Sunteți pe pagina 1din 114

Banca din inima Europei

Acordurile de parteneriat \ncheiate [i deciziile luate la summit-ul de la Copenhaga au impulsionat procesul reformei \n ]ara noastr`. Drumul nostru viitor c`tre Uniunea European` a fost schi]at foarte precis. Acest lucru va constitui o baz` solid` pentru planificare, att pentru investitori ct [i pentru corpora]ii. |n acest mediu ne-am definit perspectivele [i misiunea: |mpreun` cu firma mam` Bank Austria Creditanstalt suntem o parte important` a HVB Group, a c`rui strategie s-a concentrat, de mai bine de un deceniu, pe integrarea european`. Principiul de a face afaceri al acestei "B`nci din inima Europei" este acela de a combina serviciile descentralizate cu standardele [i anvergura unei mari b`nci interna]ionale. Acest lucru \nseamn` de fapt c` noi oferim clien]ilor no[tri - persoane fizice [i juridice - oportunitatea de a avea acces la pie]ele interna]ionale, iar pie]elor le oferim clien]ii no[tri pe baza unor parteneriate profitabile pentru ambele p`r]i. Succesul clien]ilor no[tri este succesul nostru. Suntem mndri c` tr`im [i muncim \ntr-o pia]` emergent`, \ntr-o pia]` \n cre[tere. Acest lucru ne permite s` utiliz`m diversitatea creatoare a talentelor pentru a merge \nainte. Avem resursele necesare pentru a face acest lucru, iar acum avem posibilitatea s` ne concentr`m aten]ia pe dezvoltarea serviciilor adresate clien]ilor no[tri. Furniznd servicii mediului de afaceri \n plin` expansiune, obiectivul nostru este acela de a \nt`ri pozi]ia competitiv` a Romniei [i \n afara aspectelor pur economice de a ne aduce contribu]ia la integrare european` pe cale pa[nic`.

11

Segmente globale de afaceri


Pentru optimizarea cre`rii de valoare ad`ugat` \n cadrul grupului, ne \mp`r]im resursele pe domenii de competen]` specializate pe fiecare produs \n parte care sunt canalizate spre trei segmente globale de afaceri.
HVB SERVICII PENTRU CLIEN}II PERSOANE JURIDICE {I PIE}E DE CAPITAL

Lider de pia]` \n inima Europei


HVB Group este una dintre principalele institu]ii bancare din Europa.
BANCA REGIUNILOR

Ac]ionnd conform strategiei de Banc` a Regiunilor pe o pia]` de peste 160 milioane de locuitori, suntem lideri \n Germania, Austria [i Europa Centrala [i de Est (CEE).

Combin` know-how-ul pie]ei interna]ionale de capital cu serviciile de consultan]` adresate companiilor multina]ionale; birouri \n cele mai importante centre financiare de pe glob.
HVB FINAN}AREA TRANZAC}IILOR IMOBILIARE

Lider al pie]ei interna]ionale \n domeniul finan]`rii proiectelor imobiliare; o prezen]` important` \n Statele Unite ale Americii, Marea Britanie [i Europa de Vest.
HVB SERVICII ADRESATE PERSOANELOR FIZICE

Servicii bancare interna]ionale pentru persoane fizice, fonduri institu]ionale [i servicii de administrare a averii private.

12

PL

CZ SK A H SLO HR BiH YU BG RO

13

RAPORTUL CONSILIULUI DE ADMINISTRA}IE

Raportul Consiliului de Administra]ie


2002 a fost anul cel mai de succes pentru HVB Bank Romania de la \nfiin]area acesteia, \n 1998. Conceptul de banc` universal`, care deserve[te att clien]ii corporati[ti ct [i clien]ii persoane fizice, \mpreun` cu o bun` performan]` pe pia]a local` inter-bancar`, s-au dovedit a fi strategia corespunz`toare care a dus la succesul notabil de pe pia]a romneasc`. HVB Bank Romania a continuat s` \[i \nt`reasc` pozi]ia \n pia]` pe toate segmentele acesteia, m`rindu-[i de asemenea [i cota de pia]`. Banca a anun]at profituri nete de 249.940 milioane lei la 31 decembrie 2002, ceea ce reprezint` mai mult dect dublu \n compara]ie cu rezultatele de la finele anului precedent. Aceast` evolu]ie s-a datorat \n principal faptului c` HVB Bank Romania a reu[it s` ofere produse [i servicii moderne, inovatoare, bazate pe nevoile specifice ale unui grup ]int` de clien]i. Aceast` strategie a dus la cre[terea semnificativ` a portofoliului clien]ilor no[tri, ajungndu-se la total active de 19.241 miliarde lei, de asemenea mai mult dect dublu fa]` de nivelul anului precedent. Fondurile atrase de la deponen]i persoane fizice [i juridice au crescut la 15.501 miliarde lei fiind \n continuare principalele surse de finan]are ale b`ncii. Concentrndu-se pe active cu un grad sc`zut de risc, creditarea persoanelor fizice [i juridice a fost extins` [i a crescut cu 40% \n compara]ie cu sfr[itul anului 2001. Volumul creditelor [i crean]elor restante a r`mas la fel cu cel din 2001, i.e. 0,1% din totalul creditelor acordate clien]ilor.

15

Raportul Consiliului de Administra]ie

|n 2003, banca va continua s` \[i dezvolte re]eaua [i, sus]inut` de know-how-ul interna]ional al ac]ionarilor, va lansa noi produse care s` r`spund` a[tept`rilor clien]ilor no[tri. Dorim s` mul]umim clien]ilor [i partenerilor no[tri de afaceri pentru \ncrederea pe care ne-au acordat-o. Dorim s` mul]umim de asemenea [i colegilor no[tri pentru angajamentul lor \n ceea ce prive[te dezvoltarea viitoare a b`ncii.
Dan Pascariu Pre[edinte Helmut Bernkopf Vicepre[edinte

16

RAPORT PRIVIND DIVIZIILE B~NCII

Servicii adresate persoanelor juridice


|n 2002 HVB Bank Romania [i-a continuat ascensiunea pe pia]a de corporate banking extinzndu-[i baza de clien]i prin achizi]ia direc]ionat` de noi clien]i [i prin l`rgirea re]elei de sucursale. Pentru a r`spunde mai bine nevoilor clien]ilor corporati[ti [i pentru a continua dezvoltarea unor produse de corporate banking de \nalt` calitate au fost create echipeobiectiv dedicate \n cadrul Departamentului de Corporate Banking focalizate pe diferite segmente de clien]i (conturi cheie, pia]a de mijloc, pia]a imobiliar`), produse (cash management, finan]area comer]ului interna]ional, finan]area proiectelor) [i func]ii de suport (deservirea clientelei, anali[ti). Aceast` strategie a permis HVB Bank Romania s` \[i \nt`reasc` pozi]ia pe pia]` pentru toate segmentele de clien]i corporati[ti. Cre[terea a fost sus]inut` de c`tre implementarea unor noi solu]ii de cash management [i finan]are pe termen mediu [i lung \mpreun` cu produse specializate pentru angaja]ii clien]ilor no[tri corporati[ti. Angajamentele totale prin activitatea de creditare la sfr[itul anului (\n bilan] [i extra-bilan]ier) pentru clien]ii corporati[ti s-au ridicat la aproximativ 7.580 miliarde lei. Pe partea de pasiv, depozitele plasate de clien]ii corporati[ti au totalizat peste 11.172 miliarde lei la sfr[itul anului 2002, ceea ce a reprezentat peste 70% din totalul plasamentelor clien]ilor \n banc`. |n concordan]` cu strategia privind cre[terea b`ncii [i cu deschiderea unor noi sucursale la Oradea [i Cluj, am implementat o orientare mai proactiv` c`tre segmentul IMM-urilor. Pn` la sfr[itul anului 2002, un departament specializat att din cadrul Centralei ct [i la nivel de sucursale, a administrat aproximativ 500 de conturi ale unor companii de m`rime medie. |n cursul anului 2002 HVB Bank Romania [i-a definit o abordare mai agresiv` a investi]iilor de pe pia]a valorilor imobiliare din Romnia, profitnd [i de concentrarea HVB Group asupra acestui segment. La sfr[itul anului 2002, echipa b`ncii specializat` \n finan]area tranzac]iilor imobiliare a finalizat mai mult de 20 de proiecte pentru clien]i \n cadrul unor tranzac]ii imobiliare, investi]ii \n principal \n cl`diri de birouri dar [i \n proiecte industriale [i chiar reziden]iale, pe o baz` selectiv`. HVB Bank Romania a generat cu succes o serie de tranzac]ii de mare valoare \n 2002, cum ar fi: A ac]ionat \n calitate de co-aranjor [ef pentru o finan]are structurat` \n valoare de USD 320 milioane destinat` sus]inerii achizi]iei de combustibil necesar la nivel na]ional pentru perioada de iarn`; Finan]area exporturilor - aranjarea finan]`rii pentru achizi]ia unor trenuri speciale noi pentru compania na]ional` de cale ferat`; Finan]area comer]ului interna]ional - o facilitate de finan]are de pre-export \n valoare de EUR 30 milioane \n favoarea unei importante companii petroliere romne[ti pentru achizi]ia de ]i]ei; Finan]area comer]ului interna]ional - o facilitate de finan]are de pre-export \n favoarea unui important produc`tor romn de o]el pentru achizi]ia de materii prime; Finan]area tranzac]iilor imobiliare finan]area complexului de birouri Charles de Gaulle.

19

Raport privind diviziile b`ncii

Servicii adresate persoanelor fizice


|n cursul anului 2002 HVB Bank Romania [i-a extins [i diversificat activitatea \n ceea ce prive[te serviciile destinate persoanelor fizice, \nceput` \nc` de la \nfiin]area b`ncii. Ca urmare a mai multor analize, cu scopul de a defini nevoile specifice ale clien]ilor no[tri, departamentul de retail a lansat pachete de produse [i servicii pentru persoane fizice. Aceste pachete includ conturi curente, carduri de debit, dar [i servicii moderne, inovatoare, cum ar fi Online B@nking [i Telephone B@nking. Datorit` cererii sus]inute pentru produse de economisire, HVB Bank a lansat Contul de Economii, un produs de economisire modern [i flexibil. |n ceea ce prive[te cardurile, banca [i-a diversificat oferta prin oferta de carduri Visa: Gold [i Silver pentru clien]ii corporati[ti [i Gold Classic [i Electron pentru clien]ii persoane fizice. Pn` la sfr[itul anului 2002 s-a \nregistrat o cre[tere de 210% \n ceea ce prive[te num`rul cardurilor emise. |n toamna anului 2002 HVB Bank a intrat cu succes pe pia]a creditelor pentru locuin]e, oferind un produs foarte competitiv. Pn` la sfr[itul anului 2002, banca de]inea deja un portofoliu de credite imobiliare de aproximativ 105.405 milioane lei. Num`rul clien]ilor de pe segmentul de retail a crescut cu peste 23%. |n timpul ultimului trimestru al anului 2002, HVB Bank Romania a implementat ATM-uri (Automated Teller Machines) \n toate sucursalele sale, inclusiv \n cele noi din Oradea [i Cluj. Acest lucru a constituit primul pas \n direc]ia implement`rii serviciului de 24h B@nking \n toat` re]eaua de sucursale, incluznd ATM-urile [i serviciile de Internet Banking \n incinta b`ncii. |n anul 2003, Departamentul de Retail se va concentra pe l`rgirea gamei de produse prin solu]ii inovatoare oferite clien]ilor [i prin dezvoltarea re]elei de distribu]ie.

20

Trezoreria
Ca urmare a tendin]ei de pe pia]a inter-bancar`, volumele opera]iunilor de trezorerie HVB Bank Romania s-au dublat \n 2002. Acest lucru a fost rezultatul dezvolt`rii continue a bazei de clien]i a b`ncii [i a particip`rii speciali[tilor no[tri pe pia]a inter-bancar`. Departamentul nostru de Arbitraj continu` s` fie unul dintre formatorii de pia]` inter-bancar` \n Romnia, att pe pia]a valutar`, ct [i pe pia]a monetar`. |n plus, HVB Bank Romania s-a calificat ca "primary dealer" (dealer primar) pe pia]a titlurilor guvernamentale romne[ti pe termen scurt. }in\nd cont de evolu]iile de pe pia]a interbancar` \n ceea ce prive[te anvergura [i diversitatea opera]iunilor, inten]ion`m s` ne men]inem pozi]ia actual` pe pia]` [i s` ob]inem o pozi]ie de leader pe noile pie]e, cum ar fi pia]a produselor derivate. Departamentul de clien]i corporati[ti ofer` clien]ilor \ntreaga gam` de produse disponibil` pe pia]`. Se acord` o aten]ie deosebit` opera]iunilor de hedging \mpotriva riscurilor, \n special pentru acoperirea riscului ratei dobnzii [i a riscului valutar.

21

Raport privind diviziile b`ncii

RESURSE UMANE

Resurse umane
Administrarea resurselor umane \n cadrul HVB Bank a continuat s` joace un rol esen]ial \n cursul anului 2002, prin dezvoltarea [i implementarea strategiilor, programelor [i serviciilor de resurse umane. 2002 a fost anul expansiunii noastre teritoriale. Sucursalele din Oradea [i Cluj Napoca [i-au \nceput activitatea, iar procesul de recrutare a \nceput pentru \nc` dou` sucursale din afara Bucure[tiului: Bra[ov [i Constan]a. Echipele selec]ionate au urmat un plan de training structurat [i intensiv \n cadrul Centralei b`ncii din Bucure[ti, cu scopul de a performa \n concordan]` cu standardele [i cultura organiza]ional` a HVB. |n cadrul Centralei structura personalului a continuat s` se dezvolte. |n consecin]`, num`rul angaja]ilor a crescut de la 144 \n decembrie 2001 la 172 la sfr[itul anului, o tendin]` care se va manifesta [i \n cursul anului 2003. HVB Bank a continuat s` lanseze noi produse [i servicii \n cursul anului 2002. Ca rezultat al dezvolt`rii segmentului de retail, procesul de training s-a intensificat \n acest domeniu. A existat o cre[tere semnificativ` att a volumului, ct [i a diversit`]ii programelor de preg`tire profesional` oferit` \n 2002, punndu-se accent pe sesiuni de dezvoltare a abilit`]ilor de vnzare. Angaja]ii sunt cea mai important` resurs` pentru atingerea obiectivelor b`ncii. O aten]ie constant` a management-ului pentru a oferi pachete de beneficii competitive, programe de instruire profesional` bine structurate [i de gestionare a carierei au generat standarde profesionale \nalte, munc` \n echip` eficient` [i o motiva]ie puternic`, care s-au reflectat [i \n rezultatele anului 2002.

