main asset


Our success is both a promise and a responsibility the promise that we gained our clients 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.

Sprijin financiar

Daniela Laz`r-Croitoru, Branch Manager, Bucharest

E important s` g`se[ti timp pentru a te bucura de lucruri simple, dar care conteaz` n via]`. {i pe plan profesional se ntmpl` la fel. Atitudinea face diferen]a. Pentru c` nu pot stabili o rela]ie apropiat` cu clien]ii dect dac` le ofer solu]ii personalizate, adaptate nevoilor lor financiare. Trebuie s` fii deschis s` n]elegi cerin]ele specifice clien]ilor [i s` le r`spunzi pe m`sur`..

It is important to find some time to enjoy the simple things that really make a difference. This is valid for the professional life, as well. It is the attitude that counts. You cannot establish a close relationship with the clients unless you offer them personalized solutions, suitable for their financial needs. You have to be open to understand their specific requests and, more importantly, to answer them properly.

Manuela Pl`pcianu, Head of Retail Division

nainte de orice solu]ie financiar`, prima ofert` pe care o facem clien]ilor este parteneriatul. n loc de "noi suntem banca dumneavoastr`", ntotdeauna spun "dumneavoastr` sunte]i partenerii no[tri". Este o schimbare foarte sensibil` dar foarte important`. Pentru c` eu cred necondi]ionat c` aceast` abordare invit` la dialog, un element esen]ial n activitatea noastr`.

The first offer to my clients is partnership. This comes first, before any other financial solution. Instead of saying we are your bank, I always prefer you are our partners. It is a small, yet very important change of approach. Because I strongly believe that this is an invitation to dialogue, an essential element for our activity.

Bogdan Cristocea, Branch Manager, Constan]a

Dintotdeauna am fost atras de tot ceea ce e nou, actual. |mi place performan]a [i mi place [i mai mult atunci cnd ofer clien]ilor solu]ii inovatoare, concepute astfel nct s` ]in` pasul cu ritmul accelerat n care se dezvolt` afacerile lor.

I have always been interested in what is new and modern. I like performance and I like to offer innovative solutions to my clients, especially since these solutions were conceived to keep the pace with the accelerated rhythm of their businesses.

Succes f`r` frontiere n inima Europei


2004 este unul dintre cei mai importan]i ani n istoria recent` a Europei. Uniunea European` [i-a extins grani]ele. Opt state din regiunea Europei Centrale [i de Est s-au al`turat deja Uniunii Europene, iar celelalte experimenteaz` un proces intens de preg`tire pentru momentul ader`rii. Acum c]iva ani, acest lucru p`rea imposibil. Este foarte important acum s` capitaliz`m avantajele [i oportunit`]ile acestui proces de integrare. Iar noi suntem un juc`tor important n acest proces. Re]eaua din Europa Central` [i de Est cuprinde acum 900 de sucursale, cu 18.000 de angaja]i, care deservesc aproape 4 milioane de clien]i. HVB Group este activ pe o pia]` de 200 milioane de oameni. Apropierea de clien]i [i expertiza local` sunt factori decisivi pentru succesul n fiecare din aceste ]`ri. Datorit` re]elei putem profita de oportunit`]ile de colaborare, fie c` ele se reg`sesc n dezvoltarea de noi produse [i platforme IT, fie n opera]iunile de back office. Re]eaua grupului nu cunoa[te constrngeri geografice. Avantajul unuia este avantajul tuturor. Iar beneficiul clien]ilor no[tri este clar: expertiza local` [i interna]ional`, dintr-o singur` surs`.

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RAPORTUL CONSILIULUI DE ADMINISTRA}IE

Raportul Consiliului de Administra]ie


HVB Bank Romania [i-a nceput activitatea n septembrie 1998 [i se bucur` ast`zi de o reputa]ie foarte bun` pe pia]a romneasc`, oferind servicii financiare inovatoare menite a veni n ntmpinarea cerin]elor specifice ale clien]ilor, fie persoane fizice fie persoane juridice. n toat` aceast` perioad`, HVB Bank [i-a consolidat pozi]ia pe pia]` datorit` unui ritm de dezvoltare sus]inut. Au fost f`cu]i pa[i importan]i n ceea ce prive[te extinderea teritorial` [i dezvoltarea continu` a portofoliului de produse [i servicii. n prezent, HVB Bank Romania [i deserve[te clien]ii prin intermediul celor 9 sucursale din Bucure[ti, Timi[oara, Oradea, Cluj, Bra[ov, Constan]a [i Sibiu. HVB Bank a ob]inut la finalul anului 2003 un profit net de 462.322 miliarde lei, printr-o expansiune dinamic` n toate segmentele de activitate [i printr-o politic` eficient` a costurilor, ce au generat o cre[tere de 85% n compara]ie cu rezultatul anului 2002. Profitabilitatea capitalului a atins 40%, nregistrnd astfel un nivel de performan]` deosebit. Banca nregistra Total Active n valoare de 21.100 miliarde lei, n timp ce num`rul de clien]i a crescut semnificativ la 16.800, n compara]ie cu 10.000 anul trecut. Cu performan]ele nregistrate n 2003 planurile de viitor nu pot fi dect optimiste. Datorit` ritmului de dezvoltare foarte dinamic, HVB Bank [i va muta sediul central ntr-o cl`dire nou`, spa]ioas` [i foarte modern` din Pia]a Charles de Gaulle. Banca va continua extinderea re]elei teritoriale [i l`rgirea portofoliului de produse [i servicii att pentru persoane fizice ct [i pentru persoane juridice.
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Raportul Consiliului de Administra]ie

Prin nfiin]area CAIB Asset Management, HVB Bank va ncepe vnzarea fondurilor mutuale prin re]eaua sa de sucursale n 2004. HVB Bank va continua s` se pozi]ioneze ca un partener de ncredere cunoscut pentru produsele [i serviciile sigure, flexibile [i inovatoare. Mul]umim clien]ilor [i partenerilor de afaceri pentru ncrederea pe care ne-o acord` [i angaja]ilor pentru devotamentul fa]` de dezvoltarea continu` a b`ncii.
Dan Pascariu Pre[edinte Helmut Bernkopf Vicepre[edinte

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RAPORT PRIVIND DIVIZIILE B~NCII

Servicii adresate persoanelor juridice


Anul 2003 a venit ca o confirmare a trendului cresc`tor pe care divizia Corporate Banking a HVB Bank Romania l-a urmat nc` de la nfiin]are. Rezultate record au fost posibile printr-o echip` activ` [i dedicat`, care a abordat creativ [i flexibil cerin]ele noilor clien]i [i, n acela[i timp, a intensificat rela]iile cu clien]ii existen]i. Tranzac]ii majore au fost ncheiate n domeniul comer]ului, exportului [i finan]`rii de proiecte pentru companii att din domeniul energetic, imobiliar, alimentar ct [i cel de prelucrare de cherestea. La sfr[itul anului 2003, totalul portofoliului de mprumuturi acordate clien]ilor persoane juridice era de aproximativ 530 milioane EUR, nregistrnd o cre[tere impresionant` de 75% comparativ cu 2002. Num`rul total de tranzac]ii n ceea ce prive[te pl`]ile interne [i interna]ionale a crescut cu 71% n timp ce volumul de pl`]i s-a dublat practic de la 3,06 miliarde EUR n 2002 la 6,14 miliarde EUR n 2003. Num`rul tranzac]iilor bancare electronice a crescut cu 121% comparativ cu anul trecut. n segmentul de mari clien]i corporativi HVB Bank a atins o cot` de pia]` de aproximativ 30%, n timp ce num`rul de clien]i ntreprinderi mici [i mijlocii a fost de aproximativ 700. De asemenea, o cre[tere semnificativ` a fost nregistrat` n segmentul imobiliar care a atins cifra de 80 milioane EUR mprumuturi acordate la sfr[itul anului 2003. Num`rul de clien]i s-a dublat aproape, de la 40 n 2002, la 78 n 2003. Prin flexibilitatea sa [i prin abordarea serioas` a cerin]elor clientului, HVB Bank [i-a consolidat
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pozi]ia pe pia]`, fiind unul dintre cei mai importan]i finan]atori de tranzac]ii imobiliare din Romnia. Solu]iile inovatoare pentru gestionarea lichidit`]ilor au contribuit la reducerea costurilor financiare [i la eficientizarea administr`rii lichidit`]ilor clien]ilor corporativi: Colectarea [i livrarea de numerar solu]ii care au contribuit la reducerea resurselor alocate proces`rilor, manipul`rii [i transportului de numerar [i eliminarea riscului legat de activit`]ile cu numerar. Solu]ii pentru pl`]i [i ncas`ri - set`ri electronice pentru adaptarea complex` a crean]elor [i a situa]iilor de plat` pe conturi. HVB Bank a generat cu success mai multe tranzac]ii importante n 2003, cum ar fi: Sindicaliz`ri - ac]ionnd (mpreun` cu Bank Austria Creditanstalt) ca unic intermediar sau ca [i cointermediar principal pentru mprumuturi sindicalizate de peste 260 milioane USD acordate pentru finan]area importului de gaze naturale pentru perioada de iarn`; Finan]`ri export - intermedierea finan]`rii pentru achizi]ia de trenuri noi speciale n valoare de peste 95 milioane EUR pe parcursul anului 2003 pentru Societatea Na]ional` de C`i Ferate; Finan]are proiecte - structurarea [i finan]area de tip greenfield n valoare de 70 milioane EUR; Finan]are imobiliar` - Finan]area complexului de birouri Charles de Gaulle, o cl`dire de 16 etaje, de peste 30 milioane EUR, n nordul Bucure[tiului.

Raport privind diviziile b`ncii

Servicii adresate persoanelor fizice


Activitatea de retail a HVB Bank a cunoscut o dezvoltare foarte intens` n 2003. Urmnd evolu]ia cererii de pe pia]`, banca a dezvoltat noi produse, precum Creditul Personal, Creditul pentru Construc]ii de Locuin]e sau credite care se adreseaz` unor anumite categorii de clien]i. Noile produse se nscriu n strategia general` a b`ncii de a oferi produse personalizate cerin]elor specifice ale clien]ilor, n condi]ii de maxim` transparen]` n ceea ce prive[te costurile [i condi]iile de creditare. Un nou concept - pachetele de produse [i servicii a fost implementat prin respectarea politicii b`ncii de a oferi servicii n func]ie de segmentul de clien]i c`rora se adreseaz`. Astfel clien]ii pot beneficia de o gam` larg` de produse n condi]ii de maxim` eficien]` a costurilor. Consilierea financiar` este un alt domeniu dezvoltat de HVB Bank Romania pentru pia]a de retail, serviciile de private banking jucnd un rol central \n aceast` nou` orientare. Cardurile au nregistrat, de asemenea, o cre[tere semnificativ`. Astfel, num`rul cardurilor active a crescut cu 85% ajungnd la 10.228, n timp ce volumul tranzac]iilor a crescut cu 173%. Conceptul de 24h B@nking a fost promovat n mod activ prin implementarea [i dezvoltarea unor produse potrivite cerin]elor n continu` transformare ale clien]ilor (Lobby Banking, Telephone Banking [i Online B@nking). Unul dintre cele mai importante succese realizate n acest domeniu a fost implementarea pl`]ilor externe prin Online B@nking. n acest demers continuu de a oferi servicii [i produse diversificate clien]ilor, HVB Bank a planificat o serie de proiecte ce urmeaz` a fi implementate n 2004: extinderea re]elei de sucursale, lansarea de noi produse [i servicii, dezvoltarea unor noi canale de distribu]ie [i stabilirea de parteneriate strategice cu agen]ii imobiliare [i companii de asigur`ri.

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Trezoreria
Tema principal` n 2003 a fost volatilitatea [i, n acest context trezoreria a reu[it s` capitalizeze noile oportunit`]i [i s` ob]in` venituri mari. HVB Bank a continuat s` [i men]in` pozi]ia de formator de pia]` [i totodat` s` [i l`rgeasc` baza de clien]i. Pe partea de gestionare de active [i pasive, diversitatea potrivit` de surse de refinan]are (fonduri primare, linii de refinan]are, pia]a interbancar`) a portofoliului crescnd de credite, a contribuit semnificativ la veniturile din dobnzi ale b`ncii n acela[i timp p`strndu-se o lichiditate ridicat`. Mai mult dect att, introducerea de produse derivate de c`tre Banca Na]ional` a Romniei a oferit trezoreriei oportunitatea de a mbun`t`]i gestionarea riscului de dobnd`. Departamentul de vnz`ri a oferit clien]ilor ntreaga gam` de produse existente. O aten]ie special` a fost acordat` gestion`rii riscului de curs [i oportunit`]ilor de investi]ie. Pe m`sur` ce se va avea acces la o varietate mai mare de produse derivative, va exista posibilitatea de a oferi clien]ilor produse mai performante de gestionare a riscurilor. Pe o pia]` de capital n continu` cre[tere, HVB Bank Romania [i-a f`cut apari]ia n pia]` anul trecut [i a c[tigat pozi]ia de Lead Manager pentru emisiunea de obliga]iuni pentru Municipalitatea Timi[oara [i Jude]ul Arad. Viitoarea dezvoltare a acestei pie]e prin cre[terea volumelor [i a num`rului de emiten]i va oferi n viitor noi oportunit`]i de afaceri ce vor putea fi capitalizate.

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Raport privind diviziile b`ncii

RESURSE UMANE

Resurse umane
Cre[terea continu` a activit`]ii [i extinderea teritorial` implic` eforturi sus]inute pentru a asigura capitalul uman necesar ritmului constant de dezvoltare al b`ncii. Un rol important al departamentul de Resurse Umane este acela de a asista angaja]ii n procesul de perfec]ionare [i dezvoltare profesional` prin capitalizarea oportunit`]ilor pe care le ofer` banca. Echipele selec]ionate pentru noile sucursale au beneficiat de un program intensiv de preg`tire n cadrul b`ncii, pentru a cunoa[te standardele profesionale [i cultura organiza]ional` a HVB Bank. Num`rul angaja]ilor a crescut cu 30% n 2002 [i a ajuns la 225 la sfr[itul lunii decembrie 2003. Strategia de resurse umane a HVB Bank Romania vizeaz`, n egal` m`sur`, construirea unei echipe motivate [i dedicate dar [i dezvoltarea continu` a b`ncii. Programele interne de training organizate n primul rnd pentru a spori profesionalismul angaja]ilor [i pentru a cre[te calitatea serviciilor lor c`tre clien]i se dovedesc un sprijin important \n procesul de diversificare continu` a produselor [i serviciilor oferite de banc`. Programele de recunoa[tere profesional` au nregistrat un real succes [i s-au dovedit un catalizator pentru performan]ele angaja]ilor b`ncii. Preocuparea echipei de conducere pentru o comunicare deschis` cu angaja]ii s-a reflectat clar ntr-un studiu realizat anul trecut cu scopul de a m`sura gradul de mul]umire al angaja]ilor HVB Bank. Un instrument foarte eficient n dialogul cu angaja]ii, acest studiu se va repeta n fiecare an. Obiectivul departamentului de resurse umane pentru anul ce urmeaz` vizeaz` consolidarea politicii de dezvoltare a carierei profesionale [i identificarea persoanelor cheie [i a succesorilor pentru pozi]iile importante.Vom continua s` implement`m programe de preg`tire [i dezvoltare profesional` care s` permit` angaja]ilor HVB Bank s` [i cultive abilit`]ile [i s` [i mbun`t`]easc` mereu cuno[tin]ele.

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Resurse umane

RAPORT FINANCIAR

Raport de audit
Noi am procedat la auditarea bilan]ului societ`]ii HVB BANK ROMANIA S.A. (Banca) ncheiat la 31 decembrie 2003, a situa]iilor contului de profit [i pierdere, a modific`rilor capitalurilor proprii, a fluxurilor de trezorerie pentru exerci]iul ncheiat la aceast` dat`, care reflecta: total active 21.100.351.861 mii lei capital propriu (activ net) 1.342.364.619 mii lei venituri totale 1.770.604.138 mii lei rezultatul exerci]iului financiar-profit 462.322.222 mii lei Conturile anuale au fost stabilite sub responsabilitatea conducerii B`ncii [i sunt ntocmite n conformitate cu Reglement`rile contabile n vigoare n Romnia, [i anume Legea Contabilit`]ii nr. 82/1991, Ordinul Ministrului Finan]elor Publice [i al guvernatorului B`ncii Na]ionale a Romniei nr. 1982/5/2001, precum [i Ordinul Ministrului Finan]elor Publice nr.1827/2003. Responsabilitatea noastr` este ca, pe baza auditului nostru, s` exprim`m o opinie asupra acestor situa]ii financiare. Noi am efectuat auditul nostru conform normelor interna]ionale de audit [i Normelor de Audit emise de Camera Auditorilor din Romnia conform legisla]iei privitoare la audit n vigoare n Romnia. Aceste norme cer ca auditul s` fie planificat [i executat astfel nct s` ob]inem o asigurare rezonabil` c` nu sunt erori semnificative n conturile anuale. Un audit const` n a examina, pe baz` de sondaje, elementele probante care s` justifice sumele [i informa]iile con]inute n conturile anuale. Un audit const` de asemenea, att n evaluarea principiilor [i metodelor contabile folosite [i a estim`rilor semnificative f`cute de c`tre conducerea societ`]ii pentru nchiderea conturilor anuale, ct [i n efectuarea unei examin`ri a prezent`rii de ansamblu a acesteia. Noi estim`m c` auditul efectuat furnizeaz` o baz` rezonabil` exprim`rii opiniei noastre. n opinia noastr`, situa]iile financiare ofer` o imagine real`, sub toate aspectele semnificative, a pozi]iei financiare a HVB BANK ROMANIA S.A. la 31 decembrie 2003, a rezultatelor opera]iunilor sale, a situa]iei fluxurilor de trezorerie [i a situa]iei modific`rilor capitalurilor proprii pentru anul ncheiat la aceast` dat`, n conformitate cu Reglement`rile contabile n vigoare n Romnia [i anume Legea Contabilit`]ii nr. 82/1991, Ordinul Ministrului Finan]elor Publice [i al guvernatorului B`ncii Na]ionale a Romniei nr. 1982/5/2001, precum [i Ordinul Ministrului Finan]elor Publice nr. 1827/2003. F`r` a califica opinia noastr`, atragem aten]ia asupra urm`toarelor: A[a cum este prezentat n Nota 1.1 a situa]iilor financiare, n cursul anului 2000 Romnia a nceput un proces de armonizare a principiilor sale contabile cu Directiva a IV-a Comunit`]ii Economice Europene [i cu Standardele Interna]ionale privind Raport`rile Financiare (IFRS). Cu toate acestea, ultimele cerin]e contabile ale Ministerului

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Raport financiar

Finan]elor Publice sunt concepute pentru a r`spunde necesit`]ilor fiscale ale Ministerului Finan]elor [i sunt aplicabile numai pe teritoriul Romniei. Aceste noi reglement`ri nu acoper` cerin]ele IFRS \n totalitate, \n unele aspecte fiind chiar diferite fa]` de prevederile IFRS, \n special cele care se refer` la IAS 29 Raport`ri Financiare \n Economii Hiperinfla]ioniste, IAS 32 Instrumente Financiare Prezentare [i IAS 39 Instrumente Financiare

|nregistrare [i Valorizare. Prin urmare, este posibil ca aceste situa]ii financiare s` nu ofere o imagine real` a pozi]iei financiare a B`ncii, a rezultatelor opera]iunilor sale, a situa]iei modific`rilor capitalului propriu, precum [i a situa]iei fluxurilor de trezorerie n conformitate cu IFRS. De aceea situa]iile financiare anexate nu sunt \ntocmite pentru uzul persoanelor ce nu cunosc impactul aspectelor prezentate mai sus. Deloitte & Touche Romania SRL Bucure[ti, 26 aprilie 2004

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BILAN} CONTABIL LA 31 DECEMBRIE 2002 {I 31 DECEMBRIE 2003

\n mii Lei / \n mii EUR*

2002

2003

2002*

2003*

ACTIV Casa [i disponibilit`]i la b`nci (Nota 13.8) Efecte publice [i alte titluri acceptate pentru refinan]are la b`nci centrale Efecte publice [i valori asimilate (Nota 13.8) Alte titluri acceptate pentru refinan]are la b`ncile centrale Crean]e asupra institu]iilor de credit (Note 3.4; 13.8) La vedere Alte crean]e (Nota 3.1) Crean]e asupra clientelei (Note 3.1; 3.3; 3.4) Descoperiri de cont Credite la termen Obliga]iuni [i alte titluri cu venit fix (Note 3.5; 4.1; 4.2; 5) Emise de organisme publice Emise de al]i emiten]i, din care: Obliga]iuni proprii Ac]iuni [i alte titluri cu venit variabil (Note 4.3; 5) Participa]ii, din care (Nota 13.2): Participa]ii la institu]ii de credit P`r]i n cadrul societ`]ilor comerciale legate, din care: P`r]i n cadrul institu]iilor de credit Imobiliz`ri necorporale, din care: (Nota 5) Cheltuieli de constituire Fond comercial Imobiliz`ri corporale, din care: (Nota 5) Cl`diri [i terenuri utilizate n scopul desf`[ur`rii activit`]ilor proprii Capital subscris nev`rsat Ac]iuni [i p`r]i proprii Alte active (Nota 2.3) Cheltuieli nregistrate n avans [i venituri angajate (Nota 2.4) TOTAL ACTIV

2.248.879.348 1.358.519.969 1.358.519.969


-

3.680.318.418 -

64.403 38.905 38.905 265.103 3.712 261.391 157.305 82.022 75.284 18.099 13.085 5.013 62 33 33 1.627 2.586 1.241 317 2.568 551.008

89.508 48.744 4.100 44.645 321.529 160.383 161.146 42.775 29.160 85 140 2.163 3.724 1.694 2.229 2.281 513.178
Raport financiar

9.257.143.676 2.004.220.072 129.635.096


168.569.347

9.127.508.580 1.835.650.725 5.492.944.196 13.220.293.404 2.864.119.226 6.594.463.899 2.628.824.970 6.625.829.505


631.990.817 1.758.782.843 456.930.996 2.167.860 1.150.960 1.150.960 56.822.258 13.046 90.287.228 43.322.137 11.058.168 89.682.756 559.815.712 3.478.139 5.763.460 88.940.113 15.933 153.115.285 69.650.477 91.665.950 93.774.177 175.059.821 1.198.967.131

13.615

19.240.647.236 21.100.351.861

* Sumele n EURO sunt ob]inute prin conversia cifrelor n ROL la cursul BNR din 31.12.2002, respectiv 34.919 EUR/ROL [i la cursul BNR din 31.12.2003 respectiv 41.117 EUR/ROL. Aceste cifre sunt prezentate n scop infomativ [i nu au fost auditate de Deloitte & Touche.

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BILAN} CONTABIL LA 31 DECEMBRIE 2002 {I 31 DECEMBRIE 2003

\n mii Lei / \n mii EUR*

2002

2003

2002*

2003*

PASIV Datorii privind institu]iile de credit (Nota 3.4) La vedere La termen (Nota 3.1) Datorii privind clientela (Nota 3.4) Depozite, din care: La vedere La termen (Nota 3.1) Alte datorii, din care: La vedere La termen (Nota 3.1; 3.2) Datorii constituite prin titluri Titluri de pia]` interbancar`, obliga]iuni, titluri de crean]` negociabile n circula]ie Alte titluri Alte pasive (Nota 2.3) Venituri nregistrate n avans [i datorii angajate (Nota 2.4) Provizioane pentru riscuri [i cheltuieli, din care: Provizioane pentru pensii [i obliga]ii similare Alte provizioane Datorii subordonate (Nota 3.6) Capital social subscris (Nota 6) Prime legate de capital Rezerve (Nota 2.2) Rezerve legale Rezerve statutare sau contractuale Rezerva general` pentru riscul de credit Alte rezerve Rezerve din reevaluare Rezultatul reportat (Nota 13.4) Rezultatul exerci]iului financiar (Nota 7) Repartizarea profitului TOTAL PASIV

(1.769.808.203) (8.055.149.624) (19.123.373) (2.531.171.257) (1.750.684.830) (5.523.978.367)


(16.231.931.801) (11.236.852.795)

(50.683) (548) (50.136) (464.845) (330.640) (330.640) (134.205) (113.269) (20.936) (1.342) (2.010) (6.925) (10.388) (9.322) (2.604) (3.150) (3.568) (4.363) (7.158) 6.027 (551.008)

(195.908) (61.560) (134.348) (273.290) (168.560) (23.594) (144.966) (104.730) (83.962) (20.768) (924) (3.484) (6.925) (14.282) (12.021) (4.812) (6.441) (768) (1.467) (11.244) 6.367 (513.178)

(11.545.624.175) -

(6.930.676.429) (970.102.837)

(11.545.624.175) (5.960.573.592) (4.686.307.626) (4.306.176.366) (3.955.241.458) (3.452.245.459) (731.066.168) (46.870.634)


(70.180.871) (241.813.330) (362.733.900) (325.504.170) (90.922.097) (109.987.061) (124.595.012) (152.337.367) (249.939.889) 210.472.929

(853.930.907) (37.992.107) (143.258.368)


(284.734.348) (587.240.500) (494.260.420) (197.838.657) (264.843.499) (31.578.264) (60.314.475) (462.322.222) 261.772.998

(19.240.647.236) (21.100.351.861)

* Sumele n EURO sunt ob]inute prin conversia cifrelor n ROL la cursul BNR din 31.12.2002, respectiv 34.919 EUR/ROL [i la cursul BNR din 31.12.2003 respectiv 41.117 EUR/ROL. Aceste cifre sunt prezentate n scop infomativ [i nu au fost auditate de Deloitte & Touche.

26

CONTURI EXTRABILAN}IERE LA 31 DECEMBRIE 2002 {I 31 DECEMBRIE 2003

\n mii Lei / \n mii EUR*

2002

2003

2002*

2001*

ELEMENTE |N AFARA BILAN}ULUI Datorii contingente, din care: (Nota 12.1) Accept`ri [i andos`ri Garan]ii [i active gajate Angajamente, din care: (Nota 12.2) Angajamente aferente tranzac]iilor de vnzare cu posibilitate de r`scump`rare

742.972.889 280.017.572 462.955.317 3.300.694.829 -

1.984.357.161 663.691.728 1.320.665.433 5.612.621.487 -

21.277 8.019 13.258 94.524 -

48.261 16.142 32.120 136.504 -

* Sumele n EURO sunt ob]inute prin conversia cifrelor n ROL la cursul BNR din 31.12.2002, respectiv 34.919 EUR/ROL [i la cursul BNR din 31.12.2003 respectiv 41.117 EUR/ROL. Aceste cifre sunt prezentate n scop infomativ [i nu au fost auditate de Deloitte & Touche.

27

Raport financiar

CONTUL DE PROFIT {I PIERDERE LA 31 DECEMBRIE 2002 {I 31 DECEMBRIE 2003

\n mii Lei / \n mii EUR*

2002

2003

2002*

2001*

Dobnzi de primit [i venituri asimilate, din care: (Nota 9.1) Aferente obliga]iunilor [i altor titluri cu venit fix Dobnzi de pl`tit [i cheltuieli asimilate (Nota 9.1) Venituri privind titlurile Venituri din ac]iuni [i alte titluri cu venit variabil Venituri din participa]ii Venituri din p`r]i n cadrul societ`]ilor comerciale legate Venituri din comisioane (Nota 9.2) Cheltuieli cu comisioane (Nota 9.2) Profit sau pierdere net` din opera]iuni financiare (Nota 9.3) Alte venituri din exploatare (Nota 9.4) Cheltuieli administrative generale Cheltuieli cu personalul, din care (Note 9.5; 10) Salarii Cheltuieli cu asigur`rile sociale, din care: Cheltuieli aferente pensiilor Alte cheltuieli administrative (Nota 9.6) Corec]ii asupra valorii imobiliz`rilor necorporale [i corporale (Nota 9.7) Alte cheltuieli de exploatare (Nota 9.4) Corec]ii asupra valorii crean]elor [i provizioanelor pentru datorii contingente [i angajamente (Note 8.1; 9.8) Relu`ri din corec]ii asupra valorii crean]elor [i provizioanelor pentru datorii contingente [i angajamente (Note 8.1; 9.8) Corec]ii asupra valorii titlurilor transferabile, care au caracter de imobiliz`ri financiare, a participa]iilor [i a p`r]ilor n cadrul societ`]ilor comerciale legate (Not` 9.9) Relu`ri din corec]ii asupra valorii titlurilor transferabile care au caracter de imobiliz`ri financiare, a participa]iilor [i a p`r]ilor n cadrul societ`]ilor comerciale legate (Nota 9.9) REZULTATUL ACTIVIT~}II CURENTE Profit Pierdere Impozitul pe rezultatul activit`]ii curente (Nota 13.5)

781.375.661 1.047.338.779 8.321.743 (268.020.940) 150.536.070 (23.376.315) (52.859.122) 20.427.687 (293.183.822) (93.307.619) (64.643.240) (16.373.990) (7.231.831) (199.876.203) (22.365.314) (37.245.228) 177.202.345 (345.486.263) 290.783.975 (35.437.056) 101.015.917 12.701.166 (445.436.757) (155.222.696) (100.521.177) (32.158.547) (19.375.262) (290.214.061) (34.737.760) (44.061.754)

22.377 238 (7.676) 4.311 (669) (1.514) 585 (8.396) (2.672) (1.851) (469) (5.724) (640) (1.067)

25.472 4.310 (8.403) 7.072 (862) 2.457 309 (10.833) (3.775) (2.445) (782) (471) (7.058) (845) (1.072)

(92.298.753)

(330.834.599)

(2.643)

(8.046)

86.137.269

317.906.489

2.467

7.732

(60.838.738)

(27.485)

(1.742)

(1)

80.525.521

857.812

2.306

21

268.813.976 (18.874.087)

534.582.464 (72.260.242)

7.698 (541)

13.001 (1.757)

* Sumele n EURO sunt ob]inute prin conversia cifrelor n ROL la cursul BNR din 31.12.2002, respectiv 34.919 EUR/ROL [i la cursul BNR din 31.12.2003 respectiv 41.117 EUR/ROL. Aceste cifre sunt prezentate n scop infomativ [i nu au fost auditate de Deloitte & Touche.

28

CONTUL DE PROFIT {I PIERDERE LA 31 DECEMBRIE 2002 {I 31 DECEMBRIE 2003

\n mii Lei / \n mii EUR*

2002

2002

2002*

2001*

REZULTATUL ACTIVIT~}II CURENTE DUP~ IMPOZITARE Profit Pierdere Venituri extraordinare Cheltuieli extraordinare REZULTATUL ACTIVIT~}II EXTRAORDINARE Profit Pierdere Impozitul pe rezultatul activit`]ii extraordinare REZULTATUL ACTIVIT~}II EXTRAORDINARE DUP~ IMPOZITARE Profit Pierdere Venituri totale Cheltuieli totale REZULTATUL BRUT Profit Pierdere Impozitul pe profit (Note 13.5; 13.6) Alte impozite REZULTATUL NET AL EXERCI}IULUI FINANCIAR Profit Pierdere 249.939.889 462.322.222 7.158 11.244 268.813.976 (18.874.087) 534.582.464 72.260.242 7.698 (541) 13.001 1.757 32.046 (24.347) 43.063 (30.061) 249.939.889 462.322.222 7.158 11.244 -

1.119.002.208 1.770.604.138 (850.188.232) (1.236.021.674)

* Sumele n EURO sunt ob]inute prin conversia cifrelor n ROL la cursul BNR din 31.12.2002, respectiv 34.919 EUR/ROL [i la cursul BNR din 31.12.2003 respectiv 41.117 EUR/ROL. Aceste cifre sunt prezentate n scop infomativ [i nu au fost auditate de Deloitte & Touche.

29

Raport financiar

SITUA}IA FLUXURILOR DE TREZORERIE PENTRU ANII |NCHEIA}I LA 31 DECEMBRIE 2002 {I 31 DECEMBRIE 2003

\n mii Lei / \n mii EUR*

2002

2003

2002*

2003*

REZULTATUL NET Componente ale rezultatului net care nu genereaz` fluxuri de trezorerie aferente activit`]ii de exploatare constituirea sau regularizarea provizioanelor cheltuieli cu amortizarea alte ajust`ri aferente elementelor care nu genereaz` fluxuri de numerar ajust`ri aferente elementelor incluse la activit`]ile de investi]ie sau de finan]are alte ajust`ri impozit pe profit

249.939.889

462.322.222

7.158

11.244

5.301.623 24.137.807 38.437 18.874.087 298.291.843

10.375.445 34.737.761 42.921.018 72.260.242 622.616.688

152 691 541 8.542

252 845 1.044 1.757 15.143

Modific`ri ale activelor [i pasivelor aferente activit`]ii de exploatare dup` ajust`rile pentru elementele care nu genereaz` fluxuri de trezorerie aferente activit`]ii de exploatare titluri care nu au caracter de imobiliz`ri financiare crean]e privind institu]iile de credit crean]e privind clientela crean]e ata[ate alte active aferente activit`]ii de exploatare datorii privind institu]iile de credit datorii privind clientela datorii ata[ate alte pasive aferente activit`]ii de exploatare - pl`]i n numerar reprezentnd impozitul pe profit Fluxuri de numerar din activit`]i de exploatare Fluxuri de numerar din activit`]i de investi]ii - pl`]i n numerar pentru achizi]ionarea de filiale sau alte subunit`]i + ncas`ri n numerar din vnzarea de filiale sau alte subunit`]i + ncas`ri n numerar reprezentnd dividende primite - pl`]i n numerar pentru achizi]ionarea de titluri care au caracter de imobiliz`ri financiare + ncas`ri n numerar din vnzarea de titluri care au caracter de imobiliz`ri financiare + ncas`ri n numerar reprezentnd dobnzi primite - pl`]i n numerar pentru achizi]ionarea de terenuri [i mijloace fixe, active necorporale [i alte active pe termen lung + ncas`ri n numerar din vnzarea de terenuri [i mijloace fixe, active necorporale [i alte active pe termen lung - alte pl`]i n numerar aferente activit`]ilor de investi]ii + alte ncas`ri n numerar din activit`]i de investi]ii Fluxuri de numerar din activit`]i de investi]ii (35.457.719) (204.332.861) (1.015) (4.970) (84.919.986) (129.683.673) (2.432) (3.154) 51.121.087 (68.726.409) 1.464 (1.671) (1.658.820) (5.922.779) (48) (144) 18.633.841 (1.023.907.310) 742.255 (30.140.752) (3.579.831) 1.006.714.046 39.099.156 17.360.210 (18.030.953) (585.066.505) (3.820.072) (89.582.384) 6.285.341.421 73.077.498 (8.200.138) (63.964.029) (1.604.843.330) (7.737.996.002) 534 21 (45.959) (863) (103) 28.830 279.559 1.120 497 (516) 271.662 (24.902) (14.229) (188.195) (93) (2.179) 152.865 (121.485) 1.777 (199) (1.556) (183.053)

9.761.905.268 (4.995.079.007)

9.486.151.753 (7.526.579.840)

* Sumele n EURO sunt ob]inute prin conversia cifrelor n ROL la cursul BNR din 31.12.2002, respectiv 34.919 EUR/ROL [i la cursul BNR din 31.12.2003 respectiv 41.117 EUR/ROL. Aceste cifre sunt prezentate n scop infomativ [i nu au fost auditate de Deloitte & Touche.

30

SITUA}IA FLUXURILOR DE TREZORERIE PENTRU ANII |NCHEIA}I LA 31 DECEMBRIE 2002 {I 31 DECEMBRIE 2003

\n mii Lei / \n mii EUR*

2002

2003

2002*

2003*

Fluxuri de numerar din activit`]i de finan]are + ncas`ri n numerar din datorii constituite prin titluri [i datorii subordonate - pl`]i n numerar aferente datoriilor constituite prin titluri [i datorii subordonate + ncas`ri n numerar din emisiunea de ac]iuni sau p`r]i - pl`]i n numerar pentru achizi]ionarea de ac]iuni sau p`r]i proprii + ncas`ri n numerar din vnzarea de ac]iuni sau p`r]i proprii - pl`]i n numerar reprezentnd dividende - alte pl`]i n numerar aferente activit`]ilor de finan]are + alte ncas`ri n numerar din activit`]i de finan]are Fluxuri de numerar din activit`]i de finan]are Numerar la nceputul perioadei Fluxuri de numerar din activit`]i de exploatare Fluxuri de numerar din activit`]i de investi]ii Fluxuri de numerar din activit`]i de finan]are Efectul modific`rii cursului de schimb asupra numerarului Numerar la sfr[itul perioadei (Nota 13.8) 48.738.000 48.738.000 1.396 1.396 96.226 271.662 (1.015) 1.396 368.268 312.755 (183.053) (4.970) 124.733
Raport financiar

3.360.111.739 12.859.543.773 9.486.151.753 (7.526.579.840) (35.457.719) 48.738.000 (204.332.861) -

12.859.543.773 5.128.631.072

* Sumele n EURO sunt ob]inute prin conversia cifrelor n ROL la cursul BNR din 31.12.2002, respectiv 34.919 EUR/ROL [i la cursul BNR din 31.12.2003 respectiv 41.117 EUR/ROL. Aceste cifre sunt prezentate n scop infomativ [i nu au fost auditate de Deloitte & Touche.

31

SITUA}IA MODIFIC~RILOR CAPITALURILOR PROPRII PENTRU ANUL |NCHEIAT LA 31 DECEMBRIE 2003

Cre[teri \n mii Lei Sold la 1 ianuarie Capital subscris Prime de capital Rezerve legale Rezerve statutare sau contractuale Rezerva general` pentru riscul de credit Rezerve din reevaluare Rezerve pentru ac]iuni proprii Rezerve din conversie Alte rezerve Fonduri Rezultatul reportat Profit nerepartizat Pierdere neacoperit` Rezultatul reportat provenit din adoptarea pentru prima dat` a IAS, mai pu]in IAS 29 Sold creditor Sold debitor Rezultatul reportat provenit din modificarea politicilor contabile Sold creditor Sold debitor Rezultatul reportat provenit din corectarea erorilor fundamentale Sold creditor Sold debitor Rezultatul reportat reprezentnd surplusul realizat din rezerve de reevaluare Rezultatul exerci]iului financiar Sold creditor Sold debitor Total 880.042.397 462.322.222 974.173.621 511.851.399 140.591.437 51.212.890 362.733.900 90.922.097 109.987.061 124.595.012 224.506.600 106.916.560 154.856.438 25.571.801 Total din care prin transfer 224.506.600 106.916.560 154.856.438 25.571.801 -

32

SITUA}IA MODIFIC~RILOR CAPITALURILOR PROPRII PENTRU ANUL |NCHEIAT LA 31 DECEMBRIE 2003

Reduceri \n mii Lei Total din care prin transfer Capital subscris Prime de capital Rezerve legale Rezerve statutare sau contractuale Rezerva general` pentru riscul de credit Rezerve din reevaluare Rezerve pentru ac]iuni proprii Rezerve din conversie Alte rezerve Fonduri Rezultatul reportat Profit nerepartizat Pierdere neacoperit` Rezultatul reportat provenit din adoptarea pentru prima dat` a IAS, mai pu]in IAS 29 Sold creditor Sold debitor Rezultatul reportat provenit din modificarea politicilor contabile Sold creditor Sold debitor Rezultatul reportat provenit din corectarea erorilor fundamentale Sold creditor Sold debitor Rezultatul reportat reprezentnd surplusul realizat din rezerve de reevaluare Rezultatul exerci]iului financiar Sold creditor Sold debitor Total 261.772.998 511.851.399 261.772.998 200.549.224 105.918.051 105.918.051 34.673.386
Raport financiar

Sold la 31 decembrie 587.240.500 197.838.657 264.843.499 31.578.264 25.641.089 -

118.588.549 25.571.801 -

118.588.549 25.571.801 -

511.851.399 1.342.364.619

33

NOTE LA SITUA}IILE FINANCIARE

PRINCIPII, POLITICI {I METODE CONTABILE


1.1 PRINCIPIILE CARE AU STAT LA BAZA NTOCMIRII

SITUA}IILOR FINANCIARE Aceste situa]ii financiare sunt responsabilitatea conducerii B`ncii [i sunt ntocmite n conformitate cu cerin]ele normelor de contabilitate din Romnia [i a Ordinului Ministrului de Finan]e [i B`ncii Na]ionale a Romniei 1982/5/ octombrie 2002 (OMF 1982/5). Situa]iile financiare au fost ntocmite la costul istoric, cu excep]iile prezentate \n paragraful referitor la politicile contabile, modificate prin reevaluarea unor anumite active [i pasive financiare comerciale, investi]ii n titluri disponibile pentru vnzare [i capital social. ORDINUL MINISTRULUI DE FINAN}E {I AL B~NCII NA}IONALE A ROMNIEI NR. 1982/5 ("REGLEMENT~RI

CONTABILE ARMONIZATE CU DIRECTIVA COMUNIT~}ILOR ECONOMICE EUROPENE NR. 86/635/CEE {I CU STANDARDELE INTERNA}IONALE DE CONTABILITATE APLICABILE INSTITU}IILOR DE CREDIT") Ordinul Ministrului de Finan]e [i al B`ncii Na]ionale a Romniei nr. 1982/5/2001 (OMF 1982/5) a devenit aplicabil ncepnd cu situa]iile financiare pentru anul 2001 pentru b`ncile care ndeplinesc criteriile stabilite n ordonan]`. Conform OMF 1982/5/2001, situa]iile financiare vor fi ntocmite la cost istoric, dar b`ncile pot opta pentru ajustarea la infla]ie potrivit IAS 29. IAS 29 cere ca situa]iile financiare s` fie exprimate n termenii puterii de cump`rare de la data bilan]ului contabil [i c` orice c[tig sau pierdere din pozi]ia monetar` net` s` fie incluse n contul de profit [i pierdere [i s` fie prezentat separat.

1.2 POLITICI CONTABILE SPECIFICE

Situa]iile financiare prezente sunt ntocmite folosind urm`toarele principii contabile: Principiul continuit`]ii activit`]ii presupune c` Banca [i va continua n mod normal func]ionarea ntr-un viitor previzibil f`r` a intra n imposibilitatea continu`rii activit`]ii sau f`r` reducerea semnificativ` a acesteia; Principiul permanen]ei metodelor presupune ca acelea[i reguli [i norme privind evaluarea, nregistrarea n contabilitate [i prezentarea elementelor de activ [i de pasiv, precum [i a rezultatelor, asigurnd comparabilitatea n timp a informa]iilor contabile;
35

Principiul pruden]ei presupune ca valoarea oric`rui element s` fie determinat` lund n calcul, n special, urm`toarele aspecte: a) Se vor lua n considerare numai profiturile recunoscute pn` la data ncheierii exerci]iului financiar; b) Se va ]ine seama de toate obliga]iile previzibile [i pierderile poten]iale care au luat na[tere n cursul exerci]iului financiar ncheiat sau pe parcursul unui exerci]iu anterior, chiar dac` asemenea obliga]ii sau pierderi apar ntre data ncheierii exerci]iului [i data ntocmirii bilan]ului; c) Se va ]ine seama de toate ajust`rile de valoare datorate deprecierilor, indiferent dac` rezultatul exerci]iului financiar

Note la situa]iile financiare

este profit sau pierdere; Principiul independen]ei exerci]iului presupune ca toate veniturile [i cheltuielile corespunz`toare exerci]iului financiar pentru care se face raportarea s` fie luate n considerare, indiferent de data ncas`rii sumelor sau a efectu`rii pl`]ilor; Principiul evalu`rii separate a elementelor de activ [i de pasiv presupune determinarea separat` a valorii aferente fiec`rui element individual de activ sau de pasiv; Principiul intangibilit`]ii bilan]ul de deschidere al unui exerci]iu trebuie s` corespund` cu bilan]ul de nchidere al exerci]iului precedent, cu excep]ia corec]iilor impuse de IAS 8 "Profitul net sau pierderea net` a perioadei, erori fundamentale [i modific`ri ale politicilor contabile"; Principiul necompens`rii valorile elementelor ce reprezint` active nu pot fi compensate cu valorile elementelor ce reprezint` pasive, respectiv veniturile cu cheltuielile, cu excep]ia compens`rilor ntre active [i pasive, admise de IAS; Principiul prevalen]ei economicului asupra juridicului informa]iile prezentate \n situa]iile financiare anuale trebuie s` reflecte realitatea economic` a evenimentelor [i tranzac]iilor, nu numai forma lor juridic`; Principiul pragului de semnifica]ie orice element care are o valoare semnificativ` trebuie prezentat distinct n cadrul situa]iilor financiare anuale. Elementele cu valori nesemnificative care au aceea[i natur` sau cu func]ii similare trebuie nsumate, nefiind necesar` prezentarea lor separat`.
Moneda de prezentare

Mijloacele fixe de]inute n regim de leasing financiar sunt capitalizate [i amortizate pe durata lor de via]`, prin aceea[i metod` ca [i mijloacele fixe proprii. Deprecierea mijloacelor fixe este calculat` conform prevederilor IAS 36 "Deprecierea mijloacelor fixe". IAS 36 men]ioneaz` c`, atunci cnd valoarea contabil` a activului dep`[e[te valoarea recuperabil` a acestuia, se constituie o pierdere pentru depreciere. Valoarea recuperabil` este considerat` a fi cea mai mare dintre valoarea de utilitate [i pre]ul net de vnzare. Terenurile [i cl`dirile sunt reevaluate, fiind exprimate la valoarea just` determinat` n func]ie de valoarea lor r`mas` la data reevalu`rii minus amortizarea cumulat`. Diferen]ele de reevaluare sunt nregistrate n creditul contului de Diferen]e de Reevaluare n cadrul capitalurilor proprii. Cu toate acestea, majorarea constatat` din reevaluare trebuie recunoscut` ca venit n m`sura n care aceasta compenseaz` o descre[tere din reevaluarea aceluia[i activ recunoscut` anterior ca o cheltuial`. |n cazul n care valoarea contabil` a unui activ este diminuat` ca rezultat al unei reevalu`ri, aceast` diminuare trebuie recunoscut` ca o cheltuial`, n m`sura n care aceasta dep`[e[te valoarea nregistrat` anterior ca surplus de reevaluare.
Deprecierea activelor

Sumele sunt prezentate \n mii lei.

Recunoa[terea veniturilor [i cheltuielilor

Veniturile din dobnzi, cheltuielile cu dobnzile, alte venituri opera]ionale [i alte cheltuieli opera]ionale sunt recunoscute pe baza contabilit`]ii de angajament, iar nu pe baza cnd sunt \ncasate sau pl`tite.

Imobiliz`ri corporale [i necorporale

Fiecare mijloc fix cu un cost de achizi]ie ce dep`[e[te opt milioane de lei [i o durat` de via]` estimat` de peste un an, se capitalizeaz`. Mijloacele fixe cu un cost mai mic de opt milioane lei se nregistreaz` pe cheltuial`. Mijloacele fixe se nregistreaz` la cost [i sunt amortizate prin metoda liniar` dup` urm`toarele rate medii anuale pe durata lor de via]` util`. \mbun`t`]iri la cl`diri echipament mobilier altele 10% 16,67% - 8,33% 6,67% 10%

Activele pe termen lung, altele dect impozitele amnate de primit, trebuiesc verificate conform IAS 36 "Deprecierea activelor". IAS 36 presupune recunoa[terea unei pierderi ca urmare a modific`rii valorii activului ori de cte ori valoarea contabil` a unui activ dep`[e[te valoarea sa recuperabil`. Valoarea recuperabil` reprezint` maximul dintre pre]ul net de vnzare al unui activ [i valoarea sa de utilizare. Valoarea de utilizare a unui activ reprezint` valoarea curent` a fluxurilor viitoare de numerar estimate, ce se a[teapt` s` fie generate din utilizarea continu` a unui activ [i din vnzarea acestuia la sfr[itul perioadei sale de via]`. |n plus, IAS 36 permite rentregirea ulterioar` a valorii contabile dac` se constat` ncetarea condi]iilor ce au determinat deprecierea activului respectiv. Exist` leasing financiar n cazul n care, prin contractul de leasing, toate riscurile [i beneficiile propriet`]ii asupra unui bun sunt transferate locatorului; altfel, leasing-ul este opera]ional. Mijloacele fixe de]inute n regim de leasing financiar sunt recunoscute ca active ale B`ncii la valoarea lor real` valabil` la data achizi]iei. Obliga]ia corelativ` a locatorului este eviden]iat` n bilan] ca obliga]ie de leasing financiar. Cheltuielile de finan]are, reprezentnd diferen]a dintre angajamentele totale de leasing [i valoarea real` a mijloacelor achizi]ionate, se nregistreaz` n contul de profit [i pierdere pe durata contractului de leasing pentru a reflecta reparti]ia costurilor n raport cu valoarea obliga]iilor r`mase de plat` pe fiecare exerci]iu financiar. Ratele de leasing datorate n baza contractelor de leasing opera]ional sunt nregistrate pe cheltuieli prin metoda linear`, pe durata contractului de leasing.

Leasing

Imobiliz`rile necorporale constau n software, care se amortizeaz` pe o perioad` de patru ani. Imobiliz`rile necorporale \n curs se refer` la proiecte de software ce urmeaz` s` fie implementate [i puse \n func]iune \n perioada urm`toare. Imobilizarile corporale \n curs se refer` \n special la lucr`rile de \mbun`t`]ire a sediilor noilor sucursale.

36

Stocuri

Stocurile sunt nregistrate la minimul dintre cost [i valoarea net` realizabil`. Costul se determin` prin metoda primului intrat primul ie[it (FIFO) pentru toate tipurile de stocuri. Valoarea net` realizabil` se estimeaz` pe baza pre]ului de vnzare practicat n cursul normal al activit`]ii din care se scad costurile necesare pentru finalizare [i costurile de vnzare. mprumuturile acordate de c`tre Banc` pentru a furniza debitorului resurse financiare sau ca parte a unui mprumut acordat printr-un credit sindicalizat sunt considerate a fi mprumuturi acordate de c`tre Banc` [i sunt evaluate la costul amortizat. Toate mprumuturile [i avansurile sunt recunoscute n momentul n care banii sunt da]i debitorului. Provizionul pentru mprumuturi se constituie atunci cnd exist` un motiv ntemeiat pentru a se crede c` Banca nu va putea s` recupereze suma respectiv`. Provizionul reprezint` diferen]a ntre valoarea de nregistrare [i valoarea recuperabil`, unde valoarea recuperabil` este valoarea actual` a fluxurilor de numerar viitoare estimate, inclusiv sumele recuperabile din garan]ii [i valori colaterale, actualizate pe baza ratei dobnzii ini]iale. Aceste provizioane acoper` [i pierderile pentru care exist` eviden]e obiective c` sunt pierderi probabile n componen]a portofoliului de credite de la data bilan]ului. Acestea au

mprumuturi acordate [i provizioane pentru mprumuturi acordate

fost estimate pe baza istoricului evolu]iei pierderilor pentru fiecare component` n parte, func]ie de performan]ele debitorului [i de climatul economic n care acesta activeaz`. Cnd un credit acordat este irecuperabil, acesta este anulat n contrapartid` cu provizionul corespunz`tor. Recuper`rile ulterioare sunt nregistrate prin creditarea cheltuielii cu provizioanele pentru credite ndoielnice. Cerin]ele de rezerve generale pentru risc de credit care dep`[esc aceste sume sunt eviden]iate n rezerva general` pentru riscul de credit prin alocarea din profitul net.
Provizioane pentru sume ndoielnice

Provizioanele pentru credite ndoielnice se constituie pe baza evalu`rii portofoliului de credite [i avansuri la 31 decembrie 2002 [i 31 decembrie 2003, inclusiv dobnzile nencasate. Provizioanele au fost nregistrate pe cheltuieli n contul de profit [i pierdere, fiind sc`zute din totalul creditelor [i al dobnzii nencasate. Provizioane specifice se constituie pentru creditele [i avansurile acordate, considerate ca neperformante potrivit metodologiei BNR. Pentru credite [i crean]e, procedura ia n considerare att istoricul serviciului datoriei sub aspectul pl`]ii dobnzii [i a creditului la scaden]`, ct [i existen]a litigiilor cu privire la creditele neperformante. Evaluarea difer` n func]ie de tipul creditelor acordate clien]ilor din sectorul bancar [i clien]ilor din alte sectoare. |n urma unei astfel de evalu`ri rezult` clasificarea mprumuturilor n cinci categorii, dup` cum urmeaz`:

Credite care nu fac obiectul unui proces

Categoria de credit

Sector bancar Nr. zile de \ntrziere

Sector nebancar Nr. zile de \ntrziere max. 15 zile 16 - 30 zile 31 - 60 zile 61 - 90 zile min. 91 zile

Rata provizionului (%)

Standard n observa]ie Substandard ndoielnic Pierdere

max. 3 zile 4 - 15 zile 16 - 30 zile min. 31 zile

0% 5% 20% 50% 100%

37

Note la situa]iile financiare

Credite care fac obiectul unui proces

|n cazul n care au fost demarate procedurile legale, toate categoriile de credite se nregistreaz` pe pierdere, iar provizionul este de 100%. Provizioanele necesare se calculeaz` prin aplicarea procentelor men]ionate mai sus asupra soldului bilan]ier al creditului [i asupra dobnzii aferente datorate [i nencasate, dup` luarea n calcul a gradului de risc al debitorului sau al garantorului crean]ei respective,

potrivit cerin]elor BNR. Ajustarea crean]ei cu gradul de risc aferent se face pentru toate categoriile de credite, mai pu]in pentru cele din categoria pierdere. Gradul de risc asociat diferitelor categorii de garan]ii, n conformitate cu cerin]ele BNR, este prezentat n urm`torul tabel:

Garan]ia

Gradul de risc alocat (%)

Garan]ie n form` b`neasc` Scrisori de garan]ie emise de b`nci [i administra]iile locale Ipoteci imobiliare, crean]e comerciale gajate [i alte gajuri

0% 20% 50%

Titluri

Titlurile de]inute de Banc` sunt titluri de plasament (investi]ii p`strate pn` la scaden]`), titluri disponibile pentru vnzare [i titluri date n pensiune livrat` (titluri cu obliga]ie necondi]ionat` de r`scump`rare). Conducerea determin` clasificarea investi]iilor la momentul achizi]iei lor. |n anul 2000, nainte de adoptarea IAS 36, toate titlurile de investi]ie erau nregistrate la cost sau la costul amortizat net de orice provizion pentru depreciere. a) Investi]ii p`strate pn` la scaden]` (IPS) Reprezint` titluri de investi]ii cu scaden]` fix` pe care conducerea are inten]ia [i posibilitatea de a le p`stra pn` la scaden]`. |n aceast` categorie sunt incluse obliga]iunile de stat (eurobonds) emise de Guvernul Romniei sau de alte companii romne pe pia]a european`. Titlurile de investi]ii clasificate ca fiind IPS sunt nregistrate la cost amortizat folosind metoda randamentului, efectund nregistr`ri pentru orice depreciere care nu este temporar`. b) Titluri de plasament (TP) Titlurile de plasament sunt achizi]ionate cu inten]ia de a le de]ine o perioad` mai \ndelungat`, dar f`r` ca aceast` de]inere s` implice o conservare pn` la scaden]a lor. Titlurile de plasament sunt recunoscute ini]ial la cost (costul include [i costul tranzac]ion`rii). Dobnzile calculate pentru perioada scurs` n cazul titlurilor cu venit fix sunt \nregistrate \n conturile de crean]e ata[ate. Cheltuielile de tranzac]ionare a activelor financiare de]inute pentru vnzare se includ \n valoarea de achizi]ie. Primele se includ, de asemenea, \n pre]ul de achizi]ie. Titlurile disponibile pentru vnzare se evalueaz`, ulterior, la valoarea de achizi]ie sau la valoarea cea mai mica dintre valoarea de pia]` [i valoarea de achizi]ie. Diferen]ele favorabile nu se \nregistreaz` \n contabilitate, iar pentru diferen]ele nefavorabile se constituie provizioane. Dobnzile cuvenite pe perioada rezidual` aferente titlurilor

disponibile pentru vnzare cu venit fix se \nregistreaz` \n contul de crean]e ata[ate, iar dividendele \ncasate aferente titlurilor disponibile pentru vnzare cu venit variabil se \nregistreaz` \n contul de venit corespunz`tor. |nregistrarea \n contabilitate a cesiunii titlurilor de plasament se face la pre]ul de vnzare (cesiune), iar diferen]ele \ntre pre]ul de vnzare [i pre]ul de \nregistrare a titlurilor cedate se \nregistreaz` \n conturile de venituri [i cheltuieli, dup` caz.
Cursul de schimb

Pentru opera]iunile efectuate n valute str`ine a fost luat n considerare cursul oficial al leului romnesc n vigoare la data efectu`rii opera]iunii. Activele [i pasivele exprimate n valut` au fost transformate n Lei romne[ti folosindu-se cursurile oficiale de schimb ale B`ncii Na]ionale a Romniei valabile la data ncheierii bilan]ului. Profitul sau pierderea rezultate din schimb valutar ap`rute din regulariz`ri [i translat`ri ale elementelor exprimate n valut` au fost nregistrate n contul de profit [i pierdere. Leul romnesc nu este convertibil n afara teritoriului Romniei. Se consider` c` reprezint` numerar numerarul n casierie [i n conturile Nostro. Echivalent numerar sunt considerate investi]iile pe termen scurt, cu grad nalt de lichiditate, care pot fi u[or transformate n numerar. Natura activit`]ii B`ncii, precum [i incertitudinea din Romnia privind rezultatul politicilor economice aplicate n condi]ii opera]ionale reale, fac posibil` apari]ia unor varia]ii imprevizibile privind viitoarele ncas`ri. Totu[i, conducerea B`ncii consider` c` Banca [i va continua n mod normal activitatea n viitor, [i, n consecin]`, situa]iile financiare au fost ntocmite pe aceast` baz`.