23

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 2002, 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 reflect`: [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`, cu excep]ia omiterii prezent`rii anumitor informa]ii dup` cum este ar`tat n paragraful anterior, situa]iile financiare ofer` o imagine reala, sub toate aspectele semnificative, ale pozi]iei financiare a HVB BANK ROMANIA S.A. la 31 decembrie 2002, 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. 1784/2002 referitor la Normele de nchidere ale anului financiar 2002. 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 86/635 a Comunit`]ii Economice Europene [i cu Standardele Interna]ionale de Contabilitate (IAS). Cu toate acestea,

total activ 19.240.647.236 mii lei capital propriu (activ net) 880.042.397 mii lei venituri din activitatea bancar` 1.119.002.208 mii lei rezultatul exerci]iului financiar 249.939.889 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. 1982/2001, precum [i Ordinul Ministrului Finan]elor Publice nr.1784/2002 referitor la Normele de nchidere ale anului financiar 2002. 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 conform legisla]iei privitoare la eviden]a contabil` 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

25

Raport financiar

ultimele cerin]e contabile ale Ministerului Finan]elor Publice sunt concepute pentru a r`spunde necesit`]ilor fiscale ale Ministerului Finan]elor [i sunt aplicabile numai pe teritoriul Romniei. Aceste cerin]e nu sunt n concordan]` cu raport`rile financiare n economiile hiperinfla]ioniste [i sunt diferite att fa]` de prevederile cu privire la aplicarea contabilit`]ii n economiile hiperinfla]ioniste, ct [i fa]` de cerin]ele standardelor de contabilitate acceptate interna]ional. Prin urmare, este posibil ca aceste situa]ii financiare s` nu ofere o imagine reala asupra pozi]iei financiare a B`ncii, a rezultatelor opera]iunilor sale, a situa]iei modific`rii capitalurilor proprii precum [i a situa]iei fluxului de trezorerie n conformitate cu cerin]ele Standardelor Interna]ionale de Contabilitate (IAS). A[a cum este prezentat n notele 1 [i 4.1, n cursul anului 2002 pe baza instruc]iunilor de la Banca Na]ional` a Romniei, Banca [i-a modificat politicile contabile cu privire la diferen]ele de curs valutar, aferente investi]iilor n obliga]iuni, care au fost nregistrate pe parcursul anului. Ca urmare Banca a decis s` retrateze rezultatul reportat [i investi]iile n obliga]iuni. La data de 31 decembrie 2002

obliga]iunile n valut`, clasificate ca p`strate pn` la scaden]` sunt prezentate n bilan] la valorile istorice n lei, prin nregistrarea diferen]elor de curs n bilan]. De[i acest tratament contabil este recomandat de reglement`rile romne[ti, nu este n conformitate cu IAS. La 31 decembrie 2002, pe baza unei consultan]e informale din partea B`ncii Na]ionale a Romniei [i a Comisiei de Contabilitate din cadrul Asocia]iei Romne a B`ncilor, Banca a nregistrat transferuri ntre diferite rezerve prezentate n cadrul Situa]iei Modific`rilor n Capitalurile Proprii. Aceste transferuri nu afecteaz` pozi]ia financiar` a b`ncii la data de 31 decembrie 2002 [i nici rezervele sale distribuibile ac]ionarilor. Cu toate acestea, exist` o incertitudine legat` de destina]ia eventual` a unora dintre aceste rezerve pe baza reglement`rilor finale de la Ministerul Finan]elor Publice [i Banca Na]ional` a Romniei.

Deloitte & Touche Romania SRL Bucure[ti, 25 aprilie 2003

26

BILAN} CONTABIL LA 31 DECEMBRIE 2001 {I 31 DECEMBRIE 2002

\n mii Lei / \n mii EUR*

2001

2002

2001*

2002*

ACTIV Casa [i disponibilit`]i la b`nci (Nota 14.8) Efecte publice [i alte titluri acceptate pentru refinan]are la b`nci centrale Efecte publice [i valori asimilate Alte titluri acceptate pentru refinan]are la b`ncile centrale Crean]e asupra institu]iilor de credit (Note 3.4; 14.8) 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 14.2): 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

1.256.252.724

2.248.879.348

45.058 75.664 2.539 73.125 139.697 70.908 68.789 25.169 17.080 8.089 60 1.177 1.857 753 240 2.127 291.049

64.403 38.905 38.905 265.103 3.712 261.391 157.305 82.022 75.283 18.099 5.014 62 33 33 1.627 2.586 1.241 317 2.568 551.008
Raport financiar

- 1.358.519.969 - 1.358.519.969 -

2,109.600.488 9.257.143.676 70.780.800


129.635.096

2.038.819.688 9.127.508.580 3.894.902.798 5.492.944.196 1.976.994.258 2.864.119.226 1.917.908.540 2.628.824.970 701.745.745


476.218.033 225.527.712 1.660.000 32.819.035 13.686 51.774.215 20.992.355 6.699.859 59.290.730 631.990.817 456.930.996 175.059.821 2.167.860 1.150.960 1.150.960 56.822.258 13.046 90.287.228 43.322.137 11.058.168 89.682.756

13.085

8.114.745.594 19.240.647.236

* Sumele n EURO sunt ob]inute prin conversia cifrelor n ROL la cursul BNR din 31.12.2001, respectiv 27.881 EUR/ROL [i la cursul BNR din 31.12.2002 respectiv 34.919 EUR/ROL. Aceste cifre sunt prezentate n scop infomativ [i nu au fost auditate de Deloitte & Touche.

27

BILAN} CONTABIL LA 31 DECEMBRIE 2001 {I 31 DECEMBRIE 2002

\n mii Lei / \n mii EUR*

2001

2002

2001*

2002*

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 14.4) Rezultatul exerci]iului financiar (Nota 7) Repartizarea profitului TOTAL PASIV

(763.094.157) (1.769.808.203) (92.618.657) (19.123.373)


(670.475.500) (1.750.684.830) (6.470.026.534) (16.231.931.801) (4.549.460.632) (11.545.624.175)

(27.370) (3.322) (24.048) (232.057) (163.174) (163.174) (68.883) (44.630) (24.253) (982) (1.115) (6.925) (13.010) (5.391) (1.333) (2.793) (1.265) (3.449) (6.107) 5.357 (291.049)

(50.682) (548) (50.134) (464.845) (330.648) (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)

(4.549.460.632) (11.545.624.175) (1.920.565.902) (4.686.307.626) (1.224.339.948) (3.955.241.458) (676.225.954) (27.365.354) (31.081.711) (193.075.330) (362.733.900) (150.313.356) (37.159.302) (77.871.938) (35.282.116) (96.153.577) (170.266.990) 149.365.315

(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

(8.114.745.594) (19.240.647.236)

* Sumele n EURO sunt ob]inute prin conversia cifrelor n ROL la cursul BNR din 31.12.2001, respectiv 27.881 EUR/ROL [i la cursul BNR din 31.12.2002 respectiv 34.919 EUR/ROL. Aceste cifre sunt prezentate n scop infomativ [i nu au fost auditate de Deloitte & Touche.

28

CONTURI EXTRABILAN}IERE LA 31 DECEMBRIE 2001 {I 31 DECEMBRIE 2002

\n mii Lei / \n mii EUR*

2001

2002

2001*

2002*

ELEMENTE IN 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

393.176.938 279.628.888 113.548.050 1.595.986.036 -

742.972.889 280.017.572 462.955.317 3.300.694.829 -

14.102 10.029 4.073 57.243 -

21.277 8.019 13.258 94.524 -

* Sumele n EURO sunt ob]inute prin conversia cifrelor n ROL la cursul BNR din 31.12.2001, respectiv 27.881 EUR/ROL [i la cursul BNR din 31.12.2002 respectiv 34.919 EUR/ROL. Aceste cifre sunt prezentate n scop infomativ [i nu au fost auditate de Deloitte & Touche.

29

Raport financiar

CONTUL DE PROFIT {I PIERDERE LA 31 DECEMBRIE 2001 {I 31 DECEMBRIE 2002

\n mii Lei / \n mii EUR*

2001

2002

2001*

2002*

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 8.2; 9.8) Relu`ri din corec]ii asupra valorii crean]elor [i provizioanelor pentru datorii contingente [i angajamente (Note 8.2; 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 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 REZULTATUL ACTIVIT~}II CURENTE Profit Pierdere Impozitul pe rezultatul activit`]ii curente (Nota 14.5)

522.782.162 67.589.927 (224.481.910) 100.849.528 (15.061.860) (38.523.184) 3.435.424 (170.485.651) (59.373.157) (40.768.566) (11.518.663) (111.112.494) (13.455.056) (27.074.414)

781.375.661 8.321.743 (268.020.940) 150.536.070 (23.376.315) (52.859.122) 20.427.687 (293.183.822) (93.307.619) (64.643.240) (16.373.990) (199.876.203) (22.365.314) (37.245.228)

18.751 2.424 (8.051) 3.617 (540) (1.382) 123 (6.115) (2.130) (1.462) (413) (3.985) (483) (971)

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

(46.986.556)

(92.298.753)

(1.685)

(2.643)

45.846.025

86.137.269

1.644

2.467

(13.987.402)

(60.838.738)

(502)

(1.742)

62.939.403

80.525.521

2.258

2.306

185.796.509 (15.529.519)

268.813.976 (18.874.087)

6.664 (557)

7.699 (541)

* Sumele n EURO sunt ob]inute prin conversia cifrelor n ROL la cursul BNR din 31.12.2001, respectiv 27.881 EUR/ROL [i la cursul BNR din 31.12.2002 respectiv 34.919 EUR/ROL. Aceste cifre sunt prezentate n scop infomativ [i nu au fost auditate de Deloitte & Touche.

30

CONTUL DE PROFIT {I PIERDERE LA 31 DECEMBRIE 2001 {I 31 DECEMBRIE 2002

\n mii Lei / \n mii EUR*

2001

2002

2001*

2002*

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 14.5; 14.6) Alte impozite REZULTATUL NET AL EXERCI}IULUI FINANCIAR Profit Pierdere 170.266.990 249.939.889 6.107 7.158 185.796.509 (15.529.519) 268.813.976 (18.874.087) 6.664 (557) 7.699 (541) 26.393 (19.729) 32.046 (24.347) 170.266.990 249.939.889 6.107 7.158 -

735.852.542 1.119.002.208 (550.056.033) (850.188.232)

* Sumele n EURO sunt ob]inute prin conversia cifrelor n ROL la cursul BNR din 31.12.2001, respectiv 27.881 EUR/ROL [i la cursul BNR din 31.12.2002 respectiv 34.919 EUR/ROL. Aceste cifre sunt prezentate n scop infomativ [i nu au fost auditate de Deloitte & Touche.

31

Raport financiar

SITUA}IA FLUXURILOR DE TREZORERIE PENTRU ANII |NCHEIA}I LA 31 DECEMBRIE 2001 {I 31 DECEMBRIE 2002

\n mii Lei / \n mii EUR*

2001

2002

2001*

2002*

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 folosirii pentru prima dat` a IAS, mai pu]in IAS 29 - elemente incluse la activit`]ile de investi]ii sau de finan]are alte ajust`ri impozit pe profit

170.266.990

249.939.889

6.107

7.158

1.808.574 15.592.290 8.340.097 15.529.519 211.537.470

5.301.623 24.137.807 38.437 18.874.087 298.291.843

65 559 299 557 7.587

152 691 541 8.542

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 (458.043.886) (35.457.719) (16.429) (1.015) (63.477.860) (84.919.986) (2.277) (2.431) (393.446.026) 51.121.087 (14.112) 1.464 (1.120.000) (1.658.820) (40) (48) (194.863.810) (4.350.028) (20.283.265) 4.266.033 402.647.009 2.678.152.443 6.944.543 16.668.025 (14.460.440) 1.224.459.345 18.633.841 742.255 (30.140.752) (3.579.831) 1.006.714.046 9.761.905.268 39.099.156 17.360.210 (18.030.953) 9.486.151.753 (6.989) (156) (66.777) (727) 153 14.442 96.057 249 598 (519) 43.918 534 21 (45.959) (863) (103) 28.830 279.559 1.120 497 (516) 271.662

(1.861.798.635) (1.604.843.330)

* Sumele n EURO sunt ob]inute prin conversia cifrelor n ROL la cursul BNR din 31.12.2001, respectiv 27.881 EUR/ROL [i la cursul BNR din 31.12.2002 respectiv 34.919 EUR/ROL. Aceste cifre sunt prezentate n scop infomativ [i nu au fost auditate de Deloitte & Touche.

32

SITUA}IA FLUXURILOR DE TREZORERIE PENTRU ANII |NCHEIA}I LA 31 DECEMBRIE 2001 {I 31 DECEMBRIE 2002

\n mii Lei / \n mii EUR*

2001

2002

2001*

2002*

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 datorii 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 14.8) 115.297.330 212.733.900 328.031.230 48.738.000 48.738.000 4.135 7.630 11.765 81.262 43.918 (16.429) 11.765 120.516 1.396 1.396 96.226 271.662 (1.015) 1.396 368.268
Raport financiar

2.265.665.050 3.360.111.739 1.224.459.345 9.486.151.753 (458.043.886) 328.031.230 (35.457.719) 48.738.000 -

3.360.111.739 12.859.543.773

* Sumele n EURO sunt ob]inute prin conversia cifrelor n ROL la cursul BNR din 31.12.2001, respectiv 27.881 EUR/ROL [i la cursul BNR din 31.12.2002 respectiv 34.919 EUR/ROL. Aceste cifre sunt prezentate n scop infomativ [i nu au fost auditate de Deloitte & Touche.