Numerar [i echivalent de numerar

Continuitatea activit`]ii

38

Folosirea estim`rilor

Pentru a ntocmi aceste situa]ii financiare n conformitate cu OMF 1982/5/2001 [i ordinul 2332/2001 a fost necesar` operarea unor ajust`ri asupra conturilor statutare [i ob]inerea unor informa]ii care nu pot fi disponibile direct din conturile B`ncii. nregistr`rile contabile statutare nu furnizeaz` ntotdeauna suficiente informa]ii pentru a stabili cu acurate]e ajust`rile [i prezentarea informa]iilor necesare, motiv pentru care au fost f`cute estim`ri pe baza celor mai bune informa]ii disponibile. De[i aceste estim`ri individuale prezint` un oarecare grad de incertitudine, efectul general al acestuia asupra situa]iilor financiare este considerat ca nesemnificativ. Banca pl`te[te contribu]ii la bugetul statului pentru asigur`ri sociale, fondul de [omaj [i fondul de s`n`tate n conformitate cu reglement`rile legale n vigoare n cursul anului, calculate la salariile brute. Valoarea acestor contribu]ii se nregistreaz` n contul de profit [i pierdere n aceea[i perioad` n care se nregistreaz` [i cheltuielile cu salariile. Banca nu are alte obliga]ii prin legisla]ia romn` actual` privind pensiile angaja]ilor, asigur`ri de s`n`tate [i alte cheltuieli cu salaria]ii. Banca a ntocmit situa]ii financiare n conformitate cu OMF 1982/5/2001 pentru prima dat` n anul 2001, iar pentru anul financiar 2003 sunt prezentate situa]iile financiare comparative, \ntocmite pentru anii \ncheia]i la 31.12.2002 [i la 31.12.2003.

Impozitul pe profit

Contribu]ii pentru salaria]i

Situa]ii comparative

Calculul impozitului pe profit porne[te de la rezultatul anului financiar, corectat cu elemente deductibile [i nedeductibile la care se aplic` cote de impozitare aflate n vigoare la data ncheierii bilan]ului contabil. Impozitul amnat se calculeaz` utilizndu-se metoda datoriei din bilan] [i se aplic` asupra diferen]elor temporare ap`rute ntre baza de impozitare a unui activ sau datorie [i valoarea sa contabil` nscris` n bilan]. Impozitul amnat se calculeaz` la cotele preconizate a se aplica n perioada valorific`rii activului sau stingerii obliga]iei. Impozitele amnate de plat` sau de ncasat se compenseaz` dac` se refer` la impozitele pe profit percepute de aceea[i autoritate fiscal`, iar Banca inten]ioneaz` s` [i achite obliga]iile fiscale [i s` ncaseze sumele cuvenite la valoarea net`. |n prezent, Banca pl`te[te o cot` de impozit pe profit de 25%. Diferen]ele favorabile sau nefavorabile rezultate din reevaluarea activelor [i pasivelor n valut` au fost considerate neimpozabile [i respectiv nedeductibile pn` la 30 iunie 2002 inclusiv (odat` cu abrogarea facilit`]ilor fiscale din Legea 189/2001). |n conformitate cu Legea impozitului pe profit 414/2002 [i cu normele metodologice aferente, anul fiscal 2002 a fost \mp`r]it \n dou` perioade fiscale [i anume ianuarie iunie 2002 [i respectiv iulie decembrie 2002. Pentru perioada ianuarie iunie 2002, profitul utilizat pentru investi]ii \n active corporale [i necorporale a beneficiat de o reducere de 50% din impozitul pe profit. |n conformitate cu Decizia 3/2002 valoarea acestor investi]ii se \nregistreaz` \n Alte rezerve analitic distinct. |n anul fiscal 2003 au fost aplicate prevederile Legii impozitului pe profit 414/2002 [i prevederile normelor metodologice aferente.

ELEMENTE DE BILAN}
2.1 CONTURI DE STOCURI
La 31 decembrie 2003 [i 31 decembrie 2002, Banca de]inea urm`toarele conturi de stocuri: Stocuri Provizioane 7.628.259 7.628.259 Total 7.628.259 7.628.259 Stocuri Provizioane 3.525.595 (3.525.595) 1.853.984 Total 1.853.984 1.853.984

mii lei / 2003 Obiecte de inventar Alte stocuri (Nota 2.3) Total

mii lei / 2002 Obiecte de inventar Alte stocuri (Nota 2.3) Total

5.379.579 (3.525.595)

39

Note la situa]iile financiare

2.2 REZERVE

La data de 31 decembrie 2003, rezervele B`ncii n sum` de 494.260.420 mii lei (2002:325.504.170 mii lei) includeau: Rezervele legale, n sum` de 197.838.657 mii lei (2002: 90.922.097 mii lei), sunt constituite n concordan]` cu Legea Bancar` nr. 58/1998 prin alocarea a cte maximum 20% din profitul brut (calculat conform standardelor romne[ti de contabilitate pentru b`nci) pn` cnd fondul de rezerv` atinge nivelul de 100% din capitalul social. O dat` ce rezerva a atins nivelul de 100% din capitalul social, aloc`ri suplimentare la fondul de rezerv` se pot face prin repartizarea a cte maximum 10% din profitul brut pn` cnd fondul de rezerv` atinge nivelul de 200% din capitalul social. Dup` acest nivel, aloc`ri suplimentare la fondul de rezerv` se pot face numai din profitul net. Aceast` rezerv` nu poate fi distribuit` ac]ionarilor. Repartizarea din profitul anului 2003 este de 106.916.560 mii lei; Rezerva general` pentru riscul de credit, n sum` de 264.843.499 mii lei (2002: 109.987.061 mii lei), este constituit` n conformitate cu Legea Bancar` nr. 58/1998

[i este egal` cu pn` la 2% din soldul creditelor la sfr[itul anului. Aceast` rezerv` nu poate fi distribuit` ac]ionarilor. Repartizarea din profitul anului 2003 este de 154.856.438 mii lei; Alte rezerve, n sum` de 31.578.264 mii lei (2002: 124.595.012 mii lei) sunt alc`tuite din: Rezerve constituite \n conformitate cu Legea nr. 189/2001 [i cu Decizia nr.3/2002, n sum` de 6.006.463 mii lei (2002: 6.006.463 mii lei) reprezentnd: 667.385 mii lei (2002: 667.385 mii lei), aferent` reducerii cu 50% a impozitului pe profit pentru utilizarea profitului, n decursul anului fiscal curent, pentru investi]ii n active corporale [i necorporale, precum [i 5.339.078 mii lei (2002: 5.339.078 mii lei), reprezentnd valoarea acestor investi]ii, nu pot fi distribuite ac]ionarilor. Provizioane pentru diferen]ele nefavorabile din curs valutar n sum` de 25.571.801 mii lei (2002: 118.588.549 mii lei), aferente diferen]elor de curs rezultate \n urma reevalu`rii activelor [i pasivelor n valut`, stabilite n conformitate cu legea nr. 189/2001.

2.3 ALTE ACTIVE {I ALTE PASIVE

Alte active Impozit pe profit de recuperat Debitori diver[i Conturi de ajustare devize - activ (Nota 13.12 (e)) Alte stocuri (Nota 2.1) Valori primite la ncasare Impozit amnat (Nota 13.6 b) Total alte active

31 decembrie 2002 31 decembrie 2003 3.961.102 3.777.202 1.465.880 1.853.984 11.058.168 1.375.629 8.809.704 73.852.359 7.628.258 91.665.950

Alte pasive Creditori diver[i* Conturi de ajustare devize - pasiv (Nota 13.12(e)) Impozite amnate pasiv (Nota 13.6 b) Alte pasive** Total alte pasive

31 decembrie 2002 31 decembrie 2003 34.343.414 1.474.915 8.967 11.043.338 46.870.634 13.770.141 478.761 8.633 23.734.572 37.992.107

* Creditorii diver[i, n sum` de 13.770.141 mii lei (2002: 34.343.414 mii lei), cuprind n special sume de plat` furnizorilor de servicii IT, pentru actualizarea programelor informatice [i ntre]inerea lor, precum [i alte servicii ale furnizorilor externi [i interni. ** Alte pasive n sum` de 23.734.572 mii lei (2002: 11.043.338 mii lei) includ n principal impozite de plat` la bugetul statului.

40

2.4 CHELTUIELI {I VENITURI NREGISTRATE N AVANS

Cheltuieli nregistrate n avans [i crean]e ata[ate Cheltuieli nregistrate n avans Venituri de primit Crean]e ata[ate din: - titluri p`strate pn` la scaden]` (Nota 4.1) - titluri de tranzac]ie (Nota 4.2) - titluri de plasament (Nota 4.2) - plasamente la BNR - credite acordate clientelei - plasamente la alte b`nci - credite acordate b`ncilor - descoperiri de cont - dobnzi restante Total cheltuieli nregistrate n avans [i crean]e ata[ate Minus: provizion pentru riscul de rat` de dobnd` (Nota 8.1) Total cheltuieli nregistrate n avans [i crean]e ata[ate - net

31 decembrie 2002 31 decembrie 2003 3.368.101 45.828.269 13.954.384 11.706.920 10.728.432 1.682.269 2.133.911 605.721 90.008.007 (325.251) 89.682.756 7.864.139 300.943 52.032.486 5.806.250 10.906.393 13.517.790 66.351 443.291 2.158.914 731.523 93.828.079 (53.902) 93.774.177
Note la situa]iile financiare

Venituri nregistrate n avans [i datorii ata[ate Venituri nregistrate n avans* Cheltuieli de pl`tit Datorii ata[ate pentru: - conturi curente [i depozite ale clientelei - credite de la institu]ii financiare (Nota 13.7) - plasamente ale altor b`nci - titluri date n pensiune livrat` - credit subordonat (Nota 3.6) Total venituri nregistrate n avans [i datorii ata[ate

31 decembrie 2002 31 decembrie 2003 35.572.628 5.922.637 11.587.072 6.562.930 495.463 10.040.141 70.180.871 82.718.822 26.436.721 7.067.860 1.139.741 25.288.446 606.778 143.258.368

* Veniturile nregistrate n avans n sum` de 82.718.822 mii lei (2002: 35.572.628 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

SITUA}IA CREAN}ELOR {I A DATORIILOR


3.1 CREAN}E {I DATORII LA TERMEN

mii lei Sold la 31 Crean]e la termen Institu]ii de credit Credite acordate clientelei Minus: provizioane Credite acordate clientelei - net Total crean]e decembrie, 2003 1.835.650.725 13.242.214.442 (21.921.038) 13.220.293.404 15.055.944.129 1.301.181.622 7.588.145.855 (10.142.136) 7.578.003.719 8.879.185.341 Pn` la 3 luni

Maturitate rezidual` |ntre 3 luni |ntre 1 [i 1 an 148.871.875 1.955.031.342 (3.649.368) 1.951.381.974 2.100.253.849 [i 5 ani 380.701.944 2.303.920.972 (3.742.973) 2.300.177.999 2.680.879.943

Peste 5 ani

4.895.284 1.395.116.273 (4.386.561) 1.390.729.712 1.395.624.996

mii lei Sold la 31 Datorii la termen Institu]ii de credit Depozitele clientelei Alte datorii fa]` de clientel` Datorii din alte titluri Total datorii Crean]e/(datorii) la termen - net decembrie, 2003 (5.523.978.367) (5.960.573.593) (853.930.907) (12.338.482.867) 2.717.461.262 (850.749.867) (5.598.694.531) (3.126.427) (6.452.570.825) 2.426.614.516 Pn` la 3 luni

Maturitate rezidual` |ntre 3 luni |ntre 1 [i 1 an (72.839.585) (277.153.090) (30.777.107) (380.769.782) 1.719.484.067 [i 5 ani (2.473.880.557) (64.766.271) (370.213.577) (2.908.860.405) (227.980.462)

Peste 5 ani

(2.126.508.358) (19.959.701) (449.813.796) (2.596.281.855) (1.200.656.859)

La 31 decembrie 2003, creditele acordate clientelei cuprindeau suma de 6.603.090.669 mii lei reprezentnd descoperiri de cont ale clien]ilor. La 31 decembrie 2003, sumele datorate institu]iilor de credit, includeau mprumutul pe termen lung de la BACAI Viena n sum` de 4.652.840.367 mii lei (Nota 13.7) [i respectiv 871.138.000 mii lei reprezentnd depozite atrase de la alte b`nci (2002: 1.214.225.000 mii lei).

mii lei Sold la 31 Crean]e la termen Institu]ii de credit Credite acordate clientelei Minus: provizioane Credite acordate clientelei - net Total crean]e decembrie, 2002 9.127.508.580 5.504.218.440 (11.274.244) 5.492.944.196 14.620.452.776 9.122.509.360 3.163.614.119* (816.117) 3.162.798.002 12.285.307.362 Pn` la 3 luni

Maturitate rezidual` |ntre 3 luni |ntre 1 [i 1 an 192.167.378 192.167.378 192.167.378 [i 5 ani 1.884.146.367 (8.570.584) 1.875.575.783 1.875.575.783

Peste 5 ani

4.999.220 264.290.576 (1.887.543) 262.403.033 267.402.253

(*) La 31 decembrie 2002, creditele acordate clientelei cuprindeau suma de 2.864.121.667 mii lei reprezentnd descoperiri de cont ale clien]ilor.

42

mii lei Sold la 31 Datorii la termen Institu]ii de credit Depozitele clientelei Alte datorii fa]` de clientel` Datorii din alte titluri Total datorii Crean]e/(datorii) la termen - net decembrie, 2002 (1.750.684.830) (11.545.624.175) (731.066.168) (14.027.375.173) 593.077.603 (1.228.645.780)* (10.799.033.450) (1.612.227) (12.029.291.457) 256.015.905 Pn` la 3 luni

Maturitate rezidual` |ntre 3 luni |ntre 1 [i 1 an (652.946.574) (652.946.574) (460.779.196) [i 5 ani (91.695.258) (137.843.815) (229.539.073) 1.646.036.710

Peste 5 ani

(522.039.050) (1.948.893) (591.610.126) (1.115.598.069) (848.195.816)

(*) La 31 decembrie 2002, sumele datorate institu]iilor de credit, includeau descoperirile de cont ale Chase Manhattan \n sum` de 14.420.780 mii lei [i mprumutul pe termen lung de la BACAI Viena n sum` de 522.039.050 mii lei (Nota 13.7).

3.2 ALTE DATORII C~TRE CLIENTEL~

Alte datorii c`tre clientel` Credite de la institu]ii financiare (Nota 13.7) Titluri date n pensiune livrat` Alte datorii Total alte datorii

31 decembrie 2002 31 decembrie 2003 731.066.168 731.066.168 853.930.907 853.930.907

3.3 CREAN}E ASUPRA CLIENTELEI

Portofoliul de credite la 31 decembrie 2003 [i 31 decembrie 2002 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 att n lei, ct [i n devize. Creditele acordate n devize sunt n principal credite n dolari [i EUR.
La 31 decembrie 2003, portofoliul de credite al B`ncii era structurat astfel:

mii lei Crean]e comerciale Credite pentru export Credite pentru echipamente Credite pentru investi]ii Alte credite Descoperiri de cont net Alte sume Credite restante Total

Lei 3.081.379 48.085.101 1.273.310.486 39.475 1.324.516.441

Devize 223.125.322 500.928.411 915.210.161 2.262.591.315 2.668.503.536 5.321.153.413 4.264.805 11.895.776.963

Total 226.206.701 500.928.411 915.210.161 2.262.591.315 2.716.588.637 6.594.463.899 39.475 4.264.805 13.220.293.404

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Note la situa]iile financiare

La 31 decembrie 2002, portofoliul de credite al B`ncii era structurat astfel:

mii lei Credite de trezorerie Credite pentru echipament Credite pentru investi]ii Alte credite Descoperiri de cont net Alte sume Credite restante Total

Lei 3.578.169 500.044.622 221.060 7.114.817 510.958.668

Devize 849.204.561 338.102.171 1.429.720.975 2.364.074.604 516.621 366.596 4.981.985.528

Total 849.204.561 338.102.171 1.433.299.144 2.864.119.226 737.681 7.481.413 5.492.944.196

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

mii lei 31 decembrie 2003 Crean]e - asupra b`ncilor - asupra clientelei net credite acordate clientelei minus: provizioane pentru credite Total crean]e Datorii - pentru b`nci - pentru clientel` Total datorii Total crean]e/(datorii) - net (2.531.171.257) (4.422.348.296) (6.953.519.553) (186.182.027) (5.523.978.367) (6.814.504.500) (12.338.482.867) (3.881.306.916) (8.055.149.624) (11.236.852.796) (19.292.002.420) (4.067.488.943) 168.569.347 6.598.768.179 6.607.394.949 (8.626.770) 6.767.337.526 1.835.650.726 6.621.525.225 6.634.819.493 (13.294.268) 8.457.175.951 2.004.220.073 13.220.293.404 13.242.214.442 (21.921.038) 15.224.513.477 La vedere La termen Total

44

mii lei 31 decembrie 2002 Crean]e - asupra b`ncilor - asupra clientelei net credite acordate clientelei minus: provizioane pentru credite Total crean]e Datorii - pentru b`nci - pentru clientel` Total datorii Total crean]e/(datorii) - net (19.123.373) (3.955.241.458) (3.974.364.831) (972.391.416) (1.750.684.830) (12.276.690.343) (14.027.375.173) (2.279.260.716) (1.769.808.203) (16.231.931.801) (18.001.740.004) (3.251.652.132) 129.635.096 2.872.338.319 2.873.154.436 (816.117) 3.001.973.415 9.127.508.580 2.620.605.877 2.631.064.004 (10.458.127) 11.748.114.457 9.257.143.676 5.492.944.196 5.504.218.440 (11.274.244) 14.750.087.872 La vedere La termen Total

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 Emise de: Guvernul Romniei Administra]ii publice \n afar` de stat Alte companii Total Minus: diferen]e de conversie Total \ntr-un an 150.985.282 150.985.282

Scadente Scadente \n mai mult de un an 365.227.130 43.603.300 1.460.752.901 1.869.583.331 Total 516.212.412 43.603.300 1.460.752.901 2.020.568.613 (261.785.770) 1.758.782.843

La 31 decembrie 2002, Banca de]inea urm`toarele titluri scadente dup` cum urmeaz`:

mii lei Emise de: Guvernul Romniei Alte companii Total Minus: diferen]e de conversie Total \ntr-un an 176.229.969 176.229.969

Scadente Scadente \n mai mult de un an 497.402.880 1.454.509.150 1.951.912.030 Total 673.632.849 1.454.509.150 2.128.141.999 (137.631.213) 1.990.510.786

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Note la situa]iile financiare

3.6 CREDITE SUBORDONATE

2003 EUR Bank Austria Creditanstalt International AG Vienna Total 6.924.979 6.924.979

mii lei 284.734.348 284.734.348

2002 EUR 6.924.979 6.924.979

mii lei 241.813.330 241.813.330

La 31 decembrie 2000, Banca avea un credit subordonat n sum` de 3 milioane dolari, de la Bank Austria Aktiengesellschaft pentru opera]iile interne 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 pn` pe data de 25 septembrie 2006 [i ulterior a fost prelungit pn` la 25.09.2007. La 29 august 2001, Banca a \ncheiat un nou contract de credit subordonat de 3,4 milioane EUR pentru acela[i scop, cu scaden]a final` la 29 august 2007. |mprumuturile au o perioad` fix` [i prestabilit` de rambursare. Conform angajamentelor ncheiate, aceste \mprumuturi sunt subordonate tuturor celorlalte datorii ale B`ncii, n cazul lichid`rii acesteia. Creditul subordonat a fost acordat de Bank Austria Aktiengesellschaft, care este compania holding din care face parte Banca. Datoriile ata[ate sunt calculate zilnic, iar soldul acestora la 31 decembrie 2003 se ridic` la 606.778 mii lei (2002: 10.040.141mii lei) (Nota 2.4). Creditul subordonat prezentat mai sus nu stipuleaz` posibilitatea convertirii acestuia \n ac]iuni.

PORTOFOLIUL DE TITLURI
4.1 TITLURI P~STRATE PN~ LA SCADEN}~

mii lei 31 decembrie 2003 Emise de: Guvernul Romniei Alte companii Total (Nota 3.5) Valoarea contabil` (1) 561.701.197 329.909.624 891.610.821 Pre]ul de achizi]ie (2) 564.823.746 334.517.633 899.341.379 Pre]ul de rambursare (3) 556.514.000 328.936.000 885.450.000 C[tiguri nerealizate (4)=(3)-(1) (5.187.197) (973.624) (6.160.621)

mii lei 31 decembrie 2002 Emise de: Guvernul Romniei Alte companii Total Minus diferen]a din conversie Total Valoarea contabil` (1) 487.612.880 282.009.150 769.622.030 (137.631.213) 631.990.817 Pre]ul de achizi]ie (2) 489.195.130 284.092.254 773.287.384 Pre]ul de rambursare (3) 482.138.000 279.352.000 761.490.000 C[tiguri nerealizate (4)=(3)-(1) (5.474.880) (2.657.150) (8.132.030)

La 31 decembrie 2003, crean]ele ata[ate pentru investi]iile p`strate pn` la scaden]` erau n sum` de 52.032.486 mii lei (2002: 45.828.269 mii lei) (Nota 2.4).

46

4.2 TITLURI DE TRANZAC}IE

La 31 decembrie 2003 nu existau \n portofoliu b`ncii titluri de tranzac]ie.


mii lei 31 decembrie 2002 |n: Lei Dolari Total 186.019.969 1.172.500.000 1.358.519.969 186.019.969 1.172.500.000 1.358.519.969 Pre]ul de achizi]ie Valoarea de pia]` C[tiguri nerealizate

La 31 decembrie 2002, crean]ele ata[ate pentru titlurile de tranzac]ie erau n sum` de 0 mii lei (2002: 13.954.384 mii lei) (Nota 2.4).

TITLURI DE PLASAMENT

mii lei 31 decembrie 2003 Pre]ul de achizi]ie (1) Lei Dolari Total 53.627.950 1.075.329.842 1.128.957.792 (Nota 3.5) La 31 decembrie 2003, crean]ele ata[ate pentru titlurile de plasament erau n sum` de 5.806.250 mii lei (Nota 2.4). Valoarea de pia]` (2) 53.627.950 1.075.329.842 1.128.957.792 C[tig / pierdere (3)=(2)-(1) -

4.3 IMOBILIZ~RI FINANCIARE

Banca este membr` a Societ`]ii Na]ionale de Compensare, Decontare [i Depozitare pentru Valori Mobiliare (SNCDD). n calitate de utilizator al serviciilor SNCDD, HVB Romania S.A. de]ine 100 de ac]iuni nregistrate la costul de achizi]ie, n valoare de 60.000 mii lei, ceea ce reprezint` 0,26 % din capitalul social. n cursul anului 2000, Banca a cump`rat 160 de ac]iuni Transfond n valoare de 1.600.000 mii lei. n prezent, Transfond coordoneaz` transferul de fonduri [i proprietate asupra titlurilor de stat ntre institu]ii financiare, b`nci [i Trezoreria Statului. |n cursul anului 2002 banca a mai achizitionat 19 ac]iuni \n valoare total` de 507.860.mii lei, astfel la finele anului 2002 valoarea total` a ac]iunilor de]inute la Transfond era de 2.107.860 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` valoarea total` a ac]iunilor de]inute la Trasfond a ajuns la finele anului 2003 la 3.121.939 mii lei. |n cursul anului 2002 banca a investit \n capitalul social al

HVB Leasing Romania suma de 1.150.960 mii lei reprezentnd contravaloarea a 40.000 EUR, participa]ia reprezentnd 20% din capitalul social al societa]ii sus men]ionate. |n cursul anului 2003 au fost achizi]ionate 296.200 ac]iuni \n valoare total` de 296.200 mii lei, reprezentnd 0,7405% din capitalul social al Biroului de Credit SA. |n cursul anului 2003 banca a investit \n capitalul social al societ`]ii CAIB Asset Management S.A.I SA suma de 942.500 mii lei, aceast` sum` reprezentnd o participare de 5% la capitalul social. De asemenea, \n cursul anului 2003 banca a investit \n capitalul social al societ`]ii CAIB Securities S.A prin achizi]ionarea a 677.673 ac]iuni \n valoare total` de 100.000 EUR reprezentnd 3.670.000 mii lei (evaluate la curs istoric). Conform reglement`rilor B`ncii Na]ionale a Romniei, Banca nu are dreptul s` de]in` mai mult de 20% din capitalul social al unei societ`]i, s` investeasc` peste 10% din capitalurile sale ntr-o singur` companie sau s` efectueze investi]ii de peste 50% din capitalurile sale proprii n capitalul social al altor companii.

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Note la situa]iile financiare

ACTIVE IMOBILIZATE {I FINANCIARE


VALOARE BRUT~

mii lei Sold la Imobiliz`ri necorporale Fond comercial Cheltuieli de constituire Alte imobiliz`ri necorporale Imobiliz`ri n curs Total Imobiliz`ri corporale Terenuri Amenaj`ri de terenuri Cl`diri Echipamente (ma[ini, utilaje, instala]ii de lucru) Aparate [i instala]ii de m`surare control [i reglare Mijloace de transport Mobilier, birotic`, echipamente de protec]ie [i alte active corporale Active n curs Total Imobiliz`ri financiare Efecte publice [i valori asimilate Obliga]iuni [i alte titluri cu venit fix P`r]i \n cadrul societ`]ilor comerciale legate Participa]ii [i activit`]i de portofoliu Total Total active imobilizate 1.358.519.968 631.990.817 3.318.820 1.993.829.605 2.192.222.427 1.126.792.026 5.922.779 1.132.714.805 1.317.164.751 1.358.519.968 1.358.519.968 1.414.670.970 1.758.782.843 9.241.599 1.768.024.442 2.094.716.208 31.870.714 1.505.376 118.321.942 21.943.113 40.948.432 117.756.598 511.237 34.475.901 35.841.838 53.302.590 7.977.907 200.236.702 49.835.622 7.750.831 21.747.773 5.611.626 33.938.143 8.261.068 9.142.463 3.523.379 854.700 83.773.765 16.011.899 30.035.536 9.135.005 1 ianuarie 2003 30.670 55.159.866 24.880.344 80.070.880 Cre[teri 17.396 40.799.764 25.876.188 66.693.348 Sold la Reduceri 31 decembrie 2003 18.792 20.290.372 20.309.164 29.274 95.959.630 30.466.160 126.455.064

* Mi[carea valorii obliga]iunilor [i a altor titluri cu venit fix, precum [i mi[carea costului [i amortiz`rii cumulate pentru imobiliz`rile corporale [i necorporale reprezint` descre[terea net` n an rezultat` din diferen]a ntre activele achizi]ionate [i cele vndute n cursul anului. Nu s-au efectuat cheltuieli de dezvoltare [i nici nu s-a investit n fondul comercial. Cheltuielile de constituire nu sunt semnificative, fiind reprezentate de taxe notariale [i alte comisioane necesare.