33

SITUA}IA MODIFIC~RILOR CAPITALURILOR PROPRII PENTRU ANII |NCHEIA}I LA 31 DECEMBRIE 2001 {I 31 DECEMBRIE 2002

Increase \n mii Lei Balance at January 1 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 A[a cum a fost prezentat anterior Ajustarea anului anterior (Nota 14.1) a[a cum a fost retratat` Sold creditor reportat 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 630.102.508 249.939.889 514.006.423 264.066.534 4.240.747 96.153.577 44.437.860 44.437.860 100.394.324 20.901.675 362.733.900 37.159.302 77.871.938 35.282.116 Total out of which 53.762.795 32.115.123 133.750.756 53.762.795 32.115.123 133.750.756 Transfer

34

SITUA}IA MODIFIC~RILOR CAPITALURILOR PROPRII PENTRU ANII |NCHEIA}I LA 31 DECEMBRIE 2001 {I 31 DECEMBRIE 2002

Decrease \n mii Lei Total out of which 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 A[a cum a fost prezentat anterior Ajustarea anului anterior (Nota 14.1) a[a cum a fost retratat` Sold creditor reportat 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 210.472.929 264.066.534 210.472.929 264.066.534 39.466.960 880.042.397 4.240.747 140.591.437 100.394.324
Raport financiar

Transfer

Balance at December 31

44.437.860 9.155.745 -

44.437.860 9.155.745 -

362.733.900 90.922.097 109.987.061 124.595.012 11.745.930 -

35

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). Acestea cer ca situa]iile financiare s` fie ntocmite n conformitate cu: legea contabilit`]ii nr. 82/1991 (republicat` [i modificat`), cadrul general de ntocmire [i prezentare a situa]iilor financiare din OMF 1982/5 [i standardele Interna]ionale de Contabilitate (IAS) publicate de Comitetul pentru Standardele Interna]ionale de Contabilitate. 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. Prin urmare, prevederile IAS 29 "Raportarea financiar` n economiile hiperinfla]ioniste" nu au fost aplicate. In 2001, IAS 39 "Instrumente financiare: recunoa[tere [i evaluare" a devenit aplicabil. Conducerea B`ncii a evaluat [i decis c` adoptarea standardului IAS 39 nu va afecta semnificativ rezultatele activit`]ii B`ncii. Efectele financiare ale adopt`rii IAS 39, dac` acestea exist`, sunt raportate n

Situa]ia Modific`rilor Capitalurilor Proprii. Informa]ii suplimentare sunt prezentate n politici contabile pentru instrumente financiare derivate [i diminuarea riscurilor. nainte de adoptarea IAS 39, toate datoriile [i titlurile de valoare de proprietate, cu excep]ia titlurilor de valoare tranzac]ionabile, au fost evaluate la cost amortizat, respectiv la cost, efectund nregistr`ri numai pentru deprecierile care sunt considerate permanente. IAS 39 s-a aplicat prospectiv n conformitate cu cerin]ele acestui standard [i de aceea situa]iile financiare comparative nu au fost restartate. 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

37

Note la situa]iile financiare

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. Retratarea situa]iilor financiare n conformitate cu IAS 29 implic` utilizarea indicelui general al pre]urilor care reflect`

schimb`rile n puterea de cump`rare. Cu toate acestea, Banca nu a aplicat prevederile IAS 29 a[a cum este prev`zut n Ordonan]a 2332/2001 emis` de Ministerul de Finan]e privitoare la nchiderea exerci]iului financiar 2001, deoarece prevederile IAS 29 nu sunt obligatorii.

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; 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 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

Sumele sunt prezentate \n mii lei.

Veniturile [i cheltuielile cu dobnzile

Veniturile [i cheltuielile cu dobnzile sunt recunoscute n Contul de Profit [i Pierdere pentru toate instrumentele financiare neonorate purt`toare de dobnzi, n momentul apari]iei lor. Veniturile din dobnzi includ venituri fixe din investi]ii financiare [i titluri comerciale, precum [i reduceri [i premii aferente titlurilor de trezorerie. Veniturile din dobnzi a c`ror ncasare a devenit incert` au fost provizionate. Aceste venituri nu sunt luate n considerare dect la momentul ncas`rii lor. Veniturile [i cheltuielile din comisioanele bancare sunt nregistrate n momentul apari]iei lor. Comisioanele rezultate din negocierea sau participarea la negocierea unei tranzac]ii pentru o ter]` persoan`, cum ar fi contractarea de mprumuturi, ac]iuni sau alte titluri de valoare, sau achizi]ionarea sau vnzarea afacerii, sunt recunoscute la data ncheierii tranzac]iei. Alte venituri [i cheltuieli din exploatare sunt contabilizate la momentul apari]iei lor.

Venituri [i cheltuieli din comisioane bancare

Alte venituri [i cheltuieli din exploatare

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%

Imobiliz`rile necorporale constau n software, care se amortizeaz` pe o perioad` de patru ani.

38

Deprecierea activelor

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.

Provizioane pentru sume ndoielnice

Leasing

Provizioanele pentru credite ndoielnice se constituie pe baza evalu`rii portofoliului de credite [i avansuri la 31 decembrie 2001 [i 31 decembrie 2002, 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`:

39

Note la situa]iile financiare

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.

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 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.

mprumuturi acordate [i provizioane pentru mprumuturi acordate

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%

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`.

40

c) Tranzac]ii "repo" sau "reverse repo" Titlurile vndute ce fac obiectul tranzac]iilor repo sunt incluse n bilan], atunci cnd se specific` faptul c` Banca a re]inut controlul asupra activelor sau c` exist` o obliga]ie necondi]ionat` de r`scump`rare. Astfel de titluri sunt clasificate ca "titluri gajate" \n cadrul categoriei din care fac parte. mprumuturile primite pe baza titlurilor date n pensiune livrat` sunt incluse n alte datorii. Titlurile achizi]ionate prin tranzac]iile de tip repo sunt nregistrate ca [i credite acordate c`tre clien]i sau c`tre alte b`nci. Diferen]a ntre pre]ul de vnzare [i revnzare este tratat` ca fiind dobnd` [i recunoscut` pe toat` durata contractului.
Cursul de schimb

Contribu]ii pentru salaria]i

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. Anumite informa]ii comparative au fost retratate [i reclasificate pentru a fi n conformitate cu prezentarea anului curent. 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`.

Situa]ii comparative

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.

Impozitul pe profit

Numerar [i echivalent de numerar

41

Note la situa]iile financiare

b) Titluri de tranzac]ie (TT) Titlurile de tranzac]ie sunt achizi]ionate pentru a genera profit fie din fluctua]iile pe termen scurt ale pre]ului pie]ei, fie din fluctua]iile marjei re]inute de c`tre dealer sau sunt titluri ce sunt incluse ntr-un portofoliu caracterizat de ob]inerea profitului pe termen scurt. Titlurile de tranzac]ie sunt recunoscute ini]ial la cost (costul include [i costul tranzac]ion`rii) fiind periodic reevaluat la valoarea just` pe baza pre]urilor cotate la burs`. Toate c[tigurile corespunz`toare, realizate sau nu, sunt incluse n venitul din titluri de tranzac]ie. Dobnda c[tigat` din de]inerea acestor titluri este nregistrat` ca venit din dobnzi, iar dividendele primite devin venituri din dividende. Toate achizi]iile [i vnz`rile de titluri care implic` decontarea ntr-o anume perioad`, stabilit` conform reglementarilor sau conven]iei de pia]` ("contracte standard", cump`r`ri sau vnz`ri) sunt recunoscute la data tranzac]ion`rii care coincide cu data la care banca se angajeaz` s` cumpere sau s` vnd` activul (altfel aceste tranzac]ii sunt tratate ca instrumente derivate pn` cnd se semneaz` angajamentul).

Continuitatea activit`]ii

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`. 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.

Folosirea estim`rilor

Situa]iile financiare pentru anii 2002 [i 2001 reflect` impozitul net amnat de plat` sau de ncasat din diferen]ele nete cumulative. |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` sunt considerate neimpozabile [i nedeductibile pn` la 30

iunie 2002. |n conformitate cu legea nr.189/2001, profitul anului fiscal care ncepe la 1 ianuarie 2001 [i care a fost utilizat pentru investi]ii n active corporale [i necorporale beneficiaz` de o reducere de 50% din impozitul pe profit. Valoarea acestor investi]ii efectuate se nregistreaz` n alte rezerve conform Deciziei nr. 3/ 2002.

ELEMENTE DE BILAN}
2.1 CONTURI DE STOCURI
La 31 decembrie 2001 [i 31 decembrie 2002, Banca de]inea urm`toarele conturi de stocuri: Stocuri Provizioane 3.525.595 (3.525.595) 1.853.984 Total 1.853.984 1.853.984 Stocuri Provizioane 3.002.525 (3.002.525) 491.593 Total 491.593 491.593

mii lei Obiecte de inventar Alte stocuri*

mii lei Obiecte de inventar Alte stocuri*

Total (Note 2.3)

5.379.579 (3.525.595)

Total (Note 2.3)

3.494.118 (3.002.525)

*Alte stocuri, n sum` de 1.853.984 mii lei (2001: 491.593 mii lei), au o vitez` de rota]ie foarte mare, de aceea nu a fost necesar` constituirea unui provizion pentru acestea.

2.2 REZERVE

La data de 31 decembrie 2002, rezervele B`ncii n sum` de 325.504.170 mii lei (2001:150.313.356 mii lei) includeau: Rezervele legale, n sum` de 90.922.097 mii lei (2001: 37.159.302 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. Rezerva general` pentru riscul de credit, n sum` de 109.987.061 mii lei (2001: 77.871.938 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. Alte rezerve, n sum` de 124.595.012 mii lei (2001: 35.282.116 mii lei) sunt alc`tuite din: \n conformitate cu Legea nr. 189/2001 [i cu Decizia nr.3/2002, alte rezerve includ suma de 6.006.463 mii lei (2001: 22.997.928 mii lei) din care: 667.385 mii lei

(2001: 2.555.325 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 (2001: 22.442.603 mii lei), reprezentnd valoarea acestor investi]ii. Aceste rezerve nu pot fi distribuite ac]ionarilor. provizioane pentru diferen]ele nefavorabile din curs valutar n sum` de 118.588.549 mii lei (2001: 9.562.188 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. Valoarea cursului de schimb pentru reevaluarea rezervelor stabilit` pentru anul 2001 a fost majorat` n urma controlului efectuat de Banca Na]ional` a Romniei n cursul anului 2002, pn` la suma de 18.717.933 mii lei, alte rezerve, n sum` de 2.722.000 mii lei. n cursul lunii decembrie 2002, suma de 44.437.860 mii lei a fost transferat` de la "Alte rezerve" la "Rezultatul reportat provenit din adoptarea pentru prima dat` a IAS, mai pu]in IAS 29" pe baza consultan]ei neoficiale a reprezentan]ilor B`ncii Na]ionale a Romniei [i pe baza comisionului contabil stabilit conform Asocia]iei Bancare Romne, n leg`tur` cu men]iunile Ordinului Ministerului de Finan]e 1982/2001.

42

2.3 ALTE ACTIVE {I ALTE PASIVE

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

31 decembrie 2001 31 decembrie 2002 2.479.895 2.083.128 1.472.624 491.593 105.169 67.450 6.699.859 3.961.102 3.777.202 1.465.880 1.853.984 11.058.168

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

31 decembrie 2001 31 decembrie 2002 17.758.198 9.031.291 575.865 27.365.354 34.343.414 1.474.915 8.967 11.043.338 46.870.634
Note la situa]iile financiare

* Creditorii diver[i, n sum` de 34.343.414 mii lei (2001: 17.758.198 mii lei), cuprind n special sume de plat` furnizorilor de servicii IT, pentru actualizarea programelor informatice [i ntre]inerea lor. ** Alte datorii n sum` de 11.043.338 mii lei (2001: 575.865 mii lei) includ n principal impozite de plat` la bugetul statului.

2.4 CHELTUIELI {I VENITURI NREGISTRATE N AVANS

Cheltuieli nregistrate n avans [i crean]e ata[ate Cheltuieli nregistrate n avans Crean]e ata[ate din: - titluri p`strate pn` la scaden]` (Nota 4.1) - titluri de tranzac]ie (Nota 4.2) - plasamente la BNR - credite acordate clientelei - plasamente la alte b`nci - descoperiri de cont - dobnzi restante Total cheltuieli nregistrate n avans [i crean]e ata[ate Minus: provizion pentru riscul de rat` de dobnd` (Nota 8.2) Cheltuieli nregistrate n avans [i crean]e ata[ate - net

31 decembrie 2001 31 decembrie 2002 1.410.577 26.259.224 12.142.712 9.580.923 4.792.690 2.837.583 931.746 1.409.252 59.364.707 (73.977) 59.290.730 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

43

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 2001 31 decembrie 2002 18.833.178 1.912.839 7.317.936 1.058.781 765.862 641.398 551.717 31.081.711 35.572.628 5.922.637 11.587.072 6.562.930 495.463 10.040.141 70.180.871

* Veniturile nregistrate n avans n sum` de 35.572.628 mii lei (2001: 18.833.178 mii lei) cuprind n principal comisionul de baz` pentru creditele de factoring, precum [i venituri din biletele la ordin subscrise de Banc`.

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 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

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, creditele acordate clientelei cuprindeau suma de 2.859.993.946 mii lei reprezentnd descoperiri de cont ale clien]ilor. (**) 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).

44

mii lei Sold la 31 Crean]e la termen Institu]ii de credit Credite Minus: provizioane Credite acordate clientelei - net Total crean]e decembrie, 2002 2.038.819.688 3.899.626.384 (4.723.586) 3.894.902.798 5.933.722.486 2.033.078.215 2.353.692.712* (300.006) 2.353.392.706 4.386.470.921 Pn` la 3 luni

Maturitate rezidual` |ntre 3 luni |ntre 1 [i 1 an 1.083.746 862.901.897 (4.423.580) 858.478.317 859.562.063 [i 5 ani 4.657.727 635.098.312 635.098.312 639.756.039

Peste 5 ani

47.933.463 47.933.463 47.933.463

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 (670.475.500) (4.549.460.632) (676.225.954) (5.896.162.086) 37.560.400 (670.475.500) (3.228.266.226) (91.366.885) Pn` la 3 luni

Maturitate rezidual` |ntre 3 luni |ntre 1 [i 1 an (1.158.803.136) (828.000) [i 5 ani (162.391.270) (80.905.682) (243.296.952) 396.459.087

Peste 5 ani

(503.125.387) (503.125.387) (455.191.924)

(3.990.108.611) (1.159.631.136) 396.362.310 (300.069.073)

(*) La 31 decembrie 2002, creditele acordate clientelei cuprindeau suma de 2.859.993.946 mii lei reprezentnd descoperiri de cont ale clien]ilor.

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 2001 31 decembrie 2002 585.135.069 90.694.381 396.504 676.225.954 731.066.168 731.066.168

3.3 CREAN}E ASUPRA CLIENTELEI

Portofoliul de credite la 31 decembrie 2002 [i 31 decembrie 2001 era format din credite acordate societ`]ilor care [i desf`[urau activitatea n industrie [i comer], credite acordate societ`]ilor de stat [i 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.

45

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

La 31 decembrie 2001, 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 1.600.000 2.119.704 308.443.747 77.116 312.240.567

Devize 315.871.330 133.266.399 379.136.907 1.078.664.142 1.668.550.511 4.609.556 2.563.386 3.582.662.231

Total 317.471.330 133.266.399 379.136.907 1.080.783.846 1.976.994.258 4.686.672 2.563.386 3.894.902.798

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

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

46

mii lei 31 decembrie 2001 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 (92.618.657) (1.244.339.948) (1.336.958.605) 710.816.453 (670.475.500) (5.225.686.586) (5.896.162.086) (1.939.433.858) (763.094.157) (6.470.026.534) (7.233.120.691) (1.228.617.405) 70.780.800 1.976.994.258 1.977.294.264 (300.006) 2.047.775.058 2.038.819.688 1.917.908.540 1.922.332.120 (4.423.580) 3.956.728.228 2.109.600.488 3.894.902.798 3.899.626.384 (4.723.586) 6.004.503.286 La vedere La termen Total

3.5 ANALIZA PE SCADEN}E A TITLURILOR


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

La 31 decembrie 2001, 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 194.863.810 194.863.810 (Nota 4.2)

Scadente Scadente \n mai mult de un an 285.871.636 226.664.629 512.536.265 (Nota 4.1) (5.654.330) 701.745.745 Total 480.735.446 226.664.629 707.400.075

47

Note la situa]iile financiare

3.6 CREDITE SUBORDONATE

2002 EUR Bank Austria Creditanstalt International AG Vienna Total 6.924.979 6.924.979

mii lei 241.813.330 241.813.330

2001 EUR 6.924.979 6.924.979

mii lei 193.075.330 193.075.330

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 [i rescaden]at pn` pe data de 25 septembrie 2006. Ulterior, la 23 august 2001, Banca a ncheiat un nou contract de credit subordonat n sum` de 3,4 milioane EUR pentru acela[i scop, cu scaden]a final` la 23 septembrie 2007. Condi]iile mprumuturilor nu au suferit modific`ri n cursul anului 2002. Creditele au o perioad` fix` [i prestabilit` de rambursare. Conform angajamentelor ncheiate, aceste credite 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 2001 se ridic` la 10.040.141 mii lei (2001: 551.717 mii 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 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 Cstiguri nerealizate (4)=(3)-(1) 5.474.880 2.657.150 8.132.030

48

mii lei 31 decembrie 2002 Emise de: Guvernul Romniei Alte companii Total Minus diferen]a din conversie Total Valoarea contabil` (1) 285.871.636 226.664.629 512.536.265 (5.654.330) 506.881.935 Pre]ul de achizitie (2) 286.047.908 226.832.846 512.880.754 Pre]ul de rambursare (3) 278.810.000 223.048.000 501.858.000 Cstiguri nerealizate (4)=(3)-(1) (7.061.636) (3.616.629) (10.678.265)

4.2 TITLURI DE TRANZAC}IE

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

mii lei 31 decembrie 2001 |n: Lei Dolari Total 142.539.178 52.324.632 194.863.810 142.539.178 52.324.632 194.863.810 Pre]ul de achizi]ie Valoarea de pia]` C[tiguri nerealizate

1.172.500.000 1.172.500.000 1.358.519.969 1.358.519.969

Din totalul titlurilor de tranzac]ie, suma de 94.617.926 mii lei reprezint` titluri de stat de]inute n pensiune livrat` cu clientela B`ncii. Toate angajamentele de pensiune au scaden]a nainte sau pe data de 31 ianuarie 2002. La 31 decembrie 2002, Banca avea investi]ii n obliga]iuni de stat n dolari n valoare de 35.000.000 USD. La 31 decembrie 2002, crean]ele ata[ate pentru titlurile de tranzac]ie erau n sum` de 13.954.384 mii lei (2001: 12.142.712 mii lei) (Nota 2.4).

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 Bank 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 anilor 2000 [i 2002, Banca a cump`rat 179 (2001: 160) de ac]iuni Transfond n valoare de 2.107.860 mii lei (2001: 1.600.000 mii lei). Aceste ac]iuni reprezint`

2,66% (2001: 2,38%) din capitalul social al companiei. n prezent, Transfond coordoneaz` transferul de fonduri [i proprietate asupra titlurilor de stat ntre institu]ii financiare, b`nci [i Trezoreria Statului. 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.

49

Note la situa]iile financiare

Titlurile de mai sus sunt emise n EURO pe pia]a Uniunii Europene [i sunt garantate de c`tre Guvernul Romniei. Pre]ul lor de achizi]ie a variat ntre 97,125% [i 103,95%. La 31 decembrie 2001, Banca avea investi]ii n Euro obliga]iuni de 20.287.553 EUR (2001: 18.383.100 EUR). La 31 decembrie 2001, crean]ele ata[ate pentru investi]iile p`strate pn` la scaden]` erau n sum` de 45.828.271 mii lei (2001: 26.259.22 mii lei) (Nota 2.4).

ACTIVE IMOBILIZATE {I FINANCIARE


VALOARE BRUT~

mii lei Sold la Imobiliz`ri necorporale Fond comercial Cheltuieli de constituire Cheltuieli de dezvoltare 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 Obliga]iuni [i alte titluri cu venit fix Ac]iuni [i alte titluri cu venit variabil Participa]ii P`r]i n cadrul societ`]ilor comerciale legate Total Total active imobilizate 701.745.745 1.660.000 703.405.745 817.289.422 507.860 1.150.960 1.658.820 89.878.879 69.754.928* 69.754.928 73.465.842 631.990.817 2.167.860 1.150.960 635.309.637 833.702.459 18.206.692 4.809.951 67.905.907 13.715.660 54.126.949 51.638 3.304.575 3.710.914 31.870.714 1.505.376 118.321.942 23.570.360 2.648.664 14.446.647 4.223.593 26.265.262 5.102.167 7.655.827 1.388.033 354.701 49.835.622 7.750.831 21.747.773 5.611.626 1 ianuarie 2002 23.294 32.466.858 13.487.618 45.977.770 Cre[teri 7.376 22.693.008 11.392.726 34.093.110 Sold la Reduceri 31 decembrie 2001 30.670 55.159.866 24.880.344 80.070.880

* 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.

50

DEPRECIERE / AMORTIZARE

mii lei Sold la Imobiliz`ri necorporale Fond comercial Cheltuieli de constituire Cheltuieli de dezvoltare 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 Obliga]iuni [i alte titluri cu venit fix Ac]iuni [i alte titluri cu venit variabil Participa]ii P`r]i n cadrul societ`]ilor comerciale legate Total Total active imobiliz`ri 29.290.427 22.365.314 372.405 51.283.336 3.563.358 16.131.692 2.414.622 12.270.926 13.203 367.904 5.964.777 28.034.714 2.578.005 337.303 8.507.642 1.145.384 3.935.480 563.279 4.187.887 1.169.658 354.701 900.582 12.340.828 2.315.042
Note la situa]iile financiare

Deprecierea din cursul exerci]iului 12.517 10.081.871 10.094.388

Reduceri

Sold la

1 ianuarie 2002 9.608 13.149.127 13.158.735

sau relu`ri 31 decembrie 2001 4.501 4.501 17.624 23.230.998 23.248.622

6.513.485

mii lei Valoare brut` Imobiliz`ri corporale Imobiliz`ri necorporale Total 118.321.942 80.070.880 198.392.822 Amortizare (28.034.714) (23.248.622) (51.283.336)

Valoare net` contabil` 90.287.228 56.822.258 147.109.486

51

CAPITALUL SOCIAL
Capitalul social a fost subscris pe 13 noiembrie 1997 [i a fost pl`tit n cursul anului 1997 pn` la 31 decembrie 2001:

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

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.
La 31 decembrie 2002, structura ac]ionariatului a fost urm`toarea:

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.

mii lei Bank Austria Aktiengesellschaft Al]ii Total

Num`r de ac]iuni 3.617.311 10.028 3.627.339

% 99.72% 0.28% 100%

Valoare 361.731.100 1.002.800 362.733.900

Conducerea B`ncii a decis s` ia n considerare cre[terea de capital social de 71.800.000 mii lei ca transfer din rezultatul reportat, privind reevaluarea capitalului social n valut`. Costul istoric al capitalului social este de 290.933.900 mii lei, reprezentnd echivalentul capitalului social n valut` la data subscrierii acestuia.

52

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

2001 170.266.990 (37.159.302) (77.871.938) (32.560.116) (1.773.959) (149.365.315) 20.901.675


Note la situa]iile financiare

A[a cum este prezentat` n Nota 2.2, distribu]ia profitului n sum` de 210.472.929 mii lei (2001: 149.365.316 mii lei) a fost efectuat` respectnd prevederile Legii Bancare nr. 58/1998 [i Legii nr. 189/2001.

PROVIZIOANE
8.1 PROVIZIOANE PENTRU RISCURI {I CHELTUIELI

mii lei Sold la 1 ianuarie 2001 Provizioane pentru riscuri de executare a angajamentelor prin semn`tur` Provizioane pentru facilit`]i acordate personalului Provizioane pentru riscul de ]ar` Provizioane pentru restructurare Provizioane pentru dezafectarea imobiliz`rilor corporale [i alte ac]iuni similare legate de acestea Alte provizioane pentru riscuri [i cheltuieli Transferuri |n cont Sold la Din cont 31 decembrie 2002 -

53

8.2 PROVIZIOANE PENTRU DATORII NDOIELNICE

mii lei

Provizioane pentru crean]e ata[ate nerecuperabile Provizioane pentru credite 2.689.091 1.222.839 978.757 (167.100) 4.723.587 5.916.307 634.350 11.274.244 (Nota 3.4) Total 2.824.119 1.140.531 1.000.014 (167.100) 4.797.564 6.161.484 640.447 11.599.495

Sold la 1 ianuarie 2001 Mi[c`ri n timpul anului (Nota 9.9) Diferen]e din schimburile valutare Pierderi din crean]e nerecuperabile Sold la 1 ianuarie 2002 Mi[c`ri n timpul anului (Nota 9.9) Diferen]e din schimburile valutare Sold la 31 decembrie 2002

135.028 (82.308) 21.257 73.977 245.177 6.097 325.251 (Nota 2.4)

CONTUL DE PROFIT {I PIERDERE


9.1 VENIT DIN DOBNZI {I CHELTUIELI CU DOBNZILE

mii lei 31 decembrie 2001 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 Total venituri din dobnzi Cheltuieli cu dobnda 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* Total cheltuieli cu dobnda Venit net din dobnzi (170.342.261) (36.808.391) (8.259.810) (6.329.010) (2.093.808) (648.630) (224.481.910) 298.300.252 (174.474.235) (43.143.502) (12.814.039) (25.982.129) (7.816.973) (3.790.062) (268.020.940) 513.354.721 206.455.562 151.045.603 116.731.168 40.221.000 6.836.479 1.492.350 522.782.162 370.984.244 201.106.000 163.906.505 30.375.160 11.310.745 3.693.007 781.375.661 31 decembrie 2002

*Veniturile [i cheltuielile din opera]iunile cu obliga]iuni de stat n sum` de 163.906.505 mii lei (2001: 116.731.168 mii lei) [i respectiv 3.790.062 mii lei (2001: 648.630 mii lei), se refer` la amortizarea primelor, dobnda pentru titlurile n pensiune livrat` [i alte cheltuieli cu titlurile.

54

9.2 VENITURI {I CHELTUIELI CU COMISIOANE

mii lei 31 decembrie 2001 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 - alte servicii financiare Total cheltuieli cu comisioanele Venit net din comisioane (11.461.991) (3.281.240) (309.716) (8.913) (15.061.860) 85.787.668 (15.317.879) (1.500.813) (917.910) (1.833) (23.376.315) 127.159.755
Note la situa]iile financiare

31 decembrie 2002

44.717.146 35.984.623 16.009.371 409.832 116.488 3.612.068 100.849.528

57.515.591 55.380.576 23.543.298 12.532.007 1.184.243 380.355 150.536.070

(5.637.880)

9.3 PROFIT NET DIN DIFEREN}E DE CURS VALUTAR

mii lei 31 decembrie 2001 Venituri din diferen]e de curs valutar Cheltuieli cu diferen]e de curs valutar Cheltuieli nete din diferen]e de schimb valutar 109.661.532 (148.184.716) (38.523.184) 31 decembrie 2002 514.811.974 (567.671.096) (52.859.122)

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 ale clien]ilor.

55

9.4 ALTE VENITURI {I CHELTUIELI DIN EXPLOATARE

mii lei 31 decembrie 2001 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 Total cheltuieli din exploatare Venit net din exploatare (24.359.174) (2.350.718) (266.738) (80.698) (17.086) (27.074.414) (23.638.990) (34.778.993) (1.894.753) (345.858) (146.515) (79.109) (37.245.228) (16.817.541) 2.117.978 687.983 470.667 158.796 3.435.424 2.891.032 16.445.629 1.070.665 20.361 20.427.687 31 decembrie 2002

* n alte venituri din exploatare este inclus` suma de 2.288.936 mii lei, care se refer` la corec]ii ale impozitului pe profit al anului 2001. ** Cheltuiala cu alte taxe, n sum` de 34.778.993 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 2001 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 (40.768.566) (5.732.547) (2.389.982) (3.396.134) (7.085.928) (59.373.157) 31 decembrie 2002 (64.643.240) (7.231.831) (3.774.502) (5.367.657) (12.290.389) (93.307.619)

56

9.6 CHELTUIELI ADMINISTRATIVE

mii lei 31 decembrie 2001 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 (41.141.693) (29.641.075) (10.263.812) (10.253.952) (5.967.094) (5.416.908) (2.137.233) (2.023.121) (1.280.588) (1.029.650) (747.311) (719.674) (402.162) (88.221) (111.112.494) (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)
Note la situa]iile financiare

31 decembrie 2002

(93.931) (199.876.203)

9.7 DEPRECIEREA IMOBILIZ~RILOR CORPORALE {I AMORTIZAREA IMOBILIZ~RILOR NECORPORALE N ANUL 2001

mii lei 31 decembrie 2001 Amortizarea imobiliz`rilor necorporale (Nota 5) Deprecierea imobiliz`rilor corporale (Nota 5) Total cheltuieli privind amortizarea [i deprecierea n anul 2001 (5.914.164) (7.540.892) (13.455.056) 31 decembrie 2002 (10.094.388) (12.270.926) (22.365.314)

9.8 VENITURI {I CHELTUIELI CU PROVIZIOANELE

mii lei 31 decembrie 2001 Cheltuieli cu provizioanele Venituri din provizioane Cheltuieli nete privind provizioanele (Nota 8.2.) (46.986.556) 45.846.025 (1.140.531) 31 decembrie 2002 (92.298.753) 86.137.269 (6.161.484)

57

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

mii lei 31 decembrie 2001 Venituri din cesiunea obliga]iunilor de stat* Cheltuieli privind cesiunea obliga]iunilor de stat Venit net din cesiunea obliga]iunilor de stat 62.939.403 (13.987.402) 48.952.001 31 decembrie 2002 80.525.521 (60.838.738) 19.686.783

* Venitul din cesiunea obliga]iunilor de stat n sum` de 80.525.521 mii lei (2001: 62.939.403 mii lei), n principal este ob]inut din obliga]iuni de stat exprimate n dolari SUA [i lei, emise de Ministerul Finan]elor.