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DEPRECIERE / AMORTIZARE

mii lei Sold la Imobiliz`ri necorporale Fond comercial Cheltuieli de constituire Alte imobiliz`ri necorporale Total Imobiliz`ri corporale Amenaj`ri de terenuri Cl`diri Echipamente (ma[ini, utilaje, instala]ii de lucru) Aparate [i instala]ii de m`surare, control [i reglare Mijloace de transport Mobilier, birotic`, echipamente de protec]ie [i alte active corporale Total Total amortiz`ri 5.964.777 28.034.714 51.283.336 3.952.564 20.452.640 34.737.761 511.237 1.365.937 1.384.729 9.406.104 47.121.417 84.636.368 6.513.485 900.582 12.340.828 2.315.042 7.609.803 1.249.298 5.787.003 1.853.972 854.700 14.123.288 2.149.880 17.273.131
Note la situa]iile financiare

Deprecierea din cursul exerci]iului 14.510 14.270.611 14.285.121

Reduceri

Sold la

1 ianuarie 2003 17.624 23.230.998 23.248.622

sau relu`ri 31 decembrie 2003 18.792 18.792 13.342 37.501.609 37.514.951

4.169.014

mii lei Valoare brut` Imobiliz`ri corporale Imobiliz`ri necorporale Total 200.236.702 126.455.064 326.691.766 Amortizare (47.121.417) (37.514.951) (84.636.368)

Valoare net` contabil` 153.115.285 88.940.113 242.055.398

CAPITALUL SOCIAL
Capitalul social a fost subscris pe 13 noiembrie 1997 [i a fost pl`tit n cursul anului 1997 pn` la 31 decembrie 2002:

mii lei

Echivalent mii lei Valuta USD EUR Suma \n valut` 10.000.000 7.832.621

Subscris [i pl`tit integral Total capital social

150.000.000 212.733.900 362.733.900

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

mii lei Bank Austria Creditanstalt AG Al]ii Total

Num`r de ac]iuni 5.856.089 16.316 5.872.405

% 99.72% 0.28% 100%

Valoare 585.608.900 1.631.600 587.240.500

|n concordan]` cu legisla]ia romn`, toate b`ncile, inclusiv sucursalele b`ncilor str`ine, trebuie s` [i creasc` capitalul social pn` la nivelul minim de 250 miliarde lei pn` la data de 31 mai 2002, pn` la nivelul de 320 miliarde lei pn` la data de 31 mai 2003 [i pn` la nivelul de 370 miliarde lei pn` la data de 31 mai 2004. n cursul anului 2001 ac]ionarii B`ncii au crescut capitalul social al B`ncii de la 100.000.596 mii lei la 31 decembrie 2000 la 362.733.900 mii lei la 31 decembrie 2001. Schimb`rile juridice determinate de ultima cre[tere de capital au implicat anularea ac]iunilor existente (782.000 ac]iuni cu valoarea nominal` de 191.815,8568 lei) [i emiterea a 3.627.339 ac]iuni ordinare noi, la valoarea nominal` de 100.000 lei. La 31 decembrie 2002 [i 31 decembrie 2001, capitalul social era format din 3.627.339 ac]iuni cu valoarea

nominal` de 100.000 lei, [i era de]inut de societ`]i comerciale nerezidente. La 31 decembrie 2003, capitalul social al b`ncii era de 587.240.500 mii lei, valoarea major`rii capitalului social fiind de 224.506.600 mii lei. Pentru majorare au fost utilizate 137.306.417 mii lei reprezentnd rezerve din evaluarea disponibilita]ilor \n devize \n conformitate cu prevederile Legii 189//2001, \nregistrate \n bilan]ul b`ncii la 31.12.2002 [i 87.200.183 mii lei reprezentnd rezerve din influen]ele de curs valutar aferente aprecierii disponibilit`]ilor \n valut` reprezentnd capital social v`rsat \n valut`, conform HG 252/1996. Modalitatea de majorare a capitalului social a fost emiterea a 2.245.066 ac]iuni cu valoarea nominal` de 100.000 lei, iar capitalul social de 587.240.500 mii lei a fost \mp`r]it \n 5.872.405 ac]iuni nominative cu o valoare nominal` de 100.000 lei.

ALOCAREA PROFITULUI

mii lei Profitul net al anului - Rezerve legale (Nota 13.5) - Rezerve statutare (Nota 13.5) - Rezerva general` pentru riscul de credit - Alte rezerve - Alte fonduri - Participarea personalului la profit - Dividende - Acoperirea pierderii contabile din anii preceden]i - Alte repartiz`ri Total profit repartizat Profit nealocat

2002 249.939.889 (53.762.795) (32.115.123) (124.595.011) (210.472.929) 39.466.960

2003 462.322.222 (106.916.560) (154.856.438) (261.772.998) 200.549.224

A[a cum este prezentat` n Nota 2.2, distribu]ia profitului n sum` de 261.772.998 mii lei (2002: 210.472.929 mii lei) a fost efectuat` respectnd prevederile Legii Bancare nr. 58/1998 [i Legii nr. 189/2001.

50

PROVIZIOANE
8.1 PROVIZIOANE PENTRU DATORII NDOIELNICE

mii lei

Provizioane pentru crean]e ata[ate nerecuperabile Provizioane pentru credite 4.723.587 5.916.307 634.350 11.274.244 14.457.045 (2.560.025) (1.250.226) 21.921.038 (Nota 3.4) Total 4.797.564 6.161.484 640.447 11.599.495 14.178.337 (2.552.666) (1.250.226) 21.974.940

Sold la 1 ianuarie 2002 Mi[c`ri n timpul anului (Nota 9.8) Diferen]e din schimburile valutare Sold la 1 ianuarie 2003 Mi[c`ri nete n timpul anului (Nota 9.8) Diferen]e din schimburile valutare Pierderi din crean]e nerecuperabile (Nota 9.8) Sold la 31 decembrie 2003

73.977 245.177 6.097 325.251 (278.708) 7.359 53.902 (Nota 2.4)

CONTUL DE PROFIT {I PIERDERE


9.1 VENIT DIN DOBNZI {I CHELTUIELI CU DOBNZILE

mii lei 31 decembrie 2002 Venituri din dobnzi De la: - credite acordate persoanelor fizice [i juridice - plasamente la b`nci romne[ti [i str`ine - ac]iuni [i obliga]iuni* - plasamente la Banca Na]ional` a Romniei - garan]ii emise - angajamente de finan]are - angajamente aferente opera]iunii derivate de dobnd` Total venituri din dobnzi Cheltuieli cu dobnzile Pentru: - conturile [i depozitele clien]ilor - plasamente de la b`nci romne[ti [i str`ine - datorii subordonate - credite la termen - angajamente cu alte b`nci [i clien]i - ac]iuni [i obliga]iuni de stat* - cheltuieli privind instrumentele financiare derivate de dobnd` Total cheltuieli cu dobnzile Venit net din dobnzi (174.474.235) (43.143.502) (12.814.039) (25.982.129) (7.816.973) (3.790.062) (268.020.940) 513.354.721 (193.308.792) (102.430.832) (12.698.946) (25.309.648) (8.194.027) (3.350.456) (193.562) (345.486.263) 701.852.516 370.984.244 201.106.000 163.906.505 30.375.160 11.310.745 3.693.007 781.375.661 556.964.065 208.216.670 177.202.345 34.487.576 24.522.477 45.837.744 107.902 1.047.338.779 31 decembrie 2003

*Veniturile [i cheltuielile din opera]iunile cu obliga]iuni de stat n sum` de 177.202.345 mii lei (2002: 163.906.505 mii lei) [i respectiv 3.350.456 mii lei (2002: 3.790.062 mii lei), se refer` la amortizarea primelor, dobnda pentru titlurile n pensiune livrat` [i alte cheltuieli cu titlurile.

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Note la situa]iile financiare

9.2 VENITURI {I CHELTUIELI CU COMISIOANE

mii lei 31 decembrie 2002 Venituri din comisioane Din: - tranzac]ii ale clientelei - instrumente de plat` - alte servicii financiare - opera]iuni interbancare - opera]iuni cu titluri - servicii de consultan]` Total venituri din comisioane Cheltuieli cu comisioanele Din: - opera]iuni interbancare - instrumente de plat` - tranzac]ii ale clientelei - opera]iuni de investi]ii - opera]iuni cu titluri - alte servicii financiare Total cheltuieli cu comisioanele Venit net din comisioane (15.317.879) (5.637.880) (1.500.813) (917.910) (1.833) (23.376.315) 127.159.755 (20.884.112) (10.462.855) (64.729) (4.025.360) (35.437.056) 255.346.919 57.515.591 55.380.576 23.543.298 12.532.007 1.184.243 380.355 150.536.070 150.178.009 96.142.073 35.109.279 6.130.239 1.094.234 2.130.141 290.783.975 31 decembrie 2003

9.3 PROFIT NET DIN DIFEREN}E DE CURS VALUTAR

mii lei 31 decembrie 2002 Venituri din diferen]e de curs valutar Cheltuieli cu diferen]e de curs valutar Rezultat net din diferen]e de schimb valutar 514.811.974 (567.671.096) (52.859.122) 31 decembrie 2003 241.695.813 (140.679.896) 101.015.917

Veniturile [i pierderile din diferen]ele de curs valutar au rezultat att din reevaluarea activelor [i pasivelor n valut`, ct [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 tranzac]ie [i respectiv a celor de plasament.

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9.4 ALTE VENITURI {I CHELTUIELI DIN EXPLOATARE

mii lei 31 decembrie 2002 Alte venituri din exploatare Alte venituri din activitatea de exploatare* Venituri din angajamente date clientelei Venituri din chirii Alte venituri Total venituri din exploatare Alte cheltuieli din exploatare Cheltuieli privind taxele** Cheltuieli privind sponsoriz`rile Cheltuieli financiare Penalit`]i [i compensa]ii pentru daune Alte cheltuieli de exploatare bancare Alte cheltuieli Total cheltuieli din exploatare Venit net din exploatare (34.778.993) (1.894.753) (345.858) (146.515) (79.109) (37.245.228) (16.817.541) (40.231.871) (1.759.254) (840.531) (287.758) (942.340) (44.061.754) (31.360.588) 2.891.032 16.445.629 1.070.665 20.361 20.427.687 6.622.110 3.808.220 1.560.111 710.725 12.701.166 31 decembrie 2003

* n alte venituri din exploatare este inclus` suma de 6.392.950 mii lei, care se refer` la o ajustare aferent` impozitului pe profit al anului 2002 (recalcularea rezervelor aferente evalu`rii disponibilit`]ilor \n devize \n conformitate cu Legea 189/2001). ** Cheltuiala cu alte taxe, n sum` de 40.231.871 mii lei (2002 - 34.778.995 mii lei) const` n principal din contribu]ia la fondul de garantare a depozitelor [i contribu]ia la fondul de risc.

9.5 CHELTUIELI CU PERSONALUL

mii lei 31 decembrie 2002 Salarii Contribu]ia angajatorului la asigur`rile sociale Contribu]ia angajatorului la fondul de [omaj Contribu]ia angajatorului la fondul de s`n`tate Alte cheltuieli privind angaja]ii Total cheltuieli cu personalul (64.643.240) (7.231.831) (3.774.502) (5.367.657) (12.290.389) (93.307.619) 31 decembrie 2003 (100.521.177) (19.375.262) (4.258.410) (8.524.875) (22.542.972) (155.222.696)

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9.6 CHELTUIELI ADMINISTRATIVE

mii lei 31 decembrie 2002 Cheltuieli cu: - ter]i - chirii - protocol [i publicitate - telecomunica]ii - materiale - transport - obiecte de inventar - ntre]inere [i repara]ii - asigur`ri - utilit`]i - colaboratori - audit - leasing - consultan]` Total cheltuieli administrative (92.519.355) (42.312.897) (21.692.923) (14.046.757) (8.883.167) (8.110.295) (1.772.494) (4.331.457) (1.723.544) (2.219.235) (1.679.244) (490.904) (93.931) (199.876.203) (142.470.780) (55.273.897) (29.065.045) (18.224.032) (15.967.887) (8.718.460) (5.637.822) (6.201.023) (2.815.868) (2.990.845) (153.334) (1.983.865) (711.203)
Note la situa]iile financiare

31 decembrie 2003

(290.214.061)

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

mii lei 31 decembrie 2002 Amortizarea imobiliz`rilor necorporale (Nota 5) Deprecierea imobiliz`rilor corporale (Nota 5) Total cheltuieli privind amortizarea [i deprecierea (10.094.388) (12.270.926) (22.365.314) 31 decembrie 2003 (14.285.121) (20.452.639) (34.737.760)

9.8 VENITURI {I CHELTUIELI CU PROVIZIOANELE

mii lei 31 decembrie 2002 Corec]ii ale valorili crean]elor [i provizioane Relu`ri din valoarea crean]elor [i provizioanelor Cheltuieli nete privind provizioanele (Nota 8.2.) (92.298.753) 86.137.269 (6.161.484) 31 decembrie 2003 (330.834.599) 317.906.489 (12.928.110)

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9.9 VENITURI {I CHELTUIELI DIN CEDAREA OBLIGA}IUNILOR DE STAT

mii lei 31 decembrie 2002 Venituri din cedarea obliga]iunilor de stat* Cheltuieli privind cedarea obliga]iunilor de stat Venit net din cedarea obliga]iunilor de stat 80.525.521 (60.838.738) 19.686.783 31 decembrie 2003 857.812 (27.485) 830.327

* Venitul din cedarea obliga]iunilor de stat n sum` de 857.812 mii lei (2002: 80.525.521 mii lei), n principal este ob]inut din obliga]iuni de stat exprimate n EUR [i lei, emise de Ministerul Finan]elor.

10

CHELUIELI CU PERSONALUL
mii lei 31 decembrie 2002 Cheltuieli cu remunera]iile personalului Cheltuieli privind asigur`rile [i protec]ia social`, din care cheltuieli privind pensiile Alte cheltuieli privind personalul Total 64.643.240 16.373.990 12.290.389 93.307.619 31 decembrie 2003 100.521.177 32.158.547 19.375.262 22.542.972 155.222.696

n timpul activit`]ii curente, Banca face pl`]i privind pensiile n numele angaja]ilor s`i c`tre institu]iile de stat romne. 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 2003, Banca [i desf`[ura activitatea prin intermediul a nou` sucursale opera]ionale aflate pe teritoriul Romniei (2002: cinci sucursale). De aceea nu exist` segmente geografice [i toate veniturile [i cheltuielile sunt realizate pe o singur` pia]`.

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12

DATORII CONTINGENTE {I ANGAJAMENTE


12.1 DATORII CONTINGENTE
Datoriile contingente ale B`ncii existente \n sold la 31 decembrie 2003 [i 31 decembrie 2002 erau urm`toarele:

mii lei 31 decembrie 2002 Garantate cu depozite Garantate cu scrisori de garan]ie Garantate cu credite stand by Scrisori de garan]ie n lei Garantate cu depozite Garantate cu scrisori de garan]ie Garantate cu credite stand-by Scrisori de garan]ie n valut` Total scrisori de garan]ie Acreditive confirmate Total accept`ri [i andos`ri Garan]ii emise c`tre alte b`nci Total datorii contingente 46.721.210 75.909.180 66.532.546 189.162.936 113.718.470 45.295.809 112.485.630 271.499.909 460.662.845 2.292.472 462.955.317 280.017.572 742.972.889 31 decembrie 2003 66.890.930 117.105.189 183.996.189 97.458.507 Note la situa]iile financiare

942.340.499 1.039.799.006 1.223.795.195 96.870.238 1.320.665.433 663.691.728 1.984.357.161

12.2 ANGAJAMENTE

mii lei 31 decembrie 2002 Garantate cu depozite Acreditive emise Deschideri de credite confirmate Total angajamente 532.734.467 532.734.467 2.767.960.362 3.300.694.829 31 decembrie 2003 904.847.742 904.847.742 4.707.773.745 5.612.621.487

12.3 OBLIGA}II PRIVIND CHIRIA

Obliga]iile pentru anul 2004 sunt aferente chiriei ce trebuie pl`tit` pentru sediile sucursalelor.

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12.4 OBLIGA}II PRIVIND LEASINGUL

La data bilan]ului, Banca avea obliga]ii privind leasingul opera]ional [i financiar, obliga]ii care devin scadente dup` cum urmeaz`:
mii lei 31 decembrie 2002 |n termen de un an Din al doilea pn` \n al cincilea an inclusiv Peste cinci ani Total 12.413.564 26.210.824 38.624.388 31 decembrie 2003 4.252.853 32.141.805 36.394.658

12.5 ALTE ELEMENTE EXTRABILAN}IERE

n plus, Banca a nregistrat n conturile din afara bilan]ului urm`toarele: 31 decembrie 2002 un contract SWAP ncheiat cu Bank Austria Viena, valoarea net` fiind n sum` de 1.459.880 mii lei; scrisorile de garan]ie primite ca garan]ii pentru creditele acordate clien]ilor precum [i scrisorile de garan]ie emise n valoare total` de 3.191.997.078 mii lei; gajuri [i alte garan]ii primite pentru creditele acordate, n valoare de 2.347.766.805 mii lei; creditele trecute pe cheltuial` ca urmare a hot`rrii finale a instan]ei sunt n sum` de 10.032.637 mii lei; cecurile de c`l`torie [i numerarul de]inut n EUR n valoare de 11.926.815 mii lei. 31 decembrie 2003 dou` contracte SWAP ncheiate cu Bank Austria Viena, valoarea net` fiind n sum` de 72.492.025 mii lei; scrisorile de garan]ie primite ca garan]ii pentru creditele acordate clien]ilor precum [i alte garan]ii primite de la

b`nci \n valoare total` de 8.486.206.615 mii lei; gajuri [i alte garan]ii primite pentru creditele acordate, n valoare de 3.819.252.621 mii lei; creditele trecute pe cheltuial` ca urmare a hot`rrii finale a instan]ei sunt n sum` de 16.156.507 mii lei; cecurile de c`l`torie n valoare de 16.424.754 mii lei. angajament de finan]are \n valoare de 1.233.510.000 mii lei de la Bank Austria, dou` contracte IRS \n valoare total` de 147.125.400 mii lei \ncheiate cu Bank Austria Viena. Nu mai sunt alte obliga]ii dect cele men]ionate mai sus. La 31 decembrie 2003 nu a existat nici unul din elementele urm`toare: active ipotecate/gajate pentru datoriile proprii sau pentru datoriile ter]elor p`r]i; obliga]ii contractuale viitoare pentru pl`]ile de pensii; active n pensiune livrat`, altele dect cele men]ionate n Nota 4.2; obliga]ii referitoare la litigii care s` fie materiale pentru a fi prezentate \n notele la situa]iile financiare.

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13

ALTE INFORMA}II
13.1 PREZENTARE GENERAL~

HVB BANK ROMANIA S.A a fost nregistrat` la Registrul Comer]ului ca societate comercial` la data de 24 noiembrie 1997 [i a ob]inut autoriza]ia de func]ionare ca banc` de la Banca Na]ional` a Romniei la data de 13 Aprilie 1998. La data de 25 August 1998 Banca Na]ional` a Romniei a aprobat schimbarea denumirii B`ncii din Banca Creditanstalt S.A. n Bank Austria Creditanstalt Romania S.A. Ca urmare a fuziunii dintre HVB Group [i Bank Austria Creditanstalt Group, la data de 20 iulie 2001, Banca Na]ional` a Romniei a aprobat schimbarea denumirii B`ncii din Bank Austria Creditanstalt Romania S.A. n HVB BANK ROMANIA S.A.

ncepnd cu 31 August 1998, Banca a nceput opera]iunile bancare [i func]ioneaz` ca o banc` comercial` [i de economii oferind o gam` larg` de servicii adresate tuturor categoriilor de clien]i. La 31 decembrie 2002, Banca [i desf`[ura activitatea prin cinci unit`]i operative: una situat` n aceea[i cl`dire cu sediul central, alta constituit` ca sucursal`, situat` n centrul capitalei [i alte trei sucursale n Timi[oara, Cluj Napoca [i Oradea. |n anul 2003 au fost deschise alte patru sucursale n: Bra[ov, Constan]a, Bucure[ti [i Sibiu, astfel c` la finele anului 2003 banca \[i desf`[ura activitatea prin nouz unit`]i operative. Se preconizeaz` deschiderea unei sucursale \n Arad, \n decursul anului 2004.
Note la situa]iile financiare

13.2 SUCURSALE {I SOCIET~}I ASOCIATE

n cursul anului 2002, Banca a investit n cadrul HVB Leasing (la constituirea acesteia) cu 20% din capitalul acestei societ`]i, n sum` de 1.150.960 mii lei, reprezentnd 200 de ac]iuni. |n anul 2003, Banca a efectuat dou` investi]ii \n valoare total` de 4.612.500 mii lei, astfel: ac]iuni \n valoare de 942.500 mii lei, reprezentnd 5% din capitalul social al societ`]ii CAIB Asset Management; 677.673 ac]iuni \n valoare de 3.670.000 mii lei, \n capitalul social al societ`]ii CAIB Securities SA (Nota 4.3).

13.3 POZI}IA VALUTAR~

Pozi]ia net` valutar` a B`ncii, declarat` la Banca Na]ional` a Romniei, reflect` faptul c` pasivele n valut` dep`[esc activele n valut` la 31 decembrie 2003 cu o sum` reprezentnd 5,39% din fondurile proprii ale B`ncii (\n 2002: 7,07%), calculate conform reglement`rilor B`ncii Na]ionale a Romniei care prev`d ca aceast` dep`[ire s` nu fie mai mare de 20% fondurile proprii, iar pe fiecare valut` \n parte s` nu dep`[easc` 10% din fondurile proprii.
La 31 decembrie 2002 pozi]ia net` a principalelor valute, exprimat` n mii lei se prezenta astfel:

mii lei Elemente \n Valuta Dolari SUA EUR Lire sterline Dolar Australian Alte valute Total Active 561.993.505 3.765.033 675.060 1.975.408 568.409.006 Pasive (1.211.952.046) (1.211.952.046) afara bilan]ului (544.673.465) 1.128.489.000 583.815.535 Pozi]ie net` 17.320.040 (83.463.046) 3.765.033 675.060 1.975.408 (59.727.505)

Ratele oficiale de schimb valabile la 31 decembrie 2003 erau 32.595 lei/USD, 41.117 lei/EUR [i 58.058 lei/GBP [i 24.472 lei/AUD, iar la 31 decembrie 2002 erau 33.500 lei/USD, 34.919 lei/EUR, 53.712 lei/ GBP [i 18.864 lei/AUD.

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La 31 decembrie 2002 pozi]ia net` a principalelor valute, exprimat` n mii lei se prezenta astfel:

mii lei Elemente \n Valuta Dolari SUA EUR Lire sterline Dolar Australian Alte valute Total Active 4.683.931 1.091.347 507.042 6.282.320 Pasive (92.946.230) (6.947.635) (696.345) (100.590.210) afara bilan]ului 23.693.448 (246.575) 23.446.873 Pozi]ie net` (69.252.782) (7.194.210) 4.683.931 1.091.347 (189.303) (70.861.017)

ncepnd cu 1 ianuarie 2002, moneda EURO a nlocuit toate monedele utilizate n statele membre ale Uniunii Europene.

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

mii lei 31 decembrie 2003 Sold la 1 ianuarie 2003 Sume utilizate pentru majorarea capitalului social Sold la 31 decembrie 2003 140.591.437 (105.918.051) 34.673.386

Aceast` diminuare este justificat` prin utilizarea sumei respective pentru majorarea capitalului social al b`ncii avnd \n vedere dispozi]iile art IX din Legea 485/2003-Lege pentru modificarea [i completarea Legii Bancare nr. 58/1998, care stabile[te c` rezervele existente \n sold [i care, pn` la data intr`rii \n vigoare a legii men]ionate puteau constitui sursa de majorare a capitalului social, potrivit legisla]iei aplicabile, vor putea fi utilizate \n continuare \n acest scop pn` la epuizarea acestora.

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Note la situa]iile financiare

13.5 RECONCILIEREA IMPOZITULUI PE PROFIT

mii lei 31 decembrie 2002 Venituri totale Cheltuieli totale Profit brut Venituri neimpozabile Cheltuieli nedeductibile Venit din impozit pe profit amnat Rezerve legale (Nota 7) Rezerva general` pentru riscul de credit (Nota 7) Profitul fiscal aferent exerci]iului Pierdere fiscal` din exerci]iile anterioare Impozit pe profit Pierdere fiscal` reportat` Cheltuiala cu impozitul pe profit aferent` exerci]iului 1.119.002.208 (850.188.232) 268.813.976 (126.611.486) 18.866.111 (53.762.795) (32.115.122) 75.190.684 (18.797.671) (18.797.671) 31 decembrie 2003 1.770.604.138 (1.236.021.674) 534.582.464 (6.392.950) 22.625.456 334 (106.916.560) (154.856.439) 289.042.305 (72.260.576) (72.260.576)

(a) Banca Na]ional` a Romniei 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`, iar rezervele constituite au fost recalculate [i majorate cu 25.571.801 mii lei [i impozitul pe profit al anulul 2003 diminuat cu 6.392.950 mii lei. (b) Banca Na]ional` a Romniei a efectuat o verificare a B`ncii n cursul anului 2002. Potrivit raportului BNR, veniturile neimpozabile [i cheltuielile nedeductibile au fost recalculate [i majorate cu 9.155.744 mii lei. Prin urmare, veniturile neimpozabile [i cheltuielile nedeductibile au fost reconsiderate n vederea calcul`rii impozitului amnat.

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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`:
Anul \ncheiat la Anul \ncheiat la

mii lei

31 decembrie 2002 31 decembrie 2003 Profit nainte de impozitare Ajust`ri ale rezultatului reportat ca urmare a aplic`rii pentru prima dat` a IAS (Nota 13.4) Profit ajustat nainte de impozitare Impozitul pe profit la rata previzionat` de 25% Efectul fiscal al diferen]elor permanente Efectul fiscal al diferen]elor temporare Total Cheltuiala curent` cu impozitul pe profit Cheltuiala curent` cu impozitul pe profit Efectul fiscal al diferen]elor temporare Impozitul pe profit aferent perioadei curente conform IAS 268.813.976 67.203.494 (48.405.823) (48.405.823) 18.797.671 18.797.671 76.416 18.874.087 534.582.464 133.645.616 (61.385.040) (61.385.040) 72.260.576 72.260.576 (334) 72.260.242
Note la situa]iile financiare

268.813.976

534.582.464

b) Componentele mai importante ale (veniturilor)/cheltuielilor din impozite amnate cu efect fiscal temporar sunt prezentate n urm`torul tabel:
mii lei 31 decembrie 2002 31 decembrie 2003 C[tig/(pierdere) din tranzac]ii n pensiune livrat` Crean]e ata[ate pentru titluri n pensiune livrat` Reclasificare de crean]e ata[ate Datorii nenregistrate (facturi) Subven]ii transferate la venituri Corec]ii privind veniturile neimpozabile [i cheltuielile nedeductibile (Nota 9.4) Total datorii privind impozitul pe profit amnat 8.967 8.967 334 334

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13.7 CREDITE DE LA INSTITU}II FINANCIARE

mii lei Credite de la institu]ii financiare Creditanstalt Leasing GmbH (a) Banca European` de Investi]ii (b) Total (Nota 3.2) Credite de la alte b`nci BACA Viena (Nota 3.1) (c) Chase Manhattan Bank (Nota 3.1) (d) Hypovereins Munich (e) Total 522.039.050 14.420.780 536.459.830 3.419.330.367 1.233.510.000 4.652.840.367 31 decembrie 2002 31 decembrie 2003 32.686.168 698.380.000 731.066.168 31.590.907 822.340.000 853.930.907

a. Creditanstalt Leasing GmbH |mprumutul de la Baca Export Leasing GmbH (fosta Creditanstalt Leasing GmbH) este format din contracte de leasing financiar, ncheiate pentru achizi]ionarea de echipamente [i autovehicule. Suma de 31.590.907 mii lei (2002 - 32.686.168 mii lei) la 31 decembrie 2003 reprezint` suma datorat` c`tre Baca Export Leasing GesmbH pentru mijloacele fixe cump`rate pe baz` de credit n regim de leasing. b. Banca European` de Investi]ii La 15 octombrie 2001, Banca a intrat ntr-o facilitare de credit n valoare de 20 milioane EUR de la Banca European` de Investi]ii, cu scopul de a finan]a micii investitori. Dobnda datorat` aferent` era \n sum` de 1.139.741 mii lei la 31.12.2003, respectiv 3.710.700 mii lei la 31.12.2002 (Nota 2.4).

c. BACA Vienna La 31 decembrie 2002 Banca avea un \mprumut de 14.950 mii EURO de la Bank Austria Aktiengesellschaft, \mprumut necesar finan]`rii opera]iunilor proprii. La 31 decembrie 2003 banca mai avea un alt \mprumut (linia total` de refinan]are fiind de 21.000.000 USD ), contractat de la Bank Austria Creditanstalt AG, cu dou` trageri de 10.300.000 USD [i 4.550.000 EUR. d. Chase Manhattan Bank mprumutul de la Chase Manhattan Bank, reprezint` overdraft accidental la 31 decembrie 2002. e. Hypovereins Munich La 31 decembrie 2003 banca avea un \mprumut de 30.000.000 EUR, contractat tot \n scopul ob]inerii de surs` de refinan]are.