10

TRANZAC}II CU P~R}I AFLATE |N RELA}II SPECIALE

mii lei Societ`]ile Credite Plasamente, avansuri [i credite acordate Crean]e ata[ate Provizioane constituite Participa]ii, activit`]i de portofoliu [i p`r]i n cadrul societ`]ilor comerciale legate Datorii mprumuturi primite Depozite Certificate de depozit Datorii constituite prin titluri Alte fonduri mprumutate Datorii ata[ate Venituri din comisioane [i dobnzi Cheltuieli cu comisioanele [i dobnzile Datorii contingente Angajamente 554.725.218 1.172.595.015 241.813.330 19.092.576 12.050.379 30.871.610 62.854.200 33.126.601 1.150.960 grupului 698.888.161 27.544 Societ`]i asociate -

2002 Persoane fizice Conducerea 1.330.524 3.530 Alte societ`]i -

14.403.651 25.432

"Societ`]ile grupului" cuprind societ`]ile care, direct sau indirect, prin unul sau mai mul]i intermediari, controleaz` institu]ia de credit, sunt
controlate de aceasta sau, mpreun` cu institu]ia de credit, sunt sub control comun. asocieri n participa]ie.

"Societ`]i asociate" sunt acele societ`]i n care institu]ia de credit are o influen]` semnificativ`, iar acestea nu sunt filiale ale acesteia [i nici "Persoane fizice" cuprind acele persoane care, direct sau indirect, de]in o pondere din drepturile de vot ale institu]iei de credit, incluznd
directorii [i [efii de departamente, precum [i membrii apropia]i ai familiilor acestor persoane.

"Conducere" cuprinde persoanele care au autoritatea [i responsabilitatea planific`rii, conducerii [i controlului activit`]ii institu]iei de credit,
incluznd directorii [i [efii de departamente, precum [i membrii apropia]i ai familiilor acestor persoane. sau societ`]ile asupra c`rora o asemenea persoan` poate exercita o influen]` semnificativ`.

"Alte societ`]i" cuprind societ`]ile n care o persoan` sau un director de]ine, direct sau indirect, o pondere substan]ial` n drepturile de vot

58

11

INFORMA}II PRIVIND PIE}ELE GEOGRAFICE


La 31 decembrie 2002 [i 31 decembrie 2001, Banca [i desf`[ura activitatea prin intermediul a cinci sucursale opera]ionale aflate pe teritoriul Romniei (2001: trei sucursale). De aceea nu exist` segmente geografice [i toate veniturile [i cheltuielile sunt realizate pe o singur` pia]`.

12

DATORII CONTINGENTE {I ANGAJAMENTE


12.1 DATORII CONTINGENTE
Datoriile contingente ale B`ncii existente \n sold la 31 decembrie 2002 [i 31 decembrie 2001 erau urm`toarele:

31 decembrie 2001 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 18.096.161 16.200.000 38.687.728 72.983.889 99.078.431 157.985 75.142.523 174.378.939 247.362.828 32.266.060 279.628.888 113.548.050 393.176.938

31 decembrie 2002 46.721.210 75.909.180 66.532.546 189.162.936 113.718.470 45.295.809 112.485.630 271.499.909 460.662.845 2.292.472 462.955.317 280.017.572 742.972.889

12.2 ANGAJAMENTE

mii lei 31 decembrie 2001 Garantate cu depozite Acreditive emise Deschideri de credite confirmate Total angajamente 3.476.641 3.476.641 1.592.509.395 1.595.986.036 31 decembrie 2002 532.734.467 532.734.467 2.767.960.362 3.300.694.829

59

Note la situa]iile financiare

mii lei

12.3 ALTE ELEMENTE EXTRABILAN}IERE

n plus, Banca a nregistrat n conturile din afara bilan]ului urm`toarele: 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. Nu mai sunt alte obliga]ii dect cele men]ionate mai sus. La 31 decembrie 2002 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 c`tre alt grup pentru care nu s-au constituit provizioane, altele dect cele men]ionate n Nota 10; 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.

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. Se preconizeaz` deschiderea a nc` unei sucursale n decursul anului 2003 n Bra[ov.

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.

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 2002 cu o sum` reprezentnd 7,07% din fondurile proprii ale B`ncii, calculate conform reglement`rilor B`ncii Na]ionale a Romniei care prev`d ca aceast` dep`[ire s` nu fie mai mare de 10% din capitalurile proprii.

60

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 italiene 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)

Ratele oficiale de schimb valabile la 31 decembrie 2002 erau 33.500 lei/USD, 34.919 lei/EUR [i 53.712 lei/GBP, iar la 31 decembrie 2001 erau 31.597 lei/USD, 14.255 lei/DEM, 27.881 lei/EUR [i 2.026 lei/ATS.

La 31 decembrie 2001 pozi]ia net` a principalelor valute, exprimat` n mii lei se prezenta astfel:

mii lei Elemente \n Valuta Dolari SUA EUR M`rci germane Shilling austriac Lire italiene Alte valute Total Active 7.446.141.285 3.402.184.438 21.026.624 1.741.458 2.490.457 204.699.193 11.078.283.455 Pasive (6.707.303.966) (4.489.624.238) (1.149.471) (242.538.289) (11.440.615.964) afara bilan]ului (790.781.826) 1.059.171.990 39.517.239 307.907.403 Pozi]ie net` (51.944.507) (28.267.810) 21.026.624 1.741.458 1.340.986 1.678.143 (54.425.106)

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

61

Note la situa]iile financiare

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

mii lei 31 decembrie 2001 Rezerve din reevaluarea capitalului social (cont nr. 519) Diferen]e de conversie pentru titluri (cont nr. 3046) Venit nerealizat din pensiune livrat` de titluri Datorii nenregistrate Subven]ii transferate la venituri Reclasificarea obliga]iunilor n lei pentru tranzac]ionare Reclasificarea crean]elor ata[ate pentru tranzac]ionare Total nainte de aplicarea impozitului amnat (Nota 13.6.a) Cheltuiala cu impozitul amnat Rezultatul reportat din prima aplicare a IAS, n afar` de IAS 29 (87.200.182) (5.654.330) (10.061.386) 1.127.215 (37.205) (447.253) 532.684 (101.740.457) 1.346.133 (100.394.324)

13.4 b) COREC}IA SUMELOR DIN ANII ANTERIORI

mii lei 31 decembrie 2001 Modific`ri ale aplic`rii tratamentului contabil pentru investi]ii p`strate pn` la scaden]` Efectul fiscal al modific`rii tratamentului contabil Efectul net al rezultatului reportat 5.654.330 (1.413.583) 4.240.747

62

13.5 RECONCILIEREA IMPOZITULUI PE PROFIT

mii lei 31 decembrie 2001 Venituri totale Cheltuieli totale Profit brut Venituri neimpozabile Cheltuieli nedeductibile Rezerve legale (Nota 7) Rezerva general` pentru riscul de credit (Nota 7) Profitul fiscal aferent exerci]iului Reducerea impozitului pe profit aferent rezervelor pentru mijloace fixe (Nota 7) Pierdere fiscal` din exerci]iile anterioare Impozit pe profit Pierdere fiscal` reportat` Cheltuiala cu impozitul pe profit aferent` exerci]iului 735.852.543 (550.056.034) 185.796.509 (17.056.068) 18.630.179 (37.159.302) (77.871.938) 72.339.380 (10.221.301) (15.529.519) (15.529.519) 31 decembrie 2002 1.119.002.208 (850.188.232) 268.813.976 (126.611.486) 18.866.111 (53.762.795) (32.115.122) 75.190.684 Note la situa]iile financiare

(18.797.671) (18.797.671)

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 (Nota 13.6).

63

13.6 RECONCILIEREA IMPOZITULUI PE PROFIT AMNAT a) Calcularea prima facie a impozitului pe profit este reconciliat` cu cheltuiala cu impozitul pe profit, dup` cum urmeaz`:
Anul \ncheiat la 31 decembrie 2001 Profit nainte de impozit 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 101.740.457 287.536.966 71.884.241 (55.008.588) (1.346.133) (56.354.721) 15.529.519 15.529.519 15.529.519 25% (19)% (0)% (19)% 6% 6% 0% 6% 268.813.976 67.203.494 (48.405.823) (48.405.823) 18.797.671 18.797.671 76.416 18.874.087 25% (18)% (18)% 7% 7% 0% 7% 185.796.509 Anul \ncheiat la % 31 decembrie 2002 268.813.976 % -

mii lei

b) Componentele mai importante ale (veniturilor)/cheltuielilor din impozite amnate cu efect fiscal temporar sunt prezentate n urm`torul tabel:
mii lei 31 decembrie 2001 31 decembrie 2002 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 1.092.700 1.732.963 (331.674) (281.804) 9.301 (2.288.936) (67.450) 8.967 8.967

64

13.7 CREDITE DE LA INSTITU}II FINANCIARE

mii lei Credite de la institu]ii financiare Creditanstalt Leasing GmbH European Investment Bank Total (Nota 3.2) Credite de la alte b`nci BACA Viena (Nota 3.1) Chase Manhattan Bank (Nota 3.1) Total 522.039.050 14.420.780 536.459.830
Note la situa]iile financiare

31 decembrie 2001 31 decembrie 2002 27.515.069 557.620.000 585.135.069 32.686.168 698.380.000 731.066.168

13.8 NUMERAR {I ECHIVALENT NUMERAR

mii lei 31 decembrie 2001 31 decembrie 2002 Disponibil \n casierie Disponibil la BNR Total numerar Depozite la BNR BNR Conturi curente la b`nci 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 70.405.096 1.185.847.628 1.256.252.724 343.000.000 70.780.800 1.694.735.942 1.083.746 2.109.600.488 (5.741.473) 3.360.111.739 162.315.440 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

65

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 2002 pentru

capitalul de rangul 1 [i capitalul de rangul 2 era de 11,90% [i respectiv 15,80% (2001: 20.36% [i respectiv 26,79%). 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 241.813.330 mii lei (2001: 193.075.330 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 2001 31 decembrie 2002 1.345.082.832 349.653.110 1.694.735.942 7.726.749.218 568.950.000 8.295.699.218

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`.

66

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 moneda 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 2002. 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 14.11(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) Contracte standard [i derivative

mii lei Valoarea na]ional` Perioada ncheiat` la 31 decembrie 2002 Tranzac]ii Swap de devize Tranzac]ii Forwards de devize Tranzac]ii Spot de devize Total Perioada ncheiat` la 31 decembrie 2001 Tranzac]ii Swap de devize Tranzac]ii Forwards de devize Tranzac]ii Spot de devize Total 8.390.005 252.148.353 280.847.049 189.281 1.283.343 1.472.624 (Note 2.3) (143.591) (4.717.294) (4.170.406) (9.031.291) (Note 2.3) de contract 9.045.880 95.392.883 80.313.235 Valoarea just` Active 1.459.880 6.000 1.465.880 (Note 2.3) Datorii (1.470.700) (4.215) (1.474.915) (Note 2.3)

13.13 EVENIMENTE ULTERIOARE DATEI DE 31 DECEMBRIE 2001

Ulterior datei de 31 decembrie 2002, Banca a deschis o nou` sucursal` n Bra[ov n luna aprilie 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.

67

Note la situa]iile financiare

INFORMA}II GENERALE

Adrese \n Romnia
SEDIUL CENTRAL BRA{OV ORADEA

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 Unirii nr. 2-4 Telefon: +40 (0259) 406 700 Telefax: +40 (0259) 461 700
TIMI{OARA

SUCURSALE SUCURSALA MILLENIUM - BUCURE{TI

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

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

Calea Victoriei nr. 88 Telefon: +40 (021) 203 23 13 Telefax: +40 (021) 231 05 40

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

69

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
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

70

The Bank in the Heart of Europe


The partnership agreements and the decisions taken at the Copenhagen Summit have given a strong impetus to our country's reform course. Our future way into the European Union has been outlined very clearly. This gives companies and investors a reliable basis for planning. In this environment we see our prospects and our mission: Together with our parent company Bank Austria Creditanstalt we are an essential part of the HVB Group, whose strategy has focused on European integration for more than a decade. The business principle of this "Bank in the Heart of Europe" is to combine decentralised customer service with the standards and strength of a major international bank. This means that we bring companies and private individuals to the international markets, and the markets to our customers on a partnership basis and profitably for both sides. The success of our customers is our success. We are proud of living and working in a growth market. This enables us to use the creative diversity of talents to move forward. We have the resources required to do so, and we can now fully concentrate on the development of customer business. By providing the growing business sector with our services, we aim to strengthen Romanias competitive position and beyond the purely economic aspects make our contribution to peaceful European integration.

73

Global business segments


To optimize value creation across the corporate group, we are pooling our resources in product-driven competence fields and focusing them in three global business segments:
HVB CORPORATES & MARKETS

Market leader in the heart of Europe


The HVB Group is one of the largest banks in Europe.
BANK OF THE REGIONS

Combining global capital market know-how with our advisory skills for multinational companies; offices at the most important financial centers in the world.
HVB REAL ESTATE

Acting as the Bank of the Regions, we are leaders in Germany, Austria, and Central and Eastern Europe (CEE), a market of some 160 million people.

Market leader in international real estate finance; strong presence in the United States, Great Britain, and Western Europe.
HVB WEALTH MANAGEMENT

International retail and institutional funds, and private banking.

74

PL

CZ SK A H SLO HR BiH YU BG RO

75

MANAGEMENT REPORT

Management Report
2002 has been the most successful year for HVB Bank Romania since it was founded in 1998. The concept of a universal bank, serving both corporate and private customers and a strong performance on the local inter-bank market, has proven to be the appropriate strategy to extraordinary success on the Romanian market. HVB Bank Romania has further strengthened its market position in all business segments and extended its market share. The bank posted a net profit of ROL 249.940 million at 31st December 2002 which is more than double compared to the previous year-end result. This development was mainly driven by the fact that HVB Bank Romania succeeded to offer modern and innovative products and services, which are based on specific needs of a clear selected group of clients. This strategy determined the high increase of our customers portfolio, by reaching total assets of ROL 19.241 billion, also more than double of the last years level. Primary funds increased to ROL 15.501 billion and continued to be the banks main financial resources. Focussing on assets with a low risk, corporate and private lending was extended and increased by 40 % compared to year-end 2001. The volume of overdue loans and receivables remained at the same level as in 2001, meaning 0.1% of the total loans to customers volume.

77

Management report

In 2003, the bank will continue to develop its network and supported by the shareholders international know-how, launch new products for the customers satisfaction. We want to thank all our customers and business partners for their confidence and our professional staff for their commitment to further growth.