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13.8 NUMERAR {I ECHIVALENT NUMERAR

mii lei 31 decembrie 2002 Disponibil \n casierie Disponibil la BNR Total numerar Depozite la BNR Conturi curente la BNR Depozite la alte b`nci (Nota 13.10) Efecte publice [i alte titluri Alte sume Total echivalent numerar Minus: sume cu scaden]e mai mari de trei luni Total numerar [i echivalent numerar 162.315.440 2.086.563.908 2.248.879.348 830.000.000 129.635.096 8.295.699.218 1.358.519.969 1.809.362 10.615.663.645 (4.999.220) 12.859.543.773
Note la situa]iile financiare

mii lei 31 decembrie 2003 Disponibil \n casierie Disponibil la BNR Total numerar Conturi de corespondent Depozite la vedere la b`nci Alte sume Crean]e asupra institu]iilor de credit la vedere (Nota 14) Depozite la b`nci centrale Depozite la termen la b`nci Depozite colaterale Crean]e la termen acodate b`ncilor Crean]e asupra institu]iilor de credit la termen (Nota 14) Minus crean]e la termen acodate b`ncilor Minus sume cu scaden]e mai mari de trei luni Total crean]e asupra institu]iilor de credit la termen Obliga]iuni [i alte titluri cu venit fix (Nota 14) Minus sume cu scaden]e mai mari de trei luni Total obliga]iuni [i alte titluri cu venit fix Total echivalent numerar Total numerar [i echivalent numerar 260.975.046 3.419.343.372 3.680.318.418 104.131.185 50.000.000 14.438.162 168.569.347 1.040.000 205.585.000 4.895.284 585.170.441 1.835.650.725 (585.170.441) (4.895.284) 1.245.585.000 1.758.782.843 (1.724.624.536) 34.158.307 1.448.312.654 5.128.631.072

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13.9 INDICATORI DE SOLVABILITATE

Banca [i monitorizeaz` permanent resursele de capital conform reglement`rilor emise de Banca Na]ional` a Romniei. Indicatorii de solvabilitate sunt calcula]i pe baza informa]iilor financiare ntocmite potrivit standardelor romne[ti de contabilitate. Banca trebuie s`-[i m`soare nivelul de solvabilitate raportnd nivelul fondurilor proprii la totalul activelor ponderate n func]ie de gradul lor de risc, inclusiv elementele n afara bilan]ului, conform reglement`rilor n vigoare. Nivelul de solvabilitate al B`ncii la 31 decembrie 2003 pentru

capitalul de rangul 1 [i capitalul de rangul 2 era de 12,50% [i respectiv 15,80% (2002: 11,90% [i respectiv 15,80%). Reglement`rile impun un nivel minim de 8% pentru capitalul de rangul 1 [i 12% pentru capitalul de rangul 2. Pentru calculul indicatorilor de solvabilitate, capitalul de rangul 1 cuprinde capitalurile proprii, iar capitalul de rangul 2 cuprinde capitalul de rangul 1, datoriile subordonate, subven]iile [i alte elemente. Datoriile subordonate includ un credit de la Bank Austria Vienna n sum` de 284.734.348 mii lei (2002: 241.813.330 mii lei).

13.10 CONCENTRAREA EXPUNERII a) Depozite la b`nci


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

mii lei Descriere B`nci din str`in`tate B`nci str`ine nregistrate n Romnia [i b`nci romne[ti Total (Nota 13.8) 31 decembrie 2002 31 decembrie 2003 7.726.749.218 568.950.000 8.295.699.218 4.895.284 255.585.000 260.480.284

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

13.11 VALOAREA JUST~

Conform IAS 32 "Instrumente financiare: prezentare [i descriere" este obligatorie descrierea valorii juste a activelor [i pasivelor financiare. Valoarea just` reprezint` acea sum` pentru care un activ poate fi schimbat sau care ar putea stinge o obliga]ie ntre p`r]ile avizate [i interesate ale unei tranzac]ii din cadrul grupului de companii. Avnd n vedere climatul economic romnesc, activele [i obliga]iile financiare ale B`ncii sunt afectate de devalorizarea leului romnesc n compara]ie cu monezile str`ine, de nivelul pre]urilor de pia]` [i de ratele dobnzii. Valoarea depozitelor pe termen scurt ale clien]ilor, depozitelor de la alte b`nci [i a obliga]iunilor este apropiat` de valoarea just` datorit` termenelor scurte de

scaden]` [i a costurilor nesemnificative ale tranzac]iei. Depozitele la termen, creditele [i avansurile acordate clien]ilor, biletele la ordin, garan]iile [i acreditivele sunt nregistrate la sume nete datorit` provizioanelor generale [i specifice, valoare considerat` a fi practic similar` valorii juste deoarece instrumentele respective sunt purt`toare de dobnd` la ratele de pia]`. n consecin]`, orice modificare n valoarea just` a activelor financiare, datorit` modific`rii dobnzii, va atrage dup` sine [i o modificare a valorii juste a obliga]iilor aferente. Investi]iile financiare reprezint` participa]ii n societ`]i necotate [i obliga]iuni emise de Ministerul de Finan]e pentru care nu exist` valoare de pia]`, precum [i obliga]iuni tranzac]ionate pe pia]a european`.

64

13.12 INSTRUMENTE FINANCIARE

Urm`toarele paragrafe prezint` pe scurt natura activit`]ilor cu privire la instrumentele financiare [i politicile adoptate de conducere n acest sens. a) Riscul valutar Banca func]ioneaz` n condi]ii de hiperinfla]ie [i efectueaz` tranzac]ii att n moned` romneasc` (Leul), ct [i n valut`. Moneda romneasc` a suferit o devalorizare accentuat`, activele nete exprimate n lei fiind expuse riscului de diminuare a valorii. Instrumentele financiare derivate ale B`ncii reprezint` doar contractele Forward [i Swap cu scaden]e scurte [i tranzac]ii Spot nenchise. Acestea reprezint` angajamentele contractuale ale B`ncii de a achizi]iona sau a vinde valut` na]ional` sau str`in` la pre]uri fixe la o dat` viitoare precis`. Banca nu a efectuat nici o tranzac]ie cu instrumente derivate ncorporate pn` la data de 31 decembrie 2003. Aceste instrumente financiare sunt evaluate la valoarea just`, iar varia]iile favorabile (active) [i nefavorabile (datorii) ca urmare a modific`rii valorii juste sunt raportate n contul de profit [i pierdere. Valoarea just` a instrumentelor de]inute de Banc` este prezentat` n nota 13.12(e). b) Riscul de rat` a dobnzii Riscul ratei de dobnd` este compus din riscul de fluctua]ie nregistrat n valoarea unui anumit instrument financiar ca urmare a varia]iei ratelor dobnzii [i din riscul diferen]elor dintre scaden]a activelor financiare purt`toare de dobnd` [i cea a datoriilor purt`toare de

dobnd` folosite pentru finan]area activelor respective. Perioada pe care se men]ine rata dobnzii stabilite pentru un instrument financiar indic`, prin urmare, n ce m`sur` acesta este expus riscului dobnzii. Restabilirea pre]ului pentru active [i pasive r`mne la latitudinea B`ncii. Instrumentele financiare sunt purt`toare de dobnd` la rata pie]ei, prin urmare se consider` c` valorile juste nu difer` n mod semnificativ de valorile contabile. c) Riscul de credit n cursul activit`]ii sale obi[nuite, Banca [i asum` riscul de credit cu privire la mprumuturile [i avansurile pe care le acord` clien]ilor, cu privire la plasamentele sale la alte institu]ii financiare [i alte elemente extra bilan]iere. Banca poate, de asemenea, suferi pierderi ca urmare a concentra]iei semnificative a riscului de credit ntr-un anumit sector sau domeniu de activitate, sau ntr-o anumit` grupare economic`, n contextul schimb`rii mediului economic din Romnia. Gestionarea riscului de credit se face cu regularitate prin urm`rirea atent` a respect`rii plafoanelor de creditare [i prin evaluarea bonit`]ii debitorilor. d) Riscul de lichiditate Banca urm`re[te zilnic evolu]ia nivelului lichidit`]ilor pentru a-[i putea achita obliga]iile la data la care acestea devin exigibile. Analiza pe scaden]e a activelor [i pasivelor la 31 decembrie 2003 este prezentat` n nota 15. mprumuturile [i liniile de credit sunt rennoite frecvent [i pot avea scaden]e mai mari dect cele precizate n nota 15.

d) Contracte standard [i derivative

mii lei Valoarea na]ional` de contract Perioada ncheiat` la 31 decembrie 2003 Tranzac]ii Swap de devize Tranzac]ii Forward de devize Tranzac]ii Spot de devize Total Perioada ncheiat` la 31 decembrie 2002 Tranzac]ii Swap de devize Tranzac]ii Forward de devize Tranzac]ii Spot de devize Total 9.045.880 95.392.883 80.313.235 1.459.880 6.000 1.465.880 (Nota 2.3) (1.470.700) (4.215) (1.474.915) (Nota 2.3) 907.737.414 2.169.744 72.803.218 1.049.141 73.852.359 (Nota 2.3) (478.761) (478.761) (Nota 2.3) Valoarea just` Active Datorii

65

Note la situa]iile financiare

13.13 EVENIMENTE ULTERIOARE DATEI DE 31 DECEMBRIE 2003

n afar` de cele men]ionate mai sus, nu exist` alte evenimente semnificative ulterioare datei de 31 decembrie 2002 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 Pn` la o lun` |ntre o lun` [i ACTIV Casa, disponibilit`]i la b`nci centrale Crean]e asupra institu]iilor de credit - la vedere Crean]e asupra institu]iilor de credit - alte crean]e Crean]e asupra clientelei Minus: provizioane pentru credite 1.262.126.319 7.069.669.274 (9.415.677) 7.060.253.597 Obliga]iuni [i alte titluri cu venit fix Ac]iuni [i alte titluri cu venit variabil Participa]ii Mijloace fixe Alte active Cheltuieli \nregistrate \n avans [i venituri angajate Minus: provizion pentru riscul de dobnd` (53.902) 28.248.738 Total active 12.275.103.043 4.905.818 19.442.042 36.122.194 5.055.385 1.460.759.376 (53.902) 93.774.177 28.302.640 4.905.818 19.442.042 36.122.194 5.055.385 93.828.079 1.734.265 73.852.359 39.055.303 (726.459) 148.871.875 (3.649.368) 380.701.944 (3.742.973) (4.386.561) 1.390.729.712 64.974.279 4.895.284 1.835.650.725 (21.921.038) 518.476.581 1.955.031.342 2.303.920.972 1.395.116.273 517.750.122 1.951.381.974 2.300.177.999 32.424.042 147.273.975 1.512.376.282 - 13.242.214.442 - 13.220.293.404 3.478.139 5.763.460 242.055.398 17.813.591 1.758.782.843 3.478.139 5.763.460 242.055.398 91.665.950 168.569.347 168.569.347 3.680.318.418 3.680.318.418 inclusiv 3 luni inclusiv |ntre 3 luni [i un an inclusiv |ntre 1 an [i 5 ani inclusiv Peste 5 ani Cu scaden]` nedefinit` TOTAL

594.135.285 2.266.969.866 4.229.378.419

274.005.872 21.100.351.861

66

\n mii Lei Pn` la o lun` |ntre o lun` [i PASIV Datorii privind institu]iile de credit - la vedere Datorii privind institu]iile de credit - la termen Datorii privind clientela la vedere Datorii privind clientela la termen Depozite Alte datorii Datorii constituite prin titluri Alte pasive Venituri nregistrate n avans [i datorii angajate Provizioane pentru riscuri [i cheltuieli Credite subordonate [i datorii ata[ate Total datorii Capital social Rezultat reportat [i rezerve Total capitaluri proprii 284.734.348 2.431.202.407 284.734.348
Raport financiar

|ntre 3 luni [i un an inclusiv

|ntre 1 an [i 5 ani inclusiv Peste 5 ani

Cu scaden]` nedefinit` TOTAL

inclusiv 3 luni inclusiv

2.531.171.257 850.749.867 4.422.348.296

2.126.508.358 19.959.701 19.959.701 -

- 2.531.171.257 - 5.523.978.367 - 4.422.348.296 - 6.814.504.499 - 5.960.573.592 853.930.907 37.992.107 143.258.368 -

72.839.585 2.473.880.557 307.930.197 277.153.090 30.777.107 2.585.331 591.904 884.793.249 64.766.271 820.026.978 715.389 -

4.567.947.182 1.033.874.170 4.567.021.397 1.031.673.133 925.785 35.406.776 114.457.639 2.201.037 27.493.436 -

12.522.081.017 1.061.367.606 -

383.947.017 3.359.389.195 -

- 19.757.987.242 587.240.500 755.124.119 587.240.500 755.124.119

- 1.342.364.619 1.342.364.619 2.431.202.407 1.342.364.619 21.100.351.861 (970.443.031) (1.068.358.747) 1.068.358.747 -

Total datorii [i capitaluri proprii 12.522.081.017 1.061.367.606 Risc de lichiditate Deficit de lichiditate cumulat (246.977.974) (246.977.974)

383.947.017 3.359.389.195 869.989.224

(467.232.321) 1.883.022.849

(714.210.295) 1.168.812.554 2.038.801.778

67

15

ANALIZA PE SCADEN}E A ACTIVELOR {I PASIVELOR LA 31 DECEMBRIE 2002

\n mii Lei Pn` la o lun` |ntre o lun` [i ACTIV Casa, disponibilit`]i la b`nci centrale Efecte publice [i alte titluri acceptate Crean]e asupra institu]iilor de credit Crean]e asupra clientelei Minus: provizioane pentru credite 9.025.335.098 225.000.000 (816.117) 3.162.798.002 Obliga]iuni [i alte titluri cu venit fix Ac]iuni [i alte titluri cu venit variabil Investi]ii Mijloace fixe Alte active Cheltuieli \nregistrate \n avans [i venituri angajate Minus: provizion pentru riscul de dobnd` 17.355.311 Total active 13.676.339 (325.251) 54.463.525 3.672.444 515.137 604.726.285 (325.251) 89.682.756 17.355.311 13.676.339 54.788.776 3.672.444 515.137 90.008.007 1.466.633 9.591.535 1.809.360 4.999.218 (8.570.584) 264.290.576 (1.887.543) 262.403.033 341.808.115 2.167.860 1.150.960 147.109.486 9.257.143.676 5.504.218.440 (11.274.244) 5.492.944.196 631.990.817 2.167.860 1.150.960 147.109.486 11.058.168 - 3.163.614.119 192.167.378 1.884.146.367 192.167.378 1.875.575.783 290.182.702 85.868.080 49.918.215 40.443.674 1.182.290.000 1.358.519.969 2.248.879.348 2.248.879.348 inclusiv 3 luni inclusiv |ntre 3 luni [i un an inclusiv |ntre 1 an [i 5 ani inclusiv Peste 5 ani Cu scaden]` nedefinit` TOTAL

11.378.904.470 3.460.984.091

288.883.937 3.356.720.147

150.428.306 19.240.647.236

68

\n mii Lei Pn` la o lun` |ntre o lun` [i PASIV inclusiv 3 luni inclusiv |ntre 3 luni [i un an inclusiv 659.386.838 652.946.574 6.440.264 34.343.414 46.746.471 740.476.723 740.476.723 |ntre 1 an [i 5 ani inclusiv 536.459.830 114.182.187 91.695.258 22.486.929 1.901.933 91.918 241.813.330 894.449.198 894.449.198 Peste 5 ani 700.328.893 1.948.893 698.380.000 1.955 700.330.848 700.330.848 Cu scaden]` nedefinit` TOTAL 1.769.808.203

Datorii privind institu]iile de credit 1.233.348.373 Datorii privind clientela Depozite Alte datorii Alte pasive Venituri nregistrate n avans [i datorii angajate Credite subordonate [i datorii ata[ate Total datorii Capital social Rezultat reportat [i rezerve Total capitaluri proprii 508.805

3.955.241.458 10.802.792.425 - 10.799.033.450 3.955.241.458 1.641.252 3.758.975 8.984.035 22.831.722 -

- 16.231.931.801 - 11.545.624.175 4.686.307.626 46.870.634 70.180.871 241.813.330

5.190.739.888 10.834.608.182 -

- 18.360.604.839 362.733.900 517.308.497 880.042.397 362.733.900 517.308.497 880.042.397

Total datorii [i capitaluri proprii 5.190.739.888 10.834.608.182 Risc de lichiditate Deficit de lichiditate cumulat 6.188.164.582 (7.373.624.091)

880.042.397 19.240.647.236 -

(451.592.786) 2.462.270.949 825.218.654

(95.604.563) (729.614.091) 729.614.091 -

6.188.164.582 (1.185.459.509) (1.637.052.295)

69

Raport financiar

INFORMA}II GENERALE

Adrese \n Romnia
SEDIUL CENTRAL BRA{OV TIMI{OARA

HVB Bank Romania S.A. BUCURE{TI Str. Dr. Grigore Mora nr. 37 Telefon: +40 (021) 203 23 13 Telefax: +40 (021) 230 84 85

Str. Mure[enilor nr. 2 Telefon: +40 (0268) 506 280 Telefax: +40 (0268) 477 437
CLUJ

Pia]a Victoriei nr. 2 Telefon: +40 (0256) 306 800 Telefax: +40 (0256) 306 806
SIBIU

SUCURSALE SUCURSALA MILLENNIUM - BUCURE{TI

Pia]a Unirii nr. 10 Telefon: +40 (0264) 406 070 Telefax: +40 (0264) 450 510
CONSTAN}A

Bd. Nicolae B`lcescu nr. 25 Telefon: +40 (0269) 206 830 Telefax: +40 (0269) 213 080

Calea Victoriei nr. 88 Telefon: +40 (021) 203 23 13 Telefax: +40 (021) 231 05 40
SUCURSALA DECEBAL - BUCURE{TI

Bd. Tomis nr. 132 Telefon: +40 (0241) 606 100 Telefax: +40 (0241) 553 770
ORADEA

B-dul Unirii nr. 80, bl. J1, Tronson 1 Telefon: +40 (021) 327 77 45 Telefax: +40 (021) 327 77 44

Pia]a Unirii nr. 2-4 Telefon: +40 (0259) 406 700 Telefax: +40 (0259) 461 700

71

Informa]ii generale

Adrese \n Europa Central` [i de Est


Bank Austria Creditanstalt AG HypoVereinsbank HVB Bank

Am Hof 2 1010 Wien Austria Tel.:(+43 1) 711 910


HVB Bank

Am Tucherpark 16 80538 Mnchen Germany Tel.(+49) 89 378 0


HVB Bank

Rajiceva 27-29 11000 Beograd Serbia and Montenegro Tel.:(+381 11) 3204 500
HVB Bank

Fra Andjela Zvizdovica 1 Tower B 71000 Sarajevo Bosnia - Herzegovina Tel.:(+387 33) 250 900
HVB Bank Biochim

Akademia u. 17 1054 Budapest Hungary Tel.:(+36 1) 269 08 12


Bank BPH PBK.

Mostova 6 814 16 Bratislava 1 Slovakia Tel.:(+42 12) 5969 1111


Bank Austria Creditanstalt

Ivan Vazov Street 1, 1026 Sofia Bulgaria Tel.: (+359 2) 92 69 210


HVB Splitska Banka d.d.

Towarowa 25 A, 00 958 Warszawa, Poland Tel. (+48 22) 531 80 00


HVB Bank

Smartinska 140 1000 Ljubljana Slovenia Tel.:(+386 1) 5876 600


HVB Bank

R. Boscovica 16 HR - 21000 Split Croatia Tel.:(+385 21) 304 304


HVB Bank

37, Dr. Grigore Mora Street Charles de Gaulle sq. 71278 Bucharest Romania Tel.:(+40 21) 203 2222
International Moscow Bank

Vul. Yaroslaviv Val, 14-A Kyiv 01034 Ukraine Tel.:(+38 0) 44 230 3300

nam. Republiky 3a 110 00 Praha 1 Czech Republic Tel.:(+420 2) 21 112 111

9, Prechistenskaya Emb. Moscow 119034 Russia Tel.:(+70 95) 258 7258

72

Success without boundaries in the heart of Europe


2004 is one of the most important years in recent European history. The European Union has been enlarged. Eight countries from the region of Central and Eastern Europe have joined the EU, and other countries are making intensive preparations for accession. A few years ago, this would have been inconceivable. It is important now to take full advantage of opportunities arising from European integration. And we are a major player in this process. The CEE network currently comprises about 900 offices with just under 18,000 employees, who serve some 4 million customers. HVB Group is active in a market of 200 million people. Proximity to customers and local expertise are the decisive factors for success in each of these countries. Through our network we will use opportunities for cooperation in the best possible way, whether in the development of new products and IT platforms or in back-office operations. The Groups network is not limited by borders, the advantage of one is the advantage of all. The benefit for customers is clear: international and local know-how available from a single source.

74

75

MANAGEMENT REPORT

Management Report
HVB Bank Romania started its business activities in September 1998. It is among the most highly reputed foreign banks, offering innovative financial services to meet the specific needs of corporate and retail customers. During the past financial year, HVB Bank further strengthened its position on the Romanian market due to a sustained development rhythm. Important steps have been taken in terms of territorial expansion and continuous development of new products and services. At the end of 2003, HVB Bank Romania had 9 branches in Bucharest, Timi[oara, Oradea, Cluj, Bra[ov, Constan]a and Sibiu. In 2003 the bank generated a net profit of ROL 462.322 million through dynamic expansion in all core business segments and efficient cost management, registering an increase of 85% as compared to the previous year-end result. With a return on equity 40% of the bank achieved an impressive earning performance. Total Assets reached ROL 21.100 billion, while the number of clients registered a significant increase to 16,000 compared to 10,000 last year. With the good performance of 2003, the future outlook can be only optimistic. In view of the dynamic business development, the bank will move its head office to a new building in Charles de Gaulle Square. The main commitments for the year to come will continue to focus on the expansion of the branch network throughout the country, the widening of the retail and corporate product range and the increase of the customers portfolio. Following the establishment of CA IB Asset Management, HVB Bank will start
77

Management Report

selling mutual funds through its branch network in 2004. HVB Bank will continue to position itself as a reliable partner widely known for safe, flexible and innovative products and services. We thank all our customers and business partners for their confidence in us and our professional staff for their commitment to banks further growth.
Dan Pascariu President Helmut Bernkopf Vicepresident

78

REPORT ON THE DIVISIONS

Corporate Banking Division


2003 came as a confirmation of the upward business trend on which the Corporate Banking Division of HVB Bank Romania S.A. has embarked since its establishment. New record results were made possible through a dedicated corporate banking team, which proactively addressed the requirements of newly targeted businesses and at the same time intensified the relationships with existing clients. Major transactions were concluded in the areas of trade, export and project finance for companies in the energy, real estate, food and timber sectors as well as for the automotive industry. The total committed loan portfolio on corporate customers side amounted at the end of 2003 at approximately EUR 530 Mio, registering an impressive 75% increase versus 2002. The combined number of domestic and international corporate payment transactions increased by 71% while the payment volumes basically doubled from EUR 3.06 bn in 2002 to EUR 6.14 bn in 2003. The number of e-banking transactions increased year on year by 121%. In the Key Account segment, HVB Bank reached a market share of around 30% while theMid-Market portfolio ranged at approximately 700 corporate accounts, 40% more than the previous year. A significant increase was also registered in the Real Estate segment, which reached EUR 80 mio in committed loans at the end of 2003. The number of clients almost doubled from 40 in 2002 to 78 in 2003. Due to its flexibility and customer-oriented approach, HVB Bank has gained a highly regarded position on the market as being one of the most important financiers of real estate transactions in Romania. New tailor-made Cash Management solutions contributed to reducing the financial costs and improving the liquidity situation of corporate customers: Cash Pick-up and Delivery - solutions aiming at reducing the resources allocated to cash processing, handling, transportation and eliminating the risk related to cash activities, Payment and Incoming solutions - advanced electronic tools to accommodate complex account receivables and account payables situations. HVB Bank Romania successfully generated several high profile transactions in 2003, such as: Syndications: acting (together with Bank Austria Creditanstalt AG) as Sole Mandated Arranger or JointMandated Lead Arranger for syndicated loans of over USD 260 mio granted to finance the imports of natural gas for winter period Export finance: arranging financing for acquisition of new special trains in value of over EUR 95 mio during 2003 for the national railways company Project finance: structuring and financing a EUR 70 mio greenfield investment which generated the largest vertically integrated sawmill in Romania Real estate finance: financing the Charles de Gaulle office complex, a 16 floor development amounting to over EUR 30 mio in the north of Bucharest.

81

Report on the divisions

Retail Banking Division


The retail strategy of HVB Bank had a very intense development in 2003. Following the evolution of the market demand, new products have been developed, such as Personal Loan, Construction Loan and special loans for professionals. The new products comply with the banks policy to have offers tailored to its clients needs and completely transparent in terms of costs and loan conditions. A new concept - packages of products and services - was implemented in line with the strategy to design the banks services depending on the target client segments. By using the package offer, the clients can benefit from a wide portfolio of services in terms of high costefficiency. Financial counseling is a new field developed by HVB Bank, the Private Banking services playing a central role in this new business approach. Private Banking facilitates the clients investments through brokerage services, treasury clients operations and international placements, providing superior banking services with perfect comfort and privacy. The card segment registered a significant growth as well. Therefore the number of active cards increased by 85 % with 10,228 active cards,while the volume transactions by 173 %. The 24 h B@nking concept has been actively promoted, by designing a range of services adjusted to the continuously changing needs of the clients (Lobby Banking, Telephone Banking and Online B@nking). One of the most important successes achieved in this field was the implementation of foreign payments via Online B@nking. In the pursuit to offer high quality and diversified services to the clients a series of projects are planned to be implemented in 2004: expansion of the branch network, launch of new products and services, development of new channels of distribution and setup of strategic partnerships with insurance companies, retailers and real estate agencies.

82

Treasury division
As the main theme in 2003 was market volatility, the Treasury Department was able to capitalize the new business opportunities and generate high revenues. Thus we continued to maintain our inter-bank Market Maker position, as well as to increase our customer base. On the Asset and Liabilities Management side, the proper refinancing mix (primary funds, refinancing lines, interbank market) of the growing loan portfolio contributed significantly to the bank's net interest income while keeping a sound liquidity position. Moreover, the introduction of several derivative products by the National Bank offered the Treasury the opportunity to improve the management of the interest rate risk. The sales desk offered the clients the whole range of products available on the market. Special attention was focused on FX risk hedging and investment opportunities. With the future derivative products, we will be able to offer our customers a broader range of hedging products. On the growing capital market side, HVB Bank has tapped the market last year and won the lead manager position to arrange the bond issue of two local entities: Municipality of Timi[oara and County of Arad. The further development of this market by increasing volumes and number of issuers will offer new business opportunities in future.

83

Report on the divisions

Human Resources

Human Resources
Continuous growth and territorial expansion of the bank involve sustained efforts in acquiring new resources. A key role of the Human Resources department is to develop the current employees towards better performance and to take the fullest advantage of new opportunities. The selected teams for the new branches followed a structured and intensive training plan within the banks headquarter in Bucharest in order to perform in line with HVBs standards and organizational culture. The number of employees increased by 30% during 2002 and reached 225 by end of December 2003. HVB Banks human resources strategy ensures that the bank has motivated, committed employees and supports the current development of the bank. Internal training programs that are aiming to improve the competence of our employees and to increase the quality of their service to our customers, support the diversification of our products and services. Recognition and award programs have been implemented to reward high performance and sustained efforts. The management's increased focus on openness and communication was clearly reflected in last year's satisfaction survey, a process that will continue on a yearly basis. Our focus over the next year will be on further developing a career policy as well as improving succession candidates for key jobs. We will continue to implement world-class learning and development programs to allow all of our employees to maintain and upgrade their skills and knowledge.

85

Human resources

FINANCIAL REPORT

Auditors report
We have audited the statutory financial statements of HVB Bank Romania S.A. for the year ended December 31, 2003 and issued our report thereon dated April 27, 2004. The financial statements are responsibility of the Banks management and are prepared in accordance with the Romanian Statutory Accounting Requirements (RAS). The accompanying financial information has been extracted from and is consistent with those financial statements, which were issued in Romanian language. Our opinion on the full financial statements of the Bank is presented below: We have audited the accompanying balance sheet of HVB BANK ROMANIA S.A. (the Bank) as of December 31, 2003 and the related statements of profit and loss, changes in shareholders equity and cash flows for the financial year then ended, which reflect: ROL thousand 21,100,351,861 1,342,364,619 1,770,604,138 462,322,222 Order no. 1982/5/2001 and the Ministry of Public Finance Order no. 1827/2003. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing and in accordance with the Auditing Standards issued by the Romanian Chamber of Auditors in accordance with Romanian legislation regarding auditing. Those standards require that we plan and perform the audit in order to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of HVB BANK ROMANIA S.A. as of December 31, 2003 and the results of its operations, changes in shareholders equity and cash flows for the year then ended in accordance with Romanian Statutory Accounting Requirements, comprising the accounting law no. 82/1991, the Ministry of Public Finance and National Bank of Romania Order no. 1982/5/2001 and the Ministry of Public Finance Order no. 1827/2003.

total assets total shareholders equity net assets total income net profit for the year

The accompanying financial statements are the responsibility of Banks management and are prepared in accordance with the Romanian Statutory Accounting Requirements (RAS) comprising the accounting law no. 82/1991, the Ministry of Public Finance and National Bank of Romania

87

Financial report

Without qualifying our opinion, we draw attention to the following: As presented in Note 1.1 to the financial statements, during the year 2000 Romania started the process of harmonising its accounting principles with the Fourth Directive of the European Community and International Financial Reporting Standards (IFRS). However, the latest accounting requirements issued by the Ministry of Public Finance are designed to address the fiscal needs of the Ministry of Public Finance and are applicable in Romania only. Such newly issued regulations do not address the requirements of all IFRS and are different in some aspects

from the IFRS, in particular matters relating to IAS 29 Financial Reporting in Hyper-inflationary Economies, IAS 32 Financial Instruments Disclosure and presentation and IAS 39 Financial Instruments Recognition and Measurement. As a result, these financial statements may not express a true and fair view of the financial position of the Bank, the results of its operation, the changes in shareholders equity nor its cash flows in accordance with IFRS. Accordingly, these financial statements should not be used by any party who is not aware of the above. Deloitte & Touche Romania SRL Bucharest, April, 2004

88

BALANCE SHEETS AS AT DECEMBER 31, 2002 AND DECEMBER 31, 2003

in ROL thousands / in EUR thousands* 2002 ASSETS Petty cash, cash at banks (Note 13.8) 2003 2002* 2003*

2,248,879,348

3,680,318,418 -

64,403 38,905 38,905 265,103 3,712 261,391 157,305 82,022 75,284 18,099 13,085 5,013 62 33 33 1,627 2,586 1,241 317 2,568 551,008

89,508 48,744 4,100 44,645 321,529 160,383 161,146 42,775 13,615 29,160 85 140 2,163 3,724 1,694 2,229 2,281 513,178
Financial report

Public bills of exchange and other bonds accepted for refinance at central banks 1,358,519,969 1,358,519,969 Public bills of change and assimilated values (Note 13.8)

Other bonds accepted for refinance at central banks Receivables from credit institutions (Notes 3.4; 13.8) At sight Other receivables (Note 3.1) Receivables from customers (Notes 3.1; 3.3; 3.4) Overdrafts - net Term loans - net Debentures and other fixed income bonds (Notes 3.5; 4.1; 4.2; 5) Issued by public institutions Issued by others, out of which: Own debentures Shares and other variable income securities (Notes 4.3; 5) Investments, out of which (Note 13.2): Investments in credit institutions Shares in related parties, out of which: Shares in credit institutions Intangible assets, out of which (Note 5) Set-up expenses Good will Tangible assets, out of which (Note 5) Land and buildings used for own activities Subscribed and not paid-in share capital Own shares Other assets (Note 2.3) Prepayments and accrued income (Note 2.4)
Total assets

9,257,143,676 2,004,220,072 129,635,096


168,569,347

9,127,508,580 1,835,650,725 5,492,944,196 13,220,293,404 2,864,119,226 6,594,463,899 2,628,824,970 6,625,829,505


631,990,817 1,758,782,843 456,930,996 2,167,860 1,150,960 1,150,960 56,822,258 13,046 90,287,228 43,322,137 11,058,168 89,682,756 559,815,712 3,478,139 5,763,460 88,940,113 15,933 153,115,285 69,650,477 91,665,950 93,774,177 175,059,821 1,198,967,131

19,240,647,236 21,100,351,861

* The EURO figures are obtained by converting the ROL figures using the NBR rate of exchange of 34,919 ROL/EUR available as of December, 31 2002 and of 41,117 ROL/EUR available as of December, 31 2003. The EURO figures are presented for information purpose only and were not audited by Deloitte & Touche.

89

BALANCE SHEETS AS AT DECEMBER 31, 2002 AND DECEMBER 31, 2003

in ROL thousands / in EUR thousands*

2002

2003

2002*

2003*

LIABILITIES Liabilities over credit institutions (Note 3.4) At sight On term (Note 3.1) Liabilities over customers (Note 3.4) Deposits, out of which: At sight On term (Note 3.1) Other debts, out of which: At sight On term (Notes 3.1, 3.2) Liabilities from bonds Interbanking market bonds, debentures, negotiable bonds Other bonds Other liabilities (Note 2.3) Unearned income and accrued expenses (Note 2.4) Provisions for risks and charges, out of which: Provisions for pensions and similar debts Other provisions Subordinated debts (Note 3.6) Subscribed and paid-in share capital (Note 6) Share premium Reserves (Note 2.2) Legal reserves Statutory and contractual reserves General reserve for credit risk Other reserves Revaluation reserves Retained profit/(loss) (Note 14.4) Profit/(loss) for the financial year (Note 7) Profit allocation Total liabilities

(1,769,808,203) (8,055,149,624) (19,123,373) (2,531,171,257) (1,750,684,830) (5,523,978,367)


(16,231,931,801) (11,236,852,795)

(50,683) (548) (50,136) (464,845) (330,640) (330,640) (134,205) (113,269) (20,936) (1,342) (2,010) (6,925) (10,388) (9,322) (2,604) (3,150) (3,568) (4,363) (7,158) 6,027 (551,008)

(195,908) (61,560) (134,348) (273,290) (168,560) (23,594) (144,966) (104,730) (83,962) (20,768) (924) (3,484) (6,925) (14,282) (12,021) (4,812) (6,441) (768) (1,467) (11,244) 6,367 (513,178)

(11,545,624,175) -

(6,930,676,429) (970,102,837)

(11,545,624,175) (5,960,573,592) (4,686,307,626) (4,306,176,366) (3,955,241,458) (3,452,245,459) (731,066,168) (46,870,634)


(70,180,871) (241,813,330) (362,733,900) (325,504,170) (90,922,097) (109,987,061) (124,595,012) (152,337,367) (249,939,889) 210,472,929

(853,930,907) (37,992,107) (143,258,368)


(284,734,348) (587,240,500) (494,260,420) (197,838,657) (264,843,499) (31,578,264) (60,314,475) (462,322,222) 261,772,998

(19,240,647,236) (21,100,351,861)

* The EURO figures are obtained by converting the ROL figures using the NBR rate of exchange of 34,919 ROL/EUR available as of December, 31 2002 and of 41,117 ROL/EUR available as of December, 31 2003. The EURO figures are presented for information purpose only and were not audited by Deloitte & Touche.

90

OFF BALANCE SHEETS FOR THE YEARS ENDED DECEMBER 31, 2002 AND DECEMBER 31, 2003

in ROL thousands / in EUR thousands*

2002

2003

2002*

2003*

OFF BALANCE SHEET ITEMS Contingent liabilities, out of which (Note 12.1) Endorsements and acceptances Guarantees and pledged assets Commitments, out of which (Note 12.2) Commitments for REPO transactions 742,972,889 280,017,572 462,955,317 3,300,694,829 1,984,357,161 663,691,728 1,320,665,433 5,612,621,487 21,277 8,019 13,258 94,524 48,261 16,142 32,120 136,504 -

* The EURO figures are obtained by converting the ROL figures using the NBR rate of exchange of 34,919 ROL/EUR available as of December, 31 2002 and of 41,117 ROL/EUR available as of December, 31 2003. The EURO figures are presented for information purpose only and were not audited by Deloitte & Touche.

91

Financial report

STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 2002 AND DECEMBER 31, 2003

in ROL thousands / in EUR thousands*

2002

2003

2002*

2003*

Interest income and assimilated income, out of which (Note 9.1) From debentures and other fixed income bonds Interest expense and assimilated expenses (Note 9.1) Income from bonds Income from shares and other variable income securities Income from investments Income from shares in related parties Commission income (Note 9.2) Commission expenses (Note 9.2) Net profit/(loss) from financial operations (Note 9.3) Other operating income (Note 9.4) General administrative expenses Personnel expenses, out of which (Notes 9.5; 10) Salaries Social security charges, out of which Pension expenses Other administrative expenses (Note 9.6) Corrections over tangible and intangible assets value (Note 9.7) Other operating expenses (Note 9.4) Corrections over the value of receivables and provisions for contingent liabilities and commitments (Notes 8.1; 9.8) Income from the reversal of and provisions for contingent liabilities and commitments (Notes 8.1; 9.8) Provision for financial assets, investments and shares in related parties (Note 9.9) Income from reversal of provisions for financial assets, investments and shares in related parties (Note 9.9) CURRENT ACTIVITY PROFIT/(LOSS) Profit Loss Profit tax on current activity profit (Note 13.5)

781,375,661 1,047,338,779 8,321,743 (268,020,940) 150,536,070 (23,376,315) (52,859,122) 20,427,687 (293,183,822) (93,307,619) (64,643,240) (16,373,990) (199,876,203) (22,365,314) (37,245,228) 177,202,345 (345,486,260) 290,783,975 (35,437,056) 101,015,917 12,701,166 (445,436,758) (155,222,696) (100,521,177) (32,158,547) (19,375,262) (290,214,061) (34,737,760) (44,061,754)

22,377 238 (7,676) 4,311 (669) (1,514) 585 (8,396) (2,672) (1,851) (469) (5,724) (640) (1,067)

25,472 4,310 (8,403) 7,072 (862) 2,457 309 (10,833) (3,775) (2,445) (782) (471) (7,058) (845) (1,072)

(92,298,753)

(330,834,599)

(2,643)

(8,046)

86,137,269

317,906,489

2,467

7,732

(60,838,738)

(27,485)

(1,742)

(1)

80,525,521

857,812

2,306

21

268,813,976 (18,874,087)

534,582,464 (72,260,242)

7,698 (541)

13,001 (1,757)

* The EURO figures are obtained by converting the ROL figures using the NBR rate of exchange of 34,919 ROL/EUR available as of December, 31 2002 and of 41,117 ROL/EUR available as of December, 31 2003. The EURO figures are presented for information purpose only and were not audited by Deloitte & Touche.

92

STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 2002 AND DECEMBER 31, 2003

in ROL thousands / in EUR thousands* CURRENT ACTIVITY PROFIT/(LOSS) AFTER TAX Profit Loss Extraordinary income Extraordinary expenses EXTRAORDINARY PROFIT/(LOSS) FOR THE YEAR Profit Loss Profit tax on extraordinary activity profit EXTRAORDINARY PROFIT (LOSS) AFTER TAX Profit Loss Total income Total expenses GROSS PROFIT/(LOSS) FOR THE YEAR Profit Loss Profit tax (Note 13.5, Note 13.6) Other taxes NET PROFIT/(LOSS) FOR THE FINANCIAL YEAR Profit Loss

2002

2002

2002*

2001*

249,939,889 -

462,322,222 -

7,158 -

11,244 -

32,046 (24,347)

43,063 (30,061)
Financial report

1,119,002,208 1,770,604,138 (850,188,232) (1,236,021,674)

268,813,976 (18,874,087) -

534,582,464 72,260,242 -

7,698 (541) -

13,001 1,757 -

249,939,889 -

462,322,222 -

7,158 -

11,244 -

* The EURO figures are obtained by converting the ROL figures using the NBR rate of exchange of 34,919 ROL/EUR available as of December, 31 2002 and of 41,117 ROL/EUR available as of December, 31 2003. The EURO figures are presented for information purpose only and were not audited by Deloitte & Touche.

93

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

in ROL thousands / in EUR thousands*

2002

2003

2002*

2003*

NET PROFIT/(LOSS) BEFORE TAX Components of net profit/(loss) that do not generate cash flows for the operating activity provisions depreciation expenses other adjustments for items that do not generate cash flows adjustments for items included in investment and financial activities other adjustments profit tax

249,939,889

462,322,222

7,158

11,244

5,301,623 24,137,807 38,437 18,874,087 298,291,843

10,375,445 34,737,761 42,921,018 72,260,424 622,616,688

152 691 541 8,542

252 845 1,044 1,757 15,143

Changes in assets and liabilities of operating activity after the adjustments for the items that do not generate cash flows for the operating activity bonds that are not financial assets receivables from credit institutions receivables from customers accrued receivables other assets of operating activity debts over credit institutions debts over the customers accrued payables other liabilities of operating activity - cash payments of profit tax Cash flow from operating activity Cash flow from investing activity - cash payments for purchase of branches + cash receipts from sale of branches + cash receipts from received dividends - cash payments for purchase of bonds as financial assets + cash receipts from sale of bonds as financial assets + cash receipts from interest received - cash payments for purchase of land and fixed assets, intangibles and other long term assets + cash receipts from sale of land and fixed assets, intangibles and other long term assets - other cash payments from investing activity + other cash receipts from investing activity Cash flow from investing activity (35,457,719) (204,332,861) (1,015) (4,970) (84,919,986) (1,658,820) 51,121,087 (129,683,673) (2,432) (3,154) (5,922,779) (68,726,409) (48) 1,464 (144) (1,671) 18,633,841 (1,023,907,310) 742,255 (30,140,752) (3,579,831) 1,006,714,046 39,099,156 17,360,210 (18,030,953) (585,066,505) (3,820,072) (89,582,384) 6,285,341,421 73,077,498 (8,200,138) (63,984,029) (1,604,843,330) (7,737,996,002) 534 21 (45,959) (863) (103) 28,830 279,559 1,120 497 (516) 271,662 (24,902) (14,229) (188,195) (93) (2,179) 152,865 (121,485) 1,777 (199) (1,556) (183,053)

9,761,905,268 (4,995,079,007)

9,486,151,753 (7,526,579,840)

* The EURO figures are obtained by converting the ROL figures using the NBR rate of exchange of 34,919 ROL/EUR available as of December, 31 2002 and of 41,117 ROL/EUR available as of December, 31 2003. The EURO figures are presented for information purpose only and were not audited by Deloitte & Touche.

94

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

in ROL thousands / in EUR thousands*

2002

2003

2002*

2003*

Cash flow from financing activity + cash receipts from bonds and subordinated debts - cash payments for bonds and subordinated debts + cash receipts from issue of shares - cash payments for purchase of shares + cash receipts from sale of own shares - cash payments as dividends - other cash payments from financing activity + other cash receipts from financing activity Cash flow from financing activity Cash at the beginning of period Cash flow from operating activity Cash flow from investment activity Cash flow from financing activity Changes of foreign exchange rates effect on cash Cash at the end of period (Note 13.8) 48,738,000 48,738,000 1,396 1,396 96,226 271,662 (1,015) 1,396 368,268 312,755 (183,053) (4,970) 124,733
Financial report

3,360,111,739 12,859,543,773 9,486,151,753 (7,526,579,840) (35,457,719) 48,738,000 (204,332,861) -

12,859,543,773 5,128,631,072

* The EURO figures are obtained by converting the ROL figures using the NBR rate of exchange of 34,919 ROL/EUR available as of December, 31 2002 and of 41,117 ROL/EUR available as of December, 31 2003. The EURO figures are presented for information purpose only and were not audited by Deloitte & Touche.

95

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED DECEMBER 31, 2003

Increase in ROL thousands Balance at January 1 Subscribed capital Share capital premium Legal reserves Statutory and contractual reserves General reserves for credit risk Revaluation reserve Own shares reserves Conversion reserves Other reserves Funds Retained earnings Unallocated profit Uncovered loss Retained earnings from first use of IAS less IAS 29 Credit balance Debit balance Retained earnings from changes in accounting policies Credit balance Debit balance Retained earnings from correction of fundamental errors Credit balance Debit balance Retained earnings representing surplus from revaluation reserves Profit / (Loss) for the period Credit balance Debit balance Total 880,042,397 462,322,222 974,173,621 511,851,399 140,591,437 51,212,890 362,733,900 90,922,097 109,987,061 124,595,012 Total, out of which 224,506,600 106,916,560 154,856,438 25,571,801 transfer 224,506,000 106,916,560 154,856,438 25,571,801 -

96

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED DECEMBER 31, 2003

Decrease in ROL thousands Total, out of which Subscribed capital Share capital premium Legal reserves Statutory and contractual reserves General reserves for credit risk Revaluation reserve Own shares reserves Conversion reserves Other reserves Funds Retained earnings Unallocated profit Uncovered loss Retained earnings from first use of IAS less IAS 29 Credit balance Debit balance Retained earnings from changes in accounting policies Credit balance Debit balance Retained earnings from correction of fundamental errors Credit balance Debit balance Retained earnings representing surplus from revaluation reserves Profit / (Loss) for the period Credit balance Debit balance Total 261,772,998 511,851,399 261,772,998 200,549,224 Financial report

Balance at transfer 118,588,549 25,571,801 105,918,051 Decembre 31 587,240,500 197,838,657 264,843,499 31,578,264 25,641,089 34,673,386 -

118,588,549 25,571,801 105,918,051 -

511,851,399 1,342,364,619

97

NOTES TO THE FINANCIAL STATEMENTS

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES


1.1 BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS These financial statements are the responsibility of the Banks management and are prepared in accordance with the Romanian statutory accounting requirements and the Ministry of Public Finances (MoF) and National Bank of Romania Order no. 1982/5/ October 2002 (MoF 1982/5). The financial statements are prepared under the historical cost convention, with the exemptions presented at accounting policies paragraph, as for the revaluation of certain financial assets and financial liabilities held for trading, available-for-sale investment securities and share capital. ORDER OF MINISTRY OF PUBLIC FINANCES AND NATIONAL BANK OF ROMANIA NO. 1982/5/2001 (ACCOUNTING REGULATIONS HARMONIZED TO 86/635 DIRECTIVE OF EUROPEAN ECONOMIC COMMITTEE AND TO INTERNATIONAL ACCOUNTING STANDARDS) The Ministry of Public Finance and National Bank of Romania Order no. 1982/5/2001 (MoF 1982/5) is applicable beginning with financial statements of year 2001 for the companies which meet the criteria set out in the Ordinance. According to MoF 1982/5/2001, financial statements will be elaborated at historical cost, but nevertheless, the banks may choose IAS 29, meaning adjusting to inflation rate. IAS 29 requires financial statements to be expressed in terms of purchasing power at the balance sheet date, and any gain or loss on net monetary position to be included into Profit and Loss account and to be separately disclosed.

1.2 SIGNIFICANT ACCOUNTING POLICIES

The Banks present financial statements are prepared using the following accounting principles: Going Concern the Bank will continue its activity as normal in a foreseeable future, without being in the impossibility to continue its activity or significantly reduce it; Consistency the same rules and norms should be consistently applied to evaluation, recording and presentation of the balance sheet items and the statement of operations assuring the compatibility in time of the accounting information; Prudence principle value of each item should be
99

calculated based on prudence principle. Especially: a) Only profits recognised before the period end will be considered; b) All foreseeable obligations and potential losses arisen during the current or prior periods (even if these obligations or losses appear between the period end and the balance sheet date) will be considered; c) All adjustments regarding impairments will be taken into account, regardless the effect over the result of the period; Accrual basis of accounting all revenues and expenses related to the respective period will be included, disregarding

Notes to the financial statements

their payment/disbursement date; Separate evaluation of assets and liabilities each balance sheet position will be calculated separately; Matching principle opening Balance equals prior year closing Balance, except for corrections imposed by IAS 8 Net Profit or Loss for the Period, Fundamental Errors and Changes in Accounting Policies; Offsetting principle - values of assets cannot be offset against values of liabilities, the same for expenses and revenues, except for the ones accepted by IAS; Substance over form principle information presented in Financial Statements should reflect the economic substance of events and transactions, not merely the legal form; Materiality principle every item with a material value must be presented separately in the Financial Statements. Items with immaterial value and same nature or similar functions should be aggregated, their separate presentation not being necessary.
Currency used for presentation

depreciation. Any revaluation surplus is credited to revaluation reserve in the statement of changes in shareholders equity except to the extent it reverses a revaluation decrease for the same asset previously recognised as an expense, in which case the increase in credited to the income statement. A revaluation decrease is charged as expense to the extent it exceeds the balance, if any, held in the revaluation reserve relating to the same asset.
Impairment of assets

All amounts are presented in ROL thousand.

Long-term assets, other than deferred tax assets and financial assets are tested for impairment in accordance with IAS 36 Impairment of Assets. IAS 36 requires an impairment loss to be recognised whenever carrying value of an asset exceeds its recoverable amount. Recoverable amount of an asset is the higher of its net selling price and value in use. Value in use of an asset is the present value of estimated future cash flows expected from the continuing use of an asset and from its disposal. In addition IAS 36 allows subsequent restoration of the portion of carrying values if the impairment conditions cease to exist. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. Assets held under finance leases are recognised as assets of the Bank at their fair value at the date of acquisition. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation. Finance costs, which represent the difference between the total leasing commitments and the fair value of the assets acquired, are charged to the income statement over the term of the relevant lease so as to produce a constant periodic rate of charge on the remaining balance of the obligations for each accounting period. Rentals payable under operating leases are charged to income on a straight-line basis over the term of the relevant lease. Inventories are recorded at the lower of cost and net realisable value. Cost is determined by first in first out (FIFO) cost method for all types of stocks. Net realisable value is estimated on selling price in the normal course of activity less necessary selling expenses. Loans originated by the Bank providing money to the borrower or to a subparticipation agent at draw down are categorised as loans originated by the Bank and are carried at amortised cost. All loans and advances are recognised when cash is advanced to borrowers. Provision for loans is established when there is objective evidence that the Bank will not be able to collect all amounts due. The provision is the difference between the carrying

Income and expense recognition

Interest income, interest expense, other operating income and other operating expenses are recognised on an accrual basis and not on a cash basis. Asset with acquisition cost more than eight ROL million and an estimated useful life exceeding one year are capitalised. Assets with acquisition cost less than eight ROL million are expensed. Fixed assets are recorded at cost and depreciated on a straight-line basis at the following annual rates to write off the cost of the assets over their estimated useful lives: leasehold improvements equipment furniture other 10% 16.67% - 8.33% 6.67% 10%

Leasing

Fixed assets and intangible assets

Intangible assets consist of software, which is amortised over a period of four years. Tangible assets in progress represent mainly improvement workings regarding the new branches locations. Assets held under finance leases are capitalised and depreciated over their expected useful lives on the same basis as owned assets. Impairment of property, plant and equipment is based on the provisions of IAS 36 Impairment of Assets. IAS 36 requires that when the carrying amount of an asset exceeds its recoverable value an impairment loss should be recognised. The recoverable amount is considered to be the higher of value in use and its net selling price. Land and buildings are stated at their revalued amounts, being the fair value on the basis of their existing use at the date of revaluation less any subsequent accumulated

Inventories

Originated loans and provision for loans

100

Legal proceedings not initiated

Loan category

Banking sector No. of days overdue

Non-banking sector No. of days overdue max. 15 days 16 - 30 days 31 - 60 days 61 - 90 days min. 91 days

Provision rate (%)

Standard Watch Substandard Doubtful Loss

max. 3 days 4 - 15 days 16 - 30 days min. 31 days

0% 5% 20% 50% 100%

101

Notes to the financial statements

amount and the recoverable amount, where the recoverable amount is the present value of expected future cash flows, including amounts recoverable from guarantees and collateral, discounted based on the interest rate at inception. The loan loss provision also covers losses where there is objective evidence that probable losses are present in components of the loan portfolio at the balance sheet date. These have been estimated based upon historical patterns of losses in each component, the credit ratings allocated to the borrowers and reflecting the current economic climate in which the borrowers operate. When a loan is uncollectable, it is written off against the related provision. Subsequent recoveries are credited to the bad and doubtful debt expense. Statutory and other regulatory loan loss reserve requirements that exceed these amounts are dealt with in the general banking reserves as an appropriation of retained earnings.

Provisions for doubtful debts

Provisions for doubtful debts are based on evaluations of loans and advances as at December 31, 2003 and December 31, 2002, respectively, including the accrued interest. Provisions have been recognised as an expense, charged against income and deducted from the total amount of loans and advances and accrued interest. Specific provisions are made against the loans and advances and accrued interest receivable, which are considered to be bad and doubtful using a NBR methodology. For loans and receivable the approach assesses both the debt service record, in terms of the timeliness of payments of either interest or principal, and the initiation of legal procedures of loans in litigation. The assessment is different depending on the type of loans granted to banking or non-banking customers. The combined assessment results in the classification of the loans into five categories as follows:

Legal proceedings initiated

In cases where judicial proceedings have started the necessary classification for all type of loans is loss and 100% provision is made. The necessary provision is calculated by applying the above - mentioned percentages to the outstanding exposure after taking into account the risk degree of the

debtor or of the guarantor, according with NBR requirements. The exposure can be adjusted for all loans and receivables, except those classified as loss. The degree of risk allocated to various classes of collateral as per NBR requirements is as follows:

Guarantee

Degree of risk assigned (%)

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

0% 20% 50%

Securities

Securities hold by the Bank are securities for placement (held to maturity), securities held for trading and securities held under repurchase transactions. Management determinates the appropriate classification of its investment at the time of purchase. In 2000, prior to adoption of IAS 39, all investment securities were carried at cost or amortised cost less any provision for impairment. a) Held-to-Maturity (HTM) Represents investment securities with fixed maturity where management has both the intent and ability to hold to maturity. This category includes eurobonds securities issued by Romanian Government and other Romanian companies on the European market. Investment securities classified as HTM are carried at amortised cost using the effective yield method providing for any impairment that is other than temporary. b) Investment securities (IS) Investment securities are acquired in order to be held for a longer period of time, but this does not involve their preservation until maturity. Investment securities are initially recognised at cost (including transaction cost). Interest calculated while holding the fixed income securities, is recorded using attached debts accounts. The transaction costs related to financial assets held for sale are included in the purchase cost. Premiums are also included in the purchase cost. Securities available for sale are evaluated afterwards using the purchase price or using the lowest between market value and purchase price. Favourable differences are not recorded in accounting and for the unfavourable differences provisions are made. Interest due for the residual period, regarding securities bearing fixed income available for sale is recorded using attached debts accounts, and the dividends earned for

securities with variable income are recorded in the proper revenue account. The sale of securities is recorded in accounting at sale price and the differences between the sale price and the historical cost are recorded using revenues or expenses accounts, as needed.
Foreign exchange

Transactions denominated in foreign currencies are translated into Romanian lei at the rates ruling at the dates of the transactions. Assets and liabilities denominated in foreign currencies are translated using exchange rates of National Bank of Romania ruling at the balance sheet date. Foreign exchange gains or losses arising from translation of elements denominated in foreign currency are credited or charged to the profit and loss account. Romanian Leu is not convertible outside Romanian territory. Cash is considered to be cash on hand and Nostro accounts. Cash equivalents are short term, highly liquid investments that are readily convertible into cash. The nature of Banks activity and the uncertainty from Romania, referring to the result of current economic policies implemented in real operational conditions, make possible the appearance of unpredictable variations regarding the future cash inflows. However, Banks management considers that the Bank will be able to continue its activity on a going concern basis in the future and, consequently, the financial statements were prepared accordingly. In order to elaborate these financial statements in accordance with Ministry of Public Finances and National Bank of Romania Order no.

Cash and cash equivalents

Going concern

Use of estimates

102

1982/5/2001 and Order no. 2332/2001, it was necessary to perform some adjustments over the statutory accounts and obtaining the information that wasnt available directly from the Banks accounts. Accordingly, statutory records dont always provide enough information to fairly establish the adjustments and necessary informational disclosures; because of this reason, estimation was made on the basis of the best available information. Although these individual estimations present a certain degree of uncertainty, the overall effect over financial statements is considered to be immaterial.
Contributions for employees

Comparative statements

The bank prepared its financial statements in accordance with Order of Ministry of Public Finance and National Bank of Romania no. 1982/5/2001 for the first time in 2001. For 2003 the financial statements present comparatives for the years ended at 31.12.2002 and 31.12.2003 respectively. The charge for current tax is based on the results for the year as adjusted for non-assessable or

Profits Tax

BALANCE SHEET ITEMS


2.1 INVENTORIES ACCOUNTS
As at December 31, 2003 and December 31, 2002 the Bank had the following inventory accounts: Inventories Provisions 7,628,259 7,628,259 Total 7,628,259 7,628,259 Inventories Provisions 3,525,595 (3,525,595) 1,853,984 Total 1,853,984 1,853,984

ROL thousand / 2003 Small tools Other inventories (Note 2.3) Total

ROL thousand / 2002 Small tools Other inventories (Note 2.3) Total

5,379,579 (3,525,595)

103

Notes to the financial statements

The Bank pays contributions to the State Budget for social insurance, social pension and unemployment fund according to levels established by present legislation during the year, computed against gross wages. The value of these contributions is recorded into the profit and loss account in the same period with corresponding salary expenses. The Bank does not have other obligations according to present Romanian legislation regarding the future pensions, health insurance and other labour expenses.

disallowed items. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable profit. Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the bank intends to settle its current tax assets and liabilities on a net basis. The Bank is currently paying an income tax rate of 25%. The foreign gains and losses resulting from revaluation of assets and liabilities denominated in foreign currencies are treated as non-taxable and non-deductible until June 30, 2002 (when the fiscal facilities stipulated in Law 189/2001 were annulled). According to Law 414/2002 regarding tax on profit, the fiscal year 2002 was splited into 2 fiscal periods as follows: January-June 2002 and July-December 2002. For the period January-June 2002, there was a 50% reduction of income tax related to Banks investments, in tangible and intangible asset. The value of such investments was recorded as other reserves, as per Decision no. 3/2002. In the fiscal year 2003 the stipulations of Law 414/2002 regarding tax on profit were applied.