Dan Pascariu Chairman

Helmut Bernkopf Deputy Chairman

78

REPORT ON THE DIVISIONS

Corporate banking division


In 2002 HVB Bank Romania continued its growth on the corporate banking market and to extend its client base through targeted acquisition of new customers and based on an enlarged branch network. With a view to better address the corporate customer needs and in order to ensure the development of highquality corporate banking products, dedicated teams have been created within the Corporate Banking Division with a clear focus on customer segments (key accounts, mid market, real estate), products (cash management, trade finance, project finance) and support functions (customer service, analysts). This strategy enabled HVB Bank Romania to strengthen its market position in all corporate customer segments. The growth has been sustained by the implementation of new cash management and medium and long-term financing solutions, together with specialized products for the employees of our corporate customers. The total committed lending activity at the end of the year (on and off balance sheet) on corporate customers side amounted to approximately ROL 7.580 billion. On the liability side the deposits placed by the corporate clients totalled over ROL 11.172 billion at end of 2002, which represented over 70% of total client placements with the bank. In line with the growth strategy of the bank and the opening of new branches in Oradea and Cluj a more proactive approach towards the small and medium-sized business segment was implemented. As of end of 2002, a specialized division located both at Head Office and branch levels managed approximately 500 mid-sized company accounts. During 2002 HVB Bank Romania has defined a more aggressive approach to the investments in the Romanian real estate market having the advantage of HVB Groups focus on this segment. At the end of 2002 the Banks real estate financing team serviced more than 20 real estate customers financing primarily investments into office facilities but also retail, industrial and on a selective basis residential projects. HVB Bank Romania successfully generated several high profile transactions in 2002, such as: Acting as joint-lead arranger for the USD 320 million financing structure designed to support the acquisition of fuel necessary on national level for the winter period; Export Finance - arranging the financing for the acquisition of new special trains for the national railways company; Trade Finance - pre-export financing facility of EUR 30 million in favour of a major Romanian oil company for the acquisition of crude oil; Trade Finance - pre-export financing facility in favour of a major Romanian steel producer for acquisition of raw materials; Real Estate Finance mandated with the financing of the Charles de Gaulle office complex.

81

Report on the divisions

Retail customers and small businesses division


During the year 2002 HVB Bank Romania has continuously extended and diversified its retail banking activity, which it pursued since the foundation of the bank. Following several analyses, intended to define the specific needs of our customers, the retail division has issued packages of products and services for individuals. The packages include current accounts, debit cards and innovative and modern services such as Online B@nking and Telephone B@nking. Due to the high demand of saving products, HVB Bank launched Profit Account, which is a modern and flexible saving product. On the card business, the bank enlarged its offer with VISA cards: Gold and Silver for corporate clients and Gold, Classic and Electron for private customer. By end of year 2002 an increase of 210% was registered in terms of issued cards. In autumn 2002 HVB Bank entered successfully the housing loan market, offering a very competitive product. By the end of 2002 the bank had already a mortgage loan portfolio of about ROL 105.405 million. The number of customers in the retail segment grew with over 23%. During the last quarter 2002, HVB Bank Romania implemented Automat Teller Machines (A.T.M) in all existing branches and in the new ones in Oradea and Cluj. This was the first step in direction of accomplishing the 24h B@nking service in the location of the branches including ATM and Internet Banking corners. In 2003 the Retail Division will focus on the enlargement of the product range with innovative solutions for our client and the development of the distribution network.

82

Treasury division
Following the trend of the inter-bank market, the volumes of treasury operations at HVB Bank Romania doubled in 2002. Romania qualified as primary dealer on the T-Bills Market. Bearing in mind the development of the interbank market, both in terms of depth and diversity, we aim to maintain our position on the current markets and obtain the leading position on new markets, such as derivatives.

This was a result of the continuing development of the banks client database and our professional inter-bank market participation.

Our dealing department continues to be one of the Romanian inter-bank market makers on both Foreign Exchange and Money Market. Additionally, HVB Bank

The corporate desk department offers to the clients the whole range of products available to the market. Special attention is focused on risk hedging, especially interest and exchange rate risk.

83

Report on the divisions

HUMAN RESOURCES

Human Resources
HVB Banks Human Resources Management continued during 2002 to play an essential role in the development and implementation of HR strategies, programs and services. 2002 has been the year of territorial expansion. Oradea and Cluj Napoca branches started their activity and the recruitment process for two more branches outside Bucharest begun, Brasov and Constanta. The selected teams followed a structured and intensive training plan with the banks headquarter in Bucharest in order to perform in line with HVBs standards and organisational culture. At headquarters the personnel structure also further developed. Consequently the number of employees increased from 144 in December 2001 to 172 by the end of the year, a tendency that will be followed also during 2003. HVB Bank continued to launch a number of new products and services during 2002. As a result of the development of the Retail segment, the training in this area intensified. There has been a significant increase in both the volume and diversity of training programs offered in 2002, the main focus being on sessions of selling skills and reaching customer satisfaction. Employees are the most valuable resource in meeting the banks goals. A constant care of the management for competitive compensation packages, well structured training programs and career management lead to high professional standards, efficient team work and strong motivation reflected also in 2002 in the results of the bank.

85

Human resources

FINANCIAL REPORT

Auditors report
We have audited the accompanying balance sheet of HVB BANK ROMANIA S.A. (the Bank) as of December 31, 2002 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 19,240,647,236 880,042,397 1,119,002,208 249,939,889 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, 2002 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, which are comprised of the accounting law no. 82/1991, the Ministry of Public Finance Order no. 1982/5/2001, National Bank of Romanias regulations applicable to banks and the Ministry of Public Finances Order no. 1784/2002 related to Closing Regulations for the year ended at December 31, 2002. Without qualifying our opinion, we draw attention to the following: As discussed in Note 1.1 to the financial statements, during the year 2000 Romania started the process of harmonising its accounting principles with the Directive 86/635 of the European Economic Committee and International Accounting Standards (IAS). However, the latest accounting requirements of the Ministry of Finance

total assets total shareholders equity net assets income from banking activity 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) which are comprised of the accounting law no. 82/1991, the Ministry of Public Finance Order no. 1982/5/2001, National Bank of Romanias regulations applicable to banks and the Ministry of Public Finances Order no. 1784/2002 related to Closing Regulations for the year ended at December 31, 2002. Our responsibiliti 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 National Auditing Standards of Romania. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free

87

Financial report

and the National Bank of Romania are designed to address the fiscal needs of the Ministry of Finance and are applicable in Romania only. Such regulations do not address the financial reporting in hyper-inflationary economies and are different in some respects both from accounting regulations for hyper-inflationary economies and the International Accounting Standards (IAS). 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 all the requirements of IAS. As disclosed in Note 1 and Note 4.1, during 2002 the Bank has changed its accounting policy with respect to foreign exchange differences arising from the period end revaluation of such investments based on National Bank of Romanias instructions and has decided to restate the retained earnings and investments in bonds. At December 31, 2002 the securities denominated in foreign currencies and classified as held-to-maturity are presented at their

historic ROL values in the balance sheet by recording unrealised foreign exchange differences in the balance sheet. Whilst such accounting treatment is recommended by local regulations it is not in accordance with IAS. At December 31, 2002, the Bank has recorded transfers between various reserves within the statement of changes in shareholders equity based on informal advice from the National Bank of Romania and the accounting commission established under the Romanian Banking Association. Such transfers do not affect the Banks financial position at December 31, 2002 or its distributable reserves; however, there is an uncertainty about eventual destination of some of these reserves based on final regulations from the Ministry of Finance and National Bank of Romania.

Bucharest, March 31, 2002 Deloitte & Touche Romania SRL

88

BALANCE SHEETS AS AT DECEMBER 31, 2001 AND DECEMBER 31, 2002

in ROL thousands / in EUR thousands*

2001

2002

2001*

2002*

ASSETS Petty cash, cash at banks (Note 14.8) Public bills of change and other bonds accepted for refinance at central banks Public bills of change and assimilated values (Note 3.5)

1.256.252.724

2.248.879.348

45.058 75.664 2.539 73.125 139.697 70.908 68.789 25.169 17.080 8.089 60 1.177 1.857 753 240 2.127 291.049

64.403 38.905 38.905 265.103 3.712 261.391 157.305 82.022 75.283 18.099 13.085 5.014 62 33 33 1.627 2.586 1.241 317 2.568 551.008
Financial report

- 1.358.519.969 - 1.358.519.969 -

Other bonds accepted for refinance at central banks Receivables over credit institutions (Notes 3.4; 14.8) At sight Other receivables (Note 3.1) Receivables over 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 14.2): 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 Commercial fund 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

2,109.600.488 9.257.143.676 70.780.800


129.635.096

2.038.819.688 9.127.508.580 3.894.902.798 5.492.944.196 1.976.994.258 2.864.119.226 1.917.908.540 2.628.824.970 701.745.745


476.218.033 225.527.712 1.660.000 32.819.035 13.686 51.774.215 20.992.355 6.699.859 59.290.730 631.990.817 456.930.996 175.059.821 2.167.860 1.150.960 1.150.960 56.822.258 13.046 90.287.228 43.322.137 11.058.168 89.682.756

8.114.745.594 19.240.647.236

* The EURO figures are obtained by converting the ROL figures using the NBR rate of exchange of 27 881 ROL/EUR available as of December, 31 2001 and of 34 919 ROL/EUR available as of December, 31 2002. The EURO figures are presented for information purpose only and were not audited by Deloitte & Touche.

89

BALANCE SHEETS AS AT DECEMBER 31, 2001 AND DECEMBER 31, 2002

in ROL thousands / in EUR thousands*

2001

2002

2001*

2002*

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 assets

(763.094.157) (1.769.808.203) (92.618.657) (19.123.373)


(670.475.500) (1.750.684.830) (6.470.026.534) (16.231.931.801) (4.549.460.632) (11.545.624.175)

(27.370) (3.322) (24.048) (232.057) (163.174) (163.174) (68.883) (44.630) (24.253) (982) (1.115) (6.925) (13.010) (5.391) (1.333) (2.793) (1.265) (3.449) (6.107) 5.357 (291.049)

(50.682) (548) (50.134) (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)

(4.549.460.632) (11.545.624.175) (1.920.565.902) (4.686.307.626) (1.224.339.948) (3.955.241.458) (676.225.954) (27.365.354) (31.081.711) (193.075.330) (362.733.900) (150.313.356) (37.159.302) (77.871.938) (35.282.116) (96.153.577) (170.266.990) 149.365.315

(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

(8.114.745.594) (19.240.647.236)

* The EURO figures are obtained by converting the ROL figures using the NBR rate of exchange of 27 881 ROL/EUR available as of December, 31 2001 and of 34 919 ROL/EUR available as of December, 31 2002. 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, 2001 AND DECEMBER 31, 2002

in ROL thousands / in EUR thousands*

2001

2002

2001*

2002*

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 393.176.938 279.628.888 113.548.050 1.595.986.036 742.972.889 280.017.572 462.955.317 3.300.694.829 14.102 10.029 4.073 57.243 21.277 8.019 13.258 94.524 -

* The EURO figures are obtained by converting the ROL figures using the NBR rate of exchange of 27 881 ROL/EUR available as of December, 31 2001 and of 34 919 ROL/EUR available as of December, 31 2002. 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, 2001 AND DECEMBER 31, 2002

in ROL thousands / in EUR thousands*

2001

2002

2001*

2002*

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 8.2; 9.8) Income from the value of receivables and provisions for contingent liabilities and commitments (Notes 8.2; 9.8) Corrections over the value of bonds as financial assets, investments and over shares in related parties Income from the value of bonds as financial assets, investments and over shares at related parties CURRENT ACTIVITY PROFIT/(LOSS) Profit Loss Profit tax on current activity profit (Note 14.5)

522.782.162 67.589.927 (224.481.910) 100.849.528 (15.061.860) (38.523.184) 3.435.424 (170.485.651) (59.373.157) (40.768.566) (11.518.663) (111.112.494) (13.455.056) (27.074.414)

781.375.661 8.321.743 (268.020.940) 150.536.070 (23.376.315) (52.859.122) 20.427.687 (293.183.822) (93.307.619) (64.643.240) (16.373.990) (199.876.203) (22.365.314) (37.245.228)

18.751 2.424 (8.051) 3.617 (540) (1.382) 123 (6.115) (2.130) (1.462) (413) (3.985) (483) (971)

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

(46.986.556)

(92.298.753)

(1.685)

(2.643)

45.846.025

86.137.269

1.644

2.467

(13.987.402)

(60.838.738)

(502)

(1.742)

62.939.403

80.525.521

2.258

2.306

185.796.509 (15.529.519)

268.813.976 (18.874.087)

6.664 (557)

7.699 (541)

* The EURO figures are obtained by converting the ROL figures using the NBR rate of exchange of 27 881 ROL/EUR available as of December, 31 2001 and of 34 919 ROL/EUR available as of December, 31 2002. 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, 2001 AND DECEMBER 31, 2002

in ROL thousands / in EUR thousands*

2001

2002

2001*

2002*

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 14.5, Note 14.6) Other taxes NET PROFIT/(LOSS) FOR THE FINANCIAL YEAR Profit Loss 170.266.990 249.939.889 6.107 7.158 185.796.509 (15.529.519) 268.813.976 (18.874.087) 6.664 (557) 7.699 (541) 26.393 (19.729) 32.046 (24.347)
Financial report

170.266.990 -

249.939.889 -

6.107 -

7.158 -

735.852.542 1.119.002.208 (550.056.033) (850.188.232)

* The EURO figures are obtained by converting the ROL figures using the NBR rate of exchange of 27 881 ROL/EUR available as of December, 31 2001 and of 34 919 ROL/EUR available as of December, 31 2002. 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, 2001 AND DECEMBER 31, 2002

in ROL thousands / in EUR thousands*

2001

2002

2001*

2002*

NET PROFIT/(LOSS) BEFORE TAX Components of net profit/(loss) that do not generate cash flows for the operating activity provisions set-up or corrections depreciation expenses other adjustments for items that do not generate cash flows adjustments for first use of IAS less IAS 29 - items included in investment and financial activities other adjustments profit tax

170.266.990

249.939.889

6.107

7.158

1.808.574 15.592.290 8.340.097 15.529.519 211.537.470

5.301.623 24.137.807 38.437 18.874.087 298.291.843

65 559 299 557 7.587

152 691 541 8.542

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 over credit institutions receivables over 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 (458.043.886) (35.457.719) (16.429) (1.015) (63.477.860) (84.919.986) (2.277) (2.431) (1.120.000) (393.446.026) (1.658.820) 51.121.087 (40) (14.112) (48) 1.464 (194.863.810) (4.350.028) (20.283.265) 4.266.033 402.647.009 2.678.152.443 6.944.543 16.668.025 (14.460.440) 1.224.459.345 18.633.841 742.255 (30.140.752) (3.579.831) 1.006.714.046 9.761.905.268 39.099.156 17.360.210 (18.030.953) 9.486.151.753 (6.989) (156) (66.777) (727) 153 14.442 96.057 249 598 (519) 43.918 534 21 (45.959) (863) (103) 28.830 279.559 1.120 497 (516) 271.662

(1.861.798.635) (1.604.843.330)

* The EURO figures are obtained by converting the ROL figures using the NBR rate of exchange of 27 881 ROL/EUR available as of December, 31 2001 and of 34 919 ROL/EUR available as of December, 31 2002. 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, 2001 AND DECEMBER 31, 2002

in ROL thousands / in EUR thousands*

2001

2002

2001*

2002*

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 14.8) 115.297.330 212.733.900 328.031.230 48.738.000 48.738.000 4.135 7.630 11.765 81.262 43.918 (16.429) 11.765 120.516 1.396 1.396 96.226 271.662 (1.015) 1.396 368.268
Financial report

2.265.665.050 3.360.111.739 1.224.459.345 9.486.151.753 (458.043.886) 328.031.230 (35.457.719) 48.738.000 -

3.360.111.739 12.859.543.773

* The EURO figures are obtained by converting the ROL figures using the NBR rate of exchange of 27 881 ROL/EUR available as of December, 31 2001 and of 34 919 ROL/EUR available as of December, 31 2002. The EURO figures are presented for information purpose only and were not audited by Deloitte & Touche.