2.2 RESERVES

As at December 31, 2003, reserves amounting to ROL 494,260,420 thousand (2002: ROL 325,504,170 thousand) include: Legal reserves amounting to ROL 197,838,657 thousand (2002: ROL 90,922,097 thousand) are established in accordance with Banking Law no. 58/1998 at a maximum 20% of profit before tax (as calculated under Romanian Accounting Standards for banks) until the reserve reaches 100% of the share capital. Once the reserve has reached 100% of the share capital, additional allocation can be made at a maximum 10% of the profit before tax until the reserve reaches 200% of the share capital. Thereafter, additional allocations can be made from the net profit. This reserve cannot be distributed to the shareholders. The allocation from the 2003 profit was ROL 106,916,560 thousand; General reserve for credit risk amounting to ROL 264,843,499 thousand (2002: ROL 109,987,061 thousand) is established in accordance with Banking Law 58/1998 and is equal to a maximum 2% of outstanding

loans. This reserve cannot be distributed to the shareholders. The allocation from the 2003 profit was ROL 154,856,438 thousand; Other reserves amounting to ROL 31,578,264 thousand (2002: ROL 124,595,012 thousand) consist of: In accordance with Law no 189/2001 and to Decision 3/2002, reserves, amounting to ROL 6,006,463 thousand (2002: ROL 6,006,463 thousand), include the 50% income tax reduction in profit taxes allowed for current fiscal year in respect of investments in tangible and intangible assets amounting to ROL 667,385 thousand, (2002: ROL 667,385 thousand), and according with the Decision no.3/2002 - the value of such investments amounting to ROL 5,339,078 thousand (2002: ROL 5,339,078 thousand.). This reserve cannot be distributed to the shareholders. Foreign exchange revaluation reserve amounted to ROL 25,571,801 thousand (2002: ROL 118,588,549 thousand) which relates to revaluation of assets and liabilities denominated in foreign currency, in accordance with law no 189/2001.

2.3 OTHER ASSETS AND OTHER LIABILITIES


ROL thousand Other assets Profit tax receivable Sundry debtors Unrealised foreign exchange differences (Note 13.12 (e)) Inventory (Note 2.1) Values received at encashment Deferred tax asset (Note 13.6 b) Total other assets December 31, 2002 31 decembrie 2003 3,961,102 3,777,202 1,465,880 1,853,984 11,058,168 1,375,629 8,809,704 73,852,359 7,628,258 91,665,950

ROL thousand Other liabilities Sundry creditors * Unrealised foreign exchange differences (Note 13.12 (e)) Deferred tax liability (Note 13.6 b) Other liabilities ** Total other liabilities December 31, 2002 31 decembrie 2003 34,343,414 1,474,915 8,967 11,043,338 46,870,634 13,770,141 478,761 8,633 23,734,572 37,992,107

* Sundry creditors amounting to ROL 13,770,141 thousand (2002: ROL 34,343,414 thousand) comprise mainly amounts to be paid to providers of IT support, software upgrade and maintenance, as well as other services provided by domestic and foreign suppliers. ** Other liabilities amounting to ROL 23,734,572 thousand (2002: ROL 11,043,338 thousand) mainly include taxes to be paid to state budget.

104

2.4 PREPAYMENTS AND DEFERRED INCOME


ROL thousand Prepayments and accrued interest receivable Prepaid expenses Income to be received Accrued interest receivable from: securities held to maturity (Note 4.1) treasury bills held for trading (Note 4.2) investment securities (Note 4.2) placements with NBR loans granted to customers placements with other banks credits with banks overdrafts overdue interest Total prepayments and accrued interest receivable Less: provision for interest risk (Note 8.1) Prepayments and accrued receivables - net 45,828,269 13,954,384 11,706,920 10,728,432 1,682,269 2,133,911 605,721 90,008,007 (325,251) 89,682,756 52,032,486 5,806,250 10,906,393 13,517,790 66,351 443,291 2,158,914
Notes to the financial statements

31 decembrie 2002 31 decembrie 2003 3,368,101 7,864,139 300,943

731,523 93,828,079 (53,902) 93,774,177

ROL thousand 31 decembrie 2002 31 decembrie 2003 Deferred income and accrued interest payable 35,572,628 Deferred income* Accrued expenses Accrued interest payable for: - customers current accounts and deposits - loans from financial organisations (Note 13.7) - placements from other banks - liabilities under repurchase agreements - subordinated loan (Note 3.6) 70,180,871 Total deferred income and accrued interest payable 143,258,368 11,587,072 6,562,930 495,463 10,040,141 7,067,860 1,139,741 25,288,446 606,778 5,922,637 82,718,822 26,436,721

* The deferred income amounting to ROL 82,718,822 thousand (2002: ROL 35.572.628 thousand) mainly consists in flat fee for factoring loans and income from promissory notes endorsed by the Bank.

105

STATEMENT OF RECEIVABLES AND PAYABLES


3.1 TERM RECEIVABLE AND PAYABLES

ROL thousand Balance at Term receivables Credit institutions Loans to customers Less: provisions Loans to customers - net Total receivables December 31, 2003 1,835,650,725 13,242,214,442 (21,921,038) 13,220,293,404 15,055,944,129 Up to 3 months 1,301,181,622 7,588,145,855 (10,142,136) 7,578,003,719 8,879,185,341

Residual maturity 3 months Between 1 one year 148,871,875 1,955,031,342 (3,649,368) 1,951,381,974 2,100,253,849 and 5 years 380,701,944 2,303,920,972 (3,742,973) 2,300,177,999 2,680,879,943

Over 5 years

4,895,284 1,395,116,273 (4,386,561) 1,390,729,712 1,395,624,996

ROL thousand Balance at Term payables Credit institutions Customer deposits Other customers debts Debts from other bonds Total debts Net term receivable / (payable) December 31, 2003 (5,523,978,367) (5,960,573,593) (853,930,907) (12,338,482,867) 2,717,461,262 Up to 3 months (850,749,867) (5,598,694,531) (3,126,427) (6,452,570,825) 2,426,614,516

Residual maturity 3 months Between 1 one year (72,839,585) (277,153,090) (30,777,107) (380,769,782) 1,719,484,067 and 5 years (2,473,880,557) (64,766,271) (370,213,577) (2,908,860,405) (227,980,462)

Over 5 years

(2,126,508,358) (19,959,701) (449,813,796) (2,596,281,855) (1,200,656,859)

(*) As at December 31, 2003, loans to customers included the amount of ROL 6,603,090,669 thousand representing overdrafts to customers. (**) As at December 31, 2003, amounts owed to credit institutions included the long term loan from BACAI Vienna amounting to ROL 4,652,840,367 thousand (Note 13.7) and other banks deposits amounting ROL 871,138,000 thousand (2002: ROL 1,214,225,000 thousand)

ROL thousand Balance at Term receivables Credit institutions Loans to customers Less: provisions Loans to customers - net Total receivables December 31, 2002 9,127,508,580 5,504,218,440 (11,274,244) 5,492,944,196 14,620,452,776 Up to 3 months 9,122,509,360 3,163,614,119* (816,117) 3,162,798,002 12,285,307,362

Residual maturity 3 months Between one year 192,167,378 192,167,378 192,167,378 1 and 5 years 1,884,146,367 (8,570,584) 1,875,575,783 1,875,575,783

Over 5 years

4,999,220 264,290,576 (1,887,543) 262,403,033 267,402,253

(*) As at December 31, 2002, loans to customers included the amount of ROL 2,864,121,667 thousand representing overdrafts to customers.

106

ROL thousand Balance at Term payables Credit institutions Customer deposits Other debts to customers Debts from other bonds Total debts Net term receivable / (payable) December 31, 2002 (1,750,684,830) (11,545,624,175) (731,066,168) (14,027,375,173) 593,077,603 (1,228,645,780)* (10,799,033,450) (1,612,227) (12,029,291,457) 256,015,905 Up to 3 months

Residual maturity 3 months Between 1 one year (652,946,574) (652,946,574) (460,779,196) and 5 years (91,695,258) (137,843,815) (229,539,073) 1,646,036,710

Over 5 years

(522,039,050) (1,948,893) (591,610,126) (1,115,598,069) (848,195,816)

(*) As at December 31, 2002, amounts owed to credit institutions included overdraft from Chase Manhattan amounting to ROL 14,420,780 thousand and long term loan from BACAI Vienna amounting to ROL 522,039,050 thousand (Note 13.7).
Notes to the financial statements

3.2 OTHER LIABILITIES TO CUSTOMERS

Other liabilities to customers Loans from financial institutions (Note 13.7) Liabilities under repurchase agreements Other liabilities Total other liabilities

December 31, 2002 December 31, 2003 731,066,168 731,066,168 853,930,907 853,930,907

3.3 RECEIVABLES FROM CUSTOMERS

The loans portfolio as at December 31, 2003 and December 31, 2002 respectively consisted of loans granted to commercial companies acting in industry, trade, loans to public companies and to Banks 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.
As at December 31, 2003, the Banks loan portfolio was structured as follows:

ROL thousand Trade receivables Loans for equipment Loans for trade export Loans for investments Other loans Overdrafts net Other amounts Overdue loans Total

Romanian lei 3,081,379 48,085,101 1,273,310,486 39,475 1,324,516,441

Foreign currency 223,125,322 915,210,161 500,928,411 2,262,591,315 2,668,503,536 5,321,153,413 4,264,805 11,895,776,963

Total 226,206,701 915,210,161 500,928,411 2,262,591,315 2,716,588,637 6,594,463,899 39,475 4,264,805 13,220,293,404

107

As at December 31, 2002, the Banks loan portfolio was structured as follows:

ROL thousand Treasury loans Loans for equipment Loans for investments Other loans Overdrafts net Other amounts Overdue loans Total

Romanian lei 3,578,169 500,044,622 221,060 7,114,817 510,958,668

Foreign currency 849,204,561 338,102,171 1,429,720,975 2,364,074,604 516,621 366,596 4,981,985,528

Total 849,204,561 338,102,171 1,433,299,144 2,864,119,226 737,681 7,481,413 5,492,944,196

3,4 MATURITY ANALYSIS OF RECEIVABLES AND LIABILITIES OVER BANKS AND CUSTOMERS

ROL thousand December 31, 2003 Receivables from banks from customers net Loans granted to customers Less: provision for loans Total receivables Payables to banks to customers Total payables Total net receivables/(payables) (2,531,171,257) (4,422,348,296) (6,953,519,553) (186,182,027) (5,523,978,367) (6,814,504,500) (12,338,482,867) (3,881,306,916) (8,055,149,624) (11,236,852,796) (19,292,002,420) (4,067,488,943) 168,569,347 6,598,768,179 6,607,394,949 (8,626,770) 6,767,337,526 1,835,650,726 6,621,525,225 6,634,819,493 (13,294,268) 8,457,175,951 2,004,220,073 13,220,293,404 13,242,214,442 (21,921,038) 15,224,513,477 Sight Term Total

108

ROL thousand December 31, 2002 Receivables - from banks - from customers net - Loans granted to customers Less: provision for loans Total receivables Payables - to banks - to customers Total payables Total net receivables/(payables) (19,123,373) (3,955,241,458) (3,974,364,831) (972,391,416) (1,750,684,830) (12,276,690,343) (14,027,375,173) (2,279,260,716) (1,769,808,203) (16,231,931,801) (18,001,740,004) (3,251,652,132)
Notes to the financial statements

Sight

Term

Total

129,635,096 2,872,338,319 2,873,154,436 (816,117) 3,001,973,415

9,127,508,580 2,620,605,877 2,631,064,004 (10,458,127) 11,748,114,457

9,257,143,676 5,492,944,196 5,504,218,440 (11,274,244) 14,750,087,872

3.5 ANALYSIS OF SECURITIES


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

ROL thousand Issued by Romanian Government Public administrations except the State Other companies Total Less conversion differences Total

Due within one year 150,985,282 150,985,282

Due after one year Total 516,212,412 43,603,300 1,460,752,901 2,020,568,613 (261,785,770) 1,758,782,843

365,227,130 43,603,300 1,460,752,901 1,869,583,331

As at December 31, 2002, the Bank held securities maturing as follows:

ROL thousand Issued by Romanian Government Other companies Total Less conversion differences Total

Due within one year 176,229,969 176,229,969

Due after one year Total 673,632,849 1,454,509,150 2,128,141,999 (137,631,213) 1,990,510,786

497,402,880 1,454,509,150 1,951,912,030

109

3.6 SUBORDINATED LOANS

2003 EUR Bank Austria Creditanstalt International AG Vienna Total 6,924,979 6,924,979

ROL000 284,734,348 284,734,348

2002 EUR 6,924,979 6,924,979

ROL000 241,813,330 241,813,330

As at December 31, 2000, the Bank had a subordinated loan of USD 3 million from Bank Austria Aktiengesellschaft for Banks own operations, with initial maturity on September 25, 2001. This loan was converted in Euro on July 23, 2001and rescheduled till September 25, 2006 and then till September 25, 2007. Subsequently, 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. 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 Banks holding company. The accrued interest payable is calculated on a daily basis and the balance as at December 31, 2003 amounted to ROL 606,778 thousand (2002: ROL 10,040,141 thousand) (Note 2.4). The above-mentioned subordinated loan does not stipulate the lenders option to convert the loan into shares.

SECURITIES AND TREASURY BILLS


4.1 SECURITIES HELD TO MATURITY

ROL thousand December 31, 2003 Issued by: Romanian Government Other companies Total (Note 3.5) Book value (1) 561,701,197 329,909,624 891,610,821 Purchase value (2) 564,823,746 334,517,633 899,341,379 Reimbursement value (3) 556,514,000 328,936,000 885,450,000 (4)=(3)-(1) (5,187,197) (973,624) (6,160,621) Unrealised gain

ROL thousand December 31, 2002 Issued by: Romanian Government Other companies Total Less conversion differences Total Book value (1) 487,612,880 282,009,150 769,622,030 (137,631,213) 631,990,817 Purchase value (2) 489,195,130 284,092,254 773,287,384 Reimbursement value (3) 482,138,000 279,352,000 761,490,000 (4)=(3)-(1) (5,474,880) (2,657,150) (8,132,030) Unrealised gain

As at December 31, 2003, the accrued interest receivable for the held-to-maturity securities amounted to ROL 52,032,486 thousand (2002: ROL 45,828,269 thousand) (Note 2.4).

110

4.2 TRADING SECURITIES

At December 31, 2003 there were no trading securities in Banks portfolio.


ROL thousand December 31, 2003 Denominated in: Romanian Lei US Dollar Total Purchase value 186,019,969 1,172,500,000 1,358,519,969 Market value 186,019,969 1,172,500,000 1,358,519,969 Unrealised gain -

As at December 31, 2003, the accrued interest receivable for the trading securities amounted to ROL 0 thousand (2002: ROL 13,954,384 thousand) (Note 2.4).
Notes to the financial statements

INVESTMENT SECURITIES

ROL thousand December 31, 2003 Denominated in: Romanian Lei US Dollar Total Purchase value 53,627,950 1,075,329,842 1,128,957,792 (Note 3,5) As at December 31, 2003, the accrued interest receivable for the investment securities amounted to ROL 5,806,250 thousand (Note 2.4). Market value 53,627,950 1,075,329,842 1,128,957,792 Unrealised gain -

4.3 EQUITY PARTICIPATION

The Bank is a member in the Societatea Na]ional` de Compensare Decontare [i Depozitare Pentru Valori Mobiliare (SNCDD). As a user of services from SNCDD, HVB Romania S.A owns 100 shares that are recorded at purchase cost amounting to ROL 60,000 thousand and represents 0.26 % of its share capital. During 2000, the Bank invested in 160 shares of Transfond amounted to ROL 1,600,000 thousand. The company is currently managing the transfer of funds and property over Treasury-bills between financial institutions, banks and State Treasury. During 2002, the Bank invested in another 19 shares of Transfond amounted to ROL 507,860 thousand. Thus, the total value of Transfond shares held by the Bank as at December 31, 2002 was ROL 2,017,860 thousand. During 2003, the Bank invested in another 18 shares of Transfond amounted to ROL 1,014,079 thousand. Thus, the total value of Transfond shares held by the Bank as at

December 31, 2003 was ROL 3,121,939 thousand. During 2002, the Bank invested the amount of ROL 1,150,960 thousand (EUR 40,000) in HVB Leasing Romania, meaning 20% of the companys share capital. During 2003, the Bank invested in 296,200 shares of Biroul de Credit SA amounted to ROL 296,200 thousand, meaning 0.7405% of the companys share capital. During 2003, the Bank invested the amount of ROL 942,500 thousand in CAIB Asset Management S.A.I SA , meaning 5% of the companys share capital. Also, during 2003, the Bank invested in 673,673 shares of CAIB Securities SA amounted to EUR 100,000 (ROL 3,670,000 thousand-historical cost). Under the rules of the National Bank of Romania, the Bank is not permitted to hold more than 20% in a company, to invest more than 10% of Banks net equity in one company or to have total investments in share capital of companies which exceed 50% of Banks net equity.

111

FIXED ASSETS AND FINANCIAL ASSETS


COST

ROL thousand Balance at Intangibles Goodwill Set-up expenses Other intangibles Intangibles in progress Total intangibles Tangibles Land Land improvement Buildings Equipment (work equipment and machinery) Measuring, control and correction devices Transport means Furniture, office machines, protection, equipments and other tangibles Tangible in progress Total tangibles Financial assets Public bills af exchange and assimilated values Debentures and other fixed income bonds Shares in commercial companies Investments Total financial assets Total fixed assets 1,358,519,968 631,990,817 3,318,820 1,993,829,605 2,192,222,427 1,126,792,026 5,922,779 1,132,714,805 1,317,164,751 1,358,519,968 1,358,519,968 1,414,670,970 1,758,782,843 9,241,599 1,768,024,442 2,094,716,208 31,870,714 1,505,376 118,321,942 21,943,113 40,948,432 117,756,598 511,237 34,475,901 35,841,838 53,302,590 7,977,907 200,236,702 49,835,622 7,750,831 21,747,773 5,611,626 33,938,143 8,261,068 9,142,463 3,523,379 854,700 83,773,765 16,011,899 30,035,536 9,135,005 January 1, 2003 30,670 55,159,866 24,880,344 80,070,880 Increase 17,396 40,799,764 25,876,188 66,693,348 Balance at Decrease December 31, 2003 18,792 20,290,372 20,309,164 29,274 95,959,630 30,466,160 126,455,064

(*) The gross value of decrease in debentures and other fixed income bonds as well as movement of cost and accumulated depreciation for tangible and intangible assets represent the net movement for the year between items acquired during the year and items disposed during the year. There are no development expenses or goodwill purchased. The set-up expenses are not significant and they represent legal taxes and other fees.

112

DEPRECIATION / AMORTIZATION

ROL thousand Balance at Intangibles Goodwill Set-up expenses Other intangibles Total intangibles Tangibles Land improvement Buildings Equipment (work equipment and machinery) Measuring, control and correction devices Transportation means Furniture, office machines, protection equipment and other tangibles Total tangibles Total depreciation 5,964,777 28,034,714 51,283,336 3,952,564 20,452,640 34,737,761 511,237 1,365,937 1,384,729 9,406,104 47,121,417 84,636,368 6,513,485 900,582 12,340,828 2,315,042 7,609,803 1,249,298 5,787,003 1,853,972 854,700 14,123,288 17,273,131 4,169,014
Notes to the financial statements

Balance at Disposal December 31, 2003 18,792 18,792 13,342 37,501,609 37,514,951

January 1, 2003 Charge for the year 17,624 23,230,998 23,248,622 14,510 14,270,611 14,285,121

2,149,880

ROL thousand Cost Tangibles Intangibles Total 200,236,702 126,456,064 326,691,766 Amortisation (47,121,417) (37,514,951) (84,636,368) Net book value 153,115,285 88,940,113 242,055,398

SHARE CAPITAL
The share capital was called up and allotted on November 13, 1997 and was paid during 1997 till December 31, 2002:

ROL thousand

Equivalent ROL thousand Currency USD EUR Amount currency 10,000,000 7,832,621

Called up, allotted and fully paid Total share capital

150,000,000 212,733,900 362,733,900

113

As at December 31, 2003 and December 31, 2002, the structure of shareholders is as follows :

ROL thousand Bank Austria Aktiengesellschaft Others Total

Number of shares 5,856,089 16,316 5,872,405

% 99.72% 0.28% 100%

Amount 585,608,900 1,631,600 587,240,500

According to Romanian law, all Banks including branches of foreign banks, had to increase their share capital to a minimum of Romanian lei 250 billion by May 31, 2002, by 320 billion by May 31, 2003 and by 370 billion by May 31, 2004. During year 2001, the Banks shareholders increased the Banks social capital from ROL 100,000,596 thousand as at December 31, 2000 to ROL 362,733,900 thousand as at December 31, 2001. Legal changes implied by the last increase of share capital involved cancellation of the existing shares (782,000 with par value ROL 191,815.8568) and issue of new 3,627,339 ordinary shares with a par value of ROL 100,000. At December 31, 2002 and December 31, 2001 the share capital represents 3,627,339 shares with par value of Romanian lei 100,000 owned by non-resident companies. At December 31, 2003 the share capital was ROL

587,240,500 thousands, the value of the increase of share capital being of ROL 224,506,600 thousands. The increase has been done through ROL 137,306,417 thousand, representing reserves from foreign exchange cash evaluation in accordance with Law 189/2001, recorded in the balance sheet as at December 31, 2002 and ROL 87,200,183 thousand representing reserves from the exchange rate influences corresponding to the cash in foreign currency, representing paid share capital in foreign currency, in accordance with HG 252/1996. The share capital was increased through the issue of 2,245,066 shares with nominal value of ROL 100,000 and the share capital in total amount of ROL 587,240,500 thousand was split in 5,872,405 shares with a nominal value of ROL 100,000.

PROFIT DISTRIBUTION

ROL thousand Net profit for the year - Legal reserves (Note 13.5) - Satutory reserves (Note 13.5) - General reserve for credit risk - Other reserves - Other funds - Staff participation to profit - Dividends - Cover of accounting loss from previous years - Other distributions Total profit allocation Not distributed profit

2002 249,939,889 (53,762,795) (32,115,123) (124,595,011) (210,472,929) 39,466,960

2003 462,322,222 (106,916,560) (154,856,438) (261,772,998) 200,549,224

As presented in Note 2.2, the distribution of profits amounting to ROL 261,772,998 thousand (2002: ROL 210,472,929 thousand) was carried out in accordance with Banking Law no. 58/1998 and Law no. 189/2001.

114

PROVISIONS
8.1 PROVISIONS FOR DOUBTFUL DEBTS

ROL thousand

Provisions for un-collectable accrued intrest Provisions for loans 4,723,587 5,916,307 634,350 11,274,244 14,457,045 (2,560,025) (1,250,226) 21,921,038 (Note 3.4) Total 4,797,564 6,161,484 640,447 11,599,495 14,178,337 (2,552,666) (1,250,226) 21,974,940
Notes to the financial statements

Balance at January 1, 2002 Movements during the year (Note 9.8) Exchange rate differences Balance at January 1, 2003 Net movements during the year (Note 9.8) Exchange rate differences Losses from bad debts (Note 9.8) Balance at December 31, 2003

73,977 245,177 6,097 325,251 (278,708) 7,359 53,902 (Note 2.4)

STATEMENT OF OPERATIONS
9.1 INTEREST INCOME AND EXPENSES

ROL thousand December 31, 2002 Interest income From: - loans to individuals and enterprises - placements to domestic and foreign banks - securities and treasury bills* - placements to National Bank of Romania - guarantees issued - financing commitments - commissions from derivatives financial operations Total interest income Interest expense With: - customers current accounts and deposits - placements with domestic and foreign banks - subordinated bedt - term loans - commitments with other banks and clients - securities and treasury bills* - expenses with derivatives financial operations Total interest expense Net interest expense (174,474,235) (43,143,502) (12,814,039) (25,982,129) (7,816,973) (3,790,062) (268,020,940) 513,354,721 (193,308,792) (102,430,832) (12,698,946) (25,309,648) (8,194,027) (3,350,456) (193,562) (345,486,263) 701,852,516 370,984,244 201,106,000 163,906,505 30,375,160 11,310,745 3,693,007 781,375,661 556,964,065 208,216,670 177,202,345 34,487,576 24,522,477 45,837,744 107,902 1,047,338,779 December 31, 2003

*Income and expenses from treasury bills operations amounted to ROL 177,202,345 thousand (2002: ROL 163,906,505 thousand) and ROL 3,350,456 thousand (2002: ROL 3,790,062 thousand) respectively, related to premium amortisation, interest for treasury bills under repurchase agreements and sundry expenses with bonds.

115

9.2 COMMISSION INCOME AND EXPENSES

ROL thousand December 31, 2002 Commission income From: - customers transactions - payment instruments - other financial services - interbanking operations - operations with securities - consulting services Total commission income Commission expense From: - interbanking operations - payment instruments - customers transactions - investment operations - commissions regarding securities - other financial services Total commission expense Net commission income (15,317,879) (5,637,880) (1,500,813) (917,910) (1,833) (23,376,315) 127,159,755 (20,884,112) (10,462,855) (64,729) (4,025,360) (35,437,056) 255,346,919 57,515,591 55,380,576 23,543,298 12,532,007 1,184,243 380,355 150,536,070 150,178,009 96,142,073 35,109,279 6,130,239 1,094,234 2,130,141 290,783,975 December 31, 2003

9.3 NET PROFIT FROM FOREIGN EXCHANGE DIFFERENCES

ROL thousand December 31, 2002 Foreign exchange gain Expenses with foreign exchange Net result from foreign exchange differences 514,811,974 (567,671,096) (52,859,122) December 31, 2003 241,695,813 (140,679,896) 101,015,917

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, respectively of placement bills.

116

9.4 OTHER OPERATING INCOME AND EXPENSES

ROL thousand December 31, 2002 Other operating income Other income from operating activity* Income from commitments given to clients Income from rent Other income Total operating income Other operating expenses Expenses with taxes** Sponsorship expenses Financial expenses Penalties and damage compensations Other banking operating expenses Other expenses Total operating expenses Net operating income (34,778,993) (1,894,753) (345,858) (146,515) (79,109) (37,245,228) (16,817,541) (40,231,871) (1,759,254) (840,531) (287,758) (942,340) (44,061,754) (31,360,588) 2,891,032 16,445,629 1,070,665 20,361 20,427,687 6,622,110 3,808,220 1,560,111 710,725 12,701,166 December 31, 2003

* Included in Other income from operating activity is the amount of ROL 6,392,950 thousand related to corrections for profit tax for the year 2002 (reserves recalculation corresponding to the cash in foreign currency in accordance with Law 189/2001). ** Expense with other taxes amounting to ROL 40,231,871 (2002: 34,778,995 thousand) thousand mainly consist of deposits guarantee fund contribution and contribution to risk fund.

9.5 PERSONNEL EXPENSES

ROL thousand December 31, 2002 Salaries Employers contribution to social security Employers contribution to unemployment fund Employers contribution to health fund Other expenses with employees Total (64,643,240) (7,231,831) (3,774,502) (5,367,657) (12,290,389) (93,307,619) December 31, 2003 (100,521,177) (19,375,262) (4,258,410) (8,524,875) (22,542,972) (155,222,696)

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9.6 ADMINISTRATIVE EXPENSES

ROL thousand December 31, 2002 Expenses with: - third parties - rent - protocol and advertising - telecommunication - consumption materials - travel - small tools - maintenance and repairs - insurance - utilities - collaborators - audit - leasing - consulting Total (92,519,355) (42,312,897) (21,692,923) (14,046,757) (8,883,167) (8,110,295) (1,772,494) (4,331,457) (1,723,544) (2,219,235) (1,679,244) (490,904) (93,931) (199,876,203) (142,470,780) (55,273,897) (29,065,045) (18,224,032) (15,967,887) (8,718,460) (5,637,822) (6,201,023) (2,815,868) (2,990,845) (153,334) (711,203) (290,214,061)
Notes to the financial statements

December 31, 2003

(1,983,865)

9.7 DEPRECIATION OF TANGIBLE FIXED ASSETS AND AMORTISATION OF INTANGIBLES

ROL thousand December 31, 2002 December 31, 2003 Intangibles amortisation (Note 5) Tangibles depreciation (Note 5) Total amortisation and depreciation expense for year (10,094,388) (12,270,926) (22,365,314) (14,285,121) (20,452,639) (34,737,760)

9.8 PROVISIONS INCOME AND EXPENSES

ROL thousand December 31, 2002 Provisions expenses Provisions income Net provision expense (Note 8.2.) (92,298,753) 86,137,269 (6,161,484) December 31, 2003 (330,834,599) 317,906,489 (12,928,110)

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9.9 INCOME AND EXPENSES FROM CEASE OF T BILLS

ROL thousand December 31, 2002 Income from cease of treasury bills* Expenses with cease of treasury bills Net income from cease of treasury bills 80,525,521 (60,838,738) 19,686,783 December 31, 2003 857,812 (27,485) 830,327

* Income from cease of treasury bills amounting to ROL 857,812 thousand (2002: ROL 80,525,521 thousand) mainly arise from treasury bills denominated in USD and ROL, issued by Ministry of Finance.

10

INFORMATION REGARDING PERSONNEL EXPENSES


ROL thousand December 31, 2002 Expenses with staff salaries Expenses with social securities, out of which: Expenses with pensions Other staff expenses Total 64,643,240 16,373,990 12,290,389 93,307,619 December 31, 2003 100,521,177 32,158,547 19,375,262 22,542,972 155,222,696

During its normal course of activity, the bank makes payments to the Romanian state institutions on behalf of its employees pensions. All the banks 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, 2003, the Bank operates and carries on its activities through nine operational branches located in Romania (2002: five branches). Therefore there are no geographical segments and all income and expenses are incurred in one market.

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12

CONTINGENT LIABILITIES AND COMMITMENTS


12.1 CONTINGENT LIABILITIES
The contingent liabilities of the Bank as at December 31, 2002 and December 31, 2003, were as follows: ROL thousand December 31, 2002 Secured by cash deposits Secured by letters of guarantee Secured by stand by credit Guarantees in lei Secured by cash deposits Secured by letters of guarantee Secured by stand-by credit Guarantees in hard currencies Total letters of guarantee Confirmed letters of credit Total endorsements and acceptances Guarantees issued to other banks Total contingent liabilities 46,721,210 75,909,180 66,532,546 189,162,936 113,718,470 45,295,809 112,485,630 271,499,909 460,662,845 2,292,472 462,955,317 280,017,572 742,972,889 December 31, 2003 66,890,930 117,105,189 183,996,189 97,458,507 Note la situa]iile financiare

942,340,499 1,039,799,006 1,223,795,195 96,870,238 1,320,665,433 663,691,728 1,984,357,161

12.2 COMMITMENTS

ROL thousand December 31, 2002 Secured by cash deposits Issued letters of credit Undrawn loan commitments Total commitments 532,734,467 532,734,467 2,767,960,362 3,300,694,829 December 31, 2003 904,847,742 904,847,742 4,707,773,745 5,612,621,487

12.3 RENT COMMITMENTS At December 31, 2003, the Bank has rent commitments for the year 2004 for its locations.

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12.4 LEASE COMMITMENTS

As at balance sheet date, the Bank had outstanding commitments under financial and operational lease, which fall due as follows:
ROL thousand December 31, 2002 Within one year In the second to fifth years inclusive After five years Total 12,413,564 26,210,824 38,624,388 December 31, 2003 4,252,853 32,141,805 36,394,658

12.5 OTHER OFF BALANCE SHEET ITEMS

In addition, the Bank has recorded the following off balance-sheet items: December 31, 2002 A SWAP contract concluded with Bank of Austria Vienna, net value amounted to ROL 1,459,880 thousand; Letters of Guarantee received as collateral for loans granted to customers and for LG issued in amount of ROL 3,191,997,078 thousand; Pledges and other guarantees received for loans granted in amount of ROL 2,347,766,805 thousand; Loans written off balance sheet based on final court decision and the related accrued interest receivable in amount of ROL 10,032,637 thousand; Travel cheques and cash in Euro in custody in amount of ROL 11,926,815 thousand. December 31, 2003 2 SWAP contracts concluded with Bank of Austria Vienna, net value of ROL 72,492,025 thousand; Letters of Guarantee received as guarantees for loans granted to customers and for LG issued in amount of ROL 8,486,206,615 thousand;

Pledges and other guarantees received for loans granted in amount of ROL 3,819,252,621 thousand; Loans written off balance sheet based on final court decision and the related accrued interest receivable in amount of ROL 16,156,507 thousand; Travel cheques in amount of ROL 16,424,754 thousand.a fi prezentate \n notele la situa]iile financiare. Financing agreement in total amount of ROL 1,233,510,000 thousands with Bank of Austria, 2 IRS agreements in total amount of ROL 147,125,400 thousands with Bank of Austria Vienna. There are no commitments other than the above mentioned. As at December 31, 2003 there were no: Assets pledged for own debts or for third parties debts; Future contractual commitments for pensions payments; Assets held under repurchase agreements other than the one mentioned in Note 4.2; Litigation commitments which should be mentioned in the notes to the financial statements.

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13

OTHER INFORMATION
13.1 GENERAL OVERVIEW

HVB BANK ROMANIA S.A. was registered at the Romanian Chamber of Commerce Register as a commercial company on November 24, 1997 and obtained banking operations licence from National Bank of Romania on April 13, 1998. On August 25, 1998, the National Bank of Romania approved the change of Banks name from Banca Creditanstalt S.A. to Bank Austria Creditanstalt Romania S.A. As a result of the merger between HVB Group and Bank Austria Creditanstalt Group, on July 20, 2001, the National Bank of Romania approved the change of Banks name from Bank Austria Creditanstalt Romania S.A to HVB BANK ROMANIA S.A.

Beginning with August 31,1998, the Bank started banking operations and operates as a commercial and retail bank providing a wide range of services to all categories of customers. As at December 31, 2002, the Bank had five separate operational branches: one in the same office as the Head Office, one downtown Bucharest and another three operational branches in Timisoara Cluj Napoca and Oradea. During year 2003 another 4 branches were opened in: Brasov, Constanta, Bucharest and Sibiu, thus at December 31, 2003 the Bank had 9 operative brahches. Another branch is planned to be open during the year 2004 in Arad.
Note la situa]iile financiare

13.2 SUBSIDIARIES AND ASSOCIATED COMPANIES

In year 2002, the Bank has invested in HVB Leasing (at its establishment) of 20% of the share capital of this company, amounting to ROL 1,150,960 thousand representing 200 shares. During year 2003, the Bank made 2 investments in total amount of ROL 4,612,500 thousands, as it follows: Shares of total amount of ROL 942,500 thousands, representing 5% of the share capital of CAIB Asset Management; 677,673 shares in total amount of ROL 3,670,000 thousands to the share capital of CAIB Securities SA (Note 4.3).

13.3 CURRENCY POSITION

The Banks net currency position reported to the National Bank of Romania showed that the liabilities in hard currency as at December 31, 2003 exceeded the hard currency assets by an amount equal to 5.39% (2002: 7.07%) of the Banks own funds as calculated the National Bank of Romanias 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:

mii lei Off balance Currency US dollars EUR GB pounds Australian dollar Qther currencies Total Assets 561,993,505 3,765,033 675,060 1,975,408 568,409,006 Liabilities (1,211,952,046) (1,211,952,046) sheet items (544,673,465) 1,128,489,000 583,815,535 Net position 17,320,040 (83,463,046) 3,765,033 675,060 1,975,408 (59,727,505)

Official exchange rates valid as at December 31, 2003 were 32,595 ROL/USD, 41,117 ROL/EUR, 58,058 ROL/GBP and 24,472 ROL/AUD and as at December 31, 2002 were 33,500 ROL/USD, 34,919 ROL/EUR, 53,712 ROL/GBP and 18,864 ROL/AUD.

122

As at December 31, 2002 the net position in foreign currencies, expressed in thousand ROL was as follows::

ROL thousand Off balance Currency US dollars EUR GB Pounds Australian dollar Other currencies Total Assets 4,683,931 1,091,347 507,042 6,282,320 Liabilities (92,946,230) (6,947,635) (696,345) (100,590,210) sheet items 23,693,448 (246,575) 23,446,873 Net position (69,252,782) (7,194,210) 4,683,931 1,091,347 (189,303) (70,861,017)

Starting with January 1, 2002 the EURO currency officially replaced all currencies used in European Union member states.
Notes to the financial statements

13.4 a) RETAINED EARNINGS FROM THE FIRST APPLICATION OF IAS, EXCEPT IAS 29

ROL thousand December 31, 2003 Balance as at January 1, 2003 Amounts used in share capital increasing Balance as at December 31, 2003 140,591,437 (105,918,051) 34,673,386

This decrease is explained by using the amount for the increase in Banks share capital in accordance with the stipulations of art. IX from Law 485/2003, that revised the Banking Law nr. 58/1998. This stipulates that the existing reserves from balance sheet which, until the date of recognition of Banking Law could constitute the source of increase of share capital according to the applicable law, may be further used in this sense until they equal zero.

123

13.5 PROFIT TAX RECONCILIATION

ROL thousand December 31, 2002 Total revenues Total expenses Gross profit Non taxable revenues Non deductible expenses Income from deferred tax Legal reserves (Note 7) General reserves for credit risk (Note 7) Fiscal profit for the year Fiscal loss from previous years Tax on profit Fiscal loss carried forward Profit tax expense for the current year 1,119,002,208 (850,188,232) 268,813,976 (126,611,486) 18,866,111 (53,762,795) (32,115,122) 75,190,684 (18,797,671) (18,797,671) December 31, 2003 1,770,604,138 (1,236,021,674) 534,582,464 (6,392,950) 22,625,456 334 (106,916,560) (154,856,439) 289,042,305 (72,260,576) (72,260,576)

(a) During year 2003 the Banks 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. (b) During year 2002 the Banks activity has been reviewed by the NBR. According to NBR report the non-taxable income and non-deductible expenses have been recalculated and increased by thousand ROL 9,155,744. Therefore, the non-taxable income and non-deductible expenses have been reconsidered for deferred tax purposes.

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:
Year ended Year ended

ROL thousand

December 31, 2002 December 31, 2003 Profit before taxation Adjustments to retained earnings due to first year application of IAS (Note 13.4) Adjusted profit before taxation Profit tax at 25%, expected rate Tax effect of permanent differences Tax effect of temporary differences Total Current profit tax expense Current profit tax expense Tax effect of temporary differences Profit tax expense for the period after implementation of IAS 18,874,087 72,260,242 268,813,976 67,203,494 (48,405,823) (48,405,823) 18,797,671 18,797,671 76,416 534,582,464 133,645,616 (61,385,040) (61,385,040) 72,260,576 72,260,576 (334)
Notes to the financial statements

268,813,976

534,582,464

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

ROL thousand December 31, 2002 December 31, 2003 Unrealised gain from REPO transactions Accrued interest for T bills under repurchase agreements Reclassification of accrued interest receivable Unrecorded liabilities (invoices) Subsidies transferred to income Correction of non-taxable income and non-deductible expense (Note 9.4) Total deferred tax (asset)/liability 8,967 8,967 334 334

125

13.7 LOANS FROM FINANCIAL INSTITUTIONS

ROL thousand Loans from financial institutions Creditanstalt Leasing GmbH (a) European Investment Bank (b) Total (Note 3.2) Loans from other banks BACA Vienna (Note 3.1) (c) Chase Manhattan Bank (Note 3.1) (d) Hypovereins Munich (e) Total 522,039,050 14,420,780 536,459,830 3,419,330,367 1,233,510,000 4,652,840,367 December 31, 2002 December 31, 2003 32,686,168 698,380,000 731,066,168 31,590,907 822,340,000 853,930,907

a. Creditanstalt Leasing GmbH Loan from Baca Export Leasing GmbH (previously known as Creditanstalt Leasing GmbH comprises of financial leasing contracts concluded to acquire equipment and cars. The amount of ROL 31,590,907 thousand as at December 31, 2003 (2002: ROL 32,686,168) represents amounts owed to Baca Export GesmbH for fixed assets purchased by credit through finance leasing. b. European Investment Bank On October 15, 2001, the Bank entered into a credit facility of Euro 20 million from European Investment Bank with the purpose of financing the small investors. As at December 31, 2003 the owed corresponding interest was in total amount of ROL 1,139,741 thousands lei, respectively ROL 3,710,700 thousands as at December 31, 2002. (Note 2.4).

c. BACA Vienna As at December 31, 2002 the Bank had a term loan of EURO 14,950 thousand from Bank Austria Aktiengesellschaft for Banks own operations. As at December 31, 2003 the Bank had another loan (total refinancing line being of USD 21,000,000) with Bank Austria Creditanstalt AG with 2 drawings of USD 10,300,000 and EUR 4,550,000. d. Chase Manhaten Bank The loan from Chase Manhaten represents accidental overdraft as at December 31, 2002. e. Hypovereins Munich As at December 31, 2003 the bank had a loan of EUR 30,000,000 for refinancing purposes.

126

13.8 CASH AND CASH EQUIVALENTS

ROL thousand December 31, 2002 Petty cash Cash at NBoR Total cash Deposits with NBR Current accounts with NBR Deposits with other banks (Note 13.10) Public bills of exchange an other bonds Other amounts Total cash equivalents Less: amounts over three months Total cash and cash equivalents 162,315,440 2,086,563,908 2,248,879,348 830,000,000 129,635,096 8,295,699,218 1,358,519,969 1,809,362 10,615,663,645 (4,999,220) 12,859,543,773
Notes to the financial statements

ROL thousand December 31, 2003 Petty cash Cash at NBR Total cash Corespondent accounts Deposits in banks at sight Other amounts Receivables with credit institutions at sight (Note 14) Deposits with central banks Deposits with banks at term Collateral deposits Credit with banks at term receivables with credit institutions at term (Note 14) Less: credit with banks at term Less: amounts with maturity more than 3 months Total receivables with credit institutions at term Bonds with fixed income (Note 14) Less amounts with maturity more than 3 months Total bonds with fixed income Total cash Total cash and cash equivalents 260,975,046 3,419,343,372 3,680,318,418 104,131,185 50,000,000 14,438,162 168,569,347 1,040,000 205,585,000 4,895,284 585,170,441 1,835,650,725 (585,170,441) (4,895,284) 1,245,585,000 1,758,782,843 (1,724,624,536) 34,158,307 1,448,312,654 5,128,631,072

127

13.9 SOLVENCY RATIOS

The Bank monitors its capital resources pursuant to the Regulations issued by the National Bank of Romania. The solvency (capital adequacy) ratios are calculated based on the financial information prepared in accordance with Romanian Accounting Standards. The Bank is required to measure solvency ratios by comparing its capital (shareholders equity) to its risk weighted assets including off balance sheet commitments as prescribed by the Regulations. The Banks solvency ratios as at December 31, 2003 for Tier

1 and Tier 2 were 12.50% and 15.08%, respectively (2002: 11.90% and 15.80%). The Regulations require it to be minimum 8% for Tier 1 and 12% for Tier 2. The Banks Tier 1 capital for the purpose of solvency ratio represents shareholders equity where as the Tier 2 capital comprises Tier 1 capital plus subordinated debts, subsidies and other items. The subordinated debts include a loan from Bank Austria Vienna amounting to ROL 284,734,348 thousand (2002: ROL 241,813,330 thousand).

13.10 CONCENTRATION OF EXPOSURE a) Deposits at banks


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

ROL thousand Description Foreign banks Foreign banks registered in Romania and Romanian banks Total (Note 13.8) December 31, 2002 December 31, 2003 7,726,749,218 568,950,000 8,295,699,218 4,895,284 255,585,000 260,480,284

b) Loans and advances Regulations of the National Bank of Romania stipulate that loans to any 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

According to IAS 32, Financial Instruments: Disclosure and Presentation, disclosure of fair values of financial assets and liabilities is required. Fair value is the amount for which an asset could be exchanged or a liability could be settled between knowledgeable and willing parties in an arms length transactions. Based on the Romanian economic environment the Banks financial assets and liabilities are affected by exchange rate devaluation, market prices and interest rates. Fair value of short-term customer deposits, due from banks and Treasury Bills is estimated to approximate their carrying values because of their short maturities and insignificant transaction costs.

Term deposits, loans and advances to customers, bills of exchange, guarantees and letters of credit are stated at amounts net of general and specific provisions for impairment which is considered to be materially similar to fair values because these items carry market interest rates As a result, any change in the fair value of the assets due to change in interest rate will be matched with change in the fair value of the related liabilities. Financial investments represent shares in unquoted companies and Treasury bills issued by Ministry of Finance for which there is no market and securities traded on European market.

128

13.12 FINANCIAL INSTRUMENTS

The following is a summary of the nature of activities and management policies with respect to financial instruments. a) Currency risk The Bank operates in a hyperinflationary economy and undertakes transaction in both Romanian Lei (ROL) and foreign currencies. In the past ROL has experienced severe devaluation as a result there is exposure of loss in value of its ROL denominated net assets. The Banks derivative financial instruments represent only Forward exchange and currency Swap contracts and IRS of short maturities and undelivered Spot transactions. These represent the Banks contractual commitments to purchase or sell domestic or foreign currency at fixed prices on pre-determined future date. The Bank has not entered in any embedded derivative product transactions as at December 31, 2003. These financial instruments are carried at fair values and favourable (assets) and unfavourable (liabilities) fluctuations as a result of changes in fair values are reported in the statement of operations. The fair values of these instruments held by the Bank are presented in Note 13.12(e). b) Interest rate risk Interest rate risk is comprised of the risk that the value of a financial instrument will fluctuate due to changes in market interest rates and the risk that the maturities

of interest bearing assets differ from the maturities of the interest bearing liabilities used to fund those assets. The length of time for which the rate of interest is fixed on a financial instrument therefore indicates to what extent it is exposed to interest rate risk. The assets and liabilities are re-priceable at the discretion of the Bank. These items carry market interest rates as a result the fair values are not considered to be materially different from their carrying values. c) Credit risk In the normal course of its business, the Bank incurs credit risk on its loans and advances to customers and on funds with other financial institutions and other off balance sheet items. There is also a risk of losses to be incurred from concentrations of credit risk to a single industry or economic group due to changes in economic conditions in Romania. The Bank manages its exposure to credit risk on a regular basis by closely monitoring credit limits and, assessments of borrowers. d) Liquidity risk The Bank monitors its liquidity on a daily basis in order to manage its obligations when they fall due. Maturity analysis of assets and liabilities as at December 31, 2003 has been disclosed in note 15. Loans and credit lines are renewed and consequently can have longer maturities than stated in note 15.

d) Regular contracts and derivative instruments

ROL thousand National amount Period ended December 31, 2003 Currency Swap Currency forwards Currency spots Total Period ended December 31, 2002 Currency Swap Currency forwards Currency spots Total 9,045,880 95,392,883 80,313,235 1,459,880 6,000 1,465,880 (Note 2.3) (1,470,700) (4,215) (1,474,915) (Note 2.3) 907,737,414 2,169,744 72,803,218 1,049,141 73,852,359 (Note 2,3) (478,761) (478,761) (Note 2,3) Fair values Assets Liabilities

129

Notes to the financial statements

13.13 SUBSEQUENT EVENTS

Other than the ones mentioned above there are no other significant events, which have occurred since December 31, 2003, and wich require adjustment to the figures presented in these financial statements.

14

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

ROL thousand ASSETS Petty cash Receivables from credit institutions at sight Receivables from credit institutions at term Receivables from customers Less: provisions for loans

Up to one month 3,680,318,418 168,569,347 1,262,126,319 7,069,669,274 (9,415,677) 7,060,253,597

Between 1 and 3 months 39,055,303 (726,459)

Between 3 months and 1 year 148,871,875 (3,649,368)

Between 1 and 5 years 380,701,944 (3,742,973) Over 5 years (4,386,561) 1,390,729,712 Undefined maturity TOTAL

- 3,680,318,418 168,569,347

4,895,284 1,835,650,725 - 13,242,214,442 (21,921,038) - 13,220,293,404

518,476,581 1,955,031,342 2,303,920,972 1,395,116,273 517,750,122 1,951,381,974 2,300,177,999

Bonds and other fixed income debentures Shares and other variable income securities Investments Fixed assets Other assets Prepayments and accrued income Less: provision for interest risk 73,852,359 28,302,640 (53,902) 28,248,738 Total assets 12,275,103,043 4,905,818 4,905,818 19,442,042 19,442,042 36,122,194 36,122,194 5,055,385 5,055,385 1,460,759,376 3,478,139 5,763,460 242,055,398 17,813,591 3,478,139 5,760,460 242,055,398 91,665,950 93,828,079 (53,902) 93,774,177 1,734,265 32,424,042 147,273,975 1,512,376,282 64,974,279 - 1,758,782,843

594,135,285 2,266,969,866 4,229,378,419

274,005,872 21,100,351,861

130

ROL thousand LIABILITIES Liabilities from credit institutions at sight Liabilities from credit institutions at term Liabilities from customers at sight Liabilities from customers Deposits Other debts Liabilities from securities Other liabilities Unearned income and accrued expenses Provisions for risks and charges Subordinated loans Total liabilities Share capital Retained earnings and reserves Total equity Total liabilities and equity Liquidity Cumulative liquidity gap

Up to one month

Between 1 and 3 months

Between 3 months and 1 year

Between 1 and 5 years Over 5 years Undefined maturity TOTAL

2,531,171,257 850,749,867 4,422,348,296

2,126,508,358 19,959,701 19,959,701 284,734,348 2,431,202,407 -

- 2,531,171,257 - 5,523,978,367 - 4,422,348,296 - 6,814,504,499 - 5,960,573,592 853,930,907 37,992,107 143,258,368 284,734,348


Notes to the financial statements

72,839,585 2,473,880,557 307,930,197 277,153,090 30,777,107 2,585,331 591,904 884,793,249 64,766,271 820,026,978 715,389 -

4,567,947,182 1,033,874,170 4,567,021,397 1,031,673,133 925,785 35,406,776 114,457,639 2,201,037 27,493,436 -

12,522,081,017 1,061,367,606 -

383,947,017 3,359,389,195 -

- 19,757,987,242 587,240,500 755,124,119 587,240,500 755,124,119

- 1,342,364,619 1,342,364,619 2,431,202,407 1,342,364,619 21,100,351,861 (970,443,031) (1,068,358,747) 1,068,358,747 -

12,522,081,017 1,061,367,606 (246,977,974) (246,977,974)

383,947,017 3,359,389,195 869,989,224

(467,232,321) 1,883,022,849

(714,210,295) 1,168,812,554 2,038,801,778

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15

MATURITY ANALYSIS FOR ASSETS AND LIABILITIES AS AT DECEMBER 31, 2002

ROL thousand ASSETS Petty cash Public bills of change and other bonds Receivables from credit institutions Receivables from customers Less: provisions for loans

Up to one month 2,248,879,348 85,868,080 9,025,335,098 -

Between 1 and 3 months 49,918,215 225,000,000 (816,117) 3,162,798,002

Between 3 months and 1 year -

Between 1 and 5 years Over 5 years 264,290,576 (1,887,543) 262,403,033 Undefined maturity TOTAL

- 2,248,879,348 - 1,358,519,969 - 9,257,143,676 - 5,504,218,440 (11,274,244) - 5,492,944,196

40,443,674 1,182,290,000 1,809,360 4,999,218 (8,570,584)

- 3,163,614,119

192,167,378 1,884,146,367 192,167,378 1,875,575,783

Bonds and other fixed income debentures Shares and other variables income securities Investments Fixed assets Other assets Prepayments and accrued income Less: provision for interest risk 1,466,633 17,355,311 17,355,311 Total assets 9,591,535 13,676,339 13,676,339 54,788,776 (325,251) 54,463,525 3,672,444 3,672,444 515,137 515,137 604,726,285 2,167,860 1,150,960 147,109,486 2,167,860 1,150,960 147,109,486 11,058,168 90,008,007 (325,251) 89,682,756 290,182,702 341,808,115 631,990,817

11,378,904,470 3,460,984,091

288,883,937 3,356,720,147

150,428,306 19,240,647,236

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ROL thousand LIABILITIES Liabilities from credit institutions Liabilities from customers Deposits Other debts Other liabilities Unearned income and accrued expenses Subordinated loans Total liabilities Share capital Retained earnings and reserves Total equity Total liabilities and equity Liquidity Cumulative liquidity gap

Up to one month 1,233,348,373

Between 1 and 3 months -

Between 3 months and 1 year 659,386,838 652,946,574 6,440,264 34,343,414 46,746,471 740,476,723 740,476,723

Between 1 and 5 years 536,459,830 114,182,187 91,695,258 22,486,929 1,901,933 91,918 241,813,330 894,449,198 894,449,198 Other 5 years 700,328,893 1,948,893 698,380,000 1,955 700,330,848 700,330,848 (95,604,563) 729,614,091 Undefined maturity TOTAL 1,769,808,203

3,955,241,458 10,802,792,425 - 10,799,033,450 3,955,241,458 1,641,252 508,805 3,758,975 8,984,035 22,831,722 -

- 16,231,931,801 - 11,545,624,175 4,686,307,626 46,870,634 70,180,871 241,813,330

5,190,739,888 10,834,608,182 -

- 18,360,604,839
Notes to the financial statements

362,733,900 517,308,497 880,042,397

362,733,900 517,308,497 880,042,397

5,190,739,888 10,834,608,182 6,188,164,582 (7,373,624,091)

880,042,397 19,240,647,236 (729,614,091) -

(451,592,786) 2,462,270,949 825,218,654

6,188,164,582 (1,185,459,509) (1,637,052,295)

133

GENERAL INFORMATIONS

Addresses in Romania
HEAD OFFICE BRA{OV TIMI{OARA

HVB Bank Romania S.A. BUCHAREST 37, Dr. Grigore Mora St. Telephone: +40 (021) 203 23 13 Telefax: +40 (021) 230 84 85

2, Mure[enilor St. Telephone: +40 (0268) 506 280 Telefax: +40 (0268) 477437
CLUJ

2, Victoriei Sq. Telephone: +40 (0256) 306 800 Telefax: +40 (0256) 306 806
SIBIU

BRANCHES MILLENIUM BRANCH - BUCHAREST

10, Unirii Sq. Telephone: +40 (0264) 406 070 Telefax: +40 (0264) 450 510
CONSTAN}A

25, Nicolae B`lcescu Sq. Telefon: +40 (0269) 206 830 Telefax: +40 (0269) 213 080

88 Calea Victoriei St. Telephone: +40 (021) 203 23 13 Telefax: +40 (021) 231 05 40
DECEBAL BRANCH - BUCHAREST

132, Tomis St. Telephone: +40 (0241) 606 100 Telefax: +40 (0241) 553 770
ORADEA

80 Unirii Sq, bl. J1, Tronson 1 Telefon: +40 (021) 327 77 45 Telefax: +40 (021) 327 77 44

2-4, Unirii Sq. Telephone: +40 (0259) 406 700 Telefax: +40 (0259) 461 700

135

General information

Addresses in Central and Eastern Europe


Bank Austria Creditanstalt AG HypoVereinsbank HVB Bank

Am Hof 2 1010 Wien Austria Tel.: (+43 1) 711 910


HVB Bank

Am Tucherpark 16 80538 Mnchen Germany Tel.: (+49) 89 378 0


HVB Bank

Rajiceva 27-29 11000 Beograd Serbia and Montenegro Tel.: (+381 11) 3204 500
HVB Bank

Fra Andjela Zvizdovica 1 Tower B 71000 Sarajevo Bosnia - Herzegovina Tel.: (+387 33) 250 900
Bank Biochim

Akademia u. 17 1054 Budapest Hungary Tel.: (+36 1) 269 08 12


Bank BPH PBK.

Mostova 6 814 16 Bratislava 1 Slovakia Tel.: (+42 12) 5969 1111


Bank Austria Creditanstalt

Ivan Vazov Street 1, 1026 Sofia Bulgaria Tel.: (+359 2) 92 69 210


Splitska Banka d.d.

Towarowa 25 A, 00 958 Warszawa, Poland Tel.: (+48 22) 531 80 00


HVB Bank

Smartinska 140 1000 Ljubljana Slovenia Tel.: (+386 1) 5876 600


HVB Bank

R. Boscovica 16 HR - 21000 Split Croatia Tel.: (+385 21) 304 304


HVB Bank

37, Dr. Grigore Mora Street Charles de Gaulle sq. 71278 Bucharest Romania Tel.: (+40 21) 203 2222
International Moscow Bank

Vul. Yaroslaviv Val, 14-A Kyiv 01034 Ukraine Tel.: (+38 0) 44 230 3300

nam. Republiky 3a 110 00 Praha 1 Czech Republic Tel.: (+420 2) 21 112 111

9, Prechistenskaya Emb. Moscow 119034 Russia Tel.: (+70 95) 258 7258

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