95

STATEMENT OF CHANGES IN EQUITY FOR THE YEARS ENDED DECEMBER 31, 2002

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 As previously stated Prior period adjustment (note 14.1) As restated Credit balance as restated 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 630.102.508 249.939.889 514.006.423 264.066.534 4.240.747 96.153.577 44.437.860 44.437.860 100.394.324 20.901.675 362.733.900 37.159.302 77.871.938 35.282.116 Total out of which 53.762.795 32.115.123 133.750.756 53.762.795 32.115.123 133.750.756 Transfer

96

STATEMENT OF CHANGES IN EQUITY FOR THE YEARS ENDED DECEMBER 31, 2002

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 As previously stated Prior period adjustment (note 14.1) As restated Credit balance as restated 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 210.472.929 264.066.534 210.472.929 264.066.534 39.466.960 880.042.397 140.591.437
Financial report

Transfer

Balance at December 31

44.437.860 9.155.745 -

44.437.860 9.155.745 -

362.733.900 90.922.097 109.987.061 124.595.012 11.745.930 100.394.324 4.240.747

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 2001 (MoF 1982/5). This order requires the Financial Statements to be drawn up in accordance with: Accounting Law no. 82/1991 (republished, modified and ammended); Presentation requirements from MoF 1982/5/2001 and International Accounting Standards (IAS) published by International Accounting Standards Committee. 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. Consequently, IAS 29 provisions Reporting in hyperinflationary economies were not applied. In 2001, IAS 39 Financial Instruments: Recognition and Measurement became applicable. The management has assessed that the adoption IAS 39 will not materially affect the results of its operation. The financial effects of adopting IAS 39, if any, are reported in the Statement of changes in

shareholders equity. Further information is disclosed in accounting policies for derivative financial instrument and hedging. Prior to adoption of IAS 39, all debt and equity securities, except for dealing securities, were measured at amortised cost or cost respectively, providing only for impairments that are considered to be permanent. IAS 39 has been applied prospectively in accordance with the requirements of this standard and therefore comparative financial statements are not restated.
Change in accounting policy

In accordance with IAS 8 Net Profit or Loss for the Period, Fundamental Errors and Changes in Accounting Policies, the Bank has retrospectively restated its retained earnings and investments in debentures and other fixed income bonds in the balance sheet as of December 31, 2001. Previously, the conversion differences arising from translation of held to maturity financial assets were reported in the statement of changes in shareholders equity as Retained earnings from first use of IAS less IAS 29, a special account used in the first year application of the Ministry of Finance Order No. 1982/5/2001. However, subsequently, National Bank of Romanian has issued methodology regarding recording of such conversion differences under MOF 1982, which requires that such differences be reported in the balance sheet until maturity of such investments.

99

Notes to the financial statements

The amounts affected by this change in accounting policy has been presented as if the change had been corrected in the period in which it was made and is disclosed in notes Note 4.1 and 14.4 (b). MINISTRY OF PUBLIC FINANCES AND NATIONAL BANK OF ROMANIA ORDER NO. 1982/5/2001 (ACCOUNTING REGULATIONS HARMONIZED TO 86/635TH 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. The restatement of financial statements, according to IAS 29, requires the use of General Price Index (GPI) that reflects the changes in purchasing power. However, the Bank has not applied the provisions of IAS 29 because the Ministry of Finance Order no. 2332/2001 relating to closing rules for the year 2001 requires that provisions of IAS 29 should not be applied.

1.2 SIGNIFICANT ACCOUNTING POLICIES RESUME

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 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 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

All amounts are presented in ROL thousand.

Interest income and expense

Interest income and expense are recognised in the Statement of Operations for all interest bearing instruments on an accrual basis. Interest income includes coupon earned on fixed income investment and trading securities and accrued discount and premium on treasury bond. Interest income is suspended when loans become doubtful and are written off. Such income is excluded from interest income until received. Commission interest and expense are generally recognised on accrual basis. Commission arising from negotiating or participating in the negotiation of a transaction for a third party such as the acquisition of loans, shares or other securities or purchase or sale of business, are recognised on completion of the underlying transaction. Other operating income and other operating expenses are accounted for on the accrual basis. Asset with acquisition cost more than eight million ROL and an estimated useful life

Commission income and expense

Other operating income and expenses

Fixed assets and intangible assets

100

exceeding one year are capitalised. Assets with acquisition cost less than eight million ROL 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%

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

Intangible assets consist of software, which is amortised over a period of four years. 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 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

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 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 are based on evaluations of loans and advances as at December 31, 2002 and December 31, 2001, 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
Notes to the financial statements

Originated loans and provision for loans

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,

Provisions for doubtful debts

Leasing

101

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 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%

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 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

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. for any impairment that is other than temporary. During 2002, the Bank has changed its accounting policy with respect to foreign exchange differences arsing from the period end revaluation of such investments based on NBR instructions and has decided to restate its retained earnings and investments in bonds. Under this policy, the securities classified as held-to-maturity are presented at their historic ROL values in the balance sheet.

102

c) Sale and repurchase agreements Securities sold subject to sale and repurchase agreements (repos) are included in the balance sheet where it is determined that the bank has retained control over the assets or there is an unconditional obligation to repurchase. Such securities are classified as pledged securities within the relevant investment category. The related obligations to counter parties are included in other liabilities. Securities purchased under agreements to resell (reverse repos) are recorded under loans and advances to customers or other banks. The difference between sale and repurchase price is treated as interest and recognised over the life of the agreement.
Foreign exchange

Contributions for employees

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. Certain comparative amounts have been restated and reclassified to conform to the current year presentation. The charge for current tax is based on the results for the year as adjusted for non-assessable or 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.

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 are credited or charged to the profit and loss account, except for foreign gains and losses arising from translation of held to maturity financial investments, in accordance with NBR requirements which are reported in the balance sheet and shown as net against value of such titles. Romanian Leu is not convertible outside Romanian territory.

Comparative statements

Profits Tax

Cash and cash equivalents

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

Going concern

103

Notes to the financial statements

b) Trading securities (TS) Trading securities are acquired to generate profits either from short-term fluctuations in market prices or dealers margin, or are securities included in a portfolio in which a pattern of short-term profit taking exists. Trading securities are initially recognised at cost including transaction cost and subsequently re-measured at fair value based on quoted prices. All related realised and unrealised gains and losses are included in income from investments. Interest earned while holding these securities is recorded in interest income and dividends received are included in dividend income. All purchases and sales of trading securities that require delivery within the time frame established by regulation or market convention (regular way, purchases or sales) are recognised at trade date which is the date the Bank commits to purchase or sell the asset, otherwise these transactions are treated as derivatives until settlement occurs.

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 drawn up accordingly.
Use of estimates

In order to elaborate these financial statements in accordance with Ministry of Public Finances and National Bank of Romania Order no. 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.

The financial statements for the year ended 2002 and year ended 2001 reflect the net deferred tax assets and liabilities from the net cumulative differences. 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.

According to Law no. 189/2001, there is 50% reduction of income tax related to Banks investments, in tangible and intangible asset, from profit of fiscal year beginning with January 1, 2001. The value of such investments can be recorded as other reserves, as per Decision no. 3/2002.

BALANCE SHEET ITEMS


2.1 INVENTORIES ACCOUNTS
As at December 31, 2002 and December 31, 2001 the Bank had the following inventory accounts: Inventories Provisions 3.525.595 (3.525.595) 1.853.984 Total 1.853.984 1.853.984 Inventories Provisions 3.002.525 (3.002.525) 491.593 Total 491.593 491.593

ROL thousand Small tools Other inventories (Note 2.3)* Total

ROL thousand Small tools Other inventories (Note 2.3)* Total

5.379.579 (3.525.595)

3.494.118 (3.002.525)

* The inventories amounting ROL 1.853.984 thousand (2001: ROL 491.593 thousand) have a rapid turnover, therefore no provision for obsolete inventories were provided for these financial statements.

2.2 RESERVES

As at December 31, 2002, reserves amounting to ROL 325.504.170 thousand (2001: ROL 150.313.356 thousand) include: Legal reserves amounting to ROL 90.922.097 thousand (2001: ROL 37.159.302 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 risk fund amounting to ROL 109.987.061 thousand (2001: ROL 77.871.938 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. Other reserves amounting to ROL 124.595.012 thousand (2001: ROL 35.282.116 thousand) consist of: in accordance with Law no 189/2001 and to Decision 3/2002, other reserves, amounting to ROL 6.006.463 thousand (2001: ROL 22.997.928 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, (2001: ROL 2.555.325 thousand), and according with the Decision no. 3/2002 - the value of such investments amounting to ROL 5.339.078 thousand (2001: ROL 22.442.603 thousand.). This reserve cannot be distributed to the shareholders. FX revaluation reserve amounted to ROL 118.588.549 thousand (2001: ROL 9.562.188 thousand) which are relating to foreign currency revaluation of assets and liabilities, established in accordance with law no 189/2001. The value of FX revaluation reserves established for year 2001 have been increased up to ROL 18.717.933 thousand as a result of NBR control performed during year 2002. other funds amounted to ROL 2.722.000 thousand. During December 2002, the amount of ROL 44.437.860 thousand have been transferred from Other reserves to Retained earnings from first use of IAS except for IAS 29 based on informal advice from the representatives of the National Bank of Romania and from the accounting commission established under the Romanian Banking Association, related to the provisions of the Ministry of Finance Order 1982/2001.

104

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, 2001 December 31, 2002 2.479.895 2.083.128 1.472.624 491.593 105.169 67.450 6.699.859 3.961.102 3.777.202 1.465.880 1.853.984 11.058.168

Other liabilities Sundry creditors * Unrealised foreign exchange differences (Note 13.12 (e)) Deferred tax liability (Note 13.6) Other liabilities ** Total other liabilities

December 31, 2001 December 31, 2002 17.758.198 9.031.291 575.865 27.365.354 34.343.414 1.474.915 8.967 11.043.338 46.870.634

* Sundry creditors amounting to ROL 34.343.414 thousand (2001: ROL 17.758.198 thousand) comprise mainly of amounts to be paid to providers of IT support, software upgrade and maintenance. ** Other liabilities amounting to ROL 11.043.338 thousand (2001: ROL 575.865 thousand) mainly include taxes to be paid to State Budget.

2.4 PREPAYMENTS AND DEFERRED INCOME


ROL thousand Prepayments and accrued interest receivable Prepaid expenses Accrued interest receivable from: securities held to maturity (Note 4.1) treasury bills held for trading (Note 4.2) placements with NBR loans granted to customers placements with other banks overdrafts overdue interest Total prepayments and accrued interest receivable Less: provision for interest risk (Note 8.2) Prepayments and accrued receivables - net 26.259.224 12.142.712 9.580.923 4.792.690 2.837.583 931.746 1.409.252 59.364.707 (73.977) 59.290.730 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 December 31, 2001 December 31, 2002 1.410.577 3.368.101

105

Notes to the financial statements

ROL thousand

ROL thousand Deferred income and accrued interest payable Deferred income* Accrued expenses Accrued interest payable for: - customers current accounts and deposits - loans from financial organisations (Note 14.7) - placements from other banks - liabilities under repurchase agreements - subordinated loan (Note 3.6) Total deferred income and accrued interest payable 7.317.936 1.058.781 765.862 641.398 551.717 31.081.711 11.587.072 6.562.930 495.463 10.040.141 70.180.871 December 31, 2001 December 31, 2002 18.833.178 1.912.839 35.572.628 5.922.637

* The deferred income amounting to ROL 35.572.628 thousand (2001: ROL 18.833.178 thousand) mainly consists in flat fee for factoring loans and income from promissory notes endorsed by the Bank.

STATEMENT OF RECEIVABLES AND PAYABLES


3.1 TERM RECEIVABLE AND PAYABLES

ROL thousand Balance at Term receivables Credit institutions Loans 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 1 one year 192.167.378 192.167.378 192.167.378 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

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, 2002 (1.750.684.830) (11.545.624.175) (731.066.168) (14.027.375.173) 593.077.603

Residual maturity - Remaining period to maturity Up to 3 months Between 1 3 months (1.228.645.780)** (10.799.033.450) (1.612.227) (12.029.291.457) 256.015.905 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, loans to customers included the amount of ROL 2.864.121.667 thousand representing overdrafts to customers. (**) 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).

106

ROL thousand Balance at Term receivables Credit institutions Loans customers Less: provisions Loans to customers - net Total receivables December 31, 2001 2.038.819.688 3.899.626.384 (4.723.586) 3.894.902.798 5.933.722.486 Up to 3 months 2.033.078.215 2.353.692.712* (300.006) 2.353.392.706 4.386.470.921

Residual maturity 3 months Between 1 one year 1.083.746 862.901.897 (4.423.580) 858.478.317 859.562.063 and 5 years 4.657.727 635.098.312 635.098.312 639.756.039

Over 5 years 47.933.463 47.933.463 47.933.463

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, 2001 (670.475.500) (4.549.460.632) (676.225.954) (5.896.162.086) 37.560.400

Residual maturity - Remaining period to maturity Up to 3 months Between 1 3 months (670.475.500) (3.228.266.226) (91.366.885) one year (1.158.803.136) (828.000) and 5 years (162.391.270) (80.905.682) (243.296.952) 396.459.087

Over 5 years Notes to the financial statements

(503.125.387) (503.125.387) (455.191.924)

(3.990.108.611) (1.159.631.136) 396.362.310 (300.069.073)

(*) As at December 31, 2001, loans to customers included the amount of ROL 1.977.294.264 thousand representing overdrafts to customers.

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, 2001 December 31, 2002 585.135.069 90.694.381 396.504 676.225.954 731.066.168 731.066.168

3.3 RECEIVABLES FROM CUSTOMERS

The loans portfolio as at December 31, 2002 and December 31, 2001 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.

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

As at December 31, 2001, 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 1.600.000 2.119.704 308.443.747 77.116 312.240.567

Foreign currency 315.871.330 133.266.399 379.136.907 1.078.664.142 1.668.550.511 4.609.556 2.563.386 3.582.662.231

Total 317.471.330 133.266.399 379.136.907 1.080.783.846 1.976.994.258 4.686.672 2.563.386 3.894.902.798

3.4 MATURITY ANALYSIS OF RECEIVABLES AND LIABILITIES OVER BANKS AND CUSTOMERS

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) 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 Sight Term Total

108

ROL thousand December 31, 2001 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) (92.618.657) (1.244.339.948) (1.336.958.605) 710.816.453 (670.475.500) (5.225.686.586) (5.896.162.086) (1.939.433.858) (763.094.157) (6.470.026.534) (7.233.120.691) (1.228.617.405)
Notes to the financial statements

Sight

Term

Total

70.780.800 1.976.994.258 1.977.294.264 (300.006) 2.047.775.058

2.038.819.688 1.917.908.540 1.922.332.120 (4.423.580) 3.956.728.228

2.109.600.488 3.894.902.798 3.899.626.384 (4.723.586) 6.004.503.286

3.5 ANALYSIS OF SECURITIES


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

As at December 31, 2001, the Bank held securities maturing as follows:

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

Due within one year 194.863.810 194.863.810 (Note 4.2)

Due after one year Total 480.735.446 226.664.629 707.400.075 (5.654.330) 701.745.745

285.871.636 226.664.629 512.536.265 (Note 4.1)

109

3.6 SUBORDINATED LOANS

2002 EUR Bank Austria Creditanstalt International AG Vienna Total 6.924.979 6.924.979

ROL000 241.813.330 241.813.330

2001 EUR 6.924.979 6.924.979

ROL000 193.075.330 193.075.330

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, 2001 and rescheduled till September 25, 2006. Subsequently, on August 23, 2001 the Bank concluded a new subordinated loan contract of Euro 3.4 million with final maturity on August 23, 2007 for the same purpose. The conditions of the loans were not changed in any way during year 2002. 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, 2002 amounted to ROL 10.040.141 thousand (2001: ROL 551.717 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, 2001 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

110

ROL thousand December 31, 2001 Issued by: Romanian Government Other companies Total Less conversion differences Total Book value (1) 285.871.636 226.664.629 512.536.265 (5.654.330) 506.881.935 Purchase value (2) 286.047.908 226.832.846 512.880.754 Reimbursement value (3) 278.810.000 223.048.000 501.858.000 (4)=(3)-(1) (7.061.636) (3.616.629) (10.678.265) Unrealised gain

4.2 TRADING SECURITIES

ROL thousand December 31, 2002 Denominated in: Romanian Lei US Dollar Total 186.019.969 186.019.969 Purchase value Market value Unrealised gain

ROL thousand December 31, 2001 Denominated in: Romanian Lei US Dollar Total 142.539.178 52.324.632 194.863.810 142.539.178 52.324.632 194.863.810 Purchase value Market value Unrealised gain

1.172.500.000 1.172.500.000 1.358.519.969 1.358.519.969

As at December 31, 2001 out of the total trading securities, the amount of ROL 94.617.926 thousand represents treasury bills held under REPO agreements with Banks corporate customers. All repurchase agreements mature on or before January 31, 2002. At December 31, 2002, the Bank invested USD 35.000.000 in state bonds denominated in USD. As at December 31, 2002, the accrued interest receivable for the trading securities amounted to ROL 13.954.384 thousand (2001: ROL 12.142.12 thousand) (Note 2.4).

4.3 EQUITY PARTICIPATION

The Bank is a member in the Societatea Nationala de Compensare Decontare si 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 the years 2000 and 2002 the Bank invested in 179 (2001: 160) shares of Transfond amounted to ROL 2.107.860 thousand (2001: ROL 1.600.000 thousand).

These shares represent 2.66 % (2001: 2.38%) from companys share capital. The company is currently managing the transfer of funds and property over Treasury-bills between financial institutions, banks and State Treasury. 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

Notes to the financial statements

The above securities are issued in EUR on European Union market and are covered by sovereign guarantees. Their purchase price varied from 97.125% to 103.95%. As at December 31, 2002, the accrued interest receivable for the held-to-maturity securities amounted to ROL 45.828.269 thousand (2001: ROL 26.259.224 thousand) (Note 2.4).

FIXED ASSETS AND FINANCIAL ASSETS


COST

ROL thousand Balance at Intangibles Goodwill Set-up expenses Development 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 Debentures and other fixed income bonds Shares and other variable income securities Investments Share in related parties Total financial assets Total fixed assets 701.745.745 1.660.000 703.405.745 817.289.422 507.860 1.150.960 1.658.820 89.878.879 69.754.928* 69.754.928 73.465.842 631.990.817 2.167.860 1.150.960 635.309.637 833.702.459 18.206.692 4.809.951 67.905.907 13.715.660 54.126.949 51.638 3.304.575 3.710.914 31.870.714 1.505.376 118.321.942 23.570.360 2.648.664 14.446.647 4.223.593 26.265.262 5.102.167 7.655.827 1.388.033 354.701 49.835.622 7.750.831 21.747.773 5.611.626 January 1, 2002 23.294 32.466.858 13.487.618 45.977.770 Increase 7.376 22.693.008 11.392.726 34.093.110 Balance at Decrease December 31, 2002 30.670 55.159.866 24.880.344 80.070.880

* 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 represents the net movement for the year between items acquired during the year and items expired 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 required.

112

DEPRECIATION / AMORTISATION

ROL thousand Balance at Intangibles Goodwill Set-up expenses Development expenses Other intangibles Intangibles in progress Total intangibles Tangibles Land Land improvement Buildings Equipment (work equipment and machinery) Measuring, control and correction devices Transport means Furniture, office machines, protection, equipment and other tangibles Tangible in progress Total tangibles Financial assets Debentures and other fixed income bonds Shares and other variable income securities Investments Share in related parties Total financial assets Total fixed assets 29.290.427 22.365.314 372.405 51.283.336 3.563.358 16.131.692 2.414.622 12.270.926 13.203 367.904 5.964.777 28.034.714 2.578.005 337.303 8.507.642 1.145.384 3.935.480 563.279 4.187.887 1.169.658 354.701 6.513.485 900.582 12.340.828 2.315.042 January 1, 2002 9.608 13.149.127 13.158.735 Charge for the year 12.517 10.081.871 10.094.388 Balance at Disposal December 31, 2002 4.501 4.501 17.624 23.230.998 23.248.622

ROL thousand Cost Tangibles Intangibles Total 118.321.942 80.070.880 198.392.822 Amortisation (28.034.714) (23.248.622) (51.283.336) Net book value 90.287.228 56.822.258 147.109.486

113

Notes to the financial statements

SHARE CAPITAL
The share capital was called up and allotted on November 13, 1997 and was paid during 1997 till December 31, 2001.

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

According to Romanian regulation, 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.

As at December 31, 2002 and December 31, 2001, the structure of shareholders is as follows:

ROL thousand Bank Austria Aktiengesellschaft Other Total

Number of shares 3.617.311 10.028 3.627.339

% 99.72% 0.28% 100

Amount 361.731.100 1.002.800 362.733.900

The Banks management decided to recognise the increase in share capital from transfer of retained earnings related to revaluation of share capital in foreign currency amounting to ROL 71.800.000 thousand. The historic cost of the share capital is ROL 290.933.900 thousand representing the equivalent of share capital in foreign currency as at the date of the subscription of the capital.

114

PROFIT ALLOCATION

ROL thousand Net profit for the year Legal reserves (Note 13.5) Statutory reserves (Note 13.5) General reserve for credit risk Other reserves Other fund Staff participation to profit Dividends Cover of accounting loss from previous years Other allocations Total profit allocation Unallocated profit

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

2001 170.266.990 (37.159.302) (77.871.938) (32.560.116) (1.773.959) (149.365.315) 20.901.675


Notes to the financial statements

As presented in Note 2.2., the distribution of profits amounting to ROL 210.472.929 thousand (2001: ROL 149.365.316 thousand) was carried out in accordance with Banking Law no. 58/1998 and Law no. 189/2001.

PROVISIONS
8.1 PROVISIONS FOR RISKS AND CHARGES

ROL thousand Balance at January 1, 2002 Provisions for commitments execution risk by signature Provisions for facilities granted to staff Provisions for country risk Provision for restructuring Provision for impairment of fixed assets and other related similar actions Other provision for risks and charges Transfers In account Balance at From account December 31, 2002 -

115

8.2 PROVISIONS FOR DOUBTFUL DEBTS

ROL thousand

Provisions for un-collectable accrued interest Provisions for loans 2.689.091 1.222.839 978.757 (167.100) 4.723.587 5.916.307 634.350 11.274.244 (Note 3.4) Total 2.824.119 1.140.531 1.000.014 (167.100) 4.797.564 6.161.484 640.447 11.599.495

Balance at January 1, 2001 Movements during the year (Note 9.8) Forex differences Written off Balance at January 1, 2002 Movements during the year (Note 9.8) Forex differences Balance at December 31, 2002

135.028 (82.308) 21.257 73.977 245.177 6.097 325.251 (Note 2.4)

STATEMENT OF OPERATIONS
9.1 INTEREST INCOME AND EXPENSES

ROL thousand December 31, 2001 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 Total interest income Interest expense With: - customers current accounts and deposits - placements with domestic and foreign banks - subordinated debt - term loans - commitments with other banks and clients - securities and treasury bills Total interest expense Net interest income (170.342.261) (36.808.391) (8.259.810) (6.329.010) (2.093.808) (648.630) (224.481.910) 298.300.252 (174.474.235) (43.143.502) (12.814.039) (25.982.129) (7.816.973) (3.790.062) (268.020.940) 513.354.721 206.455.562 151.045.603 116.731.168 40.221.000 6.836.479 1.492.350 522.782.162 370.984.244 201.106.000 163.906.505 30.375.160 11.310.745 3.693.007 781.375.661 December 31, 2002

*Income and expenses from treasury bills operations amounted to ROL 163.906.505 thousand (2001: ROL 116.731.168 thousand) and ROL 3.790.062 thousand (2001: ROL 648.630 thousand) respectively, related to premium amortisation, interest for treasury bills under repurchase agreements and sundry expenses with bonds.

116

9.2 COMMISSION INCOME AND EXPENSES

ROL thousand December 31, 2001 Commission income From: - customers transactions - payment instruments - other financial services - interbanking operations - operations with securities - consulting services Total commission income Commission expense - interbanking operations - payment instruments - customers transactions - operations with securities - other financial services Total commission expense Net commission income (11.461.991) (3.281.240) (309.716) (8.913) (15.061.860) 85.787.668 (15.317.879) (5.637.880) (1.500.813) (917.910) (1.833) (23.376.315) 127.159.755
Notes to the financial statements

December 31, 2002

44.717.146 35.984.623 16.009.371 409.832 116.488 3.612.068 100.849.528

57.515.591 55.380.576 23.543.298 12.532.007 1.184.243 380.355 150.536.070

From:

9.3 FOREIGN EXCHANGE DIFFERENCES

ROL thousand December 31, 2001 December 31, 2002 Foreign exchange gain Foreign exchange loss Net foreign exchange loss 109.661.532 (148.184.716) (38.523.184) 514.811.974 (567.671.096) (52.859.122)

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

117

9.4 OTHER OPERATING INCOME AND EXPENSES

ROL thousand December 31, 2001 Other operating income Sundry 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 expenses Total operating expenses Net operating income (24.359.174) (2.350.718) (266.738) (80.698) (17.086) (27.074.414) (23.638.990) (34.778.993) (1.894.753) (345.858) (146.515) (79.109) (37.245.228) (16.817.541) 2.117.978 687.983 470.667 158.796 3.435.424 2.891.032 16.445.629 1.070.665 20.361 20.427.687 December 31, 2002

*Included in Sundry income from operating activity the amount of ROL 2.288.936 thousand relates to corrections for profit tax for the year 2001. **Expense with other taxes amounting to ROL 34.778.993 thousand mainly consist of deposits guarantee fund contribution and contribution to risk fund.

9.5 PERSONNEL EXPENSES

ROL thousand December 31, 2001 December 31, 2002 Salaries Employers contribution to social security Employers contribution to unemployment fund Employers contribution to health fund Other expenses with employees Total (40.768.566) (5.732.547) (2.389.982) (3.396.134) (7.085.928) (59.373.157) (64.643.240) (7.231.831) (3.774.502) (5.367.657) (12.290.389) (93.307.619)

118

9.6 ADMINISTRATIVE EXPENSES

ROL thousand December 31, 2001 Expenses with: - third parties - rent - protocol and advertising - telecommunication - consumption materials - travel - small tools - maintenance and repairs - insurance - utilities - collaborators - audit - leasing - consulting Total (41.141.693) (29.641.075) (10.263.812) (10.253.952) (5.967.094) (5.416.908) (2.137.233) (2.023.121) (1.280.588) (1.029.650) (747.311) (719.674) (402.162) (88.221) (111.112.494) (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) (490.904) (93.931) (199.876.203)
Notes to the financial statements

December 31, 2002

(1.679.244)

9.7 DEPRECIATION OF TANGIBLE FIXED ASSETS AND AMORTISATION OF INTANGIBLES

ROL thousand December 31, 2001 December 31, 2002 Intangibles amortisation (Note 5) Tangibles depreciation (Note 5) Total amortisation and depreciation expense for year (5.914.164) (7.540.892) (13.455.056) (10.094.388) (12.270.926) (22.365.314)

9.8 PROVISIONS INCOME AND EXPENSES

ROL thousand December 31, 2001 December 31, 2002 Provisions expenses Provisions income Net provision expense (Note 8.2.) (46.986.556) 45.846.025 (1.140.531) (92.298.753) 86.137.269 (6.161.484)

119

9.9 INCOME AND EXPENSES FROM CEASE OF T BILLS

ROL thousand December 31, 2001 December 31, 2002 Income from cease of treasury bills* Expenses with cease of treasury bills Net income from cease of treasury bills 62.939.403 (13.987.402) 48.952.001 80.525.521 (60.838.738) 19.686.783

* Income from cease of treasury bills amounting to ROL 80.525.521 thousand (2001: ROL 62.939.403 thousand) mainly arise from treasury bills denominated in USD and ROL, issued by Ministry of Finance.

10

TRANSACTIONS WITH RELATED PARTIES

ROL thousand Group companies Loans Placements, advances and loans granted Accrued receivables Provisions made Investments, portfolio activities and shares in related parties Debts Loans received Deposits Certificates of deposit Debts from bonds Other borrowed funds Accrued payables Income from interest and commission Expenses with interest and commissions Contingent liabilities Commitments 554.725.218 1.172.595.015 241.813.330 19.092.576 12.050.379 30.871.610 62.854.200 33.126.601 1.150.960 698.888.161 27.544 Associated companies

2002 Other Individuals Management 1.330.524 3.530 companies -

14.403.651 25.432

Group companies companies that control/are controlled by the credit institution, directly or indirectly, or are together under a common
control

Associated companies the credit institution has a significant influence in them, and they are not branches or in association with it Individuals persons that have, directly or indirectly, a proportion of vote rights and close relatives of these persons Management persons with the authority and responsibility of planning, managing and controlling the credit institution activity, including
directors and chiefs of departments and their close relatives where such a person can have a significant influence

Other companies companies where individuals or management from above have significant proportion of vote rights or the companies

120